PSA Exhibits













	
	SCHEDULE I-A


	SCHEDULE OF GROUP I HOME EQUITY LOANS




On file with the Securities Administrator



















	
	SCHEDULE I-B

SCHEDULE OF GROUP 2 HOME EQUITY LOANS




On file with the Securities Administrator



















	
	SCHEDULE I-C

PREPAYMENT CHARGE SCHEDULE




On file with the Securities Administrator



















	
	SCHEDULE I-D

EARLY PAYMENT DEFAULT SCHEDULE

On file with the Servicer














  









	
	SCHEDULE I-E

EARLY PAYMENT DEFAULT SCHEDULE




On file with the Servicer

























	
	SCHEDULE I-F

[RESERVED]














    









		
	SCHEDULE I-G


	

[RESERVED]


	 
	 

	 
	 

	 
	 

	 
	 













    









	
	SCHEDULE I-H


	SWAP AGREEMENT SCHEDULE OF NOTIONAL AMOUNTS







						
	Distribution Date

	Notional Amount($)

	Payment Factor

	Distribution Date

	Notional Amount($)

	Payment Factor


	07/25/07

	14,394,325

	100

	07/25/10

	2,523,110

	100


	08/25/07

	14,098,323

	100

	08/25/10

	2,523,110

	100


	09/25/07

	13,761,233

	100

	09/25/10

	2,523,110

	100


	10/25/07

	13,384,511

	100

	10/25/10

	2,523,110

	100


	11/25/07

	12,970,474

	100

	11/25/10

	2,492,406

	100


	12/25/07

	12,523,789

	100

	12/25/10

	2,452,884

	100


	01/25/08

	12,053,083

	100

	01/25/11

	2,451,188

	100


	02/25/08

	11,572,509

	100

	02/25/11

	2,437,843

	100


	03/25/08

	11,103,102

	100

	03/25/11

	2,419,592

	100


	04/25/08

	10,650,639

	100

	04/25/11

	2,349,215

	100


	05/25/08

	10,214,457

	100

	05/25/11

	2,269,364

	100


	06/25/08

	9,793,968

	100

	06/25/11

	2,192,279

	100


	07/25/08

	9,388,609

	100

	07/25/11

	2,117,861

	100


	08/25/08

	8,996,090

	100

	08/25/11

	2,046,016

	100


	09/25/08

	8,612,596

	100

	09/25/11

	1,976,654

	100


	10/25/08

	8,224,842

	100

	10/25/11

	1,909,686

	100


	11/25/08

	7,809,874

	100

	11/25/11

	1,845,029

	100


	12/25/08

	7,357,017

	100

	12/25/11

	1,782,600

	100


	01/25/09

	6,842,372

	100

	01/25/12

	1,722,313

	100


	02/25/09

	6,324,912

	100

	02/25/12

	1,664,094

	100


	03/25/09

	5,847,303

	100

	03/25/12

	1,607,867

	100


	04/25/09

	5,414,462

	100

	04/25/12

	1,553,572

	100


	05/25/09

	5,037,500

	100

	05/25/12

	1,501,144

	100


	06/25/09

	4,720,329

	100

	06/25/12

	1,450,517

	100


	07/25/09

	4,475,156

	100

	07/25/12

	1,401,630

	100


	08/25/09

	4,264,321

	100

	08/25/12

	1,354,421

	100


	09/25/09

	4,060,893

	100

	09/25/12

	1,308,832

	100


	10/25/09

	3,864,606

	100

	10/25/12

	1,264,805

	100


	11/25/09

	3,675,208

	100

	11/25/12

	1,222,286

	100


	12/25/09

	3,492,455

	100

	12/25/12

	1,181,223

	100


	01/25/10

	3,316,122

	100

	01/25/13

	1,141,565

	100


	02/25/10

	3,145,988

	100

	02/25/13

	1,103,262

	100


	03/25/10

	2,981,849

	100

	03/25/13

	1,066,268

	100


	04/25/10

	2,823,470

	100

	04/25/13

	1,030,538

	100


	05/25/10

	2,670,623

	100

	05/25/13

	996,026

	100


	06/25/10

	2,523,110

	100

	06/25/13

	962,691

	100














    




EXHIBIT A-1

	
	FORM OF CLASS 1-AV-1 CERTIFICATE


	SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.


	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS 1-AV-1


	(Variable Certificate Rate)


	(subject to the Group 1 Net WAC Cap)


	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: 1-AV-1-1

	 
	43710X AA6

CUSIP


	$635,924,000

Original Class 1-AV-1 Certificate Principal Balance

	July 10, 2007 

Date

	April 25, 2037 

Final Scheduled

Distribution Date


	 
	 
	 









	
	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Securities Administrator, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class 1-AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class 1-AV-1 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class 1-AV-1 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.  

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class 1-AV-1 (the “Class 1-AV-1 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class 1-AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class 1-AV-1 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class 1-AV-1 Certificates.  The Percentage Interest of each Class 1-AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class 1-AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class 1-AV-1 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class 1-AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class 1-AV-1 Certificates are exchangeable for new Class 1-AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________







Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 










    







EXHIBIT A-2

	
	FORM OF CLASS 2-AV-1 CERTIFICATE


	SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.


	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS 2-AV-1


	(Variable Certificate Rate)


	(subject to the Group II Net WAC Cap)


	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: 2-AV-1-1

	 
	43710X AB4

CUSIP


	$371,224,000

Original Class 2-AV-1 Certificate Principal Balance

	July 10, 2007 

Date

	April 25, 2007 

Final Scheduled

Distribution Date


	 
	 
	 









	
	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class 2-AV-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class 2-AV-1 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class 2-AV-1 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.  

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class 2-AV-1 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class 2-AV-1 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class 2-AV-1 Certificates.  The Percentage Interest of each Class 2-AV-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class 2-AV-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class 2-AV-1 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class 2-AV-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class 2-AV-1 Certificates are exchangeable for new Class 2-AV-1 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 













    




EXHIBIT A-3

	
	FORM OF CLASS 2-AV-2 CERTIFICATE


	SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.


	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS 2-AV-2


	(Variable Certificate Rate)


	(subject to the Group II Net WAC Cap)


	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: 2-AV-2-1

	 
	43710X AC2

CUSIP


	$42,555,000

Original Class 2-AV-2 Certificate Principal Balance

	July 10, 2007 

Date

	April 25, 2007 

Final Scheduled

Distribution Date


	 
	 
	 









	
	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class 2-AV-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class 2-AV-2 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class 2-AV-2 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.  

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class 2-AV-2 (the “Class 2-AV-2 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class 2-AV-2 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class 2-AV-2 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class 2-AV-2 Certificates.  The Percentage Interest of each Class 2-AV-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class 2-AV-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class 2-AV-2 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class 2-AV-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class 2-AV-2 Certificates are exchangeable for new Class 2-AV-2 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















    




EXHIBIT A-4

	
	FORM OF CLASS 2-AV-3 CERTIFICATE


	SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.



IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.


	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS 2-AV-3


	(Variable Certificate Rate)


	(subject to the Group II Net WAC Cap)


	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: 2-AV-3-1

	 
	43710X AD0

CUSIP


	$98,990,000

Original Class 2-AV-3 Certificate Principal Balance

	July 10, 2007 

Date

	April 25, 2007 

Final Scheduled

Distribution Date


	 
	 
	 









	
	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class 2-AV-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class 2-AV-3 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class 2-AV-3 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.  

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class 2-AV-3 (the “Class 2-AV-3 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the ”Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class 2-AV-3 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class 2-AV-3 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class 2-AV-3 Certificates.  The Percentage Interest of each Class 2-AV-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class 2-AV-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class 2-AV-3 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class 2-AV-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class 2-AV-3 Certificates are exchangeable for new Class 2-AV-3 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 













    




EXHIBIT A-5

	
	FORM OF CLASS 2-AV-4 CERTIFICATE


	SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.


	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS 2-AV-4


	(Variable Certificate Rate)


	(subject to the Group II Net WAC Cap)


	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: 2-AV-4-1

	 
	43710X AE8

CUSIP


	$49,154,000

Original Class 2-AV-4 Certificate Principal Balance

	July 10, 2007 

Date

	April 25, 2007 

Final Scheduled

Distribution Date


	 
	 
	 









	
	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class 2-AV-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class 2-AV-4 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class 2-AV-4 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.  

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class 2-AV-4 (the “Class 2-AV-4 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class 2-AV-4 Certificates as of the close of business on the Business Day immediately preceding a Distribution Date, or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class 2-AV-4 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class 2-AV-4 Certificates.  The Percentage Interest of each Class 2-AV-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class 2-AV-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class 2-AV-4 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class 2-AV-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class 2-AV-4 Certificates are exchangeable for new Class 2-AV-4 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 



















EXHIBIT A-6

FORM OF CLASS M-1 CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.

IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.







	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-1


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-1-1

	 
	43710X AF5

CUSIP


	$64,330,000

Original Class M-1 Certificate

Principal Balance

	July 10, 2007  

Date

	April 25, 2007  

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-1 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-1 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-1 Certificates set forth above.

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-1 (the “Class M-1 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-1 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-1 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-1 Certificates.  The Percentage Interest of each Class M-1 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-1 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-1 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-1 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-1 Certificates are exchangeable for new Class M-1 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT A-7

FORM OF CLASS M-2 CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.







	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-2


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-2-1

	 
	43710X AG3

CUSIP


	$58,630,000

Original Class M-2 Certificate

Principal Balance

	July 10, 2007 

Date

	April 25, 2007  

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-2 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-2 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-2 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-2 (the “Class M-2 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-2 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-2 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-2 Certificates. The Percentage Interest of each Class M-2 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-2 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-2 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-2 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-2 Certificates are exchangeable for new Class M-2 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 



















EXHIBIT A-8

FORM OF CLASS M-3 CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.




	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-3


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-3-1

	 
	43710X AH1

CUSIP


	$35,830,000

Original Class M-3 Certificate

Principal Balance

	July 10, 2007 

Date

	April 25, 2007 

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-3 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-3 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-3 (the “Class M-3 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-3 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-3 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-3 Certificates.  The Percentage Interest of each Class M-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-3 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-3 Certificates are exchangeable for new Class M-3 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT A-9

FORM OF CLASS M-4 CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.







	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-4


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-4-1

	 
	43710X AJ7

CUSIP


	$32,572,000

Original Class M-4 Certificate

Principal Balance

	July 10, 2007 

Date

	April 25, 2007  

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-4 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-4 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-4 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-4 (the “Class M-4 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-4 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-4 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-4 Certificates.  The Percentage Interest of each Class M-4 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-4 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-4 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer  and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-4 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-4 Certificates are exchangeable for new Class M-4 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT A-10

FORM OF CLASS M-5 CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.







	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-5


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-5-1

	 
	43710X AK4

CUSIP


	$30,944,000

Original Class M-5 Certificate

Principal Balance

	July 10, 2007 

Date

	April 25, 2007 

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-5 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-5 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-5 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-5 (the “Class M-5 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-5 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-5 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-5 Certificates.  The Percentage Interest of each Class M-5 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-5 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-5 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-5 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-5 Certificates are exchangeable for new Class M-5 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT A-11

FORM OF CLASS M-6 CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.







	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-6


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-6-1

	 
	43710X AL2

CUSIP


	$27,686,000

Original Class M-6 Certificate

Principal Balance

	July 10, 2007  

Date

	April 25, 2007 

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-6 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-6 Certificates.  Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-6 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-6 (the “Class M-6 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer” and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-6 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-6 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-6 Certificates. The Percentage Interest of each Class M-6 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-6 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-6 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer, and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-6 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-6 Certificates are exchangeable for new Class M-6 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A.,

as Securities Administrator


	 
	 

	 
	 

	By:

	 

	 
	 

	 
	 

	Title:

	 



EXHIBIT A-12

FORM OF CLASS M-7A CERTIFICATE




SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.




	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-7A


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-7A-1

	 
	43710X AM0

CUSIP


	$5,000,000

Original Class M-7A Certificate

Principal Balance

	July 10, 2007 

Date

	April 25, 2007  

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-7A Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-7A Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-7A Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-7A (the “Class M-7A Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-7A Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-7A Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-7A Certificates. The Percentage Interest of each Class M-7A Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-7A Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-7A Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-7A Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-7A Certificates are exchangeable for new Class M-7A Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:

	 



















EXHIBIT A-13

FORM OF CLASS M-7B CERTIFICATE




SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.




	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN ASSET-BACKED CERTIFICATE


	CLASS M-7B


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-7B-1

	 
	43710X AU2

CUSIP


	$21,058,000

Original Class M-7B Certificate

Principal Balance

	July 10, 2007

Date

	April 25, 2037 

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-7B Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-7B Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-7B Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-7B (the “Class M-7B Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-7B Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-7B Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-7B Certificates. The Percentage Interest of each Class M-7B Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-7B Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-7B Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-7B Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-7B Certificates are exchangeable for new Class M-7B Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication




		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 

	 
	 



















EXHIBIT A-14

FORM OF CLASS M-8 CERTIFICATE




SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT) OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.




	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN ASSET-BACKED CERTIFICATE


	CLASS M-8


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-8-1

	 
	43710X AN8

CUSIP


	$24,429,000

Original Class M-8 Certificate

Principal Balance

	July 10, 2007

Date

	April 25, 2037 

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-8 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-8 Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-8 Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-8 (the “Class M-8 Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-8 Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-8 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-8 Certificates.  The Percentage Interest of each Class M-8 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-8 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-8 Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-8 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-8 Certificates are exchangeable for new Class M-8 Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.




















IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT A-15

FORM OF CLASS M-9A CERTIFICATE




SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IN THE CASE OF AN ERISA-RESTRICTED SWAP CERTIFICATE, PRIOR TO THE TERMINATION OF THE INTEREST RATE SWAP AGREEMENT NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS (i) SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (ii) THE ACQUISITION AND HOLDING OF THE ERISA-RESTRICTED SWAP CERTIFICATE ARE ELIGIBLE FOR EXEMPTIVE RELIEF UNDER THE STATUTORY EXEMPTION FOR NONFIDUCIARY SERVICE PROVIDERS UNDER SECTION 408(b)(17) OF ERISA AND SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION EXEMPTION (“PTCE”) 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 OR PTCE 96-23 OR SOME OTHER APPLICABLE EXEMPTION.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE.




	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS M-9A


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-9A-1

	 
	43710X AP3

CUSIP


	$12,000,000

Original Class M-9A Certificate Principal Balance

	July 10, 2007 

Date

	April 25, 2007  

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-9A Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-9A Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-9A Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-9A (the “Class M-9A Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer” and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-9A Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-9A Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-9A Certificates. The Percentage Interest of each Class M-9A Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-9A Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-9A Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-9A Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-9A Certificates are exchangeable for new Class M-9A Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.

















IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT A-16

FORM OF CLASS M-9B CERTIFICATE




SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




IF THIS CERTIFICATE IS AN ERISA-RESTRICTED CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”), (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.  NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY HEREIN, ANY REPRESENTATIONS REQUIRED HEREIN SHALL BE DEEMED MADE BY THE OWNER OF A BOOK-ENTRY CERTIFICATE; ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE OPINION OF COUNSEL SATISFACTORY TO THE SECURITIES ADMINISTRATOR AS DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.




	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN ASSET-BACKED CERTIFICATE


	CLASS M-9B


	(Variable Certificate Rate)


	 

	(Subject to the Subordinate Net WAC Cap)


	 

	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (“Home Equity Loan Trust 2007-FRE1”) or its agent for registration of transfer, exchange, or payment and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.  

			
	No: M-9B-1

	 
	43710X AV0

CUSIP


	$13,244,000

Original Class M-9B Certificate Principal Balance

	July 10, 2007

Date

	April 25, 2037 

Final Scheduled

Distribution Date


	CEDE & CO.


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class M-9B Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class M-9B Certificates. Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to July 25, 2007 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class M-9B Certificates set forth above.  

Upon receiving the final distribution hereon, the Owner hereof is required to send this Certificate to the Securities Administrator.  The Pooling and Servicing Agreement provides that, in any event, upon the making of the final distribution due on this Certificate, this Certificate shall be deemed canceled for all purposes under the Pooling and Servicing Agreement.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

THE PRINCIPAL OF THIS CERTIFICATE IS PAYABLE IN INSTALLMENTS.  THEREFORE, THE ACTUAL OUTSTANDING PRINCIPAL AMOUNT OF THIS CERTIFICATE MAY ON ANY DATE SUBSEQUENT TO JULY 25, 2007 (THE FIRST DISTRIBUTION DATE) BE LESS THAN ITS ORIGINAL CERTIFICATE PRINCIPAL BALANCE.

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.  

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class M-9B (the “Class M-9B Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class M-9B Certificates as of the close of business on the Business Day immediately preceding such Distribution Date or if Definitive Certificates have been issued, as of the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the Class Principal Distribution Amount relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Certificates having an aggregate original Certificate Principal Balance of at least $1,000,000 (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

Each Owner of record of a Class M-9B Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class M-9B Certificates. The Percentage Interest of each Class M-9B Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class M-9B Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class M-9B Certificates on the Startup Day.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans and amounts on deposit in the Certificate Account and the Principal and Interest Account (except as otherwise provided in the Pooling and Servicing Agreement), as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like Percentage Interest will be issued to the designated transferee or transferees.

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendments.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.

The Class M-9B Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class M-9B Certificates are exchangeable for new Class M-9B Certificates of authorized denominations evidencing the same aggregate principal amount.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT B-1




	
	FORM OF CLASS X-IO CERTIFICATE








SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF A CLASS OF “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.




THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN (INCLUDING, BUT NOT LIMITED TO, THOSE RELATING TO EMPLOYEE BENEFIT PLANS AND OTHER RETIREMENT ARRANGEMENTS).




TRANSFER OF THIS CLASS X-IO CERTIFICATE IS RESTRICTED AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.




NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.




NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.




	
	HOME EQUITY LOAN TRUST 2007-FRE1


	HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE


	CLASS X-IO


	(Regular Interest)


	Representing Certain Interests Relating to two Pools of 


	Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the “Depositor”) or Nationstar Mortgage LLC, a Delaware limited liability company (the “Seller” or the “Servicer”).  This Certificate represents a fractional ownership interest in the Group I and Group II Home Equity Loans and certain other property held by the Trust.)

			
	No: X-IO-[1][2]


	 
	Date: July 10, 2007 

	 

	Percentage Interest [  ]%


	Nationstar Residual LLC


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).

NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class X-IO (the “Class X-IO Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, the Owners of the Class X-IO Certificates as of the close of business on the Business Day immediately preceding such Distribution Date (the “Record Date”) will be entitled to receive the amount distributable pursuant to subclause C.20. of Section 7.03(b) of the Pooling and Servicing Agreement relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Class X-IO Certificates having an aggregate Percentage Interest of at least 10% (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Securities Administrator to such Owner for all purposes of the Pooling and Servicing Agreement.  

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.  

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC, Nationstar Mortgage LLC, the Master Servicer or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.  

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.  

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.  

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.  

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.  

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.  

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like aggregate fractional undivided interest in the Trust Estate will be issued to the designated transferee or transferees.  

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided, that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendment.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.  

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.  

The Class X-IO Certificates are issuable only as registered Certificates.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class X-IO Certificates are exchangeable for new Class X-IO Certificates evidencing the same Percentage Interest as the Class X-IO Certificates exchanged.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.  

The Trustee and the Securities Administrator and any agent of the Trustee or the Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT B-2

FORM OF CLASS 

P CERTIFICATE

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN (INCLUDING, BUT NOT LIMITED TO, THOSE RELATING TO EMPLOYEE BENEFIT PLANS AND OTHER RETIREMENT ARRANGEMENTS).  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (i) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) (ii) IF THIS CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING UNDERWRITING (AS DEFINED IN THE AGREEMENT), A REPRESENTATION LETTER THAT THE PURCHASER IS AN INSURANCE COMPANY WHICH IS PURCHASING SUCH CERTIFICATE WITH FUNDS CONTAINED IN AN “INSURANCE COMPANY GENERAL ACCOUNT” (AS SUCH TERM IS DEFINED IN SECTION V(e) OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”)) AND THE PURCHASE AND HOLDING OF SUCH CERTIFICATE ARE COVERED UNDER SECTIONS I AND III OF PTCE 95-60 OR (iii) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(c) OF THE AGREEMENT REFERRED TO HEREIN.




	
	HOME EQUITY LOAN TRUST 2007-FRE1

HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE CLASS P


	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC, a Delaware limited liability company (the "Seller" or the "Servicer").  This Certificate represents a fractional ownership interest in the Trust Estate as defined below.)

		
	No: P-[1][2]


	 
	Date:  July 10, 2007  


	Percentage Interest [   ]%


	Nationstar Residual LLC


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

THIS CERTIFICATE IS AN ASSET-BACKED CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class P (the “Class P Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, each owner of a Class P Certificate as of the close of business on the last day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the amounts distributable pursuant to Section 7.03(d) of the Pooling and Servicing Agreement, relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Class P Certificates having an aggregate Percentage Interest of at least 10% (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement.  

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.  

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.  

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.  

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.  

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.  

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.  

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.  

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like aggregate fractional undivided interest in the Trust Estate will be issued to the designated transferee or transferees.  

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided, that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendment.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.  

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.  

The Class P Certificates are issuable only as registered Certificates.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class P Certificates are exchangeable for new Class P Certificates evidencing the same Percentage Interest as the Class P Certificates exchanged.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.  

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 
















EXHIBIT C

FORM OF CLASS R CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS OWNERSHIP OF EACH OF THE SOLE CLASSES OF “RESIDUAL INTERESTS” IN EACH “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” (“REMIC”) AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTION 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ASSUMING COMPLIANCE WITH THE REMIC PROVISIONS OF THE CODE.  

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION THEREOF UNDER THE ACT MAY BE MADE ONLY IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN (INCLUDING, BUT NOT LIMITED TO, THOSE RELATING TO EMPLOYEE BENEFIT PLANS AND OTHER RETIREMENT ARRANGEMENTS).  

TRANSFER OF THIS CLASS R CERTIFICATE IS RESTRICTED AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  NO TRANSFER OF THIS CLASS R CERTIFICATE MAY BE MADE TO A “DISQUALIFIED ORGANIZATION” AS DEFINED IN SECTION 860E(e)(5) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).  SUCH TERM INCLUDES THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN CERTAIN TAXABLE INSTRUMENTALITIES), ANY COOPERATIVE ORGANIZATION FURNISHING ELECTRIC ENERGY OR PROVIDING TELEPHONE SERVICE TO PERSONS IN RURAL AREAS, OR ANY ORGANIZATION (OTHER THAN A FARMER’S COOPERATIVE) THAT IS EXEMPT FROM FEDERAL INCOME TAX UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX ON UNRELATED BUSINESS INCOME.  NO TRANSFER OF THIS CLASS R CERTIFICATE WILL BE REGISTERED BY THE CERTIFICATE REGISTRAR UNLESS THE PROPOSED TRANSFEREE HAS DELIVERED AN AFFIDAVIT AFFIRMING, AMONG OTHER THINGS, THAT THE PROPOSED TRANSFEREE IS NOT A DISQUALIFIED ORGANIZATION AND IS NOT ACQUIRING THE CLASS R CERTIFICATE FOR THE ACCOUNT OF A DISQUALIFIED ORGANIZATION.  A COPY OF THE FORM OF AFFIDAVIT REQUIRED OF EACH PROPOSED TRANSFEREE IS ON FILE AND AVAILABLE FROM THE SECURITIES ADMINISTRATOR.

A TRANSFER IN VIOLATION OF THE APPLICABLE RESTRICTIONS MAY GIVE RISE TO A SUBSTANTIAL TAX UPON THE TRANSFEROR OR, IN CERTAIN CASES, UPON AN AGENT ACTING FOR THE TRANSFEREE.  A PASS-THROUGH ENTITY THAT HOLDS THIS CLASS R CERTIFICATE AND THAT HAS A DISQUALIFIED ORGANIZATION AS A RECORD OWNER IN ANY TAXABLE YEAR GENERALLY WILL BE SUBJECT TO A TAX FOR EACH SUCH YEAR EQUAL TO THE PRODUCT OF (A) THE AMOUNT OF EXCESS INCLUSIONS WITH RESPECT TO THE PORTION OF THIS CERTIFICATE OWNED THROUGH SUCH PASS-THROUGH ENTITY BY SUCH DISQUALIFIED ORGANIZATION, AND (B) THE HIGHEST MARGINAL FEDERAL TAX RATE ON CORPORATIONS.  FOR PURPOSES OF THE PRECEDING SENTENCE, THE TERM “PASS-THROUGH” ENTITY INCLUDES REGULATED INVESTMENT COMPANIES, REAL ESTATE INVESTMENT TRUSTS, COMMON TRUST FUNDS, PARTNERSHIPS, TRUSTS, ESTATES, COOPERATIVES TO WHICH PART I OF SUBCHAPTER 1T OF THE CODE APPLIES AND, EXCEPT AS PROVIDED IN REGULATIONS, NOMINEES.  

NEITHER THIS CERTIFICATE NOR THE UNDERLYING HOME EQUITY LOANS ARE INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION OR ANY OTHER GOVERNMENTAL AGENCY.  

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE DELIVERS TO THE SECURITIES ADMINISTRATOR EITHER (I) A REPRESENTATION LETTER TO THE EFFECT THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“PLAN”) OR (II) AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.08(C) OF THE AGREEMENT REFERRED TO HEREIN.

THIS CLASS R CERTIFICATE REPRESENTS A RESIDUAL INTEREST IN EACH OF SUBSIDIARY REMIC AND THE MASTER REMIC FOR FEDERAL INCOME TAX PURPOSES.




	
	HOME EQUITY LOAN TRUST 2007-FRE1

HOME EQUITY LOAN  ASSET-BACKED CERTIFICATE CLASS R

(Residual Interest)


	Representing Certain Interests Relating to two Pools of Home Equity Loans Sold and Serviced by


	NATIONSTAR MORTGAGE LLC




(This Certificate does not represent an interest in, or an obligation of, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC (the "Depositor") or Nationstar Mortgage LLC, a Delaware limited liability company (the "Seller" or the "Servicer").  This Certificate represents a fractional ownership interest in the Trust Estate as defined below.)

		
	No: R-1


	 
	Date:  July 10, 2007 


	Percentage Interest [   ]%


	Nationstar Residual LLC


	Registered Owner




The registered Owner named above is the registered beneficial Owner of such Owner’s fractional interest in (a) the Home Equity Loans listed in Schedule I-A and Schedule I-B to the Pooling and Servicing Agreement (as defined below) which the Seller is causing to be delivered to the Depositor and the Depositor is causing to be delivered to the Trustee, together with the related Home Equity Loan documents and the Depositor’s interest in any Property, and all payments thereon and proceeds of the conversion, voluntary or involuntary, of the foregoing; (b) such amounts as may be held by the Securities Administrator in the Certificate Account, together with investment earnings on such amounts, and such amounts as may be held in the name of the Securities Administrator in the Principal and Interest Account, if any, inclusive of investment earnings thereon, whether in the form of cash, instruments, securities or other properties (including any Eligible Investments held by the Servicer); (c) any amounts received by the Supplemental Interest Trustee on the Swap Agreement and such amounts as may be held by the Supplemental Interest Trustee in the Swap Account, excluding any investment earnings on such amounts; (d) such amounts as may be held by the Securities Administrator in the Net WAC Cap Carryover Reserve Fund together with investment earnings on such amounts; and (e) proceeds of all the foregoing (including, but not by way of limitation, all proceeds of any mortgage insurance, flood insurance, hazard insurance and title insurance policy relating to the Home Equity Loans, cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, rights to payment of any and every kind, and other forms of obligations and receivables which at any time constitute all or part of or are included in the proceeds of any of the foregoing) to pay the Certificates, in each case, as specified in the Pooling and Servicing Agreement ((a) - (e) above shall be collectively referred to herein as the “Trust Estate”).  

THIS CERTIFICATE IS AN ASSET-BACKED CERTIFICATE ONLY AND, NOTWITHSTANDING REFERENCES HEREIN TO PRINCIPAL AND INTEREST, NO DEBT OF ANY PERSON IS REPRESENTED HEREBY.

This Certificate is one of a Class of duly-authorized Certificates designated as Home Equity Loan Trust 2007-FRE1, Home Equity Loan Asset-Backed Certificates, Class R (the “Class R Certificates”) and issued under and subject to the terms, provisions and conditions of that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) by and among Nationstar Mortgage LLC, in its capacity as a seller (the “Seller”) and as the servicer (the “Servicer”), Wells Fargo Bank, N.A., in its capacity as master servicer (the “Master Servicer”) and securities administrator (the “Securities Administrator”), Nationstar Funding LLC, in its capacity as depositor (the “Depositor”), and The Bank of New York, in its capacity as the trustee (the “Trustee”), to which Pooling and Servicing Agreement the Owner of this Certificate by virtue of acceptance hereof assents and by which such Owner is bound.  Also issued under the Pooling and Servicing Agreement are Certificates designated as Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 2-AV-1 (the “Class 2-AV-1 Certificates”), Class 2-AV-2 (the “Class 2-AV-2 Certificates”), Class 2-AV-3 (the “Class 2-AV-3 Certificates”), Class 2-AV-4 (the “Class 2-AV-4 Certificates”), Class M-1 (the “Class M-1 Certificates”), Class M-2 (the “Class M-2 Certificates”), Class M-3 (the “Class M-3 Certificates”), Class M-4 (the “Class M-4 Certificates”), Class M-5 (the “Class M-5 Certificates”), Class M-6 (the “Class M-6 Certificates”), Class M-7A (the “Class M-7A Certificates”), Class M-7B (the “Class M-7B Certificates”), Class M-8 (the “Class M-8 Certificates”), Class M-9A (the “Class M-9A Certificates”), Class M-9B (the “Class M-9B Certificates”), Class X-IO (the “Class X-IO Certificates”), Class P (the “Class P Certificates”) and Class R (the “Class R Certificates”).  The Class 1-AV-1 Certificates, the Class 2-AV-1 Certificates, the Class 2-AV-2 Certificates, the Class 2-AV-3 Certificates, the Class 2-AV-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7A Certificates, the Class M-7B Certificates, the Class M-8 Certificates, the Class M-9A Certificates and the Class M-9B Certificates shall be together referred to as the “Offered Certificates” and the Offered Certificates, the Class X-IO Certificates, the Class P Certificates and the Class R Certificates are together referred to herein as the “Certificates.”  Terms capitalized herein and not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

On the 25th day of each month, or, if such day is not a Business Day, then the next succeeding Business Day (each such day being a “Distribution Date”) commencing July 25, 2007, each owner of a Class R Certificate as of the close of business on the last day of the calendar month immediately preceding the calendar month in which a Distribution Date occurs (the “Record Date”) will be entitled to receive the amounts distributable pursuant to subclause C.21. of Section 7.03(b) of the Pooling and Servicing Agreement, relating to such Certificates on such Distribution Date.  Distributions will be made in immediately available funds to Owners of Class R Certificates having an aggregate Percentage Interest of at least 10% (by wire transfer or otherwise) to the account of an Owner at a domestic bank or other entity having appropriate facilities therefor, if such Owner has so notified the Securities Administrator, or by check mailed to the address of the person entitled thereto as it appears on the Register.  

The Securities Administrator or any duly-appointed Paying Agent will duly and punctually pay distributions with respect to this Certificate in accordance with the terms hereof and the Pooling and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a distribution to any Owner shall be considered as having been paid by the Trustee to such Owner for all purposes of the Pooling and Servicing Agreement.  

The Home Equity Loans will be serviced by the Servicer and master serviced by the Master Servicer pursuant to the Pooling and Servicing Agreement.  The Pooling and Servicing Agreement permits the Servicer to enter into Sub-Servicing Agreements with certain institutions eligible for appointment as Sub-Servicers for the servicing and administration of certain Home Equity Loans.  No appointment of any Sub-Servicer shall release the Servicer from any of its obligations under the Pooling and Servicing Agreement.  

This Certificate does not represent a deposit or other obligation of, or an interest in, nor are the underlying Home Equity Loans insured or guaranteed by, Nationstar Funding LLC or Nationstar Mortgage LLC or any of their Affiliates.  This Certificate is limited in right of payment to certain collections and recoveries relating to the Home Equity Loans, all as more specifically set forth hereinabove and in the Pooling and Servicing Agreement.  

No Owner shall have any right to institute any proceeding, judicial or otherwise, with respect to the Pooling and Servicing Agreement, or for the appointment of a receiver or trustee, or for any other remedy under the Pooling and Servicing Agreement except in compliance with the terms thereof.  

Notwithstanding any other provisions in the Pooling and Servicing Agreement, the Owner of any Certificate shall have the right which is absolute and unconditional to receive distributions to the extent provided in the Pooling and Servicing Agreement with respect to such Certificate or to institute suit for the enforcement of any such distribution, and such right shall not be impaired without the consent of such Owner.

The Pooling and Servicing Agreement provides that the obligations created thereby will terminate upon the payment to the Owners of all Certificates of all amounts held by the Securities Administrator and required to be paid to such Owners pursuant to the Pooling and Servicing Agreement.  

The Pooling and Servicing Agreement additionally provides that (i) the Servicer may, at its option, purchase from the Trust all remaining Home Equity Loans and other property then constituting the Trust Estate, and thereby effect early retirement of the Certificates, on any Distribution Date on or after the Clean-Up Call Date and (ii) in the event the Servicer fails to exercise its option in (i) above prior to the Distribution Date on which the aggregate outstanding Pool Balance of all of the Home Equity Loans is less than or equal to 1% of the aggregate outstanding Pool Balance of all of the Home Equity Loans as of the Cut-off Date, then the Master Servicer may, at its option, terminate the Trust after the Distribution Date that is two Distribution Dates after it has given notice to the Servicer of its intention to exercise such optional termination right and the Servicer has not elected to exercise its option to terminate the Trust.  In addition, under certain circumstances relating to the qualification of any REMIC hereunder as a REMIC under the Code, the Home Equity Loans may be sold, thereby effecting the early retirement of the Certificates.  

The Class R Certificates evidence ownership in the “residual interest” in each of the REMICs hereunder.  The registered Owner of a Class R Certificate will be entitled to separate such Certificate into such component parts.  The Securities Administrator shall, upon delivery to it of this Class R Certificate and a written request of the registered Owner thereof to separate such Certificate into its component parts, issued to such registered Owner in exchange for such Class R Certificate (i) a separately transferable, certified and fully registered security (a “Class LT-R Certificate”) that will, from the date of its issuance, represent the Owner’s Percentage Interest in the residual interest in the Subsidiary REMIC and (ii) a separately transferable, certified and fully registered security (a “Class R-1 Certificate”) that will, from the date of its issuance, represent the Owner’s Percentage Interest in the residual interest in the Master REMIC.  The Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with such exchange of this Class R Certificate.

The Securities Administrator shall give written notice of termination of the Pooling and Servicing Agreement to each Owner in the manner set forth therein.  

The Owners of the majority of the Percentage Interests represented by the Certificates have the right to exercise any trust or power set forth in Section 6.11 of the Pooling and Servicing Agreement.  

As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth and referred to on the face hereof, the transfer of this Certificate is registrable in the Register upon surrender of this Certificate for registration of transfer at the office designated as the location of the Register duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by, the Owner hereof or his attorney duly authorized in writing, and thereupon one or more new Certificates of the like Class, tenor and a like aggregate fractional undivided interest in the Trust Estate will be issued to the designated transferee or transferees.  

The Pooling and Servicing Agreement permits, with certain exceptions as therein provided, the amendment thereof and the modifications of rights and obligations of the parties provided therein by the Depositor, the Trustee, the Seller, the Securities Administrator, the Master Servicer and the Servicer at any time and from time to time, without the consent of the Owners; provided, that in certain other circumstances provided for in the Pooling and Servicing Agreement such consent of the Owners will be required prior to amendment.  Any such consent by the Owner of this Certificate shall be conclusive and binding upon such Owner and upon all future Owners of the Certificate and of any Certificate issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Certificate.  

The Securities Administrator is required to furnish certain information on each Distribution Date to the Owner of this Certificate, as more fully described in the Pooling and Servicing Agreement.  

The Class R Certificates are issuable only as registered Certificates.  As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class R Certificates are exchangeable for new Class R Certificates evidencing the same Percentage Interest as the Class R Certificates exchanged.

No service charge will be made for any such registration of transfer or exchange, but the Registrar or Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.  

The Trustee and Securities Administrator and any agent of the Trustee or Securities Administrator may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Trustee, the Securities Administrator nor any such agent shall be affected by notice to the contrary.














IN WITNESS WHEREOF, the Securities Administrator has caused this Certificate to be duly executed on behalf of the Trust.

WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________







Title:

_____________________________




Securities Administrator Authentication

		
	WELLS FARGO BANK, N.A., 

as Securities Administrator


	 
	 

	 
	 

	By:  

	 

	 
	 

	 
	 

	Title:  

	 





















	
	EXHIBIT D


	FORM OF CERTIFICATE RE: HOME EQUITY LOANS PREPAID IN FULL AFTER CUT-OFF DATE


	CERTIFICATE RE:  PREPAID LOANS


	 



I, __________________________, ______________________ of Nationstar Mortgage LLC, a Delaware limited liability company (“Nationstar Mortgage”), hereby certify that between the “Cut-Off Date” (as defined in the Pooling and Servicing Agreement dated as of June 1, 2007  among Nationstar Funding LLC, as depositor, Nationstar Mortgage, as seller and servicer, Wells Fargo Bank, N.A., as master servicer and securities administrator and The Bank of New York, as trustee) and the “Startup Day,” the following schedule of “Home Equity Loans” (each as defined in the Pooling and Servicing Agreement) have been prepaid in full.

						
	Account

Number

	


Name

	Original

Amount

	Current

Balance

	Date

Paid Off


	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Dated:  July 10, 2007 




By:

___________________________________







Title:

___________________________________














EXHIBIT E-1

FORM OF SECURITIES ADMINISTRATOR’S ACKNOWLEDGMENT OF RECEIPT

Reference is made to that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) among Nationstar Funding LLC, as depositor, Nationstar Mortgage LLC, a Delaware limited liability company, as seller and servicer, Wells Fargo Bank, N.A., as master servicer and securities administrator and The Bank of New York, as trustee (the “Trustee”).  Capitalized terms used herein but not defined herein have the meaning assigned to them in the Pooling and Servicing Agreement.

The Securities Administrator hereby acknowledges the receipt of the sum of $___________, representing the net proceeds disbursed from the Underwriters.

	
	Dated:  July 10, 2007 







WELLS FARGO BANK, N.A., 

as Securities Administrator




By:  

_____________________________

Name:

Title:




















EXHIBIT E-2

	
	FORM OF CUSTODIAN’S ACKNOWLEDGMENT OF RECEIPT


	CUSTODIAN’S ACKNOWLEDGMENT OF RECEIPT




Wells Fargo Bank, N.A., in its capacity as custodian (the “Custodian”) under the Custodial Agreement dated as of June 1, 2007, among the Custodian, Nationstar Mortgage LLC, in its capacity as servicer, and The Bank of New York, in its capacity as trustee (the “Trustee”) under that certain Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) among Nationstar Funding LLC, as depositor (the “Depositor”), Nationstar Mortgage LLC, a Delaware limited liability company, as seller and servicer (“Nationstar Mortgage”), Wells Fargo Bank, N.A., as master servicer and securities administrator and the Trustee hereby acknowledges receipt (subject to review as required by Section 3.06(a) of the Pooling and Servicing Agreement) of the items delivered to it by Nationstar Mortgage with respect to the Home Equity Loans pursuant to Section 3.05(b)(i) of the Pooling and Servicing Agreement.

The Schedule of Home Equity Loans is attached to this receipt as Schedule I.

The Custodian hereby additionally acknowledges that it shall review such items as required by Section 3.06(a) of the Pooling and Servicing Agreement and shall otherwise comply with Section 3.06(b) and 3.06(c) of the Pooling and Servicing Agreement as required thereby.

WELLS FARGO BANK, N.A.

as Custodian




By:__________________________________

Name:

Title:




Dated:  July 10, 2007 

















EXHIBIT E-3

[RESERVED]














EXHIBIT F

	
	FORM OF POOL CERTIFICATION


	POOL CERTIFICATION




WHEREAS, the undersigned is an Authorized Officer of Wells Fargo Bank, N.A., in its capacity as custodian (the “Custodian”) under the Custodial Agreement dated June 1, 2007, among the Custodian, Nationstar Mortgage LLC, acting in its capacity as servicer, Wells Fargo Bank, N.A. not in its individual capacity, but solely as Securities Administrator (the “Securities Administrator”) and The Bank of New York, not in its individual capacity, but solely as Trustee (the “Trustee”) of a certain pool of home equity loans heretofore conveyed in trust to the Trustee, pursuant to that certain Pooling and Servicing Agreement dated as of June 1, 2007, (the “Pooling and Servicing Agreement”) among Nationstar Funding LLC, as depositor, Nationstar Mortgage LLC, a Delaware limited liability company, as seller and servicer, Wells Fargo Bank, N.A., as master servicer and securities administrator and the Trustee, as trustee; and

WHEREAS, the Custodian is required, pursuant to Section 3.06(a) of the Pooling and Servicing Agreement, to review the Files relating to the Home Equity Loans within a specified period following the Startup Day and to notify the Seller promptly of any defects with respect to the Home Equity Loans, and the Seller is required to remedy such defects or take certain other action, all as set forth in Section 3.06(b) of the Pooling and Servicing Agreement; and

WHEREAS, Section 3.06(a) of the Pooling and Servicing Agreement requires the Custodian to deliver this Pool Certification upon the satisfaction of certain conditions set forth therein.

NOW, THEREFORE, the Custodian hereby certifies that it has determined that all required documents (or certified copies of documents listed in Section 3.05 of the Pooling and Servicing Agreement) have been executed or received, and that such documents relate to the Home Equity Loans identified in the Schedule of Home Equity Loans pursuant to Section 3.06(a) of the Pooling and Servicing Agreement or, in the event that such documents have not been executed and received or do not so relate to such Home Equity Loans, any remedial action by the Seller pursuant to Section 3.06(b) of the Pooling and Servicing Agreement has been completed or as may be indicated in an exception report in the form attached hereto as Exhibit J. The Custodian makes no certification hereby, however, with respect to any intervening assignments or assumption and modification agreements.














          Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Pooling and Servicing Agreement.

WELLS FARGO BANK, N.A.

as Custodian




By:__________________________________

Name:

Title:

	
	Dated:  _______________, 2007

















EXHIBIT G

	
	FORM OF DELIVERY ORDER


	DELIVERY ORDER




The Bank of New York

101 Barclay Street, 4W

New York, New York  10268

Attention:  Home Equity Loan Trust 2007-FRE1




Wells Fargo Bank, N.A.

9062 Old Annapolis Road

Columbia, MD 21045-1951

Attention:  Home Equity Loan Trust 2007-FRE1




Ladies and Gentlemen:

Pursuant to Section 4.01 of the pooling and servicing agreement, dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) among Nationstar Funding LLC, as depositor (the “Depositor”), Nationstar Mortgage LLC, a Delaware limited liability company, as seller and servicer, Wells Fargo Bank, N.A., as master servicer and securities administrator and The Bank of New York, as trustee (the “Trustee”), THE DEPOSITOR HEREBY CERTIFIES that all conditions precedent to the issuance of the Home Equity Loan Trust 2007-FRE1 Home Equity Loan Asset-Backed Certificates, Class 1-AV-1, Class 2-AV-1, Class 2-AV-2, Class 2-AV-3, Class 2-AV-4, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7A, Class 7-B, Class M-8, Class M-9A, Class M-9B, Class X-IO, Class P and Class R (the “Certificates”), HAVE BEEN SATISFIED, and HEREBY REQUESTS YOU TO AUTHENTICATE AND DELIVER said Certificates, and to RELEASE said Certificates to the owners thereof, or otherwise upon their order. Instructions regarding the registration of the Certificates are attached hereto.

Very truly yours,

NATIONSTAR FUNDING LLC

By:

_______________________________




Title:

_______________________________













Dated:  July 10, 2007 














EXHIBIT H

	
	FORM OF CLASS R TAX MATTERS TRANSFER CERTIFICATE


	AFFIDAVIT PURSUANT TO SECTION 860E(e) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED







		
	STATE OF 

)

	 

	:

	ss.:


	COUNTY OF 

)

	 









[NAME OF OFFICER], being first duly sworn, deposes and says:

That he is [Title of Officer] of [Name of Investor] (the “Investor”), a [savings institution] [corporation] duly organized and existing under the laws of [the State of _________] [the United States], on behalf of which he makes this affidavit.

Capitalized terms used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated June 1, 2007, among Nationstar Funding LLC, as depositor, Nationstar Mortgage LLC, as Seller and Servicer, Wells Fargo Bank, N.A., as Master Servicer and Securities Administrator and The Bank of New York, as Trustee.

1.

That (i) the Investor is not a “disqualified organization” and will not be a “disqualified organization” as of [date of transfer] (For this purpose, a “disqualified organization” means the United States, any state or political subdivision thereof, any foreign government, any international organization, any agency or instrumentality of any of the foregoing (other than certain taxable instrumentalities), any cooperative organization furnishing electric energy or providing telephone service to persons in rural areas, or any organization (other than a farmers’ cooperative) that is exempt from federal income tax unless such organization is subject to the tax on unrelated business income.); (ii) it is not acquiring the Class R Certificate for the account of a disqualified organization; (iii) it consents to any amendment of the Pooling and Servicing Agreement that shall be deemed necessary by the Securities Administrator (upon advice of counsel) to constitute a reasonable arrangement to ensure that the Class R Certificates will not be owned directly or indirectly by a disqualified organization; and (iv) it will not transfer such Class R Certificate unless (a) it has received from the transferee an affidavit in substantially the same form as this affidavit containing these same four representations and (b) as of the time of the transfer, it does not have actual knowledge that such affidavit is false.

2.

That the Investor is aware (i) of the tax that would be imposed on transfers of the Class R Certificates to a disqualified organization; (ii) that such tax would be on the transferor, or, if such transfer is through an agent (which person includes a broker, nominee or middle-man) for a disqualified organization, on the agent; (iii) that the person otherwise liable for the tax shall be relieved of liability for the tax if the transferee furnishes to such person an affidavit that the transferee is not a disqualified organization and, at the time of transfer, such person does not have actual knowledge that the affidavit is false; and (iv) that the Class R Certificates may be a “noneconomic residual interest” within the meaning of Treasury regulations promulgated pursuant to the Code and that the transferor of a noneconomic residual interest will remain liable for any taxes due with respect to the income on such residual interest, if a significant purpose of the transfer was to enable the transferor to impede the assessment or collection of tax.

3.

That the Investor is aware of the tax imposed on a “pass-through entity” holding the Class R Certificates if at any time during the taxable year of the pass-through entity a disqualified organization is the record holder of an interest in such entity. (For this purpose, a “pass through entity” includes a regulated investment company, a real estate investment trust or common trust fund, a partnership, trust or estate, and certain cooperatives.)

4.

That the Investor is aware that the Securities Administrator will not register the Transfer of the Class R Certificates unless the transferee, or the transferees' agent, delivers to it an affidavit and agreement, among other things, in substantially the same form as this affidavit and agreement. The Investor expressly agrees that it will not consummate any such transfer if it knows or believes that any of the representations contained in such affidavit and agreement are false.

5.

The Investor's Taxpayer Identification Number is [_________________].

6.

That no purpose of the Investor relating to the purchase of the Class R Certificates by the Investor is or will be to enable the transferor to impede the assessment or collection of tax within the meaning of Treasury Regulation 1.860E-1(c).

7.

That the Investor has no present knowledge or expectation that it will be unable to pay any United States taxes owed by it so long as any of the Class R Certificates remain outstanding and that it intends to pay such taxes as they become due.

8.

The Investor hereby agrees to cooperate with the Depositor and to take any action required of it by the Code or Treasury regulations thereunder (whether now or hereafter promulgated) in order to create or maintain the REMIC status of each REMIC created under the Pooling and Servicing Agreement.

9.

The Investor as transferee of the Class R Certificates has represented to the transferor that, if the Class R Certificates constitute a noneconomic residual interest, the Investor (i) understands that as holder of a noneconomic residual interest it may incur tax liabilities in excess of any cash flows generated by the interest, and (ii) intends to pay taxes associated with its holding of the Class R Certificates as they become due.














IN WITNESS WHEREOF, the Investor has caused this instrument to be executed on its behalf, pursuant to authority of its Board of Directors, by its [Title of Officer] and its corporate seal to be hereunto attached, attested by its [Assistant] Secretary, this ___ day of __________, 2007.

[NAME OF INVESTOR]




By:

_________________________________

[Name of Officer]

[Title of Officer]

[Corporate Seal]

Attest: 

_____________________________

[Assistant] Secretary                        







Personally appeared before me the above-named [Name of Officer], known or proved to be the same person who executed the foregoing instrument and to be the [Title of Officer] of the Investor, and acknowledged to me that he executed the same as his free act and deed and the free act and deed of the Investor.

Subscribed and sworn before me this __ day of ____________, 2007.

		
	 

	NOTARY PUBLIC


	COUNTY OF 

	 

	 
	 

	STATE OF 

	 

	 
	 



My commission expires the _ day of _______________, 20__.














EXHIBIT I-1

	
	FORM OF CERTIFICATE REGARDING TRANSFER (ACCREDITED INVESTOR)


	CERTIFICATE REGARDING TRANSFER (ACCREDITED INVESTOR)


	[DATE]




Wells Fargo Bank, N.A.

9062 Old Annapolis Road

Columbia, MD 21045-1951

Attention:  Home Equity Loan Trust 2007-FRE1

Re:

Home Equity Loan Trust 2007-FRE1,

Home Equity Loan Asset-Backed Certificates, Class ___ 

(“Certificates”)

Gentlemen: 

In connection with our purchase on the date hereof of the above-referenced Certificates from ___________________ (“Seller”), [PURCHASER] (the “Purchaser”) hereby certifies that:

1.

The Purchaser is acquiring the Certificates for [investment purposes only for]1/ the Purchaser’s own account and not with a view to or for sale or transfer in connection with any distribution thereof in any manner which would violate Section 5 of the Securities Act of 1933, as amended (the “Act”), provided that the disposition of its property shall at all times be and remain within its control;

2.

The Purchaser understands that the Certificates have not been and will not be registered under the Act and may not be resold or transferred unless they are (a) registered pursuant to the Act or (b) sold or transferred in transactions which are exempt from registration;

3.

The Purchaser has received a copy of the Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) pursuant to which the Certificates were issued, and such other documents and information concerning the Certificates and the home equity loans in which the Certificates represent interests which it has requested;

4.

The Purchaser believes it has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Certificates and that it is able to bear the economic risks of such an investment;

________________________

1/ Not required if the Purchaser is a broker/dealer.

















5.

(a) With respect to an ERISA-Restricted Certificate, the Purchaser (i) is not an employee benefit plan or other retirement arrangement subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) nor is acting for, on behalf or with the assets of, any such plan or arrangement (collectively, a “Plan”) to effect such purchase, (ii) if the Class X-IO Certificate or Class P Certificate has been the subject of an ERISA-Qualifying Underwriting, the purchaser is an insurance company which is purchasing such Certificate with funds contained in an “insurance company general account” (as such term is defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60) and that the purchase and holding of such Certificate are covered under Sections I and III of PTCE 95-60 or (iii) is delivering herewith an Opinion of Counsel, acceptable to and in form and substance satisfactory to the Securities Administrator, which Opinion of Counsel shall not be at the expense of either the Trustee, the Depositor, the Servicer, the Master Servicer, the Securities Administrator or the Trust, to the effect that the purchase or holding of any ERISA-Restricted Certificates will not result in a prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code, and will not subject any of the above parties or the Trust to any obligation or liability in addition to those expressly undertaken under the Pooling and Servicing Agreement; and

(b)  In the case of an ERISA-Restricted Swap Certificate, prior to the termination of the Interest Rate Swap Agreement, either (i) the Purchaser  is not a Plan nor is a person acting for, on behalf of, or with the assets of any such Plan to effect such transfer or (ii) the acquisition and holding of the ERISA-Restricted Swap Certificate are eligible for exemptive relief under the statutory exemption for nonfiduciary service providers under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or some other applicable exemption;  




6.

If the Purchaser sells any of the Certificates, it will (i) obtain from any investor that purchases any Certificate from it a letter substantially in the form of Exhibit I-1 or I-2 to the Pooling and Servicing Agreement and (ii) to the extent required by the Pooling and Servicing Agreement, cause an Opinion of Counsel to be delivered, addressed and satisfactory to the Seller and the Securities Administrator, to the effect that such sale is in compliance with all applicable federal and state securities laws;

7.

For purposes of the Certificate Register, its address, including telecopier number and telephone number, is as follows:

		
	                                


	                                


	                                


	                                


	telecopier: 

	                                


	telephone: 

	                                




8.

The purchase of the Certificates by the Purchaser does not violate the provisions of the first sentence of Section 5.08(c) of the Pooling and Servicing Agreement; and

9.

Capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Pooling and Servicing Agreement.














IN WITNESS WHEREOF, the Purchaser has caused this letter to be executed by its signatory, duly authorized, as of the date first above written.

[PURCHASER]

By: 

_______________________________







Name:

_______________________________







Title:

_______________________________














EXHIBIT I-2

	
	FORM OF CERTIFICATE REGARDING TRANSFER (RULE 114A)


	CERTIFICATE REGARDING TRANSFER (RULE 144A)


	[Date]




The Bank of New York 

101 Barclay St. 4W

New York, NY 10286

Attention:  Home Equity Loan Trust 2007-FRE1




Wells Fargo Bank, N.A.

9062 Old Annapolis Road

Columbia, MD 21045-1951

Attention: Client Manager – Home Equity Loan Trust 2007-FRE1

Re:

Home Equity Loan Trust 2007-FRE1,

Home Equity Loan Asset-Backed Certificates,

Class ___-_____ (“Certificates”)

Dear Gentlemen or Ladies:

In connection with our purchase on the date hereof of the above-referenced Certificates from ______________________ (“Seller”), we hereby certify that:

1.

We are acquiring the Certificates for our own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof in any manner which would violate the Securities Act of 1933, as amended (the “Act”), provided that the disposition of our property shall at all times be and remain within our control;

2.

We understand that the Certificates have not been and will not be registered under the Act and may not be resold or transferred unless they are (a) registered pursuant to the Act or (b) sold or transferred in transactions which are exempt from registration;

3.

We have received a copy of the Pooling and Servicing Agreement dated as of June 1, 2007 (the “Pooling and Servicing Agreement”) pursuant to which the Certificates are being sold, and such other documents and information concerning the Certificates and the home equity loans in which the Certificates represent interests which we have requested;

4.

We believe we have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Certificates and that we are able to bear the economic risks of such an investment;

5.

If we sell any of the Certificates, at our option, we will either (i) obtain from any institutional investor that purchases any Certificate from us a certificate containing the same representations, warranties and agreements contained in the foregoing paragraphs 1 through 4 and this paragraph 5 or (ii) deliver an Opinion of Counsel to such institutional investor, addressed and satisfactory to the Seller and the [Trustee], to the effect that such sale is in compliance with all applicable federal and state securities laws;

6.

(a) For the case of an ERISA-Restricted Certificate, we are acquiring the Certificates for our own account and the source of funds we (i) are not an employee benefit plan or other retirement arrangement subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) nor are acting for, on behalf or with the assets of, any such plan for arrangement (collectively, a “Benefit Plan Investor”) to effect such purchase, (ii) if the Class X-IO Certificate or Class P Certificate has been the subject of an ERISA-Qualifying Underwriting (as defined in the Pooling and Servicing Agreement), we are an insurance company which is purchasing such Certificate with funds contained in an “insurance company general account” (as such term is defined in Section V(e) of Prohibited Transaction Class Exemption (“PTCE”) 95-60) and that the purchase and holding of such Certificate are covered under Sections I and III of PTCE 95-60 or (iii) are delivering herewith an Opinion of Counsel, acceptable to and in form and substance satisfactory to the Securities Administrator, which Opinion of Counsel shall not be at the expense of either the Trustee, the Depositor, the Servicer, the Master Servicer, the Securities Administrator or the Trust, to the effect that the purchase or holding of any ERISA-Restricted Certificates will not result in a prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code, and will not subject any of the above parties or the Trust to any obligation or liability in addition to those expressly undertaken under the Pooling and Servicing Agreement; and

(b)  In the case of an ERISA-Restricted Swap Certificate, prior to the termination of the Interest Rate Swap Agreement, either (i) the Purchaser  is not a Plan nor is a person acting for, on behalf of, or with the assets of any such Plan to effect such transfer or (ii) the acquisition and holding of the ERISA-Restricted Swap Certificate are eligible for exemptive relief under the statutory exemption for nonfiduciary service providers under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code, PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or PTCE 96-23 or some other applicable exemption;




7.

For purposes of the Certificate Register, our address, including telecopier number and telephone number, is as follows:

		
	 

	 

	 

	 

	telecopier: 

	 

	telephone: 

	 

	 
	 



8.

If we sell any of the Certificates, we will obtain from any purchaser from us the same representations contained in the foregoing paragraph 6 and this paragraph 8;

9.

Our purchase of the Certificates does not violate the provisions of the first sentence of Section 5.08(c) of the Pooling and Servicing Agreement; and

10.

 Capitalized terms not otherwise defined herein have the meanings ascribed to such terms in the Pooling and Servicing Agreement.














IN WITNESS WHEREOF, we have signed this certificate as of the date first written above.

By:

__________________________________

Name:

Title:














EXHIBIT J

				
	HOME EQUITY LOANS WITH DOCUMENT EXCEPTIONS


	 

	Loan Number

	Borrower Name

	Original Loan Amount

	Exception

















EXHIBIT K

FORM 10-D, FORM 8-K AND FORM 10-K

REPORTING RESPONSIBILITY




As to each item described below, the entity indicated as the Responsible Party shall be primarily responsible for reporting the information to both the Depositor and the party identified as responsible for preparing the Securities Exchange Act Reports pursuant to the Pooling and Servicing Agreement.  




Under Item 1 of Form 10-D: a) items marked “monthly statement” are required to be included in the periodic Distribution Date statement under Section 4.04 of the Pooling and Servicing Agreement provided by the Securities Administrator based on information received from the Master Servicer and b) items marked “Form 10-D report” are required to be in the Form 10-D report but not the monthly statement, provided by the party indicated under the Pooling and Servicing Agreement, the related Purchase and Servicing Agreement or Servicing Agreement, as applicable.  Information under all other Items of Form 10-D is to be included in the Form 10-D report.







													
	Form

	Item

	Description

	Servicers

	Master Servicer

	Securities Administrator

	Custodian

	Trustee

	Depositor

	Sponsor


	10-D

	Must be filed within 15 days of the distribution date for the asset-backed securities.

	 
	 
	 
	 

	1

	Distribution and Pool Performance Information

	 
	 
	 
	 
	 
	 
	 

	Item 1121(a) – Distribution and Pool Performance Information

	 
	 
	 
	 
	 
	 
	 

	(1) Any applicable record dates, accrual dates, determination dates for calculating distributions and actual distribution dates for the distribution period.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(2) Cash flows received and the sources thereof for distributions, fees and expenses.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including:

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an identification of the general purpose of such payments and the party receiving such payments.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or carryovers.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(4) Beginning and ending principal balances of the asset-backed securities.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable. Consider providing interest rate information for pool assets in appropriate distributional groups or incremental ranges.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if known and applicable.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(8) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average remaining term, pool factors and prepayment amounts.

	 
	 
	X




(monthly statement)

	 
	 
	Updated pool composition information fields to be as specified by Depositor from time to time

	 

	(9) Delinquency and loss information for the period.

	X

	X

	X




(monthly statement)

	 
	 
	 
	 

	In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets. (methodology)

	X

	X

	 
	 
	 
	 
	 

	(10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements.

	X

	 
	X




(monthly statement)

	 
	 
	 
	 

	(11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time.

	X

	 
	X




(monthly statement)

	 
	 
	 
	 

	(12) Material breaches of pool asset representations or warranties or transaction covenants.

	X

	 
	 
	 
	 
	X

	 

	(13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met.

	 
	 
	X




(monthly statement)

	 
	 
	 
	 

	(14) Information regarding any new issuance of asset-backed securities backed by the same asset pool, 

	 
	 
	


	


	


	X

	 

	any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable.

	X

	 
	X

	 
	 
	X

	 

	Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.

	 
	 
	 
	 
	 
	X

	X


	Item 1121(b) – Pre-Funding or Revolving Period Information




Updated pool information as required under Item 1121(b).

	 
	 
	 
	 
	 
	X

	 

	2

	Legal Proceedings

	 
	 
	 
	 
	 
	 
	 

	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Certificateholders, including proceedings known to be contemplated by governmental authorities:

	 
	





	 
	 
	 
	 
	 

	Sponsor (Seller)

	 
	 
	 
	 
	 
	 
	X


	Depositor

	 
	 
	 
	 
	 
	X

	 

	Trustee

	 
	 
	 
	 
	X

	 
	 

	Issuing entity

	 
	 
	 
	 
	 
	X

	 

	Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers

	X

	X

	 
	 
	 
	 
	 

	Securities Administrator

	 
	 
	X

	 
	 
	 
	 

	Originator of 20% or more of pool assets as of the Cut-off Date

	 
	 
	 
	 
	 
	X

	 



	Custodians (each as to itself)

	 
	 
	 
	X

	 
	 
	 

	3

	Sales of Securities and Use of Proceeds

	 
	 
	 
	 
	 
	 
	 

	Information from Item 2(a) of Part II of Form 10-Q:




With respect to any sale of securities by the sponsor, depositor or issuing entity, that are backed by the same asset pool or are otherwise issued by the issuing entity, whether or not registered, provide the sales and use of proceeds information in Item 701 of Regulation S-K.  Pricing information can be omitted if securities were not registered.

	 
	 
	 
	 
	 
	X

	 

	4

	Defaults Upon Senior Securities

	 
	 
	 
	 
	 
	 
	 

	Information from Item 3 of Part II of Form 10-Q:




Report the occurrence of any Event of Default (after expiration of any grace period and provision of any required notice)

	 
	 
	X

	 
	 
	 
	 

	5

	Submission of Matters to a Vote of Security Holders

	 
	 
	 
	 
	 
	 
	 

	Information from Item 4 of Part II of Form 10-Q

	 
	 
	X

	 
	 
	 
	 

	6

	Significant Obligors of Pool Assets

	 
	 
	 
	 
	 
	 
	 

	Item 1112(b) – Significant Obligor Financial Information*

	 
	 
	 
	 
	 
	X

	X


	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.

	 
	 
	 
	 
	 
	 
	 

	7

	Significant Enhancement Provider Information

	 
	 
	 
	 
	 
	 
	 

	Item 1114(b)(2) – Credit Enhancement Provider Financial Information*

	 
	 
	 
	 
	 
	 
	 

	Determining applicable disclosure threshold

	 
	 
	 
	 
	 
	X

	 

	Notifying the applicable party of the need to request required financial information or effecting incorporation by reference

	 
	 
	 
	 
	 
	X

	 

	Item 1115(b) – Derivative Counterparty Financial Information*

	 
	 
	 
	 
	 
	 
	 

	Determining current maximum probable exposure

	 
	 
	 
	 
	 
	X

	 

	Determining current significance percentage

	 
	 
	 
	 
	 
	X

	 

	Notifying the applicable party of the need to request required financial information or effecting incorporation by reference

	 
	 
	 
	 
	 
	X

	 

	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.

	 
	 
	 
	 
	 
	 
	 

	8

	Other Information

	 
	 
	 
	 
	 
	 
	 

	Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported

	The Responsible Party for the applicable Form 8-K item as indicated below.


	9

	Exhibits

	 
	 
	 
	 
	 
	 
	 

	Distribution report

	 
	 
	X

	 
	 
	 
	 

	Exhibits required by Item 601 of Regulation S-K, such as material agreements

	 
	 
	 
	 
	 
	X

	 



















ADDITIONAL FORM 10-K DISCLOSURE

																			
	Form

	Item

	Description

	Servicers

	Master Servicer

	Securities Administrator

	Custodians

	Trustee

	Depositor

	Sponsor


	10-K

	Must be filed within 90 days of the fiscal year end for the registrant.

	 
	 
	 
	 

	9B

	Other Information

	 
	 
	 
	 
	 
	 
	 

	 
	 
	Disclose any information required to be reported on Form 8-K during the fourth quarter covered by the Form 10-K but not reported

	The Responsible Party for the applicable Form 8-K as indicated above.


	 
	15

	Exhibits and Financial Statement Schedules

	 
	 
	 
	 
	 
	 
	 

	Item 1112(b) – Significant Obligor Financial Information

	 
	 
	 
	 
	 
	X

	X


	Item 1114(b)(2) – Credit Enhancement Provider Financial Information

	 
	 
	 
	 
	 
	 
	 

	Determining applicable disclosure threshold

	 
	 
	 
	 
	 
	X

	 

	Requesting required financial information or effecting incorporation by reference

	 
	 
	 
	 
	 
	X

	 

	Item 1115(b) – Derivative Counterparty Financial Information

	 
	 
	 
	 
	 
	 
	 

	Determining current maximum probable exposure

	 
	 
	 
	 
	 
	X

	 

	 
	 
	Determining current significance percentage

	 
	 
	 
	 
	 
	X

	 

	Notifying the applicable party of the need to request required financial information or effecting incorporation by reference

	 
	 
	 
	 
	 
	X

	 

	Item 1117 – Legal proceedings pending against the following entities, or their respective property, that is material to Certificateholders, including proceedings known to be contemplated by governmental authorities:

	 
	 
	 
	 
	 
	 
	 

	Sponsor (Seller)

	 
	 
	 
	 
	 
	 
	X


	Depositor

	 
	 
	 
	 
	 
	X

	 

	Trustee

	 
	 
	 
	 
	X

	 
	 

	Issuing entity

	 
	 
	 
	 
	 
	X

	 

	Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers

	X

	X

	 
	 
	 
	 
	 

	Securities Administrator

	 
	 
	X

	 
	 
	 
	 

	Originator of 20% or more of pool assets as of the Cut-off Date

	 
	 
	 
	 
	 
	X

	X


	Custodians (each as to itself)

	 
	 
	 
	 
	 
	 
	 

	Item 1119 – Affiliations and relationships between the following entities, or their respective affiliates, that are material to Certificateholders:

	 
	 
	 
	 
	 
	 
	 

	Sponsor (Seller)

	 
	 
	 
	 
	 
	 
	X


	Depositor

	 
	 
	 
	 
	 
	X

	 

	Trustee

	 
	 
	 
	 
	X

	 
	 

	Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers

	X

	X

	 
	 
	 
	 
	 

	Securities Administrator

	 
	 
	X

	 
	 
	 
	 

	Originator

	 
	 
	 
	 
	 
	X

	X


	Custodians (each as to itself)

	 
	 
	 
	X

	 
	 
	 

	Credit Enhancer/Support Provider

	 
	 
	 
	 
	 
	X

	X


	Significant Obligor

	 
	 
	 
	 
	 
	X

	X


	Item 1122 – Assessment of Compliance with Servicing Criteria

	X

	X

	X

	X

	 
	 
	 

	Item 1123 – Servicer Compliance Statement

	X

	X

	X

	 
	 
	 
	 
















FORM 8-K DISCLOSURE INFORMATION




													
	Form

	Item

	Description

	Servicers

	Master Servicer

	Securities Administrator

	Custodian

	Trustee

	Depositor

	Sponsor


	8-K

	Must be filed within four business days of an event reportable on Form 8-K.

	 
	 
	 
	 

	1.01

	Entry into a Material Definitive Agreement

	 
	 
	 
	 
	 
	 
	 

	Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party.  




Examples: servicing agreement, custodial agreement.




Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus

	X

	X

	X (if Master Servicer is not a party)

	 
	X (if Master Servicer or Securities Administrator is not a party and if the Trustee is a party thereto)

	X (if Master Servicer is not a party)

	X (if Master Servicer is not a party)


	1.02

	Termination of a Material Definitive Agreement

	 
	 
	 
	 
	 
	 
	 

	Disclosure is required regarding termination of  any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party.  







Examples: servicing agreement, custodial agreement.

	X

	X

	X 

	X

	X (if Master Servicer or Securities Administrator is not a party and if the Trustee is a party thereto)

	X

	X


	1.03

	Bankruptcy or Receivership

	 
	 
	 
	 
	 
	 
	 

	Disclosure is required regarding the bankruptcy or receivership, if known to the Master Servicer, with respect to any of the following: 




Sponsor (Seller), Depositor, Master Servicer, affiliated Servicer, other Servicer servicing 20% or more of pool assets at time of report, other material servicers, Certificate Administrator, Trustee, significant obligor, credit enhancer (10% or more), derivatives counterparty, Custodians (each as to itself)

	X

	X

	X

	X

	 
	X

	X


	2.04

	Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

	 
	 
	 
	 
	 
	 
	 

	Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.




Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statement

	 
	X

	X

	 
	 
	X

	 

	3.03

	Material Modification to Rights of Security Holders

	 
	 
	 
	 
	 
	 
	 

	Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the Pooling and Servicing Agreement

	 
	X

	X

	 
	 
	X

	 

	5.03

	Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

	 
	 
	 
	 
	 
	 
	 

	Disclosure is required of any amendment “to the governing documents of the issuing entity”

	 
	 
	 
	 
	 
	X

	 

	5.06

	Change in Shell Company Status

	 
	 
	 
	 
	 
	 
	 

	[Not applicable to ABS issuers]

	 
	 
	 
	 
	 
	X

	 

	6.01

	ABS Informational and Computational Material

	 
	 
	 
	 
	 
	 
	 

	[Not included in reports to be filed under Section 3.18]

	 
	 
	 
	 
	 
	X

	 

	6.02

	Change of Servicer, Securities Administrator or Trustee

	 
	 
	 
	 
	 
	 
	 

	Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report, other material servicers, certificate administrator or trustee.  

	X

	X

	X

	 
	 
	X

	 

	 
	Reg AB disclosure about any new servicer (from entity appointing new servicer) or trustee (from Depositor) is also required.

	X

	X

	 
	 
	X (to be provided by the successor trustee)

	X

	 

	6.03

	Change in Credit Enhancement or Other External Support

	 
	 
	 
	 
	 
	 
	 

	Covers termination of any enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided.  Applies to external credit enhancements as well as derivatives.  

	 
	 
	X

	 
	 
	X

	 

	 
	Reg AB disclosure about any new enhancement provider is also required.

	 
	 
	 
	 
	 
	X

	 

	6.04

	Failure to Make a Required Distribution

	 
	 
	X

	 
	 
	 
	 

	6.05

	Securities Act Updating Disclosure

	 
	 
	 
	 
	 
	 
	 

	If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

	 
	 
	 
	 
	 
	X

	 

	If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide the information called for in Items 1108 and 1110 respectively.

	 
	 
	 
	 
	 
	X

	 

	7.01

	Regulation FD Disclosure

	X

	X

	X

	 
	 
	X

	X


	8.01

	Other Events

	 
	 
	 
	 
	 
	 
	 

	Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance to security holders.

	 
	 
	 
	 
	 
	X

	 

	9.01

	Financial Statements and Exhibits

	The Responsible Party (other than the Trustee) applicable to reportable event.




















EXHIBIT L

Additional Disclosure Notification




Wells Fargo Bank, N.A.

9062 Old Annapolis Road

Columbia, Maryland 21045

Fax: (410) 715-2380

Email: cts.sec.notifications@wellsfargo.com

Attn:  Corporate Trust Services- HOME EQUITY LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-FRE1—SEC REPORT PROCESSING

Nationstar Funding LLC

350 Highland Drive

Lewisville, Texas 75067




RE:  **Additional Form [10-D][10-K][8-K] Disclosure** Required







Ladies and Gentlemen:

In accordance with Article XI of the Pooling and Servicing Agreement, , dated as of June 1, 2007, by and among Nationstar Funding LLC, as depositor (the “Depositor”), Nationstar Mortgage, as seller and as servicer (in its capacity as seller, the “Seller” and in its capacity as servicer, the “Servicer”), Wells Fargo Bank, N.A., as master servicer and as securities administrator (in its capacity as master servicer, the “Master Servicer” and in its capacity as securities administrator, the “Securities Administrator”)  and The Bank of New York, as trustee (the “Trustee”), the undersigned, as [          ], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K] Disclosure:

List of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:










Any inquiries related to this notification should be directed to [                       ], phone number:  [         ]; email address:  [                   ].  

[NAME OF PARTY],

as [role]

By: __________________________

Name:

Title: 














EXHIBIT M

	
	[RESERVED]


	 



















EXHIBIT N




REQUEST FOR RELEASE OF DOCUMENTS




To:

Wells Fargo Bank, N.A.

24 Executive Park

Suite 100

Irvine, California  92614

Attn:   Inventory Control




Re:

Custodial Agreement dated as of June 1, 2007, among The Bank of New York, as Trustee, Nationstar Mortgage LLC, as Servicer, Wells Fargo Bank, N.A., as Securities Administrator and as Custodian




In connection with the administration of the Mortgage Loans held by you as Custodian for the Owner pursuant to the above-captioned Custody Agreement, we request the release, and hereby acknowledge receipt, of the Custodian’s Mortgage File for the Mortgage Loan described below, for the reason indicated.




Mortgage Loan Number:




Mortgagor Name, Address & Zip Code:







Reason for Requesting Documents (check one):




_______

1.

Mortgage Paid in Full




_______

2.

Foreclosure




_______

3.  

Substitution




_______

4.

Other Liquidation (Repurchases, etc.)




_______

5.

Nonliquidation

Reason:____________________________________




Address to which Custodian should

Deliver the Custodian’s Mortgage File:         __________________________________________

__________________________________________

__________________________________________







By:_______________________________________

            (authorized signer)














Issuer:_____________________________________

Address:___________________________________




  ___________________________________




Date:______________________________________

Custodian




Wells Fargo Bank, N.A.

 

Please acknowledge the execution of the above request by your signature and date below:




____________________________________          

_________________

Signature

Date




Documents returned to Custodian:




____________________________________

_________________

Custodian

Date














EXHIBIT O

FORM OF SERVICER INFORMATION

The following information will be e-mailed by the Servicer to the Securities Administrator, the Master Servicer and the Depositor in accordance with Section 8.08(e):




					
	 
	Standard Loan Level File Layout – Master Servicing

	 

	 

	 


	 
	 
	 

	 

	 




	Exhibit 1:  Layout

	 
	 

	 

	 


	Column Name

	Description

	Decimal

	Format Comment

	Max Size


	Each file requires the following fields:

	 

	 

	 


	SER_INVESTOR_NBR

	A value assigned by the Servicer to define a group of loans.

	 

	Text up to 20 digits

	20


	LOAN_NBR

	A unique identifier assigned to each loan by the investor.

	 

	Text up to 10 digits

	10


	SERVICER_LOAN_NBR

	A unique number assigned to a loan by the Servicer.  This may be different than the LOAN_NBR.

	 

	Text up to 10 digits

	10


	SCHED_PAY_AMT

	Scheduled monthly principal and scheduled interest payment that a borrower is expected to pay, P&I constant.

	2

	No commas(,) or dollar signs ($)

	11


	NOTE_INT_RATE

	The loan interest rate as reported by the Servicer.

	4

	Max length of 6

	6


	NET_INT_RATE

	The loan gross interest rate less the service fee rate as reported by the Servicer.

	4

	Max length of 6

	6


	SERV_FEE_RATE

	The servicer's fee rate for a loan as reported by the Servicer. 

	4

	Max length of 6

	6


	SERV_FEE_AMT

	The servicer's fee amount for a loan as reported by the Servicer. 

	2

	No commas(,) or dollar signs ($)

	11


	NEW_PAY_AMT

	The new loan payment amount as reported by the Servicer. 

	2

	No commas(,) or dollar signs ($)

	11


	NEW_LOAN_RATE

	The new loan rate as reported by the Servicer. 

	4

	Max length of 6

	6


	ARM_INDEX_RATE

	The index the Servicer is using to calculate a forecasted rate.

	4

	Max length of 6

	6


	ACTL_BEG_PRIN_BAL

	The borrower's actual principal balance at the beginning of the processing cycle.

	2

	No commas(,) or dollar signs ($)

	11


	ACTL_END_PRIN_BAL

	The borrower's actual principal balance at the end of the processing cycle.

	2

	No commas(,) or dollar signs ($)

	11


	BORR_NEXT_PAY_DUE_DATE

	The date at the end of processing cycle that the borrower's next payment is due to the Servicer, as reported by Servicer.

	 

	MM/DD/YYYY

	10


	SERV_CURT_AMT_1

	The first curtailment amount to be applied.

	2

	No commas(,) or dollar signs ($)

	11


	SERV_CURT_DATE_1

	The curtailment date associated with the first curtailment amount. 

	 

	MM/DD/YYYY

	10


	CURT_ADJ_ AMT_1

	The curtailment interest on the first curtailment amount, if applicable.

	2

	No commas(,) or dollar signs ($)

	11


	SERV_CURT_AMT_2

	The second curtailment amount to be applied.

	2

	No commas(,) or dollar signs ($)

	11


	SERV_CURT_DATE_2

	The curtailment date associated with the second curtailment amount.

	 

	MM/DD/YYYY

	10


	CURT_ADJ_ AMT_2

	The curtailment interest on the second curtailment amount, if applicable.

	2

	No commas(,) or dollar signs ($)

	11




















					
	 
	 
	 
	 
	 

	Exhibit 1: Continued

	Standard Loan Level File Layout 

	 

	 

	 


	Column Name

	Description

	Decimal

	Format Comment

	 Max Size


	SERV_CURT_AMT_3

	The third curtailment amount to be applied.

	2

	No commas(,) or dollar signs ($)

	11


	SERV_CURT_DATE_3

	The curtailment date associated with the third curtailment amount.

	 

	MM/DD/YYYY

	10


	CURT_ADJ_AMT_3

	The curtailment interest on the third curtailment amount, if applicable.

	2

	No commas(,) or dollar signs ($)

	11


	PIF_AMT

	The loan "paid in full" amount as reported by the Servicer.

	2

	No commas(,) or dollar signs ($)

	11


	PIF_DATE

	The paid in full date as reported by the Servicer.

	 

	MM/DD/YYYY

	10


	


ACTION_CODE

	


The standard FNMA numeric code used to indicate the default/delinquent status of a particular loan.

	 

	Action Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution, 65=Repurchase,70=REO 

	2


	INT_ADJ_AMT

	The amount of the interest adjustment as reported by the Servicer.

	2

	No commas(,) or dollar signs ($)

	11


	SOLDIER_SAILOR_ADJ_AMT

	The Soldier and Sailor Adjustment amount, if applicable.

	2

	No commas(,) or dollar signs ($)

	11


	NON_ADV_LOAN_AMT

	The Non Recoverable Loan Amount, if applicable.

	2

	No commas(,) or dollar signs ($)

	11


	LOAN_LOSS_AMT

	The amount the Servicer is passing as a loss, if applicable.

	2

	No commas(,) or dollar signs ($)

	11


	Plus the following applicable fields:

	 

	 

	 


	SCHED_BEG_PRIN_BAL

	The scheduled outstanding principal amount due at the beginning of the cycle date to be passed through to investors.

	2

	No commas(,) or dollar signs ($)

	11


	SCHED_END_PRIN_BAL

	The scheduled principal balance due to investors at the end of a processing cycle.

	2

	No commas(,) or dollar signs ($)

	11


	SCHED_PRIN_AMT

	The scheduled principal amount as reported by the Servicer for the current cycle -- only applicable for Scheduled/Scheduled Loans.

	2

	No commas(,) or dollar signs ($)

	11


	SCHED_NET_INT

	The scheduled gross interest amount less the service fee amount for the current cycle as reported by the Servicer -- only applicable for Scheduled/Scheduled Loans.

	2

	No commas(,) or dollar signs ($)

	11


	ACTL_PRIN_AMT

	The actual principal amount collected by the Servicer for the current reporting cycle -- only applicable for Actual/Actual Loans.

	2

	No commas(,) or dollar signs ($)

	11


	ACTL_NET_INT

	The actual gross interest amount less the service fee amount for the current reporting cycle as reported by the Servicer -- only applicable for Actual/Actual Loans.

	2

	No commas(,) or dollar signs ($)

	11


	PREPAY_PENALTY_ AMT

	The penalty amount received when a borrower prepays on his loan as reported by the Servicer.  

	2

	No commas(,) or dollar signs ($)

	11


	PREPAY_PENALTY_ WAIVED

	The prepayment penalty amount for the loan waived by the servicer.

	2

	No commas(,) or dollar signs ($)

	11




















					
	 
	 
	 
	 
	 

	Exhibit 1: Continued

	Standard Loan Level File Layout 

	 

	 

	 


	Column Name

	Description

	Decimal

	Format Comment

	Max Size


	MOD_DATE

	The Effective Payment Date of the Modification for the loan.

	 

	MM/DD/YYYY

	10


	MOD_TYPE

	The Modification Type.

	 

	Varchar - value can be alpha or numeric

	30


	DELINQ_P&I_ADVANCE_AMT

	The current outstanding principal and interest advances made by Servicer.

	2

	No commas(,) or dollar signs ($)

	11


	


BREACH_FLAG

	Flag to indicate if the repurchase of a loan is due to a breach of Representations and Warranties

	 
	Y=Breach

N=NO Breach

Let blank if N/A

	1



























											
	 
	Section 2. Delinquency Reporting


	 
	Installments Delinquent

	 
	 

	 
	Total No.

	Total No.

	 
	 
	 
	In

	Real Estate

	Total Dollar

	 
	 

	 
	of

	of 

	30-

	60-

	90 or more

	Foreclosure

	Owned

	Amount of

	 
	 

	 
	Loans

	Delinquencies

	Days

	Days

	Days

	(Optional)

	(Optional)

	Delinquencies

	 
	 

	 
	0

	0

	0

	0

	0

	0

	0

	$0.00 

	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	PREPAYMENT PENALTY AMT PAID BY SERVICER

	0

	$0.00 

	 
	 
	 
	 
	 
	 

	 
	 
	PREPAYMENT PENALTY PAID BY BORROWER

	0

	$0.00 

	 
	 
	 
	 
	 
	 

	 
	 
	DELINQUENCY P&I AMOUNT

	0

	$0.00 

	 
	 
	 
	 
	 
	 

	 
	 
	CORPORATE ADVANCE AMOUNT

	0

	$0.00 

	 
	 
	 
	 
	 
	 

	 
	 
	ESCROW ADVANCE AMOUNT

	0

	$0.00 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Exhibit 2: Monthly Summary Report by Single Investor 


	 
	MONTHLY SUMMARY REPORT

	 
	 
	 
	 
	 

	 
	For Month Ended:   mm/dd/yyyy

	Servicer Name

	 
	 
	 

	 
	Prepared by:  _____________________________

	Investor Nbr


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	Section 1. Remittances and Ending Balances - Required Data 

	 
	 

	 
	Beginning

	Ending 

	Total Monthly

	Total Ending Unpaid

	Total Monthly Principal

	 
	 
	 

	 
	Loan Count

	Loan Count

	Remittance Amount

	Principal Balance

	Balance

	 
	 
	 

	 
	0

	0

	$0.00 

	$0.00 

	$0.00 

	 
	 
	 

	 
	Principal Calculation

	 
	 
	 
	 
	 
	 
	 
	 

	 
	1.  Monthly Principal Due+

	$0.00

	 
	 
	 
	 
	 
	 
	 

	 
	2.  Current Curtailments+

	$0.00

	 
	 
	 
	 
	 
	 
	 

	 
	3.  Liquidations+

	$0.00

	 
	 
	 
	 
	 
	 
	 

	 
	4.  Other (attach explanation)+$0.00

	 
	 
	 
	 
	 

	 
	5.  Principal Due

	$0.00

	 
	 
	 

	 
	6.  Interest (reported "gross")+$0.00

	 
	 
	 
	 
	 
	 
	 

	 
	7.  Interest Adjustments on Curtailments+$0.00

	 
	 
	 
	 
	 

	 
	8.  Servicing Fees -$0.00

	 
	 
	 
	 
	 

	 
	9.  Other Interest (attach explanation)+$0.00

	 
	 
	 
	 
	 

	 
	10. Interest Due

	(need to subtract ser fee)

	$0.00

	 
	 
	 

	 
	Remittance Calculation

	 
	 

	 
	11.  Total Principal and Interest Due (lines 5+10)+$0.00

	 
	 
	 
	 
	 

	 
	12.  Reimbursement of Non-Recoverable Advances-$0.00

	 
	 
	 
	 
	 

	 
	13.  Total Realized gains +$0.00

	 
	 
	 
	 
	 

	 
	14.  Total Realized Losses-$0.00

	 
	 
	 
	 
	 

	 
	15.  Total Prepayment Penalties+$0.00

	 
	 
	 
	 
	 

	 
	16.  Total Non-Supported Compensating Interest-$0.00

	 
	 
	 
	 
	 

	 
	17.  Other (attach explanation)

	$0.00

	 
	 
	 

	 
	18.  Net Funds Due on or before Remittance Date$$0.00

	 
	 
	 
	 
	 









												
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Section 2. Delinquency Report - Optional Data for Loan Accounting 


	Installments Delinquent

	 
	 
	 
	 

	Total No.

	Total No.

	 
	 
	 
	In

	Real Estate

	Total Dollar

	 
	 
	 
	 

	of

	of 

	30-

	60-

	90 or more

	Foreclosure

	Owned

	Amount of

	 
	 
	 
	 

	Loans

	Delinquencies

	Days

	Days

	Days

	(Optional)

	(Optional)

	Delinquencies

	 
	Section 3  REG AB Summary Reporting - Report all applicable fields


	0

	0

	0

	0

	0

	0

	0

	$0.00 

	 
	REG AB FIELDS

	LOAN COUNT

	BALANCE


	 
	 
	 
	 
	 
	 
	 
	 
	 
	PREPAYMENT  PENALTY AMT

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	PREPAYMENT PENALTY AMT WAIVED

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	PREPAYMENT PENALTY AMT PAID BY SERVICER

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	PREPAYMENT PENALTY PAID BY BORROWER

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	DELINQUENCY P&I AMOUNT

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	CORPORATE ADVANCE AMOUNT

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	ESCROW ADVANCE AMOUNT

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Exhibit 2: Monthly Summary Report by Single Investor 


	MONTHLY SUMMARY REPORT


	Section 1. Remittances and Ending Balances - Required Data 


	Beginning

	Ending 

	Total Monthly

	Total Ending Unpaid

	Total Monthly Principal

	 
	 
	 
	 
	 

	Loan Count

	Loan Count

	Remittance Amount

	Principal Balance

	Balance

	 
	 
	 
	 
	 

	0

	0

	$0.00 

	$0.00 

	$0.00 

	 
	 
	 
	 
	 

	Principal Calculation

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	1.  Monthly Principal Due+

	$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	2.  Current Curtailments+

	$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	3.  Liquidations+

	$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	4.  Other (attach explanation)+$0.00

	 
	 
	 
	 
	 
	 
	 

	5.  Principal Due

	$0.00

	 
	 
	 
	 
	 

	6.  Interest (reported "gross")+$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	7.  Interest Adjustments on Curtailments+$0.00

	 
	 
	 
	 
	 
	 
	 

	8.  Servicing Fees -$0.00

	 
	 
	 
	 
	 
	 
	 

	9.  Other Interest (attach explanation)+$0.00

	 
	 
	 
	 
	 
	 
	 

	10. Interest Due

	(need to subtract ser fee)

	$0.00

	 
	 
	 
	 
	 

	Remittance Calculation


	11.  Total Principal and Interest Due (lines 5+10)+$0.00

	 
	 
	 
	 
	 
	 
	 

	12.  Reimbursement of Non-Recoverable Advances-$0.00

	 
	 
	 
	 
	 
	 
	 

	13.  Total Realized gains +$0.00

	 
	 
	 
	 
	 
	 
	 

	14.  Total Realized Losses-$0.00

	 
	 
	 
	 
	 
	 
	 

	15.  Total Prepayment Penalties+$0.00

	 
	 
	 
	 
	 
	 
	 

	16.  Total Non-Supported Compensating Interest-$0.00

	 
	 
	 
	 
	 
	 
	 

	17.  Other (attach explanation)

	$0.00

	 
	 
	 
	 
	 

	18.  Net Funds Due on or before Remittance Date$$0.00

	 
	 
	 
	 
	 
	 
	 









												
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Exhibit 2: Monthly Summary Report by Single Investor 


	MONTHLY SUMMARY REPORT - Continued

	continued


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Section 2. Delinquency Report - Optional Data for Loan Accounting 


	Installments Delinquent

	 
	 
	 
	 

	Total No.

	Total No.

	 
	 
	 
	In

	Real Estate

	Total Dollar

	 
	 
	 
	 

	of

	of 

	30-

	60-

	90 or more

	Foreclosure

	Owned

	Amount of

	 
	 
	 
	 

	Loans

	Delinquencies

	Days

	Days

	Days

	(Optional)

	(Optional)

	Delinquencies

	 
	Section 3.  REG AB Summary Reporting - REPORT ALL APPLICABLE FIELDS


	0

	0

	0

	0

	0

	0

	0

	$0.00 

	 
	REG AB FIELDS

	LOAN COUNT

	BALANCE


	 
	 
	 
	 
	 
	 
	 
	 
	 
	PREPAYMENT  PENALTY AMT

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	PREPAYMENT PENALTY AMT WAIVED

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	DELINQUENCY P&I AMOUNT

	0

	$0.00 


	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	Exhibit 2: Monthly Summary Report by Single Investor 


	MONTHLY SUMMARY REPORT


	Section 1. Remittances and Ending Balances - Required Data 


	Beginning

	Ending 

	Total Monthly

	Total Ending Unpaid

	Total Monthly Principal

	 
	 
	 
	 
	 

	Loan Count

	Loan Count

	Remittance Amount

	Principal Balance

	Balance

	 
	 
	 
	 
	 

	0

	0

	$0.00 

	$0.00 

	$0.00 

	 
	 
	 
	 
	 

	Principal Calculation

	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	1.  Monthly Principal Due+

	$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	2.  Current Curtailments+

	$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	3.  Liquidations+

	$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	4.  Other (attach explanation)+$0.00

	 
	 
	 
	 
	 
	 
	 

	5.  Principal Due

	$0.00

	 
	 
	 
	 
	 

	6.  Interest (reported "gross")+$0.00

	 
	 
	 
	 
	 
	 
	 
	 
	 

	7.  Interest Adjustments on Curtailments+$0.00

	 
	 
	 
	 
	 
	 
	 

	8.  Servicing Fees -$0.00

	 
	 
	 
	 
	 
	 
	 

	9.  Other Interest (attach explanation)+$0.00

	 
	 
	 
	 
	 
	 
	 

	10. Interest Due

	(need to subtract ser fee)

	$0.00

	 
	 
	 
	 
	 

	Remittance Calculation


	11.  Total Principal and Interest Due (lines 5+10)+$0.00

	 
	 
	 
	 
	 
	 
	 

	12.  Reimbursement of Non-Recoverable Advances-$0.00

	 
	 
	 
	 
	 
	 
	 

	13.  Total Realized gains +$0.00

	 
	 
	 
	 
	 
	 
	 

	14.  Total Realized Losses-$0.00

	 
	 
	 
	 
	 
	 
	 

	15.  Total Prepayment Penalties+$0.00

	 
	 
	 
	 
	 
	 
	 

	16.  Total Non-Supported Compensating Interest-$0.00

	 
	 
	 
	 
	 
	 
	 

	17.  Other (attach explanation)

	$0.00

	 
	 
	 
	 
	 

	18.  Net Funds Due on or before Remittance Date$$0.00

	 
	 
	 
	 
	 
	 
	 

























Exhibit  : Standard File Layout – Delinquency Reporting




  *The column/header names in bold are the minimum fields Wells Fargo must receive from every Servicer

									
	Column/Header Name

	Description

	Decimal

	Format Comment


	SERVICER_LOAN_NBR

	A unique number assigned to a loan by the Servicer.  This may be different than the LOAN_NBR

	 
	 


	LOAN_NBR

	A unique identifier assigned to each loan by the originator.

	 
	 


	CLIENT_NBR

	Servicer Client Number

	 
	 

	SERV_INVESTOR_NBR

	Contains a unique number as assigned by an external servicer to identify a group of loans in their system.

	 
	 


	BORROWER_FIRST_NAME

	First Name of the Borrower.

	 
	 

	BORROWER_LAST_NAME

	Last name of the borrower.

	 
	 

	PROP_ADDRESS

	Street Name and Number of Property

	 
	 


	PROP_STATE

	The state where the  property located.

	 
	 


	PROP_ZIP

	Zip code where the property is located.

	 
	 


	BORR_NEXT_PAY_DUE_DATE

	The date that the borrower's next payment is due to the servicer at the end of processing cycle, as reported by Servicer.

	 
	MM/DD/YYYY


	LOAN_TYPE

	Loan Type (i.e. FHA, VA, Conv)

	 
	 


	BANKRUPTCY_FILED_DATE

	The date a particular bankruptcy claim was filed.

	 
	MM/DD/YYYY


	BANKRUPTCY_CHAPTER_CODE

	The chapter under which the bankruptcy was filed.

	 
	 


	BANKRUPTCY_CASE_NBR

	The case number assigned by the court to the bankruptcy filing.

	 
	 


	POST_PETITION_DUE_DATE

	The payment due date once the bankruptcy has been approved by the courts

	 
	MM/DD/YYYY


	BANKRUPTCY_DCHRG_DISM_DATE

	The Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged and/or a Motion For Relief Was Granted. 

	 
	MM/DD/YYYY


	LOSS_MIT_APPR_DATE

	The Date The Loss Mitigation Was Approved By The Servicer

	 
	MM/DD/YYYY


	LOSS_MIT_TYPE

	The Type Of Loss Mitigation Approved For A Loan Such As;

	 
	 

	LOSS_MIT_EST_COMP_DATE

	The Date The Loss Mitigation /Plan Is Scheduled To End/Close

	 
	MM/DD/YYYY


	LOSS_MIT_ACT_COMP_DATE

	The Date The Loss Mitigation Is Actually Completed

	 
	MM/DD/YYYY


	FRCLSR_APPROVED_DATE

	The date DA Admin sends a letter to the servicer with instructions to begin foreclosure proceedings.

	 
	MM/DD/YYYY


	ATTORNEY_REFERRAL_DATE

	Date File Was Referred To Attorney to Pursue Foreclosure

	 
	MM/DD/YYYY


	FIRST_LEGAL_DATE

	Notice of 1st legal filed by an Attorney in a Foreclosure Action

	 
	MM/DD/YYYY


	FRCLSR_SALE_EXPECTED_DATE

	The date by which a foreclosure sale is expected to occur.

	 
	MM/DD/YYYY


	FRCLSR_SALE_DATE

	The actual date of the foreclosure sale.

	 
	MM/DD/YYYY


	FRCLSR_SALE_AMT

	The amount a property sold for at the foreclosure sale.

	2

	No commas(,) or dollar signs ($)


	EVICTION_START_DATE

	The date the servicer initiates eviction of the borrower.

	 
	MM/DD/YYYY


	EVICTION_COMPLETED_DATE

	The date the court revokes legal possession of the property from the borrower.

	 
	MM/DD/YYYY


	LIST_PRICE

	The price at which an REO property is marketed.

	2

	No commas(,) or dollar signs ($)


	LIST_DATE

	The date an REO property is listed at a particular price.

	 
	MM/DD/YYYY


	OFFER_AMT

	The dollar value of an offer for an REO property.

	2

	No commas(,) or dollar signs ($)


	OFFER_DATE_TIME

	The date an offer is received by DA Admin or by the Servicer.

	 
	MM/DD/YYYY


	REO_CLOSING_DATE

	The date the REO sale of the property is scheduled to close.

	 
	MM/DD/YYYY


	REO_ACTUAL_CLOSING_DATE

	Actual Date Of REO Sale

	 
	MM/DD/YYYY


	OCCUPANT_CODE

	Classification of how the property is occupied.

	 
	 


	PROP_CONDITION_CODE

	A code that indicates the condition of the property.

	 
	 


	PROP_INSPECTION_DATE

	The date a  property inspection is performed.

	 
	MM/DD/YYYY


	APPRAISAL_DATE

	The date the appraisal was done.

	 
	MM/DD/YYYY


	CURR_PROP_VAL

	 The current "as is" value of the property based on brokers price opinion or appraisal.

	2

	 


	REPAIRED_PROP_VAL

	The amount the property would be worth if repairs are completed pursuant to a broker's price opinion or appraisal.

	2

	 


	If applicable:

	 

	 
	 


	DELINQ_STATUS_CODE

	FNMA Code Describing Status of Loan

	 
	 

	DELINQ_REASON_CODE

	The circumstances which caused a borrower to stop paying on a loan.   Code indicates the reason why the loan is in default for this cycle.

	 
	 

	MI_CLAIM_FILED_DATE

	Date Mortgage Insurance Claim Was Filed With Mortgage Insurance Company.

	 
	MM/DD/YYYY


	MI_CLAIM_AMT

	Amount of Mortgage Insurance Claim Filed

	 
	No commas(,) or dollar signs ($)


	MI_CLAIM_PAID_DATE

	Date Mortgage Insurance Company Disbursed Claim Payment

	 
	MM/DD/YYYY


	MI_CLAIM_AMT_PAID

	Amount Mortgage Insurance Company Paid On Claim

	2

	No commas(,) or dollar signs ($)


	POOL_CLAIM_FILED_DATE

	Date Claim Was Filed With Pool Insurance Company

	 
	MM/DD/YYYY


	POOL_CLAIM_AMT

	Amount of Claim Filed With Pool Insurance Company

	2

	No commas(,) or dollar signs ($)


	POOL_CLAIM_PAID_DATE

	Date Claim Was Settled and The Check Was Issued By The Pool Insurer

	 
	MM/DD/YYYY


	POOL_CLAIM_AMT_PAID

	Amount Paid On Claim By Pool Insurance Company

	2

	No commas(,) or dollar signs ($)


	FHA_PART_A_CLAIM_FILED_DATE

	 Date FHA Part A Claim Was Filed With HUD

	 
	MM/DD/YYYY


	FHA_PART_A_CLAIM_AMT

	 Amount of FHA Part A Claim Filed

	2

	No commas(,) or dollar signs ($)


	FHA_PART_A_CLAIM_PAID_DATE

	 Date HUD Disbursed Part A Claim Payment

	 
	MM/DD/YYYY


	FHA_PART_A_CLAIM_PAID_AMT

	 Amount HUD Paid on Part A Claim

	2

	No commas(,) or dollar signs ($)


	FHA_PART_B_CLAIM_FILED_DATE

	  Date FHA Part B Claim Was Filed With HUD

	 
	MM/DD/YYYY


	FHA_PART_B_CLAIM_AMT

	  Amount of FHA Part B Claim Filed

	2

	No commas(,) or dollar signs ($)


	FHA_PART_B_CLAIM_PAID_DATE

	   Date HUD Disbursed Part B Claim Payment

	 
	MM/DD/YYYY


	FHA_PART_B_CLAIM_PAID_AMT

	 Amount HUD Paid on Part B Claim

	2

	No commas(,) or dollar signs ($)


	VA_CLAIM_FILED_DATE

	 Date VA Claim Was Filed With the Veterans Admin

	 
	MM/DD/YYYY


	VA_CLAIM_PAID_DATE

	 Date Veterans Admin. Disbursed VA Claim Payment

	 
	MM/DD/YYYY


	VA_CLAIM_PAID_AMT

	 Amount Veterans Admin. Paid on VA Claim

	2

	No commas(,) or dollar signs ($)


	 
	MOTION_FOR_RELIEF_DATE

	The date the Motion for Relief was filed

	10

	MM/DD/YYYY


	 
	FRCLSR_BID_AMT

	The foreclosure sale bid amount

	11

	No commas(,) or dollar signs ($)


	 
	FRCLSR_SALE_TYPE

	The foreclosure sales results: REO, Third Party, Conveyance to HUD/VA

	 

	 


	 
	REO_PROCEEDS

	The net proceeds from the sale of the REO property.  

	 

	No commas(,) or dollar signs ($)


	 
	BPO_DATE

	The date the BPO was done.

	 

	 


	 
	CURRENT_FICO

	The current FICO score

	 

	 


	 
	HAZARD_CLAIM_FILED_DATE

	The date the Hazard Claim was filed with the Hazard Insurance Company.

	10

	MM/DD/YYYY


	 
	HAZARD_CLAIM_AMT

	The amount of the Hazard Insurance Claim filed.

	11

	No commas(,) or dollar signs ($)


	 
	HAZARD_CLAIM_PAID_DATE

	The date the Hazard Insurance Company disbursed the claim payment.

	10

	MM/DD/YYYY


	 
	HAZARD_CLAIM_PAID_AMT

	The amount the Hazard Insurance Company paid on the claim.

	11

	No commas(,) or dollar signs ($)


	 
	ACTION_CODE

	Indicates loan status

	 
	Number


	 
	NOD_DATE

	 

	 

	MM/DD/YYYY


	 
	NOI_DATE

	 

	 

	MM/DD/YYYY


	 
	ACTUAL_PAYMENT_PLAN_START_DATE

	 

	 

	MM/DD/YYYY


	 
	ACTUAL_PAYMENT_ PLAN_END_DATE

	 

	 

	 


	 
	ACTUAL_REO_START_DATE

	 

	 

	MM/DD/YYYY


	 
	REO_SALES_PRICE

	 

	 

	Number


	 
	REALIZED_LOSS/GAIN

	As defined in the Servicing Agreement

	 

	Number
















Exhibit 2: Standard File Codes – Delinquency Reporting




The Loss Mit Type field should show the approved Loss Mitigation Code as follows: 

·

ASUM-

Approved Assumption

·

BAP-

Borrower Assistance Program

·

CO-

   Charge Off

·

DIL-

   Deed-in-Lieu

·

FFA-

   Formal Forbearance Agreement

·

MOD-

   Loan Modification

·

PRE-

   Pre-Sale

·

SS-

   Short Sale

·

MISC-

Anything else approved by the PMI or Pool Insurer




NOTE: Wells Fargo Bank will accept alternative Loss Mitigation Types to those above, provided that they are consistent with industry standards.  If Loss Mitigation Types other than those above are used, the Servicer must supply Wells Fargo Bank with a description of each of the Loss Mitigation Types prior to sending the file.




The Occupant Code field should show the current status of the property code as follows:

·

Mortgagor

·

Tenant

·

Unknown 

·

Vacant




The Property Condition field should show the last reported condition of the property as follows: 

·

Damaged

·

Excellent

·

Fair

·

Gone

·

Good

·

Poor

·

Special Hazard

·

Unknown

















Exhibit 2: Standard File Codes – Delinquency Reporting, Continued




The FNMA Delinquent Reason Code field should show the Reason for Delinquency as follows: 




		
	Delinquency Code

	Delinquency Description


	001

	FNMA-Death of principal mortgagor


	002

	FNMA-Illness of principal mortgagor


	003

	FNMA-Illness of mortgagor’s family member


	004

	FNMA-Death of mortgagor’s family member


	005

	FNMA-Marital difficulties


	006

	FNMA-Curtailment of income


	007

	FNMA-Excessive Obligation


	008

	FNMA-Abandonment of property


	009

	FNMA-Distant employee transfer


	011

	FNMA-Property problem


	012

	FNMA-Inability to sell property


	013

	FNMA-Inability to rent property


	014

	FNMA-Military Service


	015

	FNMA-Other


	016

	FNMA-Unemployment


	017

	FNMA-Business failure


	019

	FNMA-Casualty loss


	022

	FNMA-Energy environment costs


	023

	FNMA-Servicing problems


	026

	FNMA-Payment adjustment


	027

	FNMA-Payment dispute


	029

	FNMA-Transfer of ownership pending


	030

	FNMA-Fraud


	031

	FNMA-Unable to contact borrower


	INC

	FNMA-Incarceration























Exhibit 2: Standard File Codes – Delinquency Reporting, Continued




The FNMA Delinquent Status Code field should show the Status of Default as follows: 




		
	Status Code

	Status Description


	09

	Forbearance


	17

	Pre-foreclosure Sale Closing Plan Accepted


	24

	Government Seizure


	26

	Refinance


	27

	Assumption


	28

	Modification


	29

	Charge-Off


	30

	Third Party Sale


	31

	Probate


	32

	Military Indulgence


	43

	Foreclosure Started


	44

	Deed-in-Lieu Started


	49

	Assignment Completed


	61

	Second Lien Considerations


	62

	Veteran’s Affairs-No Bid


	63

	Veteran’s Affairs-Refund


	64

	Veteran’s Affairs-Buydown


	65

	Chapter 7 Bankruptcy


	66

	Chapter 11 Bankruptcy


	67

	Chapter 13 Bankruptcy







 














































Exhibit   : Calculation of Realized Loss/Gain Form 332– Instruction Sheet

NOTE:  Do not net or combine items.  Show all expenses individually and all credits as separate line items.  Claim packages are due on the remittance report date.  Late submissions may result in claims not being passed until the following month.  The Servicer is responsible to remit all funds pending loss approval and /or resolution of any disputed items.  

(a)

(b)

The numbers on the 332 form correspond with the numbers listed below.

Liquidation and Acquisition Expenses:

1.

The Actual Unpaid Principal Balance of the Mortgage Loan.  For documentation, an Amortization Schedule from date of default through liquidation breaking out the net interest and servicing fees advanced is required.




2.

The Total Interest Due less the aggregate amount of servicing fee that would have been earned if all delinquent payments had been made as agreed. For documentation, an Amortization Schedule from date of default through liquidation breaking out the net interest and servicing fees advanced is required.

3. 

Accrued Servicing Fees based upon the Scheduled Principal Balance of the Mortgage Loan as calculated on a monthly basis. For documentation, an Amortization Schedule from date of default through liquidation breaking out the net interest and servicing fees advanced is required.

4-12.

Complete as applicable.  Required documentation:

*  For taxes and insurance advances – see page 2 of 332 form - breakdown required showing period

of coverage, base tax, interest, penalty.  Advances prior to default require evidence of servicer efforts to recover advances.

 *  For escrow advances - complete payment history 

    (to calculate advances from last positive escrow balance forward)

*  Other expenses -  copies of corporate advance history showing all payments 

*  REO repairs > $1500 require explanation

*  REO repairs >$3000 require evidence of at least 2 bids.

*  Short Sale or Charge Off require P&L supporting the decision

and WFB’s approved Officer Certificate

 

*  Unusual or extraordinary items may require further documentation. 

13.

The total of lines 1 through 12.

(c)

Credits: 

14-21.

Complete as applicable.  Required documentation:

* Copy of the HUD 1 from the REO sale.  If a 3rd Party Sale, bid instructions and

Escrow Agent / Attorney





   Letter of

 Proceeds Breakdown.

*  Copy of EOB for any MI or gov't guarantee 

*  All other credits need to be clearly defined on the 332 form            

22.

The total of lines 14 through 21.




Please Note:

For HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for Part B/Supplemental proceeds.




Total Realized Loss (or Amount of Any Gain)

23.

The total derived from subtracting line 22 from 13.  If the amount represents a realized gain, show the amount in parenthesis (   ). 












Exhibit 3A: Calculation of Realized Loss/Gain Form 332




Prepared by:  __________________

Date:  _______________

Phone:  ______________________   Email Address:_____________________







					
	Servicer Loan No.

	 
	Servicer Name

	 
	Servicer Address 










WELLS FARGO BANK, N.A. Loan No._____________________________




Borrower's Name: _________________________________________________________

Property Address: _________________________________________________________




Liquidation Type:  REO Sale

 3rd Party Sale

Short Sale

Charge Off  




Was this loan granted a Bankruptcy deficiency or cramdown

Yes

    No

If “Yes”, provide deficiency or cramdown amount _______________________________




Liquidation and Acquisition Expenses:

(1)

Actual Unpaid Principal Balance of Mortgage Loan

$ ______________

(1)

(2)

Interest accrued at Net Rate

 ________________

(2)

(3)

Accrued Servicing Fees

 ________________

(3)

(4)

Attorney's Fees

 ________________

(4)

(5)

Taxes (see page 2)

 ________________

(5)

(6)

Property Maintenance

 

________________

(6)

(7)

MI/Hazard Insurance Premiums (see page 2)

 ________________

(7)

(8)

Utility Expenses

 ________________

(8)

(9)

Appraisal/BPO

 ________________

(9)

(10)

Property Inspections

 ________________

(10)

(11)

FC Costs/Other Legal Expenses

 ________________

(11)

(12)

Other (itemize)

 ________________

(12)

Cash for Keys__________________________

 ________________

(12)

HOA/Condo Fees_______________________

 ________________

(12)

______________________________________

 ________________

(12)




Total Expenses

$ _______________

(13)

Credits:

(14)

Escrow Balance

$ _______________

(14)

(15)

HIP Refund

________________

(15)

(16)

Rental Receipts

________________

(16)

(17)

Hazard Loss Proceeds

________________

(17)

(18)

Primary Mortgage Insurance / Gov’t Insurance

________________

(18a) HUD Part A

________________           (18b) HUD Part B

(19)

Pool Insurance Proceeds

________________

(19)

(20)

Proceeds from Sale of Acquired Property

________________

(20)

(21)

Other (itemize)

________________

(21)

_________________________________________

________________

(21)




Total Credits

$________________

(22)

Total Realized Loss (or Amount of Gain)

$________________

(23)












Escrow Disbursement Detail







							
	Type

(Tax /Ins.)

	Date Paid

	Period of Coverage

	Total Paid

	Base Amount

	Penalties

	Interest


	








	 
	 
	 
	 
	 
	 

	








	 
	 
	 
	 
	 
	 

	








	 
	 
	 
	 
	 
	 

	








	 
	 
	 
	 
	 
	 

	








	 
	 
	 
	 
	 
	 

	








	 
	 
	 
	 
	 
	 

	








	 
	 
	 
	 
	 
	 

	








	 
	 
	 
	 
	 
	 




























EXHIBIT P

[RESERVED]

















EXHIBIT Q-1

FORM OF ANNUAL CERTIFICATION

Re:

The Pooling And Servicing Agreement, dated as of June 1, 2007 (the “Agreement”), by and among Nationstar Funding LLC, as depositor (the “Depositor”), Nationstar Mortgage LLC (“Nationstar Mortgage”), as seller and as servicer (in its capacity as the seller, the “Seller” and in its capacity as servicer, the “Servicer”), Wells Fargo Bank, N.A., as master servicer and securities administrator and The Bank of New York, as trustee (the “Trustee”).

I, ________________________________, the _______________________ of [NAME OF COMPANY], certify to the Depositor, the Master Servicer, the Trustee, the Securities Administrator, and their officers, with the knowledge and intent that they will rely upon this certification, that:

(1)

I have reviewed (i) the servicer compliance statement of the Company provided in accordance with Section 12.05 of the Pooling and Servicing Agreement (the “Compliance Statement”), (ii) the report on assessment of the Company’s compliance with the servicing criteria provided in accordance with Section 12.06 of the Pooling and Servicing Agreement, (iii) the registered public accounting firm’s attestation report provided in accordance with Section 12.07 of the Pooling and Servicing Agreement (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of the Home Equity Mortgage Loans by the Company during 200[ ] that were delivered by the Company to the Securities Administrator pursuant to the Agreement (collectively, the “Company Servicing Information”);

(2)

Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

(3)

Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to the Securities Administrator;

(4)

I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement in all material respects; and

(5)

The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the Agreement, have been provided to Securities Administrator.  Any material instances of noncompliance described in such reports have been disclosed to Securities Administrator.  Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.







By: 

________________________________ 

Name:

Title

Date:

















 EXHIBIT Q-1

FORM OF ANNUAL CERTIFICATION




Re:

The Pooling And Servicing Agreement, dated as of June 1, 2007 (the “Agreement”), by and among Nationstar Funding LLC, as depositor (the “Depositor”), Nationstar Mortgage LLC (“Nationstar Mortgage”), as seller and as servicer (in its capacity as the seller, the “Seller” and in its capacity as servicer, the “Servicer”), Wells Fargo Bank, N.A., as master servicer and securities administrator and The Bank of New York, as trustee (the “Trustee”).

I, ________________________________, the _______________________ of [NAME OF COMPANY], certify to the Depositor, the Master Servicer, the Trustee, the Securities Administrator, and their officers, with the knowledge and intent that they will rely upon this certification, that:






(1)





I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the Annual Independent Public Accountants’ Servicing Report (as defined in the Agreement), and all servicing reports, officer’s certificates and other information relating to the servicing of the Mortgage Loans by the Company during 200[ ] that were delivered by the Company to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement (collectively, the “Company Servicing Information”);





(2)





Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;





(3)





Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee];





(4)





I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement and the Annual Independent Public Accountants’ Servicing Report, the Company has fulfilled its obligations under the Agreement in all material respects; and





(5)





The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and the Annual Independent Public Accountants’ Servicing Report required to be provided by the Company and by any Subservicer and Subcontractor pursuant to the Agreement, have been provided to the [Depositor] [Master Servicer].  Any material instances of noncompliance described in such reports have been disclosed to the [Depositor] [Master Servicer]. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.









		
	 
	

Date:





__________________________




	 
	 

	 
	 

	 
	

By:





__________________________




	 
	

Name:




	 
	

Title:




	 
	 



















EXHIBIT R




SWAP AGREEMENT







Available upon request.














EXHIBIT S

[RESERVED]

















EXHIBIT T

[RESERVED]














EXHIBIT U

FORM OF SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE STATEMENT*




SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE STATEMENT




							
	 
	Reg. AB Item 1122(d) Servicing Criteria

	Depositor

	Seller

	Servicer

	Master Servicer/

Securities Administrator

	Custodian


	 
	General Servicing Considerations

	 
	 
	 
	 
	 

	1122(d)(1)(i)

	monitoring performance or other triggers and events of default

	 
	 
	[X]

	[X]

	 

	1122(d)(1)(ii)

	monitoring performance of vendors of activities outsourced

	 
	 
	[X]

	[X]

	 

	1122(d)(1)(iii)

	maintenance of back-up servicer for pool assets

	 
	 
	[X]

	 
	 

	1122(d)(1)(iv)

	fidelity bond and E&O policies in effect

	 
	 
	[X]

	[X]

	 

	 
	Cash Collection and Administration

	 
	 
	 
	 
	 

	1122(d)(2)(i)

	timing of deposits to custodial account

	 
	 
	[X]

	[X]

	 

	1122(d)(2)(ii)

	wire transfers to investors by authorized personnel

	 
	 
	[X]

	[X]

	 

	1122(d)(2)(iii)

	advances or guarantees made, reviewed and approved as required

	 
	 
	[X]

	[X]

	 

	1122(d)(2)(iv)

	accounts maintained as required

	 
	 
	[X]

	[X]

	 

	1122(d)(2)(v)

	accounts at federally insured depository institutions

	 
	 
	[X]

	   [X](1)

	 

	1122(d)(2)(vi)

	unissued checks safeguarded

	 
	 
	[X]

	[X]

	 

	1122(d)(2)(vii)

	monthly reconciliations of accounts

	 
	 
	[X]

	[X]

	 

	 
	Investor Remittances and Reporting

	 
	 
	 
	 
	 

	1122(d)(3)(i)

	investor reports

	 
	 
	[X]

	[X]

	 

	1122(d)(3)(ii)

	remittances

	 
	 
	[X]

	[X]

	 

	1122(d)(3)(iii)

	proper posting of distributions

	 
	 
	[X]

	[X]

	 

	1122(d)(3)(iv)

	reconciliation of remittances and payment statements

	 
	 
	[X]

	[X]

	 

	 
	Pool Asset Administration

	 
	 
	 
	 
	 

	1122(d)(4)(i)

	maintenance of pool collateral

	 
	 
	[X]

	 
	[X]


	1122(d)(4)(ii)

	safeguarding of pool assets/documents

	 
	 
	[X]

	 
	[X]


	1122(d)(4)(iii)

	additions, removals and substitutions of pool assets

	[X]

	[X]

	[X]

	 
	 

	1122(d)(4)(iv)

	posting and allocation of pool asset payments to pool assets

	 
	 
	[X]

	 
	 

	1122(d)(4)(v)

	reconciliation of servicer records

	 
	 
	[X]

	 
	 

	1122(d)(4)(vi)

	modifications or other changes to terms of pool assets

	 
	 
	[X]

	 
	 

	1122(d)(4)(vii)

	loss mitigation and recovery actions

	 
	 
	[X]

	 
	 

	1122(d)(4)(viii)

	records regarding collection efforts

	 
	 
	[X]

	 
	 

	1122(d)(4)(ix)

	adjustments to variable interest rates on pool assets

	 
	 
	[X]

	 
	 

	1122(d)(4)(x)

	matters relating to funds held in trust for obligors

	 
	 
	[X]

	 
	 

	1122(d)(4)(xi)

	payments made on behalf of obligors (such as for taxes or insurance)

	 
	 
	[X]

	 
	 

	1122(d)(4)(xii)

	late payment penalties with respect to payments made on behalf of obligors

	 
	 
	[X]

	 
	 

	1122(d)(4)(xiii)

	records with respect to payments made on behalf of obligors

	 
	 
	[X]

	 
	 

	1122(d)(4)(xiv)

	recognition and recording of delinquencies, charge-offs and uncollectible accounts

	 
	 
	[X]

	 
	 

	1122(d)(4)(xv)

	maintenance of external credit enhancement or other support

	[X]

	[X]

	 
	 
	 









____________________

*  The descriptions of the Item 1122(d) servicing criteria use key words and phrases and are not verbatim recitations of the servicing criteria.  Refer to Regulation AB, Item 1122 for a full description of servicing criteria.

(1)  For 1122(d)(2)(v), the Securities Administrator needs to provide only if it is a “custodial account” for purposes of these servicing criteria.  Subject to further clarification from the Commission.

















EXHIBIT V

[RESERVED]

















EXHIBIT W




FORM OF SARBANES-OXLEY CERTIFICATION




SARBANES-OXLEY CERTIFICATION




Re:

The [

] agreement dated as of [

l, 200[ ] (the “Agreement”), among [IDENTIFY PARTIES]




I, ____________________________, the _______________________ of [NAME OF COMPANY] (the “Company”), certify to [the parties specified in the Pooling and Servicing Agreement], and their officers, with the knowledge and intent that they will rely upon this certification, that:

(1)

I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Company’s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of the Home Equity Loans by the Company during 200[ ] that were delivered by the Company to [the parties specified in the Pooling and Servicing Agreement] pursuant to the Agreement (collectively, the “Company Servicing Information”);

(2)

Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

(3)

Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to [the parties specified in the Pooling and Servicing Agreement];

(4)

I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement in all material respects; and

(5)

The Compliance Statement required to be delivered by the Company pursuant to this Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer and Subcontractor pursuant to the Agreement, have been provided to [the parties specified in the Pooling and Servicing Agreement].  Any material instances of noncompliance described in such reports have been disclosed to the [the parties specified in the Pooling and Servicing Agreement]. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.







		
	 
	Date:  _________________________


	 
	 

	 
	 

	 
	By:

_______________________________


	 
	Name:


	 
	Title: