Amendment No. 2 to the BankUnited Single Family Shared-Loss Agreement (as previously amended, the “SFLSA”) with the FDIC
Exhibit 2.1d
Amendment No. 2 to the BankUnited
Single Family Shared-Loss Agreement
(as previously amended, the “SFLSA”) with the FDIC
This Amendment No. 2 (the “Amendment”) is made and effective as of December 22, 2010 (the “Effective Date”), and amends the SFLSA between BankUnited and the FDIC as follows:
WHEREAS, on May 21, 2009 BankUnited entered into the SFLSA with the FDIC as Receiver of BankUnited, FSB, Coral Gables, Florida; and
WHEREAS, under the terms of the above referenced SFLSA the FDIC pays BankUnited a specified percent of the Loss Amount on Restructuring Losses; and
WHEREAS, the U.S. Department of the Treasury has developed a Principal Reduction Alternative for the Home Affordable Modification Program that provides for the forgiveness of principal over time pursuant to the Making Home Affordable Supplemental Directives 10-05 and 10-14 (as they may be further modified, supplemented or updated, the “PRA Directives”); and
WHEREAS, the FDIC and BankUnited wish to implement the principal reduction alternative provisions of the PRA Directives in the SFLSA.
NOW THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree to amend the SFLSA as follows:
1. Amendments to Article 1- Definitions.
(a). The following definitions are hereby inserted in Article I of the SFLSA:
“Deferred Principal Reduction Amount” means the portion of the loan principal balance that is initially forborne and then forgiven by the Assuming Bank according to the PRA Directives.
“Deferred Principal Reduction Loss” means the losses incurred by the Assuming Bank upon forgiveness of a Deferred Principal Reduction Amount. A Deferred Principal Reduction Loss shall be calculated in accordance with the form and methodology set forth in Section 2.1(a)(1) and Exhibit A and reported as a Loss Amount for a Single Family Shared-Loss Loan on the Monthly Certificate for the Shared-Loss Month which includes the Principal Reduction Date for such Single Family Shared-Loss Loan (which Monthly Certificate shall be in the form of Exhibit B). For the avoidance of doubt, a Deferred Principal Reduction Loss shall include losses on retroactive PRA modifications in accordance with the PRA Directives.
“HAMP” means the United States Department of the Treasury’s Home Affordable Modification Program.
“PRA” means the Principal Reduction Alternative pursuant to the PRA Directives.
“PRA Directives” mean the Making Home Affordable Supplemental Directives 10-05 and 10-14, as they may be further modified, supplemented or updated.
“Principal Reduction Date” means the date the principal balance of a Single Family Shared-Loss Loan is reduced in accordance with and pursuant to the PRA Directives (e.g., the first, second and third anniversaries of the applicable trial period effective date and any date prior to the third anniversary if a Single Family Shared-Loss Loan is paid-in-full ).
“Qualifying Loan” means a Single Family Shared-Loss Loan that meets (a) the Qualifying Loan criteria in Exhibit 5 of the Single Family Shared-Loss Agreement or (b) the Eligibility Guidelines set forth in the Making Home Affordable Supplemental Directive 09-01 (or such other amended criteria as may be published from time to time by the U.S. Department of the Treasury), and in either case has a current loan-to-value (LTV) position greater than 115%, unless otherwise agreed pursuant to a written instrument signed by both parties to this Single Family Shared-Loss Agreement.
“Waterfall Calculation” means a series of steps taken by the Assuming Bank to reduce the borrower’s monthly housing debt to income ratio (“DTI ratio”).
(b). The following definitions are hereby amended and restated as follows:
“Loss” means a Foreclosure Loss, Restructuring Loss, Deferred Principal Reduction Loss, Short-Sale Loss, Portfolio Loss, Modification Default Loss or Deficient Valuation.
“Modification Default Loss” means the loss calculated in Exhibits 2b(3) or 2c(3) for single family loans previously modified pursuant to this Agreement, as adjusted for any realized Deferred Principal Reduction Loss, that subsequently default and result in a foreclosure, short sale or Deficient Valuation.
2. Amendments to Section 2.1.
(a). Section 2.1(a) is amended by adding the following at the end thereof:
(1) Principal Reduction Modification Analysis.
(i) Calculation of Monthly Amount. In applying the HAMP PRA Modification Guidelines, to calculate the monthly amount that will reduce the borrower’s DTI Ratio to 31%, the Qualifying Loan shall be run through two separate Waterfall Calculations and
NPV tests as specified in the PRA Directives. Both Waterfall Calculations shall be based on a target DTI ratio of 31% at the time of modification. If the estimated net present value of the foreclosed collateral upon disposition is less than either the estimated value of the Standard HAMP Modification or the PRA Modification, the Waterfall Calculation yielding the highest net present value will be used for modification. The Deferred Principal Reduction Amount shall not take the MTMLTV ratio below 115% without a written instrument signed by both parties to this Single Family Shared-Loss Agreement.
(ii) Procedure for Calculating and Claiming Deferred Principal Reduction Loss Amounts. The initial Restructuring Loss for a Qualifying Loan shall be determined using the methods specified in Exhibits 2a(1) and 2a(2) and Exhibit A of this Single Family Shared-Loss Agreement, with the Deferred Principal Reduction Amount initially treated as forbearance and deferred to the “Loan prepayment in full” date and the loan amortized according to the adjusted principal balance. At the first Principal Reduction Date, the Deferred Principal Reduction Loss shall equal the difference between the net present value calculated in determining the Restructuring Loss and the net present value calculated after giving effect to the principal reduction (using the same discount rate and “Loan prepayment in full” date specified in the Restructuring Loss calculation). On each subsequent annual Principal Reduction Date, the Deferred Principal Reduction Loss shall equal the difference between the net present value calculated for the previous Deferred Principal Reduction Loss and the net present value calculated after giving effect to the principal reduction (using the same discount rate and “Loan prepayment in full” date specified in the Restructuring Loss calculation).
(iii) Treatment of Incentive Payments. All PRA investor incentive payments described in the PRA Directives shall be treated as Recovery Amounts. For the avoidance of doubt, servicer and borrower incentives will not be treated as Recovery Amounts or otherwise applied to reduce the Deferred Principal Reduction Loss amount with respect to any Single Family Shared-Loss Loan unless borrower incentive payments serve to reduce the outstanding loan balance, it being understood and agreed that neither forbearance nor forgiveness of principal shall constitute borrower incentive payments.
3. Capitalized Terms. Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the SFLSA.
4. No Further Amendment. Except as expressly amended hereby, the SFLSA is in all respects ratified and confirmed and all the terms, conditions, and provisions thereof shall remain in full force and effect. This Amendment is limited precisely as written and shall not be deemed to be an amendment to any other term or condition of the SFLSA or any of the documents referred to therein.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the Effective Date.
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FEDERAL DEPOSIT INSURANCE CORPORATION, RECEIVER OF BANKUNITED, FSB, CORAL GABLES, FLORIDA | |
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By: |
/s/ Xxxxx Malami |
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Name: Xxxxx Malami |
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Title: Assistant Director |
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Attest: |
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FEDERAL DEPOSIT INSURANCE CORPORATION | |
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By: |
/s/ Xxxxx Malami |
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Name: Xxxxx Malami |
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Title: Assistant Director |
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Attest: |
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BANKUNITED | |
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By: |
/s/ Xxxxxxxx Xxxxx |
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Name: Xxxxxxxx Xxxxx |
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Title: COO |
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Attest: |
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[Signature Page to Amendment No. 2]
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EXHIBIT A |
Restructure Loss — Monthly or Quarterly Download |
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Column |
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Field |
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Field |
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Description |
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Type |
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Comments |
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Required |
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Allowable |
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Formatting |
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Width |
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2a(1) |
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2a(2) |
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A |
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1 |
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Shared-Loss Month |
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The as-of-date for the file. For example, for a report submitted July 16, 2009 the Shared-Loss Month cutoff date would be June 30, 2009 and the field would appear as 20090630 |
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Date |
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Yes |
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YYYYMMDD |
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8 |
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x |
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x |
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B |
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2 |
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Loan Number |
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Unique identifier used for all reporting records. Internal record identifier used by the bank. |
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Alphanumeric |
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Yes |
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34 |
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x |
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x |
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C |
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3 |
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Modification Program |
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Modification program type |
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Alphanumeric |
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Allowable program types are: (a) HAMP; b) FDIC = FDIC modification program for owner-occupied; c) NOO = non-owner occupied programs; d) PRA = FDIC’s principal reduction alternate program, approved for selected banks; e) OTH = other proprietary programs approved by the FDIC |
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Yes |
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HAMP; FDIC; NOO; XXX, XXX |
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0 |
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x |
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x |
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D |
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4 |
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Pre-mod UPB |
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Unpaid principal balance at restructure |
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Numeric |
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Principal balance excluding past due interest or accrued fees |
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Yes |
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9(12),99 |
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15 |
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x |
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x |
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E |
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5 |
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Pre-Mod remaining term |
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Number of months remaining in the amortization term prior to restructure |
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Numeric |
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Yes |
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9999 |
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4 |
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x |
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x |
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F |
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6 |
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Pre-Mod interest rate |
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Loan interest rate prior to restructure |
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Numeric |
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Please provide interest calculation method in separate file (e.g. 30/360, 30/365, Actual/365, etc.) |
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Yes |
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9999 |
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6 |
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x |
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x |
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G |
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7 |
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Pre-Mod next ARM reset rate |
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Expected interest rate given reset date is within the next 4 months |
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Numeric |
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Only provide if reset date is within the next 4 months |
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No |
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9999 |
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6 |
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x |
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x |
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H |
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8 |
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Interest Paid-todate |
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Last interest paid date |
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Date |
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Yes |
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YYYYMMDD |
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8 |
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x |
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x |
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I |
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9 |
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Delinquency status |
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Delinquency status as of modification date: 30, 60, 90+ day DQ, or Foreclosure status |
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Alphanumeric |
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Data Code Field — Populate field with allowable values. If allowable code is not used, data key definition is required. |
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Yes |
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C = Current, 3 = 30 days DQ; 6 = 60 days DQ; 9 = 90 days DQ; 4 = 120+ days DQ; F=Foreclosure |
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1 |
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x |
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x |
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J |
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10 |
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Pre-mod monthly payment - P&I |
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Scheduled principal and interest payment prior to restructure. |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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K |
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11 |
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Pre-mod monthly payment - T&I |
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Tax & Insurance escrow payment prior to restructure |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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L |
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12 |
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Household current annual income |
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Gross annual household income gathered or documented within most recent 90 days |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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M |
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13 |
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Valuation Date |
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Recent property valuation date; includes interior and exterior evaluations (within 90 days). If more than one valuation occurred within 90 days, please provide all recent valuations. |
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Date |
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Yes |
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YYYYMMDD |
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8 |
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x |
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x |
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Column |
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Field |
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Field |
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Description |
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Type |
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Comments |
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Required |
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Allowable |
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Formatting |
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Width |
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2a(1) |
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2a(2) |
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Provide additional valuation information in a separate date file. |
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N |
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14 |
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Valuation Amount |
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Property value determined by Appraisal BPO, interior or exterior evaluations (within 90 days) |
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Numeric |
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Yes |
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9(12),99 |
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15 |
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x |
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x |
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O |
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15 |
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Valuation Type |
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Indicates valuation type |
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Alphanumeric |
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Data Code Field — Populate field with allowable values. If allowable code is not used, data key definition is required |
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Yes |
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AVM = Automated Valuation Mode; BPO = Broker price Opinion; DA = Desktop Appraisal; DB = Drive By; FA = Full Appraisal; PAU = Prior Appraisal used; TV = Tax Valuation; None, Other |
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40 |
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x |
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x |
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P |
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16 |
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1st Trial Payment Due Date |
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First payment due date under modified terms. |
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Date |
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No |
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YYYYMMDD |
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8 |
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x |
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x |
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Q |
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17 |
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Modification Date or completed trial period date |
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Modification Date or completed trial period date |
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Date |
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Yes |
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YYYYMMDD |
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8 |
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x |
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x |
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R |
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18 |
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Post-mod NET UPB |
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Unpaid principal balance after restructure (net of principal forbearance & principal reduction) |
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Numeric |
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This is the balance for purposes of the loss share agreement and may differ from the balance according to GAAP. It may include up to 90 days of advanced interest and all escrow advances to date |
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Yes |
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9(12),99 |
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15 |
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x |
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x |
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S |
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19 |
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Principal forbearance |
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Dollar amount of principal forbearance |
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Numeric |
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Only provided for modifications which include principal forbearance. Insert blanks or zero if not applicable. |
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Yes |
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9(12),99 |
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15 |
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x |
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x |
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T |
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20 |
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Principal reduction |
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Dollar amount of principal forgiveness |
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Numeric |
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Only provided for modifications which include principal reduction. Insert blanks or zero if not applicable. |
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Yes |
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9(12),99 |
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15 |
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x |
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x |
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U |
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21 |
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Post-mod product |
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Fixed or step product |
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Alphanumeric |
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Data Code Filed — Populate field with allowable values. If allowable code is not used, data key definition is required. |
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Yes |
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F = Fixed; S = Step |
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x |
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x |
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V |
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22 |
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Post-mod remaining amortization term |
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Number of months remaining in the amortization term post restructure |
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Numeric |
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Yes |
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9999 |
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4 |
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x |
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x |
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W |
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23 |
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Post-mod maturity date |
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Loan maturity date after restructure |
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Date |
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Yes |
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YYYYMMDD |
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8 |
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x |
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x |
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X |
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24 |
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Post-mod interest rate |
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Initial post restructure interest rate |
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Numeric |
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Please provide interest calculation method (e.g. 30/360, 30/365, Actual/365, etc.) |
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Yes |
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9999 |
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6 |
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x |
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x |
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Y |
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25 |
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Next payment due date |
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Date next payment due |
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Date |
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Yes |
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YYYYMMDD |
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8 |
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x |
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x |
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Z |
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26 |
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Post-mod monthly payment - P&I |
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Initial scheduled principal and interest payment after restructure |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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Column |
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Field |
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Field |
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Description |
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Type |
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Comments |
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Required |
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Allowable |
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Formatting |
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Width |
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2a(1) |
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2a(2) |
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AA |
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27 |
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Post-mod monthly payment - T&I |
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Tax & Insurance escrow payment post restructure |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AB |
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28 |
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Next reset date |
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First interest rate step up date |
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Date |
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Insert blanks or zero if not applicable |
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No |
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YYYYMMDD |
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8 |
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x |
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x |
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AC |
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29 |
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Interest rate change per adjustment |
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Interest rate change (in percent) per adjustment |
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Numeric |
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Must be less than or equal to 1% (.01) |
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No |
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.99999 |
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6 |
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x |
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x |
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AD |
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30 |
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Lifetime interest rate cap |
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Maximum interest rate charged to the borrower |
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Numeric |
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Generally this is the Xxxxxxx Mac PMMS rate at time of modification (see HAMP guidelines for exceptions) |
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No |
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.99999 |
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6 |
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x |
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x |
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AE |
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31 |
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Back and DTI |
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Ratio of the borrower’s monthly gross expenses divided by the borrower’s monthly gross income |
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Numeric |
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No |
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.99999 |
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6 |
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x |
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x |
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AF |
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32 |
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Previous NPV of loan modification |
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NPV submitted for the first loan restructuring loss share payment |
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Numeric |
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Required only for modifications following a covered restructuring |
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Yes, if applicable |
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9(12),99 |
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15 |
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AG |
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33 |
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Post modification principal payments |
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In case of a second modification, please provide the amount of principal payments received between modifications |
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Numeric |
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Required only for modifications following a covered restructuring |
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Yes, if applicable |
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9(12),99 |
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15 |
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AH |
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34 |
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Accrued interest |
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Accrued interest, limited to 90 Days or days delinquent at modification, whichever is less |
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Numeric |
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Accrued interest that qualifies as a covered loss—not all accrued interest as reportable under GAAP. Accrued interest equals zero in case of 2nd restructuring. |
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Yes, if applicable |
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9(12),99 |
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15 |
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x |
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AI |
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35 |
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Attorney’s fees |
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Attorney’s fees and costs (BK and FC). May include court fees, publications, title fees, and motions for relief |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AJ |
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36 |
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Foreclosure costs/fees |
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May include origination fees, commissions, titles and closing, pest, and recording/county fees |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AK |
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37 |
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Property preservation costs, maintenance and repairs |
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May include property securing, pool drainage, broken windows, repairs to any structural damage or environmental abatements, grass cutting, and utility bills |
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Numeric |
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Any such costs with respect to remediation activities are limited to $200,000 without Assuming Bank having received the prior consent of the FDIC |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AL |
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38 |
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T&I advances |
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Tax & Insurance Advances |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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39 |
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AM |
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39 |
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Appraisal/Broker’s Price Opinion fee |
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Appraisal/Broker’s Price Opinion Fees |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AN |
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40 |
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Inspections |
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Property inspections |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AO |
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41 |
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Other advances |
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Other advances/costs |
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Numeric |
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Please provide written explanation of other costs or advances |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AP |
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42 |
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MI contribution |
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If mortgage insurance company makes a payment towards modification, please specify the amount |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AQ |
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43 |
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Other credits |
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Other account credits |
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Numeric |
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Please itemize other credits |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AR |
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44 |
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T&I escrow account balance, if positive |
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Positive T&I Escrow Account Balance |
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Numeric |
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No |
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9(12),99 |
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15 |
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x |
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x |
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AS |
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45 |
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Discount rate for projected cash flows |
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Discount Rate used for loss share calculation |
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Numeric |
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this may differ from the discount rate used in modification NPV decision analysis |
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No |
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.00000 |
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00 |
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x |
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x |
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AT |
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46 |
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Loan prepayment in full |
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NPV Calculation Term used for loss share calculations (in months). This should always be |
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Numeric |
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This may differ from the amortization term used in the modification NPV decision analysis |
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No |
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9999 |
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4 |
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x |
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x |
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Column |
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Field |
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Field |
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Description |
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Type |
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Comments |
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Required |
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Allowable |
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Formatting |
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Width |
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2a(1) |
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2a(2) |
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120 months unless an exception applies |
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AU |
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47 |
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NPV of projected cash flows |
|
NPV of modified loan cash flows per loss share specifications |
|
Numeric |
|
This may differ from the modification value determined by the NPV decision analysis |
|
Yes |
|
9(15),99 |
|
|
|
15 |
|
x |
|
x |
|
AV |
|
48 |
|
Loss Amount |
|
Calculated loss amount submitted for coverage |
|
Numeric |
|
|
|
Yes |
|
9(15),99 |
|
|
|
15 |
|
x |
|
x |
|
AW |
|
49 |
|
FDIC Asset Id |
|
FDIC unique asset identifier found in Schedule A. Provide loan id if FDIC asset identifier is not available for loans added to Schedule A after adjustments |
|
Alphanumeric |
|
|
|
Yes |
|
|
|
|
|
34 |
|
x |
|
x |
|
AX |
|
50 |
|
Deferred Principal Reduction Amount |
|
Total amount of principal deferred at the date of modification and claimable at subsequent Principal Reduction Dates |
|
Numeric |
|
This applies only where the modification program = PRA |
|
Yes, if applicable |
|
9(12),99 |
|
|
|
15 |
|
x |
|
x |
|
AY |
|
51 |
|
Principal Reduction Date |
|
First scheduled Principal Reduction Date |
|
Date |
|
This applies only where the modification program = PRA |
|
Yes, if applicable |
|
YYYYMMDD |
|
|
|
15 |
|
x |
|
x |
Date supplied above is used to verify the loss amount provided in Section 2 of the Loss Share Certificate. Specifically the Loss Amount is verified via the following calculation:
|
Loan written down to book value prior to Loss Share — Exhibit 2a(1) |
| ||
|
|
| ||
|
Net Book Value Less |
|
Sum of Field 4 and Fields 35-41 |
|
|
|
|
|
|
|
NPV of loan modification |
|
Less Field 47 |
|
|
|
|
|
|
|
Contributions or other credits |
|
Less Fields 42-44 |
|
|
|
|
|
|
|
(Gain)/Loss Amount |
|
Loss Amount |
|
|
First loan modification under loss share — Exhibit 2a(2) |
| ||
|
|
| ||
|
Gross Balance |
|
Sum of Field 4 and Fields 34-41 |
|
|
|
|
|
|
|
NPV of loan modification |
|
Less Field 47 |
|
|
|
|
|
|
|
Contributions or other credits |
|
Less Fields 42-44 |
|
|
|
|
|
|
|
(Gain) Loss Amount |
|
Loss Amount |
|
EXHIBIT A
Deferred PRA 2d(1)
|
Column |
|
Field # |
|
Field |
|
Description |
|
Type |
|
Comments |
|
A |
|
1 |
|
Shared-Loss Month |
|
The as-of-date for the file |
|
D |
|
For example, for a report submitted July 15, 2009 the Shared-Loss Month cutoff date would be June 30, 2009 and the field would appear as 20090630 |
|
B |
|
2 |
|
Loan number |
|
Unique identifier used for all reporting records. May be FDIC specific loan ID or other account number |
|
A/N |
|
|
|
C |
|
3 |
|
1st Trial Payment Due Date |
|
First payment due date under modified terms |
|
D |
|
|
|
D |
|
4 |
|
Modification Effective Date |
|
Modification Date or completed trial period date |
|
D |
|
|
|
E |
|
5 |
|
Next payment due date |
|
Date next payment due |
|
D |
|
|
|
F |
|
6 |
|
Paid in Full Date |
|
Date loan paid in full |
|
D |
|
|
|
G |
|
7 |
|
Deferred Principal Reduction Amount |
|
Amount of Deferred Principal forgiven in the reporting period |
|
N |
|
|
|
H |
|
8 |
|
Deferred Principal Reduction Outstanding |
|
Deferred Principal amount outstanding net of amounts claimed during the reporting period |
|
|
|
|
|
I |
|
9 |
|
Deferred Loss Amount |
|
Deferred Principal Reduction Loss |
|
N |
|
|
|
|
|
|
|
FDIC Asset Id |
|
FDIC unique asset identifier found in Schedule A. Provide loan id if FDIC asset identifier is not available for loans added to Schedule A after adjustments |
|
A/N |
|
|
EXHIBIT B
CERTIFICATE
MONTHLY PAYMENT SUMMARY
FOR SINGLE FAMILY SHARED-LOSS
SAMPLE CERTIFICATE ONLY
FDIC - RECEIVER OF
BankUnited, FSB
PURCHASE AND ASSUMPTION AGREEMENT DATED: May 21, 2009
Shared-Loss Month Ended:
(Dollars)
Fund ID: 10061
Calculation of Amount Due from (to) FDIC
|
FDIC % Share |
|
0% |
|
80% |
|
95% |
|
Total |
|
|
Carry forward from other types of assets: |
|
|
|
|
|
|
|
|
|
|
1. Cumulative losses from single family (1a+1b) |
|
0 |
|
916,067,190 |
|
0 |
|
916,067,190 |
|
|
1a. Cumulative losses from single family (excluding Short Refinance losses) |
|
0 |
|
861,067,190 |
|
0 |
|
861,067,190 |
|
|
lb. Cumulative losses from Short Refinance |
|
0 |
|
55,000,000 |
|
0 |
|
55,000,000 |
|
|
2. Cumulative losses from securities |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
3. Cumulative losses from non-single family |
|
0 |
|
218,003,370 |
|
0 |
|
218,003,370 |
|
|
4. Total cumulative losses at beginning of period (1+2+3) |
|
0 |
|
1,134,070,560 |
|
0 |
|
1,134,070,560 |
|
|
5. Covered losses (gains) from single family incurred during period (5a+5b) |
|
0 |
|
62,912,074 |
|
0 |
|
62,912,074 |
|
|
5a. Covered losses (gains) from single family during period (excluding Short Refinance losses) |
|
0 |
|
57,912,074 |
|
0 |
|
57,912,074 |
|
|
5b. Covered losses (gains) from Short Refinance during period |
|
0 |
|
5,000,000 |
|
0 |
|
5,000,000 |
|
|
6. Cumulative loss at the end of the period (4+5) |
|
0 |
|
1,196,982,633 |
|
0 |
|
1,196,982,633 |
|
|
7. Single Family losses (gains) payable at end of period (5a) |
|
0 |
|
57,912,074 |
|
0 |
|
57,912,074 |
|
|
FDIC % Share |
|
x 0 |
% |
x 80 |
% |
x 95 |
% |
|
|
|
8. Amount claimed and due this period from single family loss (6*FDIC %) |
|
0 |
|
46,329,659 |
|
0 |
|
46,329,659 |
|
|
9. Short Refinance - 18 month deferred payment due this period |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
10. Amount Due from (to) FDIC (8+9) |
|
0 |
+ |
46,329,659 |
+ |
0 |
= |
46,329,659 |
|
|
Memo: Threshold for recovery percentage |
|
|
|
4,000,000,000 |
|
|
|
|
|
|
Memo: Amount due for Short Refinance in 18 months (5b * FDIC %) |
|
|
|
4,000,000 |
|
|
|
4,000,000 |
|
|
Preparer Name: |
|
|
|
|
|
|
|
Preparer Title: |
|
Preparer Signature |
|
|
|
|
|
|
|
|
|
Officer Name: |
|
|
|
|
|
|
|
Officer Title: |
|
Officer Signature |
|
|
|
|
|
Date: |
|
|
EXHIBIT B
CERTIFICATE
MONTHLY PAYMENT SUMMARY
FOR SINGLE FAMILY SHARED-LOSS
FDIC – RECEIVER OF BankUnited, FSB
SAMPLE CERTIFICATE ONLY
PURCHASE AND ASSUMPTION AGREEMENT DATED: May 21, 2009
Shared-Loss Period Ended:
Dollars
|
PART A. Opening/Closing/Net Shared-Loss Asset Balances - Active loans |
|
Number |
|
Balance |
| ||
|
1. |
Opening Balance (total UPB outstanding) |
|
34,566 |
|
7,866,907,507 |
| |
|
2. |
Add: HELOC Advances |
|
|
|
3,116,698 |
| |
|
3. |
Add: Capitalization (from restructuring, forbearance plans, etc) |
|
|
|
2,366,323 |
| |
|
4. |
Less: |
a) Principal Collections (amortization/partial) |
|
|
|
12,813,515 |
|
|
|
b) Paid in Full |
|
(142 |
) |
23,419,114 |
| |
|
|
c) Foreclosure Sales (UBP transferred to ORE) |
|
(206 |
) |
61,141,097 |
| |
|
|
d) Short Sales |
|
(100 |
) |
33,026,197 |
| |
|
|
e) Principal Reduction |
|
|
|
0 |
| |
|
|
f) Qualifying Charge-Offs (excluding accrued interest) |
|
(19 |
) |
4,577,725 |
| |
|
|
g) Loan Sales |
|
0 |
|
0 |
| |
|
|
h) Short Refinance |
|
0 |
|
0 |
| |
|
5. |
Add: Other Adjustments (net) |
|
9 |
|
3,756,338 |
| |
|
6. |
Net (Reduction)/Increase Amount |
|
(458 |
) |
(125,738,290 |
) | |
|
7. |
Closing Balance |
|
34,108 |
|
7,741,169,217 |
| |
|
PART B. Opening/Closing/Net Shared-Loss Asset Balances - ORE |
|
Number |
|
Balance |
| |
|
8. |
Opening ORE Balance |
|
971 |
|
307,057,628 |
|
|
9. |
Add: New ORE |
|
206 |
|
61,141,097 |
|
|
10. |
Less: Sold ORE (& Correction for Active SFR) |
|
183 |
|
56,580,566 |
|
|
11. |
Closing Balance |
|
994 |
|
311,618,159 |
|
|
PART:C. Loss Events and Charge-offs |
|
Number |
|
Balance |
| ||
|
12. |
Opening Cumulative Loss Balance (SFR only) |
|
6,116 |
|
916,067,190 |
| |
|
|
12a. Opening Cumulative Short Refinance Loss Amount |
|
355 |
|
55,000,000 |
| |
|
13. |
Add: |
a) Foreclosure Sale Loss Amount |
|
180 |
|
33,886,988 |
|
|
|
b) Short Sale Loss Amount |
|
100 |
|
18,441,743 |
| |
|
|
c) Restructuring Loss Amount |
|
167 |
|
8,608,099 |
| |
|
|
d) Charge-Off Loss Amount |
|
22 |
|
4,669,917 |
| |
|
|
e) Deferred Principal Reduction Loss Amount |
|
|
|
|
| |
|
|
f) Short Refinance Loss Amount |
|
35 |
|
5,000,000 |
| |
|
14. |
Add: Qualifying Loss on Loan Sale |
|
|
|
|
| |
|
15. |
Less: Recoveries and Other Adjustments (net) |
|
|
|
7,694,673 |
| |
|
16. |
Less: FDIC Adjustment (net) |
|
|
|
0 |
| |
|
17. |
Shared-Loss Debit (Credit) Amount for Period (excluding Short Refi) |
|
469 |
|
57,912,074 |
| |
|
18. |
Cumulative Shared-Loss Debit (Credit) Amount |
|
6,620 |
|
978,979,263 |
| |
EXHIBIT B
CERTIFICATE
MONTHLY PAYMENT SUMMARY
FOR SINGLE FAMILY SHARED-LOSS
FDIC - RECEIVER OF BankUnited, FSB
SAMPLE CERTIFICATE ONLY
PURCHASE AND ASSUMPTION AGREEMENT DATED: May 21, 2009
BankUnited
Single Family Loans
Fund ID: 10061
20100831
7,618,203,092.65
(Dollars)
Loans Secured by 1-4 Family Residential Property
Secured by First Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
19697 |
|
4,665,770,035.56 |
| |
|
30-59 Days |
|
990 |
|
272,166,986.59 |
| |
|
60-89 Days |
|
377 |
|
110,259,295.60 |
| |
|
90-119 Days |
|
212 |
|
72,511,518.61 |
| |
|
120+ Days |
|
506 |
|
160,251,352.39 |
| |
|
Bankruptcy (Non FC) |
|
508 |
|
174,634,860.33 |
| |
|
In FC |
|
5590 |
|
1,724,239,412.39 |
| |
|
Total |
|
27,880 |
|
$ |
7,179,833,461 |
|
Secured by Second Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
5375 |
|
389,839,928.63 |
| |
|
39-59 Days |
|
56 |
|
4,189,139.47 |
| |
|
60-89 Days |
|
33 |
|
4,527,722.62 |
| |
|
90-119 Days |
|
31 |
|
3,789,830.24 |
| |
|
120+ Days |
|
102 |
|
14,980,927.66 |
| |
|
Bankruptcy (Non FC) |
|
33 |
|
3,113,236.82 |
| |
|
In FC |
|
136 |
|
17,928,845.74 |
| |
|
Total |
|
5,766 |
|
$ |
438,369,631 |
|
Loans Secured by 1-4 Family Residential Property in Process of Restructuring
Secured by First Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
310 |
|
91,219,271.27 |
| |
|
39-59 Days |
|
127 |
|
37,037,807.81 |
| |
|
60-89 Days |
|
62 |
|
20,804,903.35 |
| |
|
90-119 Days |
|
45 |
|
14,225,190.47 |
| |
|
120+ Days |
|
295 |
|
93,092,534.82 |
| |
|
Bankruptcy (Non FC) |
|
27 |
|
9,905,351.71 |
| |
|
In FC |
|
239 |
|
79,922,263.10 |
| |
|
Total |
|
1,105 |
|
$ |
346,207,323 |
|
Secured by Second Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
0 |
|
$ |
— |
|
|
39-59 Days |
|
0 |
|
$ |
— |
|
|
60-89 Days |
|
0 |
|
$ |
— |
|
|
90-119 Days |
|
0 |
|
$ |
— |
|
|
120+ Days |
|
0 |
|
$ |
— |
|
|
Bankruptcy (Non FC) |
|
0 |
|
$ |
— |
|
|
In FC |
|
0 |
|
$ |
— |
|
|
Total |
|
0 |
|
|
| |
Loans Secured by 1-4 Family Residential Property Being Considered for a Short Refinance
Secured by First Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
310 |
|
91,219,271.27 |
| |
|
39-59 Days |
|
127 |
|
37,037,807.81 |
| |
|
60-89 Days |
|
62 |
|
20,804,903.35 |
| |
|
90-119 Days |
|
45 |
|
14,225,190.47 |
| |
|
120+ Days |
|
295 |
|
93,092,534.52 |
| |
|
Bankruptcy (Non FC) |
|
27 |
|
9,905,351.71 |
| |
|
In FC |
|
239 |
|
79,922,263.10 |
| |
|
Total |
|
1,105 |
|
$ |
346,207,323 |
|
Secured by Second Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
0 |
|
$ |
— |
|
|
39-59 Days |
|
0 |
|
$ |
— |
|
|
60-89 Days |
|
0 |
|
$ |
— |
|
|
90-119 Days |
|
0 |
|
$ |
— |
|
|
120+ Days |
|
0 |
|
$ |
— |
|
|
Bankruptcy (Non FC) |
|
0 |
|
$ |
— |
|
|
In FC |
|
0 |
|
$ |
— |
|
|
Total |
|
0 |
|
$ |
— |
|
Loans Secured by 1-4 Family Residential Property in Process of a Short Refinance
Secured by First Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
310 |
|
91,219,271.27 |
| |
|
30-59 Days |
|
127 |
|
37,037,807.81 |
| |
|
60-89 Days |
|
62 |
|
20,804,903.35 |
| |
|
90-119 Days |
|
45 |
|
14,225,190.47 |
| |
|
120+ Days |
|
295 |
|
93,092,534.82 |
| |
|
Bankruptcy (Non FC) |
|
27 |
|
9,905,351.71 |
| |
|
In FC |
|
239 |
|
79,922,263.10 |
| |
|
Total |
|
1,105 |
|
$ |
346,207,323 |
|
Secured by Second Lien
|
|
|
Number |
|
Balance |
| |
|
Current |
|
0 |
|
$ |
— |
|
|
39-59 Days |
|
0 |
|
$ |
— |
|
|
60-89 Days |
|
0 |
|
$ |
— |
|
|
90-119 Days |
|
0 |
|
$ |
— |
|
|
120+ Days |
|
0 |
|
$ |
— |
|
|
Bankruptcy (Non FC) |
|
0 |
|
$ |
— |
|
|
In FC |
|
0 |
|
$ |
— |
|
|
Total |
|
0 |
|
$ |
— |
|
EXHIBIT B
CERTIFICATE
MONTHLY PAYMENT SUMMARY
FOR SINGLE FAMILY SHARED-LOSS
FDIC - RECEIVER OF BankUnited, FSB
SAMPLE CERTIFICATE ONLY
BankUnited
Fund ID: 10061
SFR Short Refinance Pay Schedule
PURCHASE AND ASSUMPTION AGREEMENT DATED: May 21, 2009
|
Shared Loss |
|
Loss Amount |
|
Payment Due Shared |
|
Amount Due |
| ||
|
Oct-10 |
|
$ |
5,000,000.00 |
|
Mar-12 |
|
$ |
4,000,000.00 |
|
|
Nov-10 |
|
|
|
Apr-12 |
|
|
| ||
|
Dec-10 |
|
|
|
May-12 |
|
|
| ||
|
Jan-11 |
|
|
|
Jun-12 |
|
|
| ||
|
Feb-11 |
|
|
|
Jul-12 |
|
|
| ||
|
Mar-11 |
|
|
|
Aug-12 |
|
|
| ||
|
Apr-11 |
|
|
|
Sep-12 |
|
|
| ||
|
May-11 |
|
|
|
Oct-12 |
|
|
| ||
|
Jun-11 |
|
|
|
Nov-12 |
|
|
| ||
|
Jul-11 |
|
|
|
Dec-12 |
|
|
| ||
|
Aug-11 |
|
|
|
Jan-13 |
|
|
| ||
|
Sep-11 |
|
|
|
Feb-13 |
|
|
| ||
|
Oct-11 |
|
|
|
Xxx-00 |
|
|
| ||
|
Xxx-00 |
|
|
|
Xxx-00 |
|
|
| ||
|
Dec-11 |
|
|
|
May-13 |
|
|
| ||
|
Jan-12 |
|
|
|
Jun-13 |
|
|
| ||
|
Feb-12 |
|
|
|
Jul-13 |
|
|
| ||
|
Mar-12 |
|
|
|
Aug-13 |
|
|
| ||
|
Apr-12 |
|
|
|
Sep-13 |
|
|
| ||
|
May-12 |
|
|
|
Oct-13 |
|
|
| ||
|
Jun-12 |
|
|
|
Nov-13 |
|
|
| ||
|
Jul-12 |
|
|
|
Dec-13 |
|
|
| ||
|
Aug-12 |
|
|
|
Jan-14 |
|
|
| ||
|
Sep-12 |
|
|
|
Feb-14 |
|
|
| ||
|
Oct-12 |
|
|
|
Xxx-00 |
|
|
| ||
|
Xxx-00 |
|
|
|
Xxx-00 |
|
|
| ||
|
Dec-12 |
|
|
|
May-14 |
|
|
| ||
|
Jan-13 |
|
|
|
Jun-14 |
|
|
| ||
|
Feb-13 |
|
|
|
Jul-14 |
|
|
| ||
|
Mar-13 |
|
|
|
Aug-14 |
|
|
| ||
|
Apr-13 |
|
|
|
Sep-14 |
|
|
| ||
|
May-13 |
|
|
|
Oct-14 |
|
|
| ||
|
Jun-13 |
|
|
|
Nov-14 |
|
|
| ||
|
Jul-13 |
|
|
|
Dec-14 |
|
|
| ||
|
|
|
|
|
|
|
|
| ||
|
Total: |
|
$ |
5,000,000.00 |
|
|
|
$ |
4,000,000.00 |
|
