Exhibit 99.8
EXECUTION COPY
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GSAA HOME EQUITY TRUST 2006-15
ASSET-BACKED CERTIFICATES
SERIES 2006-15
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
among
GS MORTGAGE SECURITIES CORP.,
as Assignor
DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE FOR GSAA HOME
EQUITY TRUST 2006-15
as Assignee
and
XXXXX FARGO BANK, NATIONAL ASSOCIATION
as Servicer
and as acknowledged by
XXXXX FARGO BANK, NATIONAL ASSOCIATION
as Master Servicer
Dated as of
September 28, 2006
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ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated September
28, 2006 (this "Agreement"), among GS Mortgage Securities Corp. ("Assignor" or
"Depositor"), Deutsche Bank National Trust Company ("Deutsche Bank"), not in
its individual capacity, but solely as trustee (in such capacity, the
"Trustee") on behalf of GSAA Home Equity Trust 2006-15 (the "Assignee"), Xxxxx
Fargo Bank, National Association ("Xxxxx Fargo"), as servicer (in such
capacity, the "Servicer") and as acknowledged by Xxxxx Fargo, as Master
Servicer (in such capacity, the "Master Servicer").
WHEREAS, Xxxxxxx Sachs Mortgage Company ("GSMC") and M&T Mortgage
Corporation ("M&T Mortgage") have entered into the Master Mortgage Loan
Purchase and Servicing Agreement, dated as of November 1, 2005 (the "Sale
Agreement"), pursuant to which M&T Mortgage sold to GSMC certain mortgage
loans on a servicing-released basis listed on the mortgage loan schedule
attached as an exhibit to the Trust Agreement (as defined below);
WHEREAS, GSMC and the Servicer have entered into the Servicing
Agreement, dated as of June 30, 2006 (the "Servicing Agreement"), pursuant to
which the Servicer has agreed to service certain mortgage loans acquired by
GSMC from time to time;
WHEREAS, GSMC has agreed to assign and convey certain mortgage
loans acquired from M&T Mortgage (the "Mortgage Loans") on August 3, 2006,
which became subject to the provisions of the Servicing Agreement as of
September 1, 2006, to the Assignor pursuant to an Assignment, Assumption and
Recognition Agreement, dated as of June 29, 2006 (the "GSMC Assignment
Agreement");
WHEREAS, the Assignee has agreed on certain terms and conditions
to purchase from the Assignor the Mortgage Loans acquired by the Assignor
pursuant to the GSMC Assignment Agreement, which Mortgage Loans are listed on
the mortgage loan schedule attached as Exhibit 1 hereto (the "Mortgage Loan
Schedule"); and
WHEREAS, pursuant to a Master Servicing and Trust Agreement, dated
as of September 1, 2006 (the "Trust Agreement"), among the Depositor, Deutsche
Bank, as Trustee and as a custodian, U.S. Bank National Association, as a
custodian, JPMorgan Chase Bank, National Association, as a custodian and Xxxxx
Fargo, as Master Servicer and as securities administrator, the Assignor will
transfer the Mortgage Loans to the Assignee, together with the Assignor's
rights under the Servicing Agreement, to the extent relating to the Mortgage
Loans (other than the rights of the Assignor (and if applicable its
affiliates, officers, directors and agents) to indemnification thereunder).
NOW THEREFORE, consideration of the mutual promises contained
herein and other good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, and of the mutual covenants herein
contained, the parties hereto hereby agree as follows:
1. Assignment, Assumption and Conveyance.
(a) The Assignor hereby assigns to the Assignee, as of the date
hereof, all of its right, title and interest in and to the GSMC Assignment
Agreement (including without limitation the rights of GSMC under the Servicing
Agreement, to the extent assigned to the Assignor under the GSMC Assignment
Agreement) from and after the date hereof, and the Assignee hereby assumes all
of the Assignor's obligations under the Servicing Agreement, to the extent
relating to the Mortgage Loans from and after the date hereof, and the
Servicer hereby acknowledges such assignment and assumption and hereby agrees
to the release of the Assignor from any obligations under the Servicing
Agreement from and after the date hereof, to the extent relating to the
Mortgage Loans.
(b) The Assignor represents and warrants to the Assignee that the
Assignor has not taken any action which would serve to impair or encumber the
Assignor's ownership interest in the Mortgage Loans or the Servicing Agreement
since the date of the Servicing Agreement.
2. Accuracy of the Servicing Agreement. The Servicer and the
Assignor represent and warrant to the Assignee that (i) attached as Exhibit 2
to the GSMC Assignment Agreement is a true, accurate and complete copy of the
Servicing Agreement, (ii) the Servicing Agreement is in full force and effect
as of the date hereof, (iii) except as contemplated herein or as previously
disclosed in the GSMC Assignment Agreement, the Servicing Agreement has not
been amended or modified in any respect and (iv) no notice of termination has
been given to the Servicer under the Servicing Agreement.
3. Recognition of the Assignee.
(a) The Servicer hereby acknowledges and agrees that from and
after the date hereof (i) the Trust will be the owner of the Mortgage Loans
and the Servicer will be the servicer of the Mortgage Loans on or after the
applicable Transfer Date pursuant to the terms set forth in the Servicing
Agreement and related Commitment Letter (as such term is defined in the GSMC
Assignment Agreement), (ii) the Servicer shall look solely to the Trust
(including the Trustee and the Master Servicer acting on the Trust's behalf)
for performance of any obligations of the Assignor under the Mortgage Loans
and the Servicing Agreement (solely insofar as it relates to the Mortgage
Loans) (except for such obligations of the Assignor retained by the Assignor
hereunder), (iii) the Trust (including the Trustee and 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 (A) the Mortgage Loans, under the
Sale Agreement pursuant to which GSMC purchased the Mortgage Loans from M&T
Mortgage and (B) the Servicing Agreement, and shall be entitled to enforce all
of the obligations of the Servicer thereunder insofar as they relate to the
Mortgage Loans, including without limitation, the remedies for breaches of
representations and warranties set forth in Section 3.02 of the Servicing
Agreement (except for the rights and remedies retained by the Assignor
hereunder), (iv) all references to the "Owner" under the Servicing Agreement
insofar as they relate to the Mortgage Loans shall be deemed to refer to the
Trust (except to the extent of the rights and obligations retained by the
Assignor hereunder) (including the Trustee and the Servicer acting on the
Trust's behalf) and (v) the Mortgage Loans will be part of a REMIC, and the
Servicer shall service the Mortgage Loans and any real property acquired upon
default thereof (including, without limitation, making or permitting any
modification, waiver or amendment of any term of any Mortgage Loan) after the
applicable Transfer Date in accordance with the Servicing Agreement but in no
event in a manner that would (A) cause the REMIC to fail to qualify as a REMIC
or (B) result in the imposition of a tax upon the REMIC (including but not
limited to the tax on prohibited transactions as defined in Section 860F(a)(2)
of the Code, the tax on contributions to a REMIC set forth in Section 860G(d)
of the Code, and the tax on "net income from foreclosure property" as set
forth in Section 860G(c) of the Code). Neither the Servicer nor the Assignor
shall amend or agree to amend, modify, waive, or otherwise alter any of the
terms or provisions of the Servicing Agreement which amendment, modification,
waiver or other alteration would in any way affect the Mortgage Loans or the
Servicer's performance under the Servicing Agreement with respect to the
Mortgage Loans without the prior written consent of the Depositor as set forth
in the Trust Agreement.
(b) From and after the date hereof, the Servicer shall note the
transfer of the Mortgage Loans to the Assignee in its books and records, shall
recognize the Assignee as the owner of the Mortgage Loans and, notwithstanding
anything herein or in the Servicing Agreement to the contrary, shall service
all of the Mortgage Loans for the benefit of the Assignee pursuant to the
Servicing Agreement the terms of which are incorporated herein by reference.
It is the intention of the Assignor, Servicer and Assignee that the Servicing
Agreement shall be binding upon and inure to the benefit of the Servicer and
the Assignee and their successors and assigns.
(c) The Servicer further acknowledges that, from and after the
date hereof, it (and any of its successors under the Servicing Agreement) will
be subject to the supervision of the Master Servicer and that the Master
Servicer, acting on behalf of the Assignee as the owner of the Mortgage Loans,
shall have the same rights as were assigned by GSMC, in its capacity as the
original "Owner" under the Servicing Agreement, to the Assignor under the GSMC
Assignment Agreement, and further assigned hereunder by the Assignor to
Assignee. Such rights that Master Servicer may enforce on behalf of the
Assignee will include, without limitation, the right to terminate the Servicer
under the Servicing Agreement with respect to the Mortgage Loans upon the
occurrence of an event of default thereunder, the right to receive all
remittances required to be made by the Servicer under the Servicing Agreement,
the right to receive all monthly reports and other data required to be
delivered by the Servicer under the Servicing Agreement and the right to
exercise certain rights of consent and approval relating to actions taken by
the Servicer with respect to the Mortgage Loans.
(d) All reports and other data required to be delivered by the
Servicer to the "Owner" under the Servicing Agreement with respect to the
Mortgage Loans shall be delivered to the Master Servicer at the address set
forth in Section 7 hereof. All remittances required to be made to the Trustee,
as the successor in interest to the Assignor under the Servicing Agreement,
shall be made instead to the Master Servicer by wire transfer to the following
account:
Xxxxx Fargo Bank, National Association
ABA #: 000000000
For credit to: SAS Clearing
Acct #: 0000000000
FFC to: GSAA 2006-15 Acct #50940000
(e) Monthly Reporting
Notwithstanding anything to the contrary in the Servicing
Agreement, with respect to the Mortgage Loans, not later than the tenth (10th)
Business Day of each month, the Servicer shall furnish to the Master Servicer
(i) (a) monthly loan data as set forth in Exhibit 2 hereto (or in such other
format mutually agreed-upon between the Servicer and the Master Servicer), (b)
default loan data in the format set forth in Exhibit 3 hereto (or in such
other format mutually agreed-upon between the Servicer and the Master
Servicer) and (c) information regarding realized losses and gains in the
format set forth in Exhibit 4 hereto (or in such other format mutually
agreed-upon between the Servicer and the Master Servicer), in each case
relating to the period beginning on the second day of the immediately
preceding month and ending on the first day of the then current month, (ii)
all such information required pursuant to clause (i)(a) above on a magnetic
tape, electronic mail, or other similar media reasonably acceptable to the
Master Servicer and (iii) all supporting documentation with respect to the
information required pursuant to the immediately preceding paragraph.
4. Representations and Warranties of the Assignee. The Assignee
hereby represents and warrants to the Assignor as follows:
(a) Decision to Purchase. 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
Servicer other than those contained in the Servicing Agreement or this
Assignment Agreement.
(b) Authority. The Assignee hereto represents and warrants that it
is duly and legally authorized to enter into this Assignment Agreement and to
perform its obligations hereunder and under the Servicing Agreement.
(c) Enforceability. The Assignee hereto represents and warrants
that this Assignment 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 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).
5. Representations and Warranties of the Assignor. The Assignor
hereby represents and warrants to the Assignee as follows:
(a) Organization. The Assignor has been duly organized and is
validly existing as a corporation in good standing under the laws of the State
of Delaware with full power and authority (corporate and other) to enter into
and perform its obligations under the Servicing Agreement and this Assignment
Agreement.
(b) Enforceability. This Assignment Agreement has been duly
executed and delivered by the Assignor, and, assuming due authorization,
execution and delivery by each of the other parties hereto, constitutes a
legal, valid, and binding agreement of the Assignor,
enforceable against it in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium, or other similar laws affecting
creditors' rights generally and to general principles of equity regardless of
whether enforcement is sought in a proceeding in equity or at law.
(c) No Consent. The execution, delivery and performance by the
Assignor of this Assignment Agreement and the consummation of the transactions
contemplated hereby do not require the consent or approval of, the giving of
notice to, the registration with, or the taking of any other action in respect
of, any state, federal or other governmental authority or agency, except such
as has been obtained, given, effected or taken prior to the date hereof.
(d) Authorization; No Breach. The execution and delivery of this
Assignment Agreement have been duly authorized by all necessary corporate
action on the part of the Assignor; neither the execution and delivery by the
Assignor of this Assignment Agreement, nor the consummation by the Assignor of
the transactions herein contemplated, nor compliance by the Assignor with the
provisions hereof, will conflict with or result in a breach of, or constitute
a default under, any of the provisions of the governing documents of the
Assignor or any law, governmental rule or regulation or any material judgment,
decree or order binding on the Assignor or any of its properties, or any of
the provisions of any material indenture, mortgage, deed of trust, contract or
other instrument to which the Assignor is a party or by which it is bound.
(e) Actions; Proceedings. There are no actions, suits or
proceedings pending or, to the knowledge of the Assignor, threatened, before
or by any court, administrative agency, arbitrator or governmental body (A)
with respect to any of the transactions contemplated by this Assignment
Agreement or (B) with respect to any other matter that in the judgment of the
Assignor will be determined adversely to the Assignor and will, if determined
adversely to the Assignor, materially adversely affect its ability to perform
its obligations under this Assignment Agreement.
It is understood and agreed that the representations and
warranties set forth in this Section 5 shall survive delivery of the
respective mortgage loan documents to the Assignee or its designee and shall
inure to the benefit of the Assignee and its assigns notwithstanding any
restrictive or qualified endorsement or assignment. Upon the discovery by the
Assignor or the Assignee and its assigns of a breach of the foregoing
representations and warranties, the party discovering such breach shall give
prompt written notice to the other parties to this Assignment Agreement, and
in no event later than two (2) Business Days from the date of such discovery.
It is understood and agreed that the Assignor has made no
representations or warranties to the Assignee other than those contained in
this Section 5, and no other affiliate of the Assignor has made any
representations or warranties of any kind to the Assignee.
6. Continuing Effect. Except as contemplated hereby, the Servicing
Agreement shall remain in full force and effect in accordance with its terms.
7. Termination; Optional Clean-Up Call.
In connection with the Trust Agreement, the Master Servicer hereby
agrees to the following obligations described below. For purposes of this
Section 7 only, any capitalized term used but not defined in this Assignment
Agreement has the same meaning assigned thereto in the Trust Agreement.
In the event that a Person or Persons specified in Section 11.01
of the Trust Agreement chooses to exercise its option set forth therein to
purchase the Mortgage Loans and REO Properties or to conduct an Auction Call
for such property of the Trust Fund, as the case may be, by no later than the
10th day of the month of the final distribution, such Person shall notify the
Depositor, the Trustee and the Securities Administrator of the final
Distribution Date and of the applicable purchase or sale price of the Mortgage
Loans and REO Properties determined and in the manner as provided in the Trust
Agreement.
In the event the Mortgage Loans and REO Properties are purchased
or sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer
shall remit to the Securities Administrator the applicable Termination Price
on the Remittance Date immediately preceding the applicable final Distribution
Date. Upon such final deposit with respect to the Trust Fund and the receipt
by the Securities Administrator and the Custodians of a Request for Release
therefor, the Master Servicer shall direct the Custodians to release to the
Master Servicer or its designee the Custodial Files for the Mortgage Loans.
8. Notices. Any notices or other communications permitted or
required hereunder or under the Servicing Agreement shall be in writing and
shall be deemed conclusively to have been given if personally delivered at or
mailed by registered mail, postage prepaid, and return receipt requested or
transmitted by telex, telegraph or telecopier and confirmed by a similar
mailed writing, to:
(a) in the case of the Servicer,
Xxxxx Fargo Bank, National Association
1 Home Campus, MAC #X2302-033
Xxx Xxxxxx, Xxxx 00000-0000
Attention: Xxxx X. Xxxxx
Tel: (000) 000-0000
Fax: (000) 000-0000
With a copy to:
Xxxxx Fargo Bank, National Association
1 Home Campus, MAC #X2401-06T
Xxx Xxxxxx, Xxxx 00000-0000
Attention: General Counsel
Tel: (000) 000-0000
Fax: (000) 000-0000
or such other address as may hereafter be furnished by the Servicer;
(c) in the case of the Master Servicer,
Xxxxx Fargo Bank, National Association
X.X. Xxx 00
Xxxxxxxx, Xxxxxxxx 00000
Attention: GSAA 2006-15
Or in the case of overnight deliveries:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx,
Xxxxxxxx, Xxxxxxxx 00000
Attention: GSAA 2006-15
or such address as may hereafter be furnished by the Master Servicer;
(c) in the case of the Trustee or Assignee,
Deutsche Bank National Trust Company
0000 Xxxx Xx. Xxxxxx Xxxxx,
Xxxxx Xxx, Xxxxxxxxxx 00000-0000
Attention: Trust Administration - GS0615
Tel.: (000) 000-0000
or such other address as may hereafter be furnished by the Assignee; and
(d) in the case of the Assignor,
GS Mortgage Securities Corp.
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxxxxx
Tel.: (000) 000-0000
Fax: (000) 000-0000
or such address as may hereafter be furnished by the Assignor.
9. Counterparts. This Agreement may be executed in counterparts,
each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same instrument.
10. Definitions. Any capitalized term used but not defined in this
Agreement has the meaning assigned thereto in the Servicing Agreement or the
Trust Agreement, as applicable.
11. Trustee Capacity. It is expressly understood and agreed by the
parties hereto that (i) this Agreement is executed and delivered by Deutsche
Bank, not individually or personally but solely on behalf of GSAA Home Equity
Trust 2006-15, as the Assignee, in the exercise of the powers and authority
conferred and vested in it, (ii) each of the representations, undertakings and
agreements by Deutsche Bank is made and intended for the purpose of binding
only the GSAA Home Equity Trust 2006-15, (iii) nothing herein contained shall
be construed as creating any liability for Deutsche Bank, individually or
personally, to perform any covenant (either express or implied) contained
herein, and all such liability, if any, is hereby expressly waived by the
parties hereto, and such waiver shall bind any third party making a claim by
or through one of the parties hereto, and (iv) under no circumstances shall
Deutsche Bank be personally liable for the payment of any indebtedness or
expenses of the GSAA Home Equity Trust 2006-15, or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by the GSAA Home Equity Trust 2006-15 under this Agreement, the
Trust Agreement or any related document.
12. Miscellaneous.
(a) This Agreement shall be construed in accordance with the laws
of the State of New York, without regard to conflicts of law principles,
and the obligations, rights and remedies of the parties hereunder shall
be determined in accordance with such laws.
(b) No term or provision of this Agreement may be waived or
modified unless such waiver or modification is in writing and signed by
the party against whom such waiver or modification is sought to be
enforced.
(c) 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 Servicer acting on the Trust's behalf).
Any entity into which the Assignor or Assignee may be merged or
consolidated shall, without the requirement for any further writing, be
deemed Assignor, or Assignee, respectively, hereunder.
(d) Each of this Agreement and the Servicing Agreement shall
survive the conveyance of the Mortgage Loans and the assignment of the
purchase agreements and the Servicing Agreement (to the extent assigned
hereunder) by the Assignor to the Assignee and by Assignee to the Trust
and nothing contained herein shall supersede or amend the terms of the
purchase agreements and the Servicing Agreement.
(e) In the event that any provision of this Agreement conflicts
with any provision of the purchase agreements or the Servicing Agreement
with respect to the Mortgage Loans, the terms of this Agreement shall
control.
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their duly authorized officers as of the date first above written.
GS MORTGAGE SECURITIES CORP.
By: /s/ Xxxxxxxx Xxxx
------------------------------------
Name: Xxxxxxxx Xxxx
Title: Vice President
DEUTSCHE BANK NATIONAL TRUST COMPANY,
not in its individual capacity but
solely as Trustee
By: /s/ Xxxxxxx Xxxxx
------------------------------------
Name: Xxxxxxx Xxxxx
Title: Assistant Vice President
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Servicer
By: /s/ Xxxxxx XxXxxxxx
------------------------------------
Name: Xxxxxx XxXxxxxx
Title: Vice President
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Master Servicer
By: /s/ Xxxxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
EXHIBIT 1
Mortgage Loan Schedule
[On File with the Securities Administrator as provided by the Depositor]
EXHIBIT 2
Standard File Layout - Master Servicing
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Column Name Description Decimal Format Comment Max Size
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SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a group of loans.
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LOAN_NBR A unique identifier assigned to each Text up to 10 digits 10
loan by the investor.
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SERVICER_LOAN_NBR A unique number assigned to a loan Text up to 10 digits 10
by the Servicer. This may be
different than the LOAN_NBR.
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BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, 30
file. It is not separated by first
First) and last name.
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SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar signs ($) 11
scheduled interest payment that a
borrower is expected to pay, P&I
constant.
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NOTE_INT_RATE The loan interest rate as reported 4 Max length of 6 6
by the Servicer.
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NET_INT_RATE The loan gross interest rate less 4 Max length of 6 6
the service fee rate as reported by
the Servicer.
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SERV_FEE_RATE The servicer's fee rate for a loan 4 Max length of 6 6
as reported by the Servicer.
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SERV_FEE_AMT The servicer's fee amount for a loan 2 No commas(,) or dollar signs ($) 11
as reported by the Servicer.
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NEW_PAY_AMT The new loan payment amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
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NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
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ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
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ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs ($) 11
balance at the beginning of the
processing cycle.
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ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs ($) 11
balance at the end of the processing
cycle.
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BORR_NEXT_PAY_DUE_DATE The date at the end of processing MM/DD/YYYY 10
cycle that the borrower's next
payment is due to the Servicer, as
reported by Servicer.
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SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
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SERV_CURT_DATE_1 The curtailment date associated with MM/DD/YYYY 10
the first curtailment amount.
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CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
first curtailment amount, if
applicable.
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SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
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SERV_CURT_DATE_2 The curtailment date associated with MM/DD/YYYY 10
the second curtailment amount.
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CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
second curtailment amount, if
applicable.
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SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
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Column Name Description Decimal Format Comment Max Size
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SERV_CURT_DATE_3 The curtailment date associated with MM/DD/YYYY 10
the third curtailment amount.
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CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
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PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
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PIF_DATE The paid in full date as reported by MM/DD/YYYY 10
the Servicer.
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ACTION_CODE The standard FNMA numeric code used Action Code Key: 15=Bankruptcy, 2
to indicate the default/delinquent 30=Foreclosure, , 60=PIF,
status of a particular loan. 63=Substitution,
65=Repurchase,70=REO
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INT_ADJ_AMT The amount of the interest adjustment 2 No commas(,) or dollar signs ($) 11
as reported by the Servicer.
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SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
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NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
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LOAN_LOSS_AMT The amount the Servicer is passing as 2 No commas(,) or dollar signs ($) 11
a loss, if applicable.
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SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs ($) 11
amount due at the beginning of the
cycle date to be passed through to
investors.
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SCHED_END_PRIN_BAL The scheduled principal balance due 2 No commas(,) or dollar signs ($) 11
to investors at the end of a
processing cycle.
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SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer for the
current cycle -- only applicable for
Scheduled/Scheduled Loans.
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SCHED_NET_INT The scheduled gross interest amount 2 No commas(,) or dollar signs ($) 11
less the service fee amount for the
current cycle as reported by the
Servicer --only applicable for
Scheduled/Scheduled Loans.
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ACTL_PRIN_AMT The actual principal amount collected 2 No commas(,) or dollar signs ($) 11
by the Servicer for the current
reporting cycle -- only applicable
for Actual/Actual Loans.
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ACTL_NET_INT The actual gross interest amount less 2 No commas(,) or dollar signs ($) 11
the service fee amount for the
current reporting cycle as reported
by the Servicer -- only applicable
for Actual/Actual Loans.
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PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs ($) 11
borrower prepays on his loan as
reported by the Servicer.
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PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the 2 No commas(,) or dollar signs ($) 11
loan waived by the servicer.
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MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
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MOD_TYPE The Modification Type. Varchar - value can be alpha or 30
numeric
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Column Name Description Decimal Format Comment Max
Size
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DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs ($) 11
interest advances made by Servicer.
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EXHIBIT 3
Standard File Layout - Delinquency Reporting
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Column/Header Name Description Decimal Format Comment
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SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer.
This may be different than the LOAN_NBR
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LOAN_NBR A unique identifier assigned to
each loan by the originator.
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CLIENT_NBR Servicer Client Number
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SERV_INVESTOR_NBR Contains a unique number as
assigned by an external servicer
to identify a group of loans in
their system.
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BORROWER_FIRST_NAME First Name of the Borrower.
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BORROWER_LAST_NAME Last name of the borrower.
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PROP_ADDRESS Street Name and Number of Property
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PROP_STATE The state where the property located.
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PROP_ZIP Zip code where the property is located.
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BORR_NEXT_PAY_DUE_DATE The date that the borrower's MM/DD/YYYY
next payment is due to
the servicer at the
end of processing cycle, as
reported by Servicer.
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LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
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BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
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BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
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BANKRUPTCY_CASE_NBR The case number assigned by the court to the
bankruptcy filing.
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POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been MM/DD/YYYY
approved by the courts
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BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either MM/DD/YYYY
by Dismissal, Discharged and/or a Motion For Relief
Was Granted.
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LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The MM/DD/YYYY
Servicer
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LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such
As;
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LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To MM/DD/YYYY
End/Close
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LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
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FRCLSR_APPROVED_DATE The date DA Admin sends a letter MM/DD/YYYY
to the servicer with
instructions to begin
foreclosure proceedings.
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ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue MM/DD/YYYY
Foreclosure
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FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a MM/DD/YYYY
Foreclosure Action
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FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to MM/DD/YYYY
occur.
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FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
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FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,)
or dollar
signs ($)
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EVICTION_START_DATE The date the servicer initiates eviction of the MM/DD/YYYY
borrower.
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EVICTION_COMPLETED_DATE The date the court revokes legal MM/DD/YYYY
possession of the
property from the borrower.
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LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
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LIST_DATE The date an REO property is listed at a particular MM/DD/YYYY
price.
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OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
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OFFER_DATE_TIME The date an offer is received by DA Admin or by the MM/DD/YYYY
Servicer.
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REO_CLOSING_DATE The date the REO sale of the property is scheduled to MM/DD/YYYY
close.
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REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
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OCCUPANT_CODE Classification of how the property is occupied.
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(C) Copyright Xxxxx Fargo Bank, Corporate Trust Services
Contact us with Reporting Questions: XXXXxxxxxxXXX@XxxxxXxxxx.xxx
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PROP_CONDITION_CODE A code that indicates the condition of the property.
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PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
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APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
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CURR_PROP_VAL The current "as is" value of the 2
property based on brokers
price opinion or appraisal.
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REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
completed pursuant to a broker's price opinion or
appraisal.
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If applicable:
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DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
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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.
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MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
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MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
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MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
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MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
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POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
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POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
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POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The MM/DD/YYYY
Pool Insurer
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POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
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FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
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FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,)
or dollar
signs ($)
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FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
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FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,)
or dollar
signs ($)
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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 ($)
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FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
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FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
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VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
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VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
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VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,)
or dollar
signs ($)
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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
Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Reason Code field should show the Reason for Delinquency
as follows:
------------------------------------------------------------------------
Delinquency Code Delinquency Description
------------------------------------------------------------------------
001 FNMA-Death of principal mortgagor
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002 FNMA-Illness of principal mortgagor
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003 FNMA-Illness of mortgagor's family member
------------------------------------------------------------------------
004 FNMA-Death of mortgagor's family member
------------------------------------------------------------------------
005 FNMA-Marital difficulties
------------------------------------------------------------------------
006 FNMA-Curtailment of income
------------------------------------------------------------------------
007 FNMA-Excessive Obligation
------------------------------------------------------------------------
008 FNMA-Abandonment of property
------------------------------------------------------------------------
009 FNMA-Distant employee transfer
------------------------------------------------------------------------
011 FNMA-Property problem
------------------------------------------------------------------------
012 FNMA-Inability to sell property
------------------------------------------------------------------------
013 FNMA-Inability to rent property
------------------------------------------------------------------------
014 FNMA-Military Service
------------------------------------------------------------------------
015 FNMA-Other
------------------------------------------------------------------------
016 FNMA-Unemployment
------------------------------------------------------------------------
017 FNMA-Business failure
------------------------------------------------------------------------
019 FNMA-Casualty loss
------------------------------------------------------------------------
022 FNMA-Energy environment costs
------------------------------------------------------------------------
023 FNMA-Servicing problems
------------------------------------------------------------------------
026 FNMA-Payment adjustment
------------------------------------------------------------------------
027 FNMA-Payment dispute
------------------------------------------------------------------------
029 FNMA-Transfer of ownership pending
------------------------------------------------------------------------
030 FNMA-Fraud
------------------------------------------------------------------------
031 FNMA-Unable to contact borrower
------------------------------------------------------------------------
INC FNMA-Incarceration
------------------------------------------------------------------------
Page 1 of 26
Please be advised that failure to comply with ANY or all of the guidelines
entailed herein may result in issuance of late reporting fees.
(C) Copyright Xxxxx Fargo Bank, Corporate Trust Services
Contact us with Reporting Questions: XXXXxxxxxxXXX@XxxxxXxxxx.xxx
Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Status Code field should show the Status of Default as
follows:
------------------------------------------------------------------------------
Status Code Status Description
------------------------------------------------------------------------------
09 Forbearance
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17 Pre-foreclosure Sale Closing Plan Accepted
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24 Government Seizure
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26 Refinance
------------------------------------------------------------------------------
27 Assumption
------------------------------------------------------------------------------
28 Modification
------------------------------------------------------------------------------
29 Charge-Off
------------------------------------------------------------------------------
30 Third Party Sale
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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
------------------------------------------------------------------------------
EXHIBIT 4
FORM 332 REALIZED LOSS REPORT
XXXXX FARGO BANK, N.A.
Purpose
To provide the Servicer with a form for the calculation of any Realized
Loss (or gain) as a result of a Mortgage Loan having been foreclosed and
Liquidated.
Distribution
The Servicer will prepare the form in duplicate and send the original
together with evidence of conveyance of title and appropriate supporting
documentation to the Master Servicer with the Monthly Accounting Reports which
supports the Mortgage Loan's removal from the Mortgage Loan Activity Report.
The Servicer will retain the duplicate for its own records.
Due Date
With respect to any liquidated Mortgage Loan, the form will be submitted
to the Master Servicer no later than the date on which statements are due to
the Master Servicer under Section 4.02 of this Agreement (the "Statement
Date") in the month following receipt of final liquidation proceeds and
supporting documentation relating to such liquidated Mortgage Loan; provided,
that if such Statement Date is not at least 30 days after receipt of final
liquidation proceeds and supporting documentation relating to such liquidated
Mortgage Loan, then the form will be submitted on the first Statement Date
occurring after the 30th day following receipt of final liquidation proceeds
and supporting documentation.
Preparation Instructions
The numbers on the form correspond with the numbers listed below.
1. The actual Unpaid Principal Balance of the Mortgage Loan.
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.
3-7. Complete as necessary. All line entries must be supported by
copies of appropriate statements, vouchers, receipts, canceled
checks, etc., to document the expense. Entries not properly
documented will not be reimbursed to the Servicer.
8. Accrued Servicing Fees based upon the Stated Principal Balance of
the Mortgage Loan as calculated on a monthly basis.
9. The total of lines 1 through 8.
A-1
Exhibit 4: Calculation of Realized Loss/Gain Form 332- Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually and
all credits as separate line items. Claim packages are due on the
remittance report date. Late submissions may result in claims not being
passed until the following month. The Servicer is responsible to remit
all funds pending loss approval and /or resolution of any disputed
items.
The numbers on the 332 form correspond with the numbers listed
below.
Liquidation and Acquisition Expenses:
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
2. The Total Interest Due less the aggregate amount of servicing fee
that would have been earned if all delinquent payments had been
made as agreed. For documentation, an Amortization Schedule from
date of default through liquidation breaking out the net interest
and servicing fees advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal Balance
of the Mortgage Loan as calculated on a monthly basis. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form -
breakdown required showing period of coverage, base tax, interest,
penalty. Advances prior to default require evidence of servicer
efforts to recover advances.
* For escrow advances - complete payment history
(to calculate advances from last positive escrow balance forward)
* Other expenses - copies of corporate advance history showing all
payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the decision and
WFB's approved Servicing Officer certification
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
Credits:
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
instructions and Escrow Agent / Attorney Letter of Proceeds
Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
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 4: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
----------------------- -------------------- ---------------------
Servicer Loan No. Servicer Name Servicer Address
----------------------- -------------------- ---------------------
XXXXX FARGO BANK, N.A. Loan No._____________________________
Borrower's Name: _________________________________________________________
Property Address: _________________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount _____________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $ ______________ (1)
(2) Interest accrued at Net Rate _______________(2)
(3) Accrued Servicing Fees _______________(3)
(4) Attorney's Fees _______________(4)
(5) Taxes (see page 2) _______________(5)
(6) Property Maintenance ______________ (6)
(7) MI/Hazard Insurance Premiums (see page 2) _______________(7)
(8) Utility Expenses _______________(8)
(9) Appraisal/BPO _______________(9)
(10) Property Inspections ______________(10)
(11) FC Costs/Other Legal Expenses ______________(11)
(12) Other (itemize) ______________(12)
Cash for Keys__________________________ ______________(12)
HOA/Condo Fees_______________________ ______________(12)
______________________________________ ______________(12)
Total Expenses $ ______________(13)
Credits:
(14) Escrow Balance $ ______________(14)
(15) HIP Refund _____________ (15)
(16) Rental Receipts _____________ (16)
(17) Hazard Loss Proceeds _____________ (17)
(18) Primary Mortgage Insurance / Gov't Insurance _____________ (18a)
HUD Part A
_____________ (18b)
HUD Part B
(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
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Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
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