EXECUTION COPY
ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of September 29, 2004,
between Residential Funding Corporation, a Delaware corporation ("RFC") and
Residential Asset Mortgage Products, Inc., a Delaware corporation (the
"Company").
Recitals
A. RFC has entered into seller contracts ("Seller Contracts") with the
seller/servicers pursuant to which such seller/servicers sell mortgage loans to
RFC.
B. The Company wishes to purchase from RFC certain Mortgage Loans (as
hereinafter defined) originated pursuant to the Seller Contracts with respect
thereto.
C. The Company, RFC, as master servicer, and JPMorgan Chase Bank, as trustee
(the "Trustee"), are entering into a Pooling and Servicing Agreement dated as of
September 1, 2004 (the "Pooling and Servicing Agreement"), pursuant to which the
Trust will issue Mortgage Asset-Backed Pass-Through Certificates, Series
2004-RZ3 (the "Certificates") consisting of twenty-five classes designated as
Class A-I-1, Class A-I-2, Class A-I-3, Class A-I-4, Class A-I-5, Class A-I-6,
Class A-IO, Class A-II-1, Class A-II-2, Class A-II-3, Class M-I-1, Class M-I-2,
Class M-I-3, Class M-I-4, Class M-II-1, Class M-II-2, Class M-II-3, Class
M-II-4, Class SB-I, Class SB-II, Class R-I, Class R-II, Class R-III, Class R-IV
and Class R-V, representing beneficial ownership interests in a trust fund
consisting primarily of a pool that will be divided into (i) the fixed rate one-
to two-family mortgage loans identified on Exhibit F-1 to the Pooling and
Servicing Agreement (the "Group I Loans") and (ii) the adjustable rate one- to
two-family mortgage loans identified on Exhibit F-2 to the Pooling and Servicing
Agreement (the "Group II Loans," and together with the Group I Loans and Group
II Loans, the "Mortgage Loans").
D. In connection with the purchase of the Mortgage Loans, the Company will
assign to RFC the Class SB-I, Class SB-II, Class R-I, Class R-II, Class R-III,
Class R-IV and Class R-V Certificates (collectively, the "Retained
Certificates").
E. In connection with the purchase of the Mortgage Loans and the issuance of the
Certificates, RFC wishes to make certain representations and warranties to the
Company and to assign certain of its rights under the Seller Contracts to the
Company, and the Company wishes to assume certain of RFC's obligations under the
Seller Contracts.
F. The Company and RFC intend that the conveyance by RFC to the Company of all
its right, title and interest in and to the Mortgage Loans pursuant to this
Agreement shall constitute a purchase and sale and not a loan.
NOW THEREFORE, in consideration of the recitals and the mutual promises
herein and other good and valuable consideration, the parties agree as follows:
1. All capitalized terms used but not defined herein shall have the meanings
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assigned thereto in the Pooling and Servicing Agreement.
2. Concurrently with the execution and delivery hereof, RFC hereby assigns to
the Company without recourse all of its right, title and interest in and to the
Mortgage Loans, including all interest and principal received on or with respect
to the Mortgage Loans after the Cut-off Date (other than payments of principal
and interest due on the Mortgage Loans in the month of the Cut-off Date). In
consideration of such assignment, RFC will receive from the Company, in
immediately available funds, an amount equal to $362,450,499.76, including
accrued interest, and the Retained Certificates. In connection with such
assignment and at the Company's direction, RFC has in respect of each Mortgage
Loan endorsed the related Mortgage Note (other than any Destroyed Mortgage Note)
to the order of the Trustee and delivered an assignment of mortgage in
recordable form to the Trustee or its agent. A Destroyed Mortgage Note means a
Mortgage Note the original of which was permanently lost or destroyed.
The Company and RFC intend that the conveyance by RFC to the
Company of all its right, title and interest in and to the Mortgage Loans
pursuant to this Section 2 shall be, and be construed as, a sale of the Mortgage
Loans by RFC to the Company. It is, further, not intended that such conveyance
be deemed to be a pledge of the Mortgage Loans by RFC to the Company to secure a
debt or other obligation of RFC. Nonetheless, (a) this Agreement is intended to
be and hereby is deemed to be a security agreement within the meaning of
Articles 8 and 9 of the Minnesota Uniform Commercial Code and the Uniform
Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided for in this Section shall be deemed to be a grant by RFC to the Company
of a security interest in all of RFC's right (including the power to convey
title thereto), title and interest, whether now owned or hereafter acquired, in
and to (A) the Mortgage Loans, including the Mortgage Notes, the Mortgages, any
related insurance policies and all other documents in the related Mortgage
Files, (B) all amounts payable pursuant to the Mortgage Loans in accordance with
the terms thereof and (C) any and all general intangibles consisting of, arising
from or relating to any of the foregoing, and all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property, including, without limitation, all amounts from time to time
held or invested in the Certificate Account or the Custodial Account, whether in
the form of cash, instruments, securities or other property; (c) the possession
by the Trustee, the Custodian or any other agent of the Trustee of Mortgage
Notes or such other items of property as constitute instruments, money, payment
intangibles, negotiable documents, goods, deposit accounts, letters of credit,
advices of credit, investment property, certificated securities or chattel paper
shall be deemed to be "possession by the secured party", or possession by a
purchaser or a person designated by such secured party, for purposes of
perfecting the security interest pursuant to the Minnesota Uniform Commercial
Code and the Uniform Commercial Code of any other applicable jurisdiction
(including, without limitation, Sections 8-106, 9-313 and 9-106 thereof); and
(d) notifications to persons holding such property, and acknowledgments,
receipts or confirmations from persons holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
of perfecting such security interest under applicable law. RFC shall, to the
extent consistent with this Agreement, take such reasonable actions as may be
necessary to ensure that, if this Agreement were deemed to create a security
interest in the Mortgage Loans and the other property described above, such
security interest would be deemed to be a perfected security interest of first
priority under applicable law and will be maintained as such throughout the term
of this Agreement. Without limiting the generality of the foregoing, RFC shall
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prepare and deliver to the Company not less than 15 days prior to any filing
date, and the Company shall file, or shall cause to be filed, at the expense of
RFC, all filings necessary to maintain the effectiveness of any original filings
necessary under the Uniform Commercial Code as in effect in any jurisdiction to
perfect the Company's security interest in or lien on the Mortgage Loans
including without limitation (x) continuation statements, and (y) such other
statements as may be occasioned by (1) any change of name of RFC or the Company,
(2) any change of location of the place of business, state of formation or the
chief executive office of RFC, or (3) any transfer of any interest of RFC in any
Mortgage Loan.
3. Concurrently with the execution and delivery hereof, the Company hereby
assigns to RFC without recourse all of its right, title and interest in and to
the Retained Certificates as part of the consideration payable to RFC by the
Company pursuant to this Agreement.
4. RFC represents and warrants to the Company that on the date of execution
hereof (or, if otherwise specified below, as of the date so specified):
(a) The information set forth in the Mortgage Loan Schedule for
such Mortgage Loans is true and correct in all material respects as of
the date or dates respecting which such information is furnished;
(b) Each Mortgage Loan constitutes a qualified mortgage under
Section 860G(a)(3)(A) of the Code and Treasury Regulations Section
1.860G-2(a)(1);
(c) Immediately prior to the conveyance of the Mortgage Loans to
the Company, RFC had good title to, and was the sole owner of, each
Mortgage Loan free and clear of any pledge, lien, encumbrance or
security interest (other than rights to servicing and related
compensation) and such conveyance validly transfers ownership of the
Mortgage Loans to the Company free and clear of any pledge, lien,
encumbrance or security interest;
(d) Each Mortgage Note constitutes a legal, valid and binding
obligation of the Mortgagor enforceable in accordance with its terms
except as limited by bankruptcy, insolvency or other similar laws
affecting generally the enforcement of creditors' rights;
(e) To the best of RFC's knowledge as of the Cut-off Date, there
is no default, breach, violation or event of acceleration existing under
the terms of any Mortgage Note or Mortgage and no event which, with
notice and expiration of any grace or cure period, would constitute a
default, breach, violation or event of acceleration under the terms of
any Mortgage Note or Mortgage, and no such default, breach, violation or
event of acceleration has been waived by RFC or by any other entity
involved in servicing a Mortgage Loan;
(f) As of the Cut-off Date, none of the Mortgage Loans are 30
days or more delinquent in payment of principal and interest;
(g) None of the Mortgage Loans are Buydown Mortgage Loans;
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(h) To the best of RFC's knowledge, there is no delinquent tax or
assessment lien against any related Mortgaged Property;
(i) No Mortgagor has any valid right of offset, defense or
counterclaim as to the related Mortgage Note or Mortgage, except as may
be provided under the Relief Act;
(j) No Mortgage Loan provides for payments that are subject to
reduction by withholding taxes levied by any foreign (non-United States)
sovereign government;
(k) (1) The proceeds of each Mortgage Loan have been fully
disbursed and (2) to the best of Seller's knowledge, there is no
requirement for future advances thereunder and any and all requirements
as to completion of any on-site or off-site improvements and as to
disbursements of any escrow funds therefor (including any escrow funds
held to make Monthly Payments pending completion of such improvements)
have been complied with. All costs, fees and expenses incurred in
making, closing or recording the Mortgage Loans were paid;
(l) To the best of RFC's knowledge, with respect to each Mortgage
Loan, there are no mechanics' liens or claims for work, labor or
material affecting any Mortgaged Property which are or may be a lien
prior to, or equal with, the lien of the related Mortgage, except such
liens that are insured or indemnified against by a title insurance
policy;
(m) With respect to each Mortgage Loan, a policy of title
insurance was effective as of the closing of each Mortgage Loan, is
valid and binding, and remains in full force and effect, unless the
Mortgaged Properties are located in the State of Iowa and an attorney's
certificate has been provided;
(n) To the best of RFC's knowledge, each Mortgaged Property is
free of damage and in good repair and no notice of condemnation has been
given with respect thereto and RFC knows of nothing involving any
Mortgaged Property that could reasonably be expected to materially
adversely affect the value or marketability of any Mortgaged Property;
(o) Each Mortgage contains customary and enforceable provisions
which render the rights and remedies of the holder adequate to realize
the benefits of the security against the Mortgaged Property, including
(i) in the case of a Mortgage that is a deed of trust, by trustee's
sale, or (ii) by judicial foreclosure or, if applicable, non-judicial
foreclosure, and to the best of RFC's knowledge, there is no homestead
or other exemption available to the Mortgagor that would interfere with
such right to sell at a trustee's sale or right to foreclosure, subject
in each case to applicable federal and state laws and judicial
precedents with respect to bankruptcy and right of redemption;
(p) To the best of RFC's knowledge, with respect to each Mortgage
that is a deed of trust, a trustee duly qualified under applicable law
to serve as such is properly named, designated and serving, and except
in connection with a trustee's sale after default by a Mortgagor, no
fees or expenses are payable by the seller or RFC to the trustee under
any Mortgage that is a deed of trust;
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(q) If the improvements securing a Mortgage Loan are located in a
federal designated special flood hazard area, flood insurance in the
amount required under the Program Guide covers such Mortgaged Property
(either by coverage under the federal flood insurance program or by
coverage from private insurers);
(r) With respect to each Mortgage Loan, any appraisal made in
connection with the origination of the Mortgage Loan was made by an
appraiser who meets the minimum qualifications for appraisers as
specified in the Program Guide;
(s) Each Mortgage Loan is covered by a standard hazard insurance
policy;
(t) To the best of RFC's knowledge, any escrow arrangements
established with respect to any Mortgage Loan are in compliance with all
applicable local, state and federal laws and are in compliance with the
terms of the related Mortgage Note;
(u) No Mortgage Loan was originated on or after October 1, 2002
and before March 7, 2003, which is secured by property located in the
State of Georgia;
(v) None of the Group I Loans and none of the Group II Loans are
secured by a leasehold estate. If any of the Mortgage Loans are secured
by a leasehold interest, with respect to each leasehold interest: the
use of leasehold estates for residential properties is an accepted
practice in the area where the related Mortgaged Property is located;
residential property in such area consisting of leasehold estates is
readily marketable; the lease is recorded and no party is in any way in
breach of any provision of such lease; the leasehold is in full force
and effect and is not subject to any prior lien or encumbrance by which
the leasehold could be terminated or subject to any charge or penalty;
and the remaining term of the lease does not terminate less than ten
years after the maturity date of such Mortgage Loan;
(w) Each Mortgage Loan as of the time of its origination complied
in all material respects with all applicable local, state and federal
laws, including, but not limited to, all applicable predatory lending
laws;
(x) None of the Mortgage Loans are subject to the Home Ownership
and Equity Protection Act of 1994. None of the Mortgage Loans are loans
that, under applicable state or local law in effect at the time of
origination of the loan, are referred to as (1) "high cost" or "covered"
loans or (2) any other similar designation if the law imposes greater
restrictions or additional legal liability for residential mortgage
loans with high interest rates, points and/or fees;
(y) [Reserved]
(z) To the best of RFC's knowledge, the Subservicer for each
Mortgage Loan has accurately and fully reported its borrower credit
files to each of the Credit Repositories in a timely manner;
(aa) None of the proceeds of any Mortgage Loan were used to
finance the purchase of single premium credit insurance policies;
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(bb) No Mortgage Loan is a High Cost Loan or Covered Loan, as
applicable (as such terms are defined in Appendix E of the Standard &
Poor's Glossary For File Format For LEVELS(R) Version 5.6 Revised
(attached hereto as Exhibit A); provided that no representation and
warranty is made in this clause (bb) with respect to any Mortgage Loan
secured by a Mortgaged Property located in the States of Kansas or West
Virginia;
(cc) No Mortgage Property consists of a mobile home or a
manufactured housing unit that is not permanently affixed to its
foundation;
(dd) The proceeds of the Mortgage Loan have been fully disbursed,
there is no requirement for future advances thereunder;
(ee) With respect to each Mortgage Loan, either (i) each Mortgage
Loan contains a customary provision for the acceleration of the payment
of the unpaid principal balance of the Mortgage Loan in the event the
related Mortgaged Property is sold without the prior consent of the
mortgagee thereunder or (ii) the Mortgage Loan is assumable pursuant to
the terms of the Mortgage Note;
(ff) No Group I Loan has a prepayment penalty term that extends
beyond five years after the date of origination. No Group II Loan has a
prepayment penalty term that extends beyond three years after the date
of origination; and
(gg) No Mortgage Loan provides for deferred interest or negative
amortization.
Upon discovery by RFC or upon notice from the Company or the Trustee of
a breach of the foregoing representations and warranties in respect of any
Mortgage Loan, or upon the occurrence of a Repurchase Event as described in
Section 5 below, which materially and adversely affects the interests of any
holders of the Certificates, the Certificate Insurer or the Company in such
Mortgage Loan (notice of which breach or occurrence shall be given to the
Company by RFC, if it discovers the same), RFC shall, within 90 days after the
earlier of its discovery or receipt of notice thereof, either cure such breach
or Repurchase Event in all material respects or, except as otherwise provided in
Section 2.04 of the Pooling and Servicing Agreement, either (i) purchase such
Mortgage Loan from the Trustee or the Company, as the case may be, at a price
equal to the Purchase Price for such Mortgage Loan or (ii) substitute a
Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan in the manner
and subject to the limitations set forth in Section 2.04 of the Pooling and
Servicing Agreement. Notwithstanding the foregoing, RFC shall not be required to
cure breaches, Repurchase Events or purchase or substitute for Mortgage Loans as
provided above if the substance of such breach or Repurchase Event also
constitutes fraud in the origination of the Mortgage Loan. If the breach of
representation and warranty that gave rise to the obligation to repurchase or
substitute a Mortgage Loan pursuant to this Section 4 was the representation set
forth in clause (w) of this Section 4, then RFC shall pay to the Trust Fund,
concurrently with and in addition to the remedies provided in the preceding
sentence, an amount equal to any liability, penalty or expense that was actually
incurred and paid out of or on behalf of the Trust Fund, and that directly
resulted from such breach, or if incurred and paid by the Trust Fund thereafter,
concurrently with such payment.
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5. With respect to each Mortgage Loan, a repurchase event ("Repurchase Event")
shall have occurred if it is discovered that, as of the date hereof, the related
Mortgage was not a valid first lien on the related Mortgaged Property subject
only to (i) the lien of real property taxes and assessments not yet due and
payable, (ii) covenants, conditions, and restrictions, rights of way, easements
and other matters of public record as of the date of recording of such Mortgage
and such other permissible title exceptions as are listed in the Program Guide
and (iii) other matters to which like properties are commonly subject which do
not materially adversely affect the value, use, enjoyment or marketability of
the Mortgaged Property. In addition, with respect to any Mortgage Loan as to
which the Company delivers to the Trustee or the Custodian an affidavit
certifying that the original Mortgage Note has been lost or destroyed, if such
Mortgage Loan subsequently is in default and the enforcement thereof or of the
related Mortgage is materially adversely affected by the absence of the original
Mortgage Note, a Repurchase Event shall be deemed to have occurred and RFC will
be obligated to repurchase or substitute for such Mortgage Loan in the manner
set forth in Section 4 above.
Concurrently with the execution and delivery hereof, RFC hereby
assigns to the Company, and the Company hereby assumes, all of RFC's rights and
obligations under the Seller Contracts with respect to the Mortgage Loans to be
serviced under the Pooling and Servicing Agreement, insofar as such rights and
obligations relate to (a) any representations and warranties regarding a
Mortgage Loan made by a Seller under any Seller Contract and any remedies
available under the Seller Contract for a breach of any such representations and
warranties if (i) the substance of such breach also constitutes fraud in the
origination of the Mortgage Loan or (ii) the representation and warranty relates
to the absence of toxic materials or other environmental hazards that could
affect the Mortgaged Property, or (b) the Seller's obligation to deliver to RFC
the documents required to be contained in the Mortgage File and any rights and
remedies available to RFC under the Seller Contract in respect of such
obligation or in the event of a breach of such obligation; provided that,
notwithstanding the assignment and assumption hereunder, RFC shall have the
concurrent right to exercise remedies and pursue indemnification upon a breach
by a Seller under any Seller Contract of any of its representations and
warranties.
RFC hereby represents and warrants to the Company that, with
respect to each Mortgage Loan, the REMIC's tax basis in each Mortgage Loan as of
the Closing Date is equal to or greater than 100% of the Stated Principal
Balance thereof.
[Signature Page Follows]
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This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and assigns, and no other
person shall have any right or obligation hereunder.
IN WITNESS WHEREOF, the parties have entered into this Assignment and
Assumption Agreement as of the date first above written.
RESIDENTIAL FUNDING CORPORATION
By: ______________________________
Name:
Title:
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: ____________________________
Name:
Title:
8
EXHIBIT A
APPENDIX E OF THE STANDARD & POOR'S GLOSSARY FOR
FILE FORMAT FOR LEVELS(R) VERSION 5.6 REVISED
APPENDIX E - Standard & Poor's Anti-Predatory Lending Categorization
Standard & Poor's has categorized loans governed by anti-predatory lending laws
in the Jurisdictions listed below into three categories based upon a combination
of factors that include (a) the risk exposure associated with the assignee
liability and (b) the tests and thresholds set forth in those laws. Note that
certain loans classified by the relevant statute as Covered are included in
Standard & Poor's High Cost Loan Category because they included thresholds and
tests that are typical of what is generally considered High Cost by the
industry.
STANDARD & POOR'S HIGH COST LOAN CATEGORIZATION
------------------------------------------------------------------------------------------------
State/Jurisdiction Name of Anti-Predatory Lending Category under
Applicable
Anti-Predatory Lending
Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
Arkansas Arkansas Home Loan Protection Act, High Cost Home Loan
Ark. Code Xxx. xx.xx. 00-00-000 et seq.
Effective July 16, 2003
---------------------------- ---------------------------------------- --------------------------
Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Code Covered Loan
xx.xx. 757.01 et seq.
Effective June 2, 2003
---------------------------- ---------------------------------------- --------------------------
Colorado Consumer Equity Protection, Colo. Covered Loan
Stat. Xxx. xx.xx. 5-3.5-101 et seq.
Effective for covered loans offered or
entered into on or after January 1,
2003. Other provisions of the Act took effect on
June 7, 2002
---------------------------- ---------------------------------------- --------------------------
Connecticut Connecticut Abusive Home Loan Lending High Cost Home Loan
Practices Act, Conn. Gen. Stat. xx.xx.
36a-746 et seq.
Effective October 1, 2001
---------------------------- ---------------------------------------- --------------------------
District of Columbia Home Loan Protection Act, D.C. Code xx.xx. Covered Loan
26-1151.01 et seq.
Effective for loans closed on or after
January 28, 2003
---------------------------- ---------------------------------------- --------------------------
Florida Fair Lending Act, Fla. Stat. Xxx. xx.xx. High Cost Home Loan
494.0078 et seq.
Effective October 2, 2002
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 0000 - Xxxxxxx Xxxx Xxxxxxx Xxx, Xx. Code High Cost Home Loan
Mar. 6, 2003) Xxx. xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
Georgia as amended (Mar. Georgia Fair Lending Act, Ga. Code High Cost Home Loan
7, 2003 - current) Xxx. xx.xx. 7-6A-1 et seq.
Effective for loans closed on or after
March 7, 2003
---------------------------- ---------------------------------------- --------------------------
HOEPA Section 32 Home Ownership and Equity Protection High Cost Loan
Act of 1994, 15 U.S.C. ss. 1639, 12
C.F.R. xx.xx. 226.32 and 226.34
Effective October 1, 1995, amendments
October 1, 2002
---------------------------- ---------------------------------------- --------------------------
Illinois High Risk Home Loan Act, Ill. Comp. High Risk Home Loan
Stat. tit. 815, xx.xx. 137/5 et seq.
Effective January 1, 2004 (prior to this date,
regulations under Residential Mortgage License Act
effective from May 14, 2001)
---------------------------- ---------------------------------------- --------------------------
Kansas Consumer Credit Code, Kan. Stat. Xxx. High Loan to Value
xx.xx. 16a-1-101 et seq. Consumer Loan (id. ss.
16a-3-207) and;
Sections 16a-1-301 and 16a-3-207
became effective April 14, 1999;
Section 16a-3-308a became effective
July 1, 1999
High APR Consumer Loan
(id. ss. 16a-3-308a)
---------------------------- ---------------------------------------- --------------------------
Kentucky 2003 KY H.B. 287 - High Cost Home Loan High Cost Home Loan
Act, Ky. Rev. Stat. xx.xx. 360.100 et seq.
Effective June 24, 2003
---------------------------- ---------------------------------------- --------------------------
Maine Truth in Lending, Me. Rev. Stat. tit. High Rate High Fee
9-A, xx.xx. 8-101 et seq. Mortgage
Effective September 29, 1995 and as
amended from time to time
---------------------------- ---------------------------------------- --------------------------
Massachusetts Part 40 and Part 32, 209 C.M.R. xx.xx. High Cost Home Loan
32.00 et seq. and 209 C.M.R. xx.xx. 40.01
et seq.
Effective March 22, 2001 and amended
from time to time
---------------------------- ---------------------------------------- --------------------------
Nevada Assembly Xxxx No. 284, Nev. Rev. Stat. Home Loan
xx.xx. 598D.010 et seq.
Effective October 1, 2003
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act High Cost Home Loan
of 2002, N.J. Rev. Stat. xx.xx. 46:10B-22
et seq.
Effective for loans closed on or after
November 27, 2003
---------------------------- ---------------------------------------- --------------------------
New Mexico Home Loan Protection Act, N.M. Rev. High Cost Home Loan
Stat. xx.xx. 58-21A-1 et seq.
Effective as of January 1, 2004;
Revised as of February 26, 2004
---------------------------- ---------------------------------------- --------------------------
New York N.Y. Banking Law Article 6-l High Cost Home Loan
Effective for applications made on or
after April 1, 2003
---------------------------- ---------------------------------------- --------------------------
North Carolina Restrictions and Limitations on High High Cost Home Loan
Cost Home Loans, N.C. Gen. Stat. xx.xx.
24-1.1E et seq.
Effective July 1, 2000; amended
October 1, 2003 (adding open-end lines
of credit)
---------------------------- ---------------------------------------- --------------------------
Ohio H.B. 386 (codified in various sections Covered Loan
of the Ohio Code), Ohio Rev. Code Xxx.
xx.xx. 1349.25 et seq.
Effective May 24, 2002
---------------------------- ---------------------------------------- --------------------------
Oklahoma Consumer Credit Code (codified in Subsection 10 Mortgage
various sections of Title 14A)
Effective July 1, 2000; amended
effective January 1, 2004
---------------------------- ---------------------------------------- --------------------------
South Carolina South Carolina High Cost and Consumer High Cost Home Loan
Home Loans Act, S.C. Code Xxx. xx.xx.
37-23-10 et seq.
Effective for loans taken on or after
January 1, 2004
---------------------------- ---------------------------------------- --------------------------
est Virginia West Virginia Residential Mortgage West Virginia Mortgage
Lender, Broker and Servicer Act, W. Loan Act Loan
Va. Code Xxx. xx.xx. 31-17-1 et seq.
Effective June 5, 2002
---------------------------- ---------------------------------------- --------------------------
STANDARD & POOR'S COVERED LOAN CATEGORIZATION
---------------------------- ---------------------------------------- --------------------------
State/Jurisdiction Name of Anti-Predatory Lending Category under
Applicable
Anti-Predatory Lending
Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Covered Loan
Mar. 6, 2003) Xxx. xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act Covered Home Loan
of 2002, N.J. Rev. Stat. xx.xx. 46:10B-22
et seq.
Effective November 27, 2003 - July 5,
2004
---------------------------- ---------------------------------------- --------------------------
STANDARD & POOR'S HOME LOAN CATEGORIZATION
------------------------------------------------------------------------------------------------
---------------------------- ---------------------------------------- --------------------------
State/Jurisdiction Name of Anti-Predatory Lending Category under
Applicable
Anti-Predatory Lending
Law/Effective Date Law
---------------------------- ---------------------------------------- --------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Home Loan
Mar. 6, 2003) Xxx. xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6,
2003
---------------------------- ---------------------------------------- --------------------------
New Jersey New Jersey Home Ownership Security Act Home Loan
of 2002, N.J. Rev. Stat. xx.xx. 46:10B-22
et seq.
Effective for loans closed on or after
November 27, 2003
---------------------------- ---------------------------------------- --------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Home Loan
Stat. xx.xx. 58-21A-1 et seq.
Effective as of January 1, 2004;
Revised as of February 26, 2004
---------------------------- ---------------------------------------- --------------------------
North Carolina Restrictions and Limitations on High Consumer Home Loan
Cost Home Loans, N.C. Gen. Stat. xx.xx.
24-1.1E et seq.
Effective July 1, 2000; amended
October 1, 2003 (adding open-end lines
of credit)
---------------------------- ---------------------------------------- --------------------------
South Carolina South Carolina High Cost and Consumer Consumer Home Loan
Home Loans Act, S.C. Code Xxx. xx.xx.
37-23-10 et seq.
Effective for loans taken on or after
January 1, 2004
---------------------------- ---------------------------------------- --------------------------
