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National Cooperative Bank

 

 

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

** **

1. Management of the NationalCooperative Bank, N.A., formerly NCB, FSB, (“NCB”, the“Company”, or the “Bank”) is responsible for assessingcompliance with the servicing criteria applicable to it under paragraph (d) ofItem 1122 of Regulation AB of the Securities and Exchange Commission(“SEC”) relating to the servicing of asset-backed securitiestransactions conducted by the Bank (the “Platform”) as of and forthe year ended December 31, 2016 (the “Reporting Period”). AppendixA identifies the individual asset-backed transactions and securities defined bymanagement as constituting the Platform;

 

2. Except as set forth inparagraph 3 below, NCB used the criteria set forth in paragraph (d) of Item1122 of Regulation AB to assess the compliance with the applicable servicingcriteria;

 

3. The criteria listed in thecolumn 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 the ReportingPeriod, there were no adjustments to interest rates or rates of return for poolassets with variable rates, therefore NCB did not perform any servicingactivities related to criteria 1122(d)(4)(ix) as of and for the year endedDecember 31, 2016.

 

5. With respect to servicingcriteria 1122(d)(4)(xi), the Bank has engaged various vendors to perform theactivities required by these servicing criteria. Management has determined thatthese vendors are not considered a “servicer” as defined in Item1101(j) of Regulation AB, and has elected to take responsibility for assessingcompliance with the servicing criteria applicable to each vendor as permittedby the SEC’s Compliance & Disclosure Interpretation 200.06, VendorsEngaged by Servicers (“C&DI 200.06”), formerly Interpretation17.06 of 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 respectswith the servicing criteria applicable to each vendor. Management is not awareof any material deficiencies in such policies and procedures or any materialinstances of non- compliance of the servicing criteria as relates to NCB bysuch vendors. Management is solely responsible for determining that it meetsthe SEC requirements to apply C&DI 200.06 for the vendors and relatedcriteria.

 

6. NCB has complied, in allmaterial respects, with the applicable servicing criteria set forth in Item 1122(d)of Regulation AB, as of December 31, 2016 and for the Reporting Period withrespect to the Platform taken as a whole;

 

7. Grant Thornton LLP, anindependent registered public accounting firm, has issued an attestation reporton NCB’s assessment of compliance with the applicable servicing criteriafor the Reporting Period.

 

 

National Cooperative Bank,N.A.

February 1, 2017

 

 

/s/ Kathleen Luzik

Kathleen Luzik**

*Chief Operating Officer*

 

/s/ Casey Fannon

Casey Fannon**

*Chief Lending Officer*

 

 

**Appendix A toManagement’s Assertion**

 

*Individual Investors forwhich National Cooperative Bank, N.A. Performed Servicing Activities*

* *

* *

| Investor # | Pool Description | Investor # | Pool Description |
|------------|------------------|------------|------------------|
| 363        | CSFB 2000 PS4    | 407        | WFCM 2016 C33    |
| 372        | MSDW 2002 IQ3    | 408        | WFCM 2016 C35    |
| 373        | CSFB 2003 CPN1   | 409        | WFCM 2016 LC24   |
| 374        | CSFB 2003 C3     | 410        | WFCM 2016 C36    |
| 375        | MSCI 2003 IQ6    | 411        | WFCM 2016 LC25   |
| 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 2013 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    |       |             |

 

 

**APPENDIX B**

 

 

| **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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  

 

**X1**                                  |   |   |   |
|  

 

 

 

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** |

 

 

1 During the Reporting Period, there were no cash reserveaccounts or accounts established as a form of over collateralization that wereseparately maintained according to transaction agreements, therefore the Bank didnot perform any servicing activities related to these types of accounts as partof criteria 1122(d)(2)(iv).