EXHIBIT 10.3
UNITED STATES LEAGUE OF SAVINGS INSTITUTIONS 8/85
(Illustrative Agreement)
WHOLE LOAN SALE AND SERVICING AGREEMENT
THIS SALE AND SERVICING AGREEMENT (the "Agreement") is made in the state of
ALABAMA between COLLATERAL MORTGAGE, LTD. (the "Seller") and NEW SOUTH FEDERAL
SAVINGS BANK (the "Buyer") for mutual considerations herein evidenced.
This Agreement governs the sale and transfer by the Seller to the Buyer of
mortgage loans ("loan" or "loans") secured by real estate, all as identified in
"Addendum A" attached to this Agreement, and the servicing and other incidents
thereof. Under this Agreement, from time to time the Seller may offer to sell
and the Buyer may agree to buy additional loans. Each loan sold hereunder shall
be subject to the warranties, representations and agreements made by the Seller
herein. Such warranties and representations are made for the benefit of the
Buyer and its successors and designees.
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ARTICLE I
DEFINITIONS
Section 1.01. "Guaranteed Loan" means a loan that is guaranteed, including
a guarantee to repurchase, in whole or in part, or as to which a commitment to
guarantee has been made under the provisions, as time to time amended, of: (a)
the Servicemen's Readjustment Act of 1944, or Chapter 37 of Xxxxx 00, Xxxxxx
Xxxxxx Code; (b) Section 221 or 222 of the Foreign Assistance Act of 1961; (c)
the Small Business Act; and (d) the Rural Development Act of 1972.
Section 1.02. "Insured Loan" means a loan which is insured, in whole or in
part, or as to which a commitment for any such insurance has been made under the
provisions, as time to time amended, of the National Housing Act of 1934, or the
Servicemen's Readjustment Act of 1944, or Chapter 37 of Title 3B, United States
Code. Such term also means an education loan which is insured by the U.S.
Commissioner of Education under Part B of Title IV of the Higher Education Act
of 1965 ("Higher Education Act") as now or hereafter amended, or which is
insured by a state which has pledged its full faith and credit to such
insurance, or which is insured by a state, or nonprofit private institution or
organization with which the U.S. Commissioner of Education has a guaranty
agreement under Subsection (c) of Section 428 of the Higher Education Act.
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Section 1.03. "Insured Institution" includes a federal savings and loan
association, a savings bank, a building and loan, savings and loan, or homestead
association, or a cooperative bank, whose accounts are insured by the Federal
Savings and Loans Insurance Corporation ("FSLIC"), and a state or national bank
or a savings bank whose accounts are insured by the Federal Deposit Insurance
Corporation ("FDIC").
Section 1.04. "Loan" and "Loans" include mortgage loans, and security
deeds, trust deeds, and deeds of trust relating to mortgage loans.
Section 1.05. "Loans Debtor" and "Loan Debtors" mean mortgagors, trustors
of trust deeds and deeds of trust, and the grantors of any security deeds
relating to mortgage loans.
Section 1.06. "Servicer" means the Seller, or the person or firm
designated by Seller to be responsible for doing the actual servicing and
administration of the loans sold under this Agreement.
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ARTICLE II
GENERAL WARRANTIES AND REPRESENTATIONS
Section 2.01. Seller's Ownership of Loans Sold and Compliance with
Applicable Law. (a) Seller's Ownership. The Seller hereby represents and
warrants that it is the sole owner of each loan to be sold under this Agreement
and has the authority to sell, transfer, and assign such loans on the terms
herein set forth; and there has been no assignment, sale or hypothecation
thereof by Seller, except the usual hypothecation of the papers in connection
with Seller's normal banking transactions in the conduct of its business.
(b) Compliance with Applicable Law. The Seller further represents and
warrants that as to each loan sold, all appliance federal and state laws, rules
and regulations, as from time to time amended, have been complied with,
including but not by way of limitation: applicable usury limitations, the
applicable laws and regulations governing lending and the FSLIC insurance of
accounts, the Real Estate Settlement Procedures Act, the Equal Credit
Opportunity Act, the Flood Disaster Protection Act, the Trust-in-Landing Act of
1968, the Depositary Institutions Deregulation and Monetary Control Act of 1980,
the Xxxx-St Xxxxxxx Depositary Institutions Act of 1982, and all applicable
regulations issued pursuant thereto; and that all conditions within the control
of Seller and Servicer as to the validity of the applicable insurance or
guaranty as required by the National Housing Act of 1934, as
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amended, and the rules and regulations thereunder, or as required by the
Servicemen's Readjustment Act of 1944, and the rules and regulations thereunder,
or by the mortgage insurance companies or other insurers, have been properly
satisfied, and said insurance or guaranty is valid and enforceable.
Section 2.02. Seller's Duties. (a) Perfection of Title, and Insurance
Maintenance. Seller agrees to do all acts necessary to perfect title to the
loans sold under this Agreement in Buyer; and to be responsible at no expense to
Buyer for seeing to it that at all times while this Agreement is in force,
policies of fidelity, fire, and extended coverage, theft, forgery, and errors
and omissions insurance are maintained, and shall furnish proof of such
insurance coverage upon demand by Buyer. Such policies shall be in reasonable
amounts satisfactory from time to time to Buyer and with acceptable standard
coverages indemnifying Buyer against loss satisfactory to Buyer; each hazard
insurance policy shall comply with the specifications as set forth in this
Agreement.
(b) Deliver of Documentation. Seller shall sell, assign, and deliver to
Buyer with respect to the purchase of each loan sold the following documents,
all subject to the approval of Buyer and its legal counsel as to proper form and
execution:
(1) Mortgage note properly endorsed by Seller in accordance with
applicable law and regulations, and if an FHA, or a private mortgage insurance
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company-insured mortgage, duly endorsed by the Federal Housing Commissioner or
the private mortgage insurance company, and if a VA mortgage, accompanied by
the Loan Guaranty Certificate;
(2) Mortgage, accompanied by those documents and instruments necessary to
record the perfect ownership thereof in Buyer, including separate assignments of
rents, if any;
(3) One or more written appraisal reports, prepared in conformity with
[Federal Home Loan Bank Board Memorandum R 41c] and signed, prior to the
approval of the loan debtor's application, by a person or persons duly appointed
and qualified as appraiser or appraisers by the Seller's board of directors and
who has no interest, direct or indirect, in the security property or any loan on
the security thereof and who does not receive compensation which is affected by
the approval or declining of the loan. Such appraisal shall disclose the market
value of the security offered by the loan debtor and contain sufficient
information and data concerning the appraised security property to substantiate
its market value. In the case of an insured loan or a guaranteed loan, a
certification of the valuation assigned to the real estate security by the
appraiser accepted by the insuring or guaranteeing agency and furnished to the
Seller by such agency;
(4) Mortgage title insurance policy, exceptions subject to approval of
Buyer's legal counsel, and proper assignment thereof, if required, in the event
a mortgage assignment is being placed on record;
(5) Survey of premises identifying the security property by address and
legal description, this being required only if the title policy contains an
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exception as to boundary and building line restrictions or as to anything else
that may be determined by a survey of the premises;
(6) If an FHA mortgage application, the commitment, amortization schedule,
notice of transfer and all required documents of a similar nature; if a VA
mortgage, all such required documents of a similar nature;
(7) Hazard insurance policies meeting the specifications as contained in
this Agreement;
(8) Statement showing unpaid principal balance on loan, amount of periodic
installments and date to which interest is paid;
(9) Certified copy of the Seller's resolution authorizing sale of the
loan;
(10) On a loan secured by a junior lien, documentation sufficient to
indicate that the total liens on the security property do not exceed applicable
loan-to-value ratio requirements;
(11) Records as required by the applicable FSLIC insurance regulations;
(12) Appropriate evidence indicating that the loan debtor has received the
disclosure materials as required by applicable law and regulations; and
(13) Seller-attorney's mortgage lien opinion, or paid-up title insurance
policy issued by a Seller and Servicer-approved title company in an amount at
least equal to the outstanding principal balance of the loan, or other
documentary evidence customarily used in the jurisdiction in which the security
property is located, affirming the quality and validity of Seller's lien
securing the loan, provided however certain documentary evidence that is not
required by applicable law, rules and regulations is excepted from the above
requirement.
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(c) Reinspection of Security Property. Seller shall require Servicer to
reinspect the Security property on any loan sold hereunder which becomes sixty
(60) or more days delinquent.
Section 2.03. Other Warranties and Representations. (a) Warranties as to
Each Loan Sold. Seller represents and warrants as to each loan offered for sale
under this Agreement that:
(1) The applicable loan documents have been duly executed by the loan
debtor, acknowledged and recorded; and the loan is valid and complies with all
applicable lending laws and regulations;
(2) The loan debtor has duly executed appropriate evidence indicating that
the loan debtor has received the disclosure materials as required by applicable
law and regulations;
(3) The full original principal amount of the loan has been advanced to
the loan debtor, either by direct payment, or by payment made on the loan
debtor's request or approval; the unpaid principal balance is as stated; all
costs, fees and expenses incurred in making, closing and recording the loan have
been paid; no part of the security property has been released from the lien of
the loan; the terms of the loan have in no way been changed or modified; and the
loan is current and not in default;
(4) Each loan which Seller represents to be insured by a private mortgage
insurance company, or to be insured or guaranteed as defined in ARTICLE I of
this Agreement, is so insured or guaranteed;
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(5) There is in force a paid-up title insurance policy on the loan or
other documentary evidence affirming the quality and validity of Seller's lien
securing the loan, meeting the specifications of ARTICLE II, Section 2.02(b)(13)
of this Agreement;
(6) The assignment, if any, of the loan from the Seller to Buyer is valid
and sufficient;
(7) All documents submitted are genuine, and all other representations as
to each loan sold are true and correct and meet the requirements and
specifications of all parts of this Agreement; and
(8) There is in force such flood insurance policy as is required under the
Flood Disaster Protection Act of 1973, as amended, and implementing and other
regulations; and
(9) The improvements on the premises securing each loan are kept insured
by hazard insurance policies issued by a company acceptable to Buyer: (1) in an
amount at least equal to the outstanding principal of the loan, or the full
insurable value of the improvements, whichever is less, (ii) of a type
substantially in the form of and at least as protective as the fire and extended
coverage contained in the "New York" loss mortgage clause (also known as
"standard" or "union" loss mortgage clause) which provides that the Seller's
hazard insurance is not invalidated by acts of the loan debtor, and (iii)
containing suitable provisions for payment on all present and future loans on
the security property in order of precedence.
(b) Without Recourse Statement. Seller further represents and warrants
that there is in its possession a signed opinion by its attorney seating whether
the terms of this Agreement provide a sale without recourse.
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ARTICLE III
ADMINISTRATION AND SERVICING OF THE LOAN
Section 3.01. Identification of Servicer. The Servicer of the loan or
loans sold pursuant to this Agreement is COLLATERAL MORTGAGE, LTD. Seller agrees
that Servicer will not be changed without Buyer's consent, and in the event of
any such change, Seller's warranties herein as to the servicing of loans shall
continue in effect.
Section 3.02. Servicer's and Loan Debtor's Compliance with Law. The Seller
hereby represents and warrants that Servicer will comply with, and that Servicer
will use its best efforts to cause each loan debtor to comply with, all
applicable state and federal laws, rules and regulations, or requirements of the
private mortgage insurance companies, including those requiring the giving of
notices. Where applicable, Seller warrants that Servicer will comply with: (a)
the National Housing Act of 1934, as from time to time amended, or with the
Servicemen's Readjustment Act of 1944, as amended, and with all applicable rules
and regulations issued thereunder, and (b) the requirements of private mortgage
insurance companies, including the giving of all notices and the submitting of
all claims required to be given or submitted to the Federal Housing
Administration, the Veterans Administration, or to the private mortgage
insurance company to the end that the full benefit of either the Federal Housing
Administration insurance, the guaranty of the United
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States of America, or the private mortgage insurance will inure to Buyer. Seller
warrants that Servicer will forward copies of all such notices or claims to
Buyer if requested by Buyer.
Section 3.03. Collection, Remittance and Accounting Warranties. Until the
principal and interest of each loan sold hereunder is paid in full, Seller
warrants that Servicer shall:
(a) Proceed diligently to collect all payments due under the terms of each
loan as they become due;
(b) Keep a complete, accurate and separate account of and properly apply
all sums collected by it from the loan debtor on account of each loan sold
hereunder for: principal and interest, taxes, assessments and other public
charges, hazard insurance premiums and FHA insurance or mortgage insurance
premiums. Upon request, furnish Buyer with evidence acceptable to Buyer of all
expenditures for taxes, assessments and other public charges, hazard insurance
premiums and FHA insurance or mortgage insurance premiums;
(c) Deposit all funds received in behalf of the loans sold under this
Agreement in a segregated trust or custodial demand deposit account in an
insured institution designated by Buyer. Such account shall be held by the
Servicer as trustee or custodian which shall maintain detailed records to show
the respective interests of each individual loan debtor in the account. Each
such account shall be established and maintained in a manner which complies with
the applicable rules and regulations of the FDIC or FSLIC;
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(d) From the funds so deposited: (1) pay promptly to the proper parties
when and if due FHA insurance premiums, mortgage insurance premiums, taxes,
special assessments, ground rents, and premiums on hazard insurance policies,
and (2) on or before the 10th of each month deliver to Buyer all amounts of
principal and interest collected under the loan and in the event that such
collected funds are not received by Buyer on such date, Seller shall be subject
to a late charge of 4% of the amount of such collected funds not received and
such charge shall be payable on demand by Buyer; and
(e) Submit to Buyer at least annually an accounting of the balances in
each trust or custodial account, together with a certificate that all
disbursements were made for proper purposes, and that all payments required to
be made hereunder have been made, with exceptions, if any.
Section 3.04. Loan and Other Prepayments. Seller warrants that Servicer
will not accept any prepayment of mortgage principal on any loan sold hereunder
except as authorized by applicable law and regulations, and provided by the
terms of the applicable mortgage instrument. In the event that a total
prepayment is made on any loan sold hereunder, the Seller warrants that Servicer
will segregate and deliver within 10 working days thereof to Buyer the amount of
principal prepaid and collected,and the maximum amount of prepayment penalty
authorized and collected under the terms of the applicable mortgage instrument
and in accordance with applicable law, rules and regulations as from time to
time amended. If Buyer does not receive within the period specified above such
collected prepayment and any prepayment
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penalty, Seller shall be subject to a late charge of 1% of such prepayment and
any prepayment penalty not received; and such late charge shall be payable on
demand by Buyer. Funds received on the account of the loan debtor for the
purpose of paying taxes, assessments, insurance premiums, or other similar
purpose will be retained and disbursed by the Servicer.
Section 3.05. Loan Debtor's Failure to Perform. Seller warrants that in the
event any loan debtor fails to make a payment to said Servicer required to be
made under the terms of the applicable loan that Servicer will notify Buyer of
such fact within thirty (30) days after the payment shall have become due and
payable; and Servicer will use due diligence to ascertain, and forthwith will
notify Buyer of the failure of any loan debtor to perform any other obligation
under the applicable loan, and also of any of the following which might come to
the attention of the Servicer:
(a) The vacating of or any change in the occupancy of any premises
securing a loan sold under this Agreement;
(b) The sale or transfer of any such premises;
(c) The death, bankruptcy, insolvency or other disability of any loan
debtor which might impair ability to repay the loan;
(d) Any loss or damage to any such premises, in which event, in addition
to notifying Buyer, Seller shall see to it that the insurance companies
concerned are promptly notified by Servicer; and
(e) Any lack of repair or any other deterioration or waste suffered or
committed in respect to the premises securing the loan.
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It is understood, however, that no notice need be given to the Buyer of any
facts other than those of which Seller or Servicer shall have actual notice, and
those of which Servicer would, except for its negligence, have had notice.
Section 3.06. Foreclosure or Other Acquisition of Security Property. Seller
warrants that Servicer will upon the request and under the direction of Buyer
assist in: (a) the foreclosure or other acquisition of the property securing a
loan sold hereunder, (b) the transfer of such property to the FHA or VA where
appropriate, and (c) the collection of any applicable mortgage insurance; and
pending completion of these steps, protect such property from waste and
vandalism. At the option of Buyer, Buyer may assign such mortgage to the
Servicer which will then conduct all such proceedings in its own name, promptly
thereafter assigning or conveying to the Buyer any title, equity, or other
property or right acquired by such proceedings. Seller warrants that Servicer
will have title to the property conveyed in the name designated by Buyer. Buyer
agrees to reimburse Servicer for its reasonable out-of-pocket expenses so
incurred under this section, including attorney's fees. In the case of voluntary
deed in lieu of foreclosure, and purchase by Buyer, or for its account. Seller
warrants that Servicer will protect the security property while so owned. Seller
warrants that Servicer will manage, operate, improve, rent and sell such real
estate. All these operations shall be on terms and as determined and directed by
Buyer from time to time. Upon the sale of such security property, on terms as
specified by Buyer, if payments are deferred
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and payable under a loan contract. Seller warrants that Servicer will service
such loan until completely liquidated, upon the terms provided for the
servicing of loans herein.
Section 3.07. Custody of Insurance Policies. Seller warrants that Servicer
shall hold for Buyer's account such insurance policies and renewals, as required
by this Agreement, and if directed by Buyer, to deliver such policies to Buyer.
Section 3.08. Servicer's Furnishing of Financial Condition Statement. Upon
Buyer's request, Seller warrants that Servicer shall furnish a detailed
statement of its financial condition, and shall give to the Buyer or its
authorized representative an opportunity at any time during normal business
hours to examine Servicer's books and records. Seller warrants that Servicer
shall cause a certified public accountant employed by it to provide Buyer, not
later than ninety (90) days after the close of Servicer's fiscal year, with a
certified statement of Servicer's financial condition as of the close of its
fiscal year.
Section 3.09. Records Maintenance. Seller warrants that Servicer will keep
records satisfactory to Buyer pertaining to each loan sold hereunder, and
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such records shall be the property of Buyer and upon termination of this
Agreement shall be delivered to Buyer.
Section 3.10. Other Servicer Duties. Until the principal and interest of
each loan sold hereunder is paid in full, Seller warrants that Servicer shall
perform such other customary duties, furnish such reports and execute such other
documents in connection with its duties hereunder as Buyer from time to time
reasonably may require.
Section 3.11. Servicer's Fees. Servicer shall retain as full compensation
for all services performed hereunder the earned portion of the servicing fee as
agree to by Buyer in the applicable commitment to purchase a specific loan or a
block of loans. The Servicer also shall retain any late charges collected from
the loan debtor pursuant to the terms of the loan, or any other HUD or VA
allowable fees. Generally, such compensation shall be earned, computed and
payable as of the time interest in each individual loan is paid to Buyer,
except that compensation represented by late charges, if any, shall be earned
and computed only upon loans on which payment of interest actually occurs. No
additional compensation shall be payable to Servicer provided that: (a) in the
event of the termination of this Agreement pursuant to ARTICLE V, Section
5.01(d) of this Agreement, Servicer may receive such additional compensation as
is evidenced by cash commitment to purchase made by the Buyer; (b) the
compensation of Servicer for work done under ARTICLE III.
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Section 3.06 of this Agreement shall be the customary compensation in its market
for such services; and (c) in the event Buyer sells all or any part of its
interest in the loans covered by this Agreement to a third party or parties,
including the sale of participation ownership interests therein (whether such
resales are by Buyer or Buyer's successors or assignees), then an additional
service fee of 1/12 of 1/10 of 1% per month shall be payable by each such
subsequent buyer thereof, and such fee shall be deducted from each monthly
remittance to each such subsequent buyer.
Section 3.12. Other Warranties and representations. Seller warrants their
Servicer will not waive, modify, release or consent to postponement on the part
of the loan debtor of any term or provision of the loan contract without the
written consent of Buyer.
ARTICLE IV
SALE OF LOAN OR PARTICIPATION INTERESTS TO THIRD PARTIES
In the event Buyer sells all or any part of its interests in loans covered
by this Agreement to a third party or parties, including the sale of
participation ownership interests therein, such third parties shall succeed to
all of the rights of Buyer hereunder for the portion purchased and this
Agreement shall remain in full force and effect. In such event, Seller
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warrants that Servicer will remit all principal and interest installments
collected under the loans directly to such third party or parties by or before
the 10th of each month, after deduction of the service fee as provided in this
Agreement. The obligation to make direct remittances and to execute and deliver
all appropriate notices required by this Agreement to such third party or
parties shall arise upon thirty-days' (30) written notice of such assignment
delivered by such subsequent buyers to Servicer.
ARTICLE V
TERMINATION OF THIS AGREEMENT
Section 5.01. Loans Being Serviced. The Buyer may, by delivering notice
to Seller, terminate this Agreement as to loans being serviced if:
(a) Seller, in the sole opinion of the Buyer, fails to perform its
obligations hereunder;
(b) Seller or Servicer becomes insolvent or bankrupt or is placed under
conservatorship or receivership;
(c) Seller assigns or attempts to assign its rights and obligations
hereunder, without written consent of Buyer; and
(d) In any event and without cause, upon delivering thirty-days' (30)
written notice and payment to Seller of a sum equal to 1% of the aggregate
principal amounts then outstanding of all the loans subject to this Agreement.
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Section 5.02. Future Acceptance of Loans. This Agreement may be
terminated as to the future acceptance of loans by either party at any time upon
delivering thirty-days' (30) written notice of termination to the other party,
but such termination shall not in any respect change or modify the obligation of
Seller with respect to the servicing of loans already accepted, and Seller shall
continue to be responsible for the servicing of such loans unless Buyer shall
set to terminate this Agreement in accordance with the provisions contained
herein.
Section 5.03. Seller's Duties. Upon termination of this Agreement, Seller
warrants that Servicer will account for and turn over to Buyer all funds
collected under each loan sold hereunder, less only the compensation then due
Servicer, and deliver to Buyer all records and documents that it may have in its
possession relating to each such loan.
ARTICLE VI
MISCELLANEOUS PROVISIONS
Section 6.01. Repurchase of Loans. Seller, upon Buyer's request, agrees
to repurchase any loan covered by this Agreement within 18 months after date of
Buyer's remittance if any misstatement of material fact, intentional or
otherwise, is disclosed by actual inspection by Buyer or its representative, or
otherwise, for an amount equal to such loan's then unpaid
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principal, plus accrued interest and costs incurred by Buyer for action taken,
but this provision shall not apply to FHA-insured or VA-guaranteed mortgages.
This provision shall also not apply to private mortgage insurance
company-insured loans, unless any claim hereunder is denied by the insurance
company because of any such misstatement of material fact. In the case of
insured or guaranteed loan, if the FHA insurance, the VA guaranty, or the
insurance of a private mortgage insurance company with respect to any of the
loans sold hereunder lapses as a result of Seller's or Servicer's act or
omission, Seller upon Buyer's request shall promptly repurchase such loans. Such
repurchase shall be for an amount equal to such loan's then unpaid principal,
plus accrued interest and costs incurred by Buyer for action taken.
Section 6.02. "Doing Business" Registration and Fees. On the request of
Buyer, Seller shall arrange for appropriate registration and payment of any fee
which might be required under the laws of the state where the security property
its located, in connection with doing business by Buyer in such state. Seller's
cost is to be reimbursed by Buyer upon submission of a statement.
Section 6.03. Appointment of Trustee. It is agreed by Buyer and Seller that
the appointment of any trustees under any trust deeds or deeds of trust shall be
subject to the approval of Buyer.
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Section 6.04. Effect of ARTICLE and Section Headings. The ARTICLE and
Section headings herein are for convenience only and shall not affect the
construction of this Agreement.
Section 6.05. Document Contains Entire Agreement. This document contains
the entire agreement between the parties hereto and cannot be modified in any
respect except by an agreement in writing. The invalidity of any portion of this
Agreement shall in no way affect the balance thereof. This Agreement shall
remain in effect until Buyer's interests in all of the loans sold hereunder,
including the underlying security, are liquidated completely.
Section 6.06. (See back)
IN WITNESS HEREOF, each party has caused its corporate seal to be affixed hereto
and this instrument to be signed in its corporate name on its behalf by its
proper officials duly authorized.
This 31st day of December, 1986.
COLLATERAL MORTGAGE, LTD., SELLER
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BY Xxxxxxx Xxxx
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VICE PRESIDENT
/s/ Xxxxxxx Xxxxx
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SECRETARY
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XXX XXXXX XXXXXXX SAVINGS BANK, BUYER
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BY Xxxxxxx Xxxxxxx
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EXECUTIVE VICE PRESIDENT
Xxxxxx X. Xxxxx
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ASSISTANT SECRETARY
Section 6.06. Loans Previously Serviced by Collateral Investment Company It
is hereby acknowledged and accepted that the servicing of all whole loans
previously serviced by Collateral Investment Company for the benefit of New
South Federal Savings Bank is hereby transferred to Collateral Mortgage, Ltd.
and the servicing of those loans by Collateral Mortgage, Ltd. for New South
Federal Savings Bank shall be performed under the terms of this Agreement. The
servicing fee on said loans shall be a rate of 3/8's of 1% per annum payable in
accordance with Section 3.11.
(Illustrative Loan Identification Schedule)
ADDENDUM A Page _______of ________ Pages
LOAN IDENTIFICATION SCHEDULE
Name of Seller _______________________ Date of Schedule __________
Name of Mortgagee, Total Number of
if not Seller _______________________ Loans on All Pages _______
Name of Servicer,
if not Seller _______________________
Type of Loans: [_] Adjustable 1st Mortgage Indicate, if applicable:
[_] Adjustable Junior Mortgage [_] FHA
[_] Fixed-Rate 1st Mortgage [_] VA
[_] Fixed-Rate Junior Mortgage [_] Private Insurance
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Seller's Date of Date of Mortgage Recordation Servicing
Loan No. Name of Loan Debtor Mortgage Recordation Document No. Fee Basis
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