Contract
THIS
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT dated as of August 24, 2006
(this “Agreement”),
is
among Xxxxxxx Xxxxx Mortgage Company (the “Assignor”),
GS
Mortgage Securities Corp. (the “Assignee”)
and
Avelo Mortgage, L.L.C. (the “Company”
or
the
“Servicer”).
For
and
in consideration of the mutual promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:
1. Assignment,
Assumption and Conveyance
The
Assignor hereby conveys, sells, grants, transfers and assigns to the Assignee
all of the right, title and interest (other than those rights specifically
retained by the Assignor pursuant to this Agreement) of the Assignor, as
purchaser, in, to and under (a) those certain Mortgage
Loans
listed
on the schedule (the “Mortgage
Loan Schedule”)
attached hereto as Schedule I (the “Mortgage
Loans”),
(b)
the Purchase Price and Terms Letter dated as of June 7, 2006 between GSMC
and
New Century Mortgage Corporation, the Master Loan Purchase Agreement dated
as of
October 28, 2004, among GSMC and Alliance Bancorp and the Master Loan Purchase
Agreement dated as of June 15, 2005, among GSMC and DHI Mortgage Company,
Ltd.
(such Purchase Price and Terms Agreement and Master Loan Purchase Agreements,
collectively, the “PPTL Assignments”) and (c) solely insofar as it relates
to the Mortgage Loans, that certain Flow Servicing Agreement dated as of
January
1, 2006 (the “Servicing
Agreement”),
by
and between the Assignor (in such capacity, the “Owner”)
and
the Company.
The
Assignor hereby agrees that it will (i) deliver possession of notes
evidencing the Mortgage Loans to, or at the direction of, the Assignee or
its
designee and (ii) take in a timely manner all necessary steps under all
applicable laws to convey and to perfect the conveyance of the Mortgage Loans
as
required under the Trust Agreement (as defined below).
From
time
to time certain other of the mortgage loans conveyed by the Assignor to the
Assignee and serviced by other servicers, including the Mortgage Loans listed
on
the schedule attached hereto as Schedule II may subsequent to the Securitization
Closing Date (as defined herein) be transferred to the Servicer for servicing
under this Agreement, at which date the Assignee shall cause Schedule I hereto
to be amended to include such mortgage loans which will then be considered
“Mortgage Loans” under this Agreement.
The
Assignor specifically reserves and does not assign to the Assignee hereunder
(i) any and all right, title and interest in, to and under and any
obligations of the Assignor with respect to any mortgage loans subject to
the
Servicing Agreement that are not the Mortgage Loans set forth on the Mortgage
Loan Schedule and are not the subject of this Agreement, (ii) any rights
and
obligations of the Assignor pursuant to the Servicing Agreement arising prior
to
the date hereof, (iii) the rights and obligations of the Owner under
Section 6.02 (a) (relating to the Owner’s right to terminate the Company)
of the Servicing Agreement and
Section 4.04 (relating to the Owner’s right to receive information from the
Servicer) of the Servicing Agreement or
(iv)
any rights of the Assignor under the Notice Letter dated August 24, 2006
(the
“Notice
Letter”),
between the Owner and the Company, which rights shall survive the execution
and
delivery of this Agreement.
The
Assignee hereby assumes all of the Assignor’s rights and obligations under the
Mortgage Loans, the PPTL Assignments and the Servicing Agreement solely insofar
as such obligations relate to the Mortgage Loans, other than the obligations
set
forth in clauses (ii) and (iv) of the preceding paragraph.
The
parties hereto agree that (i) notwithstanding anything to the contrary contained
in the Notice Letter, with respect to the Mortgage Loans being serviced under
the Servicing Agreement, the Servicing Fee Rate for the Mortgage Loans shall
be
the rate set forth on the Mortgage Loan Schedule and (ii) notwithstanding
anything to the contrary in the Servicing Agreement, in the event the Servicer
is obligated to make an advance pursuant to the Servicing Agreement, the
aggregate payment due shall be the minimum monthly payment due under the
mortgage note, net of servicing fees.
2. Recognition
of the Company
From
and
after the date hereof (the “Securitization
Closing Date”),
the
Company shall and does hereby recognize that the Assignee will transfer the
Mortgage Loans (absent the servicing rights related thereto) and assign its
rights under the PPTL Assignments and the Servicing Agreement (solely to
the
extent set forth herein) and this Agreement to Deutsche Bank National Trust
Company, as trustee (including its successors in interest and any successor
trustees under the Trust Agreement, the “Trustee”),
of
the GSR Mortgage Loan Trust 2006-OA1 (the “Trust”)
created pursuant to a Master Servicing and Trust Agreement dated as of August
1,
2006 (the “Trust
Agreement”),
among
GS Mortgage Securities Corp., as Depositor, the Trustee, Deutsche Bank National
Trust Company, as a custodian, and Xxxxx Fargo Bank, N.A., as securities
administrator (in such capacity, the “Securities
Administrator”)
and
master servicer (in such capacity, the “Master
Servicer”).
The
Company hereby acknowledges and agrees that from and after the date hereof
(i) the Trustee will be the owner of the Mortgage Loans and the Servicer
will be the servicer of the Mortgage Loans on or after the applicable Transfer
Date pursuant to the terms set forth in the Trust Agreement, (ii) the
Company shall look solely to the Trustee for performance of any obligations
of
the Assignor under the Mortgage Loans and the Servicing Agreement (solely
insofar as it relates to the Mortgage Loans) (except for such obligations
of the
Assignor retained by the Assignor hereunder), (iii) the Trustee (and the
Servicer acting on the Trustee’s behalf) shall have all the rights and remedies
available to the Assignor, insofar as they relate to the Mortgage Loans,
under
the applicable purchase agreement, PPTL Assignment and the Servicing Agreement,
including, without limitation, the enforcement of the document delivery
requirements set forth in the applicable purchase agreement, and shall be
entitled to enforce any and all of the obligations of the Company thereunder
insofar as they relate to the Mortgage Loans, including without limitation,
the
remedies for breaches of representations and warranties set forth in
Article IX of the Servicing Agreement (except for the rights and remedies
retained by the Assignor hereunder), (iv) all references to the Owner under
the Servicing Agreement insofar as they relate to the Mortgage Loans shall
be
deemed to refer to the Trustee (except to the extent of the rights and
obligations retained by the Assignor hereunder) (including the Servicer acting
on the Trustee’s behalf) and (v) the Mortgage Loans will be part of a
REMIC, and the Company shall service the Mortgage Loans and any real property
acquired upon default thereof (including, without limitation, making or
permitting any modification, waiver or amendment of any term of any Mortgage
Loan) prior to the applicable Transfer Date in accordance with the Servicing
Agreement but in no event in a manner that would (A) cause the REMIC to
fail to qualify as a REMIC or (B) result in the imposition of a tax upon
the REMIC (including but not limited to the tax on prohibited transactions
as
defined in Section 860F(a)(2) of the Code, the tax on contributions to a
REMIC set forth in Section 860G(d) of the Code, and the tax on
“net
income from foreclosure property”
as
set
forth in Section 860G(c) of the Code). Neither the Company nor the Assignor
shall amend or agree to amend, modify, waive, or otherwise alter any of the
terms or provisions of the Servicing Agreement, which amendment, modification,
waiver or other alteration would in any way affect the Mortgage Loans or
the
Company’s performance under the Servicing Agreement with respect to the Mortgage
Loans without the prior written consent of the Trustee.
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
2
From
and
after the date hereof, the Servicer shall note the transfer of the Mortgage
Loans to the Trustee in its books and records, shall recognize the Trustee
as
the owner of the Mortgage Loans and shall service the Mortgage Loans for
the
benefit of the Trustee pursuant to the Servicing Agreement.
The
Servicer represents and warrants that (a) the copy of the Servicing
Agreement, attached hereto as Exhibit 1,
provided to the Assignee is a true, complete and accurate copy of the Servicing
Agreement, (b) the Servicing Agreement is in full force and effect as of
the date hereof, (c) the provisions thereof have not been waived, amended
or modified in any respect except as provided herein, nor have any notices
of
termination been given thereunder, and (d) 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 Trustee as the owner of the Mortgage Loans, shall have the same rights
as
are assigned by Assignor to the Assignee under this Agreement, and as will
be
further assigned by the Assignee to the Trustee, on behalf of the Trust.
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.
All
remittances required to be made to the Trustee, 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, NA
ABA#
000000000
FOR
CREDIT TO: SAS CLEARING
ACCT:
0000000000
REFERENCE:
GSR 2006-OA1 Acct # 50940200
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
in the format of Exhibit 2 or another mutually agreed-upon format, (b) default
loan data in the format set forth in Exhibit
3
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
in
the format set forth in Exhibit
4
and
Exhibit
5
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, upload to an internet website, or
other
similar media reasonably acceptable to the Master Servicer, and (iii) all
supporting documentation with respect to the information required under the
preceding paragraph.
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
3
3. Representations
and Warranties of the Company
The
Company warrants and represents to and covenants with, the Assignor, the
Assignee and the Trustee as of the date hereof that:
(a) The
Company is duly organized, validly existing and in good standing under the
laws
of the jurisdiction of its formation;
(b) The
Company has full power and authority to execute, deliver and perform its
obligations under this Agreement and has full power and authority to perform
its
obligations under the Servicing Agreement. The execution by the Company of
this
Agreement is in the ordinary course of the Company’s business and will not
conflict with, or result in a breach of, any of the terms, conditions or
provisions of the Company’s charter or bylaws or any legal restriction, or any
material agreement or instrument to which the Company 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 Company or its property is subject. The
execution, delivery and performance by the Company of this Agreement have
been
duly authorized by all necessary corporate action on part of the Company.
This
Agreement has been duly executed and delivered by the Company, and, upon
the due
authorization, execution and delivery by the Assignor and the Assignee, will
constitute the valid and legally binding obligation of the Company, enforceable
against the Company in accordance with its terms except as enforceability
may be
limited by bankruptcy, reorganization, insolvency, moratorium or other similar
laws now or hereafter in effect relating to creditors’ rights generally, and by
general principles of equity regardless of whether enforceability is considered
in a proceeding in equity or at law;
(c) No
consent, approval, order or authorization of, or declaration, filing or
registration with, any governmental entity is required to be obtained or
made by
the Company in connection with the execution, delivery or performance by
the
Company of this Agreement or the consummation by it of the transaction
contemplated hereby;
(d) The
Company shall establish a Custodial Account and an Escrow Account under the
Servicing Agreement in favor of the Trustee with respect to the Mortgage
Loans
separate from the Custodial Account and Escrow Account previously established
under the Servicing Agreement in favor of the Assignor;
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
4
(e) There
is
no action, suit, proceeding or investigation pending or threatened against
the
Company, before any court, administrative agency or other tribunal, which
would
draw into question the validity of this Agreement or the Servicing Agreement,
or
which, either in any one instance or in the aggregate, is likely to result
in
any material adverse change in the ability of the Company to perform its
obligations under this Agreement or the Servicing Agreement, and the Company
is
solvent;
(f) As
to
each Mortgage Loan to be serviced as of the Securitization Closing Date,
the
Company has serviced the Mortgage Loans in accordance with the Servicing
Agreement and has provided accurate “paid through” data (assuming the
correctness of all “paid through” data provided by the Assignor to the Company
at the time the Company began servicing the Mortgage Loans) with respect
to the
Mortgage Loans to the Assignor;
(g) As
to
each Mortgage Loan to be serviced as of the Securitization Closing Date,
except
as reflected in the “paid through” data delivered to the Assignor (assuming the
correctness of all “paid through” data provided by the Assignor to the Company
at the time the Company began servicing the Mortgage Loans), there is no
payment
default existing under any Mortgage or any Mortgage Note as of the
Securitization Closing Date; and
(h) As
to
each Mortgage Loan to be serviced as of the Securitization Closing Date,
to the
Company’s knowledge, there is no non-payment default existing under any Mortgage
or Mortgage Note, or any event which, with the passage of time or with notice
and the termination of any grace or cure period, would constitute a non-payment
default, breach, violation or event which would permit acceleration as of
the
Securitization Closing Date.
4. Representations
and Warranties of the Assignor
The
Assignor warrants and represents to the Assignee and the Trustee as of date
hereof, unless otherwise stated below that:
(a) The
Assignor has been duly organized and is validly existing as a limited
partnership in good standing under the laws of the State of New York with
full
power and authority to enter into and perform its obligations under the
Agreements and this Agreement.
(b) This
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.
195634
GSR
0000-XX0
Xxxxx
XXX
(Seller to Depositor)
5
(c) The
execution, delivery and performance by the Assignor of this 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) The
execution and delivery of this Agreement have been duly authorized by all
necessary action on the part of the Assignor; neither the execution and delivery
by the Assignor of this 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) 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 (i) with respect to any of the transactions contemplated
by
this Agreement or (ii) 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 Agreement.
(f) The
Assignor is the sole owner of record and holder of the Mortgage Loans and
the
indebtedness evidenced by each Mortgage Note. The Mortgage Loans are not
assigned or pledged, and the Assignor has good, indefeasible and marketable
title thereto, and has full right to transfer and sell the Mortgage Loans
to the Assignee free and clear of any encumbrance, equity, participation
interest, lien, pledge, charge, claim or security interest, and has full
right
and authority subject to no interest or participation of, or agreement with,
any
other party, to sell and assign each Mortgage Loan pursuant to this Agreement
and following the sale of each Mortgage Loan, the Assignee will own such
Mortgage Loan free and clear of any encumbrance, equity, participation interest,
lien, pledge, charge, claim or security interest. The Assignor intends to
relinquish all rights to possess, control and monitor the Mortgage
Loan.
(g) The
Assignor has not waived the performance by the Mortgagor of any action, if
the
Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
in default, nor has the Company waived any default resulting from any action
or
inaction by the Mortgagor.
(h) As
of
August 24, 2006, with respect to the Mortgage Loans, 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 and disclosure laws, all applicable predatory and
abusive lending laws or unfair and deceptive practices laws applicable to
the
Mortgage Loan, including, without limitation, any provisions related to
Prepayment Premiums, have been complied with, and the consummation of the
transactions contemplated hereby will not involve the violation of any such
laws
or regulations. 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.
195634
GSR
0000-XX0
Xxxxx
XXX
(Seller to Depositor)
6
(i) 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.
5. Remedies
for Breach of Representations and Warranties of the Assignor
The
Assignor hereby acknowledges and agrees that in the event of any breach of
the
representations and warranties made by the Assignor set forth in Section 4
hereof that materially and adversely affects the value of the Mortgage Loans
or
the interest of the Assignee or the Trustee therein, within sixty (60) days
of the earlier of either discovery by or notice to the Assignor of such breach
of a representation or warranty, it shall cure, purchase, cause the purchase
of,
or substitute for the applicable Mortgage Loan in the same manner and subject
to
the conditions set forth in Section 2.03 of the Standard Terms to the Trust
Agreement with respect to the Assignee’s obligations to provide certain
representations and warranties for the Mortgage Loans.
6. Amendment
to 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 the Servicing Agreement, provided that,
solely
with respect to the Mortgage Loans transferred hereunder, Exhibit 7 (“Servicing
Criteria to be Addressed in Assessment of Compliance”) shall be replaced with
Exhibit 6 hereto. For the avoidance of doubt, the Servicing Agreement is
not
hereby amended with respect to any other mortgage loans sold thereunder and
shall remain in full force and effect in accordance with its terms with respect
to such other mortgage loans.
7.
Miscellaneous
(a) THIS
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.
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
7
(b) No
term
or provision of this 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, with the prior written consent of
the
Trustee.
(c) This
Agreement shall inure to the benefit of (i) the successors and assigns of
the parties hereto and (ii) the Trustee (including the Master Servicer
acting on the Trustee’s behalf). Any entity into which the Assignor, Assignee or
Company may be merged or consolidated shall, without the requirement for
any
further writing, be deemed Assignor, Assignee or Company, respectively,
hereunder.
(d) Each
of
this Agreement, the PPTL Assignments and the Servicing Agreement shall survive
the conveyance of the Mortgage Loans to the Trustee and the assignment of
the
applicable purchase agreement, PPTL Assignment and the Servicing Agreement
(to
the extent assigned hereunder) by the Assignor to the Assignee and by the
Assignee to the Trustee and nothing contained herein shall supersede or amend
the terms of the applicable purchase agreement, PPTL Assignment and the
Servicing Agreement.
(e) This
Agreement may be executed simultaneously 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.
(f) In
the
event that any provision of this Agreement conflicts with any provision of
the
applicable purchase agreement, PPTL Assignment or the Servicing Agreement
with
respect to the Mortgage Loans, the terms of this Agreement shall
control.
(g) Capitalized
terms used in this Agreement (including the schedules hereto) but not defined
in
this Agreement shall have the meanings given to such terms in the applicable
purchase agreement, the Servicing Agreement or the Trust Agreement, as
applicable.
8.
Third
Party Beneficiary
The
Master Servicer shall be considered a Third-Party Beneficiary to this Agreement
entitled to all rights and benefits hereof as if it were a direct party to
this
Agreement.
[SIGNATURE
PAGE FOLLOWS]
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
8
IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by
their
duly authorized officers as of the date first above written.
GS
MORTGAGE SECURITIES CORP.
By:_______________________________
Name:__________________________
Title:___________________________
XXXXXXX
XXXXX MORTGAGE COMPANY, a New York limited partnership
By:
|
XXXXXXX
SACHS REAL ESTATE FUNDING CORP., a New York corporation, as General
Partner
|
By:_______________________________
Name:__________________________
Title:___________________________
AVELO
MORTGAGE, L.L.C.
By:_______________________________
Name:__________________________
Title:___________________________
SCHEDULE
I
Mortgage
Loan Schedule
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
SCHEDULE
II
Mortgage
Loans to be Transferred for Servicing
to
Avelo on or about September 1, 2006
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
EXHIBIT
1
Servicing
Agreement
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
EXHIBIT
2
Standard
File Layout - Scheduled/Scheduled
Column
Name
|
Description
|
Decimal
|
Format
Comment
|
Max
Size
|
SER_INVESTOR_NBR
|
A
value assigned by the Servicer to define a group of loans.
|
|
Text
up to 10 digits
|
20
|
LOAN_NBR
|
A
unique identifier assigned to each loan by the investor.
|
|
Text
up to 10 digits
|
10
|
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
|
10
|
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)
|
30
|
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 ($)
|
11
|
NOTE_INT_RATE
|
The
loan interest rate as reported by the Servicer.
|
4
|
Max
length of 6
|
6
|
NET_INT_RATE
|
The
loan gross interest rate less the service fee rate as reported
by the
Servicer.
|
4
|
Max
length of 6
|
6
|
SERV_FEE_RATE
|
The
servicer's fee rate for a loan as reported by the Servicer.
|
4
|
Max
length of 6
|
6
|
SERV_FEE_AMT
|
The
servicer's fee amount for a loan as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
NEW_PAY_AMT
|
The
new loan payment amount as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
NEW_LOAN_RATE
|
The
new loan rate as reported by the Servicer.
|
4
|
Max
length of 6
|
6
|
ARM_INDEX_RATE
|
The
index the Servicer is using to calculate a forecasted
rate.
|
4
|
Max
length of 6
|
6
|
ACTL_BEG_PRIN_BAL
|
The
borrower's actual principal balance at the beginning of the processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
ACTL_END_PRIN_BAL
|
The
borrower's actual principal balance at the end of the processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
BORR_NEXT_PAY_DUE_DATE
|
The
date at the end of processing cycle that the borrower's next payment
is
due to the Servicer, as reported by Servicer.
|
|
MM/DD/YYYY
|
10
|
SERV_CURT_AMT_1
|
The
first curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
SERV_CURT_DATE_1
|
The
curtailment date associated with the first curtailment amount.
|
|
MM/DD/YYYY
|
10
|
CURT_ADJ_
AMT_1
|
The
curtailment interest on the first curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
SERV_CURT_AMT_2
|
The
second curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
SERV_CURT_DATE_2
|
The
curtailment date associated with the second curtailment
amount.
|
|
MM/DD/YYYY
|
10
|
CURT_ADJ_
AMT_2
|
The
curtailment interest on the second curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
SERV_CURT_AMT_3
|
The
third curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
SERV_CURT_DATE_3
|
The
curtailment date associated with the third curtailment
amount.
|
|
MM/DD/YYYY
|
10
|
CURT_ADJ_AMT_3
|
The
curtailment interest on the third curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
PIF_AMT
|
The
loan "paid in full" amount as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
PIF_DATE
|
The
paid in full date as reported by the Servicer.
|
|
MM/DD/YYYY
|
10
|
|
|
|
Action
Code Key: 15=Bankruptcy, 00xXxxxxxxxxxx, , 00xXXX, 63=Substitution,
65=Repurchase,70=REO
|
2
|
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 ($)
|
11
|
SOLDIER_SAILOR_ADJ_AMT
|
The
Soldier and Sailor Adjustment amount, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
NON_ADV_LOAN_AMT
|
The
Non Recoverable Loan Amount, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
LOAN_LOSS_AMT
|
The
amount the Servicer is passing as a loss, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
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 ($)
|
11
|
SCHED_END_PRIN_BAL
|
The
scheduled principal balance due to investors at the end of a processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
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 ($)
|
11
|
SCHED_NET_INT
|
The
scheduled gross interest amount less the service fee amount for
the
current cycle as reported by the Servicer -- only applicable for
Scheduled/Scheduled Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
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 ($)
|
11
|
ACTL_NET_INT
|
The
actual gross interest amount less the service fee amount for the
current
reporting cycle as reported by the Servicer -- only applicable
for
Actual/Actual Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
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 ($)
|
11
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
PREPAY_PENALTY_
WAIVED
|
The
prepayment penalty amount for the loan waived by the
servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
|
|
|
|
|
MOD_DATE
|
The
Effective Payment Date of the Modification for the loan.
|
|
MM/DD/YYYY
|
10
|
MOD_TYPE
|
The
Modification Type.
|
|
Varchar
- value can be alpha or numeric
|
30
|
DELINQ_P&I_ADVANCE_AMT
|
The
current outstanding principal and interest advances made by
Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
EXHIBIT
3
Standard
File Layout - Delinquency Reporting
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 is due to the servicer at
the end of
processing cycle, as reported by Servicer.
|
MM/DD/YYYY
|
|
LOAN_TYPE
|
Loan
Type (i.e. FHA, VA, Conv)
|
|
|
BANKRUPTCY_FILED_DATE
|
The
date a particular bankruptcy claim was filed.
|
MM/DD/YYYY
|
|
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 has been approved by the
courts
|
MM/DD/YYYY
|
|
BANKRUPTCY_DCHRG_DISM_DATE
|
The
Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
Discharged
and/or a Motion For Relief Was Granted.
|
MM/DD/YYYY
|
|
LOSS_MIT_APPR_DATE
|
The
Date The Loss Mitigation Was Approved By The Servicer
|
MM/DD/YYYY
|
|
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 Scheduled To End/Close
|
MM/DD/YYYY
|
|
LOSS_MIT_ACT_COMP_DATE
|
The
Date The Loss Mitigation Is Actually Completed
|
MM/DD/YYYY
|
|
FRCLSR_APPROVED_DATE
|
The
date DA Admin sends a letter to the servicer with instructions
to begin
foreclosure proceedings.
|
MM/DD/YYYY
|
|
ATTORNEY_REFERRAL_DATE
|
Date
File Was Referred To Attorney to Pursue Foreclosure
|
MM/DD/YYYY
|
|
FIRST_LEGAL_DATE
|
Notice
of 1st legal filed by an Attorney in a Foreclosure Action
|
MM/DD/YYYY
|
|
FRCLSR_SALE_EXPECTED_DATE
|
The
date by which a foreclosure sale is expected to occur.
|
MM/DD/YYYY
|
|
FRCLSR_SALE_DATE
|
The
actual date of the foreclosure sale.
|
MM/DD/YYYY
|
|
FRCLSR_SALE_AMT
|
The
amount a property sold for at the foreclosure sale.
|
2
|
No
commas(,) or dollar signs ($)
|
EVICTION_START_DATE
|
The
date the servicer initiates eviction of the borrower.
|
MM/DD/YYYY
|
|
EVICTION_COMPLETED_DATE
|
The
date the court revokes legal possession of the property from the
borrower.
|
MM/DD/YYYY
|
|
LIST_PRICE
|
The
price at which an REO property is marketed.
|
2
|
No
commas(,) or dollar signs ($)
|
LIST_DATE
|
The
date an REO property is listed at a particular price.
|
MM/DD/YYYY
|
|
OFFER_AMT
|
The
dollar value of an offer for an REO property.
|
2
|
No
commas(,) or dollar signs ($)
|
OFFER_DATE_TIME
|
The
date an offer is received by DA Admin or by the Servicer.
|
MM/DD/YYYY
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
REO_CLOSING_DATE
|
The
date the REO sale of the property is scheduled to close.
|
MM/DD/YYYY
|
|
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 performed.
|
MM/DD/YYYY
|
|
APPRAISAL_DATE
|
The
date the appraisal was done.
|
MM/DD/YYYY
|
|
CURR_PROP_VAL
|
The
current "as is" value of the property based on brokers price opinion
or
appraisal.
|
2
|
|
REPAIRED_PROP_VAL
|
The
amount the property would be worth if repairs are completed pursuant
to a
broker's price opinion or appraisal.
|
2
|
|
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 With Mortgage Insurance
Company.
|
MM/DD/YYYY
|
|
MI_CLAIM_AMT
|
Amount
of Mortgage Insurance Claim Filed
|
No
commas(,) or dollar signs ($)
|
|
MI_CLAIM_PAID_DATE
|
Date
Mortgage Insurance Company Disbursed Claim Payment
|
MM/DD/YYYY
|
|
MI_CLAIM_AMT_PAID
|
Amount
Mortgage Insurance Company Paid On Claim
|
2
|
No
commas(,) or dollar signs ($)
|
POOL_CLAIM_FILED_DATE
|
Date
Claim Was Filed With Pool Insurance Company
|
MM/DD/YYYY
|
|
POOL_CLAIM_AMT
|
Amount
of Claim Filed With Pool Insurance Company
|
2
|
No
commas(,) or dollar signs ($)
|
POOL_CLAIM_PAID_DATE
|
Date
Claim Was Settled and The Check Was Issued By The Pool
Insurer
|
MM/DD/YYYY
|
|
POOL_CLAIM_AMT_PAID
|
Amount
Paid On Claim By Pool Insurance Company
|
2
|
No
commas(,) or dollar signs ($)
|
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 Admin
|
MM/DD/YYYY
|
|
VA_CLAIM_PAID_DATE
|
Date
Veterans Admin. Disbursed VA Claim Payment
|
MM/DD/YYYY
|
|
VA_CLAIM_PAID_AMT
|
Amount
Veterans Admin. Paid on VA Claim
|
2
|
No
commas(,) or dollar signs ($)
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
Standard
File Codes - Delinquency Reporting
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
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
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
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
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
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
EXHIBIT
4
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:
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
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.
|
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 ( ).
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
EXHIBIT
5
Calculation
of Realized Loss/Gain Form 332
XXXXX
FARGO BANK, N.A.
CALCULATION
OF REALIZED LOSS/GAIN
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
anda 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)
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
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
|
|||
(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)
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
Escrow
Disbursement Detail
Type
(Tax
/Ins.)
|
Date
Paid
|
Period
of Coverage
|
Total
Paid
|
Base
Amount
|
Penalties
|
Interest
|
|
||||||
|
||||||
|
||||||
|
||||||
|
||||||
|
||||||
|
||||||
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
EXHIBIT
6
SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The
assessment of compliance to be delivered by Avelo Mortgage, L.L.C.,
[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
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
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
|
195634
GSR
2006-OA1
Avelo
AAR
(Seller to Depositor)
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.
|
|
|
|
|
Avelo
Mortgage, L.L.C.
Date: _________________________
By:
________________________________
Name:
Title:
195634
GSR
0000-XX0
Xxxxx
XXX
(Seller to Depositor)