Exhibit 99.3
RECONSTITUTED SERVICING AGREEMENT
Luminent Mortgage Trust 2006-7
This Reconstituted Servicing Agreement, dated as of December 27, 2006 (this
"Agreement"), is by and among AMERICAN HOME MORTGAGE SERVICING, INC. ("American
Home" or the "Servicer"), XXXXX ASSET SECURITIZATION, INC. ("Xxxxx" or the
"Depositor"), MAIA MORTGAGE FINANCE STATUTORY TRUST ("Maia" or the "Seller") and
XXXXX FARGO BANK, N.A., as master servicer (in such capacity, the "Master
Servicer") and securities administrator (in such capacity, the "Securities
Administrator"), and is acknowledged by HSBC BANK USA, NATIONAL ASSOCIATION, as
trustee (the "Trustee").
RECITALS
WHEREAS, the Seller has conveyed the mortgage loans listed on Exhibit Two
hereto (the "Serviced Loans") to the Depositor, and the Depositor in turn has
conveyed the Serviced Loans to the Trustee, all pursuant to a pooling agreement,
dated as of December 1, 2006 (the "Pooling Agreement"), among the Seller, the
Depositor, the Master Servicer, the Securities Administrator and the Trustee;
WHEREAS, the Serviced Loans are currently being serviced by the Servicer
for the Seller pursuant to a Servicing Agreement, dated as of November 1, 2006
(the "Servicing Agreement"), between Barclays Bank PLC as Purchaser and the
Servicer as servicer, a copy of which is annexed hereto as Exhibit Three;
WHEREAS, the Seller desires that the Servicer continue to service the
Serviced Loans and the Servicer has agreed to do so, subject to the rights of
the Master Servicer to terminate the rights and obligations of the Servicer
hereunder as set forth herein and to the other conditions set forth herein;
WHEREAS, Section 8.04 of the Servicing Agreement ("Assignment by
Purchaser") provides that, subject to certain conditions set forth therein, the
Purchaser may assign the Servicing Agreement with respect to some or all of the
Mortgage Loans, and without limiting the foregoing, the Servicer has agreed in
Section 12.12 of the Servicing Agreement ("Cooperation of Servicer with a
Reconstitution") to enter into additional documents, instruments or agreements
as may be reasonably necessary in form and substance reasonably acceptable to
the Servicer in connection with any Whole Loan Transfers or Securitization
Transactions contemplated by the Purchaser pursuant to the Servicing Agreement;
WHEREAS, the Seller and Servicer agree that (a) the transfer of the
Serviced Loans from the Seller to the Depositor and from the Depositor to the
Trustee pursuant to the Pooling Agreement constitutes a Securitization
Transaction and (b) this Agreement shall constitute a Reconstitution Agreement
(as defined in the Servicing Agreement) in connection with such Securitization
Transaction that shall govern the Serviced Loans for so long as such Serviced
Loans remain subject to the provisions of the Pooling Agreement;
WHEREAS, the Master Servicer and any successor master servicer shall be
obligated, among other things, to supervise the servicing of the Serviced Loans
on behalf of the Trustee and the Trust Fund, and shall have the right to
terminate the rights and obligations of the Servicer upon the occurrence and
continuance of an Event of Default under the Servicing Agreement;
NOW, THEREFORE, in consideration of the mutual promises contained herein,
the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Capitalized terms used and not defined in this Agreement (including Exhibit
One hereto) shall have the meanings ascribed to them in the Servicing Agreement.
ARTICLE II
SERVICING
The Servicer agrees, with respect to the servicing of the Serviced Loans,
to perform and observe the duties, responsibilities and obligations that are to
be performed and observed by the Servicer under the provisions of the Servicing
Agreement, except as otherwise provided herein and on Exhibit One hereto, and
that the provisions of the Servicing Agreement (including any provisions therein
modified by this Agreement), are and shall be a part of this Agreement to the
same extent as if set forth herein in full.
ARTICLE III
TRUST CUT-OFF DATE
The parties hereto acknowledge that by operation of Section 3.01 to the
Servicing Agreement ("Remittances"), the remittance on January 18, 2007 to be
made to the Luminent Mortgage Trust 2006-7 Trust Fund (the "Trust Fund") is to
include all principal collections due after December 1, 2006 (the "Trust Cut-off
Date") and before January 1, 2007, plus interest thereon at the weighted average
Mortgage Interest Rate collected during the Due Period immediately preceding
January 18, 2007, but exclusive of any portion thereof allocable to a period
prior to the Trust Cut-off Date, and taking into account the adjustments
specified in the first paragraph of Section 3.01 to the Servicing Agreement (as
modified by this Agreement).
ARTICLE IV
SERVICING FEE
The Servicing Fee rate for the Serviced Loans shall be equal to 0.375% per
annum (the "Servicing Fee Rate"). The Servicing Fee shall be payable monthly
from the interest portion of the related Monthly Payment collected by the
Servicer.
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ARTICLE V
RECOGNITION OF THE MASTER SERVICER AND THE TRUST FUND
(a) From and after the date hereof, the Servicer, and any successor
servicer hereunder, shall be subject to the supervision of the Master Servicer,
which Master Servicer shall be obligated to enforce the Servicer's obligation to
service the Serviced Loans in accordance with the provisions of this Agreement.
The Servicer shall recognize the Trust Fund as the owner of the Serviced Loans,
and the Servicer will service the Serviced Loans for the Trust Fund as if the
Trust Fund and the Servicer had entered into a separate servicing agreement for
the servicing of the Serviced Loans in the form of this Agreement. The Master
Servicer and the Trustee shall have the same rights (but not the obligations,
except to the extent expressly set forth in the Pooling Agreement) as the
Purchaser under the Servicing Agreement to enforce the obligations of the
Servicer, including, without limitation, in the case of the Trustee, the
enforcement of remedies with respect to representations and warranties made by
the Servicer in the Servicing Agreement, and shall, in the case of the Master
Servicer, be entitled to enforce all of the obligations of the Servicer
thereunder insofar as they relate to the Serviced Loans. The Servicer shall look
solely to the Trust Fund for performance of any obligations of the Purchaser
under the Servicing Agreement and the Trust Fund hereby assumes such
obligations. All references to the Purchaser under the Servicing Agreement
insofar as they relate to the Serviced Loans, shall be deemed to refer to the
Trust Fund. The Servicer shall not 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 materially
affect the Serviced Loans or the Servicer's performance under the Servicing
Agreement with respect to the Serviced Loans or which would materially and
adversely affect the interests of the Certificateholders in the Serviced Loans
without the prior written consent of the Trustee and the Master Servicer.
(b) The Master Servicer shall be entitled to terminate the rights and
obligations of the Servicer under this Agreement as provided in Section 11.01
("Events of Default") of the Servicing Agreement. Notwithstanding anything
herein to the contrary, in no event shall the Master Servicer be required to
assume any of the obligations of the Purchaser under the Servicing Agreement;
and in entering into this Agreement, in connection with the performance by the
Master Servicer of any duties it may have hereunder, and in the exercise by the
Master Servicer of its rights, the Depositor, Seller, Master Servicer and
Trustee agree that the Master Servicer shall be entitled to all of the rights,
protections and limitations of liability, immunities and indemnities afforded to
the Master Servicer under the Pooling Agreement. Without limitation of the
foregoing, any provision of the Servicing Agreement requiring the Seller or the
Trust Fund, as Purchaser under the Servicing Agreement, to reimburse the
Servicer for any costs or expenses shall be satisfied by the Servicer's
reimbursement of such costs or expenses from the Custodial Account.
(c) A copy of all assessments, attestations, reports and certifications
required to be delivered by the Servicer under this Agreement and the Servicing
Agreement shall be delivered to the Master Servicer by the date(s) specified
herein or therein, and where such documents are required to be addressed to any
party, such addressees shall include the Master Servicer and the Master Servicer
shall be entitled to rely on such documents.
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ARTICLE VI
WARRANTIES
The Seller and the Servicer mutually warrant and represent that, with
respect to the Serviced Loans, the Servicing Agreement is in full force and
effect as of the date hereof and has not been amended or modified in any way
with respect to the Serviced Loans, except as set forth herein, and no notice of
termination has been given thereunder.
ARTICLE VII
REPRESENTATIONS
The Servicer hereby represents and warrants for the benefit of the
Depositor, the Trustee and the Trust Fund, that the representations and
warranties set forth in Article X ("Representations and Warranties of Servicer")
of the Servicing Agreement are true and correct as of December 27, 2006 (the
"Reconstitution Date"), as if such representations and warranties were made on
such date.
ARTICLE VIII
ASSIGNMENT
The Servicer hereby acknowledges that the rights of the Seller as Purchaser
under the Purchase Agreement and the Servicing Agreement with respect to the
Serviced Loans are hereby assigned to the Depositor, and such rights are being
assigned by the Depositor to the Trustee on behalf of the Trust Fund as of the
Reconstitution Date. In addition, the Trust Fund has made, or intends to make, a
REMIC election. The Servicer hereby consents to such assignment and assumption
and acknowledges the Trust Fund's REMIC election.
ARTICLE IX
FULL RELEASE
The parties hereto acknowledge and agree that in connection with the
foregoing, the Seller is hereby fully released from all obligations to the
Servicer under the Servicing Agreement with respect to the Serviced Loans.
ARTICLE X
NOTICES AND REMITTANCES
(a) All notices, consents, certificates, reports and certifications
(collectively, "Written Information") required to be delivered to the Purchaser
under the Servicing Agreement with respect to the Serviced Loans and under this
Agreement shall be delivered to the Master Servicer at the following address:
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Xxxxx Fargo Bank, N.A.
X.X. Xxx 00
Xxxxxxxx, Xxxxxxxx 00000
Attention: Corporate Trust Group, Luminent 2006-7
(or in the case of overnight deliveries,
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 21045)
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
(b) All amounts required to be remitted or distributed by the Servicer to
the Purchaser under the Servicing Agreement with respect to the Serviced Loans
and under this Agreement shall be on a scheduled/scheduled basis and shall be
made to the following wire account:
Xxxxx Fargo Bank, N.A.
ABA#: 000-000-000
Account Name: SAS CLEARING
Account Number: 0000000000
For further credit to: Luminent 2006-7, Account #00000000
(c) All Written Information required to be delivered to the Trustee under
the Servicing Agreement with respect to the Serviced Loans and under this
Agreement shall be delivered to the Trustee at the following address:
HSBC Bank USA, National Association
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Trustee Luminent Mortgage Trust 2006-7
(d) All Written Information required to be delivered to the Depositor under
the Servicing Agreement with respect to the Serviced Loans and under this
Agreement shall be delivered to the Depositor at the following address:
Xxxxx Asset Securitization, Inc.
000 Xxxxxxxxxx Xx., 00xx Xxxxx
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxxxxxxx Xxxx
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
(e) All demands, notices and communications required to be delivered to the
Servicer under the Servicing Agreement and this Agreement shall be in writing
and shall be deemed to have been duly given if personally delivered at or mailed
by registered mail, postage prepaid, as follows:
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American Home Mortgage Servicing, Inc.
0000 Xxxxxx Xxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Attention: Xxxxx Xxxxxxxx
Fax: (000) 000-0000
with a copy to:
American Home Mortgage Servicing, Inc.
000 Xxxxxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxx 00000
Attention: Xxxx Xxxx, General Counsel
Fax: (000) 000-0000
ARTICLE XI
GOVERNING LAW
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
ARTICLE XII
AMENDMENT
The parties hereto hereby acknowledge and agree that the Servicing
Agreement shall not be amended without the consent of the Seller, in respect of
any amendments that affect the Serviced Loans thereunder.
ARTICLE XIII
COUNTERPARTS
This Agreement may be executed in any number of counterparts, each of which
when so executed shall be deemed to be an original, but all of which
counterparts shall together constitute but one and the same instrument.
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ARTICLE XIV
RECONSTITUTION
The Servicer and the Seller agree that this Agreement is a Reconstitution
Agreement executed in connection with a Securitization Transaction and that
December 27, 2006 is the Reconstitution Date.
ARTICLE XV
LIMITED ROLE OF THE TRUSTEE
The Trustee shall have no obligations or duties under this Agreement except
as expressly set forth herein. No implied duties on the part of the Trustee
shall be read into this Agreement. Nothing herein shall be construed to be an
assumption by the Trustee of any duties or obligations of any party to this
Agreement or the Servicing Agreement, the duties of the Trustee being solely
those set forth in the Pooling Agreement. The Trustee is entering into this
Agreement solely in its capacity as Trustee under the Pooling Agreement and not
individually, and there shall be no recourse against the Trustee in its
individual capacity hereunder or for the payment of any obligations of the Trust
or the Trust Fund.
ARTICLE XVI
THIRD PARTY BENEFICIARY
For purposes of this Agreement, the Master Servicer shall be considered a
third-party beneficiary of this Agreement, entitled to all the rights and
benefits hereof as if it were a direct party to this Agreement.
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IN WITNESS WHEREOF, the Servicer, the Seller, the Depositor, the Master
Servicer, the Securities Administrator and the Trustee have caused their names
to be signed hereto by their respective officers thereunto duly authorized as of
the day and year first above written.
AMERICAN HOME MORTGAGE
SERVICING, INC., as Servicer
By: /s/ Xxxxxxx X. Xxxxx
--------------------
Name: Xxxxxxx X. Xxxxx
Title: Executive Vice President & Chief Financial
Officer
MAIA MORTGAGE FINANCE STATUTORY
TRUST, as Seller
By: /s/ Xxxxxxxxxxx X. Xxxx
-----------------------
Name Xxxxxxxxxxx X. Xxxx
Title: Trustee & President
XXXXX ASSET SECURITIZATION, INC., as
Depositor
By: /s/ X. Xxxxxxxxx Xxxxx
----------------------
Name: X. Xxxxxxxxx Xxxxx
Title: President
XXXXX FARGO BANK, N.A., as Master Servicer
and Securities Administrator
By: /s/ Xxx Xxxxx
-------------
Name: Xxx Xxxxx
Title: Vice President
Agreed to and Acknowledged By:
HSBC BANK USA, NATIONAL ASSOCIATION
not in its individual capacity, but solely as Trustee for
Luminent Mortgage Trust 2006-7 under the Pooling
Agreement
By: /s/ Xxxxx Xxxxx
---------------
Name: Xxxxx Xxxxx
Title: Assistant Vice President
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EXHIBIT ONE
Modifications to the Servicing Agreement
----------------------------------------
The Servicer and Seller hereby amend the Servicing Agreement with respect
to the Serviced Loans as follows:
(a) A new definition of "Business Day" is hereby added to Section 1.01
immediately following the definition of "Best's" to read as follows:
Business Day: Any day other than a Saturday or Sunday, or a day on
which banks and savings and loan institutions in the State of California,
the State of Maryland, the State of Minnesota, the State of New York or the
State of Texas are authorized or obligated by law or executive order to be
closed.
(b) A new definition of "First Remittance Date" is hereby added to Section
1.01 immediately following the definition of "Fidelity Bond" to read as follows:
First Remittance Date: January 18, 2007.
(c) A new definition of "Master Servicer" is hereby added to Section 1.01
immediately following the definition of "Liquidation Proceeds" to read as
follows:
Master Servicer: Xxxxx Fargo Bank, N.A. and its successors and assigns
in its capacity as master servicer.
(d) A new definition of "Monthly Advance" is hereby added to Section 1.01
immediately following the definition of "Liquidation Proceeds" to read as
follows
Monthly Advance: The portion of each Monthly Payment that is delinquent
with respect to each Mortgage Loan at the close of business on the
Determination Date required to be advanced by the Servicer pursuant to
Section 3.03 on the Business Day immediately preceding the Remittance Date
of the related month; provided, for the purpose of clarification, that the
Servicer shall not be required to make a Monthly Advance for any payments
of principal or interest with respect to a reduction in the value of a
Mortgage Note upon the order of a bankruptcy court of competent
jurisdiction.
(e) A new definition of "Nonrecoverable Advance" is hereby added to Section
1.01 immediately following the definition of "Mortgaged Property" to read as
follows:
Nonrecoverable Advance: Any Monthly Advance or Servicing Advance previously
made or proposed to be made in respect of a Mortgage Loan or REO Property
that, in the good faith business judgment of the Servicer, will not or, in
the case of a proposed Monthly Advance or Servicing Advance, would not
ultimately be recoverable from collections on such Mortgage Loan, Monthly
Payments, Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds
or other amounts received with respect to such Mortgage Loan or REO
Property as provided herein.
Exhibit One-1
(f) The reference to "70 Fed. Reg. 1506-1631" in the definition of
Regulation AB in Section 1.01 is hereby amended to read "70 Fed. Reg.
1506-1531".
(g) In respect of the provisions of Article II of this Agreement regarding
the repurchase of Mortgage Loans that are made "pursuant to Section 9 of the
Purchase Agreement", any such repurchase by the Servicer shall not be made "at
the Purchaser's option" (as stated in the Purchase Agreement).
(h) Section 2.04 ("Establishment of and Deposits to Custodial Account") is
hereby amended by deleting the text "Barclays Bank PLC as Purchaser of Mortgage
Loans and various Mortgagors" replacing such text with "Luminent Mortgage Trust
2006-7."
(i) Section 2.05 ("Permitted Withdrawals from Custodial Account") is hereby
amended by adding a new paragraph (iii) as follows, and by renumbering the
subsequent paragraphs in Section 2.05 accordingly:
(i) "(iii) to reimburse itself for unreimbursed Servicing Advances,
the Servicer's right to reimburse itself pursuant to this subclause (iii)
with respect to any Monthly Advance (other than Nonrecoverable Advances)
being limited to amounts received on the related Mortgage Loans which
represent late payments of principal and/or interest respecting which any
such advance was made, it being understood that, in the case of any such
reimbursement, the Servicer's right thereto shall be prior to the rights of
the Purchaser, except that, where the Seller is required to repurchase a
Mortgage Loan pursuant to Article II of this Agreement, the Servicer's
right to such reimbursement shall be subsequent to the payment to the
Purchaser of the repurchase price pursuant to Subsection 9.03 or Subsection
9.04 of the Purchase Agreement and all other amounts required to be paid to
the Purchaser with respect to such Mortgage Loans;"
(j) Section 2.06 ("Establishment of and Deposits to Escrow Accounts") is
hereby amended by deleting the text "Barclays Bank PLC as Purchaser of Mortgage
Loans and various Mortgagors" replacing such text with "Luminent Mortgage Trust
2006-7."
(k) Two new paragraphs are inserted immediately following the second
paragraph of Section 2.08 ("Payment of Taxes, Insurance and Other Charges; Tax
Service Contracts") as follows:
Serviced Loans with an LTV =>75% and =<80% as noted on Exhibit Two of
the Reconstitution Agreement will be covered by the master lender-paid
private mortgage insurance policy issued to the Servicer by Triad Guaranty
Insurance Corporation ("Triad"), effective November 1, 2006 (the "Triad
Policy"). The Servicer shall not take any action that would result in
non-coverage under the Triad Policy which, but for the actions of the
Servicer, would have been covered thereunder. In connection with its
activities as servicer, the Servicer agrees to prepare and present, on
behalf of itself and the Trust Fund, claims to Triad under such policy in a
timely fashion in accordance with the terms of such policy and, in this
regard, to take such action as shall be necessary to permit recovery under
such policy respecting a defaulted serviced loan. Any amounts collected by
the Servicer under such policy shall be deposited in the Custodial Account,
Exhibit One-2
subject to withdrawal pursuant to Section 2.05 (as if such funds related to
a Primary Insurance Policy).
The Servicer shall promptly notify the insurer under the related PMI
Policy, if any, of such assumption or substitution of liability in
accordance with the terms of such PMI Policy and shall take all actions
which may be required by such insurer as a condition to the continuation of
coverage under such PMI Policy.
The first monthly premium remittance under the Triad Policy is due on
December 15, 2006, and subsequent monthly premium remittances are due on
the 15th of each month thereafter. The monthly premium remittances due on
December 15, 2006 and January 15, 2007 shall be paid to Triad by the
Servicer, and the remittance rate for these remittances only shall be
further reduced by the premium for the Triad Policy, which shall be equal
to 1/12th of 0.48% times the aggregate principal balance of the covered
Mortgage Loans.
For the period of coverage under the Triad Policy beginning on January
1, 2007 and continuing thereafter, the Servicer shall assign and transfer
its rights, benefits and privileges under the Triad Policy to the Trust,
and the Master Servicer shall remit the monthly applicable premiums due to
Triad under the Triad Policy for such period pursuant to the Pooling
Agreement.
(l) Section 2.15 ("Title, Management and Disposition of REO Property") is
hereby amended by deleting the fourth paragraph and replacing it with the
following:
The Servicer shall use its best efforts to dispose of the REO Property
as soon as possible and shall sell such REO Property in any event within
three years after title has been taken to such REO Property, unless the
Servicer obtains an extension from the IRS or provides an Opinion of
Counsel that continuing to hold such property will not result in an Adverse
REMIC Effect.
(m) Section 2.17 ("Real Estate Owned Reports") is hereby amended by
deleting "in the form of Exhibit 6 hereto" and replacing such text with "in such
form as may be agreed to by the Servicer and the Purchaser".
(n) With the exception of the final three paragraphs of Section 3.02
("Statements to Purchaser"), Article III ("Payments to Purchaser") is hereby
amended by replacing each reference to " Purchaser" with "Master Servicer".
(o) The final paragraph of Section 3.02 ("Statements to Purchaser"), is
hereby amended by replacing each reference to " Purchaser" with " Purchaser and
Master Servicer".
(p) The second sentence in Section 3.03 ("Advances by Servicer") is hereby
amended by inserting the following text immediately after the "Mortgage Loans":
provided, however, that any such advance obligation under this Section 3.03
shall cease if the Servicer determines, in its sole reasonable opinion, that
advances with respect to such Mortgage Loans are Nonrecoverable Advances, as
evidenced by an Officer's Certificate delivered to the Purchaser and the Master
Servicer by the Servicer.
Exhibit One-3
(q) Section 4.04 ("Annual Statement as to Compliance") is hereby deleted in
its entirety.
(r) Section 4.05 ("Annual Independent Public Accountants' Servicing
Report") is hereby deleted in its entirety.
(s) The first sentence of Section 4.09 ("Subservicing") is hereby deleted
in its entirety.
(t) Article VI ("Termination") is hereby amended by replacing each
reference to "Purchaser" or "Purchasers" with "Master Servicer".
(u) Section 6.05 ("Termination without Cause") is hereby deleted in its
entirety.
(v) Section 8.01 ("Indemnification") is hereby amended as follows:
(i) The reference to the "Purchaser" in the first paragraph is
hereby amended to read "Purchaser and the Master Servicer".
(ii) The reference to Purchase Agreement in the third paragraph is
hereby deleted and replaced with "Servicing Agreement".
(iii) By adding "or any Mortgage Loan" at the end of the fist sentence
of the third paragraph.
(w) Section 8.03 ("Limitation on Resignation and Assignment by Servicer")
is hereby amended by replacing the each reference to "the Purchaser" with "the
Master Servicer".
(x) Section 8.04 ("Assignment by Purchaser") is hereby amended by replacing
the each reference to " the Purchaser" with "the Master Servicer".
(y) Section 8.06 ("Successor to the Servicer") is hereby amended as
follows:
(i) by replacing each reference to the "Purchaser" in the first
paragraph with "the Master Servicer"; and
(ii) by replacing each reference to the "Purchaser" in the second
paragraph with "the Master Servicer and the Trustee.
(z) Section 11.01 ("Events of Default") is hereby amended by replacing each
reference to "the Purchaser" with "the Master Servicer".
(aa) Section 11.02 ("Waiver of Defaults") is hereby amended by replacing
the reference to "the Purchaser" with "the Master Servicer".
(bb) The text of Section 12.03 ("Entire Agreement; Amendment") is hereby
deleted and replaced with the following:
Exhibit One-4
This Agreement may be amended only by written agreement signed by the
Servicer, the Depositor, the Master Servicer and the Trustee. The party
requesting such amendment shall, at its own expense, provide the Depositor,
the Master Servicer and the Trustee with an Opinion of Counsel that (i)
such amendment is permitted under the terms of this Agreement, (ii)
Servicer has complied with all applicable requirements of this Agreement,
and (iii) such Amendment will not materially adversely affect the interest
of the certificateholders in the Serviced Loans.
(cc) Article XIII ("Indemnification and Assignment") is hereby amended by
inserting ", the Master Servicer" immediately following each reference to the
"Purchaser"
(dd) Paragraph (d) of Section 13.03 ("Information to be Provided by the
Servicer") is hereby deleted in its entirety and replaced with the following:
(d) For the purpose of satisfying the reporting obligation under the
Exchange Act with respect to any class of asset backed securities, the
Servicer shall (or shall cause each Subservicer to) (i) provide
commercially reasonable notice to the Purchaser, any Master Servicer and
any Depositor in writing of (A) any material litigation or governmental
proceedings involving the Servicer or any Subservicer, (B) any affiliations
or relationships that develop following the closing date of a
Securitization Transaction between the Servicer or any Subservicer and any
of the parties specified in clause (D) of paragraph (a) of this Section
(and any other parties identified in writing by the requesting party) with
respect to such Securitization Transaction, (C) to the extent the Master
Servicer does not already have knowledge, any Event of Default under the
terms of this Agreement, (D) any merger, consolidation or sale of
substantially all of the assets of the Servicer, and (E) the Servicer's
entry into an agreement with a Subservicer to perform or assist in the
performance of any of the Servicer's obligations under this Agreement or
any Reconstitution Agreement, and (ii) provide to the Purchaser and any
Depositor a description of such proceedings, affiliations or relationships.
(ee) Paragraph (e) of Section 13.03 ("Information to be Provided by the
Servicer") is hereby amended by inserting the words ", any Master Servicer"
immediately following each reference to "the Purchaser".
(ff) Paragraph (f) of Section 13.03 ("Information to be Provided by the
Servicer") is hereby amended by deleting the text immediately following "other
Provisions of this Agreement," and replacing such text with the following:
not later than ten days prior to the deadline for the filing of any
distribution report on Form 10-D in respect of any Securitization
Transaction that includes any of the Mortgage Loans serviced by the
Servicer or any Subservicer, the Servicer or such Subservicer, as
applicable, shall, to the extent the Servicer or such Subservicer has
knowledge, provide to the party responsible for filing such report
(including, if applicable, the Master Servicer) notice of the occurrence of
any of the following events along with all information, data, and materials
related thereto as may be required to be included in the related
distribution report on Form 10-D (as specified in the provisions of
Regulation AB referenced below):
Exhibit One-5
(i) any material modifications, extensions or waivers of pool
asset terms, fees, penalties or payments during the distribution
period or that have cumulatively become material over time (Item
1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or
warranties or transaction covenants (Item 1121(a)(12) of Regulation
AB); and
(iii) information regarding new asset-backed securities issuances
backed by the same pool assets, any pool asset changes (such as,
additions, substitutions or repurchases), and any material changes in
origination, underwriting or other criteria for acquisition or
selection of pool assets (Item 1121(a)(14) of Regulation AB).
(gg) A new paragraph is added to Section 13.03 ("Information to be Provided
by the Servicer") as follows:
"(g) The Servicer shall provide to the Purchaser, any Master Servicer
and any Depositor, evidence of the authorization of the person signing any
certification or statement, copies or other evidence of Fidelity Bond Insurance
and Errors and Omission Insurance policy, financial information and reports, and
such other information related to the Servicer or any Subservicer or the
Servicer or such Subservicer's performance hereunder as may be reasonably
requested by the Purchaser, any Master Servicer or any Depositor."
(hh) Section 13.05 ("Report on Assessment of Compliance and Attestation")
is hereby amended as follows:
(i) The final sentence of section (a)(i) is amended to read: "Such
report shall be addressed to the Purchaser, the Master Servicer and such
Depositor and signed by an authorized officer of the Servicer, and shall
address each of the Applicable Servicing Criteria specified on Exhibit 12
hereto delivered to the Purchaser at the time of any Securitization
Transaction."
(ii) section (a)(iv) is amended to read: "deliver and cause each
Subservicer and Subcontractor described in clause (iii) to provide, to the
Purchaser, any Master Servicer any Depositor and any other Person that will
be responsible for signing the certification (a "Sarbanes Certification")
required by Rules 13a 14(d) and 15d 14(d) under the Exchange Act (pursuant
to Section 302 of the Sarbanes Oxley Act of 2002) on behalf of an asset
backed issuer with respect to a Securitization Transaction a certification,
signed by the appropriate officer of the Servicer, in the form attached
hereto as Exhibit 11.
(ii) The first sentence of paragraph (a) of Section 13.06 ("Use of
Subservicers and Subcontractors") is amended to read: "It shall not be necessary
for the Servicer to seek the consent of the Purchaser, any Master Servicer or
any Depositor in respect of the utilization of any Subservicer."
Exhibit One-6
(jj) The last sentence of paragraph (b) of Section 13.06 ("Use of
Subservicers and Subcontractors") is hereby amended by inserting "and other
certifications" immediately following "attestation".
(kk) The reference to "Sections 13.02, 13.03(c) and (e), 13.04, 13.05 and
13.07 of this Agreement" is hereby deleted and replaced with "Sections 13.02,
13.03(c), (e), (f) and (g), 13.04, 13.05 and 13.07 of this Agreement".
(ll) Section 13.07 ("Indemnification; Remedies") is hereby amended as
follows:
(i) the reference to "each Person" in paragraph (a) is replaced
with "each Person (including, but not limited to, any Master Servicer)"
(ii) the reference to "employees and agents" in paragraph (a) is
replaced with "employees, agents and affiliates"
(iii) the text "(each, an "Indemnified Party")" is inserted
immediately following the reference to "the foregoing and of the Depositor"
(iv) the text "breach by the Servicer of its obligations under this
Article XIII, including particularly any" is inserted immediately following
the first word "any" in paragraph (a)(ii).
(v) new language is hereby inserted immediately following paragraph
(a)(iii) as follows:
"; or (iv) the negligence, bad faith or willful misconduct of the
Servicer in connection with its performance under this Article XIII."
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the Servicer
agrees that it shall contribute to the amount paid or payable by such
Indemnified Party as a result of any claims, losses, damages or liabilities
incurred by such Indemnified Party in such proportion as is appropriate to
reflect the relative fault of such Indemnified Party on the one hand and
the Servicer on the other.
(vi) A new final paragraph is added to paragraph (a) as follows:
This indemnification shall survive the termination of this Agreement
or the termination of any party to this Agreement.
(vii) the following text is inserted immediately following "any
compensation to the Servicer" in paragraph (b)(i): "(and if the Servicer is
servicing any of the Mortgage Loans in a Securitization Transaction,
appoint a successor servicer reasonably acceptable to any Master Servicer
for such Securitization Transaction)"
(viii) the reference to ten calendar days in paragraph (b)(ii) is
replaced with "five (5) calendar days"
Exhibit One-7
(ix) the text "(notwithstanding any other provision of this Agreement
or any Reconstitution Agreement to the contrary)" is inserted in paragraph
(b)(ii) immediately following the word "Default".
(mm) Exhibit 6 is hereby deleted in its entirety and replaced with Exhibit
4 hereto.
(nn) References to Exhibit 7 are hereby deleted and replaced with "Section
3 of Exhibit 6".
(oo) References to Exhibit 8 are hereby deleted and replace with "Section 1
of Exhibit 6".
(pp) The reference to "such five-Business Day period" in paragraph 2 of
Exhibit 10 ("Special Foreclosure Rights Provisions") is hereby deleted and
replaced with "a five-Business Day period".
(qq) The reference to "five Business Days" in paragraph 3 of Exhibit 10
("Special Foreclosure Rights Provisions") is hereby deleted and replaced with
"three Business Days".
(rr) A new sentence is hereby added to the end of paragraph 7 of Exhibit 10
("Special Foreclosure Rights Provisions") as follows: "The Master Servicer will
have no duty or responsibility to master service any such Mortgage Loans."
(ss) A signature block is hereby added to the end of Exhibit 10 ("Special
Foreclosure Rights Provisions") following the lost paragraph as follows:
"Date: __________
By: __________
Name:
Title: "
(tt) With the exception of the corresponding box for item 1122(d)(1)(iii)
on Exhibit 12 ("Servicing Criteria to be Addressed in Assessment of Compliance")
an "X" is placed in all boxes under the column "Applicable Servicing Criteria".
Exhibit One-8
EXHIBIT TWO
List of Serviced Loans
----------------------
(To be retained in a separate closing binder entitled "Luminent 2006-7 Mortgage
Loan Schedule" at the Washington DC office of Hunton & Xxxxxxxx LLP)
Exhibit Two-1
EXHIBIT THREE
Servicing Agreement
-------------------
(As retained on file with the Washington DC office of Hunton & Xxxxxxxx LLP)
Exhibit Three-1
EXHIBIT FOUR
Exhibit E
---------
Section 1
Standard File Layout - Master Servicing
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
Column Name Description Decimal Format Comment Max Size
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SER_INVESTOR_NBR A value assigned by the Servicer to define a group of loans. Text up to 10 digits 20
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
LOAN_NBR A unique identifier assigned to each loan by the investor. Text up to 10 digits 10
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This may Text up to 10 digits 10
be different than the LOAN_NBR.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
BORROWER_NAME The borrower name as received in the file. It is not separated Maximum length of 30 30
by first and last name. (Last, First)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest payment that 2 No commas(,) or dollar signs 11
a borrower is expected to pay, P&I constant. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
NET_INT_RATE The loan gross interest rate less the service fee rate as 4 Max length of 6 6
reported by the Servicer.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_FEE_RATE The servicer's fee rate for a loan as reported by the Servicer. 4 Max length of 6 6
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_FEE_AMT The servicer's fee amount for a loan as reported by the 2 No commas(,) or dollar signs 11
Servicer. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
NEW_PAY_AMT The new loan payment amount as reported by the Servicer. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
ARM_INDEX_RATE The index the Servicer is using to calculate a forecasted 4 Max length of 6 6
rate.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the beginning of 2 No commas(,) or dollar signs 11
the processing cycle. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end of the 2 No commas(,) or dollar signs 11
processing cycle. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the borrower's MM/DD/YYYY 10
next payment is due to the Servicer, as reported by Servicer.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
Exhibit Four-1
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
Column Name Description Decimal Format Comment Max Size
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_CURT_DATE_1 The curtailment date associated with the first curtailment MM/DD/YYYY 10
amount.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
CURT_ADJ_AMT_1 The curtailment interest on the first curtailment amount, if 2 No commas(,) or dollar signs 11
applicable. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_CURT_DATE_2 The curtailment date associated with the second curtailment MM/DD/YYYY 10
amount.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
CURT_ADJ_AMT_2 The curtailment interest on the second curtailment amount, if 2 No commas(,) or dollar signs 11
applicable. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SERV_CURT_DATE_3 The curtailment date associated with the third curtailment MM/DD/YYYY 10
amount.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
CURT_ADJ_AMT_3 The curtailment interest on the third curtailment amount, if 2 No commas(,) or dollar signs 11
applicable. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
PIF_AMT The loan "paid in full" amount as reported by the Servicer. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY 10
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
ACTION_CODE The standard FNMA numeric code used to indicate the Action Code Key; 2
default/delinquent status of a particular loan. 15=Bankruptcy,
30=Foreclosure, 60=PIF,
63=Substitution,
65=Repurchase, 70=REO
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
INT_ADJ_AMT The amount of the interest adjustment as reported by the 2 No commas(,) or dollar signs 11
Servicer. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if applicable. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if applicable. 2 No commas(,) or dollar signs 11
($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at the beginning 2 No commas(,) or dollar signs 11
of the cycle date to be passed through to investors. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SCHED_END_PRIN_BAL The scheduled principal balance due to investors at the end of 2 No commas(,) or dollar signs 11
a processing cycle. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SCHED_PRIN_AMT The scheduled principal amount as reported by the Servicer for 2 No commas(,) or dollar signs 11
the current cycle -- only applicable for Scheduled/Scheduled ($)
Loans.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
SCHED_NET_INT The scheduled gross interest amount less the service fee amount 2 No commas(,) or dollar signs 11
for the current cycle as reported by the Servicer -- only ($)
applicable for Scheduled/Scheduled Loans.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
ACTL_PRIN_AMT The actual principal amount collected by the Servicer for the 2 No commas(,) or dollar signs 11
current reporting cycle -- only applicable for Actual/Actual ($)
Loans.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
ACTL_NET_INT The actual gross interest amount less the service fee amount 2 No commas(,) or dollar signs 11
for the current reporting cycle as reported by the Servicer -- ($)
only applicable for Actual/Actual Loans.
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
PREPAY_PENALTY_AMT The penalty amount received when a borrower prepays on his loan 2 No commas(,) or dollar signs 11
as reported by the Servicer. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
PREPAY_PENALTY_WAIVED The prepayment penalty amount for the loan waived by the 2 No commas(,) or dollar signs 11
servicer. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
MOD_DATE The Effective Payment Date of the Modification for the loan. MM/DD/YYYY 10
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
MOD_TYPE The Modification Type. Varchar - value can be alpha 30
or numeric
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
Exhibit Four-2
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
Column Name Description Decimal Format Comment Max Size
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest advances made by 2 No commas(,) or dollar signs 11
Servicer. ($)
---------------------- --------------------------------------------------------------- ------- ---------------------------- --------
Exhibit Four-3
Exhibit E
---------
Section 2
Standard File Layout - Delinquency Reporting
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
Column/Header Name Description Decimal Format Comment
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This may be
different than the LOAN_NBR
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LOAN_NBR A unique identifier assigned to each loan by the originator.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
CLIENT_NBR Servicer Client Number
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an external servicer to
identify a group of loans in their system.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
BORROWER_FIRST_NAME First Name of the Borrower.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
BORROWER_LAST-NAME Last name of the borrower.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
PROP_ADDRESS Street Name and Number of Property
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
PROP_STATE The state where the property located.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
PROP_ZIP Zip code where the property is located.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the servicer MM/DD/YYYY
at the end of processing cycle, as reported by Servicer.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy filing.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved by MM/DD/YYYY
the courts
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by MM/DD/YYYY
Dismissal, Discharged and/or a Motion For Relief Was Granted.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with MM/DD/YYYY
instructions to begin foreclosure proceedings.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure Action MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
Exhibit Four-4
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
Column/Header Name Description Decimal Format Comment
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property from MM/DD/YYYY
the borrower.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
OCCUPANT_CODE Classification of how the property is occupied.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the property.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
CURR_PROP_VAL The current "as is" value of the property based on brokers price 2
opinion or appraisal.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are completed 2
pursuant to a broker's price opinion or appraisal.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
If applicable:
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on a
loan. Code indicates the reason why the loan is in default for
this cycle.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
Exhibit Four-5
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
Column/Header Name Description Decimal Format Comment
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
VA_CLAIM_FILED-DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or dollar signs($)
--------------------------- ---------------------------------------------------------------- ------- -------------------------------
Exhibit Four-6
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
Exhibit Four-7
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
---------------------------------------------------------------------------
002 FNMA-Illness of principal mortgagor
---------------------------------------------------------------------------
003 FNMA-Illness of mortgagor's family member
---------------------------------------------------------------------------
004 FNMA-Death of mortgagor's family member
---------------------------------------------------------------------------
005 FNMA-Marital difficulties
---------------------------------------------------------------------------
006 FNMA-Curtailment of income
---------------------------------------------------------------------------
007 FNMA-Excessive Obligation
---------------------------------------------------------------------------
008 FNMA-Abandonment of property
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
Exhibit Four-8
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
-------------------------------------------------------------------------
17 Pre-foreclosure Sale Closing Plan Accepted
-------------------------------------------------------------------------
24 Government Seizure
-------------------------------------------------------------------------
26 Refinance
-------------------------------------------------------------------------
27 Assumption
-------------------------------------------------------------------------
28 Modification
-------------------------------------------------------------------------
29 Charge-Off
-------------------------------------------------------------------------
30 Third Party Sale
-------------------------------------------------------------------------
31 Probate
-------------------------------------------------------------------------
32 Military Indulgence
-------------------------------------------------------------------------
43 Foreclosure Started
-------------------------------------------------------------------------
44 Deed-in-Lieu Started
-------------------------------------------------------------------------
49 Assignment Completed
-------------------------------------------------------------------------
61 Second Lien Considerations
-------------------------------------------------------------------------
62 Veteran's Affairs-No Bid
-------------------------------------------------------------------------
63 Veteran's Affairs-Refund
-------------------------------------------------------------------------
64 Veteran's Affairs-Buydown
-------------------------------------------------------------------------
65 Chapter 7 Bankruptcy
-------------------------------------------------------------------------
66 Chapter 11 Bankruptcy
-------------------------------------------------------------------------
67 Chapter 13 Bankruptcy
-------------------------------------------------------------------------
Exhibit Four-9
Exhibit E
---------
Section 3
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.
(i) 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:
o 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.
o For escrow advances - complete payment history (to calculate advances from
last positive escrow balance forward)
o Other expenses - copies of corporate advance history showing all payments
o REO repairs> $1500 require explanation
o REO repairs >$3000 require evidence of at least 2 bids.
o Short Sale or Charge Off require P&L supporting the decision and WFB's
approved Officer Certificate
Exhibit Four-10
o Unusual or extraordinary items may require further documentation.
13. The total of lines 1 through 12.
(ii) Credits:
-------
14-21. Complete as applicable. Required documentation:
o Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid instructions
and Escrow Agent / Attorney
o Letter of Proceeds Breakdown.
o Copy of EOB for any MI or gov't guarantee
o 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 show the amount in parenthesis ( ).
Exhibit Four-11
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 cram down 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)
--------------
Exhibit Four-12
(18) Primary Mortgage Insurance/Gov't Insurance HUD Part A (18a)
-------------
HUD Part B (18b)
-------------
(19) Pool Insurance Proceeds (19)
--------------
(20) Proceeds from Sale of Acquired Property (20)
--------------
(21) Other (itemize) (21)
--------------
---------------------------------------------------------
--------------
Total Credits $ (22)
--------------
Total Realized Loss (or Amount of Gain) $ (23)
--------------
Exhibit Four-13
Escrow Disbursement Detail
--------------------------
------------------ ---------------- ---------------- --------------- ---------------- ---------------- ---------------
Type Date Paid Period of Total Paid Base Penalties Interest
(Tax/Ins.) Coverage Amount
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Exhibit Three-1
