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NationalCooperative Bank

 

 

**MANAGEMENT'S ASSERTION ONCOMPLIANCE WITH APPLICABLE SERVICING CRITERIA PURSUANT TO ITEM 1122 OFREGULATION AB**

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1.       Management of the NationalCooperative Bank, N.A., (“NCB”, the “Company”, or the “Bank”) is responsiblefor assessing compliance with the servicing criteria applicable to it underparagraph (d) of Item 1122 of Regulation AB of the Securities and ExchangeCommission (“SEC”) relating to the servicing of asset-backed securities transactionsconducted by the Bank (the “Platform”) as of and for the year ended December31, 2017 (the “Reporting Period”). Appendix A identifies the individualasset-backed transactions and securities defined by management as constitutingthe Platform;

 

2.       Except as set forth in paragraph 3below, NCB used the criteria set forth in paragraph (d) of Item 1122 ofRegulation AB to assess the compliance with the applicable servicing criteria;

 

3.       The criteria listed in the columntitled “Inapplicable Servicing Criteria” on Appendix B hereto are inapplicableto NCB based on the activities it performed with respect to the Platform forthe Reporting Period;

 

4.       During the Reporting Period, therewere no cash reserve accounts or accounts established as a form of overcollateralization that were separately maintained according to transactionagreements, therefore National Cooperative Bank, N.A. did not perform anyservicing activities related to these types of accounts as part of criteria1122(d)(2)(iv) as of and for the year ended December 31, 2017.

 

5.       During the Reporting Period, therewere no adjustments to interest rates or rates of return for pool assets withvariable rates, therefore NCB did not perform any servicing activities relatedto criteria 1122(d)(4)(ix) as of and for the year ended December 31, 2017.

 

6.       With respect to servicing criteria1122(d)(4)(xi), the Bank has engaged various vendors to perform the activitiesrequired by these servicing criteria. Management has determined that thesevendors are not considered a “servicer” as defined in Item 1101(j) ofRegulation AB, and has elected to take responsibility for assessing compliancewith the servicing criteria applicable to each vendor as permitted by the SEC’sCompliance & Disclosure Interpretation 200.06, Vendors Engaged by Servicers(“C&DI 200.06”), formerly Interpretation 17.06 of the SEC Division ofCorporation Finance Manual of Publicly Available Telephone Interpretations. Aspermitted by C&DI 200.06, management asserts that it has policies andprocedures in place designed to provide reasonable assurance that the vendor’sactivities comply in all material respects with the servicing criteriaapplicable to each vendor. Management is not aware of any material deficienciesin such policies and procedures or any material instances of non- compliance ofthe servicing criteria as relates to NCB by such vendors. Management is solelyresponsible for determining that it meets the SEC requirements to applyC&DI 200.06 for the vendors and related criteria.

 

7.       NCB has complied, in all materialrespects, with the applicable servicing criteria set forth in Item 1122(d) ofRegulation AB, as of December 31, 2017 and for the Reporting Period withrespect to the Platform taken as a whole;

 

8.       Grant Thornton LLP, an independentregistered public accounting firm, has issued an attestation report on NCB’sassessment of compliance with the applicable servicing criteria for theReporting Period.

 

 

National Cooperative Bank,N.A.

February 2, 2018

 

 

/s/ Kathleen Luzik

Kathleen Luzik

*Chief Operating Officer*

* *

* *

**Ap****p****e****nd****ixA****t****o****M****a****n****ag****eme****n****t****’****s Ass****e****r****tion**

 

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| Investor # | Pool Description |
|------------|------------------|
| 363        | CSFB 2000 PS4    |
| 372        | MSDW 2002 IQ3    |
| 373        | CSFB 2003 CPN1   |
| 374        | CSFB 2003 C3     |
| 375        | MSCI 2003 IQ6    |
| 376        | CSFB 2004 C1     |
| 377        | MSCI 2004 IQ7    |
| 378        | CSFB 2004 C4     |
| 379        | MSCI 2005 IQ9    |
| 380        | CSFB 2005 C3     |
| 381        | CSFB 2005 C5     |
| 382        | MSCI 2005 IQ10   |
| 383        | CSFB 2006 C1     |
| 384        | MSCI 2006 IQ11   |
| 385        | CSMC 2006 C4     |
| 386        | MSCI 2007 IQ13   |
| 387        | CSFB 2007 C4     |
| 388        | MSCI 2007 IQ16   |
| 389        | WFBRBS 2013 C12  |
| 391        | WFBRBS 2013 C13  |
| 392        | WFBRBS 2013 C15  |
| 393        | WFBRBS 2013 C16  |
| 394        | WFBRBS 2013 C18  |
| 395        | WFBRBS 2014 C19  |
| 396        | WFBRBS 2014 C20  |
| 397        | WFBRBS 2014 C21  |
| 398        | WFBRBS 2014 C22  |
| 399        | WFBRBS 2014 C23  |
| 400        | WFCM 2014 LC18   |
| 401        | WFCM 2015 C26    |
| 402        | WFCM 2015 C29    |
| 403        | WFCM 2015 C30    |
| 404        | WFCM 2015 LC22   |
| 405        | WFCM 2015 NXS3   |
| 406        | WFCM 2016 C32    |
| 407        | WFCM 2016 C33    |
| 408        | WFCM 2016 C35    |
| 409        | WFCM 2016 LC24   |
| 410        | WFCM 2016 C36    |
| 411        | WFCM 2016 LC25   |
| 412        | WFCM 2017 RC1    |
| 413        | BANK 2017 BNK5   |
| 414        | BANK 2017 BNK6   |
| 415        | BANK 2017 BNK7   |
| 416        | BANK 2017 BNK8   |

 

 

**A****P****P****E****N****DIX********B**

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|-------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|
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| **General  Servicing Considerations**                                                                                                           |
| 1122(d)(1)(i)                                                                                                                                   | Policies andprocedures areinstitutedto  monitor  any  performance or other  triggers  andeventsof defaultin  accordancewith thetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **X**                                                                                                                                |   |   |   |
| 1122(d)(1)(ii)                                                                                                                                  | If anymaterialservicing  activities  are outsourcedto  third parties,policies andproceduresare  institutedto monitor  the  thirdparty’s  performanceandcompliancewithsuch servicing activities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **X**                                                                                                                                |   |   |   |
| 1122(d)(1)(iii)                                                                                                                                 | Anyrequirements  inthetransactionagreements  to maintain aback-upservicer for  thepoolassetsaremaintained.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                 |   |   | **X** |
| 1122(d)(1)(iv)                                                                                                                                  | Afidelitybondanderrors andomissions  policyisin effect  onthe partyparticipatingintheservicing  function  throughout the reporting  period intheamountofcoverage  requiredbyandotherwiseinaccordancewiththeterms  of thetransaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                          | **X**                                                                                                                                |   |   |   |
| 1122(d)(1)(v)                                                                                                                                   | Aggregation of information, as applicable, is  mathematically accurate and the information conveyed accurately reflects the  information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **X**                                                                                                                                | ** ** | ** ** | ** ** |
| **C****a****s****h********C****o****llec****t****i****o****n********a****nd********A****d****m****in****i****s****t****r****at****i****o****n** |
| 1122(d)(2)(i)                                                                                                                                   | Payments onpoolassetsare deposited  into theappropriate custodial  bankaccounts and  relatedbankclearing accounts  no morethan  two  businessdays of  receipt, or such  other number of  days specifiedin thetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **X**                                                                                                                                |   |   |   |
| 1122(d)(2)(ii)                                                                                                                                  | Disbursements  made viawiretransfer onbehalf of  anobligor  or to an investor aremade onlybyauthorizedpersonnel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | **X**                                                                                                                                |   |   |   |
| 1122(d)(2)(iii)                                                                                                                                 | Advances of funds or  guarantees  regarding  collections,cash  flows or distributions,andanyinterestor other  fees  charged for such  advances,are  made,reviewedandapprovedas specified inthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **X**                                                                                                                                |   |   |   |
| 1122(d)(2)(iv)                                                                                                                                  | The relatedaccountsfor  thetransaction,suchascashreserve accounts or  accounts establishedasaform of  over collateralization,areseparatelymaintained(e.g.,withrespect to  commingling  of cash) assetforth inthetransaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **X**                                                                                                                                |   |   |   |
| 1122(d)(2)(v)                                                                                                                                   | Eachcustodialaccountismaintainedatafederallyinsured  depositoryinstitution assetforth inthetransaction agreements.For purposes  of thiscriterion,"federallyinsured  depositoryinstitution" withrespect toaforeignfinancial institutionmeans  a foreignfinancial  institution thatmeets  the  requirements of§240.13k-1(b)(1)  ofthis chapter.                                                                                                                                                                                                                                                                                                                             | **X**                                                                                                                                |   |   |   |
| 1122(d)(2)(vi)                                                                                                                                  | Unissued checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **X**                                                                                                                                |   |   |   |
| 1122(d)(2)(vii)                                                                                                                                 | Reconciliationsareprepared onamonthlybasis  for allasset-  backed  securities  relatedbank  accounts,including custodial  accounts andrelatedbankclearingaccounts.Thesereconciliations:  (A)Aremathematicallyaccurate;(B) Are preparedwithin30 calendardays  after  thebank  statement  cutoff date,or  such othernumber  of days specifiedin  the  transaction agreements;(C) Arereviewedandapprovedby  someone other  thanthepersonwho  preparedthe reconciliation;and(D)Containexplanationsfor  reconciling items.These reconciling  items are resolvedwithin90  calendardays of  their original identification, or  such other number of  days specifiedin thetransactionagreements. | **X**                                                                                                                                |   |   |   |
| **I****n****v****est****o****r********R****e****m****it****ta****nces********a****nd********R****ep****o****r****t****ing**                     |
| 1122(d)(3)(i)                                                                                                                                   | Reports toinvestors,  including  those  to be filedwiththe Commission,aremaintained inaccordancewith  the  transaction agreements and applicableCommission requirements. Specifically,suchreports:(A)Arepreparedin  accordancewithtimeframes andother  terms setforth inthe transaction  agreements;(B)Provide informationcalculated  inaccordancewiththeterms specifiedin thetransaction agreements;(C) Are filedwiththeCommissionasrequired  byits rules and regulations;and(D)Agreewithinvestors’ or  thetrustee’s records  asto thetotal  unpaid principalbalance andnumber of  poolassets servicedbytheservicer.                                                        |                                                                                                                                 |   |   | **X** |
| 1122(d)(3)(ii)                                                                                                                                  | Amountsduetoinvestors  areallocatedandremittedin accordancewithtimeframes,distributionpriorityand  other terms  setforthin thetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                 |   |   | **X** |
| 1122(d)(3)(iii)                                                                                                                                 | Disbursements  madetoaninvestor arepostedwithintwo  business days to  theservicer’s  investor records,or such  other number ofdays specifiedin thetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                 |   |   | **X** |
| 1122(d)(3)(iv)                                                                                                                                  | Amountsremittedto investors per theinvestor  reports agree  withcancelledchecks, or other  formof payment,or  custodial bank  statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                 |   |   | **X** |
| **P****oo****l********A****ss****et********A****d****m****in****i****s****t****r****at****i****o****n**                                         |
| 1122(d)(4)(i)                                                                                                                                   | Collateral  or securityonpoolassets ismaintainedas  required bythetransactionagreements  or relatedpoolasset  documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(ii)                                                                                                                                  | Poolassets  andrelateddocumentsaresafeguarded  as requiredbythetransaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                 |   |   | **X** |
| 1122(d)(4)(iii)                                                                                                                                 | Anyadditions, removals  or substitutionstotheassetpoolare  made,reviewedandapprovedinaccordancewithany  conditionsor requirementsinthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(iv)                                                                                                                                  | Payments onpoolassets, includinganypayoffs,made in accordancewith the relatedpoolasset documentsareposted  to theapplicableservicer's  obligor records  maintained no  morethantwo  business days after receipt,  or such other number of  days specifiedin thetransactionagreements,and  allocated toprincipal,interestor other  items  (e.g.,escrow) in  accordancewith the relatedpoolasset documents.                                                                                                                                                                                                                                                                                | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(v)                                                                                                                                   | Theservicer's  records  regardingthepoolassets agreewith theservicer's  records withrespecttoanobligor's unpaid principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(vi)                                                                                                                                  | Changes with respectto theterms or  status ofan  obligor's mortgage  loans (e.g.,loanmodifications  or re-aging's)  are made,reviewedandapprovedbyauthorizedpersonnelin  accordancewith thetransactionagreements andrelatedpool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                         | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(vii)                                                                                                                                 | Loss mitigation or  recoveryactions(e.g.forbearanceplans,  modifications and  deedsin lieuof  foreclosure,foreclosure  andrepossessions,as applicable)  areinitiated,conductedand concludedin  accordancewiththetimeframes or  other requirements  establishedbytheatransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                               | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(viii)                                                                                                                                | Recordsdocumenting collection efforts  aremaintained duringtheperiodapoolasset isdelinquentin  accordance  withthetransaction  agreements.Such records aremaintained onatleastamonthlybasis,or suchother  periodspecifiedinthetransaction  agreements,anddescribe theentity's activities  inmonitoringdelinquentpoolassets  including,for example, phonecalls,letters andpaymentrescheduling plansincases  wheredelinquencyisdeemedtemporary(e.g., illness or  unemployment).                                                                                                                                                                                                            | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(ix)                                                                                                                                  | Adjustmentsto  interestrates  or ratesofreturnfor poolassets  withvariable rates  arecomputedbasedon  the relatedpool  assetdocuments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | **X**                                                                                                                                |   |   | ** ** |
| 1122(d)(4)(x)                                                                                                                                   | Regarding  anyfundsheldintrust for anobligor  (suchas  escrowaccounts)  See following:(A)  Suchfundsare  analyzed,inaccordancewith the obligor's  poolasset  documents,  onat leastanannualbasis,or such  otherperiod specifiedinthetransactionagreements;(B)  Interestonsuchfundsispaid,or  credited,to  obligors inaccordancewith applicablepoolassetdocumentsandstate laws;and  (C)  Such fundsare returnedto the obligor  within30 calendardays  of full repaymentof  the relatedpoolasset,or suchother  number  of days specifiedin  thetransactionagreements.                                                                                                                      | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(xi)                                                                                                                                  | Payments made on  behalf  of an obligor  (such astax or  insurancepayments) aremade onorbeforethe related  penaltyor expirationdates,asindicatedontheappropriate  bills  or notices  for such payments, providedthatsuch supporthasbeenreceivedbytheservicer atleast 30calendar  days  prior  tothese dates,or  suchother number of  days specified inthetransactionagreements.                                                                                                                                                                                                                                                                                                          | **X**                                                                                                                                | **X** |   |   |
| 1122(d)(4)(xii)                                                                                                                                 | Anylatepayment penalties  inconnectionwithanypayment to  bemade onbehalf of  anobligor  arepaidfrom  the  servicer’s fundsandnotchargedtothe obligor,  unless the latepaymentwas  duetothe obligor’s  error or omission.                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(xiii)                                                                                                                                | Disbursements  made on behalf of  anobligor areposted withintwo business  days to the obligor’s  records maintained bytheservicer,or  suchother  number of  days  specified  inthe transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(xiv)                                                                                                                                 | Delinquencies,  charge-offs anduncollectibleaccountsare recognizedandrecordedin  accordancewiththetransaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | **X**                                                                                                                                |   |   |   |
| 1122(d)(4)(xv)                                                                                                                                  | Anyexternalenhancement or  other support,identified  in Item 1114(a) (1) through  (3)  or Item 1115ofthisRegulation AB,is maintainedassetforth  inthetransaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                 |   |   | **X** |