EXHIBIT 99.3
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
This Assignment, Assumption and Recognition Agreement (the "Agreement") is
made and entered into on October 1, 2006, by Xxxxxxx Xxxxx Mortgage Lending,
Inc., having an address at World Financial Center, Xxxxx Xxxxx, Xxx Xxxx, Xxx
Xxxx 00000 (the "Assignor"), Xxxxxxx Xxxxx Mortgage Investors, Inc., having an
address at 4 World Financial Center, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000
("Assignee") and ABN AMRO Mortgage Group, Inc., having an address at 0000 Xxxx
Xxx Xxxxxx Xxxx, Xxxx, Xxxxxxxx 00000 ("Seller").
WHEREAS, the Assignor has acquired certain mortgage loans set forth on
Exhibit A (the "Mortgage Loans") from the Seller pursuant to that certain Master
Mortgage Loan Sale and Servicing Agreement (the "Sale Agreement"), dated as of
October 1, 2006;
For and in consideration of the mutual promises and agreements contained
herein, and other valuable consideration, the receipt and sufficiency of which
hereby are acknowledged, and of the mutual covenants herein contained, the
parties hereto hereby agree as follows:
1. Capitalized Terms. Defined terms used in this Agreement and not
otherwise defined herein shall have the meaning set forth in the Sale Agreement.
2. Assignment and Assumption. Except as expressly provided for herein, the
Assignor hereby grants, transfers and assigns to Assignee all of the right,
title and interest of Assignor, as purchaser, in, to and under (a) the Mortgage
Loans and (b) the Sale Agreement with respect to the Mortgage Loans.
The Assignor specifically reserves and does not assign to the Assignee
hereunder any and all right, title and interest in, to and under any and all
obligations of the Assignor with respect to any mortgage loans subject to the
Sale Agreement which are not the Mortgage Loans set forth on Exhibit A attached
hereto and are not the subject of this Agreement.
Except as is otherwise expressly provided herein, Assignor makes no
representations, warranties or covenants to Assignee and Assignee acknowledges
that Assignor has no obligations to Assignee under the terms of the Sale
Agreement, or otherwise relating to the transaction contemplated herein,
including but not limited to, any obligation to repurchase any of the Mortgage
Loans or to indemnify Assignee.
3. Recognition of Assignee by the Seller. From and after the date hereof,
the Seller shall recognize Assignee as the owner of the Mortgage Loans and the
"Purchaser" under the Sale Agreement with respect to such Mortgage Loans.
4. Servicing of the Mortgage Loans. From and after the date hereof, the
Seller shall service the Mortgage Loans for Assignee in accordance with the Sale
Agreement as modified with respect to the servicing of the Mortgage Loans in
accordance with the terms of this Agreement. The
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address of Assignee set forth in Section 15 of the Sale Agreement shall be
amended to read as follows:
Xxxxxxx Xxxxx Mortgage Investors, Inc.
4 World Financial Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Attention: MLMI 2006-AF2
The wire transfer instructions for distributions to Assignee on the
remittance dates shall be as follows:
Bank: Xxxxx Fargo Bank, N.A.
ABA Routing Number: 000-000-000
Account Name: Corporate Trust Clearing
Account No.: 0000000000
For further credit to: MLMI 2006-AF2
Distribution Account Number: 00000000
5. Master Servicer; Securitization.
a. Seller acknowledges that Xxxxx Fargo Bank, N.A. (the "Master
Servicer" and "Securities Administrator") has been appointed as the master
servicer of the Mortgage Loans pursuant to the Pooling and Servicing Agreement,
dated as of October 1, 2006, by and among the Assignee, the Master Servicer, the
Securities Administrator and HSBC Bank USA, National Association (the "Pooling
and Servicing Agreement") and as such is a Purchaser's Agent with respect to the
Mortgage Loans. Seller shall deliver all reports required to be delivered under
the Sale Agreement to:
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
Attention: Xxxxxxx Xxxxx Mortgage Investors, Inc., Series
2006-AF2
b. Seller hereby acknowledges that the Master Servicer has the right
to enforce all obligations of Seller under the Sale Agreement acting on behalf
of the MLMI 2006-AF2 Trust formed pursuant to the Pooling and Servicing
Agreement, as owner of the Mortgage Loans. Such rights will include, without
limitation, the right to terminate Seller, as purchaser under the Sale Agreement
upon the occurrence of an Event of Default thereunder, the right to receive all
remittances required to be made by Seller under the Sale Agreement, the right to
receive all monthly reports and other data required to be delivered by Seller
under the Sale
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Agreement, the right to examine the books and records of Seller and the right to
exercise certain rights of consent and approval of the "Purchaser" under the
Sale Agreement.
6. Status of Sale Agreement. The Seller and Assignor represent and warrant
to Assignee that as of the date hereof (a) the Sale Agreement with respect to
each of the Mortgage Loans is in full force and effect, (b) the Sale Agreement
has not been amended or modified in any respect (except as provided herein), and
(c) there has been no waiver or any agreement to waive any provision, nor has
any notice of termination been given, under the Sale Agreement.
7. No Claims. The Seller represents and warrants to Assignor and Assignee
that it has no offsets, counterclaims or other defenses available to it with
respect to the Sale Agreement. Assignor represents and warrants to the Seller
and Assignee that it has no offsets, counterclaims or other defenses available
to it with respect to the Sale Agreement.
8. Covenants, Representations and Warranties of Assignor. Assignor
represents and warrants to, and covenants with, Assignee that:
a. Assignor is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation, and has
all requisite corporate power and authority to acquire, own and sell the
Mortgage Loans;
b. Assignor has full corporate power and authority to execute, deliver
and perform under this Agreement, and to consummate the transactions set forth
herein. The execution, delivery and performance of Assignor of this Agreement,
and the consummation by it of the transactions contemplated hereby, have been
duly authorized by all necessary corporate action of Assignor. This Agreement
has been fully executed and delivered by Assignor and constitutes the valid and
legally binding obligation of Assignor enforceable against Assignor in
accordance with its respective terms, except as enforcement is limited by
applicable bankruptcy, insolvency and similar laws affecting the rights of
creditors generally, and by general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at 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 Assignor in connection with the execution, delivery or
performance by Assignor of this Agreement, or the consummation by it of the
transaction contemplated hereby;
d. There is no action, suit, proceeding, investigation or litigation
pending or, to Assignor's knowledge, threatened, which either in any instance or
in the aggregate, if determined adversely to Assignor, would materially and
adversely affect (i) the sale of the Mortgage Loans to Assignee, (ii) the
execution, delivery or enforceability of this Agreement, or (iii) Assignor's
ability to perform its obligations under this Agreement; and
e. Immediately prior to payment of the Purchase Price for the Mortgage
Loans, Assignor is the lawful owner of the Mortgage Loans with the full right to
transfer the Mortgage Loans free from any and all claims and encumbrances
whatsoever.
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9. Covenants, Representations and Warranties of Assignee. Assignee
represents and warrants to, and covenants with, Assignor and the Seller that:
a. Except for the provisions pertaining to the payment of the purchase
price thereunder, from and after the date hereof, Assignee agrees to be bound as
"Purchaser" by all of the terms, covenants and conditions of the Sale Agreement
and Assignee assumes for the benefit of Assignor and the Seller all of
Assignor's obligations as "Purchaser" thereunder.
b. Assignee is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its formation, and has all requisite
corporate power and authority to acquire, own and sell the Mortgage Loans;
c. Assignee has full corporate power and authority to execute, deliver
and perform under this Agreement, and to consummate the transactions set forth
herein. The execution, delivery and performance of Assignee of this Agreement,
and the consummation by it of the transactions contemplated hereby, have been
duly authorized by all necessary corporate action of Assignee. This Agreement
has been fully executed and delivered by Assignee and constitutes the valid and
legally binding obligation of Assignee enforceable against Assignee in
accordance with its respective terms, except as enforcement is limited by
applicable bankruptcy, insolvency and similar laws affecting the rights of
creditors generally, and by general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law;
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 Assignee in connection with the execution, delivery or
performance by Assignee of this Agreement, or the consummation by it of the
transaction contemplated hereby; and
e. There is no action, suit, proceeding, investigation or litigation
pending or, to Assignee 's knowledge, threatened, which either in any instance
or in the aggregate, if determined adversely to Assignee, would materially and
adversely affect (i) the purchase of the Mortgage Loans from Assignor, (ii) the
execution, delivery or enforceability of this Agreement, or (iii) Assignee
ability to perform its obligations under this Agreement.
10. Bringdown of Corporate Representations and Warranties. Seller
represents and warrants to Assignee that the corporate representations and
warranties set forth in Section 6.02 only of the Sale Agreement are true and
correct and shall be deemed to be made as of October 31, 2006.
11. Modification of the Sale Agreement.
a. The Assignee and the Seller hereby amend Section 1 of the Sale
Agreement, as it pertains to the Mortgage Loans, by:
(i) amending the definition of "Remittance Date" by deleting the words
"the following Business Day" and replacing them with "the immediately
preceding Business Day"; and
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(ii) deleting the definition of "Business Day" in its entirety and
replacing it with the following:
"Business Day: Any day other than (i) a Saturday or Sunday, or
(ii) a day on which the Federal Reserve is closed, or (iii) a day on
which banking institutions in the jurisdiction in which the Master
Servicer or the Seller are authorized or obligated by law or executive
order to be closed.".
b. The Assignee and the Seller hereby amend Section 10.05(c) of the
Sale Agreement by replacing the phrase "ABN AMRO Mortgage Group, Inc., as
servicer, in trust for Purchaser" with "ABN AMRO Mortgage Group, Inc, as
servicer, in trust for Xxxxx Fargo Bank, N.A., as master servicer on behalf of
the Xxxxxxx Xxxxx Mortgage Investors Trust, Series 2006-AF2";
c. The Assignee and the Seller hereby amend Section 11.07(c) of the
Sale Agreement by replacing the phrase "ABN AMRO Mortgage Group, Inc., as
servicer, in trust for Purchaser and various Mortgagors, Fixed and Adjustable
Rate Loans" with "ABN AMRO Mortgage Group, Inc., as servicer, in trust for Xxxxx
Fargo Bank, N.A., as master servicer on behalf of the Xxxxxxx Xxxxx Mortgage
Investors Trust, Series 2006-AF2"; and
d. The Assignee and the Seller hereby amend Section 11.17 of the Sale
Agreement by adding the following paragraph at the end of such section:
"In addition, no later than the tenth (10th) calendar day of each
month (or if such tenth day is not a Business Day, the Business Day immediately
preceding such tenth day), the Seller shall furnish to the Purchaser and the
Master Servicer a report containing the data set forth in Attachment 1 to the
Assignment, Assumption and Recognition Agreement, dated as of October 1, 2006,
among Xxxxxxx Xxxxx Mortgage Lending, Inc., Xxxxxxx Xxxxx Mortgage Investors,
Inc. and the Seller, with respect to monthly remittance advice, defaulted
Mortgage Loans and realized loss calculations, in such format as is mutually
agreed by the Master Servicer and the Seller."
12. REMIC Status. For purposes of the Sale Agreement, Seller is hereby
notified, and Seller hereby acknowledges receipt of such notification, that a
REMIC election has been made with respect to the Mortgage Loans.
13. Governing Law. Except to the extent preempted by federal law, this
Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York, without regard to the choice of law rules of New York or
any other jurisdiction.
14. Confidentiality. The Seller, Assignor and Assignee hereby acknowledge
and agree that this Agreement shall be kept confidential and its contents will
not be divulged to any party without the other party's consent except to the
extent that it is appropriate for the Seller, Assignor or Assignee to do so in
working with their respective directors, officers, employees, agents, legal
counsel, auditors, taxing authorities or other governmental agencies.
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15. Conflict with Sale Agreement. To the extent there is any conflict
between the terms of the Sale Agreement and this Agreement, the latter shall be
controlling, notwithstanding anything to the contrary contained in the Sale
Agreement.
16. Counterparts. This Agreement may be executed in any number of
counterparts. Each counterpart shall be deemed to be an original and all such
counterparts shall constitute one and the same instrument.
17. Notices. All demands, notices and communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed, by registered or
certified mail, postage prepaid, return receipt requested, or, if by other
means, when received by the other party at the address as follows:
(a) if to Assignee:
Xxxxxxx Xxxxx Mortgage Investors, Inc.
4 World Financial Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: MLMI 2006-AF2
Phone: ((000) 000-0000
Fax: (000) 000-0000
(b) if to the Seller:
ABN AMRO Mortgage Group, Inc.
0000 Xxxxxxx Xxxxx
Xxxxxxxxxxxx, Xxxxxxx 00000
Attn: Xxxxxxx Xxxxxxx
Fax: 904/000-0000
Phone: 904/000-0000
With copy to:
LaSalle Bank Corporation
Legal Department - M 0900-380
0000 Xxxx Xxx Xxxxxx Xxxx
Xxxx, Xxxxxxxx 00000
Attn: Xxxxxx X. Xxxxx
Fax: 248/000-0000
Phone: 248/000-0000
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(c) if to Assignor:
Xxxxxxx Xxxxx Mortgage Lending, Inc.
4 World Financial Center, Xxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: MLMI 2006-AF2
Phone: (000) 000-0000
Fax: (000) 000-0000
[SIGNATURE PAGE FOLLOWS]
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The parties hereto have executed this Agreement on the date first above
written.
XXXXXXX XXXXX MORTGAGE LENDING, INC.,
Assignor
By
-------------------------------------
Name:
----------------------------------
Title:
---------------------------------
XXXXXXX XXXXX MORTGAGE INVESTORS, INC.,
Assignee
By
-------------------------------------
Name: Xxxx Park
Title: Authorized Signatory
ABN AMRO MORTGAGE GROUP, INC.,
the Seller
By
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
ACKNOWLEDGED:
XXXXX FARGO BANK, N.A.
Master Servicer
By:
---------------------------------
Name: Xxxxxxx Xxxxxx
Title: Vice President
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EXHIBIT A
ABN AMRO MORTGAGE LOAN SCHEDULE
[INTENTIONALLY OMITTED]
I-1
ATTACHMENT 1
STANDARD FILE LAYOUT - MASTER SERVICING
P3301-139 ABN AMRO MORTGAGE GROUP 07/31/06
MONTHLY STATEMENT OF MORTGAGE ACCOUNTS PAGE 39203
ATTN: XXXX XXXXXXX
XXX XXXXXXXXX XXXXX XXXXXXXX XXXX
XXXXX 000 XXXXXXXX X00 CATEGORY 001 .0000000 SERVICE FEE .00000000 STATE
------------------------------------------------------------------------------------------------------------------------------
INVESTOR INVESTOR SHORT
BANK CAT LOAN NO NAME DUE NEXT TRUST BAL/ PRINCIPAL P&I -----DELINQUENT---- ------ADVANCE------
OUR LOAN NO XXX INT SF-RATE DATE NO INT PAID TO BALANCE CONSTANT INTEREST PRINCIPAL INTEREST PRINCIPAL
------------------------------------------------------------------------------------------------------------------------------
I-1
S3301-213 ABN AMRO MORTGAGE GROUP 7/31/06
SUMMARY OF CURTAILMENTS MADE REMITTANCE REPORT PAGE 8956
ATTN: XXXX XXXXXXX
XXX XXXXXXXXX XXXXX XXXXXXXX XXXX
XXXXX 000 XXXXXXXX X00 CATEGORY 001 .0000000 SERVICE FEE .00000000 STATE
----------------------------------------------------------------------------------------------------------------------------
INVESTOR DATE PMT
OUR LOAN NO LOAN NO PAID NO ESCROW SERVICE NET DEPOSITED PRINCIPAL LATE OTHER
P&I CONSTANT XXX I/R SF RATE DATE DUE PRINCIPAL INTEREST FEE INTEREST /REMITTED BALANCE CHG TRUST
----------------------------------------------------------------------------------------------------------------------------
2
X0000-000 XXX AMRO MORTGAGE GROUP 07/31/06
CONSOLIDATION OF REMITTANCE REPORTS PAGE 26046
ATTN: XXXX XXXXXXX
ONE BELVEDERE PLACE INTEREST RATE .00000000 SERVICE FEE .00000000 STATE
SUITE 300 INVESTOR S20 CATEGORY 001
--------------------------------------------------------------------------------------------------------------------------
OUR INVESTOR DATE PMT DATE
LOAN NO LOAN NO PAID NO DUE ESCROW SERVICE NET DEPOSITED PRINCIPAL LATE OTHER
P&I CONSTANT XXX INT RATE SER FEE RATE PRINCIPAL INTEREST FEE INTEREST /REMITTED BALANCE CHG TRUST
--------------------------------------------------------------------------------------------------------------------------
3
ABN LOAN ARM INV LOAN INT SER P & I BEG PRIN BEG SCH SCHED SCHED
NUMBER INV CAT INDICATOR NUM RATE FEE YIELD CONSTANT BAL/ACTUAL PRIN BAL PRIN NET INT REMITTANCE
-------- --- --- --------- -------- ---- --- ----- -------- ---------- -------- ----- ------- ----------
END PRIN
DUE DATE ENDING SCH BAL BAL/ACTUAL XXXX XXXX ADJ PIF PIF DATE
-------- -------------- ---------- ---- -------- --- --------
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prepay_penalty_amt, prepay_penalty_waived,
loan_nbr mod_date mod_type if applicable if applicable. ser_investor_nbr servicer_loan_nbr
-------- -------- -------- ------------------- ---------------------- ---------------- -----------------
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DELINQUENCY REPORTING - STANDARD FILE LAYOUT
COLUMN/HEADER NAME DESCRIPTION DECIMAL FORMAT COMMENT
------------------ ----------- ------- --------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the
Servicer. This may be different than the
LOAN_NBR
LOAN_NBR A unique identifier assigned to each loan
by the originator.
CLIENT_NBR Servicer Client Number
SERV_INVESTOR_NBR Contains a unique number as assigned by an
external servicer to identify a group of
loans in their system.
BORROWER_FIRST_NAME First Name of the Borrower.
BORROWER_LAST_NAME Last name of the borrower.
PROP_ADDRESS Street Name and Number of Property
PROP_STATE The state where the property located.
PROP_ZIP Zip code where the property is located.
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment MM/DD/YYYY
is due to the servicer at the end of
processing cycle, as reported by Servicer.
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was MM/DD/YYYY
filed.
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was
filed.
BANKRUPTCY_CASE_NBR The case number assigned by the court to
the bankruptcy filing.
POST_PETITION_DUE_DATE The payment due date once the bankruptcy MM/DD/YYYY
has been approved by the courts
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal,
Discharged and/or a Motion For Relief Was
Granted.
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved MM/DD/YYYY
By The Servicer
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A
Loan Such As;
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is MM/DD/YYYY
Scheduled To End/Close
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the MM/DD/YYYY
servicer with instructions to begin
foreclosure proceedings.
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney MM/DD/YYYY
in a Foreclosure Action
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is MM/DD/YYYY
expected to occur.
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
FRCLSR_SALE_AMT The amount a property sold for at the 2 No commas(,)
foreclosure sale. or dollar
signs ($)
EVICTION_START_DATE The date the servicer initiates eviction MM/DD/YYYY
of the borrower.
EVICTION_COMPLETED_DATE The date the court revokes legal MM/DD/YYYY
possession of the property from the
borrower.
LIST_PRICE The price at which an REO property is 2 No commas(,)
marketed. or dollar
signs ($)
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
OFFER_AMT The dollar value of an offer for an REO 2 No commas(,)
property. or dollar
signs ($)
OFFER_DATE_TIME The date an offer is received by DA Admin MM/DD/YYYY
or by the Servicer.
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REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
OCCUPANT_CODE Classification of how the property is
occupied.
PROP_CONDITION_CODE A code that indicates the condition of the
property.
PROP_INSPECTION_DATE The date a property inspection is MM/DD/YYYY
performed.
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
CURR_PROP_VAL The current "as is" value of the property 2
based on brokers price opinion or
appraisal.
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed pursuant to a
broker's price opinion or appraisal.
IF APPLICABLE:
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
DELINQ_REASON_CODE The circumstances which caused a borrower
to stop paying on a loan. Code indicates
the reason why the loan is in default for
this cycle.
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed MM/DD/YYYY
With Mortgage Insurance Company.
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No commas(,)
Claim or dollar
signs ($)
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance 2 No commas(,)
Company or dollar
signs ($)
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No commas(,)
Company or dollar
signs ($)
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,)
or dollar
signs ($)
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,)
or dollar
signs ($)
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,)
or dollar
signs ($)
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans MM/DD/YYYY
Admin
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,)
or dollar
signs ($)
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DELINQUENCY REPORTING - STANDARD FILE CODES
The LOSS MIT TYPE field should show the approved Loss Mitigation Code as
follows:
- 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
NOTE: 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
code as follows:
- Mortgagor
- Tenant
- Unknown
- Vacant
The PROPERTY CONDITION field should show the last reported condition of
the property as follows:
- Damaged
- Excellent
- Fair
- Gone
- Good
- Poor
- Special Hazard
- Unknown
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DELINQUENCY REPORTING - STANDARD FILE CODES CONTINUED
The FNMA DELINQUENT REASON CODE field should show the Reason for
Delinquency as follows:
DELINQUENCY CODE DELINQUENCY DESCRIPTION
---------------- -----------------------
001 FNMA-Death of principal mortgagor
002 FNMA-Illness of principal mortgagor
003 FNMA-Illness of mortgagor's family member
004 FNMA-Death of mortgagor's family member
005 FNMA-Marital difficulties
006 FNMA-Curtailment of income
007 FNMA-Excessive Obligation
008 FNMA-Abandonment of property
009 FNMA-Distant employee transfer
011 FNMA-Property problem
012 FNMA-Inability to sell property
013 FNMA-Inability to rent property
014 FNMA-Military Service
015 FNMA-Other
016 FNMA-Unemployment
017 FNMA-Business failure
019 FNMA-Casualty loss
022 FNMA-Energy environment costs
023 FNMA-Servicing problems
026 FNMA-Payment adjustment
027 FNMA-Payment dispute
029 FNMA-Transfer of ownership pending
030 FNMA-Fraud
031 FNMA-Unable to contact borrower
INC FNMA-Incarceration
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DELINQUENCY REPORTING, CONTINUED
The FNMA DELINQUENT STATUS CODE field should show the Status of Default
as follows:
STATUS CODE STATUS DESCRIPTION
----------- ------------------
09 Forbearance
17 Pre-foreclosure Sale Closing Plan Accepted
24 Government Seizure
26 Refinance
27 Assumption
28 Modification
29 Charge-Off
30 Third Party Sale
31 Probate
32 Military Indulgence
43 Foreclosure Started
44 Deed-in-Lieu Started
49 Assignment Completed
61 Second Lien Considerations
62 Veteran's Affairs-No Bid
63 Veteran's Affairs-Refund
64 Veteran's Affairs-Buydown
65 Chapter 7 Bankruptcy
66 Chapter 11 Bankruptcy
67 Chapter 13 Bankruptcy
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CALCULATION OF REALIZED LOSS/GAIN FORM 332 - INSTRUCTION SHEET
NOTE: DO NOT NET OR COMBINE ITEMS. SHOW ALL EXPENSES INDIVIDUALLY AND ALL
CREDITS AS SEPARATE LINE ITEMS. CLAIM PACKAGES ARE DUE ON THE REMITTANCE REPORT
DATE. LATE SUBMISSIONS MAY RESULT IN CLAIMS NOT BEING PASSED UNTIL THE FOLLOWING
MONTH. THE SERVICER IS RESPONSIBLE TO REMIT ALL FUNDS PENDING LOSS APPROVAL AND
/OR RESOLUTION OF ANY DISPUTED ITEMS.
The numbers on the 332 form correspond with the numbers listed below.
LIQUIDATION AND ACQUISITION EXPENSES:
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default through
liquidation breaking out the net interest and servicing fees advanced is
required.
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.
For documentation, an Amortization Schedule from date of default through
liquidation breaking out the net interest and servicing fees advanced is
required.
3. Accrued Servicing Fees based upon the Scheduled Principal Balance of the
Mortgage Loan as calculated on a monthly basis. For documentation, an
Amortization Schedule from date of default through liquidation breaking out
the net interest and servicing fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form - breakdown
required showing period of coverage, base tax, interest, penalty.
Advances prior to default require evidence of servicer efforts to
recover advances.
* For escrow advances - complete payment history (to calculate advances
from last positive escrow balance forward)
* Other expenses - copies of corporate advance history showing all
payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the decision and WFB's
approved Officer Certificate
* Unusual or extraordinary items may require further documentation.
13. The total of lines 1 through 12.
CREDITS:
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
instructions and Escrow Agent / Attorney Letter of Proceeds Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
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Please Note: For HUD/VA loans, use line (18a) for Part A/Initial proceeds and
line (18b) for Part B/Supplemental proceeds.
TOTAL REALIZED LOSS (OR AMOUNT OF ANY GAIN)
23. The total derived from subtracting line 22 from 13. If the amount
represents a realized gain, show the amount in parenthesis (_____).
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CALCULATION OF REALIZED LOSS/GAIN FORM 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
________________________ ________________________ __________________________
Servicer Loan No. Servicer Name Servicer Address
XXXXX FARGO BANK, N.A. LOAN NO._____________________________
Borrower's Name: _________________________________________________________
Property Address: _________________________________________________________
LIQUIDATION TYPE: REO SALE 3RD PARTY SALE SHORT SALE CHARGE OFF
WAS THIS LOAN GRANTED A BANKRUPTCY DEFICIENCY OR CRAMDOWN YES NO
If "Yes", provide deficiency or cramdown amount _______________________________
LIQUIDATION AND ACQUISITION EXPENSES:
(1) Actual Unpaid Principal Balance of Mortgage Loan $_________(1)
(2) Interest accrued at Net Rate __________(2)
(3) Accrued Servicing Fees __________(3)
(4) Attorney's Fees __________(4)
(5) Taxes (see page 2) __________(5)
(6) Property Maintenance __________(6)
(7) MI/Hazard Insurance Premiums (see page 2) __________(7)
(8) Utility Expenses __________(8)
(9) Appraisal/BPO __________(9)
(10) Property Inspections __________(10)
(11) FC Costs/Other Legal Expenses __________(11)
(12) Other (itemize) __________(12)
Cash for Keys__________________________ __________(12)
HOA/Condo Fees_________________________ __________(12)
_______________________________________ __________(12)
TOTAL EXPENSES $_________(13)
CREDITS:
(14) Escrow Balance $_________(14)
(15) HIP Refund __________(15)
(16) Rental Receipts __________(16)
(17) Hazard Loss Proceeds __________(17)
(18) Primary Mortgage Insurance / Gov't Insurance __________(18a)HUD Part A
__________(18b)HUD Part B
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(19) Pool Insurance Proceeds __________(19)
(20) Proceeds from Sale of Acquired Property __________(20)
(21) Other (itemize) __________(21)
_________________________________________ __________(21)
TOTAL CREDITS $_________(22)
TOTAL REALIZED LOSS (OR AMOUNT OF GAIN) $_________(23)
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ESCROW DISBURSEMENT DETAIL
TYPE DATE PERIOD OF TOTAL BASE
(TAX /INS.) PAID COVERAGE PAID AMOUNT PENALTIES INTEREST
----------- ---- --------- ----- ------ --------- --------
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