ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT among GS MORTGAGE SECURITIES CORP., as Assignor U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE, as Assignee COUNTRYWIDE HOME LOANS, INC., as Seller, and COUNTRYWIDE HOME LOANS SERVICING LP, as Servicer and...
EXECUTION
among
GS
MORTGAGE SECURITIES CORP.,
as
Assignor
U.S.
BANK NATIONAL ASSOCIATION, AS TRUSTEE,
as
Assignee
COUNTRYWIDE
HOME LOANS, INC.,
as
Seller, and
COUNTRYWIDE
HOME LOANS SERVICING LP,
as
Servicer
and
as acknowledged by
XXXXX
FARGO BANK, N.A.,
as
Master Servicer
Dated
as of
August
1, 2006
This
Assignment, Assumption and Recognition Agreement (this “Assignment
Agreement”)
dated
as of August 1, 2006, among Countrywide Home Loans, Inc., as seller (the
“Seller”),
Countrywide Home Loans Servicing LP, a Texas limited partnership (the
“Servicer”),
U.S.
Bank National Association, not in its individual capacity, but solely as trustee
on behalf of GSR Mortgage Loan Trust 2006-8F (the “Assignee”),
and
GS Mortgage Securities Corp., a Delaware corporation (the “Assignor”
or
“Depositor”)
and as
acknowledged by Xxxxx Fargo Bank, N.A., as master servicer (in such capacity,
the “Master
Servicer”):
WHEREAS,
Xxxxxxx Xxxxx Mortgage Company (“GSMC”) and the Servicer have entered into that
certain Servicing Agreement, dated as of July 1, 2004, as amended (the
“Servicing
Agreement”),
pursuant to which the Servicer agreed to service for the benefit of GSMC certain
mortgage loans listed on the mortgage loan schedule attached as an exhibit
to
each Purchase Confirmation (as defined in the Sale Agreement);
WHEREAS,
GSMC and the Seller have entered into that certain Master Mortgage Loan Purchase
Agreement, dated as of July 1, 2004, as amended (the “Sale
Agreement”),
pursuant to which the Seller sold to GSMC certain mortgage loans listed on
the
mortgage loan schedule attached as an exhibit to each Purchase Confirmation
(as
defined in the Sale Agreement);
WHEREAS,
GSMC has assigned and conveyed (i) certain mortgage loans (the “Mortgage
Loans”),
which
Mortgage Loans are subject to the provisions of the Sale Agreement and the
Servicing Agreement, to the Assignor pursuant to an Assignment, Assumption
and
Recognition Agreement, dated as of August 1, 2006 (the “Seller
Assignment Agreement”),
among
GSMC, the Assignor and the Seller and (ii) its rights with respect to the
Mortgage Loans, as Owner under the Servicing Agreement, to the Assignor pursuant
to an Assignment, Assumption and Recognition Agreement, dated as of August
1,
2006 (the “Servicer
Assignment Agreement”)
among
GSMC, the Assignor and the Servicer. Each of the Servicer Assignment Agreement
and Seller Assignment Agreement is referred to herein as a “GSMC
Assignment Agreement”;
WHEREAS,
the Assignee has agreed on certain terms and conditions to purchase from the
Assignor the Mortgage Loans acquired by the Assignor pursuant to the GSMC
Assignment Agreement, which Mortgage Loans are listed on the mortgage loan
schedule attached as Exhibit
A
hereto
(the “Mortgage
Loan Schedule”);
and
WHEREAS,
pursuant to a Master Servicing and Trust Agreement, dated as of August 1, 2006
(the “Trust
Agreement”),
among
the Depositor, the Master Servicer, the Assignee, as trustee and a custodian,
JPMorgan Chase Bank, National Association, as a custodian, Deutsche Bank
National Trust Company, as a custodian, and Xxxxx Fargo Bank, N.A., as master
servicer (in such capacity, the “Master
Servicer”)
and
securities administrator (in such capacity, the “Securities
Administrator”),
the
Assignor will transfer the Mortgage Loans to the Assignee, together with the
Assignor’s rights and obligations under the Servicing Agreement, to the extent
relating to the Mortgage Loans, and the Assignor’s rights under the Sale
Agreement, to the extent relating to the Mortgage Loans (other than the rights
of the Assignor to indemnification thereunder).
-1-
NOW
THEREFORE, in consideration of the mutual promises contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. The
Assignor hereby grants, transfers and assigns to the Assignee all of the right,
title, interest and obligations of Assignor, as Purchaser, in, to and under
the
Mortgage Loans, the GSMC Assignment Agreement and the Sale Agreement, but only
to the extent relating to the Mortgage Loans (other than the rights of the
Assignor to indemnification thereunder), and as Owner under the Servicing
Agreement, but only to the extent relating to the Mortgage Loans.
The
Assignor represents and warrants to the Assignee that the Assignor has not
taken
any action which would serve to impair or encumber the Assignor’s ownership
interest in the Mortgage Loans since the date of the Sale
Agreement.
The
Servicer and the Assignor shall have the right to amend, modify or terminate
the
Servicing Agreement without the joinder of the Assignee with respect to mortgage
loans not conveyed to the Assignee hereunder to the extent permitted by such
Servicing Agreement, provided,
however,
that
such amendment, modification or termination shall not affect or be binding
on
the Assignee.
2. From
and
after the date hereof, the Servicer shall note the transfer of the Mortgage
Loans to the Assignee in its books and records, shall recognize the Assignee
as
the owner of the Mortgage Loans and shall service the Mortgage Loans for the
benefit of the Assignee pursuant to the Servicing Agreement, the terms of which
are incorporated herein by reference. It is the intention of the Assignor,
Servicer and Assignee that the Servicing Agreement shall be binding upon and
inure to the benefit of the Servicer and the Assignee and their permitted
successors and assigns.
The
Servicer represents and warrants to the Assignee that (a) the Servicing
Agreement is in full force and effect as of the date hereof, (b) the
provisions thereof have not been waived, amended or modified in any respect
except as provided herein or in the Servicer Assignment Agreement, nor have
any
notices of termination been given thereunder, and (c) the Servicer is
servicing each Mortgage Loan pursuant to the terms of the Servicing
Agreement.
The
Servicer further acknowledges that, from and after the date hereof, it (and
any
of its successors under the Servicing Agreement) will be subject to the
supervision of the Master Servicer and the Master Servicer, acting on behalf
of
the Assignee as the owner of the Mortgage Loans, shall have the same rights
and
obligations as were assigned by GSMC, in its capacity as the original “Owner”
under the Servicing Agreement, to the Assignor under the GSMC Assignment
Agreement, and further assigned hereunder by the Assignor to the Assignee,
on
behalf of the trust formed pursuant to the Trust Agreement. Such rights that
the
Master Servicer may enforce will include, without limitation, the right to
terminate the Servicer under the Servicing Agreement upon the occurrence of
an
event of default thereunder, the right to receive all remittances required
to be
made by the Servicer under the Servicing Agreement, the right to receive all
monthly reports and other data required to be delivered by the Servicer under
the Servicing Agreement and the right to exercise certain rights of consent
and
approval relating to actions taken by the Servicer. Notwithstanding the
foregoing, it
is
understood that the Servicer shall not be obligated to defend and indemnify
and
hold harmless the Master Servicer, the Assignor and the Assignee against any
losses, damages, penalties, fines, forfeitures, judgments and any related costs
including, without limitation, reasonable and necessary legal fees, resulting
from (i) actions or inactions of the Servicer which were taken or omitted upon
the instruction or direction of the Master Servicer or Assignee, as applicable,
or (ii) the failure of the Master Servicer or the Assignee, as applicable,
to
perform the obligations of the Assignee with respect to the Assignment Agreement
or of the “Owner” with respect to the servicing provisions of the Servicing
Agreement.
-2-
All
reports and other data required to be delivered by the Servicer to the “Owner”
under the Servicing Agreement shall be delivered to the Master Servicer or
the
Assignee, as designated in writing by the Assignee, at the address set forth
in
Section 9 hereof. All remittances required to be made to the Assignee, as the
successor in interest to the Assignor under the Servicing Agreement, shall
be
made instead to the Master Servicer by wire transfer to the following
account:
Xxxxx
Fargo Bank, N.A.
ABA#
000000000
FOR
CREDIT TO: SAS CLEARING
Account
Number: 0000000000
Reference:
GSR 2006-8F Acct # 50939900
Notwithstanding
anything to the contrary in the Servicing Agreement, with respect to the
Mortgage Loans, not later than the tenth calendar day of each month (or if
such
tenth calendar day is not a Business Day, the immediately succeeding Business
Day), the Servicer shall furnish to the Master Servicer (i)(a) monthly loan
data
as set forth in Exhibit
G
hereto
or in another mutually agreed-upon format, (b) default loan data as set forth
in
Exhibit
H
hereto
(or in such other format mutually agreed upon between the Servicer and the
Master Servicer and (c) information regarding the realized losses and gains
as
set forth in Exhibit
E
and
Exhibit
F
hereto
(or in such other format mutually agreed upon between the Servicer and the
Master Servicer), in each case relating to the period ending on the last day
of
the preceding calendar month, (ii) all such information required pursuant to
clause (i)(a) above on a magnetic tape, electronic mail, or other similar media
reasonably acceptable to the Master Servicer, and (iii) all supporting
documentation reasonably necessary and available with respect to the information
required under the preceding paragraph.
3. The
Assignee warrants and represents to, and covenants with, the Assignor and the
Servicer that:
(a) The
Assignee is duly organized, validly existing and in good standing under the
laws
of the jurisdiction of its organization, and has all requisite power and
authority to acquire, own and purchase the Mortgage Loans;
-3-
(b) The
Assignee has full power and authority to execute, deliver and perform under
this
Assignment Agreement, and to consummate the transactions set forth herein.
The
consummation of the transactions contemplated by this Assignment Agreement
is in
the ordinary course of the Assignee’s business and will not conflict with, or
result in a breach of, any of the terms, conditions or provisions of the
Assignee’s organizational documents, or any legal restriction, or any material
agreement or instrument to which the Assignee is now a party or by which it
is
bound, or result in the violation of any law, rule, regulation, order, judgment
or decree to which the Assignee or its property is subject. The execution,
delivery and performance by the Assignee of this Assignment Agreement, and
the
consummation by it of the transactions contemplated hereby, have been duly
authorized by all necessary corporate action of the Assignee. This Assignment
Agreement has been duly executed and delivered by the Assignee and constitutes
the valid and legally binding obligation of the Assignee enforceable against
the
Assignee in accordance with its respective terms except as enforceability
thereof may be limited by bankruptcy, insolvency, or reorganization or other
similar laws now or hereinafter in effect relating to creditor’s rights
generally and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or in law;
(c) No
material consent, approval, order or authorization of, or declaration, filing
or
registration with, any governmental entity is required to be obtained or made
by
the Assignee in connection with the execution, delivery or performance by the
Assignee of this Assignment Agreement, or the consummation by it of the
transactions contemplated hereby; and
(d) The
Assignee agrees to be bound, as Owner and Purchaser, as applicable, by all
of
the terms, covenants and conditions of the Servicing Agreement and the Sale
Agreement, as applicable, with respect to the Mortgage Loans, and from and
after
the date hereof, the Assignee assumes for the benefit of each of the Servicer
and the Assignor all of the Assignor’s obligations as Owner and Purchaser, as
applicable under the Servicing Agreement and the Sale Agreement, as applicable,
with respect to the Mortgage Loans.
4. The
Servicer warrants and represents to, and covenants with, the Assignee
that:
(a) The
Servicer is not a natural person or a general partnership and is duly organized,
validly existing and in good standing under the laws of the jurisdiction of
its
formation, and has all requisite power and authority to service the Mortgage
Loans;
(b) The
Servicer has full power and authority to execute, deliver and perform under
this
Assignment Agreement, and to consummate the transactions set forth herein.
The
consummation of the transactions contemplated by this Assignment Agreement
is in
the ordinary course of the Servicer’s business and will not conflict with, or
result in a breach of, any of the terms, conditions or provisions of the
Servicer’s organizational documents, or any legal restriction, or any material
agreement or instrument to which the Servicer is now a party or by which it
is
bound, or result in the violation of any law, rule, regulation, order, judgment
or decree to which the Servicer or its property is subject. The execution,
delivery and performance by the Servicer of this Assignment Agreement, and
the
consummation by it of the transactions contemplated hereby, have been duly
authorized by all necessary action of the Servicer. This Assignment Agreement
has been duly executed and delivered by the Servicer and constitutes the valid
and legally binding obligation of the Servicer enforceable against the Servicer
in accordance with its respective terms except as enforceability thereof may
be
limited by bankruptcy, insolvency, or reorganization or other similar laws
now
or hereinafter in effect relating to creditors’ rights generally and by general
principles of equity, regardless of whether such enforceability is considered
in
a proceeding in equity or in law;
-4-
(c) No
material consent, approval, order or authorization of, or declaration, filing
or
registration with, any governmental entity is required to be obtained or made
by
the Servicer in connection with the execution, delivery or performance by the
Servicer of this Assignment Agreement, or the consummation by it of the
transactions contemplated hereby;
(d) As
of the
date hereof, the Servicer is not in default under the Servicing Agreement;
(e) The
representations and warranties set forth in Section 2.1 of the Servicing
Agreement (except with respect to Section 2.1(m)) are true and correct as of
the
date hereof; and
(f) Neither
this Assignment Agreement nor any statement, report or other document prepared
and furnished, or to be furnished pursuant to this Assignment Agreement or
in
connection with the transactions contemplated hereby, by the Servicer contains
any untrue statement of fact or omits to state a fact necessary to make the
statements contained therein not misleading.
From
and
after the date hereof, the Servicer shall recognize the Assignee as the owner
of
the Mortgage Loans, and shall look solely to the Assignee (or the Master
Servicer, on behalf of the Assignee pursuant to Section 2 herein) for
performance from and after the date hereof of the Assignor’s obligations with
respect to the Mortgage Loans.
5. From
and
after the date hereof, the Seller shall note the transfer of the Mortgage Loans
to the Assignee in its books and records, shall recognize the Assignee as the
owner of the Mortgage Loans. It is the intention of the Assignor, Seller and
Assignee that the Sale Agreement shall be binding upon and inure to the benefit
of the Seller and the Assignee and their permitted successors and assigns.
The
Seller represents and warrants to the Assignee that (a) the Sale Agreement
is in
full force and effect as of the date hereof and (c) the provisions thereof
have
not been waived, amended or modified in any respect other than as provided
herein or in the Seller Assignment Agreement, nor have any notices of
termination been given thereunder.
The
Seller warrants and represents to, and covenants with, the Assignee
that:
-5-
(a) The
Seller is not a natural person or a general partnership and is duly organized,
validly existing and in good standing under the laws of the jurisdiction of
its
formation;
(b) The
Seller has full power and authority to execute, deliver and perform under this
Assignment Agreement, and to consummate the transactions set forth herein.
The
consummation of the transactions contemplated by this Assignment Agreement
is in
the ordinary course of the Seller’s business and will not conflict with, or
result in a breach of, any of the terms, conditions or provisions of the
Seller’s charter or by-laws, or any legal restriction, or any material agreement
or instrument to which the Seller is now a party or by which it is bound, or
result in the violation of any law, rule, regulation, order, judgment or decree
to which the Seller or its property is subject. The execution, delivery and
performance by the Seller of this Assignment Agreement, and the consummation
by
it of the transactions contemplated hereby, have been duly authorized by all
necessary corporate action of the Seller. This Assignment Agreement has been
duly executed and delivered by the Seller and constitutes the valid and legally
binding obligation of the Seller enforceable against the Seller in accordance
with its respective terms except as enforceability thereof may be limited by
bankruptcy, insolvency, or reorganization or other similar laws now or
hereinafter in effect relating to creditors’ rights generally and by general
principles of equity, regardless of whether such enforceability is considered
in
a proceeding in equity or in law;
(c) Neither
this Assignment Agreement nor any statement, report or other document prepared
and furnished, or to be furnished pursuant to this Assignment Agreement or
in
connection with the transactions contemplated hereby, by the Seller contains
any
untrue statement of fact or omits to state a fact necessary to make the
statements contained therein not misleading; and
(d) No
material consent, approval, order or authorization of, or declaration, filing
or
registration with, any governmental entity is required to be obtained or made
by
the Seller in connection with the execution, delivery or performance by the
Seller of this Assignment Agreement, or the consummation by it of the
transactions contemplated hereby.
From
and
after the date hereof, the Seller shall recognize the Assignee (or the Master
Servicer, on behalf of the Assignee pursuant to Section 2 herein) as the owner
of the Mortgage Loans, and shall look solely to the Assignee for performance
of
the Assignor’s obligations under the Sale Agreement that arise from and after
the date hereof with respect to the Mortgage Loans.
The
Seller hereby represents and warrants, for the benefit of the Assignee, that
(i)
the representations and warranties set forth in Section 3.02 of the Sale
Agreement are true and correct, as to the related Mortgage Loans, as of the
Closing Date (as such term is defined in the Sale Agreement) and (ii) the
representations and warranties set forth in Section 3.01 of the Sale Agreement
(except with respect to Section 3.01(j)) are true and correct as of the date
hereof.
6. The
Assignor warrants and represents to, and covenants with, the Assignee as of
the
date hereof, unless otherwise stated below, as follows:
-6-
(a) Organization.
The
Assignor has been duly organized and is validly existing as a corporation in
good standing under the laws of the State of Delaware with full power and
authority to enter into and perform its obligations under the Servicing
Agreement and this Assignment Agreement.
(b) Enforceability.
This
Assignment Agreement has been duly executed and delivered by the Assignor,
and,
assuming due authorization, execution and delivery by each of the other parties
hereto, constitutes a legal, valid, and binding agreement of the Assignor,
enforceable against it in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium, or other similar laws affecting
creditors’ rights generally and to general principles of equity regardless of
whether enforcement is sought in a proceeding in equity or at law.
(c) No
Consent.
The
execution, delivery and performance by the Assignor of this Assignment Agreement
and the consummation of the transactions contemplated hereby do not require
the
consent or approval of, the giving of notice to, the registration with, or
the
taking of any other action in respect of, any state, federal or other
governmental authority or agency, except such as has been obtained, given,
effected or taken prior to the date hereof.
(d) Authorization;
No Breach.
The
execution and delivery of this Assignment Agreement have been duly authorized
by
all necessary corporate action on the part of the Assignor; neither the
execution and delivery by the Assignor of this Assignment Agreement, nor the
consummation by the Assignor of the transactions herein contemplated, nor
compliance by the Assignor with the provisions hereof, will conflict with or
result in a breach of, or constitute a default under, any of the provisions
of
the governing documents of the Assignor or any law, governmental rule or
regulation or any material judgment, decree or order binding on the Assignor
or
any of its properties, or any of the provisions of any material indenture,
mortgage, deed of trust, contract or other instrument to which the Assignor
is a
party or by which it is bound.
(e) Actions;
Proceedings.
There
are no actions, suits or proceedings pending or, to the knowledge of the
Assignor, threatened, before or by any court, administrative agency, arbitrator
or governmental body (A) with respect to any of the transactions
contemplated by this Assignment Agreement or (B) with respect to any other
matter that in the judgment of the Assignor will be determined adversely to
the
Assignor and will, if determined adversely to the Assignor, materially adversely
affect its ability to perform its obligations under this Assignment
Agreement.
(f) Prior
Assignments; Pledges.
As of
August 25, 2006, except for the sale to the Assignee, the Assignor has not
assigned or pledged any Mortgage Note or the related Mortgage or any interest
or
participation therein.
(g) Releases.
As of
August 25, 2006, the Assignor has not satisfied, canceled, or subordinated
in
whole or in part, or rescinded any Mortgage, and the Assignor has not released
the related Mortgaged Property from the lien of any Mortgage, in whole or in
part, nor has the Assignor executed an instrument that would effect any such
release, cancellation, subordination, or rescission. The Assignor has not
released any Mortgagor, in whole or in part, except in connection with an
assumption agreement or other agreement approved by the related federal insurer,
to the extent such approval was required.
-7-
(h) Compliance
with Applicable Laws.
As of
August 25, 2006, any and all requirements of any federal, state or local law
including, without limitation, usury, truth-in-lending, real estate settlement
procedures, consumer credit protection, equal credit opportunity, predatory
and
abusive lending or disclosure laws applicable to the Mortgage Loans have been
complied with. All inspections, licenses and certificates required to be made
or
issued with respect to all occupied portions of the Mortgaged Properties and,
with respect to the use and occupancy of the same, including but not limited
to
certificates of occupancy and fire underwriting certificates, have been made
or
obtained from the appropriate authorities.
(i) HOEPA.
No
Transferred Mortgage Loan is a “High Cost Loan” or “Covered Loan,” as
applicable, as such terms are defined in the then current Standard & Poor’s
LEVELSâ
Glossary. In addition, no Transferred Mortgage Loan is a “high-cost,” “high-cost
home,” “covered,” “high-risk home,” or “predatory” loan under any applicable
federal, state or local predatory or abusive lending law (or a similarly
classified loan using different terminology under a law imposing heightened
regulatory scrutiny or additional legal liability for residential mortgage
loans
having high interest rates, points and/or fees), and no Mortgage Loan originated
on or after October 1, 2002 through March 6, 2003 is governed by the Georgia
Fair Lending Act.
(j) Bring
Down.
Nothing
has occurred or failed to occur from and after the closing date set forth in
the
Sale Agreement to August 25, 2006 that would cause any of the representations
and warranties relating to the Mortgage Loans set forth in Section 3.02 of
the
Sale Agreement to be incorrect in any material respects as of the date hereof
as
if made on the date hereof.
It
is
understood and agreed that the representations and warranties set forth in
this
Section 6 shall survive delivery of the respective Collateral File to the
applicable Custodian and shall inure to the benefit of the Assignee and its
assigns notwithstanding any restrictive or qualified endorsement or assignment.
Upon the discovery by the Assignor or the Assignee and its assigns of a breach
of the foregoing representations and warranties, the party discovering such
breach shall give prompt written notice to the other parties to this Assignment
Agreement, and in no event later than two (2) Business Days from the date of
such discovery. It is understood and agreed that the obligations of the Assignor
set forth in Section 8 to repurchase a Mortgage Loan constitute the sole
remedies available to the Assignee and its assigns on their behalf respecting
a
breach of the representations and warranties contained in this Section 6.
It is further understood and agreed that the Assignor shall be deemed not to
have made the representations and warranties in Section 6(j) with respect
to, and to the extent of, representations and warranties made, as to the matters
covered in Section 6(j), by the Seller in the Sale Agreement (or any
officer’s certificate delivered pursuant thereto).
-8-
It
is
understood and agreed that the Assignor has made no representations or
warranties to the Assignee other than those contained in this Section 6,
and no other affiliate of the Assignor has made any representations or
warranties of any kind to the Assignee.
7. Amendment
of the Servicing Agreement.
In
connection with the transfer of the Mortgage Loans hereunder, the Servicer
agrees that, from and after the date hereof, each Mortgage Loan transferred
hereunder will be subject to, and serviced under, the Servicing Agreement,
provided that,
solely
with respect to the Mortgage Loans transferred hereunder, the following
modifications shall be made:
(i) The
definition of Business Day is hereby amended by adding the words “Maryland,
Minnesota” after the words “New York”.
(ii) Section
4.1(b) of the Servicing Agreement shall be deleted and replaced in its entirety
with the following:
“(b) With
respect to any remittance to the Owner made by the Servicer after the day on
which such remittance was due, the Servicer shall pay to the Owner interest
on
such late remittance at an annual rate equal to Prime, but in no event greater
than the maximum amount permitted by applicable law. Such interest shall be
deposited in the Custodial Account by the Servicer on the date such late
remittance is made and shall cover the period commencing with the date on which
such remittance was due and ending with the Business Day on which such late
remittance is made, both inclusive. Such interest shall be remitted along with
such late remittance. The payment by the Servicer of any such interest shall
not
be deemed an extension of time for payment or a waiver of any Event of Default
by the Servicer.”
(iii) Section
5.6(b) of the Servicing Agreement shall be amended by adding the following
text
after the phrase “under this Section 5.6”:
“or
the
negligence, bad faith or willful misconduct of the Beneficiary in connection
therewith. If the indemnification provided for herein is unavailable or
insufficient to hold harmless the Beneficiary, then the Servicer agrees that
it
shall contribute to the amount paid or payable by the Beneficiary as a result
of
the losses, claims, damages or liabilities of the Beneficiary in such proportion
as is appropriate to reflect the relative fault of the Beneficiary on the one
hand and the Servicer on the other in connection with a breach of the Servicer’s
obligations under this Section 5.6 or the Servicer’s negligence, bad faith or
willful misconduct in connection therewith”
(iv) Section
7.1 of the Servicing Agreement shall be amended by adding the following:
“(ix)
failure
by the Servicer to duly perform, within the required time period, its
obligations under Article 5 (other than Section 5.4, 5.5, 5.6), which failure
continues unremedied for a period of ten days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been
given
to the Servicer by any party to this Servicing Agreement or by any master
servicer responsible for master servicing the Mortgage Loans pursuant to a
securitization of such Mortgage Loans.”
-9-
(v) The
first
sentence of Section 8.2(a) of the Servicing Agreement shall be deleted and
replaced in its entirety with the following:
“Upon
written notice, the Owner may, at its sole option, upon the occurrence of an
Event of Default and in accordance with Section 7.1, terminate any rights the
Servicer may have hereunder.”
(vi) The
following definition shall be added to Section 1 of the Amendment Reg AB, dated
as of January 1, 2006 by and between Xxxxxxx Xxxxx Mortgage Corporation and
Countrywide Home Loans, Inc. (the “Amendment Reg AB”):
Master
Servicer:
With
respect to any Securitization Transaction, the “master servicer,” if any,
identified in the related transaction documents.
(vii) Section
2(e)(i)(A) of the Amendment Reg AB shall be amended and replaced as
follows:
deliver
to the Purchaser and any Depositor a report regarding the Company’s assessment
of compliance with the Servicing Criteria during the immediately preceding
calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act
and
Item 1122 of Regulation AB. Such report shall be addressed to the Purchaser
and
such Depositor and signed by an authorized officer of the Company, and shall
address each of the applicable Servicing Criteria specified on Exhibit A hereto
(wherein “Investor” shall mean the master servicer);
(viii) Section
2(e)(ii) of the Amendment Reg AB shall be amended and replaced as
follows:
Each
assessment of compliance provided by a Subservicer pursuant to Section
2(e)(i)(A) shall address each of the applicable Servicing Criteria specified
on
Exhibit A hereto (wherein “Investor” shall mean the Master Servicer) delivered
to the Purchaser concurrently with the execution of this Agreement or, in the
case of a Subservicer subsequently appointed as such, on or prior to the date
of
such appointment. An assessment of compliance provided by a Participating Entity
pursuant to Section 2(e)(i)(C) need not address any elements of the Servicing
Criteria other than those specified by the Company pursuant to Section
2(f)
-10-
(ix) Exhibit
B
of the Amendment Reg AB, dated as of January 1, 2006, by and between Xxxxxxx
Sachs Mortgage Corporation and Countrywide Home Loans, Inc., shall be replaced
with Exhibit I hereto.
For
the
avoidance of doubt, the Servicing Agreement is not hereby amended with respect
to any other mortgage loans serviced thereunder and shall remain in full force
and effect in accordance with its terms with respect to such other mortgage
loans.
For
purposes of this Section 7, capitalized terms used herein shall have the meaning
assigned to such terms in the Servicing Agreement.
8. Repurchase
of Mortgage Loans.
Upon
discovery or notice of any breach by the Assignor of any representation,
warranty or covenant under this Assignment Agreement that materially and
adversely affects the value of any Mortgage Loan or the interest of the Assignee
therein (it being understood that any such defect or breach shall be deemed
to
have materially and adversely affected the value of the related Mortgage Loan
or
the interest of the Assignee therein if the Assignee incurs a loss as a result
of such defect or breach), the Assignee promptly shall request that the Assignor
cure such breach and, if the Assignor does not cure such breach in all material
respects within 90 days of the earlier of either discovery by the Assignor
of
such breach or the date on which it is notified of the breach, the Assignee
may
enforce the Assignor’s obligation hereunder to purchase such Mortgage Loan from
the Assignee at the Purchase Price (as defined in the Trust Agreement).
Notwithstanding the foregoing, however, if such breach is a Qualification Defect
(as defined in the Sale Agreement), then such cure or repurchase must take
place
within 90 days of discovery of such Qualification Defect.
In
the
event of a repurchase of any Mortgage Loan by the Assignor, the Assignee shall
promptly deliver to the Assignor or its designee the related Collateral File
and
shall assign to the Assignor all of the Assignee’s rights and obligations under
the Servicing Agreement, but only insofar as the Servicing Agreement relates
to
such Mortgage Loan.
Except
as
specifically set forth herein, the Assignee shall have no responsibility to
enforce any provision of this Assignment Agreement, to oversee compliance hereof
or to take notice of any breach or default thereof.
9. Notice
Addresses. Any
notices or other communications permitted or required hereunder or under the
Servicing Agreement or Sale Agreement shall be in writing and shall be deemed
conclusively to have been given if personally delivered at or mailed by
registered mail, postage prepaid, and return receipt requested.
(a) The
Assignee’s address for purposes of all notices and correspondence related to the
Mortgage Loans and this Assignment Agreement is:
U.S.
Bank
National Association
Xxx
Xxxxxxx Xxxxxx, Xxxxx Xxxxx
Xxxxxx,
Xxxxxxxxxxxxx 00000
Attention:
Structured Finance Department - GSR 2006-8F
-11-
(b) The
Assignor’s address for purposes for all notices and correspondence related to
the Mortgage Loans and this Assignment Agreement is:
GS
Mortgage Securities Corp.
00
Xxxxx
Xxxxxx
Xxx
Xxxx,
Xxx Xxxx 00000
Attention:
Xxxxxxxxx House
(c) The
Servicer’s address for purposes of all notices and correspondence related to the
Mortgage Loans and this Assignment Agreement is:
Countrywide
Home Loans Servicing LP
000
Xxxxxxxxxxx Xxx
Xxxx
Xxxxxx, Xxxxxxxxxx 00000
Attention:
Xxxx Xxxxxxxx, Xxxxxx Xxxx, Xxxx Xxxxxx and Xxxx Xx
(d) The
Seller’s address for purposes of all notices and correspondence related to the
Mortgage Loans and this Assignment Agreement is:
Countrywide
Home Loans, Inc.
0000
Xxxx
Xxxxxxx
Xxxxxxxxx,
Xxxxxxxxxx 00000
Attention:
Xxxxxx Xxxxx
With
a
copy to:
Countrywide
Home Loans, Inc.
0000
Xxxx
Xxxxxxx
Xxxxxxxxx,
Xxxxxxxxxx 00000
Attention:
General Counsel
(e)
The
Master Servicer’s address for purposes of all notices and correspondence related
to the Mortgage Loans and this Assignment Agreement is:
Xxxxx
Fargo Bank, N.A.
X.X.
Xxx
00
Xxxxxxxx,
Xxxxxxxx 00000
Attention:
Corporate Trust Group (GSR 2006-8F)
(or
in
the case of overnight deliveries,
0000
Xxx
Xxxxxxxxx Xxxx
Xxxxxxxx,
Xxxxxxxx 21045)
-12-
10. This
Assignment Agreement shall be governed by and construed in accordance with
the
laws of the State of New York, without reference to its conflict of law
provisions (other than Section 5-1401 of the General Obligations Law), and
the
obligations, rights and remedies of the parties hereunder shall be determined
in
accordance with such laws.
11. This
Assignment Agreement shall inure to the benefit of the successors and assigns
of
the parties hereto. Any entity into which the Servicer, the Assignor or the
Assignee may be merged or consolidated shall, without the requirement for any
further writing, be deemed the Servicer, the Assignor or the Assignee,
respectively, hereunder.
12. Any
capitalized term used but not defined in this Assignment Agreement has the
meaning assigned thereto in the Servicing Agreement.
13. No
term
or provision of this Assignment Agreement may be waived or modified unless
such
waiver or modification is in writing and signed by the party against whom such
waiver or modification is sought to be enforced.
14. This
Assignment Agreement shall survive the conveyance of the Mortgage Loans and
the
assignment of the Servicing Agreement by the Assignor.
15. Notwithstanding
the assignment of the Servicing Agreement of either the Assignor or Assignee,
this Assignment Agreement shall not be deemed assigned by the Servicer or the
Assignor unless assigned by separate written instrument.
16. Notwithstanding
anything to the contrary contained in this Assignment Agreement or the Servicing
Agreement, the Servicer hereby agrees that the Depositor or its designee may
file a copy of the Servicing Agreement and this Assignment Agreement (which
shall not include a copy of the Sale Agreement) with the Commission in
accordance with Item 1108(c) of Regulation AB and the Servicer hereby
irrevocably waives compliance by the Purchaser with any provisions of the
Servicing Agreement to the contrary.
17. For
the
purpose of facilitating the execution of this Assignment Agreement as herein
provided and for other purposes, this Assignment Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be in original, and such counterparts shall constitute and be
one
and the same instrument.
18. It
is
expressly understood and agreed by the parties hereto that insofar as this
Assignment Agreement is executed by the Trustee: (i) nothing herein shall be
construed as creating any liability on the part of U.S. Bank National
Association, individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through
or
under the parties hereto, and (ii) under no circumstances shall U.S. Bank
National Association in its individual capacity be personally liable for the
payment of any indebtedness or expenses undertaken under this Assignment
Agreement.
[SIGNATURE
PAGE FOLLOWS]
-13-
IN
WITNESS WHEREOF, the parties have caused this Assignment Agreement to be
executed by their duly authorized officers as of the date first above
written.
U.S.
BANK NATIONAL ASSOCIATION, not
in
its individual
capacity but solely as
Trustee,
as
Assignee
|
||
|
|
|
By: | ||
Name: |
||
Title: |
GS
MORTGAGE SECURITIES CORP., as
Assignor
|
||
|
|
|
By: | ||
Name: |
||
Title: |
COUNTRYWIDE
HOME
LOANS
SERVICING
LP, in
its capacity as Servicer
By: Countrywide GP, Inc., its General
Partner
|
||
|
|
|
By: | /s/ | |
Name: |
||
Title: |
COUNTRYWIDE
HOME
LOANS, INC., in its
capacity
as Seller
|
||
|
|
|
By: | ||
Name: |
||
Title: |
Acknowledged
by:
XXXXX
FARGO BANK, N.A.,
as
Master Servicer
|
|||
|
|
|
|
By: | |||
|
|||
Name:
Title:
|
Exhibit
A
Mortgage
Loan Schedule
A-1
Exhibit
B
Reserved
X-0
Xxxxxxx
X
Xxxxxxxx
X-0
Xxxxxxx
X
Reserved
Exhibit
E
REALIZED
LOSS CALCULATION INFORMATION
XXXXX
FARGO BANK, N.A. Form 332
Calculation
of Realized Loss
Purpose
To
provide the Servicer with a form for the calculation of any Realized Loss (or
gain) as a result of a Mortgage Loan having been foreclosed and Liquidated.
Distribution
The
Servicer will prepare the form in duplicate and send the original together
with
evidence of conveyance of title and appropriate supporting documentation to
the
Master Servicer with the Monthly Accounting Reports which supports the Mortgage
Loan’s removal from the Mortgage Loan Activity Report. The Servicer will retain
the duplicate for its own records.
Due
Date
With
respect to any liquidated Mortgage Loan, the form will be submitted to the
Master Servicer no later than the date on which statements are due to the Master
Servicer under Section 4.02 of this Agreement (the “Statement Date”) in the
month following receipt of final liquidation proceeds and supporting
documentation relating to such liquidated Mortgage Loan; provided, that if
such
Statement Date is not at least 30 days after receipt of final liquidation
proceeds and supporting documentation relating to such liquidated Mortgage
Loan,
then the form will be submitted on the first Statement Date occurring after
the
30th
day
following receipt of final liquidation proceeds and supporting documentation.
Preparation
Instructions
The
numbers on the form correspond with the numbers listed below.
1.
|
The
actual Unpaid Principal Balance of the Mortgage Loan.
|
2. | The Total Interest Due less the aggregate amount of servicing fee that would have been earned if all delinquent payments had been made as agreed. |
3-7.
|
Complete
as necessary. All line entries must be supported by copies of appropriate
statements, vouchers,
receipts, canceled checks, etc., to document the expense. Entries
not
properly documented
will not be reimbursed to the Servicer.
|
8.
|
Accrued
Servicing Fees based upon the Scheduled Principal Balance of the
Mortgage
Loan as calculated on a monthly basis.
|
E-1
10.
|
The
total of lines 1 through 9.
|
Credits
11-17.
|
Complete
as necessary. All line entries must be supported by copies of the
appropriate claims forms, statements, payment checks, etc. to document
the
credit. If the Mortgage Loan is subject to a Bankruptcy Deficiency,
the
difference between the Unpaid Principal Balance of the Note prior
to the
Bankruptcy Deficiency and the Unpaid Principal Balance as reduced
by the
Bankruptcy Deficiency should be input on line 16.
|
18.
|
The
total of lines 11 through 17.
|
Total
Realized Loss (or Amount of Any Gain)
19.
|
The
total derived from subtracting line 18 from 10. If the amount represents
a
realized gain, show the amount in parenthesis ( ).
|
E-2
XXXXX
FARGO BANK, N.A.
CALCULATION
OF REALIZED LOSS
XXXXX
FARGO BANK, N.A. Trust: ___________________________
Prepared
by: __________________ Date: _______________
Phone:
______________________
Servicer
Loan No. Servicer
Name Servicer
Address
XXXXX
FARGO BANK, N.A.
Loan
No._____________________________
Borrower’s
Name:________________________________________________________
Property
Address:________________________________________________________________
Liquidation
and Acquisition Expenses:
|
||
Actual
Unpaid Principal Balance of Mortgage Loan
|
$
_______________(1)
|
|
Interest
accrued at Net Rate
|
________________(2)
|
|
Attorney’s
Fees
|
________________(3)
|
|
Taxes
|
________________(4)
|
|
Property
Maintenance
|
________________(5)
|
|
MI/Hazard
Insurance Premiums
|
________________(6)
|
|
Hazard
Loss Expenses
|
________________(7)
|
|
Accrued
Servicing Fees
|
________________(8)
|
|
Other
(itemize)
|
________________(9)
|
|
$
_________________
|
||
Total
Expenses
|
$
______________(10)
|
|
Credits:
|
||
Escrow
Balance
|
$
______________(11)
|
|
HIP
Refund
|
________________(12)
|
|
Rental
Receipts
|
________________(13)
|
|
Hazard
Loss Proceeds
|
________________(14)
|
|
Primary
Mortgage Insurance Proceeds
|
________________(15)
|
|
Proceeds
from Sale of Acquired Property
|
________________(16)
|
|
Other
(itemize)
|
________________(17)
|
|
___________________
|
||
___________________
|
||
Total
Credits
|
$________________(18)
|
|
Total Realized Loss (or Amount of Gain) | $________________ |
X-0
Xxxxxxx
X
Xxxxxxxx
Xxxx Xxxxxx - Xxxxxxxxx/Xxxxxxxxx
Column
Name
|
Description
|
Decimal
|
Format
Comment
|
|||
SER_INVESTOR_NBR
|
A
value assigned by the Servicer to define a group of loans.
|
|
Text
up to 10 digits
|
|||
LOAN_NBR
|
A
unique identifier assigned to each loan by the investor.
|
|
Text
up to 10 digits
|
|||
SERVICER_LOAN_NBR
|
A
unique number assigned to a loan by the Servicer. This may be different
than the LOAN_NBR.
|
|
Text
up to 10 digits
|
|||
BORROWER_NAME
|
The
borrower name as received in the file. It is not separated by first
and
last name.
|
|
Maximum
length of 30 (Last, First)
|
|||
SCHED_PAY_AMT
|
Scheduled
monthly principal and scheduled interest payment that a borrower
is
expected to pay, P&I constant.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
NOTE_INT_RATE
|
The
loan interest rate as reported by the Servicer.
|
4
|
Max
length of 6
|
|||
NET_INT_RATE
|
The
loan gross interest rate less the service fee rate as reported by
the
Servicer.
|
4
|
Max
length of 6
|
|||
SERV_FEE_RATE
|
The
servicer's fee rate for a loan as reported by the Servicer.
|
4
|
Max
length of 6
|
|||
SERV_FEE_AMT
|
The
servicer's fee amount for a loan as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
NEW_PAY_AMT
|
The
new loan payment amount as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
NEW_LOAN_RATE
|
The
new loan rate as reported by the Servicer.
|
4
|
Max
length of 6
|
|||
ARM_INDEX_RATE
|
The
index the Servicer is using to calculate a forecasted
rate.
|
4
|
Max
length of 6
|
|||
ACTL_BEG_PRIN_BAL
|
The
borrower's actual principal balance at the beginning of the processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
ACTL_END_PRIN_BAL
|
The
borrower's actual principal balance at the end of the processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
BORR_NEXT_PAY_DUE_DATE
|
The
date at the end of processing cycle that the borrower's next payment
is
due to the Servicer, as reported by Servicer.
|
|
MM/DD/YYYY
|
|||
SERV_CURT_AMT_1
|
The
first curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SERV_CURT_DATE_1
|
The
curtailment date associated with the first curtailment amount.
|
|
MM/DD/YYYY
|
|||
CURT_ADJ_
AMT_1
|
The
curtailment interest on the first curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SERV_CURT_AMT_2
|
The
second curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SERV_CURT_DATE_2
|
The
curtailment date associated with the second curtailment
amount.
|
|
MM/DD/YYYY
|
|||
CURT_ADJ_
AMT_2
|
The
curtailment interest on the second curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SERV_CURT_AMT_3
|
The
third curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SERV_CURT_DATE_3
|
The
curtailment date associated with the third curtailment
amount.
|
|
MM/DD/YYYY
|
|||
CURT_ADJ_AMT_3
|
The
curtailment interest on the third curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
PIF_AMT
|
The
loan "paid in full" amount as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
PIF_DATE
|
The
paid in full date as reported by the Servicer.
|
|
MM/DD/YYYY
|
|||
|
|
|
Action
Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
65=Repurchase,70=REO
|
|||
ACTION_CODE
|
The
standard FNMA numeric code used to indicate the default/delinquent
status
of a particular loan.
|
|||||
INT_ADJ_AMT
|
The
amount of the interest adjustment as reported by the
Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SOLDIER_SAILOR_ADJ_AMT
|
The
Soldier and Sailor Adjustment amount, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
G-1
NON_ADV_LOAN_AMT
|
The
Non Recoverable Loan Amount, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
LOAN_LOSS_AMT
|
The
amount the Servicer is passing as a loss, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SCHED_BEG_PRIN_BAL
|
The
scheduled outstanding principal amount due at the beginning of the
cycle
date to be passed through to investors.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SCHED_END_PRIN_BAL
|
The
scheduled principal balance due to investors at the end of a processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SCHED_PRIN_AMT
|
The
scheduled principal amount as reported by the Servicer for the current
cycle -- only applicable for Scheduled/Scheduled Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
SCHED_NET_INT
|
The
scheduled gross interest amount less the service fee amount for the
current cycle as reported by the Servicer -- only applicable for
Scheduled/Scheduled Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
ACTL_PRIN_AMT
|
The
actual principal amount collected by the Servicer for the current
reporting cycle -- only applicable for Actual/Actual
Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
ACTL_NET_INT
|
The
actual gross interest amount less the service fee amount for the
current
reporting cycle as reported by the Servicer -- only applicable for
Actual/Actual Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
PREPAY_PENALTY_
AMT
|
The
penalty amount received when a borrower prepays on his loan as reported
by
the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
PREPAY_PENALTY_
WAIVED
|
The
prepayment penalty amount for the loan waived by the
servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
|
|
|
|||
MOD_DATE
|
The
Effective Payment Date of the Modification for the loan.
|
|
MM/DD/YYYY
|
|||
MOD_TYPE
|
The
Modification Type.
|
|
Varchar
- value can be alpha or numeric
|
|||
DELINQ_P&I_ADVANCE_AMT
|
The
current outstanding principal and interest advances made by
Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
G-2
Exhibit
H
Standard
File Layout - Delinquency Reporting
REPORTING
DATA FOR DEFAULTED LOANS
Data
must
be submitted to Xxxxx Fargo Bank in an Excel
spreadsheet format with fixed field names and data type. The Excel
spreadsheet should be used as a template consistently every month when
submitting data.
Table:
Delinquency
|
||||
Name
|
Type
|
Size
|
||
Servicer
Loan #
|
Number
|
8
|
||
(Double)
|
||||
Investor
Loan #
|
Number
|
8
|
||
(Double)
|
||||
Borrower
Name
|
Text
|
20
|
||
Address
|
Text
|
30
|
||
State
|
Text
|
2
|
||
Due
Date
|
Date/Time
|
8
|
||
Action
Code
|
Text
|
2
|
||
FC
Received
|
Date/Time
|
8
|
||
File
Referred to Atty
|
Date/Time
|
8
|
||
NOD
|
Date/Time
|
8
|
||
Complaint
Filed
|
Date/Time
|
8
|
||
Sale
Published
|
Date/Time
|
8
|
||
Target
Sale Date
|
Date/Time
|
8
|
||
Actual
Sale Date
|
Date/Time
|
8
|
||
Loss
Mit Approval Date
|
Date/Time
|
8
|
||
Loss
Mit Type
|
Text
|
5
|
||
Loss
Mit Estimated Completion
|
Date/Time
|
8
|
||
Date
|
||||
Loss
Mit Actual Completion Date
|
Date/Time
|
8
|
||
Loss
Mit Broken Plan Date
|
Date/Time
|
8
|
||
BK
Chapter
|
Text
|
6
|
||
BK
Filed Date
|
Date/Time
|
8
|
||
Post
Petition Due
|
Date/Time
|
8
|
||
Motion
for Relief
|
Date/Time
|
8
|
||
Lift
of Stay
|
Date/Time
|
8
|
||
RFD
|
Text
|
10
|
||
Occupant
Code
|
Text
|
10
|
||
Eviction
Start Date
|
Date/Time
|
8
|
||
Eviction
Completed Date
|
Date/Time
|
8
|
||
List
Price
|
Currency
|
8
|
||
List
Date
|
Date/Time
|
8
|
||
Accepted
Offer Price
|
Currency
|
8
|
||
Accepted
Offer Date
|
Date/Time
|
8
|
||
Estimated
REO Closing Date
|
Date/Time
|
8
|
||
Actual
REO Sale Date
|
Date/Time
|
8
|
H-1
·
Items
in bold are MANDATORY FIELDS. We must receive information in those fields every
month in order for your file to be accepted.
The
Action Code Field should show the applicable numeric code to indicate that
a
special action is being taken. The Action Codes are the following:
12-Relief
Provisions
15-Bankruptcy/Litigation
20-Referred
for Deed-in-Lieu
30-Referred
fore Foreclosure
00-Xxxxxx
00-Xxxxxxxxxx
00-XXX-Xxxx
for Sale
71-Third
Party Sale/Condemnation
72-REO-Pending
Conveyance-Pool Insurance claim filed
Xxxxx
Fargo Bank will accept alternative Action Codes to those above, provided that
the Codes are consistent with industry standards. If Action Codes other than
those above are used, the Servicer must supply Xxxxx Fargo Bank with a
description of each of the Action Codes prior to sending the file.
Description
of Action Codes:
Action
Code 12
- To
report a Mortgage Loan for which the Borrower has been granted relief for curing
a delinquency. The Action Date is the date the relief is expected to end. For
military indulgence, it will be three months after the Borrower’s discharge from
military service.
Action
Code 15
- To
report the Borrower’s filing for bankruptcy or instituting some other type of
litigation that will prevent or delay liquidation of the Mortgage Loan. The
Action Date will be either the date that any repayment plan (or forbearance)
instituted by the bankruptcy court will expire or an additional date by which
the litigation should be resolved.
Action
Code 20
- To
report that the Borrower has agreed to a deed-in-lieu or an assignment of the
property. The Action Date is the date the Servicer decided to pursue a
deed-in-lieu or the assignment.
H-2
Action
Code 30
- To
report that the decision has been made to foreclose the Mortgage Loan. The
Action Date is the date the Servicer referred the case to the foreclosure
attorney.
Action
Code 60
- To
report that a Mortgage Loan has been paid in full either at, or prior to,
maturity. The Action Date is the date the pay-off funds were remitted to the
Master Servicer.
Action
Code 65
- To
report that the Servicer is repurchasing the Mortgage Loan. The Action Date
is
the date the repurchase proceeds were remitted to the Master Servicer.
Action
Code 70
- To
report that a Mortgage Loan has been foreclosed or a deed-in-lieu of foreclosure
has been accepted, and the Servicer, on behalf of the owner of the Mortgage
Loan, has acquired the property and may dispose of it. The Action Date is the
date of the foreclosure sale or, for deeds-in-lieu, the date the deed is
recorded on behalf of the owner of the Mortgage Loan.
Action
Code 71
- To
report that a Mortgage Loan has been foreclosed and a third party acquired
the
property, or a total condemnation of the property has occurred. The Action
Date
is the date of the foreclosure sale or the date the condemnation award was
received.
Action
Code 72
- To
report that a Mortgage Loan has been foreclosed, or a deed-in-lieu has been
accepted, and the property may be conveyed to the mortgage insurer and the
pool
insurance claim has been filed. The Action Date is the date of the foreclosure
sale, or, for deeds-in-lieu, the date of the deed for conventional mortgages.
The
Loss
Mit Type field should show the approved Loss Mitigation arrangement. The
following are acceptable:
ASUM-Approved
Assumption
BAP-Borrower
Assistance Program
CO-Charge
Off
DIL-Deed-in-Lieu
FFA-Formal
Forbearance Agreement
MOD-Loan
Modification
PRE-Pre-Sale
SS-Short
Sale
MISC-Anything
else approved by the PMI or Pool Insurer
Xxxxx
Fargo Bank will accept alternative Loss Mitigation Types to those above,
provided that they are consistent with industry standards. If Loss Mitigation
Types other than those above are used, the Servicer must supply Xxxxx Fargo
Bank
with a description of each of the Loss Mitigation Types prior to sending the
file.
The
Occupant Code field should show the current status of the property. The
acceptable codes are:
Mortgagor
Tenant
Unknown
Vacant
H-3
EXHIBIT
I
SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The
assessment of compliance to be delivered by Countrywide Home Loans Servicing,
LP, [Subservicer] shall address, at a minimum, the criteria identified as below
as “Applicable Servicing Criteria”:
Servicing
Criteria
|
Applicable
Servicing Criteria
|
|||
Reference
|
Criteria
|
|
||
|
General
Servicing Considerations
|
|
||
1122(d)(1)(i)
|
Policies
and procedures are instituted to monitor any performance or other
triggers
and events of default in accordance with the transaction
agreements.
|
X
|
||
1122(d)(1)(ii)
|
If
any material servicing activities are outsourced to third parties,
policies and procedures are instituted to monitor the third party’s
performance and compliance with such servicing activities.
|
X
|
||
1122(d)(1)(iii)
|
Any
requirements in the transaction agreements to maintain a back-up
servicer
for the mortgage loans are maintained.
|
|||
1122(d)(1)(iv)
|
A
fidelity bond and errors and omissions policy is in effect on the
party
participating in the servicing function throughout the reporting
period in
the amount of coverage required by and otherwise in accordance with
the
terms of the transaction agreements.
|
X
|
||
|
Cash
Collection and Administration
|
|||
1122(d)(2)(i)
|
Payments
on mortgage loans are deposited into the appropriate custodial bank
accounts and related bank clearing accounts no more than two business
days
following receipt, or such other number of days specified in the
transaction agreements.
|
X
|
||
1122(d)(2)(ii)
|
Disbursements
made via wire transfer on behalf of an obligor or to an investor
are made
only by authorized personnel.
|
X
|
||
1122(d)(2)(iii)
|
Advances
of funds or guarantees regarding collections, cash flows or distributions,
and any interest or other fees charged for such advances, are made,
reviewed and approved as specified in the transaction
agreements.
|
X
|
||
1122(d)(2)(iv)
|
The
related accounts for the transaction, such as cash reserve accounts
or
accounts established as a form of overcollateralization, are separately
maintained (e.g., with respect to commingling of cash) as set forth
in the
transaction agreements.
|
X
|
||
1122(d)(2)(v)
|
Each
custodial account is maintained at a federally insured depository
institution as set forth in the transaction agreements. For purposes
of
this criterion, “federally insured depository institution” with respect to
a foreign financial institution means a foreign financial institution
that
meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
Act.
|
X
|
||
1122(d)(2)(vi)
|
Unissued
checks are safeguarded so as to prevent unauthorized
access.
|
X
|
||
1122(d)(2)(vii)
|
Reconciliations
are prepared on a monthly basis for all asset-backed securities related
bank accounts, including custodial accounts and related bank clearing
accounts. These reconciliations are (A) mathematically accurate;
(B)
prepared within 30 calendar days after the bank statement cutoff
date, or
such other number of days specified in the transaction agreements;
(C)
reviewed and approved by someone other than the person who prepared
the
reconciliation; and (D) contain explanations for reconciling items.
These
reconciling items are resolved within 90 calendar days of their original
identification, or such other number of days specified in the transaction
agreements.
|
X
|
||
|
|
Servicing
Criteria
|
Applicable
Servicing Criteria
|
|||
Reference
|
Criteria
|
|
Investor
Remittances and Reporting
|
||||
1122(d)(3)(i)
|
Reports
to investors, including those to be filed with the Commission, are
maintained in accordance with the transaction agreements and applicable
Commission requirements. Specifically, such reports (A) are prepared
in
accordance with timeframes and other terms set forth in the transaction
agreements; (B) provide information calculated in accordance with
the
terms specified in the transaction agreements; (C) are filed with
the
Commission as required by its rules and regulations; and (D) agree
with
investors’ or the trustee’s records as to the total unpaid principal
balance and number of mortgage loans serviced by the
Servicer.
|
X
|
||
1122(d)(3)(ii)
|
Amounts
due to investors are allocated and remitted in accordance with timeframes,
distribution priority and other terms set forth in the transaction
agreements.
|
X
|
||
1122(d)(3)(iii)
|
Disbursements
made to an investor are posted within two business days to the Servicer’s
investor records, or such other number of days specified in the
transaction agreements.
|
X
|
||
1122(d)(3)(iv)
|
Amounts
remitted to investors per the investor reports agree with cancelled
checks, or other form of payment, or custodial bank
statements.
|
X
|
||
|
Pool
Asset Administration
|
|||
1122(d)(4)(i)
|
Collateral
or security on mortgage loans is maintained as required by the transaction
agreements or related mortgage loan documents.
|
X
|
||
1122(d)(4)(ii)
|
Mortgage
loan and related documents are safeguarded as required by the transaction
agreements
|
X
|
||
1122(d)(4)(iii)
|
Any
additions, removals or substitutions to the asset pool are made,
reviewed
and approved in accordance with any conditions or requirements in
the
transaction agreements.
|
X
|
||
1122(d)(4)(iv)
|
Payments
on mortgage loans, including any payoffs, made in accordance with
the
related mortgage loan documents are posted to the Servicer’s obligor
records maintained no more than two business days after receipt,
or such
other number of days specified in the transaction agreements, and
allocated to principal, interest or other items (e.g., escrow) in
accordance with the related mortgage loan documents.
|
X
|
||
1122(d)(4)(v)
|
The
Servicer’s records regarding the mortgage loans agree with the Servicer’s
records with respect to an obligor’s unpaid principal
balance.
|
X
|
||
1122(d)(4)(vi)
|
Changes
with respect to the terms or status of an obligor's mortgage loans
(e.g.,
loan modifications or re-agings) are made, reviewed and approved
by
authorized personnel in accordance with the transaction agreements
and
related pool asset documents.
|
X
|
||
1122(d)(4)(vii)
|
Loss
mitigation or recovery actions (e.g., forbearance plans, modifications
and
deeds in lieu of foreclosure, foreclosures and repossessions, as
applicable) are initiated, conducted and concluded in accordance
with the
timeframes or other requirements established by the transaction
agreements.
|
X
|
||
1122(d)(4)(viii)
|
Records
documenting collection efforts are maintained during the period a
mortgage
loan is delinquent in accordance with the transaction agreements.
Such
records are maintained on at least a monthly basis, or such other
period
specified in the transaction agreements, and describe the entity’s
activities in monitoring delinquent mortgage loans including, for
example,
phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or
unemployment).
|
X
|
||
1122(d)(4)(ix)
|
Adjustments
to interest rates or rates of return for mortgage loans with variable
rates are computed based on the related mortgage loan
documents.
|
X
|
Servicing
Criteria
|
Applicable
Servicing Criteria
|
|||
Reference
|
Criteria
|
|
1122(d)(4)(x)
|
Regarding
any funds held in trust for an obligor (such as escrow accounts):
(A) such
funds are analyzed, in accordance with the obligor’s mortgage loan
documents, on at least an annual basis, or such other period specified
in
the transaction agreements; (B) interest on such funds is paid, or
credited, to obligors in accordance with applicable mortgage loan
documents and state laws; and (C) such funds are returned to the
obligor
within 30 calendar days of full repayment of the related mortgage
loans,
or such other number of days specified in the transaction
agreements.
|
X
|
||
1122(d)(4)(xi)
|
Payments
made on behalf of an obligor (such as tax or insurance payments)
are made
on or before the related penalty or expiration dates, as indicated
on the
appropriate bills or notices for such payments, provided that such
support
has been received by the servicer at least 30 calendar days prior
to these
dates, or such other number of days specified in the transaction
agreements.
|
X
|
||
1122(d)(4)(xii)
|
Any
late payment penalties in connection with any payment to be made
on behalf
of an obligor are paid from the servicer’s funds and not charged to the
obligor, unless the late payment was due to the obligor’s error or
omission.
|
X
|
||
1122(d)(4)(xiii)
|
Disbursements
made on behalf of an obligor are posted within two business days
to the
obligor’s records maintained by the servicer, or such other number of days
specified in the transaction agreements.
|
X
|
||
1122(d)(4)(xiv)
|
Delinquencies,
charge-offs and uncollectible accounts are recognized and recorded
in
accordance with the transaction agreements.
|
X
|
||
1122(d)(4)(xv)
|
Any
external enhancement or other support, identified in Item 1114(a)(1)
through (3) or Item 1115 of Regulation AB, is maintained as set forth
in
the transaction agreements.
|
|||
|
|
|