Exhibit 99.14(a)
EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated January
1, 2006, (this "Agreement") among Xxxxxx Xxxxxxx Mortgage Capital Inc.
("Assignor"), Xxxxxx Xxxxxxx Capital I Inc. ("Assignee") and Xxxxx Fargo Bank,
National Association (in such capacity, the "Company") and acknowledged by
LaSalle Bank National Association ("LaSalle"), as trustee (the "Trustee") of
Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-1AR (the "Trust"), and Xxxxx Fargo
Bank, National Association, as master servicer (or any successor master
servicer, the "Master Servicer"):
For and in consideration of the sum of TEN DOLLARS ($10.00) 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:
Assignment and Conveyance
-------------------------
1. The Assignor hereby conveys, sells, grants, transfers and assigns
to the Assignee all of the right, title and interest 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 Exhibit I (the
"Mortgage Loans"); (b) that certain Seller's Warranties and Servicing
Agreement, dated as of December 1, 2005 (the " Purchase Agreement") between
the Assignor, as purchaser (the "Purchaser"), and the Company, as seller and
servicer, solely insofar as the Purchase Agreement relate to the Mortgage
Loans. In connection with the transfer of the Mortgage Loans hereunder, the
Company agrees that, from and after the date hereof, each Mortgage Loan
transferred hereunder will be subject to, and serviced under, the Purchase
Agreement.
The Assignor specifically reserves and does not assign to the Assignee
hereunder 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
Purchase Agreement which are not the Mortgage Loans set forth on the Mortgage
Loan Schedule and are not the subject of this Agreement.
Recognition of the Company
--------------------------
2. From and after January 31, 2006 (the "Closing Date"), the Company
shall and does hereby recognize that the Assignor will transfer the Mortgage
Loans and assign its rights and obligations under the Purchase Agreement
(solely to the extent set forth herein) to the Assignee and that the Assignee
will thereafter on the Closing Date transfer the Mortgage Loans and assign its
rights and obligations under the Purchase Agreement and this Agreement to the
Trust created pursuant to the Pooling and Servicing Agreement, dated as of
January 1, 2006 (the "Pooling Agreement"), among the Assignee, the Trustee,
the Master Servicer and Xxxxx Fargo Bank, National Association, as securities
administrator. The Company hereby acknowledges and agrees that from and after
the Closing Date (i) the Trust will be the owner of the Mortgage Loans, (ii)
the Company shall look solely to the Trust for performance of any obligations
of the Assignor insofar as they relate to the enforcement of the
representations, warranties and covenants with respect to the Mortgage Loans,
(iii) the Trust (including the Trustee and, with respect to the servicing of
the Mortgage Loans, the Master Servicer acting on the Trust's behalf) shall
have all the rights and remedies available to the Assignor, insofar as they
relate to the Mortgage Loans, under the Purchase Agreement, including, without
limitation, the enforcement of the document delivery requirements set forth in
Section 2.03 of the Purchase Agreement, and shall be entitled to enforce all
of the obligations of the Company thereunder insofar as they relate to the
Mortgage Loans, and (iv) all references to the Purchaser (insofar as they
relate to the rights, title and interest
and, with respect to obligations of the Purchaser, only insofar as they relate
to the enforcement of the representations, warranties and covenants of the
Company) under the Purchase Agreement insofar as they relate to the Mortgage
Loans, shall be deemed to refer to the Trust. Neither the Company nor the
Assignor shall amend or agree to amend, modify, waiver, or otherwise alter any
of the terms or provisions of the Purchase Agreement, except as set forth
herein, which amendment, modification, waiver or other alteration would in any
way affect the Mortgage Loans or the Company's performance under the Purchase
Agreement with respect to the Mortgage Loans without the prior written consent
of the Master Servicer.
3. Notwithstanding any statement to the contrary in Section 2 above,
the Company shall and does hereby acknowledge that the indemnification
provisions set forth in the sixth paragraph of Section 3.03, Section 8.01 and
Section 9.01(g) of the Purchase Agreement shall be available to and for the
benefit of the Assignor, the Assignee and the Trust (including the Trustee and
the Master Servicer acting on the Trust's behalf), as provided in the Purchase
Agreement.
4. Representations and Warranties
------------------------------
a. The Assignee represents and warrants that it is a
sophisticated investor able to evaluate the risks and merits of the
transactions contemplated hereby, and that it has not relied in
connection therewith upon any statements or representations of the
Assignor or the Company other than those contained in the Purchase
Agreement or this Agreement.
b. Each of the parties hereto represents and warrants that it
is duly and legally authorized to enter into this Agreement.
c. Each of the Assignor, Assignee and Company hereto represents
and warrants that this Agreement has been duly authorized, executed
and delivered by it and (assuming due authorization, execution and
delivery thereof by each of the other parties hereto) constitutes its
legal, valid and binding obligation, enforceable against it in
accordance with its terms, except as such enforcement may be limited
by bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors' rights generally and by
general equitable principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law).
d. The Company hereby restates, as of the Closing Date, the
representations and warranties set forth in Section 3.01 of the
Purchase Agreement to and for the benefit of the Assignee and the
Trust, and by this reference incorporates such representations and
warranties herein, as of such Closing Date.
5. The Company hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Mortgage Loans
pursuant to the Pooling Agreement and, therefore, has the right to enforce all
obligations of the Company under the Purchase Agreement. Such rights will
include, without limitation, the right to terminate the Company under the
Purchase Agreement upon the occurrence of an event of default thereunder, the
right to receive all remittances required to be made by the Company under the
Purchase Agreement, the right to receive all monthly reports and other data
required to be delivered by the Company under the Purchase Agreement, the
right to examine the books and records of the Company, indemnification rights
and the right to exercise certain rights of consent and approval relating to
actions taken by the Assignor. The Company shall make all distributions under
the Purchase Agreement to the Master Servicer by wire transfer of immediately
available funds to:
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Xxxxx Fargo Bank, National Association
ABA Number: 000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: 50890500, MSM 2006-1AR
The Company shall deliver all reports required to be delivered under
this Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Xxxxxxx, XXX 0000-0XX
Office Number: (000) 000-0000
Telecopier: (000) 000-0000
6. It is expressly understood and agreed by the parties hereto that
(i) this Agreement is executed and delivered by LaSalle, not individually or
personally but solely on behalf of the Trust, as the assignee, in the exercise
of the powers and authority conferred and vested in it, as Trustee, pursuant
to the Pooling Agreement, (ii) each of the representations, undertakings and
agreements herein made on the part of Assignee is made and intended not as
personal representations, undertakings and agreements by LaSalle but is made
and intended for the purpose of binding only the Trust, (iii) nothing herein
contained shall be construed as creating any liability for LaSalle,
individually or personally, to perform any covenant (either express or
implied) contained herein, (iv) under no circumstances shall LaSalle be
personally liable for the payment of any indebtedness or expenses of the
Trust, or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under
this Agreement and (v) all recourse for any payment liability or other
obligation of the assignee shall be had solely to the assets of the Trust.
Amendments to the Purchase Agreement
------------------------------------
7. The parties to this Agreement hereby agree to amend the Purchase
Agreement as follows solely with respect to the Mortgage Loans:
(a) "Permitted Investments" shall have the meaning of such term as
defined in the Pooling Agreement.
(b) Section 3.01(i) (Selection Process), Section 3.01(k) (Sale
Treatment) and Section 3.01(m) (No Broker's Fees) of the Purchase Agreement
shall be inapplicable.
(c) Section 4.05(vii) of the Purchase Agreement is hereby amended to
add the term "Monthly Advances," prior to the term "Servicing Advances."
(d) The third paragraph of Section 4.16 of the Purchase Agreement is
hereby amended and restated in its entirety as follows:
"The Company shall use its best efforts to dispose of the REO
Property as soon as possible and shall sell such REO Property in any
event within one year after title has been taken to such REO
Property, unless (i) a REMIC election has not been made with
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respect to the arrangement under which the Mortgage Loans and the REO
Property are held, and (ii) the Company determines that a longer
period is necessary for the orderly liquidation of such REO Property.
If a period longer than one year is permitted under the foregoing
sentence and is necessary to sell any REO Property, (i) the Company
shall report monthly to the Purchaser as to the progress being made
in selling such REO Property and (ii) if a purchase money mortgage is
taken in connection with such sale, such purchase money mortgage
shall name the Company as mortgagee, and such purchase money mortgage
shall not be held pursuant to this Agreement."
(e) The words "on or before the Remittance Date" are hereby deleted
from the first sentence of Section 4.17 of the Purchase Agreement.
(f) The second sentence of the second paragraph of Section 5.01 of the
Purchase Agreement is hereby amended and restated in its entirety as follows:
"Such interest shall be deposited in the Custodial Account by the
Company on the date such late payment is made and shall cover the
period commencing with the day following the Business Day on which
such payment was due and ending with the Business Day on which such
payment is made, both inclusive."
(g) The first paragraph of Section 5.02 of the Purchase Agreement is
hereby amended and restated in its entirety as follows:
"Not later than the Remittance Report Date, the Company shall furnish
to the Purchaser in an electronic form the information required by
the reports attached hereto as Exhibit II, or a form otherwise
mutually agreed to by the Company and Purchaser, with a trial balance
report attached thereto, as to the remittance period ending on the
last day of the preceding month."
(h) Section 6.04 of the Purchase Agreement is hereby modified as
follows:
(1) delete paragraph (i) in its entirety;
(2) delete "(ii)"; and
(i) the phrases "Purchaser and any Depositor" and "Purchaser and such
Depositor" are hereby deleted and replaced with "Purchaser or Master Servicer"
and "Purchaser or such Master Servicer", respectively.
(j) Section 6.06 of the Purchase Agreement is hereby modified as
follows:
(1) the phrases "Purchaser and any Depositor" and "Purchaser
and such Depositor" are hereby deleted and replaced with
"Purchaser or Master Servicer" and "Purchaser or such Master
Servicer", respectively;
(2) Section 6.06(i) is hereby amended by inserting at the end
of such subsection "(or those Servicing Criteria otherwise
mutually agreed to by the Purchaser, the Company and any Person
that will be responsible for signing any Sarbanes Certification
with respect to a Securitization Transaction in response to
evolving interpretations of Regulation AB)"; and
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(k) the first word in Section 6.06(iv) is deleted and replaced in its
entirety with "deliver, and cause each Subservicer and Subcontractor described
in clause (iii) above to deliver,"
(l) The following parenthetical is inserted directly before the
proviso in the last sentence of the first paragraph of Section 6.07(i) of the
Purchase Agreement:
"(and if the Company is servicing any of the Mortgage Loans in a
Securitization Transaction, appoint a successor servicer reasonably
acceptable to the Master Servicer for such Securitization
Transaction)"
(m) Section 6.10 is hereby deleted in its entirety.
(n) Section 9.01(f)(iv) of the Purchase Agreement is hereby amended
and restated in its entirety as follows:
"For the purpose of satisfying its reporting obligation under the
Exchange Act with respect to any class of asset-backed securities,
the Company shall (or shall cause each Subservicer and Third-Party
Originator to) (1) provide prompt notice to the Purchaser, any Master
Servicer and any Depositor in writing of (A) any material litigation
or governmental proceedings pending against the Company, any
Subservicer or any Third-Party Originator, (B) any affiliations or
relationships that develop following the closing date of a
Securitization Transaction between the Company, any Subservicer or
any Third-Party Originator and any of the parties specified in
Section 9.01(f)(i)(D) (and any other parties identified in writing by
the requesting party) with respect to such Securitization
Transaction, (C) any Event of Default under the terms of this
Agreement or any Reconstitution Agreement, (D) any merger,
consolidation or sale of substantially all of the assets of the
Company, and (E) the Company's entry into an agreement with a
Subservicer to perform or assist in the performance of any of the
Company's obligations under this Agreement or any Reconstitution
Agreement and (2) provide to the Purchaser and any Depositor a
description of such proceedings, affiliations or relationships."
(o) Sections 9.01(f)(vi) of the Purchase Agreement is hereby
renumbered as 9.01(f)(viii), and the following new Section 9.01(f)(vi) is
hereby inserted as follows:
"(vi) In addition to such information as the Company, as servicer, is
obligated to provide pursuant to other provisions of this Agreement,
not later than ten (10) calendar days prior to the deadline for the
filing of any distribution report on Form 10-D in respect of any
Securitization Transaction that includes any of the Mortgage Loans
serviced by the Company or any Subservicer, the Company or such
Subservicer, as applicable, shall, to the extent the Company or such
Subservicer has knowledge, provide to the party responsible for
filing such report (including, if applicable, the Master Servicer)
notice of the occurrence of any of the following events along with
all information, data, and materials related thereto as may be
required to be included in the related distribution report on Form
10-D (as specified in the provisions of Regulation AB referenced
below):
(i) any material modifications, extensions or waivers of
pool asset terms, fees, penalties or payments during the
distribution period or that have cumulatively become material
over time (Item 1121(a)(11) of Regulation AB);
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(ii) material breaches of pool asset representations or
warranties or transaction covenants (Item 1121(a)(12) of
Regulation AB); and
(iii) information regarding new asset-backed securities
issuances backed by the same pool assets, any pool asset
changes (such as, additions, substitutions or repurchases), and
any material changes in origination, underwriting or other
criteria for acquisition or selection of pool assets (Item
1121(a)(14) of Regulation AB)."
(p) Section 9.01(f)(vii) of the Purchase Agreement is hereby deleted
in its entirety and replaced with the following new Section 9.01(f)(vii) as
follows:
"(vii) The Company shall provide to the Purchaser, any Master
Servicer and any Depositor, evidence of the authorization of the
person signing any certification or statement, copies or other
evidence of Fidelity Bond Insurance and Errors and Omission Insurance
policy, financial information and reports, and such other information
related to the Company or any Subservicer or the Company or such
Subservicer's performance hereunder."
(q) Section 9.01(g) of the Purchase Agreement is hereby amended and
restated in its entirety as follows:
"(g) The Company shall indemnify the Purchaser, each affiliate of the
Purchaser, and each of the following parties participating in a
Securitization Transaction: each sponsor and issuing entity; each
Person responsible for the preparation, execution or filing of any
report required to be filed with the Commission with respect to such
Securitization Transaction, or for execution of a certification
pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act
with respect to such Securitization Transaction; each broker dealer
acting as underwriter, placement agent or initial purchaser, each
Person who controls any of such parties or the Depositor (within the
meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act); and the respective present and former directors,
officers, employees and agents of each of the foregoing and of the
Depositor (each, an "Indemnified Party"), and shall hold each of them
harmless from and against any losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments,
and any other costs, fees and expenses that any of them may sustain
arising out of or based upon:
(i) (A) any untrue statement of a material fact
contained or alleged to be contained in any information,
report, certification, accountants' letter or other material
provided under Sections 4.25, 6.04, 6.06, 9.01(e) and (f) by or
on behalf of the Company, or provided under Sections 4.25,
6.04, 6.06, 9.01(e) and (f) by or on behalf of any Subservicer,
Subcontractor or Third-Party Originator (collectively, the
"Company Information"), or (B) the omission or alleged omission
to state in the Company Information a material fact required to
be stated in the Company Information or necessary in order to
make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, by way of
clarification, that clause (B) of this paragraph shall be
construed solely by reference to the Company Information and
not to any other information communicated in connection with a
sale or purchase of securities, without regard to whether the
Company Information or any portion thereof is presented
together with or separately from such other information;
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(ii) any breach by the Company of its obligations under,
or any failure by the Company, any Subservicer, any
Subcontractor or any Third-Party Originator to deliver any
information, report, certification, accountants' letter or
other material when and as required under, Sections 4.25, 6.04,
6.06, 9.01(e) and (f), including any failure by the Company to
identify any Subcontractor "participating in the servicing
function" within the meaning of Item 1122 of Regulation AB; or
(iii) any breach by the Company of a representation or
warranty set forth in Section 9.01(f)(vi)(A) or in a writing
furnished pursuant to Section 9.01(f)(vi)(B) and made as of a
date prior to the closing date of the related Securitization
Transaction, to the extent that such breach is not cured by
such closing date, or any breach by the Company of a
representation or warranty in a writing furnished pursuant to
Section 9.01(f)(vi)(B) to the extent made as of a date
subsequent to such closing date; or
(iv) the negligence bad faith or willful misconduct of
the Company in connection with its performance under this
Article IX.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the Company
agrees that it shall contribute to the amount paid or payable by such
Indemnified Party as a result of any claims, losses, damages or
liabilities incurred by such Indemnified Party in such proportion as
is appropriate to reflect the relative fault of such Indemnified
Party on the one hand and the Company on the other.
In the case of any failure of performance described in sub-clause
(ii) of this Section 9.01(g), the Company shall promptly reimburse
the Purchaser, any Depositor, as applicable, and each Person
responsible for the preparation, execution or filing of any report
required to be filed with the Commission with respect to such
Securitization Transaction, or for execution of a certification
pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act
with respect to such Securitization Transaction, for all costs
reasonably incurred by each such party in order to obtain the
information, report, certification, accountants' letter or other
material not delivered as required by the Company, any Subservicer,
any Subcontractor or any Third-Party Originator.
This indemnification shall survive the termination of this Agreement
or the termination of any party to this Agreement."
(r) The following paragraph is hereby incorporated into the Sale and
Servicing Agreement as new Section 13:
"Third Party Beneficiary. For purposes of this Agreement,
including but not limited to Subsections 6.04 and 6.05, any Master
Servicer shall be considered a third party beneficiary to this
Agreement entitled to all the rights and benefits accruing to any
Master Servicer herein as if it were a direct party to this
Agreement."
(s) Section 10.01(i) of the Purchase Agreement is hereby amended and
restated in its entirety as follows:
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"any failure by the Company to remit to the Purchaser any payment
required to be made under the terms of this Agreement which continues
unremedied for a period of five (5) Business Days after the date upon
which written notice of such failure, requiring the same to be
remedied, shall have been given to the Company by the Purchaser; or"
(t) Section 10.01(ii) of the Purchase Agreement is hereby amended and
restated in its entirety as follows:
"failure by the Company duly to observe or perform in any material
respect any other of the covenants or agreements on the part of the
Company set forth in this Agreement (other than as set forth in
Section 6.07) which continues unremedied for a period of 90 days
after the date on which written notice of such failure, requiring the
same to be remedied, shall have been given to the Company by the
Purchaser or by the Custodian; or"
(u) The word "or" added to the end of Section 10.01(ix) of the
Purchase Agreement and the following paragraph is hereby incorporated into the
Purchase Agreement as new Section 10.01(x):
"(x) failure by the Servicer to duly perform, within the required
time period, its obligations under Sections 6.04 or 6.06 which
failure continues unremedied for a period of fourteen (14) calendar
days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the
Servicer by any party to this Agreement or by any master servicer
responsible for master servicing the Mortgage Loans pursuant to a
securitization of such Mortgage Loans."
(v) Exhibit J to the Purchase Agreement is hereby replaced in its entirety
with Exhibit A-1 to this Agreement.
Miscellaneous
-------------
8. Any notices or other communications permitted or required under the
Agreement to be made to the Assignor, Assignee, the Master Servicer, the
Company, and the Trustee shall be made in accordance with the terms of the
Agreement and shall be sent to the Depositor and Trustee as follows:
In the case of the Depositor:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-1AR
In the case of the Trustee:
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LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Global Securities and Trust Services MSM 2006-2
In the case of the Company:
Xxxxx Fargo Bank, N.A.
1 Home Campus
Xxx Xxxxxx, Xxxx 00000-0000
Attention: Xxxx X. Xxxxx, MAC X2401-042
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxxxxx Xxx
Xxxxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance, MAC X3906-012
With a copy to:
Xxxxx Fargo Bank, N.A.
1 Home Campus
Xxx Xxxxxx, Xxxx 00000-0000
Attention: General Counsel, MAC X2401-06T
9. This Agreement shall be construed in accordance with the laws
of the State of New York, without regard to conflicts of law
principles (except 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.
10. 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.
11. This Agreement shall inure to the benefit of (i) the successors
and assigns of the parties hereto and (ii) the Trust (including
the Trustee and the Master Servicer acting on the Trust's
behalf). Any entity into which 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.
12. Each of this Agreement and the Purchase Agreement shall survive
the conveyance of the Mortgage Loans and the assignment of the
Purchase Agreement (solely with respect to the Mortgage Loans)
by Assignor to Assignee and nothing contained herein shall
supersede or amend the terms of the Purchase Agreement.
13. 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.
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14. In the event that any provision of this Agreement conflicts
with any provision of the Purchase Agreement with respect to
the Mortgage Loans, the terms of this Agreement shall control.
15. Capitalized terms used in this Agreement (including the
exhibits hereto) but not defined in this Agreement shall have
the meanings given to such terms in the Purchase Agreement.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have caused this Agreement to
be executed by their duly authorized officers as of the date first above
written.
XXXXXX XXXXXXX MORTGAGE
CAPITAL INC., as Assignor
By: /s/ Xxxxxx Xxxxxxx
--------------------------------
Name: Xxxxxx Xxxxxxx
Title: Executive Director
XXXXXX XXXXXXX CAPITAL I
INC., as Assignee
By: /s/ Xxxxxx Xxxxxxx
--------------------------------
Name: Xxxxxx Xxxxxxx
Title: Vice President
XXXXX FARGO BANK, National
Association, as Company
By: /s/ Xxxx Xxxxxx
--------------------------------
Name: Xxxx Xxxxxx
Title: Assistant Vice President
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Assistant Vice President
LASALLE BANK NATIONAL ASSOCIATION,
as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-1AR
By: /s/ Xxxxxxxxxxx Xxxxx
------------------------------------
Name: Xxxxxxxxxxx Xxxxx
Title: Assistant Vice President
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EXHIBIT I
Mortgage Loan Schedule
[see Schedule A to Pooling and Servicing Agreement]
EXHIBIT II
Exhibit IIA: 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.
-------------------------------------- -------------------------------------------------- --------- -------------
XXXX_XXXXXXX Xxxxxx 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 MM/DD/YYYY 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 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 MM/DD/YYYY
been approved by the courts
-------------------------------------- -------------------------------------------------- --------- -------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. MM/DD/YYYY
Either by Dismissal, Discharged and/or a Motion
For Relief Was Granted.
-------------------------------------- -------------------------------------------------- --------- -------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The MM/DD/YYYY
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 Scheduled MM/DD/YYYY
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
servicer MM/DD/YYYY with instructions
to begin foreclosure proceedings.
-------------------------------------- -------------------------------------------------- --------- -------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue MM/DD/YYYY
Foreclosure
-------------------------------------- -------------------------------------------------- --------- -------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a MM/DD/YYYY
Foreclosure Action
-------------------------------------- -------------------------------------------------- --------- -------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected MM/DD/YYYY
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 of the MM/DD/YYYY
borrower.
-------------------------------------- -------------------------------------------------- --------- -------------
EVICTION_COMPLETED_DATE The date the court revokes legal
possession of MM/DD/YYYY the property
from the borrower.
-------------------------------------- -------------------------------------------------- --------- -------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
-------------------------------------- -------------------------------------------------- --------- -------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
-------------------------------------- -------------------------------------------------- --------- -------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
-------------------------------------- -------------------------------------------------- --------- -------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by MM/DD/YYYY
the Servicer.
-------------------------------------- -------------------------------------------------- --------- -------------
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 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 2
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 With MM/DD/YYYY
Mortgage Insurance Company.
-------------------------------------- -------------------------------------------------- --------- -------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
-------------------------------------- -------------------------------------------------- --------- -------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim MM/DD/YYYY
Payment
-------------------------------------- -------------------------------------------------- --------- -------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
-------------------------------------- -------------------------------------------------- --------- -------------
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 ($)
-------------------------------------- -------------------------------------------------- --------- -------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued MM/DD/YYYY
By The Pool Insurer
-------------------------------------- -------------------------------------------------- --------- -------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
-------------------------------------- -------------------------------------------------- --------- -------------
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 ($)
-------------------------------------- -------------------------------------------------- --------- -------------
Exhibit IIB: Standard File Codes - Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as
follows:
o ASUM- Approved Assumption
o BAP- Borrower Assistance Program
o CO- Charge Off
o DIL- Deed-in-Lieu
o FFA- Formal Forbearance Agreement
o MOD- Loan Modification
o PRE- Pre-Sale
o SS- Short Sale
o 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:
o Mortgagor
o Tenant
o Unknown
o Vacant
The Property Condition field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
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
-------------------- ----------------------------------------------
-3-
-------------------- ----------------------------------------------
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
-------------------- ----------------------------------------------
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
-------------------- ---------------------------------------------
-4-
Exhibit IIC: Standard File Layout - Master Servicing
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
Column Name Description Decimal Format Comment Max
Size
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a group of loans.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
LOAN_NBR A unique identifier assigned to each Text up to 10 digits 10
loan by the investor.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERVICER_LOAN_NBR A unique number assigned to a loan by Text up to 10 digits 10
the Servicer. This may be different
than the LOAN_NBR.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, First) 30
file. It is not separated by first and
last name.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar signs ($) 11
scheduled interest payment that a
borrower is expected to pay, P&I
constant.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
NOTE_INT_RATE The loan interest rate as reported by 4 Max length of 6 6
the Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the
Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
NEW_PAY_AMT The new loan payment amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs ($) 11
at the beginning of the processing cycle.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
ACTL_END_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs ($) 11
at the end of the processing cycle.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle MM/DD/YYYY 10
that the borrower's next payment is due
to the Servicer, as reported by Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
Action Code Key: 15=Bankruptcy, 2
00xXxxxxxxxxxx, , 00xXXX,
63=Substitution,
65=Repurchase,70=REO
ACTION_CODE The standard FNMA numeric code used to
indicate the default/delinquent status of a
particular loan.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar signs ($) 11
loss, if applicable.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs ($) 11
amount due at the beginning of the cycle
date to be passed through to investors.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs ($) 11
investors at the end of a processing
cycle.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer for the current
cycle -- only applicable for
Scheduled/Scheduled Loans.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
SCHED_NET_INT The scheduled gross interest amount less 2 No commas(,) or dollar signs ($) 11
the service fee amount for the current cycle
as reported by the Servicer -- only applicable
for Scheduled/Scheduled Loans.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
ACTL_PRIN_AMT The actual principal amount collected by 2 No commas(,) or dollar signs ($) 11
the Servicer for the current reporting
cycle -- only applicable for
Actual/Actual Loans.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
ACTL_NET_INT The actual gross interest amount less 2 No commas(,) or dollar signs ($) 11
the service fee amount for the current
reporting cycle as reported by the Servicer --
only applicable for Actual/Actual Loans.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs ($) 11
borrower prepays on his loan as reported
by the Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
-6-
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the 2 No commas(,) or dollar signs ($) 11
loan waived by the servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
MOD_TYPE The Modification Type. Varchar - value can be alpha or 30
numeric
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs ($) 11
interest advances made by Servicer.
------------------------------- ------------------------------------------ ------- ------------------------------------ -------
Exhibit IID : 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.
(a)
(b) 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.
(c) 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.
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 ( ).
Exhibit IIE: 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
HUD Part B ________________ (18b)
EXH. III-3
(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)
Escrow Disbursement Detail
-------------------------------------------------------------------------------
Type Date Paid Period of Total Paid Base Penalties Interest
(Tax /Ins.) Coverage Amount
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
EXHIBIT A-1
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
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
-------------------------------------------------------------------------------------------------
Policies and procedures are instituted to monitor any X
performance or other triggers and events of default in
1122(d)(1)(i) accordance with the transaction agreements.
-------------------------------------------------------------------------------------------------
If any material servicing activities are outsourced to X
third parties, policies and procedures are instituted to
monitor the third party's performance and compliance with
1122(d)(1)(ii) such servicing activities.
-------------------------------------------------------------------------------------------------
Any requirements in the transaction agreements to maintain
1122(d)(1)(iii) a back-up servicer for the mortgage loans are maintained.
-------------------------------------------------------------------------------------------------
A fidelity bond and errors and omissions policy is in X
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
1122(d)(1)(iv) the transaction agreements.
-------------------------------------------------------------------------------------------------
Cash Collection and Administration
-------------------------------------------------------------------------------------------------
Payments on mortgage loans are deposited into the X
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
1122(d)(2)(i) transaction agreements.
-------------------------------------------------------------------------------------------------
Disbursements made via wire transfer on behalf of an X
obligor or to an investor are made only by authorized
1122(d)(2)(ii) personnel.
-------------------------------------------------------------------------------------------------
Advances of funds or guarantees regarding collections, cash
X flows or distributions, and any interest or other fees
charged for such advances, are made, reviewed and approved
1122(d)(2)(iii) as specified in the transaction agreements.
-------------------------------------------------------------------------------------------------
The related accounts for the transaction, such as cash
reserve accounts or accounts established as a form of
overcollateralization, are separately maintained (e.g., X
with respect to commingling of cash) as set forth in the
1122(d)(2)(iv) transaction agreements.
-------------------------------------------------------------------------------------------------
EXH. A-1-1
-------------------------------------------------------------------------------------------------
Servicing Criteria Applicable
Servicing
Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
Each custodial account is maintained at a federally insured X
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
1122(d)(2)(v) Securities Exchange Act.
-------------------------------------------------------------------------------------------------
Unissued checks are safeguarded so as to prevent X
1122(d)(2)(vi) unauthorized access.
-------------------------------------------------------------------------------------------------
Reconciliations are prepared on a monthly basis for all X
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
1122(d)(2)(vii) agreements.
-------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
-------------------------------------------------------------------------------------------------
Reports to investors, including those to be filed with the X
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
1122(d)(3)(i) mortgage loans serviced by the Servicer.
-------------------------------------------------------------------------------------------------
Amounts due to investors are allocated and remitted in X
accordance with timeframes, distribution priority and other
1122(d)(3)(ii) terms set forth in the transaction agreements.
-------------------------------------------------------------------------------------------------
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 X
1122(d)(3)(iii) agreements.
-------------------------------------------------------------------------------------------------
Amounts remitted to investors per the investor reports
agree with cancelled checks, or other form of payment, or X
1122(d)(3)(iv) custodial bank statements.
-------------------------------------------------------------------------------------------------
Pool Asset Administration
-------------------------------------------------------------------------------------------------
A-1-2
-------------------------------------------------------------------------------------------------
Servicing Criteria Applicable
Servicing
Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
Collateral or security on mortgage loans is maintained as X
required by the transaction agreements or related mortgage
1122(d)(4)(i) loan documents.
-------------------------------------------------------------------------------------------------
Mortgage loan and related documents are safeguarded as X
1122(d)(4)(ii) required by the transaction agreements
-------------------------------------------------------------------------------------------------
Any additions, removals or substitutions to the asset pool X
are made, reviewed and approved in accordance with any
1122(d)(4)(iii) conditions or requirements in the transaction agreements.
-------------------------------------------------------------------------------------------------
Payments on mortgage loans, including any payoffs, made in X
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
1122(d)(4)(iv) documents.
-------------------------------------------------------------------------------------------------
The Servicer's records regarding the mortgage loans agree X
with the Servicer's records with respect to an obligor's
1122(d)(4)(v) unpaid principal balance.
-------------------------------------------------------------------------------------------------
Changes with respect to the terms or status of an obligor's
X 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
1122(d)(4)(vi) asset documents.
-------------------------------------------------------------------------------------------------
Loss mitigation or recovery actions (e.g., forbearance X
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
1122(d)(4)(vii) by the transaction agreements.
-------------------------------------------------------------------------------------------------
Records documenting collection efforts are maintained X
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
1122(d)(4)(viii) is deemed temporary (e.g., illness or unemployment).
-------------------------------------------------------------------------------------------------
Adjustments to interest rates or rates of return for X
mortgage loans with variable rates are computed based on
1122( d)( 4 )(ix) the related mortgage loan documents.
-------------------------------------------------------------------------------------------------
A-1-3
-------------------------------------------------------------------------------------------------
Servicing Criteria Applicable
Servicing
Criteria
-------------------------------------------------------------------------------------------------
Reference Criteria
-------------------------------------------------------------------------------------------------
Regarding any funds held in trust for an obligor (such as X
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
1122( d)( 4 )(x) in the transaction agreements.
-------------------------------------------------------------------------------------------------
Payments made on behalf of an obligor (such as tax or X
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.
1122( d)( 4 )(xi)
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Any late payment penalties in connection with any payment X
to be made on behalf of an obligor are paid from the
servicer's funds and not charged to the obligor, unless the
1122(d)(4)(xii) late payment was due to the obligor's error or omission.
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Disbursements made on behalf of an obligor are posted X
within two business days to the obligor's records
maintained by the servicer, or such other number of days
1122(d)(4)(xiii) specified in the transaction agreements.
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Delinquencies, charge-offs and uncollectible accounts are X
recognized and recorded in accordance with the transaction
1122(d)(4)(xiv) agreements.
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Any external enhancement or other support, identified in
Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
1122(d)(4)(xv) is maintained as set forth in the transaction agreements.
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A-1-4
[XXXXX FARGO BANK, NATIONAL ASSOCIATION] [NAME OF
SUBSERVICER]
Date: ___________________________________________
By: ___________________________________________
Name:
Title:
A-1-5
