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National Cooperative Bank

 

 

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

** **

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

 

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

 

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

 

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

 

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

 

6. NCB has complied, in allmaterial respects, with the applicable servicing criteria set forth in Item1122(d) of Regulation AB, as of December 31, 2016 and for the Reporting Periodwith respect to the Platform taken as a whole;

 

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

 

 

National Cooperative Bank,N.A.

February 1, 2017

 

 

/s/ Kathleen Luzik

Kathleen Luzik**

*Chief Operating Officer*

 

/s/ Casey Fannon

Casey Fannon**

*Chief Lending Officer*

 

 

**Appendix A toManagement’s Assertion**

 

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

* *

* *

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

 

 

**APPENDIX B**

 

 

| **SERVICING********CRITERIA**                                           | **APPLICABLE********SERVICING********CRITERIA**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **INAPPLICABLE SERVICING********CRITERIA**                   |
|-------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|
| ** **

** **

** **

** **

**Reference**           | ** **

** **

** **

** **

**Criteria**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ** **

** **

**Performed Directly********by NCB** | ** **

**Performed********by   Vendor(s)********for which NCB********is the Responsible Party** | **Performed********by subservicer(s)********or********vendor(s) for********which NCB is********NOT**

**the Responsible********Party** | **NOT**

**performed********by NCB or********by subservicer(s)********or********vendor(s) retained********by NCB** |
| **General  Servicing********Considerations**                            |
| ** **

** **

1122(d)(1)(i)                                   | ** **

Policiesandproceduresareinstitutedtomonitorany performanceorothertriggersandeventsofdefaultin accordancewiththetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ** **

**X**                                            |   |   |   |
| ** **

** **

** **

** **

1122(d)(1)(ii)          | ** **

** **

** **

Ifanymaterialservicingactivitiesareoutsourcedtothird  parties,policiesandproceduresareinstitutedtomonitorthe third party’s performance and  compliance withsuch servicingactivities.                                                                                                                                                                                                                                                                                                                                                                                                                 | ** **

** **

** **

** **

**X**        |   |   |   |
| ** **

1122(d)(1)(iii)                                             | Anyrequirementsinthetransactionagreementstomaintain aback-upservicerforthepoolassetsaremaintained.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |   | ** **

**X** |
| ** **

** **

1122(d)(1)(iv)                                  | Afidelitybondanderrorsandomissionspolicyisineffect onthepartyparticipatingin theservicingfunction throughoutthereportingperiodintheamountofcoverage requiredbyandotherwiseinaccordancewiththetermsof the transactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                | ** **

** **

**X**                                |   |   |   |
| ** **

** **

1122(d)(1)(v)                                   | ** **

Aggregationofinformation,asapplicable,ismathematically  accurateandtheinformationconveyedaccuratelyreflectsthe  information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ** **

** **

**X**                                |   |   |   |
| **Cash  Collection and********Administration**                          |
| ** **

** **

1122(d)(2)(i)                                   | ** **

Paymentsonpoolassetsaredepositedintotheappropriate custodialbankaccountsandrelatedbankclearingaccounts nomorethantwobusinessdaysofreceipt,orsuchother numberofdaysspecifiedinthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                             | ** **

** **

**X**                                |   |   |   |
| ** **

1122(d)(2)(ii)                                              | Disbursementsmadeviawiretransferonbehalfofanobligor ortoaninvestoraremadeonlybyauthorizedpersonnel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** **

**X**                                            |   |   |   |
|  

 

 

 

1122(d)(2)(iii)                         |  

 

 

Advancesoffundsorguaranteesregardingcollections,cash  flowsordistributions,andanyinterestorotherfeescharged forsuchadvances,aremade,reviewedandapprovedas specifiedinthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                         |  

 

 

**X**                                |   |   |   |
|  

 

1122(d)(2)(iv)                                          | Therelatedaccountsforthetransaction,suchascashreserve accounts or accounts established as a form ofover collateralization,areseparatelymaintained(e.g.,withrespect tocomminglingofcash)assetforthinthetransaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                  |  

 

**X1**                                       |   |   |   |
|  

 

 

 

1122(d)(2)(v)                           |  

 

Eachcustodialaccountismaintainedatafederallyinsured depositoryinstitutionassetforthinthetransaction agreements.Forpurposesofthiscriterion,"federallyinsured  depositoryinstitution"withrespecttoaforeignfinancial institutionmeansaforeignfinancialinstitutionthatmeetsthe requirementsof§240.13k-1(b)(1)ofthischapter.                                                                                                                                                                                                                                                                                         |  

 

 

 

**X**                        |   |   |   |
| 1122(d)(2)(vi)                                                          | Unissuedchecksaresafeguardedsoastoprevent  unauthorizedaccess.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **X**                                                        |   |   |   |
|  

 

 

 

 

 

 

1122(d)(2)(vii) |  

 

Reconciliationsarepreparedonamonthlybasisforallasset-  backedsecuritiesrelatedbankaccounts,includingcustodial accountsandrelatedbankclearingaccounts.These reconciliations:(A)Aremathematicallyaccurate;(B)Are preparedwithin30calendardaysafterthebankstatement cutoffdate,orsuchothernumberofdaysspecifiedinthe transactionagreements;(C)Arereviewedandapprovedby someone other than the person who preparedthe reconciliation;and(D)Containexplanationsforreconciling items.Thesereconcilingitemsareresolvedwithin90 calendardaysoftheiroriginalidentification,orsuchother numberofdaysspecifiedinthetransactionagreements. |  

 

 

 

 

 

**X**        |   |   |   |
| **Investor   Remittances and********Reporting**                    |
|  

 

 

 

 

 

1122(d)(3)(i)           |  

 

Reportstoinvestors,includingthosetobefiledwiththe Commission, are maintained in accordance withthe transaction agreements and  applicableCommission  requirements.Specifically,suchreports:(A)Arepreparedin accordancewithtimeframesandothertermssetforthinthe  transactionagreements;(B)Provideinformationcalculated inaccordancewiththetermsspecifiedinthetransaction agreements;(C)ArefiledwiththeCommissionasrequired byitsrulesandregulations;and(D)Agreewithinvestors’or thetrustee’srecordsastothetotalunpaidprincipalbalance andnumberofpoolassetsservicedbytheservicer.                                   |                                                         |   |   |  

 

 

 

 

 

**X** |
|  

 

1122(d)(3)(ii)                                          |  

Amountsduetoinvestorsareallocatedandremittedin accordancewithtimeframes,distributionpriorityandother termssetforthinthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                         |   |   |  

**X** |
|  

 

1122(d)(3)(iii)                                         |  

Disbursementsmadetoaninvestorarepostedwithintwo businessdaystotheservicer’sinvestorrecords,orsuchother numberofdaysspecifiedinthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                         |   |   |  

**X** |
|  

1122(d)(3)(iv)                                                  | Amountsremittedtoinvestorspertheinvestorreportsagree withcancelledchecks,orotherformofpayment,orcustodial bankstatements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                         |   |   |  

**X** |
| **Pool  Asset********Administration**                                   |
|  

 

 

 

 

1122(d)(4)(i)                   |  

 

 

 

Collateralorsecurityonpoolassetsismaintainedasrequired  by the transaction agreements or related poolasset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  

 

 

 

**X**                        |   |   |   |
|  

 

 

1122(d)(4)(ii)                                  |  

 

 

Poolassetsandrelateddocumentsaresafeguardedas requiredbythetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                         |   |   |  

 

 

**X** |
|  

 

1122(d)(4)(iii)                                         |  

Anyadditions,removalsorsubstitutionstotheassetpoolare made, reviewed and  approved in accordance withany  conditionsorrequirementsinthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  

**X**                                                |   |   |   |
|  

 

 

 

1122(d)(4)(iv)                          |  

Paymentsonpoolassets,includinganypayoffs,madein accordancewiththerelatedpoolassetdocumentsareposted totheapplicableservicer'sobligorrecordsmaintainedno morethantwobusinessdaysafterreceipt,orsuchother numberofdaysspecifiedinthetransactionagreements,and  allocatedtoprincipal,interestorotheritems(e.g.,escrow)in accordancewiththerelatedpoolassetdocuments.                                                                                                                                                                                                                                                                      |  

 

 

**X**                                |   |   |   |
|  

1122(d)(4)(v)                                                   | Theservicer'srecordsregardingthepoolassetsagreewith theservicer'srecordswithrespecttoanobligor'sunpaid principalbalance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  

**X**                                                |   |   |   |
|  

 

1122(d)(4)(vi)                                          | Changeswithrespecttothetermsorstatusofanobligor's mortgageloans(e.g.,loanmodificationsorre-aging's)are made,reviewedandapprovedbyauthorizedpersonnelin accordancewiththetransactionagreementsandrelatedpool assetdocuments.                                                                                                                                                                                                                                                                                                                                                                                                                    |  

 

**X**                                        |   |   |   |
|  

 

1122(d)(4)(vii)                                         | Lossmitigationorrecoveryactions(e.g.forbearanceplans, modificationsanddeedsinlieuofforeclosure,foreclosure andrepossessions,asapplicable)areinitiated,conductedand concluded in accordance with the timeframes orother requirementsestablishedbytheatransactionagreements.                                                                                                                                                                                                                                                                                                                                                                     |  

 

**X**                                        |   |   |   |
|  

 

 

 

 

1122(d)(4)(viii)                |  

Records  documenting collection efforts aremaintained  duringtheperiodapoolassetisdelinquentinaccordance withthetransactionagreements.Suchrecordsaremaintained onatleastamonthlybasis,orsuchotherperiodspecifiedin thetransactionagreements,anddescribetheentity'sactivities inmonitoringdelinquentpoolassetsincluding,forexample,phone   calls,    letters   and   payment   rescheduling  plans in cases where delinquency  is deemed temporary(e.g.,   illness orunemployment).                                                                                         |  

 

 

 

**X**                        |   |   |   |
|  

1122(d)(4)(ix)                                                  | Adjustmentstointerestratesorratesofreturnforpoolassets withvariableratesarecomputedbasedontherelatedpool assetdocuments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  

**X**                                                |   |   |   |
|  

 

 

 

 

 

1122(d)(4)(x)           |  

Regardinganyfundsheldin trustforanobligor(suchas escrowaccounts)Seefollowing:(A)Suchfundsare analyzed, in accordance with the obligor's poolasset documents,onatleastanannualbasis,orsuchotherperiod specifiedinthetransactionagreements;(B)Interestonsuch  fundsispaid,orcredited,toobligorsinaccordancewith applicablepoolassetdocumentsandstatelaws;and(C)Such fundsarereturnedtotheobligorwithin30calendardaysof fullrepaymentoftherelatedpoolasset,orsuchothernumberofdaysspecifiedinthetransactionagreements.                                                                                                                    |  

 

 

 

 

**X**                |   |   |   |
|  

 

 

 

1122(d)(4)(xi)                          |  

Paymentsmadeonbehalfofanobligor(suchastaxor  insurancepayments)aremadeonorbeforetherelated penaltyorexpirationdates,asindicatedontheappropriate billsornoticesforsuchpayments,providedthatsuchsupporthasbeenreceivedbytheserviceratleast30calendardayspriortothesedates,orsuchothernumberofdaysspecifiedinthe  transactionagreements.                                                                                                                                                                                                                                                                                                  |  

 

 

**X**                                |  

 

 

**X** |   |   |
|  

 

1122(d)(4)(xii)                                         | Anylatepaymentpenaltiesinconnectionwithanypayment tobemadeonbehalfofanobligorarepaidfromthe servicer’sfundsandnotchargedtotheobligor,unlessthe latepaymentwasduetotheobligor’serrororomission.                                                                                                                                                                                                                                                                                                                                                                                                                                     |  

**X**                                                |   |   |   |
|  

 

1122(d)(4)(xiii)                                        | Disbursementsmadeonbehalfofanobligorareposted withintwobusinessdaystotheobligor’srecordsmaintained  bytheservicer,orsuchothernumberofdaysspecifiedinthe transactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  

**X**                                                |   |   |   |
|  

1122(d)(4)(xiv)                                                 | Delinquencies,charge-offsanduncollectibleaccountsare recognizedandrecordedinaccordancewiththetransaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  

**X**                                                |   |   |   |
|  

 

1122(d)(4)(xv)                                          |  

Anyexternalenhancementorothersupport,identifiedin Item1114(a)(1)through(3)orItem1115ofthisRegulation  AB,ismaintainedassetforthinthetransactionagreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                                         |   |   |  

**X** |

 

 

1 During the Reporting Period, there were no cash reserveaccounts or accounts established as a form of over collateralization that wereseparately maintained according to transaction agreements, therefore the Bankdid not perform any servicing activities related to these types of accounts aspart of criteria 1122(d)(2)(iv).