EXHIBIT 10.5


 


EXECUTION COPY


 


 


ASSIGNMENT OF REPRESENTATIONS AND WARRANTIES
AGREEMENT


 


This is an Assignment
of Representations and Warranties Agreement (the “Agreement”) made as of the 29th day of March, 2012, among
Redwood Residential Acquisition Corporation, a Delaware corporation (“Assignor”), Sequoia Residential Funding, Inc.,
a Delaware corporation (“Depositor”), U.S. Bank National Association, a national banking association, not in its individual
capacity but solely as trustee (in such capacity, the “Trustee” or the “Assignee”) under a Pooling and
Servicing Agreement dated as of March 1, 2012 (the “Pooling and Servicing Agreement”), and Cole Taylor Bank, an Illinois
corporation (“Cole Taylor”).


 


In consideration of
the mutual promises contained herein, the parties hereto agree that the mortgage loans (the “Mortgage Loans”) listed
on Attachment 1 annexed hereto (the “Mortgage Loan Schedule”) are subject to the terms of the Flow Mortgage Loan Purchase
and Sale Agreement dated as of August 1, 2011, between Assignor and Cole Taylor (the “Purchase Agreement”) as modified
or supplemented by this Agreement. Unless otherwise specified herein, capitalized terms used herein but not defined shall have
the meanings ascribed to them in the Purchase Agreement. Assignor will sell the Mortgage Loans to Depositor pursuant to a Mortgage
Loan Purchase and Sale Agreement dated the date hereof, and Depositor will sell the Mortgage Loans to Assignee pursuant to the
Pooling and Servicing Agreement.


 


Assignment 


 


1.Assignor hereby
grants, transfers and assigns to Depositor all of its right, title and interest in, to and under the representations and warranties
made by Cole Taylor pursuant to the Purchase Agreement to the extent relating to the Mortgage Loans, and Depositor hereby accepts
such assignment from Assignor.


 


2.Depositor hereby
grants, transfers and assigns to Assignee all of its right, title and interest in, to and under the representations and warranties
made by Cole Taylor pursuant to the Purchase Agreement to the extent relating to the Mortgage Loans, Depositor is released from
all obligations under the Purchase Agreement, and Assignee hereby accepts such assignment from Depositor.


 


3. Cole Taylor
hereby acknowledges the foregoing assignments.


 


Representations and Warranties


 


4.Assignor warrants
and represents to, and covenants with, Depositor, Assignee and Cole Taylor as of the date hereof that:


 


(a)Attached hereto
as Attachment 2 is a true and accurate copy of the Purchase Agreement, which agreement is in full force and effect as of the date
hereof and the provisions of which have not been waived, amended or modified in any respect, nor has any notice of termination
been given thereunder;



    	 



    	 



    

(b)Assignor is the
lawful owner of its interests and rights under the Purchase Agreement to the extent of the Mortgage Loans, free and clear from
any and all claims and encumbrances whatsoever, and upon the transfer of the representations and warranties to Assignee as contemplated
herein, Assignee shall have good title to such representations and warranties under the Purchase Agreement to the extent of the
Mortgage Loans, free and clear of all liens, claims and encumbrances;


 


(c)There are no offsets,
counterclaims or other defenses available to Cole Taylor with respect to the Purchase Agreement;


 


(d)Assignor is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite
power and authority to enter into and perform its obligations under the Purchase Agreement;


 


(e)Assignor has full
corporate power and authority to execute, deliver and perform its obligations under this Agreement, and to consummate the transactions
set forth herein. The consummation of the transactions contemplated by this Agreement is in the ordinary course of Assignor’s
business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of Assignor’s charter
or by-laws or any legal restriction, or any material agreement or instrument to which Assignor is now a party or by which it is
bound, or result in the violation of any law, rule, regulation, order, judgment or decree to which Assignor or its property is
subject. The execution, delivery and performance by Assignor of this Agreement and the consummation by it of the transactions contemplated
hereby, have been duly authorized by all necessary corporate action on the part of Assignor. This Agreement has been duly executed
and delivered by Assignor and, upon the due authorization, execution and delivery by Assignee, will constitute the valid and legally
binding obligation of Assignor enforceable against Assignor in accordance with its terms except as enforceability may be limited
by bankruptcy, reorganization, insolvency, moratorium or other similar laws now or hereafter in effect relating to creditors’
rights generally, and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity
or at law; and


 


(f)No consent, approval,
order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made
by Assignor in connection with the execution, delivery or performance by Assignor of this Agreement, or the consummation by it
of the transactions contemplated hereby.


 


5.Depositor warrants
and represents to, and covenants with, Assignor, Assignee and Cole Taylor that as of the date hereof:


 


(a)Depositor is a
Delaware corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation;



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(b)Depositor has
full corporate power and authority to execute, deliver and perform its obligations under this Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated by this Agreement is in the ordinary course of
Depositor’s business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of
Depositor’s charter or by-laws or any legal restriction, or any material agreement or instrument to which Depositor is now
a party or by which it is bound, or result in the violation of any law, rule, regulation, order, judgment or decree to which Depositor
or its property is subject. The execution, delivery and performance by Depositor of this Agreement and the consummation by it of
the transactions contemplated hereby, have been duly authorized by all necessary corporate action on part of Depositor. This Agreement
has been duly executed and delivered by Depositor and, upon the due authorization, execution and delivery by the other parties
hereto, will constitute the valid and legally binding obligation of Depositor enforceable against Depositor in accordance with
its terms except as enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws now
or hereafter in effect relating to creditors’ rights generally, and by general principles of equity regardless of whether
enforceability is considered in a proceeding in equity or at law; and


 


(c)No consent, approval,
order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made
by Depositor in connection with the execution, delivery or performance by Depositor of this Agreement, or the consummation by it
of the transactions contemplated hereby other than any that have been obtained or made.


 


6.Assignee warrants
and represents to, and covenants with, Assignor, Depositor and Cole Taylor that as of the date hereof:


 


(a)Assignee is a
national banking association duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization;
and


 


(b)Assignee has been
directed to enter into this Agreement pursuant to the provisions of the Pooling and Servicing Agreement. The execution, delivery
and performance by Assignee of this Agreement and the consummation by it of the transactions contemplated hereby, have been duly
authorized by all necessary action on part of Assignee. This Agreement has been duly executed and delivered by Assignee and, upon
the due authorization, execution and delivery by the other parties hereto, will constitute the valid and legally binding obligation
of Assignee enforceable against Assignee in accordance with its terms except as enforceability may be limited by bankruptcy, reorganization,
insolvency, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and by general
principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law.


 


7.Cole Taylor warrants
and represents to, and covenants with, Assignor, Depositor and Assignee as of the date hereof that:



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(a)Attached hereto
as Attachment 2 is a true and accurate copy of the Purchase Agreement, which agreement is in full force and effect as of the date
hereof and the provisions of which have not been waived, amended or modified in any respect, nor has any notice of termination
been given thereunder;


 


(b)Cole Taylor is
duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite
power and authority to perform its obligations under the Purchase Agreement;


 


(c)Cole Taylor has
full corporate power and authority to execute, deliver and perform its obligations under this Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated by this Agreement is in the ordinary course of
Cole Taylor’s business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of
Cole Taylor’s charter or by-laws or any legal restriction, or any material agreement or instrument to which Cole Taylor is
now a party or by which it is bound, or result in the violation of any law, rule, regulation, order, judgment or decree to which
Cole Taylor or its property is subject. The execution, delivery and performance by Cole Taylor of this Agreement and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action on part of Cole Taylor.
This Agreement has been duly executed and delivered by Cole Taylor and, upon the due authorization, execution and delivery by Assignor,
Assignee and the Depositor, will constitute the valid and legally binding obligation of Cole Taylor enforceable against Cole Taylor
in accordance with its terms except as enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights generally, and by general principles of equity regardless
of whether enforceability is considered in a proceeding in equity or at law; and


 


(d)No consent, approval,
order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made
by Cole Taylor in connection with the execution, delivery or performance by Cole Taylor of this Agreement, or the consummation
by it of the transactions contemplated hereby.


 


Restated Cole Taylor Representations
and Warranties


 


8.Pursuant to Section
32(d) of the Purchase Agreement, Cole Taylor hereby restates to Depositor and Assignee (a) the representations and warranties set
forth in Subsection 7.01 of the Purchase Agreement as of the related Closing Date and (b) the representations and warranties
set forth in Subsection 7.02 of the Purchase Agreement as of the date hereof, as if such representations and warranties were set
forth herein in full.


 


In the event of a breach
of any representations and warranties referred to in clauses (a) or (b) above as of the related Closing Date or the date hereof,
as the case may be, Assignee shall be entitled to all the remedies under the Purchase Agreement, including, without limitation,
the right to compel Cole Taylor to repurchase Mortgage Loans pursuant to Section 7.03 of the Purchase Agreement, subject to the
provisions of Section 10.



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Recognition of Assignee


 


9.From and after
the date hereof, subject to Section 10 below, Cole Taylor shall recognize Assignee as owner of the Mortgage Loans and will perform
its obligations hereunder for the benefit of the Assignee in accordance with the Purchase Agreement, as modified hereby or as may
be amended from time to time, as if Assignee and Cole Taylor had entered into a separate purchase agreement for the purchase of
the Mortgage Loans in the form of the Purchase Agreement, the terms of which are incorporated herein by reference, as amended by
this Agreement.


 


 


Enforcement of Rights 


 


10.(a)Controlling
Holder Rights. Cole Taylor agrees and acknowledges that Sequoia Mortgage Funding Corporation, an Affiliate of the Depositor,
in its capacity as the initial Controlling Holder pursuant to the Pooling and Servicing Agreement, and for so long as it is the
Controlling Holder, will exercise all of Assignee's rights (and obligations under Section 7.03 in connection with the exercise
of such rights) as Purchaser under the following section of the Purchase Agreement:


 


Purchase
Agreement:


 


	Section or Subsection	Matter
	 	 
	7.03, other than 7.03(c)	Repurchase and Substitution


 


(b)If there is no
Controlling Holder under the Pooling and Servicing Agreement, then all rights that are to be exercised by the Controlling Holder
pursuant to Section 10(a) (and obligations under Section 7.03 in connection with the exercise of such rights) shall be exercised
by Assignee.


 


Amendments to Purchase Agreement


 


11.The parties
agree that the Purchase Agreement shall be amended, solely with respect to the Mortgage Loans, as follows:


 


		(a)	Definitions.



 


(i)The definitions
of “Arbitration,” “Business Day” and “Repurchase Price” set forth in Section 1 of the Purchase
Agreement shall be deleted and replaced in their entirety as follows:



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Arbitration:
Arbitration in accordance with the then governing Commercial Arbitration Rules of the American Arbitration Association and administered
by the American Arbitration Association, which shall be conducted in New York, New York or other place mutually acceptable to the
parties to the arbitration.


 


Business
Day: Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in the states of California, Illinois, Maryland, Minnesota,
Missouri or New York, (iii) a day on which banks in the states of California, Illinois, Maryland, Minnesota, Missouri or New York,
are authorized or obligated by law or executive order to be closed or (iv) a day on which the New York Stock Exchange or the Federal
Reserve Bank of New York is closed.


 


Repurchase
Price: With respect to any Mortgage Loan, a price equal to (i) the unpaid principal balance of the Mortgage Loan, plus (ii) interest
on such unpaid principal balance at the related Mortgage Interest Rate from the last date through which interest was last paid
by or on behalf of the Mortgagor to the last day of the month in which such repurchase occurs, plus (iii) reasonable and customary
third party expenses incurred in connection with the transfer of the Mortgage Loan being repurchased, minus (iv) any amounts received
in respect of such repurchased Mortgage Loan and being held in the Custodial Account for future distribution in connection with
such Mortgage Loan.


 


(b)The following
sentence shall be added as the new third sentence of Subsection 7.03(a):


 


Each determination as to whether
there has been such a breach shall be conducted on a Mortgage Loan-by-Mortgage Loan basis.


 


(c)The rights under
the Purchase Agreement assigned to the Depositor and the Assignee pursuant to this Agreement shall be under the Purchase Agreement
as amended by this Agreement.


 


Miscellaneous


 


12.All demands,
notices and communications related to the Mortgage Loans, the Purchase Agreement and this Agreement shall be in writing and shall
be deemed to have been duly given if personally delivered at or mailed by registered mail, postage prepaid, as follows:


 


		(a)	In the case of Cole Taylor,



 


Cole Taylor Bank


2350 Green Road, Suite
100


Ann Arbor, MI  48105


Attention: Phil Miller


Tel: (734) 926-2450


Fax: (734) 926-2404



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With a copy to


Cole Taylor Bank


9550 W. Higgins Road


Rosemont, IL 960018


Chicago, IL 60606


Attention: General Counsel


Fax: (847) 653-7890


 


		(b)	In the case of Assignee,



 


U.S. Bank National Association


60 Livingston Avenue


EP-MN-WS3D


St. Paul, Minnesota,
55107


Attention: Structured
Finance – Sequoia Mortgage Loan Trust 2012-2


 


		(c)	In the case of Depositor,



 


Sequoia Residential Funding,
Inc.


One Belvedere Place,
Suite 360


Mill Valley, California
94941


Attention: William Moliski


 


with a copy to


 


General Counsel at the
same address


 


		(d)	In the case of Assignor,



 


Redwood Residential Acquisition
Corporation


One Belvedere Place,
Suite 360


Mill Valley, California
94941


Attention: William Moliski


 


with a copy to


 


General Counsel at the
same address



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		(e)	In the case of Master Servicer,



 


Wells Fargo Bank, N.A.


9062 Old Annapolis Road


Columbia, Maryland 21045)


Telephone number: (410) 884-2000


Facsimile number: (410) 715-2380


Attention: Client Manager -- Sequoia
Mortgage Trust 2012-2


 


		(f)	In the case of the initial Controlling Holder,



 


Sequoia Mortgage Funding
Corporation


One Belvedere Place,
Suite 360


Mill Valley, California
94941


Attention: William Moliski


 


with a copy to


 


General Counsel at the
same address


 


13.This Agreement
shall be construed in accordance with the laws of the State of New York, except to the extent preempted by Federal law, and the
obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without regard to the
conflicts of laws provisions of the State of New York or any other jurisdiction.


 


14.No term or provision
of this Agreement may be waived or modified unless such waiver or modification is in writing and signed by the party against whom
such waiver or modification is sought to be enforced.


 


15.This Agreement
shall inure to the benefit of the successors and assigns of the parties hereto. Any entity into which Assignor, Depositor, Assignee
or Cole Taylor may be merged or consolidated shall, without the requirement for any further writing, be deemed Assignor, Depositor,
Assignee or Cole Taylor, respectively, hereunder.


 


16.This Agreement
shall survive the conveyance of the Mortgage Loans, the assignment of the representations and warranties made by Cole Taylor pursuant
to the Purchase Agreement to the extent of the Mortgage Loans by Assignor to Depositor and by Depositor to Assignee, and the termination
of the Purchase Agreement.


 


17.This Agreement
may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such
counterparts shall constitute one and the same instrument.


 


18. The Controlling
Holder under the Pooling and Servicing Agreement is an express third party beneficiary of this Agreement, and shall have the same
power and ability to exercise and enforce the rights stated to be provided to it hereunder as if it were a signatory hereto. Cole
Taylor hereby consents to such exercise and enforcement.



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19.It is expressly
understood and agreed by the parties hereto that insofar as this Agreement is executed by the Trustee (i) this Agreement is executed
and delivered by U.S. Bank National Association (“U.S. Bank”) not in its individual capacity but solely as Trustee
on behalf of the trust created by the Pooling and Servicing Agreement referred to herein (the “Trust”) in the exercise
of the powers and authority conferred upon and vested in it, and as directed in the Pooling and Servicing Agreement, (ii) each
of the undertakings and agreements herein made on behalf of the Trust is made and intended not as a personal undertaking or agreement
of or by U.S. Bank but is made and intended for purposes of binding only the Trust, (iii) nothing herein contained shall be construed
as creating any liability on the part of U.S. Bank, individually or personally, to perform any covenant either express or implied
in this Agreement, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through
or under the parties hereto, and (iv) under no circumstances shall U.S. Bank in its individual capacity or in its capacity as Trustee
be personally liable for the payment of any indebtedness, amounts or expenses owed by the Assignor under the Purchase Agreement,
as modified or supplemented by this Agreement (such indebtedness, expenses and other amounts being payable solely from and to the
extent of funds of the Trust) or be personally liable for the breach or failure of any obligation, representation, warranty or
covenant made under this Agreement or any other related documents.


 


20.Master Servicer.
Cole Taylor hereby acknowledges that the Assignee has appointed Wells Fargo Bank, N.A. to act as master servicer and securities
administrator under the Pooling and Servicing Agreement and hereby agrees to treat all inquiries, demands, instructions, authorizations
and other communications from the Master Servicer as if the same had been received from the Assignee. The Master Servicer, acting
on behalf of the Assignee, shall have the rights of the Assignee as the Purchaser under this Agreement, including, without limitation,
the right to enforce the obligations of Cole Taylor hereunder and under the Purchase Agreement and the right to exercise the remedies
of the Purchaser hereunder and under the Purchase Agreement.


 


Cole Taylor shall make
all remittances due by it to the Purchaser with respect to the Mortgage Loans to the following account by wire transfer of immediately
available funds:


 


Wells Fargo Bank, N.A.


San Francisco, California


ABA# 121-000-248


Account #3970771416


Account Name: SAS Clearing


FFC: Account #6188200, Sequoia
Mortgage Trust 2012-2 Distribution Account


 


21.Cole Taylor
acknowledges that the custodian will be Wells Fargo Bank, N.A. acting pursuant to the Custodial Agreement. Notwithstanding Section
10 of the Purchase Agreement, Cole Taylor shall pay shipping expenses for any Mortgage Loan Documents if there has been a breach
of any representation or warranty made with respect to the related Mortgage Loan in Subsection 7.01 of the Purchase Agreement.



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22.Rule 17g-5
Compliance. Cole Taylor hereby agrees that it shall provide information with respect to the Mortgage Loans or the origination
thereof to any Rating Agency or nationally recognized statistical rating organization (“NRSRO”) via electronic mail
at rmbs17g5informationprovider@wellsfargo.com, with a subject reference of “SEMT 2012-2” and an identification of the
type of information being provided in the body of such electronic mail. The Securities Administrator, as the initial Rule 17g-5
Information Provider (the “Rule 17g-5 Information Provider”) shall notify Cole Taylor in writing of any change in the
identity or contact information of the Rule 17g-5 Information Provider. Cole Taylor shall have no liability for (i) the Rule 17g-5
Information Provider’s failure to post information provided by it in accordance with the terms of this Agreement or (ii)
any malfunction or disabling of the website maintained by the Rule 17g-5 Information Provider. None of the foregoing restrictions
in this Section 22 prohibit or restrict oral or written communications, or providing information, between Cole Taylor, on the one
hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review
of the ratings it assigns to Cole Taylor or (ii) such Rating Agency’s or NRSRO’s evaluation of Cole Taylor’s
operations in general; provided, however, that Cole Taylor shall not provide any information relating to the Mortgage Loans to
such Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless: (x) borrower,
property or deal specific identifiers are redacted; or (y) such information has already been provided to the Rule 17g-5 Information
Provider.



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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement the day and year first above written.


 


 





 


REDWOOD RESIDENTIAL ACQUISITION 

CORPORATION


Assignor


 


By:/s/ William Moliski                      


Name: William Moliski                      


Title: Authorized Officer                           


 


 


SEQUOIA RESIDENTIAL FUNDING, INC.


Depositor





 


By: /s/ William Moliski                      


Name: William Moliski                       


Title:
Authorized
Officer                           


 





 


U.S. BANK NATIONAL ASSOCIATION, not in its 

individual
capacity but solely as Trustee,


Assignee





 


By: /s/ John L. Linssen                              


Name: John L. Linssen                               


Title: Vice President                                    


 





 


COLE
tAYLOR BANK








 


By: /s/ William Newman                             


Name: William Newman                             


Title: EVP-Mortgage Cole Taylor Bank   


 








Accepted and agreed to by:


 


WELLS FARGO BANK, N.A.


Master Servicer





 


By: /s/ Graham M. Oglesby                                                                


Name: Graham M. Oglesby                                                           


Title: Vice
President                                                             








 


 



    	11



    	 



    

ATTACHMENT 1


 


MORTGAGE LOAN SCHEDULE


 



    	 



    	 



    

 





	KEY	Primary Servicer	Servicing Fee %	Servicing Fee—Flatdollar	Servicing Advance Methodology	Originator	Loan Group	Loan Number	Servicer Loan Number	Amortization Type
	1	1000383	0.0025	 	 	1008808	1	1650001969	6012494	1
	2	1000383	0.0025	 	 	1008808	1	1650002006	1007966	1
	3	1000383	0.0025	 	 	1008808	1	1650002074	1007925	1
	4	1000383	0.0025	 	 	1008808	1	1650002204	6013620	1
	5	1000383	0.0025	 	 	1008808	1	1650002273	6013897	1
	6	1000383	0.0025	 	 	1008808	1	1650002405	6014544	1
	7	1000383	0.0025	 	 	1008808	1	1650002411	6014673	1
	8	1000383	0.0025	 	 	1008808	1	1650002211	6013502	1
	9	1000383	0.0025	 	 	1008808	1	1650002427	6014781	1


 


	KEY	Lien Position	HELOC Indicator	Loan Purpose	Cash Out Amount	Total Origination and Discount Points	Covered/High Cost Loan Indicator	Relocation Loan Indicator	Broker Indicator	Channel	Escrow Indicator
	1	1	0	9	 	 	 	 	 	2	0
	2	1	0	9	 	 	 	 	 	1	4
	3	1	0	9	 	 	 	 	 	1	0
	4	1	0	9	 	 	 	 	 	2	0
	5	1	0	9	 	 	 	 	 	2	0
	6	1	0	9	 	 	 	 	 	2	0
	7	1	0	9	 	 	 	 	 	2	0
	8	1	0	7	 	 	 	 	 	2	0
	9	1	0	9	 	 	 	 	 	2	0


 


	KEY	Senior Loan
 Amount(s)	Loan Type of Most
 Senior Lien	Hybrid Period of
 Most Senior Lien (in
 months)	Neg Am Limit of
 Most Senior Lien	Junior Mortgage
 Balance	Origination Date of
 Most Senior Lien	Origination Date	Original Loan
 Amount	Original Interest
 Rate	Original
 Amortization Term	Original Term to
 Maturity	First Payment Date
 of Loan
	1	0	 	 	 	0.00	 	20111227	1,250,000.00	0.0525	360	360	20120201
	2	0	 	 	 	0.00	 	20111222	1,330,000.00	0.0488	360	360	20120201
	3	0	 	 	 	0.00	 	20111229	487,500.00	0.0488	360	360	20120201
	4	0	 	 	 	22,239.00	 	20111228	650,000.00	0.0488	360	360	20120201
	5	0	 	 	 	0.00	 	20111227	982,700.00	0.0463	360	360	20120201
	6	0	 	 	 	0.00	 	20120130	982,000.00	0.0475	360	360	20120401
	7	0	 	 	 	0.00	 	20120125	712,500.00	0.0463	360	360	20120301
	8	0	 	 	 	0.00	 	20111215	823,250.00	0.0488	360	360	20120201
	9	0	 	 	 	0.00	 	20120208	825,000.00	0.0463	360	360	20120401


 


	KEY	Interest Type
 Indicator	Original Interest
 Only Term	Buy Down Period	HELOC Draw Period	Current Loan
 Amount	Current Interest
 Rate	Current Payment
 Amount Due	Interest Paid
 Through Date	Current Payment
 Status	Index Type	ARM Look-back
 Days	Gross Margin	ARM Round Flag
	1	1	0	0	 	1,247,126.13	0.0525	6,902.55	20120301	0	0	 	 	 
	2	1	0	0	 	1,326,722.67	0.0488	7,038.47	20120301	0	0	 	 	 
	3	1	0	0	 	486,298.72	0.0488	2,579.89	20120301	0	0	 	 	 
	4	1	0	0	 	648,398.31	0.0488	3,439.85	20120301	0	0	 	 	 
	5	1	0	0	 	980,165.20	0.0463	5,052.45	20120301	0	0	 	 	 
	6	1	0	0	 	982,000.00	0.0475	5,122.58	20120301	0	0	 	 	 
	7	1	0	0	 	711,582.85	0.0463	3,663.24	20120301	0	0	 	 	 
	8	1	0	0	 	821,221.37	0.0488	4,356.71	20120301	0	0	 	 	 
	9	1	0	0	 	825,000.00	0.0463	4,241.65	20120301	0	0	 	 	 


 


	KEY	ARM Round Factor	Initial Fixed Rate
 Period	Initial Interest Rate
 Cap (Change Up)	Initial Interest Rate
 Cap (Change Down)	Subsequent Interest
 Rate Reset Period	Subsequent Interest
 Rate Cap (Change Down)	Subsequent Interest
 Rate Cap (Change
 Up)	Lifetime Maximum
 Rate (Ceiling)	Lifetime Minimum
 Rate (Floor)	Negative
 Amortization Limit
	1	 	 	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 	 	 	 
	6	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	 	 	 	 	 	 	 
	8	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	 	 	 	 	 	 	 


 


	KEY	Initial Negative
 Amortization Recast
 Period	Subsequent
 Negative
 Amortization Recast
 Period	Initial Fixed
 Payment Period	Subsequent
 Payment Reset
 Period	Initial Periodic
 Payment Cap	Subsequent
 Periodic Payment
 Cap	Initial Minimum
 Payment Reset
 Period	Subsequent
 Minimum Payment
 Reset Period	Option ARM
 Indicator	Options at Recast	Initial Minimum
 Payment	Current Minimum
 Payment
	1	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	 	 	 	 	 	 	 	 	 


 


	KEY	Prepayment Penalty
 Calculation	Prepayment Penalty
 Type	Prepayment Penalty
 Total Term	Prepayment Penalty
 Hard Term	Primary Borrower ID	Number of
 Mortgaged
 Properties	Total Number of
 Borrowers	Self-employment
 Flag	Current ‘Other’
 Monthly Payment	Length of
 Employment:
 Borrower	Length of
 Employment: Co-
 Borrower	Years in Home
	1	 	 	0	 	283	1	 	1	 	18.00	0.00	11.00
	2	 	 	0	 	127	1	 	1	 	3.00	0.00	6.00
	3	 	 	0	 	256	2	 	0	 	7.60	 	5.30
	4	 	 	0	 	277	1	 	0	 	29.80	 	4.00
	5	 	 	0	 	270	1	 	0	 	3.00	 	14.00
	6	 	 	0	 	281	2	 	0	 	0.83	 	3.00
	7	 	 	0	 	192	1	 	0	 	12.00	 	4.00
	8	 	 	0	 	267	2	 	1	 	2.40	 	0.00
	9	 	 	0	 	260	1	 	1	 	5.92	 	3.00


 


	KEY	FICO Model Used	Most Recent FICO
 Date	Primary Wage
 Earner Original
 FICO: Equifax	Primary Wage
 Earner Original
 FICO: Experian	Primary Wage
 Earner Original
 FICO: TransUnion	Secondary Wage
 Earner Original
 FICO: Equifax	Secondary Wage
 Earner Original
 FICO: Experian	Secondary Wage
 Earner Original
 FICO: TransUnion	Original
 Primary Borrower
 FICO	Most Recent
 Primary Borrower
 FICO	Most Recent Co-
 Borrower FICO	Most Recent FICO
 Method
	1	1	 	 	 	 	 	 	 	750	 	 	 
	2	1	 	 	 	 	 	 	 	771	 	 	 
	3	1	 	 	 	 	 	 	 	794	 	 	 
	4	1	 	 	 	 	 	 	 	798	 	 	 
	5	1	 	 	 	 	 	 	 	791	 	 	 
	6	1	 	 	 	 	 	 	 	776	 	 	 
	7	1	 	 	 	 	 	 	 	748	 	 	 
	8	1	 	 	 	 	 	 	 	759	 	 	 
	9	1	 	 	 	 	 	 	 	795	 	 	 


 


	KEY	VantageScore:
 Primary Borrower	VantageScore: Co-
 Borrower	Most Recent
 VantageScore
 Method	VantageScore Date	Credit Report:
 Longest Trade Line	Credit Report:
 Maximum Trade
 Line	Credit Report:
 Number of Trade
 Lines	Credit Line Usage
 Ratio	Most Recent 12-
 month Pay History	Months Bankruptcy	Months Foreclosure
	1	 	 	 	 	 	 	 	 	000000000000	 	 
	2	 	 	 	 	 	 	 	 	000000000000	 	 
	3	 	 	 	 	 	 	 	 	000000000000	 	 
	4	 	 	 	 	 	 	 	 	000000000000	 	 
	5	 	 	 	 	 	 	 	 	000000000000	 	 
	6	 	 	 	 	 	 	 	 	000000000000	 	 
	7	 	 	 	 	 	 	 	 	000000000000	 	 
	8	 	 	 	 	 	 	 	 	000000000000	 	 
	9	 	 	 	 	 	 	 	 	000000000000	 	 


 


	KEY	Primary Borrower
 Wage Income	Co-Borrower Wage
 Income	Primary Borrower
 Other Income	Co-Borrower Other
 Income	All Borrower Wage
 Income	All Borrower Total
 Income	4506-T Indicator	Borrower Income
 Verification Level	Co-Borrower
 Income Verification	Borrower
 Employment
 Verification	Co-Borrower
 Employment
 Verification	Borrower Asset
 Verification
	1	26,830.00	0.00	0.00	0.00	26,830.00	26,830.00	1	5	 	3	 	3
	2	23,177.00	0.00	12,174.42	0.00	23,177.00	35,351.42	1	4	 	2	 	3
	3	18,454.15	 	-477.33	 	18,454.15	17,976.82	1	5	 	3	 	4
	4	25,908.34	0.00	0.00	0.00	25,908.34	25,908.34	1	5	 	3	 	4
	5	37,429.05	0.00	0.00	0.00	37,429.05	37,429.05	1	5	 	3	 	4
	6	25,000.02	0.00	0.00	0.00	25,000.02	25,000.02	1	5	 	3	 	4
	7	19,750.00	0.00	0.00	0.00	19,750.00	19,750.00	1	5	 	3	 	4
	8	20,826.17	 	1,146.77	 	20,826.17	21,972.94	1	5	 	3	 	3
	9	22,278.17	 	0.00	 	22,278.17	22,278.17	1	5	 	3	 	4


 


	KEY	Co-Borrower Asset
 Verification	Liquid / Cash
 Reserves	Monthly Debt All
 Borrowers	Originator DTI	Fully Indexed Rate	Qualification
 Method	Percentage of Down
 Payment from
 Borrower Own
 Funds	City	State	Postal Code	Property Type	Occupancy
	1	 	157,552.17	8,599.02	0.3205	 	 	 	Laguna Beach	CA	92651	7	1
	2	 	3,927,103.63	12,012.41	0.3398	 	 	 	Highland Park	IL	60035	1	1
	3	 	136,622.45	6,293.68	0.3501	 	 	 	Brentwood	TN	37027	7	1
	4	 	61,586.79	6,946.03	0.2681	 	 	 	San Jose	CA	95125	1	1
	5	 	664,231.87	6,138.36	0.1640	 	 	 	La Canada Flintridge	CA	91011	1	1
	6	 	77,435.30	9,542.51	0.3817	 	 	 	Pleasanton	CA	94566	7	1
	7	 	551,538.47	6,904.60	0.3496	 	 	 	Houston	TX	77055	1	1
	8	 	398,574.74	7,534.52	0.3429	 	 	100.00	Corona	CA	92881	7	1
	9	 	102,990.21	5,308.89	0.2383	 	 	 	Sierra Madre	CA	91024	1	1


 


	KEY	Sales Price	Original Appraised
 Property Value	Original Property
 Valuation Type	Original Property
 Valuation Date	Original Automated
 Valuation Model
 (AVM) Model Name	Original AVM
 Confidence Score	Most Recent
 Property Value2	Most Recent
 Property Valuation
 Type	Most Recent
 Property Valuation
 Date	Most Recent AVM
 Model Name	Most Recent AVM
 Confidence Score	Original CLTV
	1	 	1,950,000.00	3	20111115	 	 	 	 	 	 	 	0.6410
	2	 	1,900,000.00	3	20111118	 	 	 	 	 	 	 	0.7000
	3	 	650,000.00	3	20111209	 	 	 	 	 	 	 	0.7500
	4	 	900,000.00	3	20111008	 	 	 	 	 	 	 	0.7469
	5	 	1,490,000.00	3	20111205	 	 	 	 	 	 	 	0.6595
	6	 	1,825,000.00	3	20120114	 	 	 	 	 	 	 	0.5381
	7	 	950,000.00	3	20111219	 	 	 	 	 	 	 	0.7500
	8	1,099,000.00	1,100,000.00	3	20111130	 	 	 	 	 	 	 	0.7491
	9	 	1,240,000.00	3	20120108	 	 	 	 	 	 	 	0.6653


 


	KEY	Original LTV	Original Pledged
 Assets	Mortgage Insurance
 Company Name	Mortgage Insurance
 Percent	MI: Lender or
 Borrower Paid?	Pool Insurance Co.
 Name	Pool Insurance Stop
 Loss %	MI Certificate
 Number	Updated DTI
 (Front-end)	Updated DTI
 (Back-end)	Modification
 Effective Payment
 Date	Total Capitalized
 Amount
	1	0.6410	0	0	0	 	 	 	 	 	 	 	 
	2	0.7000	0	0	0	 	 	 	 	 	 	 	 
	3	0.7500	0	0	0	 	 	 	 	 	 	 	 
	4	0.7222	0	0	0	 	 	 	 	 	 	 	 
	5	0.6595	0	0	0	 	 	 	 	 	 	 	 
	6	0.5381	0	0	0	 	 	 	 	 	 	 	 
	7	0.7500	0	0	0	 	 	 	 	 	 	 	 
	8	0.7491	0	0	0	 	 	 	 	 	 	 	 
	9	0.6653	0	0	0	 	 	 	 	 	 	 	 


 


	KEY	Total Deferred
 Amount	Pre-Modification
 Interest (Note) Rate	Pre-Modification P&I
 Payment	Pre-Modification
 Initial Interest Rate
 Change Downward
 Cap	Pre-Modification
 Subsequent Interest
 Rate Cap	Pre-Modification
 Next Interest Rate
 Change Date	Pre-Modification I/O
 Term	Forgiven Principal
 Amount	Forgiven Interest
 Amount
	1	 	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 	 	 
	6	 	 	 	 	 	 	 	 	 
	7	 	 	 	 	 	 	 	 	 
	8	 	 	 	 	 	 	 	 	 
	9	 	 	 	 	 	 	 	 	 


 


	KEY	Number of
 Modifications	Cash To/From Brrw at Closing	Brrw - Yrs at in Industry	CoBrrw - Yrs at in Industry	Junior Mortgage Drawn Amount	Maturity Date	Primary Borrower Wage Income (Salary)	Primary Borrower Wage Income (Bonus)
	1	 	 	18.00	0.00	0.00	20420101	26,830.00	0.00
	2	 	 	3.00	0.00	0.00	20420101	23,177.00	0.00
	3	 	 	8.00	 	0.00	20420101	18,454.15	0.00
	4	 	 	29.80	 	22,239.00	20420101	25,908.34	0.00
	5	 	 	3.00	 	0.00	20420101	37,429.05	0.00
	6	 	 	13.00	 	0.00	20420301	25,000.02	0.00
	7	 	 	15.00	 	0.00	20420201	19,750.00	0.00
	8	 	 	8.00	 	0.00	20420101	20,826.17	0.00
	9	 	 	5.92	 	0.00	20420301	22,278.17	0.00


 


	KEY	Primary Borrower Wage Income (Commission)	Co-Borrower Wage Income (Salary)	Co-Borrower Wage Income (Bonus)	Co-Borrower Wage Income (Commission)	Originator Doc Code	RWT Income Verification	RWT Asset Verification
	1	0.00	0.00	0.00	0.00	Full	2 years	1 Month
	2	0.00	0.00	0.00	0.00	Full	2 years	1 Month
	3	0.00	 	 	 	Full	2 years	2 Months
	4	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	5	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	6	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	7	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	8	0.00	 	 	 	Full	2 years	1 Month
	9	0.00	 	 	 	Full	2 years	2 Months


 



    	 



    	 



    




ASF RMBS DISCLOSURE PACKAGE








	
Field


Number

	
Field Name

	
Field Description

	
Type of


Field

	
Data Type

	
Sample Data

	
Format

	
When


Applicable?

	
Valid Values

	
Proposed


Unique


Coding

	
Notes


	
1

	
Primary Servicer

	
The MERS Organization ID of the company that has or will have the right to service the loan.

	
General Information

	
Numeric – Integer

	
2351805

	
9(7)

	
Always

	
”9999999” if Unknown

	  	  
	
2

	
Servicing Fee—Percentage

	
Aggregate monthly fee paid to all servicers, stated in decimal form.

	
General Information

	
Numeric - Decimal

	
0.0025

	
9.999999

	
Loans without flat-dollar servicing fees

	
>= 0 and < 1

	  	
Must be populated if Field 3 is Null


	
3

	
Servicing Fee—Flat-dollar

	
Aggregate monthly fee paid to all servicers, stated as a dollar amount.

	
General Information

	
Numeric – Decimal

	
7.5

	
9(3).99

	
Loans with flat-dollar servicing fees

	
>= 0 and


<= 999

	  	
Must be populated if 2 is Null


	
4

	
Servicing Advance Methodology

	
The manner in which principal and/or interest are to be advanced by the servicer.

	
General Information

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1 = Scheduled Interest, Scheduled Principal


2 = Actual Interest, Actual Principal


3 = Scheduled Interest, Actual Principal


99 = Unknown

	  
	
5

	
Originator

	
The MERS Organization ID of the entity that lends funds to the borrower and, in return, places a lien on the mortgage property as collateral.

	
General Information

	
Numeric – Integer

	
5938671

	
9(7)

	
Always

	
”9999999” if Unknown

	  	  
	
6

	
Loan Group

	
Indicates the collateral group number in which the loan falls (for structures with multiple collateral groups). Use “1” if there is only one loan group.

	
General Information

	
Text

	
1A

	
XXXX

	
Always

	
“UNK” if Unknown

	  	  
	
7

	
Loan Number

	
Unique National Mortgage Loan ID Number (Vendor TBD).

	
General Information

	
Numeric – Integer

	
TBD

	
TBD

	
Always

	
TBD

	  	
Details to be provided by Vendor


	
8

	
Amortization Type

	
Indicates whether the loan’s interest rate is fixed or adjustable (Hybrid ARMs are adjustable).

	
Loan Type

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1 = Fixed


2 = Adjustable


99 = Unknown

	  
	
9

	
Lien Position

	
A number indicating the loan’s lien position (1 = first lien, etc.).

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
>0

	
99 = Unknown

	  
	
10

	
HELOC Indicator

	
Indicates whether the loan is a home equity line of credit.

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No


1 = Yes


99 = Unknown

	  
	
11

	
Loan Purpose

	
Indicates the purpose of the loan.

	
Loan Type

	
Numeric – Integer

	
9

	
99

	
Always

	
See Coding

	
See Appendix A

	  
	
12

	
Cash Out Amount

	
For “Cash-out” loans (see Glossary):


 


[NEW LOAN AMOUNT] – [PAID-OFF FIRST MORTGAGE LOAN AMOUNT] – [PAID-OFF SECOND MORTGAGE LOAN AMOUNT (if Second was used to purchase the property)] – [CLOSING COSTS].

	
Loan Type

	
Numeric – Decimal

	
72476.5

	
9(10).99

	
Always

	
>= 0

	  	  
	
13

	
Total Origination and Discount Points (in dollars)

	
Amount paid to the lender to increase the lender’s effective yield and, in the case of discount points, to reduce the interest rate paid by the borrower.

	
Loan Type

	
Numeric – Decimal

	
5250

	
9(10).99

	
Always

	
>= 0

	  	
Typically Lines 801 and 802 of HUD Settlement Statement


	
14

	
Covered/High Cost Loan Indicator

	
Indicates whether the loan is categorized as “high cost” or “covered” according to state or federal statutes or regulations.

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No


1 = Yes


99 = Unknown

	  
	
15

	
Relocation Loan Indicator

	
Indicates whether the loan is part of a corporate relocation program.

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No


1 = Yes


99 = Unknown

	  
	
16

	
Broker Indicator

	
Indicates whether a broker took the application.

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No


1 = Yes


99 = Unknown

	  
	
17

	
Channel

	
Code indicating the source (channel) from which the Issuer obtained the mortgage loan.

	
Loan Type

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1 = Retail


2 = Broker


3 = Correspondent Bulk


4 = Correspondent Flow with delegated underwriting


5 = Correspondent Flow without delegated underwriting


99 = Unknown

	  
	
18

	
Escrow Indicator

	
Indicates whether various homeownership expenses are paid by the borrower directly or through an escrow account (as of securitization cut-off date).

	
Loan Type

	
Numeric – Integer

	
3

	
99

	
Always

	
See Coding

	
0 = No Escrows


1 = Taxes


2 = Insurance


3 = HOA dues


4 = Taxes and Insurance


5 = All


99 =Unknown

	  
	
19

	
Senior Loan Amount(s)

	
For non-first mortgages, the sum of the balances of all associated senior mortgages at the time of origination of the subordinate lien.

	
Mortgage Lien Info

	
Numeric – Decimal

	
611004.25

	
9(10).99

	
If Lien Position > 1

	
>= 0

	  	  
	
20

	
Loan Type of Most Senior Lien

	
For non-first mortgages, indicates whether the associated first mortgage is a Fixed, ARM, Hybrid, or negative amortization loan.

	
Mortgage Lien Info

	
Numeric – Integer

	
2

	
99

	
If Lien Position > 1

	
See Coding

	
1 = Fixed Rate


2 = ARM


3 = Hybrid


4 = Neg Am


99 = Unknown

	  
	
21

	
Hybrid Period of Most Senior Lien (in months)

	
For non-first mortgages where the associated first mortgage is a hybrid ARM, the number of months remaining in the initial fixed interest rate period for the hybrid first mortgage.

	
Mortgage Lien Info

	
Numeric – Integer

	
23

	
999

	
If Lien Position > 1


AND the most senior lien is a hybrid ARM (see Field 20)

	
>= 0

	  	  
	
22

	
Neg Am Limit of Most Senior Lien

	
For non-first mortgages where the associated first mortgage features negative amortization, the maximum percentage by which the negatively amortizing balance may increase (expressed as a proportion of the senior lien’s original balance).

	
Mortgage Lien Info

	
Numeric – Decimal

	
1.25

	
9.999999

	
If Lien Position > 1


AND the senior lien is Neg Am (see Field 20)

	
>= 1 and <= 2

	  	  
	
23

	
Junior Mortgage Balance

	
For first mortgages with subordinate liens at the time of origination, the combined balance of the subordinate liens (if known).

	
Mortgage Lien Info

	
Numeric – Decimal

	
51775.12

	
9(10).99

	
If Lien Position = 1 and there is a 2nd lien on the subject property

	
>= 0

	  	
Subject to Regulatory Confirmation


	
24

	
Origination Date of Most Senior Lien

	
For non-first mortgages, the origination date of the associated first mortgage.

	
Mortgage Lien Info

	
Date

	
20090914

	
YYYYMMDD

	
If Lien Position > 1 and there is a 2nd lien on the subject property

	
“19010101” if unknown

	  	  
	
25

	
Origination Date

	
The date of the Mortgage Note and Mortgage/Deed of Trust

	
Loan Term and Amortization Type

	
Date

	
20090914

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	  	  
	
26

	
Original Loan Amount

	
The dollar amount of the mortgage loan, as specified on the mortgage note at the time of the loan’s origination. For HELOCs, the maximum available line of credit.

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
150000

	
9(10).99

	
Always

	
>0

	  	  
	
27

	
Original Interest Rate

	
The original note rate as indicated on the mortgage note.

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
0.0475

	
9.999999

	
Always

	
> 0 and <= 1

	  	  
	
28

	
Original Amortization Term

	
The number of months in which the loan would be retired if the amortizing principal and interest payment were to be paid each month.

	
Loan Term and Amortization Type

	
Numeric – Integer

	
360

	
999

	
Always

	
>= 60

	  	  
	
29

	
Original Term to Maturity

	
The initial number of months between loan origination and the loan maturity date, as specified on the mortgage note.

	
Loan Term and Amortization Type

	
Numeric – Integer

	
60

	
999

	
Always

	
>0

	
N/A

	  
	
30

	
First Payment Date of Loan

	
The date of the first scheduled mortgage payment to be made by the borrower as specified on the mortgage note.

	
Loan Term and Amortization Type

	
Date

	
20090914

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	
N/A

	  
	
31

	
Interest Type Indicator

	
Indicates whether the interest rate calculation method is simple or actuarial.

	
Loan Term and Amortization Type

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1= Simple


2 = Actuarial


99 = Unknown

	  
	
32

	
Original Interest Only Term

	
Original interest-only term for a loan in months (including NegAm Loans).

	
Loan Term and Amortization Type

	
Numeric – Integer

	
60

	
999

	
Always

	
>= 0 and <= 240


Unknown = Blank;


No Interest Only Term = 0

	  	  
	
33

	
Buy Down Period

	
The total number of months during which any buy down is in effect, representing the accumulation of all buy down periods.

	
Loan Term and Amortization Type

	
Numeric – Integer

	
65

	
999

	
Always

	
>= 0 and <= 100


Unknown = Blank;


No Buy Down = 0

	  	  
	
34

	
HELOC Draw Period

	
The original number of months during which the borrower may draw funds against the HELOC account.

	
Loan Term and Amortization Type

	
Numeric – Integer

	
24

	
999

	
HELOCs Only

	
>= 12 and <= 120

	  	  
	
35

	
Scheduled Loan Amount

	
Mortgage loan scheduled principal balance as of cut-off date. For HELOCs, the current drawn amount.

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
248951.19

	
9(10).99

	
Always

	
>= 0

	  	  
	
36

	
Current Interest Rate

	
The interest rate used to calculate the current P&I or I/O payment.

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
0.05875

	
9.999999

	
Always

	
> 0 and <= 1

	  	  
	
37

	
Current Payment Amount Due

	
Next Total Payment due to be collected (including principal, interest or both—but Exclude Escrow Amounts).

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
1250.15

	
9(10).99

	
Always

	
> 0

	  	  
	
38

	
Scheduled Interest Paid


Through Date

	  	
Loan Term and Amortization Type

	
Date

	
20090429

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	  	  
	
39

	
Current Payment Status

	
Number of payments the borrower is past due as of the securitization cut-off date.

	
Loan Term and Amortization Type

	
Numeric – Integer

	
3

	
99

	
Always

	
>= 0

	  	  
	
40

	
Index Type

	
Specifies the type of index to be used to determine the interest rate at each adjustment.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
18

	
99

	
ARMs Only

	
See Coding

	
See Appendix B

	  
	
41

	
ARM Look-back Days

	
The number of days prior to the interest rate adjustment date to retrieve the index value.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
45

	
99

	
ARMs Only

	
>= 0 to <=99

	  	  
	
42

	
Gross Margin

	
The percentage stated on the mortgage note representing the spread between the ARM Index value and the mortgage interest rate. The gross mortgage margin is added to the index value to establish a new gross interest rate in the manner prescribed on the mortgage note.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.03

	
9.999999

	
ARMs Only

	
>0 and <= 1

	  	  
	
43

	
ARM Round Flag

	
An indicator of whether an adjusted interest rate is rounded to the next higher ARM round factor, to the next lower round factor, or to the nearest round factor.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
3

	
9

	
ARMs Only

	
See Coding

	
0 = No Rounding


1 = Up


2 = Down


3 = Nearest


99=Unknown

	  
	
44

	
ARM Round Factor

	
The percentage to which an adjusted interest rate is to be rounded.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.0025 or 0.00125

	
9.999999

	
ARMs Only


Where ARM Round Flag = 1, 2, or 3

	
>= 0 and < 1

	  	  
	
45

	
Initial Fixed Rate Period

	
For hybrid ARMs, the period between the first payment date of the mortgage and the first interest rate adjustment date.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
60

	
999

	
Hybrid ARMs Only

	
>= 1 to <=240

	  	  
	
46

	
Initial Interest Rate Cap (Change Up)

	
The maximum percentage by which the mortgage note rate may increase at the first interest rate adjustment date.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
47

	
Initial Interest Rate  Cap (Change Down)

	
The maximum percentage by which the mortgage note rate may decrease at the first interest rate adjustment date.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
48

	
Subsequent Interest Rate Reset Period

	
The number of months between subsequent rate adjustments.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
60

	
999

	
ARMs Only

	
>=0 and <= 120

	  	
0 = Loan does not adjust after initial reset


	
49

	
Subsequent Interest Rate (Change Down)

	
The maximum percentage by which the interest rate may decrease at each rate adjustment date after the initial adjustment.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
50

	
Subsequent Interest Rate Cap (Change Up)

	
The maximum percentage by which the interest rate may increase at each rate adjustment date after the initial adjustment.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
51

	
Lifetime Maximum Rate (Ceiling)

	
The maximum interest rate that can be in effect during the life of the loan.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.125

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	  	
=1 if no ceiling specified


	 
	 
	
52

	
Lifetime Minimum Rate (Floor)

	
The minimum interest rate that can be in effect during the life of the loan.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.015

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	  	
If no floor is specified enter the greater of the margin or 0.


	
53

	
Negative Amortization Limit

	
The maximum amount of negative amortization allowed before recast is required. (Expressed as a percentage of the original unpaid principal balance.)

	
Negative Amortization

	
Numeric – Decimal

	
1.25

	
9.999999

	
Negatively Amortizing ARMs Only

	
>=0, and <2

	  	  
	
54

	
Initial Negative Amortization Recast Period

	
The number of months in which the payment is required to recast if the loan does not reach the prescribed maximum balance earlier.

	
Negative Amortization

	
Numeric – Integer

	
60

	
999

	
Negatively Amortizing ARMs Only

	
>=0

	  	  
	
55

	
Subsequent Negative Amortization Recast Period

	
The number of months after which the payment is required to recast AFTER the first recast period.

	
Negative Amortization

	
Numeric – Integer

	
48

	
999

	
Negatively Amortizing ARMs Only

	
>=0

	  	  
	
56

	
Initial Fixed Payment Period

	
Number of months after origination during which the payment is fixed.

	
Negative Amortization

	
Numeric – Integer

	
60

	
999

	
Negatively Amortizing Hybrid ARMs Only

	
>= 0 to <=120

	  	  
	
57

	
Subsequent Payment Reset Period

	
Number of months between payment adjustments after first payment reset.

	
Negative Amortization

	
Numeric – Integer

	
12

	
999

	
Negatively Amortizing ARMs Only

	
>= 0 to <=120

	  	  
	
58

	
Initial Periodic Payment Cap

	
The maximum percentage by which a payment can change (increase or decrease) in the first period.

	
Negative Amortization

	
Numeric – Decimal

	
0.075

	
9.999999

	
Negatively Amortizing ARMs Only

	
>= 0 and < 1

	  	  
	
59

	
Subsequent Periodic Payment Cap

	
The maximum percentage by which a payment can change (increase or decrease) in one period after the initial cap.

	
Negative Amortization

	
Numeric – Decimal

	
0.075

	
9.999999

	
Negatively Amortizing ARMs Only

	
>= 0 and < 1

	  	  
	
60

	
Initial Minimum Payment Reset Period

	
The maximum number of months a borrower can initially pay the minimum payment before a new minimum payment is determined.

	
Negative Amortization

	
Numeric – Integer

	
12

	
999

	
Negatively Amortizing ARMs Only

	
>= 0 to <=120

	  	  
	
61

	
Subsequent Minimum Payment Reset Period

	
The maximum number of months (after the initial period) a borrower can pay the minimum payment before a new minimum payment is determined after the initial period.

	
Negative Amortization

	
Numeric – Integer

	
12

	
999

	
Negatively Amortizing ARMs Only

	
>= 0 to <=120

	  	  
	
62

	
Option ARM Indicator

	
An indicator of whether the loan is an Option ARM.

	
Negative Amortization

	
Numeric – Integer

	
1

	
99

	
ARMs Only

	
See Coding

	
0 = No


1 = Yes


99 = Unknown

	  
	
63

	
Options at Recast

	
The means of computing the lowest monthly payment available to the borrower after recast.

	
Option ARM

	
Numeric – Integer

	
2

	
99

	
Option ARMs Only

	
N/A

	
1= Fully amortizing 30 year


2= Fully amortizing 15 year


3=Fully amortizing 40 year


4 = Interest-Only


5 = Minimum Payment


99= Unknown

	  
	
64

	
Initial Minimum Payment

	
The initial minimum payment the borrower is permitted to make.

	
Option ARM

	
Numeric – Decimal

	
879.52

	
99

	
Option ARMs Only

	
>=0

	  	  
	
65

	
Current Minimum Payment

	
Current Minimum Payment (in dollars).

	
Negative Amortization

	
Numeric – Decimal

	
250

	
9(10).99

	
Option ARMs Only

	
>= 0

	  	  
	
66

	
Prepayment Penalty Calculation

	
A description of how the prepayment penalty would be calculated during each phase of the prepayment penalty term.

	
Prepayment Penalties

	
Numeric – Integer

	
12

	
99

	
Always

	
See Coding

	
See Appendix C

	  
	
67

	
Prepayment Penalty Type

	
• Hard: The prepayment penalty is incurred regardless of the reason the loan is prepaid in full.


• Hybrid: The prepayment penalty can be characterized as hard for a certain amount of time and as soft during another period.


 

	
Prepayment Penalties

	
Numeric – Integer

	
1

	
99

	
All loans with Prepayment Penalties (i.e., loans for which Field 66 = something other than “0”)

	
See Coding

	
1 = Hard


2 = Soft


3 = Hybrid


99 = Unknown

	  
	
68

	
Prepayment Penalty Total Term

	
The total number of months that the prepayment penalty may be in effect.

	
Prepayment Penalties

	
Numeric – Integer

	
60

	
999

	
All loans with Prepayment Penalties (i.e., loans for which Field 66 = something other than “0”)

	
>0 to <=120

	  	  
	
69

	
Prepayment Penalty Hard Term

	
For hybrid prepayment penalties, the number of months during which a “hard” prepayment penalty applies.

	
Prepayment Penalties

	
Numeric – Integer

	
12

	
999

	
Loans with Hybrid Prepayment Penalties (i.e., loans for which Field 67 = “3”)

	
>= 0 to <=120

	  	  
	
70

	
Primary Borrower ID

	
A lender-generated ID number for the primary borrower on the mortgage

	
Borrower

	
Numeric—Integer

	
123456789

	
999999999

	
Always

	
>0

	  	
Used to identify the number of times a single borrower appears in a given deal.


	
71

	
Number of Mortgaged Properties

	
The number of residential properties owned by the borrower that currently secure mortgage loans.

	
Borrower

	
Numeric – Integer

	
1

	
99

	
Always

	
> 0

	  	  
	
72

	
Total Number of Borrowers

	
The number of Borrowers who are obligated to repay the mortgage note.

	
Borrower

	
Numeric – Integers

	
2

	
99

	
Always

	
> 0

	  	  
	
73

	
Self-employment Flag

	
An indicator of whether the primary borrower is self-employed.

	
Borrower

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No


1 = Yes


99 = Unknown

	  
	
74

	
Current ‘Other’ Monthly Payment

	
The aggregate of all payments pertaining to the subject property other than principal and interest (includes common charges, condo fees, T&I, HOA, etc.), whether escrowed or not.

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
1789.25

	
9(10).99

	
Always

	
> 0

	  	  
	
75

	
Length of Employment: Borrower

	
The number of years of service with the borrower’s current employer as of the date of the loan.

	
Borrower Qualification

	
Numeric – Decimal

	
3.5

	
99.99

	
Always

	
>=0

	
99 = Retired, None employment income soure (social security, trust income, dividends, etc.)

	  
	
76

	
Length of Employment: Co-Borrower

	
The number of years of service with the co-borrower’s current employer as of the date of the loan.

	
Borrower Qualification

	
Numeric – Decimal

	
3.5

	
99.99

	
If “Total Number of Borrowers” > 1

	
>= 0

	
99 = Retired, None employment income soure (social security, trust income, dividends, etc.)

	  
	
77

	
Years in Home

	
Length of time that the borrower has been at current address.

	
Borrower Qualification

	
Numeric – Decimal

	
14.5

	
99.99

	
Refinances of Primary Residences Only (Loan Purpose = 1, 2, 3, 4, 8 or 9)

	
> 0

	  	  
	
78

	
FICO Model Used

	
Indicates whether the FICO score was calculated using the Classic, Classic 08, or Next Generation model.

	
Borrower Qualification

	
Numeric – Integer

	
1

	
99

	
If a FICO score was obtained

	
See Coding

	
1 = Classic


2 = Classic 08


3 = Next Generation


99 = Unknown

	  
	
79

	
Most Recent FICO Date

	
Specifies the date on which the most recent FICO score was obtained

	
Borrower Qualification

	
Date

	
20090914

	
YYYYMMDD

	
If a FICO score was obtained

	
“19010101” if unknown

	  	
Issuers unable to Provide may Rep and Warrant that the FICO score used for underwriting was not more than 4 months old at the date of issuance.


	
80

	
Primary Wage Earner Original FICO:  Equifax

	
Equifax FICO score for primary borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
81

	
Primary Wage Earner Original FICO:  Experian

	
Experian FICO score for primary borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
82

	
Primary Wage Earner Original FICO:  TransUnion

	
TransUnion FICO score for primary borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
83

	
Secondary Wage Earner Original FICO:  Equifax

	
Equifax FICO score for Co-borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
84

	
Secondary Wage Earner Original FICO:  Experian

	
Experian FICO score for Co-borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
85

	
Secondary Wage Earner Original FICO: TransUnion

	
TransUnion FICO score for Co-borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
86

	
Most Recent Primary Borrower FICO

	
Most Recent Primary Borrower FICO score used by the lender to approve the loan.

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
87

	
Most Recent Co-Borrower FICO

	
Most Recent Co-Borrower FICO score used by the lender to approve the loan.

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
88

	
Most Recent FICO Method

	
Number of credit repositories used to update the FICO Score.

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If a FICO score was obtained

	
>0

	  	  
	
89

	
VantageScore: Primary Borrower

	
Credit Score for the Primary Borrower used to approve the loan and obtained using the Vantage credit evaluation model.

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a Vantage Credit Score was obtained

	
>= 501 and <= 990

	  	  
	
90

	
VantageScore: Co-Borrower

	
Credit Score for the Co-borrower used to approve the loan and obtained using the Vantage credit evaluation model.

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a VantageScore was obtained AND “Total Number of Borrowers” > 1

	
>= 501 and <= 990

	  	  
	
91

	
Most Recent VantageScore Method

	
Number of credit repositories used to update the Vantage Score.

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If a Vantage Credit Score was obtained

	
>0

	  	  
	
92

	
VantageScore Date

	
Date Vantage Credit Score was obtained.

	
Borrower Qualification

	
Date

	
20090914

	
YYYYMMDD

	
If a Vantage Credit Score was obtained

	
“19010101” if unknown

	  	  
	
93

	
Credit Report: Longest Trade Line

	
The length of time in months that the oldest active trade line, installment or revolving, has been outstanding. For a loan with more than one borrower, populate field based on status for the primary borrower.

	
Borrower Qualification

	
Numeric – Integer

	
999

	
999

	
Always

	
> =0

	  	
Subject to Regulatory Confirmation


	
94

	
Credit Report: Maximum Trade Line

	
The dollar amount for the trade line, installment or revolving, with the largest unpaid balance. For revolving lines of credit, e.g. credit card, the dollar amount reported should reflect the maximum amount of credit available under the credit line whether used or not. For a loan with more than one borrower, populate field based on status for the primary borrower.

	
Borrower Qualification

	
Numeric – Decimal

	
339420.19

	
9(10).99

	
Always

	
>=0

	  	
Subject to Regulatory Confirmation


	
95

	
Credit Report: Number of Trade Lines

	
A count of non-derogatory, currently open and active, consumer trade lines (installment or revolving) for the borrower. For a loan with more than one borrower, populate field based on status for the primary borrower.

	
Borrower Qualification

	
Numeric – Integer

	
57

	
999

	
Always

	
>=0

	  	
Subject to Regulatory Confirmation


	
96

	
Credit Line Usage Ratio

	
Sum of credit balances divided by sum of total open credit available.

	
Borrower Qualification

	
Numeric – Decimal

	
0.27

	
9.999999

	
Always

	
>= 0 and <= 1

	  	
Subject to Regulatory Confirmation


	
97

	
Most Recent 12-month Pay History

	
String indicating the payment status per month listed from oldest to most recent.

	
Borrower Qualification

	
Text

	
77X123200001

	
X(12)

	
Always

	
See Coding

	
0 = Current


1 = 30-59 days delinquent


2 = 60-89 days delinquent


3 = 90-119 days delinquent


4 = 120+ days delinquent


5 = Foreclosure


6 = REO


7 = Loan did not exist in period


X = Unavailable

	  
	
98

	
Months Bankruptcy

	
Number of months since any borrower was discharged from bankruptcy. (Issuers unable to provide this information may rep and warrant that at least x years—as specified in the loan program—have passed since most recent discharge from bankruptcy.)

	
Borrower Qualification

	
Numeric – Integer

	
12

	
999

	
If Borrower has ever been in Bankruptcy

	
>= 0

	  	
Blank = Borrower is not known to have been in bankruptcy


	
99

	
Months Foreclosure

	
Number of months since foreclosure sale date. (Issuers unable to provide this information may rep and warrant that at least x years—as specified in the loan program— have passed since most recent foreclosure.)

	
Borrower Qualification

	
Numeric – Integer

	
12

	
999

	
If Borrower has ever been in Foreclosure

	
>= 0

	  	
Blank = Borrower is not known to have been in foreclosure


	
100

	
Primary Borrower Wage Income

	
Monthly base wage income for primary borrower.

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
101

	
Co-Borrower Wage Income

	
Monthly base wage income for all other borrowers.

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
If “Total Number of Borrowers” > 1

	
>= 0

	  	  
	
102

	
Primary Borrower Other Income

	
Monthly Other (non-wage) income for primary borrower. (This figure should include net rental income and be reduced by any net rental loss.)

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
103

	
Co-Borrower Other Income

	
Monthly Other (non-wage) income for all other borrowers. (This figure should include net rental income and be reduced by any net rental loss.)

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
If “Total Number of Borrowers” > 1

	
>= 0

	  	  
	
104

	
All Borrower Wage Income

	
Monthly income of all borrowers derived from base salary only.

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
105

	
All Borrower Total Income

	
Monthly income of all borrowers derived from base salary, commission, tips and gratuities, overtime and bonuses, part-time or second-job earnings, alimony, child support, interest and dividend income, notes receivable, trust income, net rental income, retirement income, social security, veterans income, military income, foster care income, and self-employed income.

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
106

	
4506-T Indicator

	
A yes/no indicator of whether a Transcript of Tax Return (received pursuant to the filing of IRS Form 4506-T) was obtained and considered.

	
Borrower Qualification

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No


1 = Yes


99 = Unknown

	  
	
107

	
Borrower Income Verification Level

	
A code indicating the extent to which the borrower’s income has been verified:


Level 4 Income Verification = [W-2 (Prev. Yr.) OR TAX RETURNS* (Prev. Yr.)] AND PAY STUBS (YTD (at least one month)–if salaried)


Level 5 Income Verification = 24 months income verification (W-2s, pay stubs, bank statements and/or tax returns**)


*For self-employed borrowers:  Level 4 Income Verification:


• 2 Years Tax Returns


• Self-prepared tax returns (regardless of 4506 and tax transcripts)


 


** For self-employed borrowers: Level 5 Income Verification:


• 2 Years tax returns


• Tax returns prepared and not executed by a CPA, with


          o CPA name & phone number shown on the Preparer section of the tax return


          o Executed 4506 and tax transcripts (matching returns in file)


• Tax returns prepared and executed by a CPA  (regardless of 4506 and tax transcripts)

	
Borrower Qualification

	
Numeric – Integer

	
1

	
9

	
Always

	
See Coding

	
1 = Not Stated, Not Verified


2 = Stated, Not Verified


3 = Stated, “Partially” Verified


4 = Stated, “Level 4” Verified  (as defined)


5 = Stated, “Level 5” Verified  (as defined)


 

	  
	
108

	
Co-Borrower Income Verification

	
A code indicating the extent to which the co-borrower’s income has been verified:


 


Level 4 Income Verification = [W-2 (Prev. Yr.) OR TAX RETURNS* (Prev. Yr.)] AND PAY STUBS (YTD (at least one month)–if salaried)


 


Level 5 Income Verification = 24 months income verification (W-2s, pay stubs, bank statements and/or tax returns**)


*For self-employed borrowers:  Level 4 Income Verification:


• 2 Years Tax Returns


• Self-prepared tax returns (regardless of 4506 and tax transcripts)


 


** For self-employed borrowers: Level 5 Income Verification:


• 2 Years tax returns


• Tax returns prepared and not executed by a CPA, with


          o CPA name & phone number shown on the Preparer section of the tax return


          o Executed 4506 and tax transcripts (matching returns in file)


• Tax returns prepared and executed by a CPA  (regardless of 4506 and tax transcripts)

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If “Total Number of Borrowers” > 1

	
See Coding

	
1 = Not Stated, Not Verified


2 = Stated, Not Verified


3 = Stated, “Partially” Verified


4 = Stated, “Level 4” Verified  (as defined)


5 = Stated, “Level 5” Verified  (as defined)


 

	  
	
109

	
Borrower Employment Verification

	
A code indicating the extent to which the primary borrower’s employment has been verified:


 


Level 3 Verified = Direct Independent Verification with a third party of the borrower’s current employment.

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
Always

	
See Coding

	
1 = Not Stated, Not Verified


2 = Stated, Not Verified


3 = Stated, Level 3 Verified (as defined)

	  
	
110

	
Co-Borrower Employment Verification

	
A code indicating the extent to which the co-borrower’s employment has been verified:


 


Level 3 Verified = Direct Independent Verification with a third party of the co-borrower’s current employment.

	
Borrower Qualification

	
Numeric – Integer

	
1

	
9

	
If “Total Number of Borrowers” > 1

	
See Coding

	
1 = Not Stated, Not Verified


2 = Stated, Not Verified


3 = Stated, Level 3 Verified (as defined)

	  
	
111

	
Borrower Asset Verification

	
A code indicating the extent to which the primary borrower’s assets used to qualify the loan have been verified:


 


Level 4 Verified = 2 months of bank statements/balance documentation (written or electronic) for liquid assets (or gift letter).


 

	
Borrower Qualification

	
Numeric – Integer

	
3

	
9

	
Always

	
See Coding

	
1 = Not Stated, Not Verified


2 = Stated, Not Verified


3 = Stated, “Partially” Verified


4 = Stated, Level 4 Verified  (as defined)

	  
	
112

	
Co-Borrower Asset Verification

	
A code indicating the extent to which the co-borrower’s assets used to qualify the loan have been verified:


 


Level 4 = 2 months of bank statements/balance documentation (written or electronic) for liquid assets (or gift letter).


 

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If “Total Number of Borrowers” > 1

	
See Coding

	
1 = Not Stated, Not Verified


2 = Stated, Not Verified


3 = Stated, “Partially” Verified


4 = Stated, Level 4 Verified  (as defined)

	  
	
113

	
Liquid / Cash Reserves

	
The actual dollar amount of remaining verified liquid assets after settlement. (This should not include cash out amount of subject loan.)

	
Borrower Qualification

	
Numeric – Decimal

	
3242.76

	
9(9).99

	
Always

	
>= 0

	  	  
	
114

	
Monthly Debt All Borrowers

	
The aggregate monthly payment due on other debt (excluding only installment loans with fewer than 10 payments remaining and other real estate loans used to compute net rental income— which is added/subtracted in the income fields).

	
Borrower Qualification

	
Numeric – Decimal

	
3472.43

	
9(9).99

	
Always

	
>= 0

	  	  
	
115

	
Originator DTI

	
Total Debt to income ratio used by the originator to qualify the loan.

	
Borrower Qualification

	
Numeric – Decimal

	
0.35

	
9.999999

	
Always

	
>= 0 and >= 1

	  	  
	
116

	
Fully Indexed Rate

	
The fully indexed interest rate as of securitization cut-off.

	
Borrower Qualification

	
Numeric – Decimal

	
0.0975

	
9.999999

	
ARMs Only

	
>= 0 and >= 1

	  	  
	
117

	
Qualification Method

	
Type of mortgage payment used to qualify the borrower for the loan.

	
Borrower Qualification

	
Numeric – Integer

	
3

	
99

	
Always

	
See Coding

	
1 = Start Rate


2 = First Year Cap Rate


3 = I/O Amount


4 = Fully Indexed


5 = Min Payment


98 = Other


99 = Unknown

	  
	
118

	
Percentage of Down Payment from Borrower Own Funds

	
Include only borrower funds, do not include any gift or borrowed funds. (Issuers may provide the actual percentage for each loan, or the guideline percentage and note departure concentration on the transaction summary.)

	
Borrower Qualification

	
Numeric – Decimal

	
0.5

	
9.999999

	
Purchase Loans Only

	
>= 0 and >= 1

	  	  
	
119

	
City

	
The name of the city.

	
Subject Property

	
Text

	
New York

	
X(45)

	
Always

	
Unk=Unknown

	  	  
	
120

	
State

	
The name of the state as a 2-digit Abbreviation.

	
Subject Property

	
Text

	
NY

	
XX

	
Always

	
See Coding

	
See Appendix H

	  
	
121

	
Postal Code

	
The postal code (zip code in the US) where the subject property is located.

	
Subject Property

	
Text

	
10022

	
X(5)

	
Always

	
Unk=Unknown

	  	  
	
122

	
Property Type

	
Specifies the type of property being used to secure the loan.

	
Subject Property

	
Numeric – Integer

	
11

	
99

	
Always

	
See Coding

	
See Appendix D

	  
	
123

	
Occupancy

	
Specifies the property occupancy status (e.g., owner-occupied, investment property, second home, etc.).

	
Subject Property

	
Numeric – Integer

	
4

	
9

	
Always

	
See Coding

	
See Appendix E

	  
	
124

	
Sales Price

	
The negotiated price of a given property between the buyer and seller.

	
Subject Property

	
Numeric – Decimal

	
450000.23

	
9(10).99

	
Purchase Loans Only

	
> 0

	  	  
	
125

	
Original Appraised Property Value

	
The appraised value of the property used to approve the loan.

	
Subject Property

	
Numeric – Decimal

	
550000.23

	
9(10).99

	
Always

	
> 0

	  	  
	
126

	
Original Property Valuation Type

	
Specifies the method by which the property value (at the time of underwriting) was reported.

	
Subject Property

	
Numeric – Integer

	
8

	
99

	
Always

	
See Coding

	
See Appendix F

	  
	
127

	
Original Property Valuation Date

	
Specifies the date on which the original property value (at the time of underwriting) was reported. (Issuers unable to provide may Rep and Warrant that the appraisal used for underwriting was not more than x days old at time of loan closing.)

	
Subject Property

	
Date

	
20090914

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	  	  
	
128

	
Original Automated Valuation Model (AVM) Model Name

	
The name of the AVM Vendor if an AVM was used to determine the original property valuation.

	
Subject Property

	
Numeric – Integer

	
1

	
99

	
Always

	
See Appendix I

	
See Appendix I

	  
	
129

	
Original AVM Confidence Score

	
The confidence range presented on the AVM report.

	
Subject Property

	
Numeric – Decimal

	
0.74

	
9.999999

	
If AVM Model Name (Field 127) > 0

	
>= 0 to <= 1

	  	  
	
130

	
Most Recent Property Value[1]

	
If a valuation was obtained subsequent to the valuation used to calculate LTV, the most recent property value.

	
Subject Property

	
Numeric – Decimal

	
500000

	
9(10).99

	
If updated value was obtained subsequent to loan approval

	
> 0

	  	  
	
131

	
Most Recent Property Valuation Type

	
If an additional property valuation was obtained after the valuation used for underwriting purposes, the method by which the property value was reported.

	
Subject Property

	
Numeric – Integer

	
6

	
9

	
If updated value was obtained subsequent to loan approval

	
See Coding

	
See Appendix F

	  
	
132

	
Most Recent Property Valuation Date

	
Specifies the date on which the updated property value was reported.

	
Subject Property

	
Date

	
20090914

	
YYYYMMDD

	
If updated value was obtained subsequent to loan approval

	
“19010101” if unknown

	  	  
	
133

	
Most Recent AVM Model Name

	
The name of the AVM Vendor if an AVM was used to determine the updated property valuation.

	
Subject Property

	
Numeric – Integer

	
19

	
99

	
If updated value was obtained subsequent to loan approval

	
See Coding

	
See Appendix I

	  
	
134

	
Most Recent AVM Confidence Score

	
If AVM used to determine the updated property valuation, the confidence range presented on the AVM report.

	
Subject Property

	
Numeric – Decimal

	
0.85

	
9.999999

	
If “Most Recent AVM Model Name” > 0

	
>= 0 to <= 1

	  	  
	
135

	
Original CLTV

	
The ratio obtained by dividing the amount of all known outstanding mortgage liens on a property at origination by the lesser of the appraised value or the sales price.

	
Loan-to-Value (LTV)

	
Numeric – Decimal

	
0.96

	
9.999999

	
Always

	
>= 0 and <= 1.5

	  	  
	
136

	
Original LTV

	
The ratio obtained by dividing the original mortgage loan amount on the note date by the lesser of the mortgaged property’s appraised value on the note date or its purchase price.

	
Loan-to-Value (LTV)

	
Numeric – Decimal

	
0.8

	
9.999999

	
Always

	
>= 0 and <= 1.25

	  	  
	
137

	
Original Pledged Assets

	
The total value of assets pledged as collateral for the loan at the time of origination. Pledged assets may include cash or marketable securities.

	
Loan-to-Value (LTV)

	
Numeric – Decimal

	
75000

	
9(10).99

	
Always

	
>=0

	  	  
	
138

	
Mortgage Insurance Company Name

	
The name of the entity providing mortgage insurance for a loan.

	
Mortgage Insurance

	
Numeric – Integer

	
3

	
99

	
Always

	
See Coding

	
See Appendix G

	  
	
139

	
Mortgage Insurance Percent

	
Mortgage Insurance coverage percentage.

	
Mortgage Insurance

	
Numeric – Decimal

	
0.25

	
9.999999

	
“Mortgage Insurance Company Name” > 0

	
>= 0 to <= 1

	  	  
	
140

	
MI: Lender or Borrower Paid?

	
An indicator of whether mortgage insurance is paid by the borrower or the lender.

	
Mortgage Insurance

	
Numeric – Integer

	
1

	
99

	
“Mortgage Insurance Company Name” > 0

	
See Coding

	
1 = Borrower-Paid


2 = Lender- Paid


99 = Unknown

	  
	
141

	
Pool Insurance Co. Name

	
Name of pool insurance provider.

	
Mortgage Insurance

	
Numeric – Integer

	
8

	
99

	
Always

	
See Coding

	
See Appendix G

	  
	
142

	
Pool Insurance Stop Loss %

	
The aggregate amount that a pool insurer will pay, calculated as a percentage of the pool balance.

	
Mortgage Insurance

	
Numeric – Decimal

	
0.25

	
9.999999

	
Pool MI Company > 0

	
>= 0 to <= 1

	  	  
	
143

	
MI Certificate Number

	
The unique number assigned to each individual loan insured under an MI policy.

	
Mortgage Insurance

	
Text

	
123456789G

	
X(20)

	
MI Company


> 0

	
UNK = Unknown

	  	  
	
144

	
Updated DTI


(Front-end)

	
Updated front-end DTI ratio (total monthly housing expense divided by total monthly income) used to qualify the loan modification.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
0.35

	
9.999999

	
Modified Loans Only

	
>= 0 and >= 1

	  	  
	
145

	
Updated DTI


(Back-end)

	
Updated back-end DTI ratio (total monthly debt expense divided by total monthly income) used to qualify the loan modification.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
0.35

	
9.999999

	
Modified Loans Only

	
>= 0 and >= 1

	  	  
	
146

	
Modification Effective Payment Date

	
Date of first payment due post modification.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Date

	
20090914

	
YYYYMMDD

	
Modified Loans Only

	
“19010101” if unknown

	  	  
	
147

	
Total Capitalized Amount

	
Amount added to the principal balance of a loan due to the modification.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
148

	
Total Deferred Amount

	
Any non-interest-bearing deferred amount (e.g., principal, interest and fees).

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
149

	
Pre-Modification Interest (Note) Rate

	
Scheduled Interest Rate Of The Loan Immediately Preceding The Modification Effective Payment Date.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
0.075

	
9.999999

	
Modified Loans Only

	
>= 0 to <= 1

	  	  
	
150

	
Pre-Modification P&I Payment

	
Scheduled Total Principal And Interest Payment Amount Preceding The Modification Effective Payment Date – or if servicer is no longer advancing P&I, the payment that would be in effect if the loan were current.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
2310.57

	
9(10).99

	
Modified Loans Only

	
> 0

	  	  
	
151

	
Pre-Modification Initial Interest Rate Change Downward Cap

	
Maximum amount the rate can adjust downward on the first interest rate adjustment date (prior to modification) – Only provide if the rate floor is modified.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
0.015

	
9.999999

	
Modified Loans Only

	
>= 0 to <= 1

	  	  
	
152

	
Pre-Modification Subsequent Interest Rate Cap

	
Maximum increment the rate can adjust upward AFTER the initial rate adjustment (prior to modification) – Only provide if the Cap is modified.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
0.015

	
9.999999

	
Modified Loans Only

	
>= 0 to <= 1

	  	  
	
153

	
Pre-Modification Next Interest Rate Change Date

	
Next Interest Reset Date Under The Original Terms Of The Loan (one month prior to new payment due date).

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Date

	
20090914

	
YYYYMMDD

	
Modified Loans Only

	
“19010101” if unknown

	  	  
	
154

	
Pre-Modification I/O Term

	
Interest Only Term (in months) preceding The Modification Effective Payment Date.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Integer

	
36

	
999

	
Modified Loans Only

	
>= 0 to <= 120

	  	  
	
155

	
Forgiven Principal Amount

	
The sum total of all principal balance reductions (as a result of loan modification) over the life of the loan.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
156

	
Forgiven Interest Amount

	
The sum total of all interest incurred and forgiven (as a result of loan modification) over the life of the loan.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
157

	
Number of Modifications

	
The number of times the loan has been modified.

	
Loan Modifications (Pertains only to loans modified for loss mitigation purposes)

	
Numeric – Integer

	
1

	
9

	
Modified Loans Only

	
>= 0

	  	  
	
MH-1

	
Real Estate Interest

	
Indicates whether the property on which the manufactured home is situated is owned outright or subject to the terms of a short- or long-term lease. (A long-term lease is defined as a lease whose term is greater than or equal to the loan term.)

	
Manufactured Housing

	
Numeric – Integer

	
2

	
99

	
Manufactured Housing Loans Only

	
See Coding

	
1 = Owned


2 = Short-term lease


3 = Long-term lease


99 = Unavailable

	  
	
MH-2

	
Community Ownership Structure

	
If the manufactured home is situated in a community, a means of classifying ownership of the community.

	
Manufactured Housing

	
Numeric – Integer

	
2

	
99

	
Manufactured Housing Loans Only

	
See Coding

	
1 = Public Institutional


2 = Public Non-Institutional


3 = Private Institutional


4 = Private Non-Institutional


5 = HOA-Owned


6 = Non-Community


99 = Unavailable

	  
	
MH-3

	
Year of Manufacture

	
The year in which the home was manufactured (Model Year — YYYY Format). Required only in cases where a full appraisal is not provided.

	
Manufactured Housing

	
Numeric – Integer

	
2006

	
YYYY

	
Manufactured Housing Loans Only

	
1901 = Unavailable

	  	  
	
MH-4

	
HUD Code Compliance  Indicator (Y/N)

	
Indicates whether the home was constructed in accordance with the 1976 HUD code. In general, homes manufactured after 1976 comply with this code.

	
Manufactured Housing

	
Numeric – Integer

	
1

	
9

	
Manufactured Housing Loans Only

	
See Codes

	
0 = No


1 = Yes


99 = Unavailable

	  
	
MH-5

	
Gross Manufacturer’s Invoice Price

	
The total amount that appears on the manufacturer’s invoice (typically includes intangible costs such as transportation, association, on-site setup, service and warranty costs, taxes, dealer incentives, and other fees).

	
Manufactured Housing

	
Numeric – Decimal

	
72570.62

	
9(10).99

	
Manufactured Housing Loans Only

	
>= 0

	  	  
	
MH-6

	
LTI (Loan-to-Invoice) Gross

	
The ratio of the loan amount divided by the Gross Manufacturer’s Invoice Price (Field MH-5).

	
Manufactured Housing

	
Numeric – Decimal

	
0.75

	
9.999999

	
Manufactured Housing Loans Only

	
>= 0 to <= 1

	  	  
	
MH-7

	
Net Manufacturer’s Invoice Price

	
The Gross Manufacturer’s Invoice Price (Field MH-5) minus intangible costs, including: transportation, association, on-site setup, service, and warranty costs, taxes, dealer incentives, and other fees.

	
Manufactured Housing

	
Numeric – Decimal

	
61570.62

	
9(10).99

	
Manufactured Housing Loans Only

	
>= 0

	  	  
	
MH-8

	
LTI (Net)

	
The ratio of the loan amount divided by the Net Manufacturer’s Invoice Price (Field MH-7).

	
Manufactured Housing

	
Numeric – Decimal

	
0.62

	
9.999999

	
Manufactured Housing Loans Only

	
>= 0 to <= 1

	  	  
	
MH-9

	
Manufacturer Name

	
The manufacturer of the subject property. (To be applied only in cases where no appraised value/other type of property valuation is available.)

	
Manufactured Housing

	
Text

	
“XYZ Corp”

	
Char (100)

	
Manufactured Housing Loans Only (where no appraised value is provided)

	
MH Manufacturer name in double quotation marks

	  	  
	
MH-10

	
Model Name

	
The model name of the subject property. (To be applied only in cases where no appraised value/other type of property valuation is available.)

	
Manufactured Housing

	
Text

	
“DX5-916-X”

	
Char (100)

	
Manufactured Housing Loans Only (where no appraised value is provided)

	
MH Model name in double quotation marks

	  	  
	
MH-11

	
Down Payment Source

	
An indicator of the source of the down payment used by the borrower to acquire the property and qualify for the mortgage.

	
Manufactured Housing

	
Numeric – Integer

	
2

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
1 = Cash


2 = Proceeds from trade in


3 = Land in Lieu


4 = Other


99 = Unavailable

	  
	
MH-12

	
Community/Related Party Lender (Y/N)

	
An indicator of whether the loan was made by the community owner, an affiliate of the community owner or the owner of the real estate upon which the collateral is located.

	
Manufactured Housing

	
Numeric – Integer

	
1

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
0 = No


1 = Yes


99 = Unavailable

	  
	
MH-13

	
Defined Underwriting Criteria (Y/N)

	
An indicator of whether the loan was made in accordance with a defined and/or standardized set of underwriting criteria.

	
Manufactured Housing

	
Numeric – Integer

	
1

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
0 = No


1 = Yes


99 = Unavailable

	  
	
MH-14

	
Chattel Indicator

	
An Indicator of whether the secured property is classified as chattel or Real Estate.

	
Manufactured Housing

	
Numeric – Integer

	
1

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
0 = Real Estate


1 = Chattel


99 = Unavailable

	  







    	 



    	 



    

 


ATTACHMENT 2


 


PURCHASE AGREEMENT


 


Refer to Exhibit 10.10