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National Cooperative Bank

 

 

**MANAGEMENT'S ASSERTION ON COMPLIANCE WITH**

**APPLICABLE SERVICING CRITERIA PURSUANT TO ITEM**

**1122 OF REGULATION AB**

 

1.     Managementof the National Cooperative Bank, N.A., (“NCB”, the “Company”, or the “Bank”)is responsible for assessing compliance with the servicing criteria applicableto it under paragraph (d) of Item 1122 of Regulation AB of the Securities andExchange Commission (“SEC”) relating to the servicing of asset-backedsecurities transactions conducted by the Bank (the “Platform”) as of and forthe year ended December 31, 2018 (the “Reporting Period”). Appendix Aidentifies the individual asset- backed transactions and securities defined bymanagement as constituting the Platform;

 

2.     Except asset forth in paragraph 3 below, NCB used the criteria set forth in paragraph(d) of Item 1122 of Regulation AB to assess the compliance with the applicableservicing criteria;

 

3.     The criterialisted in the column titled “Inapplicable Servicing Criteria” on Appendix Bhereto are inapplicable to NCB based on the activities it performed withrespect to the Platform for the Reporting Period;

 

4.     During theReporting Period, there were no cash reserve accounts or accounts establishedas a form of over collateralization that were separately maintained accordingto transaction agreements, therefore NCB did not perform any servicingactivities related to these types of accounts as part of criteria1122(d)(2)(iv) as of and for the year ended December 31, 2018.

 

5.     During the ReportingPeriod, there were no modifications to the terms of the loans, therefore NCBdid not perform any servicing activities related to these types of accounts aspart of criteria 1122(d)(4)(vi) as of and for the year ended December 31, 2018.

 

6.     During theReporting Period, there were no adjustments to interest rates or rates ofreturn for pool assets with variable rates, therefore NCB did not perform anyservicing activities related to criteria 1122(d)(4)(ix) as of and for the yearended December 31, 2018.

 

7.     With respectto servicing criteria 1122(d)(4)(xi), the Bank has engaged various vendors toperform the activities required by these servicing criteria. Management hasdetermined that these vendors are not considered a “servicer” as defined inItem 1101(j) of Regulation AB, and has elected to take responsibility forassessing compliance with the servicing criteria applicable to each vendor aspermitted by the SEC’s Compliance & Disclosure Interpretation 200.06,Vendors Engaged by Servicers (“C&DI 200.06”), formerly Interpretation 17.06of the SEC Division of Corporation Finance Manual of Publicly AvailableTelephone Interpretations. As permitted by C&DI 200.06, management assertsthat it has policies and procedures in place designed to provide reasonableassurance that the vendor’s activities comply in all material respects with theservicing criteria applicable to each vendor. Management is not aware of anymaterial deficiencies in such policies and procedures or any material instancesof non- compliance of the servicing criteria as relates to NCB by such vendors.Management is solely responsible for determining that it meets the SECrequirements to apply C&DI 200.06 for the vendors and related criteria.

 

8.     NCB hascomplied, in all material respects, with the applicable servicing criteria setforth in Item 1122(d) of Regulation AB, as of December 31, 2018 and for theReporting Period with respect to the Platform taken as a whole;

 

9.     GrantThornton LLP, an independent registered public accounting firm, has issued anattestation report on NCB’s assessment of compliance with the applicableservicing criteria for the Reporting Period.

 

 

National Cooperative Bank,N.A. 

January 31, 2019

 

 

/s/ Kathleen Luzik 

Kathleen Luzik

*Chief Operating Officer*

 

 

**Appendix A to Management’s Assertion**

 

*Individual Investors for which National CooperativeBank, N.A. Performed Servicing Activities*

 

| Investor # | Pool Description |
|------------|------------------|
| 363        | CSFB 2000 PS4    |
| 373        | CSFB 2003 CPN1   |
| 374        | CSFB 2003 C3     |
| 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   |
| 417        | BANK 2018 BNK10  |
| 418        | BANK 2018 BNK11  |
| 419        | BANK 2018 BNK12  |
| 422        | BANK 2018 BNK13  |
| 423        | BANK 2018 BNK14  |
| 424        | BANK 2018 BNK15  |

 

 

**APPENDIX B to Management’s Assertion**

 

| **SERVICING CRITERIA**                  | **APPLICABLE SERVICING CRITERIA**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **INAPPLICABLE SERVICING CRITERIA** |
|-----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
| **Reference**                           | **Criteria**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | **Performed Directly by NCB**       | **Performed by Vendor(s) for which NCB is the   Responsible Party** | **Performed by subservicer(s) or vendor(s) for which   NCB is NOT the Responsible Party** | **NOT**

**performed by NCB or by subservicer(s) or vendor(s)   retained by NCB** |
| **General Servicing  Considerations**   |
| 1122(d)(1)(i)                           | Policies and procedures are instituted to monitor any  performance or other triggers and events of default in accordance with the  transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | X                                   |   |   |   |
| 1122(d)(1)(ii)                          | If any material servicing activities are outsourced  to third parties, policies and procedures are instituted to monitor the third  party’s performance and compliance with such servicing activities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | X                                   |   |   |   |
| 1122(d)(1)(iii)                         | Any requirements in the transaction agreements to  maintain a back-up servicer for the pool assets are maintained.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                |   |   | X |
| 1122(d)(1)(iv)                          | A fidelity bond and errors and omissions policy is in  effect on the party participating in the servicing function throughout the  reporting period in the amount of coverage required by and otherwise in  accordance with the terms of the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | X                                   |   |   |   |
| 1122(d)(1)(v)                           | Aggregation of information, as applicable, is  mathematically accurate and the information conveyed accurately reflects the  information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | X                                   |   |   |   |
| **Cash Collection and  Administration** |
| 1122(d)(2)(i)                           | Payments on pool assets are deposited into the  appropriate custodial bank accounts and related bank clearing accounts no  more than two business days of receipt, or such other number of days specified  in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | X                                   |   |   |   |
| 1122(d)(2)(ii)                          | Disbursements made via wire transfer on behalf of an  obligor or to an investor are made only by authorized personnel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | X                                   |   |   |   |
| 1122(d)(2)(iii)                         | Advances of funds or guarantees regarding collections,  cash flows or distributions, and any interest or other fees charged for such  advances, are made, reviewed and approved as specified in the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | X                                   |   |   |   |
| 1122(d)(2)(iv)                          | The related accounts for the transaction, such as  cash reserve accounts or accounts established as a form of over  collateralization, are separately maintained (e.g., with respect to  commingling of cash) as set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                              | X                                   |   |   |   |
| 1122(d)(2)(v)                           | Each custodial account is maintained at a federally  insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, "federally insured depository  institution" with respect to a foreign financial institution means a  foreign financial institution that meets the requirements of

§240.13k-1(b)(1) of this chapter.                                                                                                                                                                                                                                                                                                                                   | X                                   |   |   |   |
| 1122(d)(2)(vi)                          | Unissued checks are safeguarded so as to prevent  unauthorized access.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | X                                   |   |   |   |
| 1122(d)(2)(vii)                         | Reconciliations are prepared on a monthly basis for  all asset-backed securities related bank accounts, including custodial  accounts and related bank clearing accounts. These reconciliations: (A) Are  mathematically accurate; (B) Are prepared within 30 calendar days after the  bank statement cutoff date, or such other number of days specified in the  transaction agreements; (C) Are reviewed and approved by someone other than  the person who prepared the reconciliation; and (D) Contain explanations for  reconciling items. These reconciling items are resolved within 90 calendar  days of their original identification, or such other number of days specified  in the transaction agreements. | X                                   |   |   |   |
| **Investor Remittances and  Reporting** |
| 1122(d)(3)(i)                           | Reports to investors, including those to be filed  with the Commission, are maintained in accordance with the transaction  agreements and applicable Commission requirements.Specifically, such reports:  (A) Are prepared in accordance with timeframes and other terms set forth in  the transaction agreements; (B) Provide information calculated in accordance  with the terms specified in the transaction agreements; (C) Are filed with  the Commission as required by its rules and regulations; and (D) Agree with  investors’ or the trustee’s records as to the total unpaid principal balance  and number of pool assets serviced by the servicer.                                            |                                |   |   | X |
| 1122(d)(3)(ii)                          | Amounts due to investors are allocated and remitted  in accordance with timeframes, distribution priority and other terms set  forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                |   |   | X |
| 1122(d)(3)(iii)                         | Disbursements made to an investor are posted within  two business days to the servicer’s investor records, or such other number of  days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                |   |   | X |
| 1122(d)(3)(iv)                          | Amounts remitted to investors per the investor  reports agree with cancelled checks, or other form of payment, or custodial  bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                |   |   | X |
| **Pool Asset Administration**           |
| 1122(d)(4)(i)                           | Collateral or security on pool assets is maintained  as required by the transaction agreements or related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | X                                   |   |   |   |
| 1122(d)(4)(ii)                          | Pool assets and related documents are safeguarded as  required by the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                |   |   | X |
| 1122(d)(4)(iii)                         | Any additions, removals or substitutions to the asset  pool are made, reviewed and approved in accordance with any conditions or  requirements in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | X                                   |   |   |   |
| 1122(d)(4)(iv)                          | Payments on pool assets, including any payoffs, made  in accordance with the related pool asset documents are posted to the  applicable servicer's obligor records maintained no more than two business  days after receipt, or such other number of days specified in the transaction  agreements, and allocated to principal, interest or other items (e.g.,  escrow) in accordance with the related pool asset documents.                                                                                                                                                                                                                                                                                           | X                                   |   |   |   |
| 1122(d)(4)(v)                           | The servicer's records regarding the pool assets  agree with the servicer's records with respect to an obligor's unpaid  principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | X                                   |   |   |   |
| 1122(d)(4)(vi)                          | Changes with respect to the terms or status of an  obligor's mortgage loans (e.g., loan modifications or re-aging's) are made,  reviewed and approved by authorized personnel in accordance with the  transaction agreements and related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                         | X                                   |   |   |   |
| 1122(d)(4)(vii)                         | Loss mitigation or recovery actions (e.g. forbearance  plans, modifications and deeds in lieu of foreclosure, foreclosure and  repossessions, as applicable) are initiated, conducted and concluded in  accordance with the timeframes or other requirements established by the a  transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                             | X                                   |   |   |   |
| 1122(d)(4)(viii)                        | Records documenting collection efforts are maintained  during the period a pool asset is delinquent in accordance with the  transaction agreements. Such records are maintained on at least a monthly  basis, or such other period specified in the transaction agreements, and  describe the entity's activities in monitoring delinquent pool assets  including, for example, phone calls, letters and payment rescheduling plans  in cases where delinquency is deemed temporary (e.g., illness or  unemployment).                                                                                                                                                                                                  | X                                   |   |   |   |
| 1122(d)(4)(ix)                          | Adjustments to interest rates or rates of return for  pool assets with variable rates are computed based on the related pool asset  documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | X                                   |   |   |   |
| 1122(d)(4)(x)                           | Regarding any funds held in trust for an obligor  (such as escrow accounts) See following: (A) Such funds are analyzed, in  accordance with the obligor's pool asset documents, on at least an annual  basis, or such other period specified in the transaction agreements; (B)  Interest on such funds is paid, or credited, to obligors in accordance with  applicable pool asset documents and state laws; and (C) Such funds are  returned to the obligor within 30 calendar days of full repayment of the  related pool asset, or such other number of days specified in the transaction  agreements.                                                                                                             | X                                   |   |   |   |
| 1122(d)(4)(xi)                          | Payments made on behalf of an obligor (such as tax or  insurance payments) are made on or before the related penalty or expiration  dates, as indicated on the appropriate bills or notices for such payments,  provided that such support has been received by the servicer at least 30  calendar days prior to these dates, or such other number of days specified in  the transaction agreements.                                                                                                                                                                                                                                                                                                                   | X                                   | X |   |   |
| 1122(d)(4)(xii)                         | Any late payment penalties in connection with any  payment to be made on behalf of an obligor are paid from the servicer’s funds  and not charged to the obligor, unless the late payment was due to the  obligor’s error or omission.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | X                                   |   |   |   |
| 1122(d)(4)(xiii)                        | Disbursements made on behalf of an obligor are posted  within two business days to the obligor’s records maintained by the servicer,  or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | X                                   |   |   |   |
| 1122(d)(4)(xiv)                         | Delinquencies, charge-offs and uncollectible accounts  are recognized and recorded in accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | X                                   |   |   |   |
| 1122(d)(4)(xv)                          | Any external enhancement or other support, identified  in Item 1114(a) (1) through (3) or Item 1115 of this Regulation AB, is  maintained as set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                |   |   | X |