Document:

EXHIBIT 10.9

 

EXECUTION COPY

 

ASSIGNMENT, ASSUMPTION AND RECOGNITION
AGREEMENT

 

THIS
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated as of March 29, 2012 (the “Assignment”), is entered into by
and among Redwood Residential Acquisition Corporation (the “Assignor” and, solely in its capacity as servicing administrator
described herein, the “Servicing Administrator”), Sequoia Residential Funding, Inc. (the “Depositor”),
Cenlar FSB, as the servicer (the “Servicer”), and U.S. Bank National Association, a national banking association, not
in its individual capacity but solely as trustee (in such capacity, the “Trustee” and as referred to herein, the “Assignee”)
under a Pooling and Servicing Agreement dated as of March 1, 2012 (the “Pooling and Servicing Agreement”) among the
Depositor, the Assignee and Wells Fargo Bank, N.A., as master servicer and securities administrator.

 

RECITALS

 

WHEREAS, the Assignor
and the Servicer have entered into a certain Flow Mortgage Loan Servicing Agreement, dated as of August 1, 2011, as amended by
the Amendment No. 1 to Flow Mortgage Loan Servicing Agreement dated November 3, 2011, and hereby (the “Flow Servicing Agreement”),
and the Servicer is currently servicing certain mortgage loans (the “Mortgage Loans”) under the Flow Servicing Agreement;
and

 

WHEREAS, the Assignor
will sell the Mortgage Loans (the “Specified Mortgage Loans”) that are listed on the mortgage loan schedule attached
as Exhibit I hereto (the “Specified Mortgage Loan Schedule”) and its rights under the Flow Servicing Agreement
with respect to the Specified Mortgage Loans to the Depositor; and

 

WHEREAS, the Depositor
will sell to the Assignee all of its right, title and interest in the Specified Mortgage Loans and its rights under the Flow Servicing
Agreement with respect to the Specified Mortgage Loans; and

 

WHEREAS, the parties
hereto have agreed that the Specified Mortgage Loans shall be subject to the terms of this Assignment.

 

NOW, THEREFORE, in
consideration of the mutual promises contained herein and other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties agree as follows:

 

		1.	Assignment and Assumption.

 

(a)Effective
on and as of the date hereof, the Assignor hereby sells, assigns, conveys and transfers to the Depositor all of its right, title
and interest in, to and under the Flow Servicing Agreement to the extent relating to the Specified Mortgage Loans, together with
its obligations as “Owner” (as such term is defined in the Flow Servicing Agreement) to the extent relating to the
Specified Mortgage Loans, and the Depositor hereby accepts such assignment from the Assignor and assumes such obligations.

 

    	 

    	 

    

 

(b)Effective
on and as of the date hereof, the Depositor hereby sells, assigns, conveys and transfers to the Assignee all of its right, title
and interest in, to and under the Flow Servicing Agreement to the extent relating to the Specified Mortgage Loans, together with
its obligations as “Owner” (as such term is defined in the Flow Servicing Agreement) to the extent relating to the
Specified Mortgage Loans, the Depositor is released from all obligations under the Flow Servicing Agreement, and the Assignee hereby
accepts such assignment from the Depositor.

 

(c)Assignee
agrees to be bound, as “Owner” (as such term is defined in the Flow Servicing Agreement), by all of the terms, covenants
and conditions of the Flow Servicing Agreement relating to the Specified Mortgage Loans, and from and after the date hereof, Assignee
assumes for the benefit of each of Assignor, Depositor and Servicer all of Assignor’s obligations as Owner thereunder in
respect of the Specified Mortgage Loans, and Assignor is released from such obligations.

 

		2.	Recognition of the Assignee.

 

From and after the
date hereof, subject to Section 3 below, the Servicer shall recognize the Assignee as the holder of the rights and benefits of
the Owner with respect to the Specified Mortgage Loans and the Servicer will service the Specified Mortgage Loans for the Assignee
as if the Assignee and the Servicer had entered into a separate servicing agreement for the servicing of the Specified Mortgage
Loans in the form of the Flow Servicing Agreement with the Assignee as the Owner thereunder, the terms of which Flow Servicing
Agreement are incorporated herein by reference and amended hereby. It is the intention of the parties hereto that this Assignment
will be a separate and distinct agreement, and the entire agreement, between the parties hereto to the extent of the Specified
Mortgage Loans and shall be binding upon and for the benefit of the respective successors and assigns of the parties hereto.

 

		3.	Continuing Rights and Responsibilities.

 

(a) Controlling
Holder Rights. The parties hereto agree and acknowledge that Sequoia Mortgage Funding Corporation, an Affiliate of the Depositor,
in its capacity as the initial Controlling Holder pursuant to the Pooling and Servicing Agreement, and for so long as it is the
Controlling Holder, will assume all of Assignee’s rights and all related responsibilities as Owner under the section of the
Flow Servicing Agreement listed below:

 

			Flow Servicing Agreement:

 

	Section	Matter
	 	 
	11.20	
        Servicer Shall Provide Access
        and Information as

        Reasonably Required.

 

(b)Notwithstanding
Sections 1 and 2 above, Assignor reserves its rights under, and does not assign to Assignee or Depositor, the ongoing rights to
take action and the responsibilities of the Owner under the Sections of the Flow Servicing Agreement listed below:

 

    	2

    	 

    

 

			Flow Servicing Agreement:

 

	Section	Matter
	 	 
	Addendum I	Regulation AB Compliance Addendum

 

(c)In addition,
the Servicer agrees to furnish to the Assignor as well as to the Master Servicer copies of reports, notices, statements and other
communications required to be delivered by the Servicer pursuant to any of the sections of the Flow Servicing Agreement referred
to above and under the following sections, at the times therein specified:

 

			Flow Servicing Agreement:

 

	Section	 
	 	 
	11.09	Transfer of Accounts.
	 	 
	11.16	Statements to the Owner.
	 	 
	
        Subsection 2.04

        of Addendum I
	Servicer Compliance Statement.
	 	 
	
        Subsection 2.05

        of Addendum I
	Report on Assessment of Compliance and Attestation.

 

(d)If
there is no Controlling Holder under the Pooling and Servicing Agreement, then all rights and responsibilities assumed by the Controlling
Holder pursuant to Section 3(a) shall terminate and revert to Assignee. Assignor will provide thirty (30) days notice to the Servicer
of any such termination or a change in the identity of the Controlling Holder of which Assignor has knowledge.

 

(e)Redwood
Residential Acquisition Corporation, in its capacity as Servicing Administrator under this Assignment, hereby assumes the obligations
of the Owner, as assigned to the Assignee, and the obligations of the Servicing Administrator, under the Sections of the Flow Servicing
Agreement, as amended by this Assignment, listed below:

 

			Flow Servicing Agreement:

 

	Section	
        Matter 

	 	 
	
        Clause (i) of the
last paragraph of

 Section 11.13 
	Payment by Servicing Administrator for Opinion of Counsel
	 	 
	Last sentence of 11.14, with respect to Servicing Advances only	Payment of Servicing Advances to Servicer

 

    	3

    	 

    

 

	
        11.17
	
        P&I Advances

        

	 	 
	
        11.25(b)

         

        

        
	
        Funding of P&
I Advances, including without limitation funding of Prepayment Interest Shortfalls pursuant to the second paragraph of Section
11.15

        

	 	 
	11.25(c)	Funding of Servicing Advances
	 	 
	14.03	Payment of termination fees to Servicer

 

As compensation for
such assumption of obligations, the Servicing Administrator shall be entitled to receive from payments on the Specified Mortgage
Loans the difference, if any, between the Servicing Fee and the servicing compensation otherwise payable to the Servicer under
the Flow Servicing Agreement. In addition, the Servicing Administrator shall have all the benefits provided to the Servicing Administrator
by Subsection 11.05 of the Flow Servicing Agreement. Any failure of the Servicing Administrator to perform its obligations under
this Section 3(e) shall be an additional Event of Default under the Flow Servicing Agreement, entitling the Assignee to terminate
both the Servicing Administrator and the Servicer in accordance with the terms of the Flow Servicing Agreement.

 

(f)The Servicing
Administrator may, with the consent of the Master Servicer, exercise the rights of the Owner set forth in Section 13.01 of the
Flow Servicing Agreement to terminate the Servicer following the occurrence of an Event of Default with respect to the Servicer.

 

(g)The Servicing
Administrator may, with the consent of the Master Servicer, exercise the rights of the Owner set forth in Section 14.03 of the
Flow Servicing Agreement to terminate the Servicer without cause and transfer servicing.

 

(h)If the Servicing
Administrator exercises its right to terminate the Servicer pursuant to the foregoing paragraphs (f) or (g), no termination of
the Servicer shall be effective unless the Servicing Administrator shall have appointed a successor Servicer under the Flow Servicing
Agreement approved by the Master Servicer.

 

(i)No later than
March 1 of each year when any Certificates are outstanding, commencing in March 2013, the Servicing Administrator shall provide
to the Master Servicer its report on assessment of compliance with applicable servicing criteria specified under Item 1122(d)((2)(iii)
of Regulation AB and its compliance statement required under Item 1123 of Regulation AB.

 

		4.	Amendment to the Flow Servicing Agreement.

 

The Flow Servicing
Agreement is hereby amended as set forth in Appendix A hereto with respect to the Specified Mortgage Loans. The rights and
obligations under the Flow Servicing 

 

    	4

    	 

    

 

Agreement assigned to the Depositor and the Assignee pursuant to this Agreement shall be under
the Flow Servicing Agreement
as amended as set forth in Appendix A.

 

		5.	Representations and Warranties.

 

(a)Each
of the parties hereto represents and warrants that it is duly and legally authorized to enter into this Assignment.

 

(b)Each
of the parties hereto represents and warrants that this Assignment has been duly authorized, executed and delivered by it and
(assuming due authorization, execution and delivery thereof by each of the other parties hereto) constitutes its legal, valid
and binding obligation, enforceable against it in accordance with its terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).

 

		6.	Continuing Effect.

 

Except as contemplated
hereby, the Flow Servicing Agreement shall remain in full force and effect in accordance with their terms. This Assignment constitutes
a Reconstitution Agreement as contemplated in Section 32 of the Flow Servicing Agreement and the Reconstitution Date shall be the
date hereof with respect to the Specified Mortgage Loans listed on Exhibit I on the date hereof.

 

		7.	Governing Law.

 

This Assignment and
the rights and obligations hereunder shall be governed by and construed in accordance with the internal laws of the State of New
York.

 

		8.	Notices.

 

Any notices or other
communications permitted or required under the Flow Servicing Agreement to be made to the Assignor and Assignee shall be made in
accordance with the terms of the Flow Servicing Agreement and shall be sent to the Assignor and Assignee as follows:

 

Assignor: Redwood
Residential Acquisition Corporation

One Belvedere
Place, Suite 360

Mill Valley, CA
94941

Attention: William
Moliski

 

Assignee: U.S.
Bank National Association

60 Livingston Avenue

EP-MN-WS3D

St. Paul, Minnesota, 55107

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

 

    	5

    	 

    

 

or to such other address
as may hereafter be furnished by the Assignor or Assignee to the other parties in accordance with the provisions of the Flow Servicing
Agreement.

 

		9.	Counterparts.

 

This Assignment may
be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument.

 

		10.	Definitions.

 

Any capitalized term
used but not defined in this Assignment has the same meaning as in the Flow Servicing Agreement.

 

		11.	Master Servicer.

 

The Servicer hereby
acknowledges that Wells Fargo Bank, N.A. (the “Master Servicer”) will act as master servicer and securities administrator
under the Pooling and Servicing Agreement and hereby agrees to treat all inquiries, instructions, authorizations and other communications
from the Master Servicer as if the same had been received from the Assignee. The Master Servicer, acting on behalf of the Assignee,
shall have the rights of the Assignee as the Owner under the Flow Servicing Agreement, including, without limitation, the right
to enforce the obligations of the Servicer and the Servicing Administrator thereunder. Any notices or other communications permitted
or required under the Flow Servicing Agreement to be made to the Assignee shall be made in accordance with the terms of the Flow
Servicing Agreement and shall be sent to the Master Servicer at the following address:

 

Wells Fargo Bank, N. A.

P.O. Box 98

Columbia, Maryland 21046

(or, for overnight deliveries, 9062 Old
Annapolis Road, Columbia, Maryland 21045)

Attention: Sequoia Mortgage Trust 2012-2

 

or to such other address
as may hereafter be furnished by the Master Servicer to Servicer. Any such notices or other communications permitted or required
under the Flow Servicing Agreement may be delivered in electronic format unless manual signature is required in which case a hard
copy of such report or communication shall be required.

 

The Servicer shall
make all distributions under the Flow Servicing Agreement, as they relate to the Specified Mortgage Loans, to the Master Servicer
by wire transfer of immediately funds to:

 

Wells Fargo Bank, N.A.

San Francisco, California

ABA# 121-000-248

Account #3970771416

Account Name: SAS Clearing

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

Distribution Account

 

    	6

    	 

    

 

		12.	Rule 17g-5 Compliance.

 

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

 

		13.	Successors and Assigns.

  

Upon a transfer of
the Specified Mortgage Loans by the Assignee (other than in respect of repurchases by a seller pursuant to the related purchase
agreement) to a buyer (“buyer”), such transfer shall constitute a Reconstitution subject to the terms of Section 32
of the Flow Servicing Agreement. Upon the closing of such transfer, the rights and obligations of Owner held by the Assignor pursuant
to this Assignment shall automatically terminate and the buyer shall possess all of the rights and obligations of Owner under the
Flow Servicing Agreement, provided, however, that the Assignor shall remain liable for any obligations held by it as Owner
arising from or attributable to the period from the date hereof to the closing date of such transfer.

 

 

[remainder of
page intentionally left blank]

 

    	7

    	 

    

 

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

 

	 	ASSIGNOR:
	 	REDWOOD RESIDENTIAL ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	DEPOSITOR:
	 	SEQUOIA RESIDENTIAL FUNDING, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ASSIGNEE:
	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SERVICER:
	 	CENLAR FSB
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	8

    	 

    

 

	 	SERVICING ADMINISTRATOR:
	 	REDWOOD RESIDENTIAL ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	Accepted and agreed to by:
	 	 	 
	MASTER SERVICER:
	WELLS FARGO BANK, N.A.
	 	 	 
	By:	 	 
	Name:	 	 
	Title	 	 

 

    	9

    	 

    

 

EXHIBIT I

 

    	I-1

    	 

    

 

	KEY	Primary Servicer	Servicing Fee %	Servicing Fee—Flatdollar	Servicing Advance Methodology	Originator	Loan Group	Loan Number	Servicer Loan Number	Cenlar Loan Number	Amortization Type	Lien Position
	1	1000383	0.0025	 	 	1000324	1	1030002488	1611451573	0036709772	1	1
	2	1000383	0.0025	 	 	1000324	1	1030002313	1351118506	0036709426	1	1
	3	1000383	0.0025	 	 	1000324	1	1030002379	1611451632	0036709434	1	1
	4	1000383	0.0025	 	 	1000324	1	1030002433	1351119067	0036709996	1	1
	5	1000383	0.0025	 	 	1000324	1	1030002544	1351200452	0036709780	1	1
	6	1000383	0.0025	 	 	1000324	1	1030002479	1311122189	0036710283	1	1
	7	1000383	0.0025	 	 	1001863	1	1000001421	232279	0036708592	1	1
	8	1000383	0.0025	 	 	1001863	1	1000001886	227753	0036708899	1	1
	9	1000383	0.0025	 	 	1001863	1	1000001245	226933	0036708584	1	1
	10	1000383	0.0025	 	 	1001863	1	1000002088	237292	0036709152	1	1
	11	1000383	0.0025	 	 	1001863	1	1000001587	233664	0036709145	1	1
	12	1000383	0.0025	 	 	1001863	1	1000002318	239762	0036709566	1	1
	13	1000383	0.0025	 	 	1000312	1	1300001674	001084473	0036708576	1	1
	14	1000383	0.0025	 	 	1000312	1	1300002028	001082322	0036708774	1	1
	15	1000383	0.0025	 	 	1000312	1	1300002009	001090231	0036709095	1	1
	16	1000383	0.0025	 	 	1000312	1	1300002025	001087591	0036709509	1	1
	17	1000383	0.0025	 	 	1000312	1	1300002034	001081869	0036709442	1	1
	18	1000383	0.0025	 	 	1000312	1	1300002148	001088405	0036709517	1	1
	19	1000383	0.0025	 	 	1000312	1	1300002184	001089152	0036709525	1	1
	20	1000383	0.0025	 	 	1000312	1	1300002199	001091165	0036709459	1	1
	21	1000383	0.0025	 	 	1000312	1	1300001922	001080300	0036710077	1	1
	22	1000383	0.0025	 	 	1000312	1	1300002261	001093643	0036710291	1	1
	23	1000383	0.0025	 	 	1000312	1	1300002279	001093553	0036710473	1	1
	24	1000383	0.0025	 	 	1002793	1	1010002436	000039361	0036709657	1	1
	25	1000383	0.0025	 	 	1002793	1	1010002491	000039856	0036709665	1	1
	26	1000383	0.0025	 	 	1006318	1	1450002527	1110035236	0036709707	1	1
	27	1000383	0.0025	 	 	1006324	1	1950001996	70110507	0036708246	1	1
	28	1000383	0.0025	 	 	1006324	1	1950002102	91110031	0036709863	1	1
	29	1000383	0.0025	 	 	1006324	1	1950002275	70110582	0036709715	1	1
	30	1000383	0.0025	 	 	1008808	1	1650001969	6012494	0036709871	1	1
	31	1000383	0.0025	 	 	1008808	1	1650002006	1007966	0036709293	1	1
	32	1000383	0.0025	 	 	1008808	1	1650002074	1007925	0036709723	1	1
	33	1000383	0.0025	 	 	1008808	1	1650002204	6013620	0036710093	1	1
	34	1000383	0.0025	 	 	1008808	1	1650002273	6013897	0036710234	1	1
	35	1000383	0.0025	 	 	1008808	1	1650002405	6014544	0036710259	1	1
	36	1000383	0.0025	 	 	1008808	1	1650002411	6014673	0036710267	1	1
	37	1000383	0.0025	 	 	1008808	1	1650002211	6013502	0036710341	1	1
	38	1000383	0.0025	 	 	1008808	1	1650002427	6014781	0036710366	1	1
	39	1000383	0.0025	 	 	1000522	1	1700001422	1301369272	0036707453	1	1
	40	1000383	0.0025	 	 	1003970	1	1400002190	2011001860	0036708782	1	1
	41	1000383	0.0025	 	 	1003970	1	1400002220	2011002119	0036709467	1	1
	42	1000383	0.0025	 	 	1003970	1	1400002230	2011002010	0036710085	1	1
	43	1000383	0.0025	 	 	1008498	1	1150002123	503362479	0036708832	1	1
	44	1000383	0.0025	 	 	1008498	1	1150002114	503362194	0036708659	1	1
	45	1000383	0.0025	 	 	1008498	1	1150001936	503345118	0036708642	1	1
	46	1000383	0.0025	 	 	1008498	1	1150001928	503344292	0036708915	1	1
	47	1000383	0.0025	 	 	1008498	1	1150002241	503343753	0036708840	1	1
	48	1000383	0.0025	 	 	1008498	1	1150001732	503322717	0036708808	1	1
	49	1000383	0.0025	 	 	1008498	1	1150001682	503319315	0036708493	1	1
	50	1000383	0.0025	 	 	1008498	1	1150001562	503307796	0036708634	1	1
	51	1000383	0.0025	 	 	1008498	1	1150001852	503305584	0036708816	1	1
	52	1000383	0.0025	 	 	1008498	1	1150001494	503292935	0036708626	1	1
	53	1000383	0.0025	 	 	1008498	1	1150001492	503292699	0036708907	1	1
	54	1000383	0.0025	 	 	1008498	1	1150002001	503254335	0036708824	1	1
	55	1000383	0.0025	 	 	1008498	1	1150002224	503371725	0036709137	1	1
	56	1000383	0.0025	 	 	1008498	1	1150002132	503362677	0036708980	1	1
	57	1000383	0.0025	 	 	1008498	1	1150001952	503346885	0036708972	1	1
	58	1000383	0.0025	 	 	1008498	1	1150001924	503343785	0036708964	1	1
	59	1000383	0.0025	 	 	1008498	1	1150001851	503336585	0036709129	1	1
	60	1000383	0.0025	 	 	1008498	1	1150002150	503327587	0036708998	1	1
	61	1000383	0.0025	 	 	1008498	1	1150001483	503302123	0036708956	1	1
	62	1000383	0.0025	 	 	1008498	1	1150001523	503291083	0036709111	1	1
	63	1000383	0.0025	 	 	1008498	1	1150001563	503307941	0036709475	1	1
	64	1000383	0.0025	 	 	1008498	1	1150001926	503344106	0036709491	1	1
	65	1000383	0.0025	 	 	1008498	1	1150001863	503336896	0036709269	1	1
	66	1000383	0.0025	 	 	1008498	1	1150002252	503342050	0036709822	1	1
	67	1000383	0.0025	 	 	1008498	1	1150001844	503332529	0036709681	1	1
	68	1000383	0.0025	 	 	1008498	1	1150002283	503377740	0036709285	1	1
	69	1000383	0.0025	 	 	1008498	1	1150002353	503384952	0036709848	1	1
	70	1000383	0.0025	 	 	1008498	1	1150002336	503382633	0036709699	1	1
	71	1000383	0.0025	 	 	1008498	1	1150001743	503323811	0036709483	1	1
	72	1000383	0.0025	 	 	1008498	1	1150002342	503383762	0036709830	1	1
	73	1000383	0.0025	 	 	1008498	1	1150002699	503369060	0036710069	1	1
	74	1000383	0.0025	 	 	1008498	1	1150002269	503375379	0036710036	1	1
	75	1000383	0.0025	 	 	1008498	1	1150002325	503381961	0036710218	1	1
	76	1000383	0.0025	 	 	1008498	1	1150002496	503401658	0036710044	1	1
	77	1000383	0.0025	 	 	1008498	1	1150002580	503410735	0036710051	1	1
	78	1000383	0.0025	 	 	1000536	1	1050001983	6016600345	0036708436	1	1
	79	1000383	0.0025	 	 	1000536	1	1050001576	3727600141	0036707990	1	1
	80	1000383	0.0025	 	 	1000536	1	1050001442	3726600151	0036707982	1	1
	81	1000383	0.0025	 	 	1000536	1	1050001206	3706601408	0036707529	1	1
	82	1000383	0.0025	 	 	1000536	1	1050001365	2278600044	0036708147	1	1
	83	1000383	0.0025	 	 	1000536	1	1050001564	2198600423	0036708329	1	1
	84	1000383	0.0025	 	 	1000536	1	1050001285	2168600373	0036707628	1	1
	85	1000383	0.0025	 	 	1000536	1	1050001739	2154601255	0036708402	1	1
	86	1000383	0.0025	 	 	1000536	1	1050001224	2154601171	0036707602	1	1
	87	1000383	0.0025	 	 	1000536	1	1050001175	2126600745	0036707784	1	1
	88	1000383	0.0025	 	 	1000536	1	1050001210	2119700942	0036707594	1	1
	89	1000383	0.0025	 	 	1000536	1	1050001219	2117601343	0036707537	1	1
	90	1000383	0.0025	 	 	1000536	1	1050001575	2109701736	0036707818	1	1
	91	1000383	0.0025	 	 	1000536	1	1050001297	2108600298	0036707909	1	1
	92	1000383	0.0025	 	 	1000536	1	1050001664	2105600368	0036707651	1	1
	93	1000383	0.0025	 	 	1000536	1	1050001414	20831100168	0036708048	1	1
	94	1000383	0.0025	 	 	1000536	1	1050001909	2071603885	0036708220	1	1
	95	1000383	0.0025	 	 	1000536	1	1050001306	2071603646	0036707883	1	1
	96	1000383	0.0025	 	 	1000536	1	1050001149	20631100461	0036708295	1	1
	97	1000383	0.0025	 	 	1000536	1	1050001792	2054603302	0036707875	1	1
	98	1000383	0.0025	 	 	1000536	1	1050001320	2003602409	0036708212	1	1
	99	1000383	0.0025	 	 	1000536	1	1050001333	2001708797	0036707776	1	1
	100	1000383	0.0025	 	 	1000536	1	1050001083	7102600399	0036708667	1	1
	101	1000383	0.0025	 	 	1000536	1	1050001049	3725600020	0036708923	1	1
	102	1000383	0.0025	 	 	1000536	1	1050001360	3657600991	0036708683	1	1
	103	1000383	0.0025	 	 	1000536	1	1050001913	3612601245	0036708758	1	1
	104	1000383	0.0025	 	 	1000536	1	1050001188	3602601428	0036708675	1	1
	105	1000383	0.0025	 	 	1000536	1	1050001763	2249600153	0036708733	1	1
	106	1000383	0.0025	 	 	1000536	1	1050001848	2155600775	0036708741	1	1
	107	1000383	0.0025	 	 	1000536	1	1050001453	2138601811	0036708501	1	1
	108	1000383	0.0025	 	 	1000536	1	1050001858	2128601182	0036708535	1	1
	109	1000383	0.0025	 	 	1000536	1	1050002067	2071603649	0036708766	1	1
	110	1000383	0.0025	 	 	1000536	1	1050001814	2045701091	0036708527	1	1
	111	1000383	0.0025	 	 	1000536	1	1050001836	2003602466	0036708428	1	1
	112	1000383	0.0025	 	 	1000536	1	1050001323	2003602370	0036708857	1	1
	113	1000383	0.0025	 	 	1000536	1	1050002326	6026600025	0036709236	1	1
	114	1000383	0.0025	 	 	1000536	1	1050002201	6014600647	0036709038	1	1
	115	1000383	0.0025	 	 	1000536	1	1050002301	3726600435	0036709079	1	1
	116	1000383	0.0025	 	 	1000536	1	1050001051	3726600127	0036709004	1	1
	117	1000383	0.0025	 	 	1000536	1	1050002357	37221100144	0036709244	1	1
	118	1000383	0.0025	 	 	1000536	1	1050002249	3602601517	0036709228	1	1
	119	1000383	0.0025	 	 	1000536	1	1050001753	21491100150	0036709160	1	1
	120	1000383	0.0025	 	 	1000536	1	1050002216	2073604170	0036709210	1	1
	121	1000383	0.0025	 	 	1000536	1	1050002146	20631100660	0036709202	1	1
	122	1000383	0.0025	 	 	1000536	1	1050002207	2045701157	0036709053	1	1
	123	1000383	0.0025	 	 	1000536	1	1050002229	2044602338	0036709061	1	1
	124	1000383	0.0025	 	 	1000536	1	1050001594	2032602330	0036709020	1	1
	125	1000383	0.0025	 	 	1000536	1	1050002017	20031100019	0036709186	1	1
	126	1000383	0.0025	 	 	1000536	1	1050002215	3627601329	0036709368	1	1
	127	1000383	0.0025	 	 	1000536	1	1050002149	20031100003	0036709632	1	1
	128	1000383	0.0025	 	 	1000536	1	1050002429	7102600293	0036709954	1	1
	129	1000383	0.0025	 	 	1000536	1	1050002130	22891100097	0036709327	1	1
	130	1000383	0.0025	 	 	1000536	1	1050002502	30521100215	0036709970	1	1
	131	1000383	0.0025	 	 	1000536	1	1050002181	21981100106	0036709335	1	1
	132	1000383	0.0025	 	 	1000536	1	1050002307	2117601361	0036709640	1	1
	133	1000383	0.0025	 	 	1000536	1	1050002426	2123700740	0036709756	1	1
	134	1000383	0.0025	 	 	1000536	1	1050002246	2083601246	0036709384	1	1
	135	1000383	0.0025	 	 	1000536	1	1050002172	21491100173	0036709897	1	1
	136	1000383	0.0025	 	 	1000536	1	1050002235	2139600105	0036709905	1	1
	137	1000383	0.0025	 	 	1000536	1	1050002505	2244701531	0036709764	1	1
	138	1000383	0.0025	 	 	1000536	1	1050002303	3612601309	0036709418	1	1
	139	1000383	0.0025	 	 	1000536	1	1050002247	2278600192	0036709392	1	1
	140	1000383	0.0025	 	 	1000536	1	1050002374	2244701508	0036709921	1	1
	141	1000383	0.0025	 	 	1000536	1	1050002265	22821100077	0036709400	1	1
	142	1000383	0.0025	 	 	1000536	1	1050002192	22831100066	0036709343	1	1
	143	1000383	0.0025	 	 	1000536	1	1050002395	2047601344	0036709939	1	1
	144	1000383	0.0025	 	 	1000536	1	1050002398	3731600189	0036709947	1	1
	145	1000383	0.0025	 	 	1000536	1	1050002443	3731600118	0036709962	1	1
	146	1000383	0.0025	 	 	1000536	1	1050001020	3650602104	0036709574	1	1
	147	1000383	0.0025	 	 	1000536	1	1050001300	2108600299	0036709889	1	1
	148	1000383	0.0025	 	 	1000536	1	1050001404	20631100582	0036709590	1	1
	149	1000383	0.0025	 	 	1000536	1	1050002090	3706601797	0036709319	1	1
	150	1000383	0.0025	 	 	1000536	1	1050002193	3735600107	0036709350	1	1
	151	1000383	0.0025	 	 	1000536	1	1050002327	23041100085	0036709913	1	1
	152	1000383	0.0025	 	 	1000536	1	1050002396	20011100295	0036710135	1	1
	153	1000383	0.0025	 	 	1000536	1	1050002612	2017605256	0036710192	1	1
	154	1000383	0.0025	 	 	1000536	1	1050002453	2138602702	0036710028	1	1
	155	1000383	0.0025	 	 	1000536	1	1050001462	22051100051	0036710101	1	1
	156	1000383	0.0025	 	 	1000536	1	1050002477	22051100324	0036710150	1	1
	157	1000383	0.0025	 	 	1000536	1	1050002549	23041100132	0036710176	1	1
	158	1000383	0.0025	 	 	1000536	1	1050002484	3612601262	0036710168	1	1
	159	1000383	0.0025	 	 	1000536	1	1050002646	2003602082	0036710390	1	1
	160	1000383	0.0025	 	 	1000536	1	1050002196	2238600298	0036710382	1	1
	161	1000383	0.0025	 	 	1000536	1	1050001751	20631100666	0036708725	1	1

 

	KEY	HELOC Indicator	Loan Purpose	Cash Out Amount	Total Origination and Discount Points	Covered/High Cost Loan Indicator	Relocation Loan Indicator	Broker Indicator	Channel	Escrow Indicator	Senior Loan
 Amount(s)
	1	0	9	 	 	 	 	 	1	4	0
	2	0	9	 	 	 	 	 	2	4	0
	3	0	9	 	 	 	 	 	1	4	0
	4	0	9	 	 	 	 	 	2	4	0
	5	0	9	 	 	 	 	 	2	4	0
	6	0	9	 	 	 	 	 	1	4	0
	7	0	9	 	 	 	 	 	1	4	0
	8	0	7	 	 	 	 	 	1	4	0
	9	0	9	 	 	 	 	 	1	4	0
	10	0	7	 	 	 	 	 	1	4	0
	11	0	9	 	 	 	 	 	1	4	0
	12	0	7	 	 	 	 	 	1	4	0
	13	0	9	 	 	 	 	 	1	4	0
	14	0	7	 	 	 	 	 	1	4	0
	15	0	7	 	 	 	 	 	1	0	0
	16	0	9	 	 	 	 	 	1	4	0
	17	0	9	 	 	 	 	 	1	4	0
	18	0	9	 	 	 	 	 	1	4	0
	19	0	9	 	 	 	 	 	1	0	0
	20	0	9	 	 	 	 	 	1	0	0
	21	0	9	 	 	 	 	 	1	0	0
	22	0	9	 	 	 	 	 	1	0	0
	23	0	9	 	 	 	 	 	1	4	0
	24	0	9	 	 	 	 	 	1	4	0
	25	0	6	 	 	 	 	 	1	4	0
	26	0	7	 	 	 	 	 	1	4	0
	27	0	7	 	 	 	 	 	1	4	0
	28	0	3	 	 	 	 	 	1	4	0
	29	0	9	 	 	 	 	 	1	0	0
	30	0	9	 	 	 	 	 	2	0	0
	31	0	9	 	 	 	 	 	1	4	0
	32	0	9	 	 	 	 	 	1	0	0
	33	0	9	 	 	 	 	 	2	0	0
	34	0	9	 	 	 	 	 	2	0	0
	35	0	9	 	 	 	 	 	2	0	0
	36	0	9	 	 	 	 	 	2	0	0
	37	0	7	 	 	 	 	 	2	0	0
	38	0	9	 	 	 	 	 	2	0	0
	39	0	7	 	 	 	 	 	1	4	0
	40	0	9	 	 	 	 	 	1	4	0
	41	0	9	 	 	 	 	 	1	4	0
	42	0	9	 	 	 	 	 	1	0	0
	43	0	7	 	 	 	 	 	2	4	0
	44	0	7	 	 	 	 	 	2	4	0
	45	0	9	 	 	 	 	 	4	4	0
	46	0	9	 	 	 	 	 	4	0	0
	47	0	3	 	 	 	 	 	4	0	0
	48	0	9	 	 	 	 	 	4	0	0
	49	0	9	 	 	 	 	 	2	0	0
	50	0	9	 	 	 	 	 	4	0	0
	51	0	9	 	 	 	 	 	4	0	0
	52	0	9	 	 	 	 	 	4	0	0
	53	0	3	 	 	 	 	 	2	0	0
	54	0	7	 	 	 	 	 	4	4	0
	55	0	7	 	 	 	 	 	4	0	0
	56	0	7	 	 	 	 	 	4	0	0
	57	0	9	 	 	 	 	 	2	0	0
	58	0	9	 	 	 	 	 	4	0	0
	59	0	7	 	 	 	 	 	2	4	0
	60	0	9	 	 	 	 	 	2	4	0
	61	0	7	 	 	 	 	 	2	4	0
	62	0	3	 	 	 	 	 	1	4	0
	63	0	9	 	 	 	 	 	2	4	0
	64	0	9	 	 	 	 	 	4	4	0
	65	0	7	 	 	 	 	 	2	4	0
	66	0	9	 	 	 	 	 	4	4	0
	67	0	3	 	 	 	 	 	4	4	0
	68	0	7	 	 	 	 	 	2	0	0
	69	0	9	 	 	 	 	 	4	4	0
	70	0	7	 	 	 	 	 	2	4	0
	71	0	9	 	 	 	 	 	2	0	0
	72	0	9	 	 	 	 	 	4	0	0
	73	0	3	 	 	 	 	 	4	4	0
	74	0	3	 	 	 	 	 	4	4	0
	75	0	7	 	 	 	 	 	4	4	0
	76	0	9	 	 	 	 	 	4	0	0
	77	0	3	 	 	 	 	 	4	0	0
	78	0	7	 	 	 	 	 	1	0	0
	79	0	7	 	 	 	 	 	1	0	0
	80	0	9	 	 	 	 	 	1	0	0
	81	0	9	 	 	 	 	 	1	0	0
	82	0	9	 	 	 	 	 	1	0	0
	83	0	7	 	 	 	 	 	1	0	0
	84	0	9	 	 	 	 	 	1	4	0
	85	0	9	 	 	 	 	 	1	4	0
	86	0	3	 	 	 	 	 	1	4	0
	87	0	7	 	 	 	 	 	1	0	0
	88	0	9	 	 	 	 	 	1	4	0
	89	0	9	 	 	 	 	 	1	4	0
	90	0	9	 	 	 	 	 	1	4	0
	91	0	9	 	 	 	 	 	1	4	0
	92	0	7	 	 	 	 	 	1	0	0
	93	0	7	 	 	 	 	 	1	4	0
	94	0	7	 	 	 	 	 	1	0	0
	95	0	7	 	 	 	 	 	1	4	0
	96	0	9	 	 	 	 	 	1	4	0
	97	0	7	 	 	 	 	 	1	4	0
	98	0	9	 	 	 	 	 	1	0	0
	99	0	9	 	 	 	 	 	1	0	0
	100	0	7	 	 	 	 	 	1	0	0
	101	0	6	 	 	 	 	 	1	4	0
	102	0	9	 	 	 	 	 	1	4	0
	103	0	9	 	 	 	 	 	1	0	0
	104	0	3	 	 	 	 	 	1	0	0
	105	0	3	 	 	 	 	 	1	0	0
	106	0	6	 	 	 	 	 	1	4	0
	107	0	3	 	 	 	 	 	1	4	0
	108	0	7	 	 	 	 	 	1	4	0
	109	0	7	 	 	 	 	 	1	4	0
	110	0	7	 	 	 	 	 	1	0	0
	111	0	6	 	 	 	 	 	1	0	0
	112	0	9	 	 	 	 	 	1	0	0
	113	0	7	 	 	 	 	 	1	0	0
	114	0	9	 	 	 	 	 	1	0	0
	115	0	9	 	 	 	 	 	1	4	0
	116	0	9	 	 	 	 	 	1	4	0
	117	0	9	 	 	 	 	 	1	0	0
	118	0	9	 	 	 	 	 	1	0	0
	119	0	9	 	 	 	 	 	1	4	0
	120	0	3	 	 	 	 	 	1	0	0
	121	0	9	 	 	 	 	 	1	0	0
	122	0	7	 	 	 	 	 	1	0	0
	123	0	9	 	 	 	 	 	1	4	0
	124	0	9	 	 	 	 	 	1	0	0
	125	0	9	 	 	 	 	 	1	0	0
	126	0	9	 	 	 	 	 	1	0	0
	127	0	9	 	 	 	 	 	1	0	0
	128	0	7	 	 	 	 	 	1	4	0
	129	0	7	 	 	 	 	 	1	0	0
	130	0	9	 	 	 	 	 	1	0	0
	131	0	9	 	 	 	 	 	1	0	0
	132	0	9	 	 	 	 	 	1	0	0
	133	0	9	 	 	 	 	 	1	4	0
	134	0	7	 	 	 	 	 	1	0	0
	135	0	9	 	 	 	 	 	1	0	0
	136	0	9	 	 	 	 	 	1	4	0
	137	0	7	 	 	 	 	 	1	4	0
	138	0	7	 	 	 	 	 	1	0	0
	139	0	7	 	 	 	 	 	1	4	0
	140	0	7	 	 	 	 	 	1	4	0
	141	0	9	 	 	 	 	 	1	4	0
	142	0	9	 	 	 	 	 	1	0	0
	143	0	7	 	 	 	 	 	1	0	0
	144	0	9	 	 	 	 	 	1	0	0
	145	0	9	 	 	 	 	 	1	0	0
	146	0	9	 	 	 	 	 	1	0	0
	147	0	9	 	 	 	 	 	1	4	0
	148	0	9	 	 	 	 	 	1	0	0
	149	0	9	 	 	 	 	 	1	4	0
	150	0	6	 	 	 	 	 	1	4	0
	151	0	7	 	 	 	 	 	1	4	0
	152	0	9	 	 	 	 	 	1	4	0
	153	0	9	 	 	 	 	 	1	4	0
	154	0	9	 	 	 	 	 	1	0	0
	155	0	9	 	 	 	 	 	1	4	0
	156	0	7	 	 	 	 	 	1	4	0
	157	0	7	 	 	 	 	 	1	4	0
	158	0	9	 	 	 	 	 	1	0	0
	159	0	9	 	 	 	 	 	1	0	0
	160	0	9	 	 	 	 	 	1	4	0
	161	0	9	 	 	 	 	 	1	0	0

 

	KEY	Loan Type of Most
 Senior Lien	Hybrid Period of
 Most Senior Lien (in
 months)	Neg Am Limit of
 Most Senior Lien	Junior Mortgage
 Balance	Origination Date of
 Most Senior Lien	Origination Date	Original Loan
 Amount	Original Interest
 Rate	Original
 Amortization Term	Original Term to
 Maturity
	1	 	 	 	300,000.00	 	20120124	731,000.00	0.0488	360	360
	2	 	 	 	0.00	 	20120105	698,000.00	0.0450	360	360
	3	 	 	 	0.00	 	20120107	560,000.00	0.0500	360	360
	4	 	 	 	0.00	 	20120126	875,000.00	0.0475	360	360
	5	 	 	 	0.00	 	20120131	810,000.00	0.0488	360	360
	6	 	 	 	0.00	 	20120211	640,000.00	0.0450	360	360
	7	 	 	 	0.00	 	20111108	472,000.00	0.0488	360	360
	8	 	 	 	0.00	 	20111118	1,000,000.00	0.0488	360	360
	9	 	 	 	0.00	 	20111020	1,350,000.00	0.0488	360	360
	10	 	 	 	0.00	 	20111208	592,000.00	0.0450	360	360
	11	 	 	 	61,800.00	 	20111115	680,000.00	0.0488	360	360
	12	 	 	 	0.00	 	20111227	975,000.00	0.0450	360	360
	13	 	 	 	0.00	 	20111110	543,750.00	0.0475	360	360
	14	 	 	 	0.00	 	20111118	975,000.00	0.0463	360	360
	15	 	 	 	0.00	 	20111202	562,500.00	0.0500	360	360
	16	 	 	 	0.00	 	20111213	487,500.00	0.0475	360	360
	17	 	 	 	0.00	 	20111122	941,250.00	0.0488	360	360
	18	 	 	 	35,000.00	 	20111222	525,000.00	0.0488	360	360
	19	 	 	 	0.00	 	20111223	708,500.00	0.0450	360	360
	20	 	 	 	0.00	 	20111221	751,000.00	0.0500	360	360
	21	 	 	 	0.00	 	20111117	1,275,000.00	0.0500	360	360
	22	 	 	 	0.00	 	20120120	550,000.00	0.0488	360	360
	23	 	 	 	0.00	 	20120125	562,500.00	0.0475	360	360
	24	 	 	 	0.00	 	20120113	467,500.00	0.0450	360	360
	25	 	 	 	0.00	 	20120111	572,000.00	0.0463	360	360
	26	 	 	 	0.00	 	20120123	888,000.00	0.0413	360	360
	27	 	 	 	0.00	 	20111109	525,600.00	0.0513	360	360
	28	 	 	 	0.00	 	20120124	1,500,000.00	0.0450	360	360
	29	 	 	 	0.00	 	20120117	736,500.00	0.0475	360	360
	30	 	 	 	0.00	 	20111227	1,250,000.00	0.0525	360	360
	31	 	 	 	0.00	 	20111222	1,330,000.00	0.0488	360	360
	32	 	 	 	0.00	 	20111229	487,500.00	0.0488	360	360
	33	 	 	 	22,239.00	 	20111228	650,000.00	0.0488	360	360
	34	 	 	 	0.00	 	20111227	982,700.00	0.0463	360	360
	35	 	 	 	0.00	 	20120130	982,000.00	0.0475	360	360
	36	 	 	 	0.00	 	20120125	712,500.00	0.0463	360	360
	37	 	 	 	0.00	 	20111215	823,250.00	0.0488	360	360
	38	 	 	 	0.00	 	20120208	825,000.00	0.0463	360	360
	39	 	 	 	0.00	 	20110922	476,000.00	0.0463	360	360
	40	 	 	 	0.00	 	20111202	995,899.00	0.0450	360	360
	41	 	 	 	0.00	 	20120109	716,000.00	0.0438	360	360
	42	 	 	 	0.00	 	20120213	661,000.00	0.0450	360	360
	43	 	 	 	0.00	 	20111206	788,000.00	0.0500	360	360
	44	 	 	 	0.00	 	20111209	600,000.00	0.0500	360	360
	45	 	 	 	0.00	 	20111130	650,000.00	0.0488	360	360
	46	 	 	 	0.00	 	20111215	737,500.00	0.0488	360	360
	47	 	 	 	0.00	 	20111209	783,000.00	0.0488	360	360
	48	 	 	 	0.00	 	20111123	762,700.00	0.0475	360	360
	49	 	 	 	0.00	 	20111114	1,012,500.00	0.0488	360	360
	50	 	 	 	0.00	 	20111117	952,000.00	0.0488	360	360
	51	 	 	 	0.00	 	20111128	600,000.00	0.0525	360	360
	52	 	 	 	0.00	 	20111122	1,880,000.00	0.0500	360	360
	53	 	 	 	0.00	 	20111206	1,400,000.00	0.0500	360	360
	54	 	 	 	0.00	 	20111116	910,000.00	0.0538	360	360
	55	 	 	 	0.00	 	20111227	1,000,000.00	0.0438	360	360
	56	 	 	 	0.00	 	20111216	788,000.00	0.0475	360	360
	57	 	 	 	0.00	 	20111217	839,000.00	0.0475	360	360
	58	 	 	 	0.00	 	20111222	722,000.00	0.0463	360	360
	59	 	 	 	0.00	 	20111229	540,000.00	0.0488	360	360
	60	 	 	 	0.00	 	20111201	980,000.00	0.0475	360	360
	61	 	 	 	0.00	 	20111207	680,000.00	0.0475	360	360
	62	 	 	 	0.00	 	20111209	585,000.00	0.0450	360	360
	63	 	 	 	0.00	 	20120113	916,000.00	0.0450	360	360
	64	 	 	 	0.00	 	20120114	918,500.00	0.0475	360	360
	65	 	 	 	0.00	 	20120117	443,910.00	0.0488	360	360
	66	 	 	 	0.00	 	20120120	960,000.00	0.0475	360	360
	67	 	 	 	0.00	 	20111230	700,000.00	0.0475	360	360
	68	 	 	 	0.00	 	20120113	637,500.00	0.0463	360	360
	69	 	 	 	495,000.00	 	20120111	855,000.00	0.0450	360	360
	70	 	 	 	0.00	 	20120123	1,236,000.00	0.0475	360	360
	71	 	 	 	0.00	 	20120117	1,160,000.00	0.0438	360	360
	72	 	 	 	0.00	 	20120124	559,800.00	0.0488	360	360
	73	 	 	 	0.00	 	20120201	456,000.00	0.0475	360	360
	74	 	 	 	0.00	 	20120208	500,000.00	0.0463	360	360
	75	 	 	 	0.00	 	20120209	490,000.00	0.0475	360	360
	76	 	 	 	0.00	 	20120207	1,200,000.00	0.0438	360	360
	77	 	 	 	0.00	 	20120131	830,000.00	0.0475	360	360
	78	 	 	 	0.00	 	20111111	567,300.00	0.0438	360	360
	79	 	 	 	0.00	 	20110929	1,125,000.00	0.0488	360	360
	80	 	 	 	0.00	 	20110926	886,800.00	0.0488	360	360
	81	 	 	 	0.00	 	20110919	898,000.00	0.0475	360	360
	82	 	 	 	0.00	 	20111012	1,290,000.00	0.0463	360	360
	83	 	 	 	0.00	 	20110919	470,000.00	0.0488	360	360
	84	 	 	 	0.00	 	20111003	440,000.00	0.0463	360	360
	85	 	 	 	0.00	 	20111101	1,075,000.00	0.0475	360	360
	86	 	 	 	0.00	 	20110923	979,000.00	0.0463	360	360
	87	 	 	 	0.00	 	20110920	448,000.00	0.0513	360	360
	88	 	 	 	0.00	 	20110926	999,950.00	0.0463	360	360
	89	 	 	 	200,000.00	 	20110923	990,000.00	0.0463	360	360
	90	 	 	 	0.00	 	20111006	680,000.00	0.0488	360	360
	91	 	 	 	0.00	 	20111017	900,000.00	0.0463	360	360
	92	 	 	 	0.00	 	20110930	650,000.00	0.0475	360	360
	93	 	 	 	0.00	 	20110930	832,800.00	0.0450	360	360
	94	 	 	 	0.00	 	20111026	611,250.00	0.0538	360	360
	95	 	 	 	0.00	 	20111011	588,450.00	0.0463	360	360
	96	 	 	 	0.00	 	20111005	572,000.00	0.0513	360	360
	97	 	 	 	0.00	 	20111018	560,000.00	0.0475	360	360
	98	 	 	 	0.00	 	20110926	985,000.00	0.0463	360	360
	99	 	 	 	0.00	 	20110928	989,050.00	0.0488	360	360
	100	 	 	 	0.00	 	20110824	556,850.00	0.0525	360	360
	101	 	 	 	0.00	 	20111107	798,000.00	0.0488	360	360
	102	 	 	 	0.00	 	20111024	862,000.00	0.0500	360	360
	103	 	 	 	0.00	 	20111111	757,000.00	0.0475	360	360
	104	 	 	 	0.00	 	20111028	1,085,000.00	0.0463	360	360
	105	 	 	 	0.00	 	20111031	445,000.00	0.0488	360	360
	106	 	 	 	0.00	 	20111102	1,020,000.00	0.0500	360	360
	107	 	 	 	0.00	 	20111024	740,000.00	0.0450	360	360
	108	 	 	 	0.00	 	20111104	748,700.00	0.0488	360	360
	109	 	 	 	0.00	 	20111114	536,000.00	0.0500	360	360
	110	 	 	 	0.00	 	20111101	772,000.00	0.0500	360	360
	111	 	 	 	0.00	 	20111014	527,200.00	0.0488	360	360
	112	 	 	 	0.00	 	20111108	688,000.00	0.0488	360	360
	113	 	 	 	0.00	 	20111228	796,000.00	0.0475	360	360
	114	 	 	 	0.00	 	20111123	921,500.00	0.0450	360	360
	115	 	 	 	0.00	 	20111215	640,000.00	0.0463	360	360
	116	 	 	 	0.00	 	20111026	1,998,600.00	0.0475	360	360
	117	 	 	 	0.00	 	20111230	615,000.00	0.0463	360	360
	118	 	 	 	0.00	 	20111228	485,000.00	0.0475	360	360
	119	 	 	 	0.00	 	20111117	999,999.00	0.0475	360	360
	120	 	 	 	0.00	 	20111221	650,000.00	0.0438	360	360
	121	 	 	 	0.00	 	20111201	620,250.00	0.0438	360	360
	122	 	 	 	0.00	 	20111209	689,850.00	0.0488	360	360
	123	 	 	 	0.00	 	20111222	716,500.00	0.0450	360	360
	124	 	 	 	0.00	 	20111217	494,400.00	0.0475	360	360
	125	 	 	 	0.00	 	20111222	868,400.00	0.0475	360	360
	126	 	 	 	0.00	 	20120106	1,160,000.00	0.0500	360	360
	127	 	 	 	0.00	 	20111223	880,000.00	0.0475	360	360
	128	 	 	 	0.00	 	20111014	610,000.00	0.0475	360	360
	129	 	 	 	0.00	 	20120103	1,590,000.00	0.0450	360	360
	130	 	 	 	0.00	 	20120117	850,000.00	0.0463	360	360
	131	 	 	 	0.00	 	20111229	807,000.00	0.0463	360	360
	132	 	 	 	0.00	 	20120109	810,000.00	0.0475	360	360
	133	 	 	 	0.00	 	20120118	575,000.00	0.0463	360	360
	134	 	 	 	0.00	 	20111223	480,000.00	0.0475	360	360
	135	 	 	 	125,000.00	 	20120120	913,000.00	0.0463	360	360
	136	 	 	 	0.00	 	20120123	944,000.00	0.0450	360	360
	137	 	 	 	0.00	 	20120125	775,000.00	0.0463	360	360
	138	 	 	 	0.00	 	20111227	559,950.00	0.0463	360	360
	139	 	 	 	0.00	 	20111228	600,000.00	0.0513	360	360
	140	 	 	 	0.00	 	20120130	725,000.00	0.0450	360	360
	141	 	 	 	0.00	 	20120104	480,000.00	0.0450	360	360
	142	 	 	 	0.00	 	20120106	713,000.00	0.0450	360	360
	143	 	 	 	0.00	 	20120131	699,900.00	0.0463	360	360
	144	 	 	 	250,000.00	 	20120125	603,350.00	0.0438	360	360
	145	 	 	 	0.00	 	20120126	720,000.00	0.0463	360	360
	146	 	 	 	0.00	 	20111026	999,950.00	0.0475	360	360
	147	 	 	 	0.00	 	20111026	944,000.00	0.0463	360	360
	148	 	 	 	0.00	 	20111201	527,200.00	0.0475	360	360
	149	 	 	 	0.00	 	20111130	499,000.00	0.0488	360	360
	150	 	 	 	0.00	 	20111216	550,000.00	0.0438	360	360
	151	 	 	 	0.00	 	20111216	792,000.00	0.0488	360	360
	152	 	 	 	0.00	 	20120120	452,600.00	0.0463	360	360
	153	 	 	 	0.00	 	20120209	585,000.00	0.0425	360	360
	154	 	 	 	0.00	 	20120120	696,000.00	0.0463	360	360
	155	 	 	 	0.00	 	20120113	614,700.00	0.0450	360	360
	156	 	 	 	0.00	 	20111230	520,000.00	0.0450	360	360
	157	 	 	 	0.00	 	20120203	536,250.00	0.0500	360	360
	158	 	 	 	0.00	 	20120123	880,000.00	0.0488	360	360
	159	 	 	 	0.00	 	20120210	999,950.00	0.0463	360	360
	160	 	 	 	0.00	 	20120127	1,345,100.00	0.0475	360	360
	161	 	 	 	0.00	 	20111110	1,095,000.00	0.0488	360	360

 

	KEY	First Payment Date
 of Loan	Interest Type
 Indicator	Original Interest
 Only Term	Buy Down Period	HELOC Draw Period	Current Loan
 Amount	Current Interest
 Rate	Current Payment
 Amount Due	Interest Paid
 Through Date	Current Payment
 Status	Index Type
	1	20120301	1	0	0	 	730,101.17	0.0488	3,868.52	20120301	0	0
	2	20120301	1	0	0	 	697,080.83	0.0450	3,536.67	20120301	0	0
	3	20120301	1	0	0	 	559,327.12	0.0500	3,006.21	20120301	0	0
	4	20120301	1	0	0	 	873,899.12	0.0475	4,564.42	20120301	0	0
	5	20120301	1	0	0	 	808,514.86	0.0488	4,286.59	20120301	0	0
	6	20120401	1	0	0	 	640,000.00	0.0450	3,242.79	20120301	0	0
	7	20120101	1	0	0	 	465,723.25	0.0488	2,497.86	20120301	0	0
	8	20120101	1	0	0	 	996,296.25	0.0488	5,292.08	20120301	0	0
	9	20111201	1	0	0	 	1,343,319.69	0.0488	7,144.31	20120301	0	0
	10	20120201	1	0	0	 	590,437.92	0.0450	2,999.58	20120301	0	0
	11	20120101	1	0	0	 	677,481.43	0.0488	3,598.62	20120301	0	0
	12	20120201	1	0	0	 	972,422.50	0.0450	4,940.18	20120301	0	0
	13	20120101	1	0	0	 	540,371.76	0.0475	2,836.46	20120301	0	0
	14	20120101	1	0	0	 	971,220.33	0.0463	5,012.86	20120301	0	0
	15	20120101	1	0	0	 	560,463.93	0.0500	3,019.62	20120301	0	0
	16	20120201	1	0	0	 	486,270.89	0.0475	2,543.03	20120301	0	0
	17	20120101	1	0	0	 	937,763.86	0.0488	4,981.17	20120301	0	0
	18	20120201	1	0	0	 	523,706.32	0.0488	2,778.34	20120301	0	0
	19	20120201	1	0	0	 	706,630.52	0.0450	3,589.87	20120301	0	0
	20	20120201	1	0	0	 	749,191.52	0.0500	4,031.53	20120301	0	0
	21	20120101	1	0	0	 	1,270,384.89	0.0500	6,844.48	20120301	0	0
	22	20120301	1	0	0	 	549,323.73	0.0488	2,910.65	20120301	0	0
	23	20120301	1	0	0	 	561,645.58	0.0475	2,934.27	20120301	0	0
	24	20120301	1	0	0	 	466,884.38	0.0450	2,368.75	20120301	0	0
	25	20120301	1	0	0	 	571,263.70	0.0463	2,940.88	20120301	0	0
	26	20120301	1	0	0	 	886,748.81	0.0413	4,303.69	20120301	0	0
	27	20120101	1	0	0	 	523,740.87	0.0513	2,861.82	20120301	0	0
	28	20120301	1	0	0	 	1,498,024.72	0.0450	7,600.28	20120301	0	0
	29	20120301	1	0	0	 	735,573.38	0.0475	3,841.93	20120301	0	0
	30	20120201	1	0	0	 	1,247,126.13	0.0525	6,902.55	20120301	0	0
	31	20120201	1	0	0	 	1,326,722.67	0.0488	7,038.47	20120301	0	0
	32	20120201	1	0	0	 	486,298.72	0.0488	2,579.89	20120301	0	0
	33	20120201	1	0	0	 	648,398.31	0.0488	3,439.85	20120301	0	0
	34	20120201	1	0	0	 	980,165.20	0.0463	5,052.45	20120301	0	0
	35	20120401	1	0	0	 	982,000.00	0.0475	5,122.58	20120301	0	0
	36	20120301	1	0	0	 	711,582.85	0.0463	3,663.24	20120301	0	0
	37	20120201	1	0	0	 	821,221.37	0.0488	4,356.71	20120301	0	0
	38	20120401	1	0	0	 	825,000.00	0.0463	4,241.65	20120301	0	0
	39	20111101	1	0	0	 	472,912.70	0.0463	2,447.30	20120301	0	0
	40	20120201	1	0	0	 	993,261.11	0.0450	5,046.07	20120301	0	0
	41	20120301	1	0	0	 	715,035.54	0.0438	3,574.88	20120301	0	0
	42	20120401	1	0	0	 	661,000.00	0.0450	3,349.19	20120301	0	0
	43	20120201	1	0	0	 	785,901.98	0.0500	4,230.16	20120301	0	0
	44	20120201	1	0	0	 	598,555.14	0.0500	3,220.93	20120301	0	0
	45	20120201	1	0	0	 	647,581.69	0.0488	3,439.85	20120301	0	0
	46	20120201	1	0	0	 	735,682.68	0.0488	3,902.91	20120301	0	0
	47	20120201	1	0	0	 	781,070.57	0.0488	4,143.70	20120301	0	0
	48	20120101	1	0	0	 	759,809.85	0.0475	3,978.60	20120301	0	0
	49	20120101	1	0	0	 	1,008,749.96	0.0488	5,358.23	20120301	0	0
	50	20120101	1	0	0	 	948,474.03	0.0488	5,038.06	20120301	0	0
	51	20120101	1	0	0	 	597,926.29	0.0525	3,313.22	20120301	0	0
	52	20120101	1	0	0	 	1,873,194.97	0.0500	10,092.25	20120301	0	0
	53	20120201	1	0	0	 	1,396,628.65	0.0500	7,515.50	20120301	0	0
	54	20120101	1	0	0	 	906,927.18	0.0538	5,095.74	20120301	0	0
	55	20120201	1	0	0	 	997,301.05	0.0438	4,992.85	20120301	0	0
	56	20120201	1	0	0	 	786,012.83	0.0475	4,110.58	20120301	0	0
	57	20120201	1	0	0	 	834,633.46	0.0475	4,376.62	20120301	0	0
	58	20120201	1	0	0	 	720,137.66	0.0463	3,712.09	20120301	0	0
	59	20120201	1	0	0	 	538,669.36	0.0488	2,857.72	20120301	0	0
	60	20120201	1	0	0	 	977,272.55	0.0475	5,112.14	20120301	0	0
	61	20120201	1	0	0	 	678,285.55	0.0475	3,547.20	20120301	0	0
	62	20120201	1	0	0	 	580,521.75	0.0450	2,964.11	20120301	0	0
	63	20120301	1	0	0	 	914,459.15	0.0450	4,641.24	20120301	0	0
	64	20120301	1	0	0	 	917,344.40	0.0475	4,791.33	20120301	0	0
	65	20120301	1	0	0	 	443,364.17	0.0488	2,349.21	20120301	0	0
	66	20120301	1	0	0	 	958,792.19	0.0475	5,007.81	20120301	0	0
	67	20120301	1	0	0	 	699,119.30	0.0475	3,651.53	20120301	0	0
	68	20120301	1	0	0	 	636,679.39	0.0463	3,277.64	20120301	0	0
	69	20120301	1	0	0	 	853,874.09	0.0450	4,332.16	20120301	0	0
	70	20120301	1	0	0	 	1,234,444.94	0.0475	6,447.56	20120301	0	0
	71	20120301	1	0	0	 	1,158,437.46	0.0438	5,791.71	20120301	0	0
	72	20120301	1	0	0	 	559,111.68	0.0488	2,962.51	20120301	0	0
	73	20120401	1	0	0	 	456,000.00	0.0475	2,378.71	20120301	0	0
	74	20120401	1	0	0	 	500,000.00	0.0463	2,570.70	20120301	0	0
	75	20120401	1	0	0	 	490,000.00	0.0475	2,556.07	20120301	0	0
	76	20120401	1	0	0	 	1,200,000.00	0.0438	5,991.42	20120301	0	0
	77	20120401	1	0	0	 	830,000.00	0.0475	4,329.67	20120301	0	0
	78	20120101	1	0	0	 	561,993.66	0.0438	2,832.45	20120301	0	0
	79	20111101	1	0	0	 	1,118,027.19	0.0488	5,953.59	20120301	0	0
	80	20111101	1	0	0	 	881,303.56	0.0488	4,693.02	20120301	0	0
	81	20111101	1	0	0	 	887,226.42	0.0475	4,684.39	20120301	0	0
	82	20111201	1	0	0	 	1,282,579.95	0.0463	6,632.40	20120301	0	0
	83	20111101	1	0	0	 	467,086.91	0.0488	2,487.28	20120301	0	0
	84	20111201	1	0	0	 	437,721.36	0.0463	2,262.21	20120301	0	0
	85	20120101	1	0	0	 	1,070,926.41	0.0475	5,607.71	20120301	0	0
	86	20111101	1	0	0	 	972,650.24	0.0463	5,033.43	20120301	0	0
	87	20111101	1	0	0	 	445,064.30	0.0513	2,439.30	20120301	0	0
	88	20111101	1	0	0	 	992,003.33	0.0463	5,141.14	20120301	0	0
	89	20111101	1	0	0	 	983,578.91	0.0463	5,089.98	20120301	0	0
	90	20111201	1	0	0	 	676,635.08	0.0488	3,598.62	20120301	0	0
	91	20111201	1	0	0	 	895,105.96	0.0463	4,627.26	20120301	0	0
	92	20111101	1	0	0	 	645,878.54	0.0475	3,390.71	20120301	0	0
	93	20111101	1	0	0	 	827,275.33	0.0450	4,219.68	20120301	0	0
	94	20111201	1	0	0	 	608,491.82	0.0538	3,422.82	20120301	0	0
	95	20111201	1	0	0	 	585,402.57	0.0463	3,025.45	20120301	0	0
	96	20111201	1	0	0	 	569,296.54	0.0513	3,114.47	20120301	0	0
	97	20111201	1	0	0	 	557,164.98	0.0475	2,921.23	20120301	0	0
	98	20111101	1	0	0	 	978,611.36	0.0463	5,064.27	20120301	0	0
	99	20111101	1	0	0	 	979,859.82	0.0488	5,234.13	20120301	0	0
	100	20111001	1	0	0	 	552,975.45	0.0525	3,074.95	20120301	0	0
	101	20120101	1	0	0	 	795,044.42	0.0488	4,223.08	20120301	0	0
	102	20111201	1	0	0	 	857,831.11	0.0500	4,627.40	20120301	0	0
	103	20120101	1	0	0	 	752,956.79	0.0475	3,948.87	20120301	0	0
	104	20111201	1	0	0	 	1,079,381.06	0.0463	5,578.41	20120301	0	0
	105	20111201	1	0	0	 	442,797.96	0.0488	2,354.98	20120301	0	0
	106	20111201	1	0	0	 	1,015,066.96	0.0500	5,475.58	20120301	0	0
	107	20111201	1	0	0	 	736,080.15	0.0450	3,749.47	20120301	0	0
	108	20120101	1	0	0	 	745,926.79	0.0488	3,962.18	20120301	0	0
	109	20120101	1	0	0	 	534,059.86	0.0500	2,877.36	20120301	0	0
	110	20120101	1	0	0	 	769,205.61	0.0500	4,144.26	20120301	0	0
	111	20111201	1	0	0	 	524,591.20	0.0488	2,789.99	20120301	0	0
	112	20120101	1	0	0	 	685,451.82	0.0488	3,640.95	20120301	0	0
	113	20120201	1	0	0	 	793,993.08	0.0475	4,152.31	20120301	0	0
	114	20120101	1	0	0	 	916,236.87	0.0450	4,669.11	20120301	0	0
	115	20120201	1	0	0	 	638,349.18	0.0463	3,290.49	20120301	0	0
	116	20111201	1	0	0	 	1,988,482.06	0.0475	10,425.64	20120301	0	0
	117	20120201	1	0	0	 	613,413.65	0.0463	3,161.96	20120301	0	0
	118	20120201	1	0	0	 	483,706.90	0.0475	2,529.99	20120301	0	0
	119	20120101	1	0	0	 	996,209.62	0.0475	5,216.47	20120301	0	0
	120	20120201	1	0	0	 	648,245.69	0.0438	3,245.35	20120301	0	0
	121	20120201	1	0	0	 	618,575.98	0.0438	3,096.81	20120301	0	0
	122	20120201	1	0	0	 	688,150.11	0.0488	3,650.74	20120301	0	0
	123	20120201	1	0	0	 	714,609.42	0.0450	3,630.40	20120301	0	0
	124	20120201	1	0	0	 	493,153.50	0.0475	2,579.02	20120301	0	0
	125	20120201	1	0	0	 	866,210.53	0.0475	4,529.99	20120301	0	0
	126	20120301	1	0	0	 	1,158,606.20	0.0500	6,227.13	20120301	0	0
	127	20120201	1	0	0	 	877,781.28	0.0475	4,590.50	20120301	0	0
	128	20111201	1	0	0	 	606,911.86	0.0475	3,182.05	20120301	0	0
	129	20120301	1	0	0	 	1,587,906.20	0.0450	8,056.30	20120301	0	0
	130	20120301	1	0	0	 	848,905.85	0.0463	4,370.19	20120301	0	0
	131	20120201	1	0	0	 	804,918.40	0.0463	4,149.11	20120301	0	0
	132	20120301	1	0	0	 	808,980.91	0.0475	4,225.34	20120301	0	0
	133	20120301	1	0	0	 	574,259.85	0.0463	2,956.30	20120301	0	0
	134	20120201	1	0	0	 	478,789.79	0.0475	2,503.91	20120301	0	0
	135	20120301	1	0	0	 	911,824.76	0.0463	4,694.09	20120301	0	0
	136	20120301	1	0	0	 	942,756.89	0.0450	4,783.11	20120301	0	0
	137	20120301	1	0	0	 	774,002.40	0.0463	3,984.58	20120301	0	0
	138	20120201	1	0	0	 	558,505.66	0.0463	2,878.92	20120301	0	0
	139	20120201	1	0	0	 	598,588.15	0.0513	3,266.92	20120301	0	0
	140	20120301	1	0	0	 	724,045.28	0.0450	3,673.47	20120301	0	0
	141	20120301	1	0	0	 	479,367.91	0.0450	2,432.09	20120301	0	0
	142	20120301	1	0	0	 	712,061.08	0.0450	3,612.67	20120301	0	0
	143	20120301	1	0	0	 	698,999.07	0.0463	3,598.46	20120301	0	0
	144	20120301	1	0	0	 	602,537.27	0.0438	3,012.44	20120301	0	0
	145	20120301	1	0	0	 	719,073.20	0.0463	3,701.80	20120301	0	0
	146	20111201	1	0	0	 	994,887.76	0.0475	5,216.21	20120301	0	0
	147	20111201	1	0	0	 	939,111.24	0.0463	4,853.48	20120301	0	0
	148	20120101	1	0	0	 	525,202.25	0.0475	2,750.12	20120301	0	0
	149	20120101	1	0	0	 	497,151.82	0.0488	2,640.75	20120301	0	0
	150	20120201	1	0	0	 	548,485.40	0.0438	2,746.07	20120301	0	0
	151	20120201	1	0	0	 	790,048.38	0.0488	4,191.33	20120301	0	0
	152	20120301	1	0	0	 	452,017.40	0.0463	2,327.00	20120301	0	0
	153	20120401	1	0	0	 	585,000.00	0.0425	2,877.85	20120301	0	0
	154	20120301	1	0	0	 	695,104.09	0.0463	3,578.41	20120301	0	0
	155	20120301	1	0	0	 	613,890.54	0.0450	3,114.59	20120301	0	0
	156	20120201	1	0	0	 	518,627.91	0.0450	2,634.76	20120301	0	0
	157	20120301	1	0	0	 	535,605.67	0.0500	2,878.71	20120301	0	0
	158	20120301	1	0	0	 	878,917.97	0.0488	4,657.03	20120301	0	0
	159	20120401	1	0	0	 	999,950.00	0.0463	5,141.14	20120301	0	0
	160	20120301	1	0	0	 	1,343,407.67	0.0475	7,016.68	20120301	0	0
	161	20120101	1	0	0	 	1,090,944.40	0.0488	5,794.83	20120301	0	0

 

	KEY	ARM Look-back
 Days	Gross Margin	ARM Round Flag	ARM Round Factor	Initial Fixed Rate
 Period	Initial Interest Rate
 Cap (Change Up)	Initial Interest Rate
 Cap (Change Down)	Subsequent Interest
 Rate Reset Period	Subsequent Interest
 Rate Cap (Change Down)	Subsequent Interest
 Rate Cap (Change
 Up)	Lifetime Maximum
 Rate (Ceiling)
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	KEY	Lifetime Minimum
 Rate (Floor)	Negative
 Amortization Limit	Initial Negative
 Amortization Recast
 Period	Subsequent
 Negative
 Amortization Recast
 Period	Initial Fixed
 Payment Period	Subsequent
 Payment Reset
 Period	Initial Periodic
 Payment Cap	Subsequent
 Periodic Payment
 Cap	Initial Minimum
 Payment Reset
 Period	Subsequent
 Minimum Payment
 Reset Period	Option ARM
 Indicator	Options at Recast
	1	 	 	 	 	 	 	 	 	 	 	 	 
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	KEY	Initial Minimum
 Payment	Current Minimum
 Payment	Prepayment Penalty
 Calculation	Prepayment Penalty
 Type	Prepayment Penalty
 Total Term	Prepayment Penalty
 Hard Term	Primary Borrower ID	Number of
 Mortgaged
 Properties	Total Number of
 Borrowers	Self-employment
 Flag	Current ‘Other’
 Monthly Payment
	1	 	 	 	 	0	 	152	1	 	0	 
	2	 	 	 	 	0	 	293	1	 	0	 
	3	 	 	 	 	0	 	143	1	 	0	 
	4	 	 	 	 	0	 	11	2	 	0	 
	5	 	 	 	 	0	 	248	2	 	1	 
	6	 	 	 	 	0	 	118	1	 	0	 
	7	 	 	 	 	0	 	146	2	 	1	 
	8	 	 	 	 	0	 	69	1	 	0	 
	9	 	 	 	 	0	 	264	1	 	1	 
	10	 	 	 	 	0	 	217	2	 	0	 
	11	 	 	 	 	0	 	220	1	 	1	 
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	14	 	 	 	 	0	 	116	1	 	0	 
	15	 	 	 	 	0	 	121	2	 	0	 
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	21	 	 	 	 	0	 	117	1	 	0	 
	22	 	 	 	 	0	 	155	2	 	1	 
	23	 	 	 	 	0	 	168	1	 	0	 
	24	 	 	 	 	0	 	223	1	 	0	 
	25	 	 	 	 	0	 	73	1	 	0	 
	26	 	 	 	 	0	 	156	3	 	1	 
	27	 	 	 	 	0	 	174	1	 	1	 
	28	 	 	 	 	0	 	211	4	 	1	 
	29	 	 	 	 	0	 	197	1	 	1	 
	30	 	 	 	 	0	 	283	1	 	1	 
	31	 	 	 	 	0	 	127	1	 	1	 
	32	 	 	 	 	0	 	256	2	 	0	 
	33	 	 	 	 	0	 	277	1	 	0	 
	34	 	 	 	 	0	 	270	1	 	0	 
	35	 	 	 	 	0	 	281	2	 	0	 
	36	 	 	 	 	0	 	192	1	 	0	 
	37	 	 	 	 	0	 	267	2	 	1	 
	38	 	 	 	 	0	 	260	1	 	1	 
	39	 	 	 	 	0	 	160	1	 	0	 
	40	 	 	 	 	0	 	36	1	 	1	 
	41	 	 	 	 	0	 	32	1	 	0	 
	42	 	 	 	 	0	 	37	1	 	0	 
	43	 	 	 	 	0	 	102	3	 	1	 
	44	 	 	 	 	0	 	313	2	 	0	 
	45	 	 	 	 	0	 	97	1	 	0	 
	46	 	 	 	 	0	 	253	1	 	0	 
	47	 	 	 	 	0	 	135	3	 	1	 
	48	 	 	 	 	0	 	26	1	 	0	 
	49	 	 	 	 	0	 	7	1	 	0	 
	50	 	 	 	 	0	 	81	1	 	0	 
	51	 	 	 	 	0	 	100	2	 	0	 
	52	 	 	 	 	0	 	178	1	 	1	 
	53	 	 	 	 	0	 	10	1	 	1	 
	54	 	 	 	 	0	 	56	3	 	0	 
	55	 	 	 	 	0	 	229	2	 	1	 
	56	 	 	 	 	0	 	239	2	 	1	 
	57	 	 	 	 	0	 	301	1	 	0	 
	58	 	 	 	 	0	 	231	3	 	0	 
	59	 	 	 	 	0	 	113	2	 	1	 
	60	 	 	 	 	0	 	23	3	 	1	 
	61	 	 	 	 	0	 	308	2	 	1	 
	62	 	 	 	 	0	 	98	3	 	0	 
	63	 	 	 	 	0	 	76	2	 	0	 
	64	 	 	 	 	0	 	138	1	 	0	 
	65	 	 	 	 	0	 	103	1	 	0	 
	66	 	 	 	 	0	 	101	1	 	0	 
	67	 	 	 	 	0	 	215	1	 	0	 
	68	 	 	 	 	0	 	94	1	 	0	 
	69	 	 	 	 	0	 	268	3	 	1	 
	70	 	 	 	 	0	 	290	1	 	1	 
	71	 	 	 	 	0	 	99	2	 	1	 
	72	 	 	 	 	0	 	244	1	 	0	 
	73	 	 	 	 	0	 	91	1	 	0	 
	74	 	 	 	 	0	 	31	4	 	1	 
	75	 	 	 	 	0	 	15	2	 	1	 
	76	 	 	 	 	0	 	266	3	 	1	 
	77	 	 	 	 	0	 	88	1	 	0	 
	78	 	 	 	 	0	 	106	1	 	0	 
	79	 	 	 	 	0	 	302	4	 	1	 
	80	 	 	 	 	0	 	85	2	 	1	 
	81	 	 	 	 	0	 	199	1	 	0	 
	82	 	 	 	 	0	 	310	1	 	0	 
	83	 	 	 	 	0	 	142	2	 	0	 
	84	 	 	 	 	0	 	202	1	 	0	 
	85	 	 	 	 	0	 	82	2	 	0	 
	86	 	 	 	 	0	 	279	1	 	0	 
	87	 	 	 	 	0	 	314	2	 	1	 
	88	 	 	 	 	0	 	175	1	 	0	 
	89	 	 	 	 	0	 	59	2	 	1	 
	90	 	 	 	 	0	 	87	1	 	0	 
	91	 	 	 	 	0	 	289	1	 	0	 
	92	 	 	 	 	0	 	193	2	 	1	 
	93	 	 	 	 	0	 	182	2	 	1	 
	94	 	 	 	 	0	 	148	3	 	1	 
	95	 	 	 	 	0	 	204	2	 	0	 
	96	 	 	 	 	0	 	28	1	 	1	 
	97	 	 	 	 	0	 	165	2	 	0	 
	98	 	 	 	 	0	 	95	1	 	1	 
	99	 	 	 	 	0	 	61	2	 	1	 
	100	 	 	 	 	0	 	65	1	 	0	 
	101	 	 	 	 	0	 	29	1	 	0	 
	102	 	 	 	 	0	 	185	3	 	1	 
	103	 	 	 	 	0	 	38	1	 	1	 
	104	 	 	 	 	0	 	159	1	 	0	 
	105	 	 	 	 	0	 	257	1	 	0	 
	106	 	 	 	 	0	 	206	1	 	0	 
	107	 	 	 	 	0	 	12	1	 	1	 
	108	 	 	 	 	0	 	216	3	 	0	 
	109	 	 	 	 	0	 	191	1	 	0	 
	110	 	 	 	 	0	 	189	2	 	1	 
	111	 	 	 	 	0	 	171	2	 	1	 
	112	 	 	 	 	0	 	177	1	 	1	 
	113	 	 	 	 	0	 	162	2	 	0	 
	114	 	 	 	 	0	 	172	1	 	0	 
	115	 	 	 	 	0	 	173	1	 	0	 
	116	 	 	 	 	0	 	141	2	 	0	 
	117	 	 	 	 	0	 	5	1	 	0	 
	118	 	 	 	 	0	 	108	2	 	1	 
	119	 	 	 	 	0	 	327	1	 	0	 
	120	 	 	 	 	0	 	145	1	 	1	 
	121	 	 	 	 	0	 	183	1	 	0	 
	122	 	 	 	 	0	 	180	2	 	0	 
	123	 	 	 	 	0	 	243	1	 	1	 
	124	 	 	 	 	0	 	125	1	 	1	 
	125	 	 	 	 	0	 	359	1	 	1	 
	126	 	 	 	 	0	 	195	2	 	1	 
	127	 	 	 	 	0	 	188	2	 	0	 
	128	 	 	 	 	0	 	22	2	 	0	 
	129	 	 	 	 	0	 	230	4	 	1	 
	130	 	 	 	 	0	 	196	1	 	1	 
	131	 	 	 	 	0	 	186	1	 	1	 
	132	 	 	 	 	0	 	84	1	 	0	 
	133	 	 	 	 	0	 	83	1	 	0	 
	134	 	 	 	 	0	 	144	2	 	0	 
	135	 	 	 	 	0	 	124	2	 	1	 
	136	 	 	 	 	0	 	14	1	 	1	 
	137	 	 	 	 	0	 	30	1	 	1	 
	138	 	 	 	 	0	 	45	2	 	0	 
	139	 	 	 	 	0	 	323	2	 	1	 
	140	 	 	 	 	0	 	93	2	 	1	 
	141	 	 	 	 	0	 	184	1	 	0	 
	142	 	 	 	 	0	 	49	1	 	0	 
	143	 	 	 	 	0	 	286	2	 	0	 
	144	 	 	 	 	0	 	208	1	 	0	 
	145	 	 	 	 	0	 	119	4	 	0	 
	146	 	 	 	 	0	 	228	1	 	1	 
	147	 	 	 	 	0	 	272	1	 	0	 
	148	 	 	 	 	0	 	176	1	 	1	 
	149	 	 	 	 	0	 	241	2	 	0	 
	150	 	 	 	 	0	 	79	2	 	0	 
	151	 	 	 	 	0	 	9	2	 	0	 
	152	 	 	 	 	0	 	236	2	 	0	 
	153	 	 	 	 	0	 	179	1	 	0	 
	154	 	 	 	 	0	 	210	2	 	1	 
	155	 	 	 	 	0	 	161	1	 	0	 
	156	 	 	 	 	0	 	92	1	 	0	 
	157	 	 	 	 	0	 	20	2	 	0	 
	158	 	 	 	 	0	 	42	1	 	1	 
	159	 	 	 	 	0	 	77	2	 	1	 
	160	 	 	 	 	0	 	200	3	 	1	 
	161	 	 	 	 	0	 	111	1	 	0	 

 

	KEY	Length of
 Employment:
 Borrower	Length of
 Employment: Co-
 Borrower	Years in Home	FICO Model Used	Most Recent FICO
 Date	Primary Wage
 Earner Original
 FICO: Equifax	Primary Wage
 Earner Original
 FICO: Experian	Primary Wage
 Earner Original
 FICO: TransUnion	Secondary Wage
 Earner Original
 FICO: Equifax	Secondary Wage
 Earner Original
 FICO: Experian	Secondary Wage
 Earner Original
 FICO: TransUnion	Original
 Primary Borrower
 FICO
	1	0.00	 	14.00	1	 	 	 	 	 	 	 	786
	2	5.00	0.00	1.00	1	 	 	 	 	 	 	 	745
	3	21.00	 	13.00	1	 	 	 	 	 	 	 	777
	4	10.00	15.00	10.00	1	 	 	 	 	 	 	 	722
	5	5.00	3.00	1.00	1	 	 	 	 	 	 	 	800
	6	18.67	18.00	7.00	1	 	 	 	 	 	 	 	792
	7	13.10	 	15.40	1	 	 	 	 	 	 	 	787
	8	0.30	 	0.00	1	 	 	 	 	 	 	 	762
	9	15.00	 	0.01	1	 	 	 	 	 	 	 	768
	10	3.30	4.00	0.00	1	 	 	 	 	 	 	 	782
	11	27.00	 	43.00	1	 	 	 	 	 	 	 	783
	12	6.90	6.80	0.00	1	 	 	 	 	 	 	 	776
	13	1.00	 	12.00	1	 	 	 	 	 	 	 	749
	14	6.00	 	0.00	1	 	 	 	 	 	 	 	777
	15	9.00	4.00	0.00	1	 	 	 	 	 	 	 	710
	16	14.00	21.00	23.00	1	 	 	 	 	 	 	 	767
	17	17.00	18.00	4.00	1	 	 	 	 	 	 	 	760
	18	0.50	0.00	6.00	1	 	 	 	 	 	 	 	703
	19	6.00	 	15.00	1	 	 	 	 	 	 	 	800
	20	8.00	0.00	1.00	1	 	 	 	 	 	 	 	778
	21	4.00	 	0.50	1	 	 	 	 	 	 	 	785
	22	9.00	 	12.00	1	 	 	 	 	 	 	 	751
	23	9.00	10.00	4.00	1	 	 	 	 	 	 	 	773
	24	15.00	18.00	7.00	1	 	 	 	 	 	 	 	807
	25	2.00	 	0.00	1	 	 	 	 	 	 	 	810
	26	6.00	 	0.00	1	 	 	 	 	 	 	 	797
	27	14.00	 	0.00	1	 	 	 	 	 	 	 	798
	28	20.00	 	16.00	1	 	 	 	 	 	 	 	774
	29	9.00	0.00	2.00	1	 	 	 	 	 	 	 	745
	30	18.00	0.00	11.00	1	 	 	 	 	 	 	 	750
	31	3.00	0.00	6.00	1	 	 	 	 	 	 	 	771
	32	7.60	 	5.30	1	 	 	 	 	 	 	 	794
	33	29.80	 	4.00	1	 	 	 	 	 	 	 	798
	34	3.00	 	14.00	1	 	 	 	 	 	 	 	791
	35	0.83	 	3.00	1	 	 	 	 	 	 	 	776
	36	12.00	 	4.00	1	 	 	 	 	 	 	 	748
	37	2.40	 	0.00	1	 	 	 	 	 	 	 	759
	38	5.92	 	3.00	1	 	 	 	 	 	 	 	795
	39	0.00	 	0.00	1	20120227	 	 	 	 	 	 	758
	40	12.00	 	2.00	1	 	 	 	 	 	 	 	748
	41	13.00	 	10.00	1	 	 	 	 	 	 	 	737
	42	7.00	 	0.50	1	 	 	 	 	 	 	 	766
	43	4.00	 	0.00	1	 	 	 	 	 	 	 	768
	44	6.00	 	0.00	1	 	 	 	 	 	 	 	768
	45	14.00	 	8.00	1	 	 	 	 	 	 	 	756
	46	0.00	 	1.00	1	 	 	 	 	 	 	 	807
	47	37.00	 	8.00	1	 	 	 	 	 	 	 	723
	48	0.00	 	9.00	1	 	 	 	 	 	 	 	801
	49	9.00	9.00	3.00	1	 	 	 	 	 	 	 	792
	50	3.00	29.00	10.00	1	 	 	 	 	 	 	 	782
	51	3.00	 	4.00	1	 	 	 	 	 	 	 	757
	52	7.00	 	4.00	1	 	 	 	 	 	 	 	794
	53	16.00	 	16.00	1	 	 	 	 	 	 	 	773
	54	1.00	 	0.00	1	 	 	 	 	 	 	 	754
	55	24.00	 	0.00	1	 	 	 	 	 	 	 	749
	56	10.00	 	0.00	1	 	 	 	 	 	 	 	751
	57	0.00	 	5.00	1	 	 	 	 	 	 	 	801
	58	20.00	20.00	0.66	1	 	 	 	 	 	 	 	772
	59	7.00	 	0.00	1	 	 	 	 	 	 	 	778
	60	16.00	3.00	6.00	1	 	 	 	 	 	 	 	756
	61	1.00	 	0.00	1	 	 	 	 	 	 	 	776
	62	17.00	17.00	3.00	1	 	 	 	 	 	 	 	781
	63	4.00	5.00	3.00	1	 	 	 	 	 	 	 	759
	64	6.00	0.00	4.00	1	 	 	 	 	 	 	 	757
	65	11.00	 	0.00	1	 	 	 	 	 	 	 	769
	66	3.00	0.00	3.00	1	 	 	 	 	 	 	 	777
	67	0.00	 	35.00	1	 	 	 	 	 	 	 	718
	68	10.00	15.00	0.00	1	 	 	 	 	 	 	 	812
	69	16.00	0.00	12.00	1	 	 	 	 	 	 	 	771
	70	20.00	0.00	0.00	1	 	 	 	 	 	 	 	762
	71	10.00	0.00	2.00	1	 	 	 	 	 	 	 	784
	72	20.00	0.00	10.00	1	 	 	 	 	 	 	 	780
	73	20.00	 	2.00	1	 	 	 	 	 	 	 	702
	74	32.00	 	26.00	1	 	 	 	 	 	 	 	703
	75	9.00	 	0.00	1	 	 	 	 	 	 	 	728
	76	17.00	0.00	1.00	1	 	 	 	 	 	 	 	771
	77	1.00	0.00	3.00	1	 	 	 	 	 	 	 	765
	78	31.30	 	0.00	1	 	 	 	 	 	 	 	790
	79	9.92	12.00	0.00	1	20120227	 	 	 	 	 	 	759
	80	1.83	4.00	2.50	1	20120227	 	 	 	 	 	 	695
	81	2.00	 	2.50	1	20120227	 	 	 	 	 	 	768
	82	7.10	 	14.00	1	 	 	 	 	 	 	 	791
	83	4.00	 	0.00	1	20120227	 	 	 	 	 	 	792
	84	37.80	 	9.00	1	 	 	 	 	 	 	 	783
	85	3.00	3.00	3.25	1	 	 	 	 	 	 	 	797
	86	22.00	 	17.00	1	20120227	 	 	 	 	 	 	704
	87	5.00	10.00	0.00	1	20120227	 	 	 	 	 	 	784
	88	12.00	 	1.50	1	20120227	 	 	 	 	 	 	780
	89	2.50	 	1.00	1	20120227	 	 	 	 	 	 	778
	90	14.00	3.00	10.00	1	 	 	 	 	 	 	 	762
	91	1.70	 	2.00	1	 	 	 	 	 	 	 	756
	92	10.00	 	0.00	1	20120227	 	 	 	 	 	 	774
	93	31.00	 	0.00	1	20120227	 	 	 	 	 	 	793
	94	12.00	 	0.00	1	 	 	 	 	 	 	 	722
	95	1.30	5.00	0.00	1	 	 	 	 	 	 	 	762
	96	12.00	 	11.00	1	 	 	 	 	 	 	 	792
	97	11.00	 	0.00	1	 	 	 	 	 	 	 	772
	98	18.00	 	2.00	1	20120227	 	 	 	 	 	 	805
	99	12.00	7.00	2.50	1	20120227	 	 	 	 	 	 	728
	100	0.20	 	0.00	1	20120227	 	 	 	 	 	 	773
	101	1.50	1.00	0.00	1	 	 	 	 	 	 	 	772
	102	6.00	9.00	1.08	1	 	 	 	 	 	 	 	736
	103	0.67	 	0.33	1	 	 	 	 	 	 	 	721
	104	18.00	 	10.00	1	 	 	 	 	 	 	 	706
	105	4.10	 	13.00	1	 	 	 	 	 	 	 	788
	106	4.17	 	0.00	1	 	 	 	 	 	 	 	791
	107	35.00	 	6.00	1	20120227	 	 	 	 	 	 	737
	108	2.90	 	0.00	1	 	 	 	 	 	 	 	783
	109	13.00	 	0.00	1	 	 	 	 	 	 	 	775
	110	21.00	10.00	0.00	1	 	 	 	 	 	 	 	801
	111	11.00	2.00	0.00	1	 	 	 	 	 	 	 	779
	112	15.00	 	14.00	1	 	 	 	 	 	 	 	763
	113	4.00	 	0.00	1	 	 	 	 	 	 	 	801
	114	3.75	 	0.75	1	 	 	 	 	 	 	 	779
	115	2.50	 	6.50	1	 	 	 	 	 	 	 	779
	116	8.00	 	1.00	1	 	 	 	 	 	 	 	770
	117	9.00	5.00	5.00	1	 	 	 	 	 	 	 	795
	118	31.00	11.00	7.00	1	 	 	 	 	 	 	 	797
	119	2.00	 	0.17	1	 	 	 	 	 	 	 	771
	120	21.00	 	19.00	1	 	 	 	 	 	 	 	774
	121	7.00	 	0.67	1	 	 	 	 	 	 	 	760
	122	12.90	 	0.00	1	 	 	 	 	 	 	 	780
	123	22.00	22.00	16.00	1	 	 	 	 	 	 	 	754
	124	11.60	12.00	2.00	1	 	 	 	 	 	 	 	771
	125	20.00	 	12.00	1	 	 	 	 	 	 	 	793
	126	25.00	 	3.00	1	 	 	 	 	 	 	 	775
	127	15.00	 	11.00	1	 	 	 	 	 	 	 	783
	128	10.00	 	0.00	1	 	 	 	 	 	 	 	753
	129	29.00	0.00	0.00	1	 	 	 	 	 	 	 	766
	130	7.00	7.00	3.00	1	 	 	 	 	 	 	 	723
	131	20.00	2.00	10.00	1	 	 	 	 	 	 	 	765
	132	8.00	0.00	11.00	1	 	 	 	 	 	 	 	706
	133	1.00	1.00	11.00	1	 	 	 	 	 	 	 	745
	134	4.00	 	0.00	1	 	 	 	 	 	 	 	790
	135	25.00	25.00	19.00	1	 	 	 	 	 	 	 	769
	136	30.00	30.00	24.00	1	 	 	 	 	 	 	 	767
	137	24.00	24.00	0.00	1	 	 	 	 	 	 	 	787
	138	11.00	0.00	0.00	1	 	 	 	 	 	 	 	780
	139	9.00	7.00	0.00	1	 	 	 	 	 	 	 	809
	140	16.00	0.00	0.00	1	 	 	 	 	 	 	 	748
	141	0.00	28.00	2.00	1	 	 	 	 	 	 	 	786
	142	0.00	0.00	15.00	1	 	 	 	 	 	 	 	771
	143	16.00	 	0.00	1	 	 	 	 	 	 	 	764
	144	3.00	4.00	7.00	1	 	 	 	 	 	 	 	813
	145	0.00	0.00	5.00	1	 	 	 	 	 	 	 	792
	146	7.00	 	4.60	1	 	 	 	 	 	 	 	782
	147	3.10	0.00	3.00	1	 	 	 	 	 	 	 	772
	148	4.00	2.00	4.67	1	 	 	 	 	 	 	 	766
	149	0.00	0.00	22.00	1	 	 	 	 	 	 	 	797
	150	0.30	0.00	0.00	1	 	 	 	 	 	 	 	752
	151	6.50	7.00	0.00	1	 	 	 	 	 	 	 	792
	152	2.00	 	3.00	1	 	 	 	 	 	 	 	814
	153	7.00	0.00	4.00	1	 	 	 	 	 	 	 	773
	154	7.00	15.00	5.00	1	 	 	 	 	 	 	 	779
	155	6.00	 	6.00	1	 	 	 	 	 	 	 	801
	156	8.00	 	0.00	1	 	 	 	 	 	 	 	796
	157	3.00	0.00	0.00	1	 	 	 	 	 	 	 	788
	158	8.00	0.00	0.25	1	 	 	 	 	 	 	 	769
	159	7.00	0.00	2.00	1	 	 	 	 	 	 	 	770
	160	25.00	10.00	7.00	1	 	 	 	 	 	 	 	734
	161	9.00	2.59	3.00	1	 	 	 	 	 	 	 	746

 

	KEY	Most Recent
 Primary Borrower
 FICO	Most Recent Co-
 Borrower FICO	Most Recent FICO
 Method	VantageScore:
 Primary Borrower	VantageScore: Co-
 Borrower	Most Recent
 VantageScore
 Method	VantageScore Date	Credit Report:
 Longest Trade Line	Credit Report:
 Maximum Trade
 Line	Credit Report:
 Number of Trade
 Lines	Credit Line Usage
 Ratio
	1	 	 	 	 	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 	 	 	 	 
	6	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	 	 	 	 	 	 	 	 
	8	 	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	 	 	 	 	 	 	 	 
	11	 	 	 	 	 	 	 	 	 	 	 
	12	 	 	 	 	 	 	 	 	 	 	 
	13	 	 	 	 	 	 	 	 	 	 	 
	14	 	 	 	 	 	 	 	 	 	 	 
	15	 	 	 	 	 	 	 	 	 	 	 
	16	 	 	 	 	 	 	 	 	 	 	 
	17	 	 	 	 	 	 	 	 	 	 	 
	18	 	 	 	 	 	 	 	 	 	 	 
	19	 	 	 	 	 	 	 	 	 	 	 
	20	 	 	 	 	 	 	 	 	 	 	 
	21	 	 	 	 	 	 	 	 	 	 	 
	22	 	 	 	 	 	 	 	 	 	 	 
	23	 	 	 	 	 	 	 	 	 	 	 
	24	 	 	 	 	 	 	 	 	 	 	 
	25	 	 	 	 	 	 	 	 	 	 	 
	26	 	 	 	 	 	 	 	 	 	 	 
	27	 	 	 	 	 	 	 	 	 	 	 
	28	 	 	 	 	 	 	 	 	 	 	 
	29	 	 	 	 	 	 	 	 	 	 	 
	30	 	 	 	 	 	 	 	 	 	 	 
	31	 	 	 	 	 	 	 	 	 	 	 
	32	 	 	 	 	 	 	 	 	 	 	 
	33	 	 	 	 	 	 	 	 	 	 	 
	34	 	 	 	 	 	 	 	 	 	 	 
	35	 	 	 	 	 	 	 	 	 	 	 
	36	 	 	 	 	 	 	 	 	 	 	 
	37	 	 	 	 	 	 	 	 	 	 	 
	38	 	 	 	 	 	 	 	 	 	 	 
	39	763	 	 	 	 	 	 	 	 	 	 
	40	 	 	 	 	 	 	 	 	 	 	 
	41	 	 	 	 	 	 	 	 	 	 	 
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	KEY	Most Recent 12-
 month Pay History	Months Bankruptcy	Months Foreclosure	Primary Borrower
 Wage Income	Co-Borrower Wage
 Income	Primary Borrower
 Other Income	Co-Borrower Other
 Income	All Borrower Wage
 Income	All Borrower Total
 Income
	1	000000000000	 	 	2,259.80	957.00	17,418.93	0.00	3,216.80	20,635.73
	2	000000000000	 	 	20,433.87	0.00	-1,432.93	0.00	20,433.87	19,000.94
	3	000000000000	 	 	17,774.62	 	0.00	 	17,774.62	17,774.62
	4	000000000000	 	 	9,033.19	4,051.66	4,218.16	0.00	13,084.85	17,303.01
	5	000000000000	 	 	25,669.00	8,025.00	-1,161.00	0.00	33,694.00	32,533.00
	6	000000000000	 	 	0.00	14,043.67	0.00	3,293.67	14,043.67	17,337.34
	7	000000000000	 	 	40,368.50	 	0.00	 	40,368.50	40,368.50
	8	000000000000	 	 	20,000.00	0.00	0.00	-178.00	20,000.00	19,822.04
	9	000000000000	 	 	31,438.46	0.00	3,616.00	0.00	31,438.46	35,054.46
	10	000000000000	 	 	15,000.00	6,500.00	0.00	0.00	21,500.00	21,500.00
	11	000000000000	 	 	15,082.00	0.00	3,024.17	1,151.08	15,082.00	19,257.25
	12	000000000000	 	 	34,488.00	-471.00	5,722.00	0.00	34,017.00	39,739.00
	13	000000000000	 	 	13,333.34	3,968.00	0.00	0.00	17,301.34	17,301.01
	14	000000000000	 	 	22,083.34	0.00	5,918.95	0.00	22,083.34	28,002.29
	15	000000000000	 	 	8,756.00	9,358.33	108.33	1,475.38	18,114.33	19,698.04
	16	000000000000	 	 	12,072.92	8,333.33	0.00	0.00	20,406.25	20,406.25
	17	000000000000	 	 	14,737.19	12,916.67	0.00	0.00	27,653.86	27,653.86
	18	000000000000	 	 	13,749.99	0.00	0.00	0.00	13,749.99	13,749.99
	19	000000000000	 	 	20,950.00	 	-1,149.25	 	20,950.00	19,800.75
	20	000000000000	 	 	10,583.34	0.00	16,514.74	0.00	10,583.34	27,098.08
	21	000000000000	 	 	31,041.67	0.00	0.00	0.00	31,041.67	31,041.67
	22	000000000000	 	 	80,047.96	0.00	0.00	0.00	80,047.96	80,047.96
	23	000000000000	 	 	15,130.96	-3,908.75	-1,056.29	0.00	11,222.21	10,165.92
	24	000000000000	 	 	3,201.25	0.00	5,488.54	0.00	3,201.25	8,689.79
	25	000000000000	 	 	18,750.00	 	0.00	 	18,750.00	18,750.00
	26	000000000000	 	 	13,344.49	 	456.00	 	13,344.49	13,800.49
	27	000000000000	 	 	19,048.00	 	119,187.00	 	19,048.00	138,235.00
	28	000000000000	 	 	48,879.00	 	-9,204.00	 	48,879.00	39,675.00
	29	000000000000	 	 	16,666.66	0.00	32,125.00	0.00	16,666.66	48,791.66
	30	000000000000	 	 	26,830.00	0.00	0.00	0.00	26,830.00	26,830.00
	31	000000000000	 	 	23,177.00	0.00	12,174.42	0.00	23,177.00	35,351.42
	32	000000000000	 	 	18,454.15	 	-477.33	 	18,454.15	17,976.82
	33	000000000000	 	 	25,908.34	0.00	0.00	0.00	25,908.34	25,908.34
	34	000000000000	 	 	37,429.05	0.00	0.00	0.00	37,429.05	37,429.05
	35	000000000000	 	 	25,000.02	0.00	0.00	0.00	25,000.02	25,000.02
	36	000000000000	 	 	19,750.00	0.00	0.00	0.00	19,750.00	19,750.00
	37	000000000000	 	 	20,826.17	 	1,146.77	 	20,826.17	21,972.94
	38	000000000000	 	 	22,278.17	 	0.00	 	22,278.17	22,278.17
	39	000000000000	 	 	14,923.00	0.00	0.00	0.00	14,923.00	14,923.00
	40	000000000000	 	 	157,825.08	0.00	0.00	0.00	157,825.08	157,825.08
	41	000000000000	 	 	18,692.30	 	0.00	 	18,692.30	18,692.30
	42	000000000000	 	 	20,416.33	 	0.00	 	20,416.33	20,416.33
	43	000000000000	 	 	8,204.75	0.00	24,790.25	0.00	8,204.75	32,995.00
	44	000000000000	 	 	20,264.70	 	9,515.74	 	20,264.70	29,780.44
	45	000000000000	 	 	27,468.90	 	3,131.25	 	27,468.90	30,600.15
	46	000000000000	 	 	7,234.00	5,342.00	618.00	0.00	12,576.00	13,194.00
	47	000000000000	 	 	42,833.00	0.00	614.00	0.00	42,833.00	43,447.00
	48	000000000000	 	 	11,253.00	 	6,303.00	 	11,253.00	17,556.00
	49	000000000000	 	 	9,666.66	23,124.00	0.00	0.00	32,790.66	32,790.66
	50	000000000000	 	 	9,281.40	10,616.93	0.00	0.00	19,898.33	19,898.33
	51	000000000000	 	 	8,813.87	0.00	644.45	0.00	8,813.87	9,458.32
	52	000000000000	 	 	49,301.00	0.00	0.00	0.00	49,301.00	49,301.00
	53	000000000000	 	 	33,678.00	0.00	-1,386.97	0.00	33,678.00	32,291.03
	54	000000000000	 	 	47,208.33	 	-4,155.79	 	47,208.33	43,052.54
	55	000000000000	 	 	83,944.00	 	-9,222.00	 	83,944.00	74,722.00
	56	000000000000	 	 	15,335.00	0.00	0.00	0.00	15,335.00	15,335.00
	57	000000000000	 	 	10,247.00	0.00	2,623.00	0.00	10,247.00	12,870.00
	58	000000000000	 	 	8,663.30	10,207.60	-2,509.00	0.00	18,870.90	16,361.90
	59	000000000000	 	 	19,754.89	 	-2,455.68	 	19,754.89	17,299.21
	60	000000000000	 	 	17,217.00	2,500.00	-2,375.23	0.00	19,717.00	17,341.77
	61	000000000000	 	 	19,166.67	0.00	0.00	0.00	19,166.67	19,166.67
	62	000000000000	 	 	4,851.00	5,401.38	-295.00	0.00	10,252.38	9,957.38
	63	000000000000	 	 	14,961.00	15,582.00	-1,235.00	0.00	30,543.00	29,308.00
	64	000000000000	 	 	5,364.67	0.00	27,428.90	0.00	5,364.67	32,793.57
	65	000000000000	 	 	11,499.31	 	0.00	 	11,499.31	11,499.31
	66	000000000000	 	 	41,350.00	0.00	0.00	0.00	41,350.00	41,350.00
	67	000000000000	 	 	10,729.67	 	0.00	 	10,729.67	10,729.67
	68	000000000000	 	 	0.00	1,230.83	12,819.98	0.00	1,230.83	14,050.81
	69	000000000000	 	 	20,683.81	0.00	0.00	0.00	20,683.81	20,683.81
	70	000000000000	 	 	35,332.44	0.00	0.00	0.00	35,332.44	35,332.44
	71	000000000000	 	 	33,650.00	0.00	3,418.00	0.00	33,650.00	37,068.00
	72	000000000000	 	 	12,691.31	0.00	0.00	0.00	12,691.31	12,691.31
	73	000000000000	 	 	8,161.33	 	0.00	 	8,161.33	8,161.33
	74	000000000000	 	 	16,740.00	 	1,699.00	 	16,740.00	18,439.00
	75	000000000000	 	 	26,038.93	 	0.00	 	26,038.93	26,038.93
	76	000000000000	 	 	123,062.77	0.00	-5,362.00	0.00	123,062.77	117,700.77
	77	000000000000	 	 	16,666.66	0.00	0.00	0.00	16,666.66	16,666.66
	78	000000000000	 	 	21,333.33	0.00	0.00	0.00	21,333.33	21,333.33
	79	000000000000	 	 	38,912.00	4,333.00	-788.00	973.00	43,245.00	43,430.75
	80	000000000000	 	 	23,493.00	16,675.00	2,608.00	0.00	40,168.00	42,776.00
	81	000000000000	 	 	29,083.34	 	0.00	 	29,083.34	29,083.34
	82	000000000000	 	 	20,356.12	0.00	7,006.29	0.00	20,356.12	27,362.41
	83	000000000000	 	 	13,025.00	0.00	0.00	0.00	13,025.00	13,025.00
	84	000000000000	 	 	18,400.81	0.00	0.00	0.00	18,400.81	18,400.81
	85	000000000000	 	 	23,192.34	31,550.00	0.00	-241.00	54,742.34	54,501.09
	86	000000000000	 	 	19,166.68	0.00	-1,306.33	0.00	19,166.68	17,860.35
	87	000000000000	 	 	17,657.00	11,407.00	0.00	0.00	29,064.00	29,064.00
	88	000000000000	 	 	12,859.40	0.00	83,195.71	0.00	12,859.40	96,055.11
	89	000000000000	 	 	36,863.00	 	359.00	 	36,863.00	37,222.00
	90	000000000000	 	 	14,600.00	12,833.00	0.00	0.00	27,433.00	27,433.00
	91	000000000000	 	 	49,334.13	 	0.00	 	49,334.13	49,334.13
	92	000000000000	 	 	104,862.00	 	0.00	 	104,862.00	104,862.00
	93	000000000000	 	 	36,791.00	 	13,916.34	 	36,791.00	50,707.34
	94	000000000000	 	 	43,548.46	 	0.00	 	43,548.46	43,548.46
	95	000000000000	 	 	6,000.00	12,750.00	16.83	-292.00	18,750.00	18,475.26
	96	000000000000	 	 	6,125.00	 	9,712.00	 	6,125.00	15,837.00
	97	000000000000	 	 	18,333.34	0.00	15,591.30	-453.00	18,333.34	33,471.64
	98	000000000000	 	 	0.00	 	59,182.00	 	0.00	59,182.00
	99	000000000000	 	 	35,000.00	10,000.00	0.00	0.00	45,000.00	45,000.00
	100	000000000000	 	 	11,666.67	0.00	0.00	0.00	11,666.67	11,666.67
	101	000000000000	 	 	29,054.91	7,500.00	-1,399.38	0.00	36,554.91	35,155.53
	102	000000000000	 	 	57,141.00	5,661.00	0.00	0.00	62,802.00	62,802.00
	103	000000000000	 	 	12,916.66	 	0.00	 	12,916.66	12,916.66
	104	000000000000	 	 	26,084.63	 	0.00	 	26,084.63	26,084.63
	105	000000000000	 	 	17,614.13	 	0.00	 	17,614.13	17,614.13
	106	000000000000	 	 	15,416.67	 	1,474.58	 	15,416.67	16,891.25
	107	000000000000	 	 	12,408.34	0.00	4,684.29	0.00	12,408.34	17,092.63
	108	000000000000	 	 	10,499.99	 	19,807.49	 	10,499.99	30,307.48
	109	000000000000	 	 	17,333.34	 	15,595.63	 	17,333.34	32,928.97
	110	000000000000	 	 	18,297.00	6,240.00	-146.00	-28.00	24,537.00	24,363.25
	111	000000000000	 	 	16,665.00	10,000.00	0.00	-443.00	26,665.00	26,222.21
	112	000000000000	 	 	14,924.57	 	2,327.00	 	14,924.57	17,251.57
	113	000000000000	 	 	26,000.00	 	0.00	 	26,000.00	26,000.00
	114	000000000000	 	 	18,750.00	 	1,666.67	 	18,750.00	20,416.67
	115	000000000000	 	 	21,326.52	0.00	-6.50	0.00	21,326.52	21,320.02
	116	000000000000	 	 	25,604.00	 	35,148.00	 	25,604.00	60,752.00
	117	000000000000	 	 	0.00	16,022.50	8,722.96	0.00	16,022.50	24,745.46
	118	000000000000	 	 	0.00	0.00	8,367.00	3,302.00	0.00	11,669.00
	119	000000000000	 	 	0.00	0.00	-550.50	46,931.33	0.00	46,380.83
	120	000000000000	 	 	3,412.00	 	7,086.00	 	3,412.00	10,498.00
	121	000000000000	 	 	0.00	 	32,552.00	 	0.00	32,552.00
	122	000000000000	 	 	14,397.17	0.00	5,364.35	0.00	14,397.17	19,761.52
	123	000000000000	 	 	12,135.04	4,164.36	0.00	0.00	16,299.40	16,299.40
	124	000000000000	 	 	11,574.00	2,484.00	2,484.00	0.00	14,058.00	16,542.00
	125	000000000000	 	 	17,014.00	 	0.00	 	17,014.00	17,014.00
	126	000000000000	 	 	35,166.00	 	-700.00	 	35,166.00	34,466.00
	127	000000000000	 	 	14,916.67	 	4,419.81	 	14,916.67	19,336.48
	128	000000000000	 	 	22,112.28	 	0.00	 	22,112.28	22,112.28
	129	000000000000	 	 	73,646.21	0.00	16,788.00	0.00	73,646.21	90,434.21
	130	000000000000	 	 	12,659.56	12,723.68	-645.35	0.00	25,383.24	24,737.89
	131	000000000000	 	 	14,831.00	648.00	0.00	0.00	15,479.00	15,479.00
	132	000000000000	 	 	18,750.00	0.00	0.00	0.00	18,750.00	18,750.00
	133	000000000000	 	 	16,293.41	5,416.66	0.00	0.00	21,710.07	21,710.07
	134	000000000000	 	 	10,877.75	 	16,255.65	 	10,877.75	27,133.40
	135	000000000000	 	 	17,698.00	10,189.00	-2,661.00	1,143.00	27,887.00	26,369.00
	136	000000000000	 	 	5,583.67	5,583.67	4,233.00	0.00	11,167.34	15,400.34
	137	000000000000	 	 	10,208.69	9,130.43	0.00	0.00	19,339.12	19,339.12
	138	000000000000	 	 	33,800.00	0.00	-3,107.07	0.00	33,800.00	30,692.93
	139	000000000000	 	 	6,642.50	0.00	-1,568.00	14,077.00	6,642.50	19,151.50
	140	000000000000	 	 	44,173.14	0.00	0.00	0.00	44,173.14	44,173.14
	141	000000000000	 	 	5,045.46	22,416.00	-3,476.09	0.00	27,461.46	23,985.37
	142	000000000000	 	 	6,802.24	0.00	6,707.83	0.00	6,802.24	13,510.07
	143	000000000000	 	 	16,878.73	2,740.96	0.00	0.00	19,619.69	19,619.69
	144	000000000000	 	 	0.00	0.00	6,209.08	7,103.12	0.00	13,312.20
	145	000000000000	 	 	0.00	0.00	15,764.14	0.00	0.00	15,764.14
	146	000000000000	 	 	14,396.00	 	0.00	 	14,396.00	14,396.00
	147	000000000000	 	 	24,583.33	0.00	-462.67	0.00	24,583.33	24,120.66
	148	000000000000	 	 	34,483.25	-57.33	-134.35	0.00	34,425.92	34,291.57
	149	000000000000	 	 	0.00	0.00	6,138.80	1,334.38	0.00	7,473.18
	150	000000000000	 	 	17,916.67	0.00	0.00	0.00	17,916.67	17,916.67
	151	000000000000	 	 	15,773.34	16,778.08	0.00	0.00	32,551.42	32,551.42
	152	000000000000	 	 	21,923.08	 	-2,528.54	 	21,923.08	19,394.54
	153	000000000000	 	 	10,157.83	0.00	5,412.85	0.00	10,157.83	15,570.68
	154	000000000000	 	 	1,970.00	16,723.17	-690.99	0.00	18,693.17	18,002.18
	155	000000000000	 	 	0.00	 	10,861.50	 	0.00	10,861.50
	156	000000000000	 	 	12,500.02	 	0.00	 	12,500.02	12,500.02
	157	000000000000	 	 	17,136.95	7,399.58	-3,425.28	0.00	24,536.53	21,111.25
	158	000000000000	 	 	41,666.67	0.00	0.00	0.00	41,666.67	41,666.67
	159	000000000000	 	 	48,413.49	0.00	0.00	0.00	48,413.49	48,413.49
	160	000000000000	 	 	33,797.29	1,015.72	-4,354.00	0.00	34,813.01	30,459.01
	161	000000000000	 	 	10,000.00	15,134.00	0.00	0.00	25,134.00	25,134.00

 

	KEY	4506-T Indicator	Borrower Income
 Verification Level	Co-Borrower
 Income Verification	Borrower
 Employment
 Verification	Co-Borrower
 Employment
 Verification	Borrower Asset
 Verification	Co-Borrower Asset
 Verification	Liquid / Cash
 Reserves	Monthly Debt All
 Borrowers	Originator DTI	Fully Indexed Rate	Qualification
 Method	Percentage of Down
 Payment from
 Borrower Own
 Funds
	1	1	5	 	3	 	4	 	4,474,985.07	8,317.79	0.4031	 	 	 
	2	1	5	 	3	 	4	 	262,782.92	6,523.44	0.3433	 	 	 
	3	1	5	 	3	 	3	 	95,703.82	7,188.31	0.4044	 	 	 
	4	1	5	 	3	 	4	 	328,513.08	7,679.66	0.4438	 	 	 
	5	1	5	 	3	 	4	 	118,896.00	6,858.54	0.2108	 	 	 
	6	1	5	 	3	 	4	 	125,324.73	4,880.24	0.2815	 	 	 
	7	1	5	 	3	 	4	 	60,342.44	6,597.22	0.1634	 	 	 
	8	1	5	 	3	 	4	 	135,565.45	6,463.55	0.3261	 	 	100.00
	9	1	5	 	3	 	4	 	299,708.43	8,349.27	0.2382	 	 	 
	10	1	5	 	3	 	4	 	117,327.17	7,095.00	0.3300	 	 	100.00
	11	1	5	 	3	 	4	 	123,604.18	4,926.00	0.2558	 	 	 
	12	1	5	 	3	 	4	 	373,223.65	10,272.53	0.2585	 	 	100.00
	13	1	5	 	3	 	3	 	48,903.32	6,225.54	0.3598	 	 	 
	14	1	5	 	3	 	4	 	314,156.86	9,144.51	0.3266	 	 	67.62
	15	1	5	 	3	 	4	 	206,131.85	7,940.28	0.4031	 	 	100.00
	16	1	5	 	3	 	4	 	79,838.53	5,019.94	0.2460	 	 	 
	17	1	5	 	3	 	4	 	377,463.22	6,907.93	0.2498	 	 	 
	18	1	5	 	3	 	4	 	220,501.78	4,310.62	0.3135	 	 	 
	19	1	5	 	3	 	4	 	387,228.93	6,068.93	0.3065	 	 	 
	20	1	5	 	3	 	4	 	188,230.60	9,113.08	0.3363	 	 	 
	21	1	5	 	3	 	4	 	382,416.43	11,134.65	0.3587	 	 	 
	22	1	5	 	3	 	4	 	68,587.37	6,700.01	0.0837	 	 	 
	23	1	5	 	3	 	4	 	167,636.83	4,443.52	0.4371	 	 	 
	24	1	5	 	3	 	3	 	70,387.49	3,368.29	0.3876	 	 	 
	25	1	5	 	3	 	4	 	85,617.93	4,492.59	0.2396	 	 	100.00
	26	1	5	 	3	 	4	 	134,811.83	5,840.68	0.4232	 	 	100.00
	27	1	5	 	3	 	4	 	403,264.01	5,413.42	0.0392	 	 	100.00
	28	1	5	 	3	 	4	 	199,468.41	16,251.04	0.4096	 	 	 
	29	1	5	 	3	 	4	 	298,805.51	19,977.99	0.4095	 	 	 
	30	1	5	 	3	 	3	 	157,552.17	8,599.02	0.3205	 	 	 
	31	1	4	 	2	 	3	 	3,927,103.63	12,012.41	0.3398	 	 	 
	32	1	5	 	3	 	4	 	136,622.45	6,293.68	0.3501	 	 	 
	33	1	5	 	3	 	4	 	61,586.79	6,946.03	0.2681	 	 	 
	34	1	5	 	3	 	4	 	664,231.87	6,138.36	0.1640	 	 	 
	35	1	5	 	3	 	4	 	77,435.30	9,542.51	0.3817	 	 	 
	36	1	5	 	3	 	4	 	551,538.47	6,904.60	0.3496	 	 	 
	37	1	5	 	3	 	3	 	398,574.74	7,534.52	0.3429	 	 	100.00
	38	1	5	 	3	 	4	 	102,990.21	5,308.89	0.2383	 	 	 
	39	1	5	 	3	 	4	 	29,159.96	4,849.05	0.3249	 	 	100.00
	40	1	5	 	3	 	4	 	1,848,392.86	9,307.42	0.0590	 	 	 
	41	1	5	 	3	 	4	 	997,355.82	6,630.20	0.3547	 	 	 
	42	1	5	 	3	 	4	 	194,291.58	6,329.18	0.3100	 	 	 
	43	1	5	 	3	 	4	 	76,889.55	11,734.21	0.3556	 	 	100.00
	44	1	5	 	3	 	4	 	41,713.14	6,986.13	0.2346	 	 	100.00
	45	1	5	 	3	 	4	 	226,316.04	5,062.06	0.1654	 	 	 
	46	1	5	 	3	 	4	 	218,608.00	5,895.69	0.4468	 	 	 
	47	1	5	 	3	 	4	 	98,723.31	15,541.56	0.3577	 	 	 
	48	1	5	 	3	 	4	 	3,162,829.97	6,071.27	0.3458	 	 	 
	49	1	5	 	3	 	4	 	65,915.53	7,516.18	0.2292	 	 	 
	50	1	5	 	3	 	4	 	528,786.51	7,098.91	0.3568	 	 	 
	51	1	5	 	3	 	4	 	206,869.27	4,837.68	0.5115	 	 	 
	52	1	5	 	3	 	4	 	396,691.77	15,776.02	0.3200	 	 	 
	53	1	5	 	3	 	4	 	598,974.41	12,522.53	0.3878	 	 	 
	54	1	5	 	3	 	4	 	525,078.50	10,320.17	0.2397	 	 	100.00
	55	1	5	 	3	 	4	 	8,697,722.52	15,526.04	0.2078	 	 	100.00
	56	1	5	 	3	 	4	 	252,391.00	6,823.52	0.4450	 	 	100.00
	57	1	5	 	3	 	4	 	2,596,544.13	5,738.41	0.4459	 	 	 
	58	1	5	 	3	 	4	 	110,758.21	6,578.15	0.4020	 	 	 
	59	1	5	 	3	 	4	 	126,869.54	7,444.91	0.4304	 	 	100.00
	60	1	5	 	3	 	4	 	200,782.92	7,609.05	0.4388	 	 	 
	61	1	4	 	3	 	4	 	288,476.00	4,813.82	0.2512	 	 	100.00
	62	1	5	 	3	 	4	 	71,678.00	4,066.07	0.4083	 	 	 
	63	1	5	 	3	 	4	 	192,751.00	7,412.08	0.2529	 	 	 
	64	1	5	 	3	 	4	 	212,636.37	7,911.97	0.2413	 	 	 
	65	1	5	 	3	 	4	 	50,811.00	4,109.49	0.3574	 	 	87.38
	66	1	5	 	3	 	4	 	78,750.65	6,786.16	0.1641	 	 	 
	67	1	5	 	3	 	4	 	35,439.01	5,066.22	0.4722	 	 	 
	68	1	5	 	3	 	4	 	169,896.41	4,968.76	0.3536	 	 	100.00
	69	1	5	 	3	 	4	 	657,021.47	6,552.20	0.3168	 	 	 
	70	1	5	 	3	 	4	 	130,404.31	11,824.28	0.3347	 	 	100.00
	71	1	5	 	3	 	4	 	2,497,614.57	9,938.23	0.2681	 	 	 
	72	1	5	 	3	 	4	 	131,361.02	4,597.93	0.3623	 	 	 
	73	1	5	 	3	 	4	 	18,850.79	3,666.92	0.4493	 	 	 
	74	1	5	 	3	 	4	 	345,940.63	6,253.62	0.3392	 	 	 
	75	1	5	 	3	 	4	 	54,694.89	7,698.23	0.2956	 	 	100.00
	76	1	5	 	3	 	4	 	480,701.28	14,498.38	0.1232	 	 	 
	77	1	5	 	3	 	4	 	60,698.00	6,064.01	0.3638	 	 	 
	78	1	5	 	3	 	4	 	111,601.22	6,111.04	0.2865	 	 	100.00
	79	1	5	 	3	 	4	 	279,884.78	9,014.83	0.2076	 	 	100.00
	80	1	5	 	3	 	4	 	1,004,521.62	7,361.49	0.1721	 	 	 
	81	1	5	 	3	 	4	 	203,076.44	6,353.37	0.2185	 	 	 
	82	1	5	 	3	 	4	 	355,195.03	8,840.79	0.3231	 	 	 
	83	1	5	 	3	 	3	 	119,289.46	3,664.56	0.2813	 	 	100.00
	84	1	5	 	3	 	4	 	37,088.68	3,948.67	0.2146	 	 	 
	85	1	5	 	3	 	4	 	252,889.05	11,142.86	0.2045	 	 	 
	86	1	5	 	3	 	4	 	270,136.43	7,752.98	0.4341	 	 	 
	87	1	5	 	3	 	4	 	60,232.22	7,020.26	0.2415	 	 	100.00
	88	1	5	 	3	 	4	 	223,202.19	6,983.40	0.0727	 	 	 
	89	1	5	 	3	 	4	 	102,644.87	9,187.39	0.2468	 	 	 
	90	1	5	 	3	 	4	 	46,796.58	6,845.25	0.2495	 	 	 
	91	1	5	 	3	 	4	 	165,835.62	9,218.23	0.1869	 	 	 
	92	1	5	 	3	 	4	 	296,829.31	8,279.48	0.0790	 	 	100.00
	93	1	5	 	3	 	4	 	1,250,175.45	14,557.32	0.2871	 	 	100.00
	94	1	5	 	3	 	4	 	495,337.93	8,236.80	0.1891	 	 	100.00
	95	1	5	 	3	 	4	 	92,901.94	5,222.96	0.2827	 	 	100.00
	96	1	5	 	3	 	4	 	27,100.76	5,590.60	0.3530	 	 	 
	97	1	5	 	3	 	4	 	1,154,856.94	9,735.80	0.2909	 	 	100.00
	98	1	5	 	3	 	4	 	171,003.20	10,790.18	0.1823	 	 	 
	99	1	5	 	3	 	4	 	311,841.66	14,703.48	0.3267	 	 	 
	100	1	5	 	3	 	4	 	112,257.19	5,141.12	0.4407	 	 	100.00
	101	1	5	 	3	 	4	 	161,874.51	8,085.91	0.2300	 	 	100.00
	102	1	5	 	3	 	4	 	150,659.29	16,631.04	0.2648	 	 	 
	103	1	5	 	3	 	4	 	130,332.66	6,310.31	0.4885	 	 	 
	104	1	5	 	3	 	4	 	731,450.00	11,808.46	0.4527	 	 	 
	105	1	5	 	3	 	4	 	271,307.75	3,497.51	0.1986	 	 	 
	106	1	5	 	3	 	4	 	132,627.07	7,161.74	0.4240	 	 	100.00
	107	1	5	 	3	 	4	 	37,829.16	6,940.33	0.4060	 	 	 
	108	1	5	 	3	 	4	 	127,352.59	10,629.89	0.3507	 	 	100.00
	109	1	5	 	3	 	4	 	49,416.98	11,418.71	0.3468	 	 	24.34
	110	1	5	 	3	 	4	 	1,301,717.58	8,784.10	0.3605	 	 	100.00
	111	1	5	 	3	 	4	 	222,890.49	7,619.52	0.2906	 	 	100.00
	112	1	5	 	3	 	4	 	138,040.63	7,380.45	0.4278	 	 	 
	113	1	5	 	3	 	4	 	113,256.01	10,448.98	0.4019	 	 	100.00
	114	1	5	 	3	 	4	 	101,684.84	9,152.79	0.4483	 	 	 
	115	1	5	 	3	 	4	 	355,350.36	6,174.28	0.2896	 	 	 
	116	1	5	 	3	 	4	 	341,223.28	25,442.94	0.4188	 	 	 
	117	1	5	 	3	 	4	 	597,688.86	5,146.24	0.2080	 	 	 
	118	1	5	 	3	 	4	 	198,599.91	4,073.86	0.3491	 	 	 
	119	1	5	 	3	 	4	 	3,109,687.56	7,402.38	0.1596	 	 	 
	120	1	5	 	3	 	4	 	543,900.17	4,620.09	0.4401	 	 	 
	121	1	5	 	3	 	4	 	75,803.25	6,162.91	0.1893	 	 	 
	122	1	5	 	3	 	4	 	187,561.55	9,102.16	0.4606	 	 	67.00
	123	1	5	 	3	 	4	 	82,657.47	6,804.05	0.4174	 	 	 
	124	1	5	 	3	 	4	 	1,787,153.97	4,904.70	0.2965	 	 	 
	125	1	5	 	3	 	4	 	208,052.21	9,761.90	0.5738	 	 	 
	126	1	5	 	3	 	4	 	260,955.78	10,751.53	0.3119	 	 	 
	127	1	5	 	3	 	4	 	509,554.27	7,237.01	0.3743	 	 	 
	128	1	5	 	3	 	4	 	77,307.85	8,408.31	0.3803	 	 	93.66
	129	1	5	 	3	 	4	 	1,877,850.30	12,362.99	0.1367	 	 	100.00
	130	1	5	 	3	 	4	 	145,047.52	7,075.26	0.2860	 	 	 
	131	1	5	 	3	 	4	 	98,869.00	6,671.53	0.4310	 	 	 
	132	1	5	 	3	 	4	 	1,064,210.79	5,411.51	0.2886	 	 	 
	133	1	5	 	3	 	4	 	192,864.28	4,711.17	0.2170	 	 	 
	134	1	5	 	3	 	4	 	72,809.40	6,195.31	0.2283	 	 	100.00
	135	1	5	 	3	 	4	 	429,854.10	12,630.88	0.4790	 	 	 
	136	1	5	 	3	 	4	 	231,475.56	6,597.63	0.4284	 	 	 
	137	1	5	 	3	 	4	 	189,741.37	6,406.16	0.3313	 	 	100.00
	138	1	5	 	3	 	4	 	229,694.51	7,116.95	0.2319	 	 	100.00
	139	1	5	 	3	 	4	 	65,298.80	5,416.29	0.2828	 	 	100.00
	140	1	5	 	3	 	4	 	304,400.09	6,893.04	0.1560	 	 	100.00
	141	1	5	 	3	 	4	 	152,239.66	7,190.14	0.2998	 	 	 
	142	1	5	 	3	 	4	 	4,710,053.12	5,591.66	0.4139	 	 	 
	143	1	5	 	3	 	4	 	324,982.32	8,710.22	0.4440	 	 	100.00
	144	1	5	 	3	 	4	 	251,465.89	5,981.42	0.4493	 	 	 
	145	1	5	 	3	 	4	 	1,247,587.99	7,025.19	0.4456	 	 	 
	146	1	5	 	3	 	4	 	48,660.52	6,586.17	0.4575	 	 	 
	147	1	5	 	3	 	4	 	58,520.60	6,963.63	0.2887	 	 	 
	148	1	4	 	3	 	4	 	535,021.57	5,630.68	0.1642	 	 	 
	149	1	5	 	3	 	4	 	165,723.72	3,073.72	0.4113	 	 	 
	150	1	5	 	3	 	4	 	1,340,944.94	5,047.13	0.2817	 	 	100.00
	151	1	5	 	3	 	4	 	169,934.33	8,215.98	0.2524	 	 	100.00
	152	1	5	 	3	 	4	 	61,740.33	5,504.81	0.2838	 	 	 
	153	1	5	 	3	 	4	 	166,600.00	6,886.74	0.4423	 	 	 
	154	1	4	 	3	 	4	 	169,581.72	5,991.00	0.3328	 	 	 
	155	1	5	 	3	 	4	 	75,463.00	3,525.16	0.3246	 	 	 
	156	1	5	 	3	 	4	 	304,438.49	3,190.93	0.2553	 	 	100.00
	157	1	5	 	3	 	4	 	108,724.59	7,174.78	0.3399	 	 	100.00
	158	1	5	 	3	 	4	 	125,787.64	7,526.92	0.1806	 	 	 
	159	1	5	 	3	 	4	 	181,393.86	11,013.05	0.2275	 	 	 
	160	1	5	 	3	 	4	 	212,541.83	13,662.33	0.4485	 	 	 
	161	1	5	 	3	 	4	 	249,198.97	9,204.07	0.3662	 	 	 

 

	KEY	City	State	Postal Code	Property Type	Occupancy	Sales Price	Original Appraised
 Property Value	Original Property
 Valuation Type	Original Property
 Valuation Date
	1	BLOOMFIELD HILLS	MI	48302	1	1	 	1,400,000.00	3	20111214
	2	Castle Rock	CO	80108	7	1	 	1,500,000.00	3	20111219
	3	Bloomfield Hills	MI	48302	7	1	 	1,000,000.00	3	20111219
	4	Lynnfield	MA	01940	1	1	 	1,250,000.00	3	20120103
	5	Anaheim	CA	92808	1	1	 	1,100,000.00	3	20120114
	6	Waxhaw	NC	28173	7	1	 	800,000.00	3	20120108
	7	Damascus	OR	97089	1	1	 	595,000.00	3	20110920
	8	Bellevue	WA	98004	1	1	1,250,000.00	1,250,000.00	3	20111021
	9	Mercer Island	WA	98040	1	1	 	1,800,000.00	3	20111003
	10	Sammamish	WA	98075	7	1	740,000.00	740,000.00	3	20111113
	11	Olympia	WA	98506	1	1	 	999,000.00	3	20110926
	12	Ashland	OR	97520	1	1	1,300,000.00	1,350,000.00	3	20111212
	13	ELMHURST	IL	60126	1	1	 	725,000.00	3	20110913
	14	WINNETKA	IL	60093	1	1	1,301,717.00	1,300,000.00	3	20111026
	15	GLENVIEW	IL	60025	1	1	750,000.00	750,000.00	3	20111104
	16	Naperville	IL	60564	1	1	 	650,000.00	3	20110906
	17	EVANSTON	IL	60202	1	1	 	1,255,000.00	3	20110912
	18	GLENVIEW	IL	60025	1	1	 	800,000.00	3	20111027
	19	Northfield	IL	60093	1	1	 	1,450,000.00	3	20111112
	20	NAPERVILLE	IL	60540	1	1	 	1,000,000.00	3	20111129
	21	GLEN ELLYN	IL	60137	1	1	 	1,930,000.00	3	20110818
	22	RIVERSIDE	IL	60546	1	1	 	820,000.00	3	20111209
	23	WAYNESVILLE	MO	65583	1	1	 	810,000.00	3	20111226
	24	Portland	OR	97219	1	1	 	650,000.00	3	20111209
	25	Portland	OR	97211	1	1	715,000.00	725,000.00	3	20111214
	26	Castle Rock	CO	80108	6	1	1,110,000.00	1,350,000.00	3	20120112
	27	THE WOODLANDS	TX	77382	1	1	657,000.00	660,000.00	3	20111020
	28	PAWLEYS ISLAND	SC	29585	1	1	 	2,500,000.00	3	20111114
	29	HOUSTON	TX	77005	1	1	 	1,450,000.00	3	20111202
	30	Laguna Beach	CA	92651	7	1	 	1,950,000.00	3	20111115
	31	Highland Park	IL	60035	1	1	 	1,900,000.00	3	20111118
	32	Brentwood	TN	37027	7	1	 	650,000.00	3	20111209
	33	San Jose	CA	95125	1	1	 	900,000.00	3	20111008
	34	La Canada Flintridge	CA	91011	1	1	 	1,490,000.00	3	20111205
	35	Pleasanton	CA	94566	7	1	 	1,825,000.00	3	20120114
	36	Houston	TX	77055	1	1	 	950,000.00	3	20111219
	37	Corona	CA	92881	7	1	1,099,000.00	1,100,000.00	3	20111130
	38	Sierra Madre	CA	91024	1	1	 	1,240,000.00	3	20120108
	39	Franklin	TN	37067	1	1	595,000.00	595,000.00	3	20110919
	40	New York	NY	10128	1	1	 	4,150,000.00	3	20111102
	41	Manhasset	NY	11030	1	1	 	1,400,000.00	3	20111125
	42	New York	NY	10023	2	1	 	1,500,000.00	3	20111201
	43	BOYNTON BEACH	FL	33472	6	1	985,000.00	990,000.00	3	20111117
	44	FORT LAUDERDALE	FL	33301	1	1	750,000.00	785,000.00	3	20111110
	45	BATON ROUGE	LA	70808	7	1	 	1,050,000.00	3	20111027
	46	PORTLAND	OR	97239	4	1	 	1,075,000.00	3	20111129
	47	EL SEGUNDO	CA	90245	1	1	 	1,305,000.00	3	20111026
	48	CALABASAS	CA	91302	7	1	 	1,470,000.00	3	20110927
	49	MANHATTAN BEACH	CA	90266	1	1	 	1,350,000.00	3	20111004
	50	SAN CLEMENTE	CA	92672	7	1	 	1,390,000.00	3	20110915
	51	SAN DIEGO	CA	92121	6	1	 	750,000.00	3	20110919
	52	HOUSTON	TX	77005	1	1	 	2,800,000.00	3	20111006
	53	EAST HAMPTON	NY	11937	1	1	 	2,850,000.00	3	20110923
	54	AVON BY THE SEA	NJ	07717	1	2	1,300,000.00	1,220,000.00	3	20111101
	55	LAGUNA BEACH	CA	92651	1	1	1,800,000.00	2,100,000.00	3	20111204
	56	WESTLAKE VILLAGE	CA	91362	7	1	985,000.00	1,225,000.00	3	20111114
	57	CARLSBAD	CA	92009	7	1	 	1,100,000.00	3	20111026
	58	LA CANADA FLINTRIDGE	CA	91011	1	1	 	970,000.00	3	20111105
	59	BOCA RATON	FL	33486	7	1	675,000.00	675,000.00	3	20111129
	60	EL CAJON	CA	92019	1	1	 	1,225,000.00	3	20111022
	61	POWAY	CA	92064	1	1	850,000.00	850,000.00	3	20111119
	62	SIMPSONVILLE	SC	29681	7	1	 	995,000.00	3	20110923
	63	PHILADELPHIA	PA	19107	1	1	 	1,300,000.00	3	20110928
	64	WILMETTE	IL	60091	1	1	 	1,225,000.00	3	20111014
	65	MIAMI	FL	33179	1	1	554,888.00	556,000.00	3	20111020
	66	VILLA PARK	CA	92861	1	1	 	1,200,000.00	3	20111130
	67	LOS ALTOS	CA	94024	1	1	 	1,720,000.00	3	20111208
	68	MIAMI	FL	33156	1	1	850,000.00	850,000.00	3	20111209
	69	SOLANA BEACH	CA	92075	1	1	 	1,800,000.00	3	20111215
	70	HUNTINGTON BEACH	CA	92648	7	1	1,648,000.00	1,650,000.00	3	20111221
	71	PALO ALTO	CA	94306	1	1	 	2,000,000.00	3	20111224
	72	CHINO HILLS	CA	91709	7	1	 	715,000.00	3	20120106
	73	ANNANDALE	VA	22003	1	1	 	730,000.00	3	20111121
	74	GLEN HEAD	NY	11545	1	1	 	1,950,000.00	3	20111215
	75	MARSHFIELD	MA	02050	1	1	732,000.00	735,000.00	3	20120106
	76	NEWPORT BEACH	CA	92660	7	1	 	2,250,000.00	3	20120112
	77	MOUNTAIN VIEW	CA	94040	1	1	 	1,750,000.00	3	20120105
	78	THE WOODLANDS	TX	77389	7	1	709,132.00	735,000.00	3	20111021
	79	CHULA VISTA	CA	91914	7	1	1,500,000.00	1,500,000.00	3	20110913
	80	WASHINGTON	DC	20016	1	1	 	1,390,000.00	3	20110810
	81	SAN DIEGO	CA	92103	1	1	 	1,225,000.00	3	20110818
	82	LOS ALTOS	CA	94024	1	1	 	2,400,000.00	3	20110908
	83	EDEN PRAIRIE	MN	55347	7	1	587,500.00	625,000.00	3	20110824
	84	LILYDALE	MN	55118	7	1	 	640,000.00	3	20110826
	85	SAN MARINO	CA	91108	1	1	 	1,565,000.00	3	20110928
	86	MANHATTAN BEACH	CA	90266	1	1	 	1,650,000.00	3	20110817
	87	PENSACOLA	FL	32501	1	1	560,000.00	560,000.00	3	20110811
	88	RICHMOND	VA	23221	7	1	 	1,497,500.00	3	20110909
	89	ARNOLD	MD	21012	7	1	 	1,500,000.00	3	20110825
	90	CLARKSVILLE	MD	21029	7	1	 	850,000.00	3	20110823
	91	GULF BREEZE	FL	32561	1	1	 	1,200,000.00	3	20110826
	92	MOUNT PLEASANT	SC	29464	1	1	965,000.00	1,000,000.00	3	20110907
	93	GRAFORD	TX	76449	1	2	1,041,048.00	1,045,000.00	3	20110919
	94	DALLAS	TX	75201	4	1	815,000.00	900,000.00	3	20111012
	95	DALLAS	TX	75205	1	1	938,475.00	1,075,000.00	3	20110826
	96	DAVIDSON	NC	28036	7	1	 	720,000.00	3	20110811
	97	FLEMING ISLAND	FL	32003	7	1	860,000.00	878,000.00	3	20110926
	98	UNIVERSITY PARK	TX	75225	7	1	 	1,310,000.00	3	20110829
	99	DALLAS	TX	75229	1	1	 	1,325,000.00	3	20110908
	100	THE WOODLANDS	TX	77389	7	1	701,716.00	700,000.00	3	20110801
	101	ENGLEWOOD	NJ	07631	1	1	997,500.00	1,025,000.00	3	20111020
	102	PEORIA	AZ	85383	7	1	 	1,250,000.00	3	20110810
	103	AUSTIN	TX	78746	1	1	 	1,100,000.00	3	20111006
	104	UNIVERSITY PARK	TX	75205	1	1	 	1,550,000.00	3	20110515
	105	SAN JOSE	CA	95124	1	1	 	685,000.00	3	20110920
	106	PACIFIC PALISADES	CA	90272	1	1	1,275,000.00	1,275,000.00	3	20110914
	107	LEAWOOD	KS	66224	7	1	 	1,200,000.00	3	20110818
	108	HENDERSON	NV	89052	7	1	935,913.00	1,000,000.00	3	20111013
	109	DALLAS	TX	75230	1	1	670,000.00	805,000.00	3	20111020
	110	AUSTIN	TX	78731	1	1	965,000.00	970,000.00	3	20110927
	111	UNIVERSITY PARK	TX	75205	1	1	659,000.00	680,000.00	3	20110928
	112	FORT WORTH	TX	76107	1	1	 	1,175,000.00	3	20110822
	113	DALLAS	TX	75225	1	1	995,000.00	995,000.00	3	20111212
	114	DALLAS	TX	75225	1	1	 	1,295,850.00	3	20111027
	115	PLANO	TX	75093	7	1	 	800,000.00	3	20111019
	116	DALLAS	TX	75225	1	1	 	2,664,800.00	3	20110816
	117	FORT WORTH	TX	76107	7	1	 	1,000,000.00	3	20111216
	118	BUDA	TX	78610	7	1	 	630,000.00	3	20111205
	119	DELAFIELD	WI	53018	1	1	 	1,620,000.00	3	20110815
	120	WESTPORT	CT	06880	1	1	 	1,170,000.00	3	20111116
	121	DALLAS	TX	75214	1	1	 	827,000.00	3	20111006
	122	AUSTIN	TX	78746	7	1	945,000.00	1,000,000.00	3	20111109
	123	GREENWOOD VILLAGE	CO	80121	7	1	 	1,350,000.00	3	20111204
	124	HOUSTON	TX	77024	7	1	 	1,000,000.00	3	20111003
	125	Highland Park	TX	75205	1	1	 	3,400,000.00	3	20111122
	126	PLANO	TX	75024	7	1	 	1,450,000.00	3	20110916
	127	DALLAS	TX	75230	1	1	 	1,300,000.00	3	20111007
	128	SOUTHLAKE	TX	76092	7	1	819,089.00	885,000.00	3	20111007
	129	COTO DE CAZA	CA	92679	7	1	2,650,000.00	2,650,000.00	3	20111121
	130	AUSTIN	TX	78703	1	1	 	1,200,000.00	3	20111121
	131	UNIVERSITY PARK	TX	75225	1	1	 	1,015,000.00	3	20111123
	132	UPPERCO	MD	21155	1	1	 	1,300,000.00	3	20111128
	133	COCKEYSVILLE	MD	21030	1	1	 	875,000.00	3	20111202
	134	DALLAS	TX	75214	1	1	730,000.00	730,000.00	3	20111206
	135	GREEN LAKE	WI	53946	1	2	 	2,550,000.00	3	20111207
	136	STUART	FL	34996	1	1	 	1,750,000.00	3	20111208
	137	TROUTMAN	NC	28166	7	1	1,075,000.00	1,150,000.00	3	20111209
	138	AUSTIN	TX	78732	7	1	699,999.00	700,000.00	3	20111210
	139	SACRAMENTO	CA	95816	1	1	855,000.00	855,000.00	3	20111216
	140	CARY	NC	27513	7	1	1,225,000.00	1,250,000.00	3	20111221
	141	Hot Springs Village	AR	71909	7	2	 	660,000.00	3	20111221
	142	DEVON	PA	19333	1	1	 	1,535,000.00	3	20120103
	143	RALEIGH	NC	27613	7	1	999,900.00	1,000,000.00	3	20120105
	144	DALLAS	TX	75209	1	1	 	1,350,000.00	3	20120105
	145	CELINA	TX	75009	1	1	 	900,000.00	3	20120106
	146	SOLANA BEACH	CA	92075	7	1	 	1,300,000.00	3	20110715
	147	HOUSTON	TX	77005	1	1	 	1,205,000.00	3	20110827
	148	HOUSTON	TX	77055	1	1	 	1,020,000.00	3	20111109
	149	BASS LAKE	CA	93604	1	1	 	650,000.00	3	20111110
	150	ALPHARETTA	GA	30004	7	1	950,000.00	950,000.00	3	20111123
	151	DOWNERS GROVE	IL	60515	1	1	990,000.00	990,000.00	3	20111129
	152	FLOWER MOUND	TX	75022	7	1	 	610,000.00	3	20120106
	153	SAN ANTONIO	TX	78232	1	1	 	1,200,000.00	3	20120116
	154	KANSAS CITY	MO	64110	7	1	 	1,000,000.00	3	20111229
	155	TOWNSEND	TN	37882	1	1	 	825,000.00	3	20111122
	156	KNOXVILLE	TN	37922	1	1	650,000.00	652,000.00	3	20111212
	157	DESTIN	FL	32541	7	2	715,000.00	725,000.00	3	20120112
	158	SOUTHLAKE	TX	76092	7	1	 	1,100,000.00	3	20111116
	159	DALLAS	TX	75229	1	1	 	2,400,000.00	3	20120113
	160	NISSWA	MN	56468	1	2	 	2,150,000.00	3	20111209
	161	UNIVERSITY PARK	TX	75205	1	1	 	1,600,000.00	3	20111013

 

	KEY	Original Automated
 Valuation Model
 (AVM) Model Name	Original AVM
 Confidence Score	Most Recent
 Property Value2	Most Recent
 Property Valuation
 Type	Most Recent
 Property Valuation
 Date	Most Recent AVM
 Model Name	Most Recent AVM
 Confidence Score	Original CLTV	Original LTV	Original Pledged
 Assets
	1	 	 	 	 	 	 	 	0.7364	0.5221	0
	2	 	 	 	 	 	 	 	0.4653	0.4653	0
	3	 	 	 	 	 	 	 	0.5600	0.5600	0
	4	 	 	 	 	 	 	 	0.7000	0.7000	0
	5	 	 	 	 	 	 	 	0.7364	0.7364	0
	6	 	 	 	 	 	 	 	0.8000	0.8000	0
	7	 	 	 	 	 	 	 	0.7933	0.7933	0
	8	 	 	 	 	 	 	 	0.8000	0.8000	0
	9	 	 	 	 	 	 	 	0.7500	0.7500	0
	10	 	 	 	 	 	 	 	0.8000	0.8000	0
	11	 	 	 	 	 	 	 	0.7425	0.6807	0
	12	 	 	 	 	 	 	 	0.7500	0.7500	0
	13	 	 	 	 	 	 	 	0.7500	0.7500	0
	14	 	 	 	 	 	 	 	0.7500	0.7500	0
	15	 	 	 	 	 	 	 	0.7500	0.7500	0
	16	 	 	 	 	 	 	 	0.7500	0.7500	0
	17	 	 	 	 	 	 	 	0.7500	0.7500	0
	18	 	 	 	 	 	 	 	0.7000	0.6563	0
	19	 	 	 	 	 	 	 	0.4886	0.4886	0
	20	 	 	 	 	 	 	 	0.7510	0.7510	0
	21	 	 	 	 	 	 	 	0.6606	0.6606	0
	22	 	 	 	 	 	 	 	0.6707	0.6707	0
	23	 	 	 	 	 	 	 	0.6944	0.6944	0
	24	 	 	 	 	 	 	 	0.7192	0.7192	0
	25	 	 	 	 	 	 	 	0.8000	0.8000	0
	26	 	 	 	 	 	 	 	0.8000	0.8000	0
	27	 	 	 	 	 	 	 	0.8000	0.8000	0
	28	 	 	 	 	 	 	 	0.6000	0.6000	0
	29	 	 	 	 	 	 	 	0.5079	0.5079	0
	30	 	 	 	 	 	 	 	0.6410	0.6410	0
	31	 	 	 	 	 	 	 	0.7000	0.7000	0
	32	 	 	 	 	 	 	 	0.7500	0.7500	0
	33	 	 	 	 	 	 	 	0.7469	0.7222	0
	34	 	 	 	 	 	 	 	0.6595	0.6595	0
	35	 	 	 	 	 	 	 	0.5381	0.5381	0
	36	 	 	 	 	 	 	 	0.7500	0.7500	0
	37	 	 	 	 	 	 	 	0.7491	0.7491	0
	38	 	 	 	 	 	 	 	0.6653	0.6653	0
	39	 	 	 	 	 	 	 	0.8000	0.8000	0
	40	 	 	 	 	 	 	 	0.2400	0.2400	0
	41	 	 	 	 	 	 	 	0.5114	0.5114	0
	42	 	 	 	 	 	 	 	0.4407	0.4407	0
	43	 	 	 	 	 	 	 	0.8000	0.8000	0
	44	 	 	 	 	 	 	 	0.8000	0.8000	0
	45	 	 	 	 	 	 	 	0.6191	0.6191	0
	46	 	 	 	 	 	 	 	0.6861	0.6861	0
	47	 	 	 	 	 	 	 	0.6000	0.6000	0
	48	 	 	 	 	 	 	 	0.5188	0.5188	0
	49	 	 	 	 	 	 	 	0.7500	0.7500	0
	50	 	 	 	 	 	 	 	0.6849	0.6849	0
	51	 	 	 	 	 	 	 	0.8000	0.8000	0
	52	 	 	 	 	 	 	 	0.6714	0.6714	0
	53	 	 	 	 	 	 	 	0.4912	0.4912	0
	54	 	 	 	 	 	 	 	0.7459	0.7459	0
	55	 	 	 	 	 	 	 	0.5556	0.5556	0
	56	 	 	 	 	 	 	 	0.8000	0.8000	0
	57	 	 	 	 	 	 	 	0.7627	0.7627	0
	58	 	 	 	 	 	 	 	0.7443	0.7443	0
	59	 	 	 	 	 	 	 	0.8000	0.8000	0
	60	 	 	 	 	 	 	 	0.8000	0.8000	0
	61	 	 	 	 	 	 	 	0.8000	0.8000	0
	62	 	 	 	 	 	 	 	0.5879	0.5879	0
	63	 	 	 	 	 	 	 	0.7046	0.7046	0
	64	 	 	 	 	 	 	 	0.7498	0.7498	0
	65	 	 	 	 	 	 	 	0.8000	0.8000	0
	66	 	 	 	 	 	 	 	0.8000	0.8000	0
	67	 	 	 	 	 	 	 	0.4070	0.4070	0
	68	 	 	 	 	 	 	 	0.7500	0.7500	0
	69	 	 	 	 	 	 	 	0.7500	0.4750	0
	70	 	 	 	 	 	 	 	0.7500	0.7500	0
	71	 	 	 	 	 	 	 	0.5800	0.5800	0
	72	 	 	 	 	 	 	 	0.7829	0.7829	0
	73	 	 	 	 	 	 	 	0.6247	0.6247	0
	74	 	 	 	 	 	 	 	0.2564	0.2564	0
	75	 	 	 	 	 	 	 	0.6694	0.6694	0
	76	 	 	 	 	 	 	 	0.5333	0.5333	0
	77	 	 	 	 	 	 	 	0.4743	0.4743	0
	78	 	 	 	 	 	 	 	0.8000	0.8000	0
	79	 	 	 	 	 	 	 	0.7500	0.7500	0
	80	 	 	 	 	 	 	 	0.6380	0.6380	0
	81	 	 	 	 	 	 	 	0.7331	0.7331	0
	82	 	 	 	 	 	 	 	0.5375	0.5375	0
	83	 	 	 	 	 	 	 	0.8000	0.8000	0
	84	 	 	 	 	 	 	 	0.6875	0.6875	0
	85	 	 	 	 	 	 	 	0.6869	0.6869	0
	86	 	 	 	 	 	 	 	0.5933	0.5933	0
	87	 	 	 	 	 	 	 	0.8000	0.8000	0
	88	 	 	 	 	 	 	 	0.6678	0.6678	0
	89	 	 	 	 	 	 	 	0.7933	0.6600	0
	90	 	 	 	 	 	 	 	0.8000	0.8000	0
	91	 	 	 	 	 	 	 	0.7500	0.7500	0
	92	 	 	 	 	 	 	 	0.6736	0.6736	0
	93	 	 	 	 	 	 	 	0.8000	0.8000	0
	94	 	 	 	 	 	 	 	0.7500	0.7500	0
	95	 	 	 	 	 	 	 	0.6270	0.6270	0
	96	 	 	 	 	 	 	 	0.7944	0.7944	0
	97	 	 	 	 	 	 	 	0.6512	0.6512	0
	98	 	 	 	 	 	 	 	0.7519	0.7519	0
	99	 	 	 	 	 	 	 	0.7465	0.7465	0
	100	 	 	 	 	 	 	 	0.7955	0.7955	0
	101	 	 	 	 	 	 	 	0.8000	0.8000	0
	102	 	 	 	 	 	 	 	0.6896	0.6896	0
	103	 	 	 	 	 	 	 	0.6882	0.6882	0
	104	 	 	 	 	 	 	 	0.7000	0.7000	0
	105	 	 	 	 	 	 	 	0.6496	0.6496	0
	106	 	 	 	 	 	 	 	0.8000	0.8000	0
	107	 	 	 	 	 	 	 	0.6167	0.6167	0
	108	 	 	 	 	 	 	 	0.8000	0.8000	0
	109	 	 	 	 	 	 	 	0.8000	0.8000	0
	110	 	 	 	 	 	 	 	0.8000	0.8000	0
	111	 	 	 	 	 	 	 	0.8000	0.8000	0
	112	 	 	 	 	 	 	 	0.5855	0.5855	0
	113	 	 	 	 	 	 	 	0.8000	0.8000	0
	114	 	 	 	 	 	 	 	0.7111	0.7111	0
	115	 	 	 	 	 	 	 	0.8000	0.8000	0
	116	 	 	 	 	 	 	 	0.7500	0.7500	0
	117	 	 	 	 	 	 	 	0.6150	0.6150	0
	118	 	 	 	 	 	 	 	0.7698	0.7698	0
	119	 	 	 	 	 	 	 	0.6173	0.6173	0
	120	 	 	 	 	 	 	 	0.5556	0.5556	0
	121	 	 	 	 	 	 	 	0.7500	0.7500	0
	122	 	 	 	 	 	 	 	0.7300	0.7300	0
	123	 	 	 	 	 	 	 	0.5307	0.5307	0
	124	 	 	 	 	 	 	 	0.4944	0.4944	0
	125	 	 	 	 	 	 	 	0.2554	0.2554	0
	126	 	 	 	 	 	 	 	0.8000	0.8000	0
	127	 	 	 	 	 	 	 	0.6769	0.6769	0
	128	 	 	 	 	 	 	 	0.7447	0.7447	0
	129	 	 	 	 	 	 	 	0.6000	0.6000	0
	130	 	 	 	 	 	 	 	0.7083	0.7083	0
	131	 	 	 	 	 	 	 	0.7951	0.7951	0
	132	 	 	 	 	 	 	 	0.6231	0.6231	0
	133	 	 	 	 	 	 	 	0.6571	0.6571	0
	134	 	 	 	 	 	 	 	0.6575	0.6575	0
	135	 	 	 	 	 	 	 	0.4071	0.3580	0
	136	 	 	 	 	 	 	 	0.5394	0.5394	0
	137	 	 	 	 	 	 	 	0.7209	0.7209	0
	138	 	 	 	 	 	 	 	0.7999	0.7999	0
	139	 	 	 	 	 	 	 	0.7018	0.7018	0
	140	 	 	 	 	 	 	 	0.5918	0.5918	0
	141	 	 	 	 	 	 	 	0.7273	0.7273	0
	142	 	 	 	 	 	 	 	0.4645	0.4645	0
	143	 	 	 	 	 	 	 	0.7000	0.7000	0
	144	 	 	 	 	 	 	 	0.6321	0.4469	0
	145	 	 	 	 	 	 	 	0.8000	0.8000	0
	146	 	 	 	 	 	 	 	0.7692	0.7692	0
	147	 	 	 	 	 	 	 	0.7834	0.7834	0
	148	 	 	 	 	 	 	 	0.5169	0.5169	0
	149	 	 	 	 	 	 	 	0.7677	0.7677	0
	150	 	 	 	 	 	 	 	0.5790	0.5790	0
	151	 	 	 	 	 	 	 	0.8000	0.8000	0
	152	 	 	 	 	 	 	 	0.7420	0.7420	0
	153	 	 	 	 	 	 	 	0.4875	0.4875	0
	154	 	 	 	 	 	 	 	0.6960	0.6960	0
	155	 	 	 	 	 	 	 	0.7451	0.7451	0
	156	 	 	 	 	 	 	 	0.8000	0.8000	0
	157	 	 	 	 	 	 	 	0.7500	0.7500	0
	158	 	 	 	 	 	 	 	0.8000	0.8000	0
	159	 	 	 	 	 	 	 	0.4167	0.4167	0
	160	 	 	 	 	 	 	 	0.6256	0.6256	0
	161	 	 	 	 	 	 	 	0.6844	0.6844	0

 

	KEY	Mortgage Insurance
 Company Name	Mortgage Insurance
 Percent	MI: Lender or
 Borrower Paid?	Pool Insurance Co.
 Name	Pool Insurance Stop
 Loss %	MI Certificate
 Number	Updated DTI
 (Front-end)	Updated DTI
 (Back-end)	Modification
 Effective Payment
 Date	Total Capitalized
 Amount	Total Deferred
 Amount	Pre-Modification
 Interest (Note) Rate
	1	0	0	 	 	 	 	 	 	 	 	 	 
	2	0	0	 	 	 	 	 	 	 	 	 	 
	3	0	0	 	 	 	 	 	 	 	 	 	 
	4	0	0	 	 	 	 	 	 	 	 	 	 
	5	0	0	 	 	 	 	 	 	 	 	 	 
	6	0	0	 	 	 	 	 	 	 	 	 	 
	7	0	0	 	 	 	 	 	 	 	 	 	 
	8	0	0	 	 	 	 	 	 	 	 	 	 
	9	0	0	 	 	 	 	 	 	 	 	 	 
	10	0	0	 	 	 	 	 	 	 	 	 	 
	11	0	0	 	 	 	 	 	 	 	 	 	 
	12	0	0	 	 	 	 	 	 	 	 	 	 
	13	0	0	 	 	 	 	 	 	 	 	 	 
	14	0	0	 	 	 	 	 	 	 	 	 	 
	15	0	0	 	 	 	 	 	 	 	 	 	 
	16	0	0	 	 	 	 	 	 	 	 	 	 
	17	0	0	 	 	 	 	 	 	 	 	 	 
	18	0	0	 	 	 	 	 	 	 	 	 	 
	19	0	0	 	 	 	 	 	 	 	 	 	 
	20	0	0	 	 	 	 	 	 	 	 	 	 
	21	0	0	 	 	 	 	 	 	 	 	 	 
	22	0	0	 	 	 	 	 	 	 	 	 	 
	23	0	0	 	 	 	 	 	 	 	 	 	 
	24	0	0	 	 	 	 	 	 	 	 	 	 
	25	0	0	 	 	 	 	 	 	 	 	 	 
	26	0	0	 	 	 	 	 	 	 	 	 	 
	27	0	0	 	 	 	 	 	 	 	 	 	 
	28	0	0	 	 	 	 	 	 	 	 	 	 
	29	0	0	 	 	 	 	 	 	 	 	 	 
	30	0	0	 	 	 	 	 	 	 	 	 	 
	31	0	0	 	 	 	 	 	 	 	 	 	 
	32	0	0	 	 	 	 	 	 	 	 	 	 
	33	0	0	 	 	 	 	 	 	 	 	 	 
	34	0	0	 	 	 	 	 	 	 	 	 	 
	35	0	0	 	 	 	 	 	 	 	 	 	 
	36	0	0	 	 	 	 	 	 	 	 	 	 
	37	0	0	 	 	 	 	 	 	 	 	 	 
	38	0	0	 	 	 	 	 	 	 	 	 	 
	39	0	0	 	 	 	 	 	 	 	 	 	 
	40	0	0	 	 	 	 	 	 	 	 	 	 
	41	0	0	 	 	 	 	 	 	 	 	 	 
	42	0	0	 	 	 	 	 	 	 	 	 	 
	43	0	0	 	 	 	 	 	 	 	 	 	 
	44	0	0	 	 	 	 	 	 	 	 	 	 
	45	0	0	 	 	 	 	 	 	 	 	 	 
	46	0	0	 	 	 	 	 	 	 	 	 	 
	47	0	0	 	 	 	 	 	 	 	 	 	 
	48	0	0	 	 	 	 	 	 	 	 	 	 
	49	0	0	 	 	 	 	 	 	 	 	 	 
	50	0	0	 	 	 	 	 	 	 	 	 	 
	51	0	0	 	 	 	 	 	 	 	 	 	 
	52	0	0	 	 	 	 	 	 	 	 	 	 
	53	0	0	 	 	 	 	 	 	 	 	 	 
	54	0	0	 	 	 	 	 	 	 	 	 	 
	55	0	0	 	 	 	 	 	 	 	 	 	 
	56	0	0	 	 	 	 	 	 	 	 	 	 
	57	0	0	 	 	 	 	 	 	 	 	 	 
	58	0	0	 	 	 	 	 	 	 	 	 	 
	59	0	0	 	 	 	 	 	 	 	 	 	 
	60	0	0	 	 	 	 	 	 	 	 	 	 
	61	0	0	 	 	 	 	 	 	 	 	 	 
	62	0	0	 	 	 	 	 	 	 	 	 	 
	63	0	0	 	 	 	 	 	 	 	 	 	 
	64	0	0	 	 	 	 	 	 	 	 	 	 
	65	0	0	 	 	 	 	 	 	 	 	 	 
	66	0	0	 	 	 	 	 	 	 	 	 	 
	67	0	0	 	 	 	 	 	 	 	 	 	 
	68	0	0	 	 	 	 	 	 	 	 	 	 
	69	0	0	 	 	 	 	 	 	 	 	 	 
	70	0	0	 	 	 	 	 	 	 	 	 	 
	71	0	0	 	 	 	 	 	 	 	 	 	 
	72	0	0	 	 	 	 	 	 	 	 	 	 
	73	0	0	 	 	 	 	 	 	 	 	 	 
	74	0	0	 	 	 	 	 	 	 	 	 	 
	75	0	0	 	 	 	 	 	 	 	 	 	 
	76	0	0	 	 	 	 	 	 	 	 	 	 
	77	0	0	 	 	 	 	 	 	 	 	 	 
	78	0	0	 	 	 	 	 	 	 	 	 	 
	79	0	0	 	 	 	 	 	 	 	 	 	 
	80	0	0	 	 	 	 	 	 	 	 	 	 
	81	0	0	 	 	 	 	 	 	 	 	 	 
	82	0	0	 	 	 	 	 	 	 	 	 	 
	83	0	0	 	 	 	 	 	 	 	 	 	 
	84	0	0	 	 	 	 	 	 	 	 	 	 
	85	0	0	 	 	 	 	 	 	 	 	 	 
	86	0	0	 	 	 	 	 	 	 	 	 	 
	87	0	0	 	 	 	 	 	 	 	 	 	 
	88	0	0	 	 	 	 	 	 	 	 	 	 
	89	0	0	 	 	 	 	 	 	 	 	 	 
	90	0	0	 	 	 	 	 	 	 	 	 	 
	91	0	0	 	 	 	 	 	 	 	 	 	 
	92	0	0	 	 	 	 	 	 	 	 	 	 
	93	0	0	 	 	 	 	 	 	 	 	 	 
	94	0	0	 	 	 	 	 	 	 	 	 	 
	95	0	0	 	 	 	 	 	 	 	 	 	 
	96	0	0	 	 	 	 	 	 	 	 	 	 
	97	0	0	 	 	 	 	 	 	 	 	 	 
	98	0	0	 	 	 	 	 	 	 	 	 	 
	99	0	0	 	 	 	 	 	 	 	 	 	 
	100	0	0	 	 	 	 	 	 	 	 	 	 
	101	0	0	 	 	 	 	 	 	 	 	 	 
	102	0	0	 	 	 	 	 	 	 	 	 	 
	103	0	0	 	 	 	 	 	 	 	 	 	 
	104	0	0	 	 	 	 	 	 	 	 	 	 
	105	0	0	 	 	 	 	 	 	 	 	 	 
	106	0	0	 	 	 	 	 	 	 	 	 	 
	107	0	0	 	 	 	 	 	 	 	 	 	 
	108	0	0	 	 	 	 	 	 	 	 	 	 
	109	0	0	 	 	 	 	 	 	 	 	 	 
	110	0	0	 	 	 	 	 	 	 	 	 	 
	111	0	0	 	 	 	 	 	 	 	 	 	 
	112	0	0	 	 	 	 	 	 	 	 	 	 
	113	0	0	 	 	 	 	 	 	 	 	 	 
	114	0	0	 	 	 	 	 	 	 	 	 	 
	115	0	0	 	 	 	 	 	 	 	 	 	 
	116	0	0	 	 	 	 	 	 	 	 	 	 
	117	0	0	 	 	 	 	 	 	 	 	 	 
	118	0	0	 	 	 	 	 	 	 	 	 	 
	119	0	0	 	 	 	 	 	 	 	 	 	 
	120	0	0	 	 	 	 	 	 	 	 	 	 
	121	0	0	 	 	 	 	 	 	 	 	 	 
	122	0	0	 	 	 	 	 	 	 	 	 	 
	123	0	0	 	 	 	 	 	 	 	 	 	 
	124	0	0	 	 	 	 	 	 	 	 	 	 
	125	0	0	 	 	 	 	 	 	 	 	 	 
	126	0	0	 	 	 	 	 	 	 	 	 	 
	127	0	0	 	 	 	 	 	 	 	 	 	 
	128	0	0	 	 	 	 	 	 	 	 	 	 
	129	0	0	 	 	 	 	 	 	 	 	 	 
	130	0	0	 	 	 	 	 	 	 	 	 	 
	131	0	0	 	 	 	 	 	 	 	 	 	 
	132	0	0	 	 	 	 	 	 	 	 	 	 
	133	0	0	 	 	 	 	 	 	 	 	 	 
	134	0	0	 	 	 	 	 	 	 	 	 	 
	135	0	0	 	 	 	 	 	 	 	 	 	 
	136	0	0	 	 	 	 	 	 	 	 	 	 
	137	0	0	 	 	 	 	 	 	 	 	 	 
	138	0	0	 	 	 	 	 	 	 	 	 	 
	139	0	0	 	 	 	 	 	 	 	 	 	 
	140	0	0	 	 	 	 	 	 	 	 	 	 
	141	0	0	 	 	 	 	 	 	 	 	 	 
	142	0	0	 	 	 	 	 	 	 	 	 	 
	143	0	0	 	 	 	 	 	 	 	 	 	 
	144	0	0	 	 	 	 	 	 	 	 	 	 
	145	0	0	 	 	 	 	 	 	 	 	 	 
	146	0	0	 	 	 	 	 	 	 	 	 	 
	147	0	0	 	 	 	 	 	 	 	 	 	 
	148	0	0	 	 	 	 	 	 	 	 	 	 
	149	0	0	 	 	 	 	 	 	 	 	 	 
	150	0	0	 	 	 	 	 	 	 	 	 	 
	151	0	0	 	 	 	 	 	 	 	 	 	 
	152	0	0	 	 	 	 	 	 	 	 	 	 
	153	0	0	 	 	 	 	 	 	 	 	 	 
	154	0	0	 	 	 	 	 	 	 	 	 	 
	155	0	0	 	 	 	 	 	 	 	 	 	 
	156	0	0	 	 	 	 	 	 	 	 	 	 
	157	0	0	 	 	 	 	 	 	 	 	 	 
	158	0	0	 	 	 	 	 	 	 	 	 	 
	159	0	0	 	 	 	 	 	 	 	 	 	 
	160	0	0	 	 	 	 	 	 	 	 	 	 
	161	0	0	 	 	 	 	 	 	 	 	 	 

 

	KEY	Pre-Modification P&I
 Payment	Pre-Modification
 Initial Interest Rate
 Change Downward
 Cap	Pre-Modification
 Subsequent Interest
 Rate Cap	Pre-Modification
 Next Interest Rate
 Change Date	Pre-Modification I/O
 Term	Forgiven Principal
 Amount	Forgiven Interest
 Amount
	1	 	 	 	 	 	 	 
	2	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 
	6	 	 	 	 	 	 	 
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	64	 	 	 	 	 	 	 
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	66	 	 	 	 	 	 	 
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	75	 	 	 	 	 	 	 
	76	 	 	 	 	 	 	 
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	84	 	 	 	 	 	 	 
	85	 	 	 	 	 	 	 
	86	 	 	 	 	 	 	 
	87	 	 	 	 	 	 	 
	88	 	 	 	 	 	 	 
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	90	 	 	 	 	 	 	 
	91	 	 	 	 	 	 	 
	92	 	 	 	 	 	 	 
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	94	 	 	 	 	 	 	 
	95	 	 	 	 	 	 	 
	96	 	 	 	 	 	 	 
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	114	 	 	 	 	 	 	 
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	116	 	 	 	 	 	 	 
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	120	 	 	 	 	 	 	 
	121	 	 	 	 	 	 	 
	122	 	 	 	 	 	 	 
	123	 	 	 	 	 	 	 
	124	 	 	 	 	 	 	 
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	126	 	 	 	 	 	 	 
	127	 	 	 	 	 	 	 
	128	 	 	 	 	 	 	 
	129	 	 	 	 	 	 	 
	130	 	 	 	 	 	 	 
	131	 	 	 	 	 	 	 
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	133	 	 	 	 	 	 	 
	134	 	 	 	 	 	 	 
	135	 	 	 	 	 	 	 
	136	 	 	 	 	 	 	 
	137	 	 	 	 	 	 	 
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	139	 	 	 	 	 	 	 
	140	 	 	 	 	 	 	 
	141	 	 	 	 	 	 	 
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	143	 	 	 	 	 	 	 
	144	 	 	 	 	 	 	 
	145	 	 	 	 	 	 	 
	146	 	 	 	 	 	 	 
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	150	 	 	 	 	 	 	 
	151	 	 	 	 	 	 	 
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	154	 	 	 	 	 	 	 
	155	 	 	 	 	 	 	 
	156	 	 	 	 	 	 	 
	157	 	 	 	 	 	 	 
	158	 	 	 	 	 	 	 
	159	 	 	 	 	 	 	 
	160	 	 	 	 	 	 	 
	161	 	 	 	 	 	 	 

 

	KEY	Number of
 Modifications	Cash To/From Brrw at Closing	Brrw - Yrs at in Industry	CoBrrw - Yrs at in Industry	Junior Mortgage Drawn Amount	Maturity Date	Primary Borrower Wage Income (Salary)	Primary Borrower Wage Income (Bonus)
	1	 	 	0.00	 	300,000.00	20420201	2,259.80	0.00
	2	 	 	10.00	0.00	0.00	20420201	20,433.87	0.00
	3	 	 	28.00	 	0.00	20420201	17,774.62	0.00
	4	 	 	11.00	15.00	0.00	20420201	9,033.19	3,077.16
	5	 	 	10.00	 	0.00	20420201	25,669.00	0.00
	6	 	 	1.00	18.00	0.00	20420301	0.00	0.00
	7	 	 	13.10	 	0.00	20411201	40,368.00	0.00
	8	 	 	7.70	 	0.00	20411201	20,000.00	0.00
	9	 	 	18.00	 	0.00	20411101	31,438.00	0.00
	10	 	 	3.30	3.70	0.00	20420101	15,000.00	0.00
	11	 	 	27.00	 	61,596.00	20411201	15,082.00	0.00
	12	 	 	6.90	6.80	0.00	20420101	34,488.00	0.00
	13	 	 	11.00	7.50	0.00	20411201	13,333.00	0.00
	14	 	 	6.00	 	0.00	20411201	22,083.00	5,968.00
	15	 	 	9.00	5.00	0.00	20411201	8,756.00	0.00
	16	 	 	14.00	21.00	0.00	20420101	12,072.92	0.00
	17	 	 	17.00	18.00	0.00	20411201	14,737.19	0.00
	18	 	 	17.00	0.00	35,000.00	20420101	13,749.99	0.00
	19	 	 	20.00	 	0.00	20420101	20,950.00	0.00
	20	 	 	20.00	0.00	0.00	20420101	10,583.34	8,333.33
	21	 	 	20.00	 	0.00	20411201	31,041.67	0.00
	22	 	 	28.00	 	0.00	20420201	80,047.96	0.00
	23	 	 	9.00	10.00	0.00	20420201	15,130.96	0.00
	24	 	 	15.00	18.00	0.00	20420201	3,201.25	0.00
	25	 	 	5.00	 	0.00	20420201	18,750.00	0.00
	26	 	 	20.00	 	0.00	20420201	13,344.49	0.00
	27	 	 	14.00	 	0.00	20411201	19,048.00	0.00
	28	 	 	20.00	 	0.00	20420201	48,879.00	0.00
	29	 	 	9.00	0.00	0.00	20420201	16,666.66	32,125.00
	30	 	 	18.00	0.00	0.00	20420101	26,830.00	0.00
	31	 	 	3.00	0.00	0.00	20420101	23,177.00	0.00
	32	 	 	8.00	 	0.00	20420101	18,454.15	0.00
	33	 	 	29.80	 	22,239.00	20420101	25,908.34	0.00
	34	 	 	3.00	 	0.00	20420101	37,429.05	0.00
	35	 	 	13.00	 	0.00	20420301	25,000.02	0.00
	36	 	 	15.00	 	0.00	20420201	19,750.00	0.00
	37	 	 	8.00	 	0.00	20420101	20,826.17	0.00
	38	 	 	5.92	 	0.00	20420301	22,278.17	0.00
	39	 	 	2.00	 	0.00	20411001	14,923.00	0.00
	40	 	 	20.00	 	0.00	20420101	157,825.08	0.00
	41	 	 	17.00	 	0.00	20420201	18,692.30	0.00
	42	 	 	26.00	 	0.00	20420301	20,416.33	0.00
	43	 	 	20.00	 	0.00	20420101	8,204.75	0.00
	44	 	 	10.00	 	0.00	20420101	20,264.70	10,127.00
	45	 	 	14.00	 	0.00	20420101	27,468.90	0.00
	46	 	 	0.00	 	0.00	20420101	7,234.00	0.00
	47	 	 	37.00	 	0.00	20420101	42,833.00	0.00
	48	 	 	0.00	 	0.00	20411201	11,253.00	0.00
	49	 	 	9.00	13.00	0.00	20411201	9,666.66	0.00
	50	 	 	32.00	29.00	0.00	20411201	9,281.40	0.00
	51	 	 	10.00	 	0.00	20411201	8,813.87	1,126.08
	52	 	 	23.00	 	0.00	20411201	49,301.00	0.00
	53	 	 	16.00	 	0.00	20420101	33,678.00	0.00
	54	 	 	25.00	 	0.00	20411201	47,208.33	0.00
	55	 	 	27.00	 	0.00	20420101	83,944.00	0.00
	56	 	 	10.00	 	0.00	20420101	15,335.00	0.00
	57	 	 	0.00	 	0.00	20420101	10,247.00	0.00
	58	 	 	20.00	20.00	0.00	20420101	8,663.30	0.00
	59	 	 	10.00	 	0.00	20420101	19,754.89	0.00
	60	 	 	16.00	3.00	0.00	20420101	17,217.00	0.00
	61	 	 	18.00	 	0.00	20420101	19,166.67	0.00
	62	 	 	17.00	17.00	0.00	20420101	4,851.00	0.00
	63	 	 	8.00	10.00	0.00	20420201	14,961.00	0.00
	64	 	 	12.00	0.00	0.00	20420201	5,364.67	3,368.96
	65	 	 	13.00	 	0.00	20420201	11,499.31	0.00
	66	 	 	9.00	0.00	0.00	20420201	41,350.00	0.00
	67	 	 	0.00	 	0.00	20420201	10,729.67	0.00
	68	 	 	10.00	15.00	0.00	20420201	0.00	0.00
	69	 	 	26.00	0.00	495,000.00	20420201	20,683.81	0.00
	70	 	 	20.00	0.00	0.00	20420201	35,332.44	0.00
	71	 	 	19.00	0.00	0.00	20420201	33,650.00	0.00
	72	 	 	20.00	0.00	0.00	20420201	12,691.31	0.00
	73	 	 	20.00	 	0.00	20420301	8,161.33	0.00
	74	 	 	32.00	 	0.00	20420301	16,740.00	0.00
	75	 	 	9.00	 	0.00	20420301	26,038.93	0.00
	76	 	 	17.00	0.00	0.00	20420301	123,062.77	0.00
	77	 	 	10.00	0.00	0.00	20420301	16,666.66	0.00
	78	 	 	32.00	 	0.00	20411201	21,333.00	0.00
	79	 	 	3.00	23.00	0.00	20411001	38,912.00	0.00
	80	 	 	10.00	10.00	0.00	20411001	23,493.00	0.00
	81	 	 	18.00	 	0.00	20411001	29,083.00	0.00
	82	 	 	25.00	 	0.00	20411101	20,356.00	10,061.00
	83	 	 	37.00	 	0.00	20411001	13,025.00	0.00
	84	 	 	38.00	 	0.00	20411101	18,401.00	0.00
	85	 	 	11.00	11.00	0.00	20411201	23,192.00	0.00
	86	 	 	22.00	 	0.00	20411001	19,167.00	0.00
	87	 	 	11.00	10.00	0.00	20411001	17,657.00	0.00
	88	 	 	12.00	 	0.00	20411001	12,859.00	82,917.00
	89	 	 	15.00	 	200,000.00	20411001	36,863.00	0.00
	90	 	 	14.00	20.00	0.00	20411101	14,600.00	0.00
	91	 	 	13.00	 	0.00	20411101	49,334.00	0.00
	92	 	 	25.00	 	0.00	20411001	104,862.00	0.00
	93	 	 	31.00	 	0.00	20411001	36,791.00	0.00
	94	 	 	20.00	 	0.00	20411101	43,548.00	0.00
	95	 	 	10.00	6.00	0.00	20411101	6,000.00	0.00
	96	 	 	13.00	 	0.00	20411101	6,125.00	0.00
	97	 	 	11.00	 	0.00	20411101	18,333.00	9,959.00
	98	 	 	18.00	 	0.00	20411001	0.00	0.00
	99	 	 	12.00	7.00	0.00	20411001	35,000.00	0.00
	100	 	 	16.00	 	0.00	20410901	11,667.00	0.00
	101	 	 	3.00	3.00	0.00	20411201	29,055.00	0.00
	102	 	 	5.00	10.00	0.00	20411101	57,141.00	0.00
	103	 	 	11.00	 	0.00	20411201	12,917.00	0.00
	104	 	 	18.00	 	0.00	20411101	26,085.00	0.00
	105	 	 	30.00	 	0.00	20411101	17,614.00	0.00
	106	 	 	8.00	 	0.00	20411101	15,417.00	1,668.00
	107	 	 	19.00	 	0.00	20411101	12,408.00	0.00
	108	 	 	20.00	 	0.00	20411201	10,500.00	19,807.00
	109	 	 	31.00	 	0.00	20411201	17,333.00	0.00
	110	 	 	34.00	33.00	0.00	20411201	18,297.00	0.00
	111	 	 	11.00	19.00	0.00	20411101	16,665.00	0.00
	112	 	 	15.00	 	0.00	20411201	14,925.00	0.00
	113	 	 	12.00	 	0.00	20420101	26,000.00	0.00
	114	 	 	30.00	 	0.00	20411201	18,750.00	1,666.67
	115	 	 	16.00	 	0.00	20420101	21,326.52	0.00
	116	 	 	14.00	 	0.00	20411101	25,604.00	44,204.00
	117	 	 	41.00	29.00	0.00	20420101	0.00	0.00
	118	 	 	36.00	11.00	0.00	20420101	0.00	0.00
	119	 	 	2.00	 	0.00	20411201	0.00	0.00
	120	 	 	21.00	 	0.00	20420101	3,412.00	0.00
	121	 	 	20.00	 	0.00	20420101	0.00	0.00
	122	 	 	13.00	 	0.00	20420101	14,397.17	5,364.35
	123	 	 	22.00	31.00	0.00	20420101	12,135.04	0.00
	124	 	 	11.60	11.60	0.00	20420101	11,574.00	0.00
	125	 	 	20.00	 	0.00	20420101	17,014.00	0.00
	126	 	 	25.00	 	0.00	20420201	35,166.00	0.00
	127	 	 	24.00	 	0.00	20420101	14,916.67	6,712.50
	128	 	 	13.00	 	0.00	20411101	22,112.28	0.00
	129	 	 	30.00	0.00	0.00	20420201	73,646.21	0.00
	130	 	 	8.00	8.00	0.00	20420201	12,659.56	0.00
	131	 	 	20.00	3.00	0.00	20420101	14,831.00	0.00
	132	 	 	8.00	0.00	0.00	20420201	18,750.00	0.00
	133	 	 	20.00	1.00	0.00	20420201	16,293.41	0.00
	134	 	 	6.00	 	0.00	20420101	10,877.75	17,554.65
	135	 	 	25.00	25.00	0.00	20420201	17,698.00	0.00
	136	 	 	30.00	30.00	0.00	20420201	5,583.67	0.00
	137	 	 	24.00	24.00	0.00	20420201	10,208.69	0.00
	138	 	 	31.00	0.00	0.00	20420101	33,800.00	0.00
	139	 	 	9.00	11.00	0.00	20420101	6,642.50	0.00
	140	 	 	21.00	0.00	0.00	20420201	44,173.14	0.00
	141	 	 	0.00	28.00	0.00	20420201	5,045.46	0.00
	142	 	 	0.00	0.00	0.00	20420201	6,802.24	0.00
	143	 	 	30.00	 	0.00	20420201	16,878.73	0.00
	144	 	 	10.00	16.00	250,943.00	20420201	0.00	0.00
	145	 	 	0.00	0.00	0.00	20420201	0.00	0.00
	146	 	 	10.00	 	0.00	20411101	14,396.00	0.00
	147	 	 	15.00	0.00	0.00	20411101	24,583.33	0.00
	148	 	 	12.00	2.00	0.00	20411201	34,483.25	0.00
	149	 	 	0.00	0.00	0.00	20411201	0.00	0.00
	150	 	 	8.00	0.00	0.00	20420101	17,916.67	0.00
	151	 	 	15.00	15.00	0.00	20420101	15,773.34	0.00
	152	 	 	17.00	 	0.00	20420201	21,923.08	0.00
	153	 	 	15.00	0.00	0.00	20420301	10,157.83	5,412.85
	154	 	 	7.00	16.00	0.00	20420201	1,970.00	0.00
	155	 	 	15.00	 	0.00	20420201	0.00	0.00
	156	 	 	8.00	 	0.00	20420101	12,500.02	0.00
	157	 	 	10.00	10.00	0.00	20420201	17,136.95	0.00
	158	 	 	11.00	0.00	0.00	20420201	41,666.67	0.00
	159	 	 	7.00	0.00	0.00	20420301	48,413.49	0.00
	160	 	 	25.00	10.00	0.00	20420201	33,797.29	0.00
	161	 	 	15.00	17.00	0.00	20411201	10,000.00	0.00

 

	KEY	Primary Borrower Wage Income (Commission)	Co-Borrower Wage Income (Salary)	Co-Borrower Wage Income (Bonus)	Co-Borrower Wage Income (Commission)	Originator Doc Code	RWT Income Verification	RWT Asset Verification
	1	0.00	957.00	0.00	0.00	Full	2 years	2 Months
	2	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	3	0.00	 	 	 	Full	2 years	1 Month
	4	0.00	4,051.66	0.00	0.00	Full	2 years	2 Months
	5	0.00	8,025.00	0.00	0.00	Full	2 years	2 Months
	6	0.00	14,043.67	3,293.67	0.00	Full	2 years	2 Months
	7	0.00	 	 	 	Full	2 years	2 Months
	8	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	9	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	10	0.00	6,500.00	0.00	0.00	Full	2 years	2 Months
	11	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	12	0.00	-471.00	0.00	0.00	Full	2 years	2 Months
	13	0.00	3,968.00	0.00	0.00	Full	2 years	1 Month
	14	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	15	0.00	9,358.33	1,475.38	0.00	Full	2 years	2 Months
	16	0.00	8,333.33	0.00	0.00	Full	2 years	2 Months
	17	0.00	12,916.67	0.00	0.00	Full	2 years	2 Months
	18	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	19	0.00	 	 	 	Full	2 years	2 Months
	20	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	21	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	22	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	23	0.00	-3,908.75	0.00	0.00	Full	2 years	2 Months
	24	5,488.54	0.00	0.00	0.00	Full	2 years	1 Month
	25	0.00	 	 	 	Full	2 years	2 Months
	26	0.00	 	 	 	Full	2 years	2 Months
	27	0.00	 	 	 	Full	2 years	2 Months
	28	0.00	 	 	 	Full	2 years	2 Months
	29	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	30	0.00	0.00	0.00	0.00	Full	2 years	1 Month
	31	0.00	0.00	0.00	0.00	Full	2 years	1 Month
	32	0.00	 	 	 	Full	2 years	2 Months
	33	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	34	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	35	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	36	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	37	0.00	 	 	 	Full	2 years	1 Month
	38	0.00	 	 	 	Full	2 years	2 Months
	39	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	40	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	41	0.00	 	 	 	Full	2 years	2 Months
	42	0.00	 	 	 	Full	2 years	2 Months
	43	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	44	0.00	 	 	 	Full	2 years	2 Months
	45	0.00	 	 	 	Full	2 years	2 Months
	46	0.00	5,342.00	0.00	0.00	Full	2 years	2 Months
	47	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	48	0.00	 	 	 	Full	2 years	2 Months
	49	0.00	23,124.00	0.00	0.00	Full	2 years	2 Months
	50	0.00	10,616.93	0.00	0.00	Full	2 years	2 Months
	51	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	52	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	53	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	54	0.00	 	 	 	Full	2 years	2 Months
	55	0.00	 	 	 	Full	2 years	2 Months
	56	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	57	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	58	0.00	10,207.60	0.00	0.00	Full	2 years	2 Months
	59	0.00	 	 	 	Full	2 years	2 Months
	60	0.00	2,500.00	0.00	0.00	Full	2 years	2 Months
	61	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	62	0.00	5,401.38	0.00	0.00	Full	2 years	2 Months
	63	0.00	15,582.00	0.00	0.00	Full	2 years	2 Months
	64	24,059.94	0.00	0.00	0.00	Full	2 years	2 Months
	65	0.00	 	 	 	Full	2 years	2 Months
	66	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	67	0.00	 	 	 	Full	2 years	2 Months
	68	0.00	1,230.83	0.00	0.00	Full	2 years	2 Months
	69	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	70	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	71	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	72	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	73	0.00	 	 	 	Full	2 years	2 Months
	74	0.00	 	 	 	Full	2 years	2 Months
	75	0.00	 	 	 	Full	2 years	2 Months
	76	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	77	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	78	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	79	0.00	4,333.00	0.00	0.00	Full	2 years	2 Months
	80	0.00	16,675.00	0.00	0.00	Full	2 years	2 Months
	81	0.00	 	 	 	Full	2 years	2 Months
	82	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	83	0.00	0.00	0.00	0.00	Full	2 years	1 Month
	84	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	85	0.00	31,550.00	0.00	0.00	Full	2 years	2 Months
	86	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	87	0.00	11,407.00	0.00	0.00	Full	2 years	2 Months
	88	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	89	0.00	 	 	 	Full	2 years	2 Months
	90	0.00	12,833.00	0.00	0.00	Full	2 years	2 Months
	91	0.00	 	 	 	Full	2 years	2 Months
	92	0.00	 	 	 	Full	2 years	2 Months
	93	0.00	 	 	 	Full	2 years	2 Months
	94	0.00	 	 	 	Full	2 years	2 Months
	95	0.00	12,750.00	0.00	0.00	Full	2 years	2 Months
	96	0.00	 	 	 	Full	2 years	2 Months
	97	5,632.00	0.00	0.00	0.00	Full	2 years	2 Months
	98	0.00	 	 	 	Full	2 years	2 Months
	99	0.00	10,000.00	0.00	0.00	Full	2 years	2 Months
	100	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	101	0.00	7,500.00	0.00	0.00	Full	2 years	2 Months
	102	0.00	5,661.00	0.00	0.00	Full	2 years	2 Months
	103	0.00	 	 	 	Full	2 years	2 Months
	104	0.00	 	 	 	Full	2 years	2 Months
	105	0.00	 	 	 	Full	2 years	2 Months
	106	0.00	 	 	 	Full	2 years	2 Months
	107	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	108	0.00	 	 	 	Full	2 years	2 Months
	109	0.00	 	 	 	Full	2 years	2 Months
	110	0.00	6,240.00	0.00	0.00	Full	2 years	2 Months
	111	0.00	10,000.00	0.00	0.00	Full	2 years	2 Months
	112	0.00	 	 	 	Full	2 years	2 Months
	113	0.00	 	 	 	Full	2 years	2 Months
	114	0.00	 	 	 	Full	2 years	2 Months
	115	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	116	0.00	 	 	 	Full	2 years	2 Months
	117	0.00	16,022.50	0.00	0.00	Full	2 years	2 Months
	118	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	119	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	120	0.00	 	 	 	Full	2 years	2 Months
	121	0.00	 	 	 	Full	2 years	2 Months
	122	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	123	0.00	4,164.36	0.00	0.00	Full	2 years	2 Months
	124	0.00	2,484.00	0.00	0.00	Full	2 years	2 Months
	125	0.00	 	 	 	Full	2 years	2 Months
	126	0.00	 	 	 	Full	2 years	2 Months
	127	0.00	 	 	 	Full	2 years	2 Months
	128	0.00	 	 	 	Full	2 years	2 Months
	129	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	130	0.00	12,723.68	0.00	0.00	Full	2 years	2 Months
	131	0.00	648.00	0.00	0.00	Full	2 years	2 Months
	132	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	133	0.00	5,416.66	0.00	0.00	Full	2 years	2 Months
	134	0.00	 	 	 	Full	2 years	2 Months
	135	0.00	10,189.00	0.00	0.00	Full	2 years	2 Months
	136	0.00	5,583.67	0.00	0.00	Full	2 years	2 Months
	137	0.00	9,130.43	0.00	0.00	Full	2 years	2 Months
	138	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	139	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	140	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	141	0.00	22,416.00	0.00	0.00	Full	2 years	2 Months
	142	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	143	0.00	2,740.96	0.00	0.00	Full	2 years	2 Months
	144	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	145	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	146	0.00	 	 	 	Full	2 years	2 Months
	147	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	148	0.00	-57.33	0.00	0.00	Full	2 years	2 Months
	149	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	150	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	151	0.00	16,778.08	0.00	0.00	Full	2 years	2 Months
	152	0.00	 	 	 	Full	2 years	2 Months
	153	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	154	0.00	16,723.17	0.00	0.00	Full	2 years	2 Months
	155	0.00	 	 	 	Full	2 years	2 Months
	156	0.00	 	 	 	Full	2 years	2 Months
	157	0.00	7,399.58	0.00	0.00	Full	2 years	2 Months
	158	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	159	0.00	0.00	0.00	0.00	Full	2 years	2 Months
	160	0.00	1,015.72	0.00	0.00	Full	2 years	2 Months
	161	0.00	15,134.00	 	 	Full	2 years	2 Months

 

    	 

    	 

    

ASF RMBS DISCLOSURE PACKAGE

	
Field

Number

	
Field Name

	
Field Description

	
Type of

Field

	
Data Type

	
Sample Data

	
Format

	
When

Applicable?

	
Valid Values

	
Proposed

Unique

Coding

	
Notes

	
1

	
Primary Servicer

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

	
General Information

	
Numeric – Integer

	
2351805

	
9(7)

	
Always

	
”9999999” if Unknown

	  	  
	
2

	
Servicing Fee—Percentage

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

	
General Information

	
Numeric - Decimal

	
0.0025

	
9.999999

	
Loans without flat-dollar servicing fees

	
>= 0 and < 1

	  	
Must be populated if Field 3 is Null

	
3

	
Servicing Fee—Flat-dollar

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

	
General Information

	
Numeric – Decimal

	
7.5

	
9(3).99

	
Loans with flat-dollar servicing fees

	
>= 0 and

<= 999

	  	
Must be populated if 2 is Null

	
4

	
Servicing Advance Methodology

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

	
General Information

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1 = Scheduled Interest, Scheduled Principal

2 = Actual Interest, Actual Principal

3 = Scheduled Interest, Actual Principal

99 = Unknown

	  
	
5

	
Originator

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

	
General Information

	
Numeric – Integer

	
5938671

	
9(7)

	
Always

	
”9999999” if Unknown

	  	  
	
6

	
Loan Group

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

	
General Information

	
Text

	
1A

	
XXXX

	
Always

	
“UNK” if Unknown

	  	  
	
7

	
Loan Number

	
Unique National Mortgage Loan ID Number (Vendor TBD).

	
General Information

	
Numeric – Integer

	
TBD

	
TBD

	
Always

	
TBD

	  	
Details to be provided by Vendor

	
8

	
Amortization Type

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

	
Loan Type

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1 = Fixed

2 = Adjustable

99 = Unknown

	  
	
9

	
Lien Position

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

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
>0

	
99 = Unknown

	  
	
10

	
HELOC Indicator

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

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No

1 = Yes

99 = Unknown

	  
	
11

	
Loan Purpose

	
Indicates the purpose of the loan.

	
Loan Type

	
Numeric – Integer

	
9

	
99

	
Always

	
See Coding

	
See Appendix A

	  
	
12

	
Cash Out Amount

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

 

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

	
Loan Type

	
Numeric – Decimal

	
72476.5

	
9(10).99

	
Always

	
>= 0

	  	  
	
13

	
Total Origination and Discount Points (in dollars)

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

	
Loan Type

	
Numeric – Decimal

	
5250

	
9(10).99

	
Always

	
>= 0

	  	
Typically Lines 801 and 802 of HUD Settlement Statement

	
14

	
Covered/High Cost Loan Indicator

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

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No

1 = Yes

99 = Unknown

	  
	
15

	
Relocation Loan Indicator

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

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No

1 = Yes

99 = Unknown

	  
	
16

	
Broker Indicator

	
Indicates whether a broker took the application.

	
Loan Type

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No

1 = Yes

99 = Unknown

	  
	
17

	
Channel

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

	
Loan Type

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1 = Retail

2 = Broker

3 = Correspondent Bulk

4 = Correspondent Flow with delegated underwriting

5 = Correspondent Flow without delegated underwriting

99 = Unknown

	  
	
18

	
Escrow Indicator

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

	
Loan Type

	
Numeric – Integer

	
3

	
99

	
Always

	
See Coding

	
0 = No Escrows

1 = Taxes

2 = Insurance

3 = HOA dues

4 = Taxes and Insurance

5 = All

99 =Unknown

	  
	
19

	
Senior Loan Amount(s)

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

	
Mortgage Lien Info

	
Numeric – Decimal

	
611004.25

	
9(10).99

	
If Lien Position > 1

	
>= 0

	  	  
	
20

	
Loan Type of Most Senior Lien

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

	
Mortgage Lien Info

	
Numeric – Integer

	
2

	
99

	
If Lien Position > 1

	
See Coding

	
1 = Fixed Rate

2 = ARM

3 = Hybrid

4 = Neg Am

99 = Unknown

	  
	
21

	
Hybrid Period of Most Senior Lien (in months)

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

	
Mortgage Lien Info

	
Numeric – Integer

	
23

	
999

	
If Lien Position > 1

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

	
>= 0

	  	  
	
22

	
Neg Am Limit of Most Senior Lien

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

	
Mortgage Lien Info

	
Numeric – Decimal

	
1.25

	
9.999999

	
If Lien Position > 1

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

	
>= 1 and <= 2

	  	  
	
23

	
Junior Mortgage Balance

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

	
Mortgage Lien Info

	
Numeric – Decimal

	
51775.12

	
9(10).99

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

	
>= 0

	  	
Subject to Regulatory Confirmation

	
24

	
Origination Date of Most Senior Lien

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

	
Mortgage Lien Info

	
Date

	
20090914

	
YYYYMMDD

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

	
“19010101” if unknown

	  	  
	
25

	
Origination Date

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

	
Loan Term and Amortization Type

	
Date

	
20090914

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	  	  
	
26

	
Original Loan Amount

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

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
150000

	
9(10).99

	
Always

	
>0

	  	  
	
27

	
Original Interest Rate

	
The original note rate as indicated on the mortgage note.

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
0.0475

	
9.999999

	
Always

	
> 0 and <= 1

	  	  
	
28

	
Original Amortization Term

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

	
Loan Term and Amortization Type

	
Numeric – Integer

	
360

	
999

	
Always

	
>= 60

	  	  
	
29

	
Original Term to Maturity

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

	
Loan Term and Amortization Type

	
Numeric – Integer

	
60

	
999

	
Always

	
>0

	
N/A

	  
	
30

	
First Payment Date of Loan

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

	
Loan Term and Amortization Type

	
Date

	
20090914

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	
N/A

	  
	
31

	
Interest Type Indicator

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

	
Loan Term and Amortization Type

	
Numeric – Integer

	
2

	
99

	
Always

	
See Coding

	
1= Simple

2 = Actuarial

99 = Unknown

	  
	
32

	
Original Interest Only Term

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

	
Loan Term and Amortization Type

	
Numeric – Integer

	
60

	
999

	
Always

	
>= 0 and <= 240

Unknown = Blank;

No Interest Only Term = 0

	  	  
	
33

	
Buy Down Period

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

	
Loan Term and Amortization Type

	
Numeric – Integer

	
65

	
999

	
Always

	
>= 0 and <= 100

Unknown = Blank;

No Buy Down = 0

	  	  
	
34

	
HELOC Draw Period

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

	
Loan Term and Amortization Type

	
Numeric – Integer

	
24

	
999

	
HELOCs Only

	
>= 12 and <= 120

	  	  
	
35

	
Scheduled Loan Amount

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

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
248951.19

	
9(10).99

	
Always

	
>= 0

	  	  
	
36

	
Current Interest Rate

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

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
0.05875

	
9.999999

	
Always

	
> 0 and <= 1

	  	  
	
37

	
Current Payment Amount Due

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

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
1250.15

	
9(10).99

	
Always

	
> 0

	  	  
	
38

	
Scheduled Interest Paid

Through Date

	  	
Loan Term and Amortization Type

	
Date

	
20090429

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	  	  
	
39

	
Current Payment Status

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

	
Loan Term and Amortization Type

	
Numeric – Integer

	
3

	
99

	
Always

	
>= 0

	  	  
	
40

	
Index Type

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
18

	
99

	
ARMs Only

	
See Coding

	
See Appendix B

	  
	
41

	
ARM Look-back Days

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
45

	
99

	
ARMs Only

	
>= 0 to <=99

	  	  
	
42

	
Gross Margin

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.03

	
9.999999

	
ARMs Only

	
>0 and <= 1

	  	  
	
43

	
ARM Round Flag

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
3

	
9

	
ARMs Only

	
See Coding

	
0 = No Rounding

1 = Up

2 = Down

3 = Nearest

99=Unknown

	  
	
44

	
ARM Round Factor

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.0025 or 0.00125

	
9.999999

	
ARMs Only

Where ARM Round Flag = 1, 2, or 3

	
>= 0 and < 1

	  	  
	
45

	
Initial Fixed Rate Period

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
60

	
999

	
Hybrid ARMs Only

	
>= 1 to <=240

	  	  
	
46

	
Initial Interest Rate Cap (Change Up)

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
47

	
Initial Interest Rate  Cap (Change Down)

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
48

	
Subsequent Interest Rate Reset Period

	
The number of months between subsequent rate adjustments.

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Integer

	
60

	
999

	
ARMs Only

	
>=0 and <= 120

	  	
0 = Loan does not adjust after initial reset

	
49

	
Subsequent Interest Rate (Change Down)

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
50

	
Subsequent Interest Rate Cap (Change Up)

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.02

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	
99=no cap

	  
	
51

	
Lifetime Maximum Rate (Ceiling)

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.125

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

	  	
=1 if no ceiling specified

	 
	 
	
52

	
Lifetime Minimum Rate (Floor)

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

	
Adjustable Rate Mortgages (ARMs)

	
Numeric – Decimal

	
0.015

	
9.999999

	
ARMs Only

	
>= 0 and <= 1

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

	
53

	
Negative Amortization Limit

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

	
Negative Amortization

	
Numeric – Decimal

	
1.25

	
9.999999

	
Negatively Amortizing ARMs Only

	
>=0, and <2

	  	  
	
54

	
Initial Negative Amortization Recast Period

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

	
Negative Amortization

	
Numeric – Integer

	
60

	
999

	
Negatively Amortizing ARMs Only

	
>=0

	  	  
	
55

	
Subsequent Negative Amortization Recast Period

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

	
Negative Amortization

	
Numeric – Integer

	
48

	
999

	
Negatively Amortizing ARMs Only

	
>=0

	  	  
	
56

	
Initial Fixed Payment Period

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

	
Negative Amortization

	
Numeric – Integer

	
60

	
999

	
Negatively Amortizing Hybrid ARMs Only

	
>= 0 to <=120

	  	  
	
57

	
Subsequent Payment Reset Period

	
Number of months between payment adjustments after first payment reset.

	
Negative Amortization

	
Numeric – Integer

	
12

	
999

	
Negatively Amortizing ARMs Only

	
>= 0 to <=120

	  	  
	
58

	
Initial Periodic Payment Cap

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

	
Negative Amortization

	
Numeric – Decimal

	
0.075

	
9.999999

	
Negatively Amortizing ARMs Only

	
>= 0 and < 1

	  	  
	
59

	
Subsequent Periodic Payment Cap

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

	
Negative Amortization

	
Numeric – Decimal

	
0.075

	
9.999999

	
Negatively Amortizing ARMs Only

	
>= 0 and < 1

	  	  
	
60

	
Initial Minimum Payment Reset Period

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

	
Negative Amortization

	
Numeric – Integer

	
12

	
999

	
Negatively Amortizing ARMs Only

	
>= 0 to <=120

	  	  
	
61

	
Subsequent Minimum Payment Reset Period

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

	
Negative Amortization

	
Numeric – Integer

	
12

	
999

	
Negatively Amortizing ARMs Only

	
>= 0 to <=120

	  	  
	
62

	
Option ARM Indicator

	
An indicator of whether the loan is an Option ARM.

	
Negative Amortization

	
Numeric – Integer

	
1

	
99

	
ARMs Only

	
See Coding

	
0 = No

1 = Yes

99 = Unknown

	  
	
63

	
Options at Recast

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

	
Option ARM

	
Numeric – Integer

	
2

	
99

	
Option ARMs Only

	
N/A

	
1= Fully amortizing 30 year

2= Fully amortizing 15 year

3=Fully amortizing 40 year

4 = Interest-Only

5 = Minimum Payment

99= Unknown

	  
	
64

	
Initial Minimum Payment

	
The initial minimum payment the borrower is permitted to make.

	
Option ARM

	
Numeric – Decimal

	
879.52

	
99

	
Option ARMs Only

	
>=0

	  	  
	
65

	
Current Minimum Payment

	
Current Minimum Payment (in dollars).

	
Negative Amortization

	
Numeric – Decimal

	
250

	
9(10).99

	
Option ARMs Only

	
>= 0

	  	  
	
66

	
Prepayment Penalty Calculation

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

	
Prepayment Penalties

	
Numeric – Integer

	
12

	
99

	
Always

	
See Coding

	
See Appendix C

	  
	
67

	
Prepayment Penalty Type

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

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

 

	
Prepayment Penalties

	
Numeric – Integer

	
1

	
99

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

	
See Coding

	
1 = Hard

2 = Soft

3 = Hybrid

99 = Unknown

	  
	
68

	
Prepayment Penalty Total Term

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

	
Prepayment Penalties

	
Numeric – Integer

	
60

	
999

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

	
>0 to <=120

	  	  
	
69

	
Prepayment Penalty Hard Term

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

	
Prepayment Penalties

	
Numeric – Integer

	
12

	
999

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

	
>= 0 to <=120

	  	  
	
70

	
Primary Borrower ID

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

	
Borrower

	
Numeric—Integer

	
123456789

	
999999999

	
Always

	
>0

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

	
71

	
Number of Mortgaged Properties

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

	
Borrower

	
Numeric – Integer

	
1

	
99

	
Always

	
> 0

	  	  
	
72

	
Total Number of Borrowers

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

	
Borrower

	
Numeric – Integers

	
2

	
99

	
Always

	
> 0

	  	  
	
73

	
Self-employment Flag

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

	
Borrower

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No

1 = Yes

99 = Unknown

	  
	
74

	
Current ‘Other’ Monthly Payment

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

	
Loan Term and Amortization Type

	
Numeric – Decimal

	
1789.25

	
9(10).99

	
Always

	
> 0

	  	  
	
75

	
Length of Employment: Borrower

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

	
Borrower Qualification

	
Numeric – Decimal

	
3.5

	
99.99

	
Always

	
>=0

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

	  
	
76

	
Length of Employment: Co-Borrower

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

	
Borrower Qualification

	
Numeric – Decimal

	
3.5

	
99.99

	
If “Total Number of Borrowers” > 1

	
>= 0

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

	  
	
77

	
Years in Home

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

	
Borrower Qualification

	
Numeric – Decimal

	
14.5

	
99.99

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

	
> 0

	  	  
	
78

	
FICO Model Used

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

	
Borrower Qualification

	
Numeric – Integer

	
1

	
99

	
If a FICO score was obtained

	
See Coding

	
1 = Classic

2 = Classic 08

3 = Next Generation

99 = Unknown

	  
	
79

	
Most Recent FICO Date

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

	
Borrower Qualification

	
Date

	
20090914

	
YYYYMMDD

	
If a FICO score was obtained

	
“19010101” if unknown

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

	
80

	
Primary Wage Earner Original FICO:  Equifax

	
Equifax FICO score for primary borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
81

	
Primary Wage Earner Original FICO:  Experian

	
Experian FICO score for primary borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
82

	
Primary Wage Earner Original FICO:  TransUnion

	
TransUnion FICO score for primary borrower (if applicable).

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
83

	
Secondary Wage Earner Original FICO:  Equifax

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

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
84

	
Secondary Wage Earner Original FICO:  Experian

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

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
85

	
Secondary Wage Earner Original FICO: TransUnion

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

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
86

	
Most Recent Primary Borrower FICO

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

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a FICO score was obtained

	
>= 350 and <= 850

	  	  
	
87

	
Most Recent Co-Borrower FICO

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

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If “Total Number of Borrowers” > 1

	
>= 350 and <= 850

	  	  
	
88

	
Most Recent FICO Method

	
Number of credit repositories used to update the FICO Score.

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If a FICO score was obtained

	
>0

	  	  
	
89

	
VantageScore: Primary Borrower

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

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

	
If a Vantage Credit Score was obtained

	
>= 501 and <= 990

	  	  
	
90

	
VantageScore: Co-Borrower

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

	
Borrower Qualification

	
Numeric – Integer

	
720

	
9999

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

	
>= 501 and <= 990

	  	  
	
91

	
Most Recent VantageScore Method

	
Number of credit repositories used to update the Vantage Score.

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If a Vantage Credit Score was obtained

	
>0

	  	  
	
92

	
VantageScore Date

	
Date Vantage Credit Score was obtained.

	
Borrower Qualification

	
Date

	
20090914

	
YYYYMMDD

	
If a Vantage Credit Score was obtained

	
“19010101” if unknown

	  	  
	
93

	
Credit Report: Longest Trade Line

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

	
Borrower Qualification

	
Numeric – Integer

	
999

	
999

	
Always

	
> =0

	  	
Subject to Regulatory Confirmation

	
94

	
Credit Report: Maximum Trade Line

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

	
Borrower Qualification

	
Numeric – Decimal

	
339420.19

	
9(10).99

	
Always

	
>=0

	  	
Subject to Regulatory Confirmation

	
95

	
Credit Report: Number of Trade Lines

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

	
Borrower Qualification

	
Numeric – Integer

	
57

	
999

	
Always

	
>=0

	  	
Subject to Regulatory Confirmation

	
96

	
Credit Line Usage Ratio

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

	
Borrower Qualification

	
Numeric – Decimal

	
0.27

	
9.999999

	
Always

	
>= 0 and <= 1

	  	
Subject to Regulatory Confirmation

	
97

	
Most Recent 12-month Pay History

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

	
Borrower Qualification

	
Text

	
77X123200001

	
X(12)

	
Always

	
See Coding

	
0 = Current

1 = 30-59 days delinquent

2 = 60-89 days delinquent

3 = 90-119 days delinquent

4 = 120+ days delinquent

5 = Foreclosure

6 = REO

7 = Loan did not exist in period

X = Unavailable

	  
	
98

	
Months Bankruptcy

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

	
Borrower Qualification

	
Numeric – Integer

	
12

	
999

	
If Borrower has ever been in Bankruptcy

	
>= 0

	  	
Blank = Borrower is not known to have been in bankruptcy

	
99

	
Months Foreclosure

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

	
Borrower Qualification

	
Numeric – Integer

	
12

	
999

	
If Borrower has ever been in Foreclosure

	
>= 0

	  	
Blank = Borrower is not known to have been in foreclosure

	
100

	
Primary Borrower Wage Income

	
Monthly base wage income for primary borrower.

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
101

	
Co-Borrower Wage Income

	
Monthly base wage income for all other borrowers.

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
If “Total Number of Borrowers” > 1

	
>= 0

	  	  
	
102

	
Primary Borrower Other Income

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

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
103

	
Co-Borrower Other Income

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

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
If “Total Number of Borrowers” > 1

	
>= 0

	  	  
	
104

	
All Borrower Wage Income

	
Monthly income of all borrowers derived from base salary only.

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
105

	
All Borrower Total Income

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

	
Borrower Qualification

	
Numeric – Decimal

	
9000

	
9(9).99

	
Always

	
>= 0

	  	  
	
106

	
4506-T Indicator

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

	
Borrower Qualification

	
Numeric – Integer

	
1

	
99

	
Always

	
See Coding

	
0 = No

1 = Yes

99 = Unknown

	  
	
107

	
Borrower Income Verification Level

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

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

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

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

• 2 Years Tax Returns

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

 

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

• 2 Years tax returns

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

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

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

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

	
Borrower Qualification

	
Numeric – Integer

	
1

	
9

	
Always

	
See Coding

	
1 = Not Stated, Not Verified

2 = Stated, Not Verified

3 = Stated, “Partially” Verified

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

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

 

	  
	
108

	
Co-Borrower Income Verification

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

 

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

 

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

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

• 2 Years Tax Returns

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

 

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

• 2 Years tax returns

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

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

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

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

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If “Total Number of Borrowers” > 1

	
See Coding

	
1 = Not Stated, Not Verified

2 = Stated, Not Verified

3 = Stated, “Partially” Verified

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

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

 

	  
	
109

	
Borrower Employment Verification

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

 

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

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
Always

	
See Coding

	
1 = Not Stated, Not Verified

2 = Stated, Not Verified

3 = Stated, Level 3 Verified (as defined)

	  
	
110

	
Co-Borrower Employment Verification

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

 

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

	
Borrower Qualification

	
Numeric – Integer

	
1

	
9

	
If “Total Number of Borrowers” > 1

	
See Coding

	
1 = Not Stated, Not Verified

2 = Stated, Not Verified

3 = Stated, Level 3 Verified (as defined)

	  
	
111

	
Borrower Asset Verification

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

 

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

 

	
Borrower Qualification

	
Numeric – Integer

	
3

	
9

	
Always

	
See Coding

	
1 = Not Stated, Not Verified

2 = Stated, Not Verified

3 = Stated, “Partially” Verified

4 = Stated, Level 4 Verified  (as defined)

	  
	
112

	
Co-Borrower Asset Verification

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

 

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

 

	
Borrower Qualification

	
Numeric – Integer

	
2

	
9

	
If “Total Number of Borrowers” > 1

	
See Coding

	
1 = Not Stated, Not Verified

2 = Stated, Not Verified

3 = Stated, “Partially” Verified

4 = Stated, Level 4 Verified  (as defined)

	  
	
113

	
Liquid / Cash Reserves

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

	
Borrower Qualification

	
Numeric – Decimal

	
3242.76

	
9(9).99

	
Always

	
>= 0

	  	  
	
114

	
Monthly Debt All Borrowers

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

	
Borrower Qualification

	
Numeric – Decimal

	
3472.43

	
9(9).99

	
Always

	
>= 0

	  	  
	
115

	
Originator DTI

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

	
Borrower Qualification

	
Numeric – Decimal

	
0.35

	
9.999999

	
Always

	
>= 0 and >= 1

	  	  
	
116

	
Fully Indexed Rate

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

	
Borrower Qualification

	
Numeric – Decimal

	
0.0975

	
9.999999

	
ARMs Only

	
>= 0 and >= 1

	  	  
	
117

	
Qualification Method

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

	
Borrower Qualification

	
Numeric – Integer

	
3

	
99

	
Always

	
See Coding

	
1 = Start Rate

2 = First Year Cap Rate

3 = I/O Amount

4 = Fully Indexed

5 = Min Payment

98 = Other

99 = Unknown

	  
	
118

	
Percentage of Down Payment from Borrower Own Funds

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

	
Borrower Qualification

	
Numeric – Decimal

	
0.5

	
9.999999

	
Purchase Loans Only

	
>= 0 and >= 1

	  	  
	
119

	
City

	
The name of the city.

	
Subject Property

	
Text

	
New York

	
X(45)

	
Always

	
Unk=Unknown

	  	  
	
120

	
State

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

	
Subject Property

	
Text

	
NY

	
XX

	
Always

	
See Coding

	
See Appendix H

	  
	
121

	
Postal Code

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

	
Subject Property

	
Text

	
10022

	
X(5)

	
Always

	
Unk=Unknown

	  	  
	
122

	
Property Type

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

	
Subject Property

	
Numeric – Integer

	
11

	
99

	
Always

	
See Coding

	
See Appendix D

	  
	
123

	
Occupancy

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

	
Subject Property

	
Numeric – Integer

	
4

	
9

	
Always

	
See Coding

	
See Appendix E

	  
	
124

	
Sales Price

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

	
Subject Property

	
Numeric – Decimal

	
450000.23

	
9(10).99

	
Purchase Loans Only

	
> 0

	  	  
	
125

	
Original Appraised Property Value

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

	
Subject Property

	
Numeric – Decimal

	
550000.23

	
9(10).99

	
Always

	
> 0

	  	  
	
126

	
Original Property Valuation Type

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

	
Subject Property

	
Numeric – Integer

	
8

	
99

	
Always

	
See Coding

	
See Appendix F

	  
	
127

	
Original Property Valuation Date

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

	
Subject Property

	
Date

	
20090914

	
YYYYMMDD

	
Always

	
“19010101” if unknown

	  	  
	
128

	
Original Automated Valuation Model (AVM) Model Name

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

	
Subject Property

	
Numeric – Integer

	
1

	
99

	
Always

	
See Appendix I

	
See Appendix I

	  
	
129

	
Original AVM Confidence Score

	
The confidence range presented on the AVM report.

	
Subject Property

	
Numeric – Decimal

	
0.74

	
9.999999

	
If AVM Model Name (Field 127) > 0

	
>= 0 to <= 1

	  	  
	
130

	
Most Recent Property Value[1]

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

	
Subject Property

	
Numeric – Decimal

	
500000

	
9(10).99

	
If updated value was obtained subsequent to loan approval

	
> 0

	  	  
	
131

	
Most Recent Property Valuation Type

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

	
Subject Property

	
Numeric – Integer

	
6

	
9

	
If updated value was obtained subsequent to loan approval

	
See Coding

	
See Appendix F

	  
	
132

	
Most Recent Property Valuation Date

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

	
Subject Property

	
Date

	
20090914

	
YYYYMMDD

	
If updated value was obtained subsequent to loan approval

	
“19010101” if unknown

	  	  
	
133

	
Most Recent AVM Model Name

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

	
Subject Property

	
Numeric – Integer

	
19

	
99

	
If updated value was obtained subsequent to loan approval

	
See Coding

	
See Appendix I

	  
	
134

	
Most Recent AVM Confidence Score

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

	
Subject Property

	
Numeric – Decimal

	
0.85

	
9.999999

	
If “Most Recent AVM Model Name” > 0

	
>= 0 to <= 1

	  	  
	
135

	
Original CLTV

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

	
Loan-to-Value (LTV)

	
Numeric – Decimal

	
0.96

	
9.999999

	
Always

	
>= 0 and <= 1.5

	  	  
	
136

	
Original LTV

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

	
Loan-to-Value (LTV)

	
Numeric – Decimal

	
0.8

	
9.999999

	
Always

	
>= 0 and <= 1.25

	  	  
	
137

	
Original Pledged Assets

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

	
Loan-to-Value (LTV)

	
Numeric – Decimal

	
75000

	
9(10).99

	
Always

	
>=0

	  	  
	
138

	
Mortgage Insurance Company Name

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

	
Mortgage Insurance

	
Numeric – Integer

	
3

	
99

	
Always

	
See Coding

	
See Appendix G

	  
	
139

	
Mortgage Insurance Percent

	
Mortgage Insurance coverage percentage.

	
Mortgage Insurance

	
Numeric – Decimal

	
0.25

	
9.999999

	
“Mortgage Insurance Company Name” > 0

	
>= 0 to <= 1

	  	  
	
140

	
MI: Lender or Borrower Paid?

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

	
Mortgage Insurance

	
Numeric – Integer

	
1

	
99

	
“Mortgage Insurance Company Name” > 0

	
See Coding

	
1 = Borrower-Paid

2 = Lender- Paid

99 = Unknown

	  
	
141

	
Pool Insurance Co. Name

	
Name of pool insurance provider.

	
Mortgage Insurance

	
Numeric – Integer

	
8

	
99

	
Always

	
See Coding

	
See Appendix G

	  
	
142

	
Pool Insurance Stop Loss %

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

	
Mortgage Insurance

	
Numeric – Decimal

	
0.25

	
9.999999

	
Pool MI Company > 0

	
>= 0 to <= 1

	  	  
	
143

	
MI Certificate Number

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

	
Mortgage Insurance

	
Text

	
123456789G

	
X(20)

	
MI Company

> 0

	
UNK = Unknown

	  	  
	
144

	
Updated DTI

(Front-end)

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

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

	
Numeric – Decimal

	
0.35

	
9.999999

	
Modified Loans Only

	
>= 0 and >= 1

	  	  
	
145

	
Updated DTI

(Back-end)

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

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

	
Numeric – Decimal

	
0.35

	
9.999999

	
Modified Loans Only

	
>= 0 and >= 1

	  	  
	
146

	
Modification Effective Payment Date

	
Date of first payment due post modification.

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

	
Date

	
20090914

	
YYYYMMDD

	
Modified Loans Only

	
“19010101” if unknown

	  	  
	
147

	
Total Capitalized Amount

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

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

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
148

	
Total Deferred Amount

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

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

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
149

	
Pre-Modification Interest (Note) Rate

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

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

	
Numeric – Decimal

	
0.075

	
9.999999

	
Modified Loans Only

	
>= 0 to <= 1

	  	  
	
150

	
Pre-Modification P&I Payment

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

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

	
Numeric – Decimal

	
2310.57

	
9(10).99

	
Modified Loans Only

	
> 0

	  	  
	
151

	
Pre-Modification Initial Interest Rate Change Downward Cap

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

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

	
Numeric – Decimal

	
0.015

	
9.999999

	
Modified Loans Only

	
>= 0 to <= 1

	  	  
	
152

	
Pre-Modification Subsequent Interest Rate Cap

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

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

	
Numeric – Decimal

	
0.015

	
9.999999

	
Modified Loans Only

	
>= 0 to <= 1

	  	  
	
153

	
Pre-Modification Next Interest Rate Change Date

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

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

	
Date

	
20090914

	
YYYYMMDD

	
Modified Loans Only

	
“19010101” if unknown

	  	  
	
154

	
Pre-Modification I/O Term

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

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

	
Numeric – Integer

	
36

	
999

	
Modified Loans Only

	
>= 0 to <= 120

	  	  
	
155

	
Forgiven Principal Amount

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

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

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
156

	
Forgiven Interest Amount

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

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

	
Numeric – Decimal

	
12000

	
9(10).99

	
Modified Loans Only

	
>= 0

	  	  
	
157

	
Number of Modifications

	
The number of times the loan has been modified.

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

	
Numeric – Integer

	
1

	
9

	
Modified Loans Only

	
>= 0

	  	  
	
MH-1

	
Real Estate Interest

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

	
Manufactured Housing

	
Numeric – Integer

	
2

	
99

	
Manufactured Housing Loans Only

	
See Coding

	
1 = Owned

2 = Short-term lease

3 = Long-term lease

99 = Unavailable

	  
	
MH-2

	
Community Ownership Structure

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

	
Manufactured Housing

	
Numeric – Integer

	
2

	
99

	
Manufactured Housing Loans Only

	
See Coding

	
1 = Public Institutional

2 = Public Non-Institutional

3 = Private Institutional

4 = Private Non-Institutional

5 = HOA-Owned

6 = Non-Community

99 = Unavailable

	  
	
MH-3

	
Year of Manufacture

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

	
Manufactured Housing

	
Numeric – Integer

	
2006

	
YYYY

	
Manufactured Housing Loans Only

	
1901 = Unavailable

	  	  
	
MH-4

	
HUD Code Compliance  Indicator (Y/N)

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

	
Manufactured Housing

	
Numeric – Integer

	
1

	
9

	
Manufactured Housing Loans Only

	
See Codes

	
0 = No

1 = Yes

99 = Unavailable

	  
	
MH-5

	
Gross Manufacturer’s Invoice Price

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

	
Manufactured Housing

	
Numeric – Decimal

	
72570.62

	
9(10).99

	
Manufactured Housing Loans Only

	
>= 0

	  	  
	
MH-6

	
LTI (Loan-to-Invoice) Gross

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

	
Manufactured Housing

	
Numeric – Decimal

	
0.75

	
9.999999

	
Manufactured Housing Loans Only

	
>= 0 to <= 1

	  	  
	
MH-7

	
Net Manufacturer’s Invoice Price

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

	
Manufactured Housing

	
Numeric – Decimal

	
61570.62

	
9(10).99

	
Manufactured Housing Loans Only

	
>= 0

	  	  
	
MH-8

	
LTI (Net)

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

	
Manufactured Housing

	
Numeric – Decimal

	
0.62

	
9.999999

	
Manufactured Housing Loans Only

	
>= 0 to <= 1

	  	  
	
MH-9

	
Manufacturer Name

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

	
Manufactured Housing

	
Text

	
“XYZ Corp”

	
Char (100)

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

	
MH Manufacturer name in double quotation marks

	  	  
	
MH-10

	
Model Name

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

	
Manufactured Housing

	
Text

	
“DX5-916-X”

	
Char (100)

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

	
MH Model name in double quotation marks

	  	  
	
MH-11

	
Down Payment Source

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

	
Manufactured Housing

	
Numeric – Integer

	
2

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
1 = Cash

2 = Proceeds from trade in

3 = Land in Lieu

4 = Other

99 = Unavailable

	  
	
MH-12

	
Community/Related Party Lender (Y/N)

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

	
Manufactured Housing

	
Numeric – Integer

	
1

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
0 = No

1 = Yes

99 = Unavailable

	  
	
MH-13

	
Defined Underwriting Criteria (Y/N)

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

	
Manufactured Housing

	
Numeric – Integer

	
1

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
0 = No

1 = Yes

99 = Unavailable

	  
	
MH-14

	
Chattel Indicator

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

	
Manufactured Housing

	
Numeric – Integer

	
1

	
99

	
Manufactured Housing Loans Only

	
See Codes

	
0 = Real Estate

1 = Chattel

99 = Unavailable

	  

    	 

    	 

    

 

APPENDIX A

 

MODIFICATIONS TO THE
FLOW SERVICING AGREEMENT

  

1.The definition
of “Assumed Principal Balance” in Section 1 is revised to read in its entirety as follows:

 

“Assumed
Principal Balance: As to each Mortgage Loan as of any date of determination, (i) the principal balance of the Mortgage
Loan outstanding as of the Cut-off Date after application of payments due on or before the Cut-off Date, whether or not received,
minus (ii) all amounts previously distributed to the Owner with respect to the Mortgage Loan pursuant to Subsection 11.15 and representing
(a) payments or other recoveries of principal or (b) advances of scheduled principal payments made pursuant to Subsection 11.17.”

 

2. The
definition of “Business Day” in Section 1 is revised to read in its entirety as follows:

 

“Business Day: Any
day other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the State of New York, the State of New Jersey, the State
of California, or the State of Maryland or the State of Minnesota, or (iii) a day on which banks in the State of New York, the
State of New Jersey, the State of California, or the State of Maryland or the State of Minnesota are authorized or obligated by
law or executive order to be closed.”

 

3. The
definition of “Closing Date” in Section 1 is revised to read in its entirety as follows:

 

“Closing
Date: March 29, 2012, except with respect to Section 3 and the Servicer Acknowledgement(s).”

 

4. The
definition of “Cut-off Date” in Section 1 is revised to read in its entirety as follows:

 

“Cut-off
Date: March 1, 2012, except with respect to the Servicer Acknowledgement(s).”

 

5. The
definition of “First Remittance Date” in Section 1 is revised to read in its entirety as follows:

 

    	A-1

    	 

    

 

			“First Remittance Date: April 25, 2012.”

 

6. A new definition
of “Servicing Administrator” is hereby added to Section 1, to be inserted alphabetically and to read in its entirety
as follows:

 

“Servicing
Administrator: Redwood Residential Acquisition Corporation or its successor in interest.”

 

7.
Owner Representation Correction

 

			In the first sentence of Subsection 7.02(a), the phrase “federal savings bank” is replaced
by the phrase “Delaware corporation” and the term “United States” is replaced by the term “Delaware”.

 

8.
Loan Modifications and Environmental Issues

 

(a)Subsection
11.01, fifth paragraph is revised to read in its entirety as follows:

 

“Consistent
with the terms of this Agreement, and subject to the REMIC Provisions if the Mortgage Loans have been transferred to a REMIC, the
Servicer may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such
term or in any manner grant indulgence to any Mortgagor; provided, however, that (unless the Mortgagor is in default with
respect to the Mortgage Loan, or such default is, in the judgment of the Servicer, imminent, and the modification is in accordance
with the previously agreed-upon customary procedures of the Servicer, which may change from time to time, or industry-accepted
programs, and the Servicer has previously notified the Owner of such modification) the Servicer shall not enter into any payment
plan or agreement to modify payments with a Mortgagor lasting more than twelve (12) months or permit any modification with respect
to any Mortgage Loan that would change the Mortgage Interest Rate, the Lifetime Rate Cap (if applicable), the Initial Rate
Cap (if applicable), the Periodic Rate Cap (if applicable) or the Gross Margin (if applicable), agree
to the capitalization of arrearages, including interest, fees or expenses owed under the Mortgage Loan, make any future advances
or extend the final maturity date with respect to such Mortgage Loan, or accept substitute or additional collateral or release
any collateral for such Mortgage Loan. Additionally, the Servicer shall not accept any deed-in-lieu of, short pay-off, or sell
any property, in which the sale proceeds are less than the unpaid principal balance of the related Mortgage Loan without previously
notifying the Owner and providing the Owner with justification for such action. Further, unless the related Mortgage Loan is in
default or such

 

    	A-2

    	 

    

 

default
is, in the judgment of the Servicer, imminent, the Servicer shall not defer or forgive the payment of any principal or interest
or change the outstanding principal amount (except to reflect actual payments of principal) without previously notifying the Owner
and providing the Owner with justification for such action. Any capitalization of arrearages of interest, fees and expenses in
excess of 10% of the outstanding unpaid principal balance of the related Mortgage Loan immediately prior to the capitalization
shall be made only after the Servicer has notified the Owner and provided the Owner with justification for the capitalization.
Without limiting the generality of the foregoing, the Servicer in its own name or acting through subservicers or agents is hereby
authorized and empowered by the Owner when the Servicer believes it appropriate and reasonable in its best judgment, to execute
and deliver, on behalf of itself or the Owner, all instruments of satisfaction or cancellation, or of partial or full release
and discharge, and all other comparable instruments, with respect to the Mortgage Loans and the Mortgaged Properties and to institute
foreclosure proceedings or obtain a deed-in-lieu of foreclosure so as to convert the ownership of such properties, and to hold
or cause to be held title to such properties, on behalf of the Owner pursuant to the provisions of Subsection 11.13. Notwithstanding
anything to the contrary in the this Agreement, the Servicer shall not make or permit any modification, waiver or amendment of
any term of a Mortgage Loan that could cause any REMIC holding such Mortgage Loan to fail to qualify as a REMIC or result in the
imposition of any tax under Section 860F(a) or 860G(d) of the Code on any REMIC holding such Mortgage Loan.”

 

(b)Subsection
11.01, eighth paragraph is revised to read in its entirety as follows:

 

Notwithstanding
anything to the contrary contained herein, in connection with a foreclosure or acceptance of a deed in lieu of foreclosure, in
the event the Servicer believes that a Mortgaged Property is contaminated by hazardous or toxic substances or wastes, or if the
Owner otherwise requests an environmental inspection or review of such Mortgaged Property, such an inspection or review is to be
conducted by a qualified inspector at the Owner’s expense. Upon completion of the inspection, the Servicer shall promptly
provide the Owner with a written report of the environmental inspection. In the event (i) the environmental inspection report indicates
that the Mortgaged Property is contaminated by hazardous or toxic substances or wastes and (ii) the Owner provides written
approval for the Servicer to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed
for all reasonable costs associated with such foreclosure or acceptance of a deed in lieu of foreclosure and any related environmental
clean up costs, as applicable, from the related Liquidation Proceeds, or if the Liquidation Proceeds are insufficient fully to
reimburse the Servicer, the Servicer shall be entitled to

 

    	A-3

    	 

    

 

be
reimbursed from amounts in the Custodial Account pursuant to Subsection 11.05 hereof. In the event the Owner directs the Servicer
not to proceed with foreclosure or acceptance of a deed in lieu of foreclosure, the Servicer shall be reimbursed for all Servicing
Advances made with respect to the related Mortgaged Property from the Custodial Account pursuant to Subsection 11.05 hereof.

 

9.
Subsection 11.04, first sentence of the first paragraph is revised to read in its entirety as follows:

  

“The
Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of
its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial
Account”), titled “U.S. Bank National Association, in trust for the holders of Sequoia Mortgage Trust 2012-2 Mortgage
Pass-Through Certificates.”

 

10.
Subsection 11.04, subclause (f) of the second paragraph is revised to read in its entirety as follows:

 

“(f)any amount
required to be deposited in the Custodial Account pursuant to Subsections 11.15, 11.17, 11.19 and 11.25.”

 

11.
Notwithstanding anything to the contrary in the Flow Servicing Agreement, any Custodial Accounts established by the Servicer
pursuant to Subsection 11.04 of the Flow Servicing Agreement shall qualify as Eligible Accounts as defined in the Pooling and
Servicing Agreement.

 

12.
Paragraphs (b), (c), (d) and (f) of Subsection 11.05 are revised to read in their entirety as follows:

 

(b)to
reimburse the Servicing Administrator for P&I Advances, the Servicing Administrator’s right to reimbursement pursuant
to this subclause (b) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds,
Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating
to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicing Administrator’s right
thereto shall be prior to the rights of the Owner with respect to such Mortgage Loan;

 

(c)to
reimburse itself or the Servicing Administrator for any unpaid portion of any Servicing Fees and for unreimbursed Servicing Advances
made by

 

    	A-4

    	 

    

 

the Servicer or the Servicing Administrator, the Servicer’s right to reimburse itself or the Servicing Administrator
pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds,
Insurance Proceeds and such other amounts as may be collected by the Servicer from the related Mortgagor or otherwise relating
to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the rights of the Servicer and Servicing
Administrator thereto shall be prior to the rights of the Owner unless the Servicing Administrator is required to pay the Prepayment
Interest Shortfall pursuant to Subsection 11.15, in which case the Servicing Administrator’s right to such reimbursement
shall be subsequent to the payment to the Owner of such shortfall;

 

(d)to
reimburse itself or the Servicing Administrator for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable
(as certified by the Servicer or the Servicing Administrator, as applicable, to the Owner in an Officer’s Certificate) by
the Servicer or the Servicing Administrator, as applicable, pursuant to subclause (c) above;

 

. . .

 

(f)to
reimburse the Servicing Administrator for unreimbursed P&I Advances, to the extent that such amounts are nonrecoverable (as
certified by the Servicing Administrator to the Owner in an Officer’s Certificate) by the Servicing Administrator pursuant
to subclause (b) above;

 

13. Amendments to
Subsection 11.13

 

(a)Subsection 11.13 is revised
by deleting the first sentence and replacing it in its entirety with the following:

 

“Subject to Subsection
11.02, in the event that title to the Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed
or certificate of sale shall be taken in the name of the trust created by the Pooling and Servicing Agreement, where permitted
by applicable law or regulation and consistent with Customary Servicing Procedures, and otherwise, in the name of the trustee of
the Trust or its nominee.”

 

(b)Subsection 11.13 is further revised
to add the following paragraphs at the end of the section:

 

“The
REO Property must be sold within three years following the end of the calendar year of the date of acquisition if a REMIC election
has been made with respect to the arrangement under which the Mortgage Loans and REO Property are held, unless (i) the Owner shall
have been supplied with an Opinion of Counsel (at the expense of the Servicing Administrator) to the effect that the holding by
the related trust of such Mortgaged Property subsequent to such three-year period (and specifying the period

 

    	A-5

    	 

    

 

beyond such three-year
period for which the Mortgaged Property may be held) will not result in the imposition of taxes on “prohibited transactions”
of the related trust as defined in Section 860F of the Code, or cause the related REMIC to fail to qualify as a REMIC, in which
case the related trust may continue to hold such Mortgaged Property (subject to any conditions contained in such Opinion of Counsel),
or (ii) the Owner (at the Servicer’s expense) or the Servicer shall have applied for, prior to the expiration of such three-year
period, an extension of such three-year period in the manner contemplated by Section 856(e)(3) of the Code, in which case the three-year
period shall be extended by the applicable period. If a period longer than three years is permitted under the foregoing sentence
and is necessary to sell any REO Property, the Servicer shall report monthly to the Owner as to progress being made in selling
such REO Property.

 

Notwithstanding
any other provision of this Agreement, if a REMIC election has been made, no Mortgaged Property held by a REMIC shall be rented
(or allowed to continue to be rented) or otherwise used for the production of income by or on behalf of the related trust or sold
in such a manner or pursuant to any terms that would (i) cause such Mortgaged Property to fail to qualify at any time as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code, (ii) subject the related trust to the imposition of any federal
or state income taxes on “net income from foreclosure property” with respect to such Mortgaged Property within the
meaning of Section 860G(c) of the Code, or (iii) cause the sale of such Mortgaged Property to result in the receipt by the related
trust of any income from non-permitted assets as described in Section 860F(a) (2)(B) of the Code, unless the Servicer has agreed
to indemnify and hold harmless the related trust with respect to the imposition of any such taxes.”

 

14. Servicer Reports. The
Servicer shall provide monthly reports to the Purchaser pursuant to Subsection 11.16 in the formats attached hereto as
Exhibits 4 and 5, or in such other format as the Servicer, the Purchaser and the Depositor shall agree in writing.

 

15. Subsection 11.17 is
revised to read in its entirety as follows:

 

“Subsection 11.17Advances
by the Servicer or Servicing Administrator.

 

No later
than two Business Days immediately preceding each related Remittance Date, the Servicer shall either (a) deposit in the Custodial
Account from funds provided by the Servicing Administrator pursuant to Subsection 11.25 an amount equal to the aggregate amount
of all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during
the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date, (b) cause
to be made an appropriate entry in the records of the Custodial Account that amounts held for future distribution have been, as
permitted by this Subsection 11.17, used by the Servicer in discharge of any such P&I Advance or (c) make P&I
Advances in the form of any combination of (a) or (b) aggregating the total amount of

 

    	A-6

    	 

    

 

advances to be made, subject to Subsection
11.25. Any amounts held for future distribution and so used shall be replaced by the Servicing Administrator by deposit in the
Custodial Account on or before any future Remittance Date if funds in the Custodial Account on such Remittance Date shall be less
than payments to the Owner required to be made on such Remittance Date. The Servicing Administrator’s obligation to make
P&I Advances as to any Mortgage Loan will continue through the last Monthly Payment due prior to the payment in full of a Mortgage
Loan, or through the last related Remittance Date prior to the Remittance Date for the distribution of all other payments or recoveries
(including proceeds under any title, hazard or other insurance policy, or condemnation awards) with respect to a Mortgage Loan;
provided, however, that such obligation shall cease if the Servicing Administrator, in its good faith judgment, determines
that such P&I Advances would not be recoverable pursuant to Subsection 11.05(b). The determination by the Servicing Administrator
that a P&I Advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of the Servicing
Administrator delivered to the Owner, which details the reasons for such determination. Neither the Servicing Administrator nor
the Servicer shall have any obligation to advance amounts in respect of shortfalls relating to the Servicemembers Civil Relief
Act and similar state and local laws.

 

16. The
first sentence of Subsection 11.18 is revised to read in its entirety as follows:

 

“The Servicer will use its
best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note; provided that, subject
to the Owner’s prior approval for the release of liability from the original borrower, the Servicer shall permit such assumption
if so required in accordance with the terms of the Mortgage or the Mortgage Note.”

 

17. The
Flow Servicing Agreement is modified by adding a new Subsection 11.26 which reads in its entirety as follows:

 

“Subsection 11.26 Compliance
with REMIC Provisions.

 

If a REMIC
election has been made with respect to the arrangement under which the Mortgage Loans and REO Property are held, the Servicer shall
not take any action, cause the REMIC to take any action or fail to take (or fail to cause to be taken) any action that, under the
REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the status of the REMIC as a REMIC or (ii) result
in the imposition of a tax upon the REMIC (including but not limited to the tax on “prohibited transactions” as defined
in Section 860F(a)(2) of the Code and the tax on “contribution” to a REMIC set forth in Section 860G(d) of the Code
unless the Servicer has received an Opinion of Counsel (at the expense of the party seeking to take such actions) to the effect
that the

 

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contemplated action will not endanger such REMIC status or result in the imposition of any such tax.”

 

18. The first sentence of
Subsection 12.01(b) is revised to read in its entirety as follows:

 

The Servicer
shall promptly notify the Owner if a claim is made by a third party with respect to this Agreement or the Mortgage Loans, and the
Servicer shall assume the defense of any such claim and pay all expenses in connection therewith, including counsel fees.

 

19. Subsection 12.04 is
revised to read in its entirety as follows:

 

“Subsection 12.04Servicer
Not to Resign.

 

The Servicer
shall not assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the
Servicer and the Owner or upon the determination that the Servicer’s duties hereunder are no longer permissible under applicable
law and such incapacity cannot be cured by the Servicer. No such resignation of or assignment by the Servicer shall become effective
until a successor has assumed the Servicer’s responsibilities and obligations hereunder in accordance with Subsection 14.02.”

 

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EXHIBIT 4

 

FORM OF MONTHLY LOSS REPORT

 

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 5

 

FORM OF DELINQUENCY REPORTING

 

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;	 	 

 

    	 

    	 

    
 

	Column/Header Name	Description	Decimal	Format Comment
	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

 

    	 

    	 

    
 

	Column/Header Name	Description	Decimal	Format Comment
	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 ($)

 

    	 

    	 

    

 

	Column/Header Name	Description	Decimal	Format Comment
	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 BankruptcyUnassociated Document

EXHIBIT 10.10

 

 

EXECUTION COPY

	
 

 

FLOW MORTGAGE LOAN PURCHASE AND SALE AGREEMENT

 

between

 

COLE TAYLOR BANK,

as Seller,

 

and

 

REDWOOD RESIDENTIAL ACQUISITION CORPORATION,

as Purchaser

 

August 1, 2011

 

Residential Mortgage Loans

 

(Servicing Released, Temporary Interim Servicing Period Only)

	
 

 

  

  

  

 

TABLE OF CONTENTS

 

	  	  	 	
Page

	  	  	 	  
	
SECTION 1.

	
Definitions

	 	
1

	 	 	 	 
	
SECTION 2.

	
Purchase and Conveyance

	 	
16

	 	 	 	 
	
SECTION 3.

	
Mortgage Loan Schedule

	 	
16

	 	 	 	 
	
SECTION 4.

	
Purchase Price

	 	
17

	 	 	 	 
	
SECTION 5.

	
Examination of Mortgage Files

	 	
17

	 	 	 	 
	
SECTION 6.

	
Delivery of Mortgage Loan Documents

	 	
16

	 	 	 	 
	
Subsection 6.01

	
Possession of Mortgage Files

	 	
16

	 	 	 	 
	
Subsection 6.02

	
Books and Records

	 	
18

	 	 	 	 
	
Subsection 6.03

	
Delivery of Mortgage Loan Documents

	 	
18

	 	 	 	 
	
Subsection 6.04

	
RESPA Notice and Helping Families Notice

	 	
19

	 	 	 	 
	
SECTION 7.

	
Representations, Warranties and Covenants; Remedies for Breach

	 	
19

	 	 	 	 
	
Subsection 7.01

	
Representations and Warranties Regarding Individual Mortgage Loans

	 	19 
	
 

	
 

	 	
 

	
Subsection 7.02

	
Seller Representations and Covenants

	 	
30

	 	 	 	 
	
Subsection 7.03

	
Repurchase; Substitution

	 	
32

	 	 	 	 
	
Subsection 7.04

	
Repurchase of Mortgage Loans With Early Payment Default

	 	
35

	 	 	 	 
	
Subsection 7.05

	
Purchase Price Protection

	 	
35

	 	 	 	 
	
SECTION 8.

	
Closing

	 	
36

	 	 	 	 
	
Subsection 8.01

	
Closing Conditions

	 	
36

	 	 	 	 
	
Subsection 8.02

	
Closing Documents

	 	
36

	 	 	 	 
	
SECTION 9.

	
[Reserved.]

	 	
37

	 	 	 	 
	
SECTION 10.

	
Costs

	 	
37

	 	 	 	 
	
SECTION 11.

	
Interim Servicing; Servicing Transfer

	 	
37

	 	 	 	 
	
Subsection 11.01

	
Temporary Servicing of Mortgage Loans

	 	
37

	 	 	 	 
	
Subsection 11.02

	
Direction by Purchaser During Interim Servicing Period

	 	
39

	 	 	 	 
	
Subsection 11.03

	
Collection of Mortgage Loan Payments

	 	
39

	 	 	 	 
	
Subsection 11.04

	
Establishment of Custodial Account; Deposits in Custodial Account

	 	
39

	
 

	
 

	 	  
	
Subsection 11.05

	
Withdrawals From the Custodial Account

	 	
41

	 	 	 	 
	
Subsection 11.06

	
Establishment of Escrow Account; Deposits in Escrow Account

	 	
42

	 	 	 	 
	
Subsection 11.07

	
Withdrawals From Escrow Account

	 	
42

  

i

  

 

	  	  	 	
Page

	  	  	 	  
	
Subsection 11.08

	
Payment of Taxes, Insurance and Other Charges;

	 	  
	  	
Collections Thereunder

	 	
43

	 	 	 	 
	
Subsection 11.09

	
Transfer of Accounts

	 	
43

	 	 	 	 
	
Subsection 11.10

	
Maintenance of Hazard Insurance

	 	
43

	 	 	 	 
	
Subsection 11.11

	
Maintenance of Primary Mortgage Insurance Policy; Claims

	 	
44

	 	 	 	 
	
Subsection 11.12

	
Fidelity Bond; Errors and Omissions Insurance

	 	
45

	 	 	 	 
	
Subsection 11.13

	
Title, Management and Disposition of REO Property

	 	
46

	 	 	 	 
	
Subsection 11.14

	
Servicing Compensation

	 	
46

	 	 	 	 
	
Subsection 11.15

	
Distributions

	 	
46

	 	 	 	 
	
Subsection 11.16

	
Statements to the Purchaser

	 	
46

	 	 	 	 
	
Subsection 11.17

	
[Reserved]

	 	
47

	 	 	 	 
	
Subsection 11.18

	
Assumption Agreements

	 	
47

	 	 	 	 
	
Subsection 11.19

	
Satisfaction of Mortgages and Release of Mortgage Files

	 	
48

	 	 	 	 
	
Subsection 11.20

	
Seller Shall Provide Access and Information as Reasonably Required

	 	
48

	 	 	 	 
	
Subsection 11.21

	
Inspections

	 	
48

	 	 	 	 
	
Subsection 11.22

	
Restoration of Mortgaged Property

	 	
48

	 	 	 	 
	
Subsection 11.23

	
Fair Credit Reporting Act

	 	
48

	 	 	 	 
	
Subsection 11.24

	
Transfer of Servicing to Purchaser

	 	
48

	 	 	 	 
	
Subsection 11.25

	
Payments Received

	 	
48

	 	 	 	 
	
SECTION 12.

	
The Seller

	 	
49

	 	 	 	 
	
Subsection 12.01

	
Indemnification; Third Party Claims

	 	
49

	 	 	 	 
	
Subsection 12.02

	
Merger or Consolidation of the Seller

	 	
49

	 	 	 	 
	
Subsection 12.03

	
Limitation on Liability of the Seller and Others

	 	
49

	 	 	 	 
	
SECTION 13.

	
Default

	 	
50

	 	 	 	 
	
Subsection 13.01

	
Events of Default

	 	
50

	 	 	 	 
	
Subsection 13.02

	
Waiver of Default.

	 	
51

	 	 	 	 
	
SECTION 14.

	
 Termination

	 	
51

	 	 	 	 
	
Subsection 14.01

	
Termination

	 	
51

	 	 	 	 
	
Subsection 14.02

	
Successors to the Seller as Interim Servicer

	 	
52

	 	 	 	 
	
Subsection 14.03

	
Termination of Interim Servicing by Purchaser.

	 	
53

	 	 	 	 
	
SECTION 15.

	
Notices

	 	
53

  

ii

  

 

	  	  	 	
Page

	 	 	 	 
	
SECTION 16.

	
 Severability Clause

	 	
54

	 	 	 	 
	
SECTION 17.

	
 No Partnership

	 	
54

	 	 	 	 
	
SECTION 18.

	
 Counterparts

	 	
54

	 	 	 	 
	
SECTION 19.

	
 Governing Law; Choice of Forum; Waiver of Jury Trial

	 	
55

	 	 	 	 
	
SECTION 20.

	
 Intention of the Parties

	 	
55

	 	 	 	 
	
SECTION 21.

	
 Waivers

	 	
56

	 	 	 	 
	
SECTION 22.

	
 Exhibits

	 	
56

	 	 	 	 
	
SECTION 23.

	
 General Interpretive Principles

	 	
56

	 	 	 	 
	
SECTION 24.

	
 Reproduction of Documents

	 	
57

	 	 	 	 
	
SECTION 25.

	
 Amendment

	 	
57

	 	 	 	 
	
SECTION 26.

	
 Confidentiality

	 	
57

	 	 	 	 
	
SECTION 27.

	
 Entire Agreement

	 	
57

	 	 	 	 
	
SECTION 28.

	
 Further Agreements

	 	
58

	 	 	 	 
	
SECTION 29.

	
 Successors and Assigns

	 	
58

	 	 	 	 
	
SECTION 30.

	
 Non-Solicitation

	 	
58

	 	 	 	 
	
SECTION 31.

	
Protection of Consumer Information

	 	
59

	 	 	 	 
	
SECTION 32.

	
Cooperation of the Seller with a Reconstitution; Regulation AB Compliance

	 	
59

	 	 	 	 
	
SECTION 1.

	
DEFINED TERMS

	 	
I-1

	 	 	 	 
	
SECTION 2.

	
COMPLIANCE WITH REGULATION AB

	 	
I-3

	 	 	 	 
	
Subsection 2.01

	
Intent of the Parties; Reasonableness.

	 	
I-3

	 	 	 	 
	
Subsection 2.02

	
Additional Representations and Warranties of the Company.

	 	
I-4

	 	 	 	 
	
Subsection 2.03

	
Information to Be Provided by the Company.

	 	
I-4

	 	 	 	 
	
Subsection 2.04

	
Indemnification; Remedies.

	 	
I-7

	 	 	 	 
	
Subsection 2.05

	
Third-party Beneficiary.

	 	
I-8

 

  

iii

  

 

EXHIBITS

 

	
EXHIBIT 1

	
MORTGAGE LOAN DOCUMENTS

	  	  
	
EXHIBIT 2

	
CONTENTS OF EACH MORTGAGE FILE

	  	  
	
EXHIBIT 3

	
FORM OF PPTL

	  	  
	
EXHIBIT 4

	
SERVICING TRANSFER INSTRUCTIONS

	  	  
	
ADDENDUM I

	
REGULATION AB COMPLIANCE ADDENDUM

 

  

iv

  

 

FLOW MORTGAGE LOAN PURCHASE AND SALE AGREEMENT

 

THIS FLOW MORTGAGE LOAN PURCHASE AND SALE AGREEMENT (the “Agreement”), dated  August 1, is hereby executed by and between REDWOOD RESIDENTIAL ACQUISITION CORPORATION, a Delaware corporation, as purchaser (the “Purchaser”), and COLE TAYLOR BANK, as seller (the “Seller”).

 

WITNESSETH:

 

WHEREAS, the Seller has agreed to sell from time to time to the Purchaser, and the Purchaser has agreed to purchase from time to time from the Seller, certain conventional, residential, first-lien mortgage loans (the “Mortgage Loans”) as described herein on a servicing released basis, and which shall be delivered as whole loans as provided herein; and

 

WHEREAS, the Mortgage Loans will be sold by the Seller and purchased by the Purchaser as pools or groups of whole loans on a servicing released basis (each, a “Mortgage Loan Package”) on the various Closing Dates as provided herein; and

 

WHEREAS, each of the Mortgage Loans will be secured by a mortgage, deed of trust or other security instrument creating a first lien on a Residential Dwelling located in the jurisdiction indicated on the related Mortgage Loan Schedule which will be annexed to a PPTL (as defined herein) on the related Closing Date; and

 

WHEREAS, the Purchaser and the Seller wish to prescribe the manner of the conveyance and control of the Mortgage Loans;

 

NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Purchaser and the Seller agree as follows:

 

SECTION 1.  Definitions.

 

For purposes of this Agreement, the following capitalized terms shall have the respective meanings set forth below.

 

Adjustable Rate Mortgage Loan:  A Mortgage Loan purchased pursuant to this Agreement which provides for the adjustment of the Mortgage Interest Rate payable in respect thereto.

 

Adjustment Date:  As to each Adjustable Rate Mortgage Loan, the date on which the Mortgage Interest Rate is adjusted in accordance with the terms of the related Mortgage Note and Mortgage.

 

  

  

  

 

Agency Transfer:  The sale or transfer by the Purchaser of some or all of the Mortgage Loans to Fannie Mae, Ginnie Mae or Freddie Mac while retaining Servicer as servicer.

 

Agreement:  This Flow Mortgage Loan Purchase and Sale Agreement including all exhibits, schedules, amendments and supplements hereto.

 

ALTA:  The American Land Title Association or any successor thereto.

 

Anti-Money Laundering Laws: As defined in Section 7.01(h).

 

Applicable Requirements:  With respect to the Mortgage Loans, as applicable and as of the time of reference, (i) the terms of the applicable Mortgage and Mortgage Note; (ii) Customary Servicing Procedures; (iii) all federal, state and local laws, statutes, rules, regulations and ordinances applicable to the servicing of the Mortgage Loans including, without limitation, the applicable requirements and guidelines of any insurer or any other governmental agency, board, commission, instrumentality or other governmental or quasi-governmental body or office; (iv) all other judicial and administrative judgments, orders, stipulations, awards, writs and injunctions applicable to the servicing of the Mortgage Loans; and (v) all contractual obligations relating to the servicing of the Mortgage Loans including, without limitation, those contractual obligations contained in any applicable servicing agreement or in any agreement relating to the Mortgage Loans with any insurer or in the Mortgage File.

 

Appraised Value:  With respect to any Mortgaged Property, the lesser of (i) the value (or Reconciled Market Value if more than one appraisal is received) thereof as determined by a Qualified Appraiser at the time of origination of the Mortgage Loan, and (ii) the purchase price paid for the related Mortgaged Property by the Mortgagor with the proceeds of the Mortgage Loan; provided, however, that in the case of a Refinanced Mortgage Loan, such value (or Reconciled Market Value if more than one appraisal is received) of the Mortgaged Property is based solely upon the value determined by an appraisal or appraisals made for the originator of such Refinanced Mortgage Loan at the time of origination of such Refinanced Mortgage Loan by a Qualified Appraiser.

 

Appraiser Independence Requirements: The Appraiser Independence Requirements effective as of October 15, 2010, as amended and in effect from time to time.

 

Arbitration: Arbitration in accordance with the then governing Arbitration Rules for Commercial Disputes of the American Arbitration Association (“AAA”) and administered by the AAA, which shall be conducted in a place mutually acceptable to the parties to the arbitration.

 

Arbitrator:  A retired judge or justice of an Illinois or New York state trial or appellate court, or a retired judge of a United States District Court (which judge or justice is not affiliated with the Seller or the Purchaser and is a member of the American Arbitration Association) or, if no such judge or justice is available to serve as an arbitrator, a person who is not affiliated with the Seller or the Purchaser and who is a member of the American Arbitration Association.

 

  

2

  

 

Assignment of Mortgage:  An individual assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to give record notice of the sale of the Mortgage to the Purchaser.

 

Assumed Principal Balance:  As to each Mortgage Loan as of any date of determination, (i) the principal balance of the Mortgage Loan outstanding as of the Cut-off Date after application of payments due on or before the Cut-off Date, whether or not received, minus (ii) all amounts previously distributed to the Purchaser with respect to the Mortgage Loan pursuant to Subsection 11.15 and representing payments or other recoveries of principal.

 

Balloon Mortgage Loan:  A Mortgage Loan that provided on the date of origination for monthly payments up to but not including the maturity date based on an amortization extending beyond its maturity date.

 

Balloon Payment:  With respect to any Balloon Mortgage Loan as of any date of determination, the final payment payable on the maturity of such Mortgage Loan, which shall include the entire remaining principal balance.

 

Business Day:  Any day other than (i) a Saturday or a Sunday, or (ii) a legal holiday in the State of New York, the State of Illinois or the State of California, or (iii) a day on which banks in the State of New York, the State of Illinois or the State of California are authorized or obligated by law or executive order to be closed.

 

Closing Date:  The date or dates, set forth in the related PPTL, on which the Purchaser will purchase and the Seller will sell the Mortgage Loans identified therein.

 

CLTV: Combined Loan-to-Value Ratio.

 

Code:  The Internal Revenue Code of 1986, as amended, or any successor statute thereto.

 

Commission:  The United States Securities and Exchange Commission.

 

Condemnation Proceeds:  All awards, compensation and settlements in respect of a taking (whether permanent or temporary) of all or part of a Mortgaged Property by exercise of the power of condemnation or the right of eminent domain, to the extent not required to be released to a Mortgagor in accordance with the terms of the related Mortgage Loan Documents.

 

Consumer Information:  Any personally identifiable information in any form (written electronic or otherwise) relating to a Mortgagor, including, but not limited to: a Mortgagor’s name, address, telephone number, Mortgage Loan number, Mortgage Loan payment history,

 

  

3

  

 

delinquency status, insurance carrier or payment information, tax amount or payment information; the fact that the Mortgagor has a relationship with the Seller or Servicer or the originator of the related Mortgage Loan; and any other non-public personally identifiable information.

 

Credit Score: For each Mortgage Loan, (a) if two credit scores were obtained at origination, the lowest score of the two, and (b) if three scores were obtained at origination, the middle of the three.  When there is more than one applicant, the lowest of the applicants’ Credit Scores will be used.  There is only one (1) score for any Mortgage Loan regardless of the number of borrowers and/or applicants.

 

Custodial Account:  As defined in Subsection 11.04.

 

Customary Servicing Procedures:  With respect to any Mortgage Loan, those mortgage servicing practices (including collection procedures) of prudent mortgage banking institutions which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located, and which are in accordance with Fannie Mae servicing practices and procedures for MBS pool mortgages, as defined in the Fannie Mae Guides including future updates, or as such mortgage servicing practices may change from time to time.

 

Cut-off Date:  With respect to each Mortgage Loan, the first day of the month of the related Closing Date as set forth in the related PPTL.

 

Deleted Mortgage Loan:  A Mortgage Loan replaced or to be replaced with a Substitute Mortgage Loan in accordance with this Agreement.

 

Delinquent:  Any Mortgage Loan with respect to which the Monthly Payment due on a Due Date is not made by the close of business on the Business Day preceding the next scheduled Due Date for such Mortgage Loan.

 

Due Date:  The day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.

 

Eligible Account:  Any account or accounts maintained with a federal or state chartered depository institution or trust company the short-term and long-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company) are rated in the highest rating category of each Rating Agency with respect to short-term unsecured debt obligations and in one of the two highest rating categories of each Rating Agency with respect to long-term unsecured debt obligations at the time any amounts are held on deposit therein.  Eligible Accounts may bear interest.  If the rating of the short-term or long-term unsecured debt obligations of the depository institution or trust company that maintains the account or accounts

 

  

4

  

 

is no longer in the highest rating category of each Rating Agency with respect to short-term unsecured debt obligations or in one of the two highest rating categories of each Rating Agency with respect to long-term unsecured debt obligations, the funds on deposit therewith in connection with this Agreement shall be transferred to an Eligible Account within 30 days of such downgrade.

 

Eligible Investments:  Any one or more of the following obligations or securities:

 

(i)           direct obligations of, and obligations fully guaranteed by the United States of America or any agency or instrumentality of the United States of America the obligations of which are backed by the full faith and credit of the United States of America;

 

(ii)           (a) demand or time deposits, federal funds or bankers' acceptances issued by any depository institution or trust company incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by federal and/or state banking authorities, provided that the commercial paper and/or the short-term deposit rating and/or the long-term unsecured debt obligations or deposits of such depository institution or trust company at the time of such investment or contractual commitment providing for such investment are rated in the highest rating category by each Rating Agency for long-term unsecured debt with a maturity of more than one year or in the highest rating category with respect to short-term obligations and (b) any other demand or time deposit or certificate of deposit that is fully insured by the FDIC;

 

(iii)           repurchase obligations with a term not to exceed thirty (30) days and with respect to (a) any security described in clause (i)  above and entered into with a depository institution or trust company (acting as principal) described in clause (ii)(a) above;

 

(iv)           securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States of America or any state thereof that are rated in the highest rating category for long-term unsecured debt with a maturity of more than one year or in the highest rating category with respect to short-term obligations by each Rating Agency, in each case at the time of such investment or contractual commitment providing for such investment; provided, however, that securities issued by any particular corporation will not be Eligible Investments to the extent that investments therein will cause the then outstanding principal amount of securities issued by such corporation and held as Eligible Investments to exceed 10% of the aggregate outstanding principal balances of all of the Mortgage Loans and Eligible Investments;

 

(v)           commercial paper (including both non-interest-bearing discount obligations and interest-bearing obligations payable on demand or on a specified date not more than one year after the date of issuance thereof) which are rated in the highest rating category by each Rating Agency at the time of such investment; and

 

  

5

  

 

(vi)           any money market funds rated in one of the two highest rating categories by each Rating Agency for long-term unsecured debt with a maturity of more than one year or in the highest rating category by each Rating Agency with respect to short-term obligations;

 

provided, however, that no instrument or security shall be an Eligible Investment if such instrument or security evidences a right to receive only interest payments with respect to the obligations underlying such instrument or if such security provides for payment of both principal and interest with a yield to maturity in excess of 120% of the yield to maturity at par or if such investment or security is purchased at a price greater than par.

 

Escrow Account:  As defined in Subsection 11.06.

 

Escrow Payments:  The amounts constituting ground rents, taxes, assessments, Primary Mortgage Insurance Policy premiums, fire and hazard insurance premiums, flood insurance premiums, condominium charges and other payments as may be required to be escrowed by the Mortgagor with the Mortgagee pursuant to the terms of any Mortgage Note or Mortgage.

 

Event of Default:  Any one of the conditions or circumstances enumerated in Subsection 13.01.

 

Fannie Mae:  The entity formerly known as the Federal National Mortgage Association or any successor thereto.

 

Fannie Mae Guides:  The Fannie Mae Sellers’ Guide and the Fannie Mae Servicers’ Guide and all amendments or additions thereto in effect on and after the related Closing Date.

 

FDIC:  The Federal Deposit Insurance Corporation or any successor thereto.

 

FDPA: The Flood Disaster Protection Act of 1973, as amended.

 

Fidelity Bond:  The fidelity bond required to be obtained by the Servicer pursuant to Subsection 11.12.

 

FIRREA:  The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended and in effect from time to time.

 

First Remittance Date:  With respect to each Mortgage Loan Package, the 18th day (or if such 18th day is not a Business Day, the first Business Day immediately preceding such 18th day) of the calendar month immediately following the Closing Date; provided, however, if the Servicing Transfer Date is not one (1) or more Business Days prior to the first day of such

 

  

6

  

 

calendar month, such date will be the 18th day (or if such 18th day is not a Business Day, the first Business Day immediately preceding such 18th day) of the next succeeding calendar month.

 

Freddie Mac:  The entity formerly known as the Federal Home Loan Mortgage Corporation or any successor thereto.

 

Freddie Mac Guide:  The Freddie Mac Single Family Seller/Servicer Guide and all amendments or additions thereto in effect on and after the related Closing Date.

 

Full Prepayment:  Any payment of the entire principal balance of a Mortgage Loan which is received in advance of its scheduled Due Date and is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

 

Ginnie Mae: The Government National Mortgage Association or any successor thereto.

 

Gross Margin:  With respect to any Adjustable Rate Mortgage Loan, the fixed percentage amount set forth in the related Mortgage Note and the Mortgage Loan Schedule that is added to the Index on each Adjustment Date in accordance with the terms of the related Mortgage Note to determine the new Mortgage Interest Rate for such Mortgage Loan.

 

Helping Families Act: As defined in Subsection 6.04.

 

HUD:  The United States Department of Housing and Urban Development or any successor thereto.

 

Independent: When used with respect to any other Person, a Person who (a) is in fact independent of another specified Person and any affiliate of such other Person, (b) does not have any material direct financial interest in such other Person or any affiliate of such other Person, and (c) is not connected with such other Person or any affiliate of such other Person as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

 

Index:  With respect to any Adjustable Rate Mortgage Loan, the index identified on the Mortgage Loan Schedule and set forth in the related Mortgage Note for the purpose of calculating the Mortgage Interest Rate thereon.

 

Initial Rate Cap:  With respect to each Adjustable Rate Mortgage Loan and the initial Adjustment Date therefor, a number of percentage points per annum that is set forth in the Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum amount by which the Mortgage Interest Rate for such Adjustable Rate Mortgage Loan may increase or decrease from the Mortgage Interest Rate in effect immediately prior to such Adjustment Date.

 

  

7

  

 

Insurance Proceeds:  With respect to each Mortgage Loan, proceeds of insurance policies insuring the Mortgage Loan or the related Mortgaged Property.

 

Interim Servicing Period: The period from the Closing Date to the related Servicing Transfer Date.

 

IO Adjustable Rate Mortgage Loan:  An Adjustable Rate Mortgage Loan with respect to which accrued interest only is payable by a Mortgagor on each Due Date until the IO Conversion Date.

 

IO Conversion Date:  With respect to an IO Adjustable Rate Mortgage Loan, the date that references the end of the “interest only period” applicable thereto.

 

Lifetime Rate Cap:  As to each Adjustable Rate Mortgage Loan, the maximum Mortgage Interest Rate which shall be as permitted in accordance with the provisions of the related Mortgage Note.

 

Liquidation Proceeds:  The proceeds received in connection with the liquidation of a defaulted Mortgage Loan through trustee’s sale, foreclosure sale or otherwise, other than amounts received following the acquisition of REO Property, Insurance Proceeds and Condemnation Proceeds.

 

Loan-to-Value Ratio:  With respect to any Mortgage Loan as of any date of determination, the ratio, expressed as a percentage, of the outstanding principal balance of the Mortgage Loan on such date, to the Appraised Value of the related Mortgaged Property.

 

LPMI: Lender paid mortgage insurance.

 

LTV:  Loan-to-Value Ratio.

 

Master Servicer:  Wells Fargo Bank, N.A., together with its successors and assigns, as master servicer with respect to any Securitization Transaction, or any other master servicer designated as such with respect to any Securitization Transaction.

 

MERS:  Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

 

MERS Mortgage Loan:  Any Mortgage Loan registered with MERS on the MERS System.

 

MERS System:  The system of recording transfers of mortgages electronically maintained by MERS.

 

  

8

  

 

MIN:  The Mortgage Identification Number for any MERS Mortgage Loan.

 

Minimum Interest Rate:  With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the Mortgage Loan Schedule and in the related Mortgage Note and is the minimum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be decreased.

 

Monthly Payment:  The scheduled monthly payment on a Mortgage Loan due on any Due Date allocable to principal and/or interest on such Mortgage Loan pursuant to the terms of the related Mortgage Note.

 

Mortgage:  The mortgage, deed of trust or other instrument securing a Mortgage Note which creates a first lien on an unsubordinated estate in fee simple in real property securing the Mortgage Note; except that with respect to real property located in jurisdictions in which the use of leasehold estates for residential properties is a widely-accepted practice, the mortgage, deed of trust or other instrument securing the Mortgage Note may secure and create a first lien upon a leasehold estate of the Mortgagor.

 

Mortgage File:  With respect to each Mortgage Loan, all documents involved in the origination, underwriting (including documented compensating factors pertaining to exceptions) and servicing of the Mortgage Loan, including but not limited to the documents specified in Exhibit 2, and any additional documents required to be added to the Mortgage File pursuant to this Agreement.

 

Mortgage Interest Rate:  With respect to each Mortgage Loan, the annual rate at which interest accrues on such Mortgage Loan from time to time in accordance with the provisions of the related Mortgage Note, including, but not limited to, the limitations on such interest rate imposed by the Initial Rate Cap, the Periodic Rate Cap, the Minimum Interest Rate and the Lifetime Rate Cap, if any.

 

Mortgage Loan:  An individual Mortgage Loan that is the subject of this Agreement, each Mortgage Loan originally sold and subject to this Agreement being identified on the related Mortgage Loan Schedule, which Mortgage Loan includes without limitation the Mortgage File, the Servicing File, the Monthly Payments, Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds, any escrow accounts related to the Mortgage Loan, the Servicing Rights and all other rights, benefits, proceeds and obligations arising from or in connection with such Mortgage Loan, excluding replaced or repurchased mortgage loans.

 

Mortgage Loan Documents:  With respect to any Mortgage Loan, the documents listed in Exhibit 1 hereto.

 

Mortgage Loan Package:  The pool or group of whole loans purchased on a Closing Date, as described in the Mortgage Loan Schedule annexed to the related PPTL.

 

  

9

  

 

Mortgage Loan Remittance Rate:  With respect to any Mortgage Loan, the related Mortgage Interest Rate minus the related Servicing Fee Rate.

 

Mortgage Loan Schedule:  The schedule of Mortgage Loans prepared for each Closing Date setting forth the information with respect to each Mortgage Loan required by the disclosure report format of the Purchaser, which disclosure report format is delivered by the Purchaser to the Seller.

 

Mortgage Note:  The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage.

 

Mortgaged Property:  The Mortgagor’s real property securing repayment of a related Mortgage Note, consisting of a fee simple interest in a single parcel of real property improved by a Residential Dwelling.

 

Mortgagee:  The mortgagee or beneficiary named in the Mortgage and the successors and assigns of such mortgagee or beneficiary.

 

Mortgagor:  The obligor on a Mortgage Note, who is an owner of the Mortgaged Property and the grantor or mortgagor named in the Mortgage and such grantor’s or mortgagor’s successors in title to the Mortgaged Property.

 

NAIC:  The National Association of Insurance Commissioners or any successor organization.

 

Officer’s Certificate:  A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, a President or a Vice President of the Person on behalf of whom such certificate is being delivered.

 

Opinion of Counsel:  A written opinion of counsel, who may be salaried counsel for the Person on behalf of whom the opinion is being given, reasonably acceptable to each Person to whom such opinion is addressed, and which must be Independent outside counsel with respect to such opinion of counsel concerning the taxation or the federal income tax status of a REMIC.

 

OTS:  The Office of Thrift Supervision or any successor thereto.

 

Partial Prepayment:  Any payment of principal on a Mortgage Loan, other than a Full Prepayment, which is received in advance of its scheduled Due Date and is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

 

Periodic Rate Cap:  As to each Adjustable Rate Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate, on any Adjustment Date as provided in the related Mortgage Note, if applicable.

 

  

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Person:  An individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof.

 

PPTL:  With respect to each Mortgage Loan and Mortgage Loan Package, the Purchase Price and Terms Letter, substantially in the form of Exhibit 6 attached hereto, providing for the sale by Seller and the purchase by the Purchaser of the Mortgage Loan Package on the related Closing Date.

 

Prepayment Charge:  With respect to each Mortgage Loan, the fee payable by the Mortgagor if the Mortgagor prepays such Mortgage Loan as provided in the related Mortgage Note or Mortgage.

 

Prepayment Interest Shortfall:  As to any Remittance Date and any Mortgage Loan, (a) if such Mortgage Loan was the subject of a Full Prepayment during the related Principal Prepayment Period, the excess of one month’s interest (adjusted to the Mortgage Loan Remittance Rate) on the Assumed Principal Balance of such Mortgage Loan outstanding immediately prior to such prepayment, over the amount of interest (adjusted to the Mortgage Loan Remittance Rate) actually paid by the Mortgagor in respect of such Principal Prepayment Period, and (b) if such Mortgage Loan was the subject of a Partial Prepayment during the related Principal Prepayment Period, an amount equal to the excess of one month’s interest at the Mortgage Loan Remittance Rate on the amount of such Partial Prepayment, over the amount of interest actually paid by the Mortgagor in respect of such Partial Prepayment during such Principal Prepayment Period.

 

Primary Mortgage Insurance Policy:  A policy of primary mortgage guaranty insurance.

 

Principal Prepayment:  Any full or partial payment or other recovery of principal on a Mortgage Loan which is received in advance of its scheduled Due Date, including any Prepayment Charge or premium thereon and which is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

 

Principal Prepayment Period:  As to any Remittance Date, the calendar month preceding the calendar month in which such Remittance Date occurs.

 

Purchase Price:  The price paid on the related Closing Date by the Purchaser to the Seller pursuant to this Agreement in exchange for the Mortgage Loans included in the related Mortgage Loan Package, as calculated pursuant to Section 4 and the related PPTL.

 

Purchase Price Percentage:  For each Mortgage Loan included in a Mortgage Loan Package, the percentage of par set forth in the related PPTL that is used to calculate the Purchase Price of the Mortgage Loans included in such Mortgage Loan Package.

 

  

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Purchaser:  The Person listed as such in the initial paragraph of this Agreement, together with its successors and assigns as permitted under the terms of this Agreement.

 

Qualified Appraiser:  With respect to each Mortgage Loan, an appraiser, duly appointed by the originator, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and such appraiser and the appraisal made by such appraiser both satisfy the requirements of Fannie Mae or Freddie Mac (including but not limited to the Appraiser Independence Requirements) and Title XI of FIRREA and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated.

 

Qualified Insurer:  An insurance company duly qualified as such under the laws of the states in which the Mortgaged Properties are located, duly authorized and licensed in such states to transact the applicable insurance business and to write the insurance provided by the insurance policy issued by it, approved as an insurer by Fannie Mae and Freddie Mac.

 

Rating Agencies: Standard & Poor’s Ratings Services, a division of The McGraw- Hill Companies, Inc., Moody’s Investors Service, Inc., Fitch, Inc. or, in the event that some or all ownership of the Mortgage Loans is evidenced by mortgage-backed securities, the nationally recognized rating agencies issuing ratings with respect to such securities, if any.

 

Reconciled Market Value: The estimated market value of the Mortgaged Property or REO Property that is reasonably determined by the Seller based on different results obtained from different permitted valuation methods or at different time periods, all in accordance with Customary Servicing Procedures.

 

Reconstitution Agreement:  The agreement or agreements entered into by the Seller and the Purchaser and certain third parties on the Reconstitution Date or Reconstitution Dates with respect to any or all of the Mortgage Loans conveyed hereunder, in connection with a Whole Loan Transfer or a Securitization Transaction as provided in Subsection 32.

 

Reconstitution Date:  The date or dates on which any or all of the Mortgage Loans are reconstituted as part of a Whole Loan Transfer or Securitization Transaction pursuant to Section 32 hereof.

 

Record Date:  The close of business of the last Business Day of the month preceding the month of the related Remittance Date or, in the case of a Remittance Date that is the Servicing Transfer Date, the Business Day prior to the Servicing Transfer Date.

 

Refinanced Mortgage Loan:  A Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property prior to the origination of such Mortgage Loan and the proceeds of which were used in whole or part to satisfy an existing mortgage.

 

  

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Regulation AB:  Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.  §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

 

Regulation AB Compliance Addendum:  Addendum I attached hereto and incorporated herein by reference thereto.

 

REMIC:  A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.

 

Remittance Date:  (a) The 18th day (or if such 18th day is not a Business Day, the first Business Day immediately preceding such 18th day) of any month, beginning with the First Remittance Date with respect to each Mortgage Loan Package, and (b) the Servicing Transfer Date.

 

REO Disposition:  The final sale by the Seller or the Purchaser of an REO Property.

 

REO Disposition Proceeds:  All amounts received with respect to an REO Disposition pursuant to Subsection 11.13.

 

REO Property:  A Mortgaged Property acquired by or on behalf of the Purchaser through foreclosure or deed in lieu of foreclosure as described in Subsection 11.13.

 

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

 

Residential Dwelling:  Any one of the following: (i) a detached one-family dwelling, (ii) a detached two- to four-family dwelling, (iii) a one-family dwelling unit in a condominium project or (iv) a one-family dwelling in a planned unit development, none of which is a cooperative, mobile or manufactured home.

 

Securities Act:  The Securities Act of 1933, as amended.

 

  

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Securitization Transaction:  Any transaction involving either (1) a sale or other transfer of some or all of the Mortgage Loans directly or indirectly by the Purchaser to an issuing entity in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities or (2) an issuance of publicly offered or privately placed, rated or unrated securities, the payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans.

 

Seller: Cole Taylor Bank, or its successor in interest or any successor to the Seller under this Agreement appointed as herein provided.

 

Servicer:  The Servicer set forth in the related PPTL.

 

Servicing Advances:  All customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance by the Servicer of its servicing obligations, including, but not limited to, the cost of (a) the preservation, restoration and protection of a Mortgaged Property, (b) any enforcement or judicial proceedings, including foreclosures, (c) the management and liquidation of a Mortgaged Property if such Mortgaged Property is acquired in satisfaction of the Mortgage, and (d) payments made by the Servicer with respect to a Mortgaged Property pursuant to Subsection 11.08.

 

Servicing Fee:  With respect to each Mortgage Loan, the fee the Purchaser shall pay to the Seller to interim service the Mortgage Loans, which shall, for each month, be equal to one-twelfth of the product of the applicable Servicing Fee Rate and the Stated Principal Balance of such Mortgage Loan (pro-rated with respect to partial months).  Such fee shall be payable monthly.  The obligation of the Purchaser to pay the Servicing Fee is limited to, and payable solely from, the interest portion (including recoveries with respect to interest from Liquidation Proceeds and other proceeds, to the extent permitted by Subsection 11.05) of related Monthly Payments collected by the Seller, or as otherwise provided under Subsection 11.05.

 

Servicing Fee Rate:  With respect to each Mortgage Loan, the per annum rate set forth on the related Mortgage Loan Schedule or if not specified thereon, in the related PPTL.

 

Servicing File:  With respect to each Mortgage Loan, the documents pertaining thereto specified in Exhibit 2 and copies of all documents for such Mortgage Loan specified in Exhibit 1.

 

Servicing Rights: With respect to each Mortgage Loan, any and all of the following: (a) all rights to service the Mortgage Loan; (b) all rights to receive the Servicing Fees, additional servicing compensation (including, without limitation, any late fees, assumption fees, penalties or similar payments with respect to the Mortgage Loan, and income on escrow accounts or other receipts on or with respect to the Mortgage Loan), reimbursements or indemnification for servicing the Mortgage Loan, and any payments received in respect of the foregoing and proceeds thereof; (c) the right to collect, hold and disburse escrow payments or other similar

 

  

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payments with respect to the Mortgage Loans and any amounts actually collected with respect thereto and to receive interest income on such amounts to the extent permitted by applicable law; (d) all accounts and other rights to payment related to any of the property described in this paragraph; (e) possession and use of any and all Mortgage Loan Documents and Mortgage Files pertaining to the Mortgage Loans or pertaining to the past, present or prospective servicing of the Mortgage Loans; (f) all rights and benefits relating to the direct solicitation of the related Mortgagors for refinance or modification of the Mortgage Loans and attendant right, title and interest in and to the list of such Mortgagors and data relating to their respective Mortgage Loans; (g) all rights, powers and privileges incident to any of the foregoing; and (h) all agreements or documents creating, defining or evidencing any of the foregoing rights to the extent they relate to such rights.

 

Servicing Transfer Date:  The date or dates, set forth in the related PPTL, when the Servicer will begin servicing the Mortgage Loans for the benefit of the Purchaser.

 

Servicing Transfer Instructions:  The servicing transfer instructions in the form of Exhibit 4 hereto.

 

Stated Principal Balance:  As to each Mortgage Loan as to any date of determination, (i) the principal balance of the Mortgage Loan as of the first day of the month for which such calculation is being made after giving effect to the principal portion of any Monthly Payments due on or before such date, whether or not received, as well as any Principal Prepayments received before such date, minus, without duplication, (ii) all amounts previously distributed to the Purchaser with respect to the Mortgage Loan representing payments or recoveries of principal, or advances in lieu thereof.

 

Substitute Mortgage Loan:  A mortgage loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, be approved by the Purchaser and meet the conditions described in Section 7.03(b) of this Agreement.

 

Underwriting Guidelines:  As to each Mortgage Loan Package, the written underwriting guidelines in effect as of the origination date of such Mortgage Loans, mutually agreed upon by the Seller and Purchaser, and delivered by the Seller to the Purchaser, as may be revised and modified, from time to time, by mutual agreement of the Purchaser and the Seller to reflect changes to the Underwriting Guidelines.

 

USA Patriot Act: Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended.

 

USPAP: The Uniform Standards of Professional Appraisal Practice, as amended and in effect from time to time.

 

Whole Loan Transfer:  Any sale or transfer by the Purchaser of some or all of the Mortgage Loans (including an Agency Transfer), other than a Securitization Transaction.

 

  

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SECTION 2.  Purchase and Conveyance.

 

The Seller, in exchange for the payment of the applicable Purchase Price by the Purchaser on the related Closing Date, receipt of which is hereby acknowledged, hereby sells, transfers, assigns, sets over and conveys to the Purchaser, without recourse, but subject to the terms of this Agreement, all of its rights, title and interest in and to the Mortgage Loans, including the related Mortgage Note and Mortgages, in a Mortgage Loan Package having a Stated Principal Balance in an amount as set forth in the related PPTL, or in such other amount as agreed by the Purchaser and the Seller as evidenced by the actual aggregate principal balance of the Mortgage Loan Package accepted by the Purchaser on the related Closing Date, together with the related Mortgage Files and all rights and obligations arising under the documents contained therein, on a servicing released basis.

 

With respect to each Mortgage Loan, the Purchaser shall own and be entitled to (1) all Monthly Payments due after the related Cut-off Date, (2) all other recoveries of principal collected after the related Cut-off Date (provided, however, that the principal portion of all Monthly Payments due on or before the related Cut-off Date and collected by the Seller or any successor servicer after the related Cut-off Date shall belong to the Seller), and (3) all payments of interest on the Mortgage Loans (minus that portion of any such payment which is allocable to the period prior to the related Cut-off Date).  The Stated Principal Balance of each Mortgage Loan as of the related Cut-off Date is determined after application of payments of principal due on or before the related Cut-off Date whether or not collected, together with any unscheduled Principal Prepayments collected prior to the related Cut-off Date; provided, however, that Monthly Payments for a Due Date beyond the Cut-off Date shall not be applied to reduce the principal balance.  Such Monthly Payments shall be the property of the Purchaser.  If the Servicing Transfer Date has not yet occurred, the Seller shall remit any such Monthly Payments to the Purchaser on the Remittance Date following collection thereof.  If the Servicing Transfer Date has occurred, the Seller shall remit any such Monthly Payments to the Purchaser in accordance with the Servicing Transfer Instructions.

 

SECTION 3.  Mortgage Loan Schedule.

 

The Seller shall deliver the Mortgage Loan Schedule (which will be annexed to the related PPTL) to the Purchaser at least two (2) Business Days prior to the related Closing Date.

 

SECTION 4.  Purchase Price.

 

The Purchase Price for the Mortgage Loans being acquired on a Closing Date shall be equal to the sum of (a) the product of (i) the Purchase Price Percentage stated in the related PPTL (subject to adjustment as provided therein) and (ii) the Stated Principal Balance of the Mortgage Loans listed on the related Mortgage Loan Schedule, plus (b) an amount equal to accrued interest on the aggregate Stated Principal Balance of the Mortgage Loans at the weighted average Mortgage Interest Rate of such Mortgage Loans from the related Cut-off Date through the day prior to the related Closing Date, both inclusive (assuming 30/360) (the “Purchase Price”). If so provided in the related PPTL, portions of the Mortgage Loans shall be priced separately.

 

  

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The Purchase Price as set forth in the preceding paragraph for the Mortgage Loans shall be paid on the related Closing Date by wire transfer of immediately available funds.

 

SECTION 5.  Examination of Mortgage Files.

 

The Seller shall, at the direction of the Purchaser, deliver to the Purchaser or its designee in escrow, for examination and retention, with respect to each Mortgage Loan to be purchased on the related Closing Date, the related Mortgage File in hard copy or  in digital format on compact disks or DVD.  Such examination may be made by the Purchaser or its designee at any reasonable time before or after the related Closing Date.  The Purchaser may, at its option and without notice to the Seller, purchase all or part of the Mortgage Loan Package without conducting any partial or complete examination. The fact that the Purchaser has conducted or has determined not to conduct any partial or complete examination of the Mortgage Files shall not affect the Purchaser’s (or any of its successors’) rights to demand repurchase or other relief or remedy provided for in this Agreement.

 

SECTION 6.  Delivery of Mortgage Loan Documents.

 

Subsection 6.01  Possession of Mortgage Files.

 

Originals or copies of all documents, including but not limited to the documents listed on Exhibit 2 and comprising the Mortgage File, other than the Mortgage Loan Documents, shall be delivered to the Purchaser or its designee on or prior to the related Closing Date.  During the Interim Servicing Period, originals of the contents of each Mortgage File not delivered to the Purchaser or the custodian appointed by the Purchaser are and shall be held in trust by the Seller for the benefit of the Purchaser as the owner thereof and shall be available for review by the Purchaser promptly following a written request.  During the Interim Servicing Period, the Seller’s possession of any portion of each such Mortgage File is at the will of the Purchaser, and such retention and possession by the Seller shall be in a custodial capacity only.  The ownership of each Mortgage Note, Mortgage and the contents of each Mortgage File is vested in the Purchaser and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Seller shall immediately vest in the Purchaser and shall be retained and maintained, in trust, by the Seller at the will of the Purchaser in such custodial capacity only.  The copies of the Mortgage File retained by the Seller with respect to each Mortgage Loan pursuant to this Agreement shall be appropriately identified in the Seller’s computer system to reflect clearly the ownership of such related Mortgage Loan by the Purchaser.  The Seller shall release from its custody the contents of any Mortgage File retained by it only in accordance with this Agreement and the Servicing Transfer Instructions, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to Subsection 7.03 of this Agreement or if required under applicable law or court order.  The Purchaser shall, promptly following a written request, return to the Seller hard copies of the Mortgage File in respect of any Mortgage Loan that is not purchased by the Purchaser.

 

  

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Subsection 6.02  Books and Records.

 

The sale of each Mortgage Loan will be reflected on the Seller’s balance sheet and other financial statements as a sale of assets by the Seller.  The Seller shall maintain a complete set of books and records for the Mortgage Loans sold by it which shall be appropriately identified in the Seller’s computer system to clearly reflect the ownership of the Mortgage Loans by the Purchaser.

 

In addition to the foregoing, the Seller shall provide to any supervisory agents or examiners that regulate the Purchaser, including but not limited to, the OTS, the FDIC and other similar entities, access, during normal business hours, upon reasonable advance written notice to the Seller and without charge to the Seller or such supervisory agents or examiners, to any documentation regarding the Mortgage Loans that may be required by any applicable regulator.

 

Subsection 6.03  Delivery of Mortgage Loan Documents.

 

The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office).  If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate.  In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation.  The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents.  The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date.  If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03.

 

Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder.

 

  

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If the Purchaser or its designee discovers any material defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03.

 

Subsection 6.04  RESPA Notice and Helping Families Notice

 

(a)           Prior to each Servicing Transfer Date, the Seller shall furnish to the applicable Mortgagors notices required under the Real Estate Settlement Procedure Act (“RESPA”) within the time frames required by RESPA.

 

(b)           Within thirty (30) days following the Closing Date in respect of a Mortgage Loan that is not a MERS Mortgage Loan, the Seller shall furnish to the Mortgagor of such Mortgage Loan the notice required by Section 404 of the Helping Families Save Their Homes Act of 2009 (the “Helping Families Act”) in accordance with the provisions of the Helping Families Act.  Within five (5) Business Days following the Closing Date in respect of a MERS Mortgage Loan, the Seller shall notify MERS of the transfer of ownership of such MERS Mortgage Loan.

 

SECTION 7.  Representations, Warranties and Covenants; Remedies for Breach.

 

Subsection 7.01  Representations and Warranties Regarding Individual Mortgage Loans.

 

The Seller hereby represents and warrants to the Purchaser that, as to each Mortgage Loan, as of the related Closing Date or such other date specified herein:

 

(a)           Property Valuation:  Each Mortgage File contains a written appraisal prepared by an appraiser licensed or certified by the applicable governmental body in which the mortgaged property is located and in accordance with the requirements of Title XI of FIRREA.  The appraisal was written, in form and substance, to (i) customary Fannie Mae or Freddie Mac standards for mortgage loans of the same type as such Mortgage Loans and (ii) USPAP standards, and satisfies applicable legal and regulatory requirements. The appraisal was made and signed prior to the final approval of the Mortgage Loan application.  The person performing any property valuation (including an appraiser) received no benefit from, and such person's compensation or flow of business from the originator was not affected by, the approval or disapproval of the Mortgage Loan.  The selection of the person performing the property valuation was made independently of the broker (where applicable) and the originator's loan sales and loan production personnel. The selection of the appraiser met the criteria of Fannie Mae and Freddie Mac for selecting an independent appraiser.

 

(b)           Income/Employment/Assets:  With respect to each Mortgage Loan the originator verified the borrower's income, employment, and assets in accordance with its written Underwriting Guidelines and employed procedures designed to authenticate the documentation supporting such income, employment, and assets. Such verification includes the transcripts received from the Internal Revenue Service pursuant to a filing of IRS Form 4506-T. With respect to each Mortgage Loan, in order to test the reasonableness of the income, the originator used (i) transcripts received from the IRS pursuant to a filing of IRS Form 4506-T (to the extent

 

  

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specified in the Mortgage Loan Schedule) or (ii) public and/or commercially available information acceptable to the Purchaser.

 

(c)           Occupancy:  The originator has given due consideration to factors, including but not limited to, other real estate owned by the borrower, commuting distance to work, appraiser comments and notes, the location of the property and any difference between the mailing address active in the servicing system and the subject property address to evaluate whether the occupancy status of the property as represented by the borrower is reasonable.  All owner occupied properties are occupied by the owner at the time of purchase of the mortgage.

 

(d)           Data:  The information set forth in the related Mortgage Loan Schedule, including any diskette or other related data tapes sent to the Purchaser, is complete, true and correct in all material respects. The information on the Mortgage Loan Schedule and the information provided are consistent with the contents of the originator's records and the Mortgage File.  The Mortgage Loan Schedule contains all of the required fields.  Any seller or builder concession in excess of 6% of the Appraised Value of the Mortgaged Property has been subtracted from the Appraised Value of the Mortgaged Property for purposes of determining the LTV and CLTV. Except for information specified to be as of the origination date of the Mortgage Loan, the Mortgage Loan Schedule contains the most current information possessed by the Seller.  No appraisal or other property valuation referred to or used to determine any data listed on the Mortgage Loan Schedule was more than 4 months old at the time of the Mortgage Loan closing.

 

(e)           Fraud:   No fraud, error, omission, misrepresentation, negligence or similar occurrence with respect to the Mortgage Loan has taken place on the part of the Mortgagor, the Seller or any other Person, including, without limitation, any appraiser, title company, closing or settlement agent, realtor, builder or developer or any other party involved in the origination or sale of the Mortgage Loan or the sale of the Mortgaged Property, that would impair in any way the rights of the Purchaser in the Mortgage Loan or Mortgaged Property or that violated applicable law.

 

(f)           Underwriting; Collection Practices; Escrow Payments:   Each Mortgage Loan either (i) was underwritten in conformance with the Seller's Underwriting Guidelines in effect at the time of origination without regard to any underwriter discretion or (ii) if not underwritten in conformance with the Seller's guidelines, has reasonable and documented compensating factors. The methodology used in underwriting the extension of credit for the Mortgage Loan includes objective mathematical principles that relate to the relationship between the borrower's income, assets and liabilities and the proposed payment.  With respect to escrow deposits and mortgage escrow accounts, all such payments that are due and payable are in the possession of Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made. All escrow payments have been collected in full compliance with state and federal law. An escrow of funds is not prohibited by applicable law and has been established in an amount sufficient to pay for every item subject to an escrow requirement which remains unpaid and which has been assessed but is not yet due and payable. Except in connection with a modification disclosed on the Mortgage Loan Schedule and contained in the Servicing File, no escrow deposits or escrow payments or other charges or payments due the Seller have been capitalized under the Mortgage or the Mortgage Note. With respect to each Adjustable Rate Mortgage Loan, all mortgage interest rate adjustments and

 

  

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monthly payment adjustments have been made in strict compliance with Customary Servicing Procedures, and, as of the applicable Transfer Date, Seller’s servicing system has been updated to reflect any such adjustments. The Seller executed and delivered any and all notices required under applicable law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Interest Rate and the monthly payment adjustments. Any interest required to be paid to the Mortgagor pursuant to state, federal and local law has been properly paid and credited.

 

(g)           Mortgage Insurance:  Except as indicated for pledged asset loans, if a Mortgage Loan has an LTV greater than 80%, the Mortgage Loan has mortgage insurance in accordance with the terms of the Fannie Mae Guide or the Freddie Mac Guide and is insured as to payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer. All provisions of such Primary Mortgage Insurance Policy have been and are being complied with, such policy is in full force and effect and all premiums due thereunder have been paid. No action, inaction or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance Policy and to pay all premiums and charges in connection therewith. To the extent a Mortgage Loan is insured under an LPMI policy, the Mortgage Interest Rate for the Mortgage Loan as set forth on the related Mortgage Loan Schedule is net of any such premium.

 

(h)           Regulatory Compliance:  Any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity, fair housing, or disclosure laws applicable to the Mortgage Loan have been complied with in all material respects.  No Mortgage Loan is a “high cost” or “covered” loan, as defined by any applicable federal, state or local predatory or abusive lending law, and no Mortgage Loan has a percentage listed under the Indicative Loss Severity Column (the column that appears in the Standard & Poor's Anti-Predatory Lending Law Update Table, included in the then-current Standard & Poor's LEVELS® Glossary of Terms on Appendix E). Any breach of this representation shall be deemed to materially and adversely affect the value of the Mortgage Loan and shall require a repurchase of the affected Mortgage Loan.  No Mortgage Loan secured by property located in the State of Georgia was originated on or after October 1, 2002 and prior to March 7, 2003. No Mortgage Loan originated on or after March 7, 2003 is a “high cost home loan” as defined under the Georgia Fair Lending Act.   No borrower was encouraged or required to select a loan product offered by the Seller that was a higher cost product designed for less-creditworthy borrowers, unless at the time of the Mortgage Loan's origination, such borrower did not qualify, taking into account credit history and debt-to-income ratios, for a lower cost credit product then offered by the Seller or any affiliate of the Seller.   There does not exist on the related Mortgaged Property any hazardous substances, hazardous wastes or solid wastes, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act of 1976, or other federal, state or local environmental legislation including, without limitation, asbestos.   There is no pending action or proceeding directly involving the Mortgaged Property in which compliance with any environmental law, rule or regulation is an issue; there is no violation of any environmental law, rule or regulation with respect to the Mortgaged Property; and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a prerequisite to use and enjoyment of such Mortgaged Property.  The Seller has complied with all applicable anti-money laundering laws and regulations, including

 

  

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without limitation the USA Patriot Act of 2001 (collectively, the “Anti-Money Laundering Laws”); the Seller has established an anti-money laundering compliance program as required by the Anti-Money Laundering Laws, has conducted the requisite due diligence in connection with the origination of each Mortgage Loan for purposes of the Anti-Money Laundering Laws, including with respect to the legitimacy of the applicable Mortgagor and the origin of the assets used by said Mortgagor to purchase the property in question, and maintains, and will maintain, sufficient information to identify the applicable Mortgagor for purposes of the Anti-Money Laundering Laws. The servicing of each Mortgage Loan prior to the related Closing Date complied in all material respects with the Customary Servicing Procedures and all then-applicable federal, state and local laws.  Any breach of any representations made in this clause (h) shall be deemed to materially and adversely affect the value of the Mortgage Loan and shall require a repurchase of the affected Mortgage Loan.

 

(i)           Borrower: As of the related Closing Date, the Mortgagor is not in bankruptcy and is not insolvent and the Seller has no knowledge of any circumstances or condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit standing that could reasonably be expected to cause investors to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become delinquent or materially adversely affect the value or marketability of the Mortgage Loan.  Either the Mortgagor is a natural person who is legally permitted to reside in the United States or the Mortgagor is an inter-vivos trust acceptable to Fannie Mae.  No borrower had a prior bankruptcy in the last ten years.  No borrower previously owned a property in the last ten years that was the subject of a foreclosure during the time the borrower was the owner of record.

 

(j)           Source of Loan Payments: No loan payment has been escrowed as part of the loan proceeds on behalf of the borrower.  No payments due and payable under the terms of the Mortgage Note and Mortgage or deed of trust, except for seller or builder concessions, have been paid by any person who was involved in, or benefited from, the sale or purchase of the Mortgaged Property or the origination, refinancing, sale, purchase or servicing of the Mortgage Loan other than the borrower.

 

(k)           Down Payment: The Mortgagor has contributed at least 5% of the purchase price for the Mortgaged Property with his/her own funds.

 

(l)           No Prior Liens:  The Seller is the sole owner and holder of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser or its designee will be the owner of record of the Mortgage and the indebtedness evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan to the Purchaser, the Seller will retain any Mortgage File documents during the Interim Servicing Period in its possession in trust for the Purchaser.   Each sale of the Mortgage Loan from any prior owner or the Seller was in exchange for fair equivalent value, and the prior owner or the Seller, as applicable, was solvent both prior to and after the transfer and had sufficient capital to pay and was able to pay its debts as they would generally mature. Immediately prior to the transfer and assignment to the Purchaser on the related Closing Date, the Mortgage Loan, including the Mortgage Note and the Mortgage, was not subject to an assignment or pledge, and the Seller had good and marketable title to and was the sole owner thereof and had full right to transfer and sell the Mortgage Loan to the Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim or

 

  

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security interest. The Seller has the full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign the Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest. The Seller intends to relinquish all rights to possess, control and monitor the Mortgage Loan.

 

(m)           Enforceability and Priority of Lien: The related Mortgage is a valid, subsisting, enforceable and perfected first lien on the Mortgaged Property (subject, as to enforceability, to bankruptcy and other creditors rights laws), including all buildings on the Mortgaged Property, and all installations and mechanical, electrical, plumbing, heating and air conditioning systems affixed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing securing the Mortgage Note's original principal balance. The Mortgage and the Mortgage Note do not contain any evidence of any security interest or other interest or right thereto. Such lien is free and clear of all adverse claims, liens and encumbrances having priority over the first lien of the Mortgage subject only to (1) the lien of non-delinquent current real property taxes and assessments not yet due and payable, (2) covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording which are acceptable to mortgage lending institutions generally and either (A) which are referred to or otherwise considered in the appraisal made for the Seller, or (B) which do not adversely affect the Appraised Value of the Mortgaged Property as set forth in such appraisal and (3) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. Any security agreement, chattel mortgage or equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting, enforceable and perfected first lien and first priority security interest on the property described therein (subject, as to enforceability, to bankruptcy and other creditors rights laws), and the Seller has the full right to sell and assign the same to the Purchaser;  There are no mechanics' or similar liens or claims which have been filed for work, labor or material (and no rights are outstanding that under law could give rise to such liens) affecting the related Mortgaged Property which are or may be liens prior to or equal to the lien of the related Mortgage. The related original Mortgage has been recorded or is in the process of being recorded.

 

(n)           Complete Mortgage Files:   The Mortgage Note, the Mortgage, the Assignment of Mortgage and the other Mortgage Loan Documents set forth in Exhibits 1 and 2 and required to be delivered on the related Closing Date have been delivered to the Purchaser or its designee in compliance with the specific requirements of this Agreement and the PPTL for the related Mortgage Loan Package. With respect to each Mortgage Loan, the Seller is in possession of a complete Mortgage File including all documents used in the qualification of the borrower except for such documents as have been delivered to the Purchaser or its designee.  In the event the Mortgage is a deed of trust, a trustee, authorized and duly qualified under applicable law to serve as such, has been properly designated, is named in the Mortgage and currently so serves, and no fees or expenses are or will become payable by the Purchaser to the trustee under the deed of trust, except in connection with a trustee's sale after default by the borrower.

 

  

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(o)           No Modifications: The terms of the Mortgage Note and the Mortgage have not been impaired, waived, altered or modified in any material respect, except by a written instrument that, if required by applicable law, has been recorded or is in the process of being recorded.  The substance of any such waiver, alteration or modification has been approved by the issuer of any related Primary Mortgage Insurance Policy and title insurance policy, to the extent required by such policies, the terms of such waiver, alteration or modification have been reflected in the Mortgage Loan Schedule and the written instrument reflecting such terms has been included in the Mortgage File.  No Mortgagor has been released, in whole or in part, from the terms of the Mortgage Note and the Mortgage, except in connection with an assumption agreement which is part of the Mortgage File and the terms of which are reflected in the related Mortgage Loan Schedule.  The Mortgage and Mortgage Note have not been satisfied, canceled or  subordinated, in whole or in part, or rescinded, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument been executed that would effect any such release, cancellation, subordination or rescission. The Seller has not waived the performance by the Mortgagor of any action, if the Mortgagor's failure to perform such action would cause the Mortgage Loan to be in default, nor has the Seller waived any default resulting from any action or inaction by the Mortgagor.

 

(p)           Taxes Paid:  All taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been paid by the borrower, or escrow funds from the borrower have been established in an amount sufficient to pay for every such escrowed item which remains unpaid and which has been assessed but is not yet due and payable.

 

(q)           No Damage/Condemnation:  Each Mortgaged Property is undamaged by waste, vandalism, fire, hurricane, earthquake or earth movement, windstorm, flood, tornado or other casualty adversely affecting the value of a Mortgaged Property or the use for which the premises were intended, and each Mortgaged Property is in substantially the same condition it was at the time the most recent Appraised Value was obtained. There is no proceeding pending or threatened for the total or partial condemnation of any Mortgaged Property.

 

(r)           Fee Simple Estate / No Encroachments / Compliance with Zoning:  The Mortgage creates a first lien or a first priority ownership interest in an estate in fee simple in real property securing the related Mortgage Note.  All improvements subject to the Mortgage which were considered in determining the Appraised Value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property (and wholly within the project with respect to a condominium unit), no improvements on adjoining properties encroach upon the Mortgaged Property except those which are insured against by the title insurance policy referred to in clause (v) below and all improvements on the property comply with all applicable building, zoning and subdivision laws, regulations and ordinances.

 

(s)           Legally Occupied:  As of the related Closing Date, the Mortgaged Property is lawfully occupied under applicable law, and all inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities.

 

  

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(t)           Mortgage Loan Legal and Binding:  The Mortgage Note, the Mortgage and other agreements executed in connection therewith are original and genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in all respects in accordance with its terms subject to bankruptcy, insolvency, moratorium, reorganization and other laws of general application affecting the rights of creditors and by general equitable principles.  The Seller has taken all action necessary to transfer such rights of enforceability to the Purchaser.  All parties to the Mortgage Note, the Mortgage and other agreements executed in connection therewith, had the legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note and the Mortgage. The Mortgage Note and the Mortgage have been duly and properly executed by such parties.

 

(u)           Proceeds Fully Disbursed / Recording Fees Paid:  The proceeds of the Mortgage Loan have been fully disbursed and there is no requirement for future advances thereunder, and any and all requirements as to completion of any on-site or off-site improvements and as to disbursements of any escrow funds therefor have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid or are in the process of being paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage Note or Mortgage.

 

(v)           Existence of Title Insurance:  Each Mortgage Loan (except any Mortgage Loan secured by a Mortgaged Property located in any jurisdiction as to which an opinion of counsel of the type customarily rendered in such jurisdiction in lieu of title insurance is instead received)  is covered by an ALTA lender's title insurance policy or other form of policy or insurance generally acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring the Seller, its successors and assigns, as to the first priority lien of the Mortgage in the original principal amount of the Mortgage Loan.  Additionally, such policy affirmatively insures ingress and egress to and from the Mortgaged Property. Where required by applicable state law or regulation, the Mortgagor has been given the opportunity to choose the carrier of the required mortgage title insurance. The Seller, its successors and assigns, are the sole insureds of such lender's title insurance policy; such title insurance policy has been duly and validly endorsed to the Purchaser or the assignment to the Purchaser of the Seller's interest therein does not require the consent of or notification to the insurer; and such lender's title insurance policy is in full force and effect and will be in full force and effect upon the consummation of the transactions contemplated by this Agreement and the related PPTL. No claims have been made under such lender's title insurance policy, and no prior holder of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such lender's title insurance policy.  The Seller has not provided or received any unlawful fee, commission, kickback, or other compensation or value of any kind in connection with the title insurance policy.

 

(w)           Hazard Insurance:  All buildings or other customarily insured improvements upon the Mortgaged Property are insured by an insurer acceptable under the Fannie Mae Guides, against loss by fire, hazards of extended coverage and such other hazards as are provided for in the Fannie Mae Guides or by the Freddie Mac Guides, in an amount representing coverage not less than the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loans and (ii) the greater of (a) the outstanding principal balance of the Mortgage

 

  

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Loan and (b) an amount such that the proceeds thereof shall be sufficient to prevent the Mortgagor and/or the Mortgagee from becoming a co-insurer.  If the Mortgaged Property is a condominium unit, it is included under the coverage afforded by a blanket policy for the project. If required by the FDPA, the Mortgage Loan is covered by a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration and conforming to Fannie Mae and Freddie Mac requirements, in an amount not less than the amount required by the FDPA. Such policy was issued by an insurer acceptable under the Fannie Mae Guides or the Freddie Mac Guides. The Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost and expense, and upon the Mortgagor's failure to do so, authorizes the holder of the Mortgage to maintain such insurance at the Mortgagor's cost and expense and to seek reimbursement therefor from the Mortgagor. All such standard hazard and flood policies are in full force and effect and on the date of origination contained a standard mortgagee clause naming the Seller and its successors in interest and assigns as loss payee; such clause is still in effect and all premiums due on any such policies have been paid in full.  No originator, seller, prior owner of the Mortgage Loan, borrower or any other Person, has engaged in any act or omission that would impair the coverage of any such insurance policy, the benefits of the endorsement provided for therein, or the validity and binding effect of either, including, without limitation, the provision or receipt of any unlawful fee, commission, kickback, or other compensation or value of any kind. No action, inaction, or event has occurred and no state of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any such insurance policies, regardless of the cause of such failure of coverage.

 

(x)           No Default:  There is no default, breach, violation or event of acceleration existing under the Mortgage or the related Mortgage Note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event permitting acceleration; and neither the Seller nor any prior mortgagee has waived any default, breach, violation or event permitting acceleration.  No foreclosure action is currently threatened or has been commenced with respect to any Mortgaged Property.

 

(y)           No Rescission:  The Mortgage Note and the Mortgage are not subject to any right of rescission, set-off, counterclaim or defense, including, without limitation, the defense of usury, nor will the operation of any of the terms of the Mortgage Note or the Mortgage, or the exercise of any right thereunder, render the Mortgage Note or Mortgage unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto.  The Mortgagor was not a debtor at the time of origination of the Mortgage Loan and is not currently a debtor in any state or federal bankruptcy or insolvency proceeding.

 

(z)           Enforceable Right of Foreclosure: The Mortgage relating to a Mortgaged Property contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization against such Mortgaged Property of the benefits of the security provided thereby. There is no homestead or other exemption available to the Mortgagor which would interfere with the right to sell the Mortgaged Property at a trustee's sale or the right to foreclose on the Mortgage.

 

  

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(aa)           Mortgaged Property is 1-4 Family:  The Mortgaged Property consists of a single parcel of real property with a detached single family residence erected thereon, or a townhouse, or a two-to four-family dwelling, or an individual condominium unit in a condominium project, or an individual unit in a planned unit development or a de minimis planned unit development, provided, however, that no residence or dwelling is a mobile home. As of the date of origination, no portion of the Mortgaged Property was used for commercial purposes, and since the date of origination no portion of the Mortgaged Property has been used for commercial purposes.

 

(bb)           Mortgage Loan Qualifies for REMIC:  Each Mortgage Loan constitutes a qualified mortgage under Section 860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(l).

 

(cc)           Original Mortgage Notes:   The Seller has delivered to the Purchaser the original Mortgage Note with respect to each Mortgage Loan.

 

(dd)           Doing Business:  All parties which have had any interest in the Mortgage, whether as Mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) (A) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located and (B) (1) organized under the laws of such state, (2) qualified to do business in such state, (3) a federal savings and loan association, a national bank, a Federal Home Loan Bank or a savings bank having principal offices in such state or (4) not doing business in such state.

 

(ee)           Loans Current / Prior Delinquencies:  All payments due on a Mortgage Loan on or prior to the related Closing Date have been made as of the related Closing Date, no Mortgage Loan is Delinquent and no Mortgage Loan has been Delinquent during the preceding twelve-month period; no payment made on such Mortgage Loan has been dishonored; there are no material defaults under the terms of such Mortgage Loan; and neither the Seller nor any other party has advanced funds or induced, solicited or knowingly received any advance of funds from a party other than the owner of the Mortgaged Property subject to the Mortgage, directly or indirectly, for the payment of any amount required by the Mortgage Loan.

 

(ff)            [Reserved]

 

(gg)          Acceleration of Payments:  The Mortgage contains the usual and enforceable provisions of the Seller at the time of origination for the acceleration of the payment of the unpaid principal amount of the Mortgage Loan if the related Mortgaged Property is sold without the prior consent of the Mortgagee thereunder.

 

(hh)          [Reserved]

 

(ii)           Leasehold Interest Representation And Warranty:  To the extent the Mortgage Loan is secured by a leasehold interest: (1) the borrower is the owner of a valid and subsisting interest as tenant under the lease and is not in default thereunder, (2) the lease is in full force and effect, and is unmodified, (3) all rents and other charges have been paid when due, (4) the lessor under the lease is not in default, (5) the execution, delivery, and performance of the Mortgage do not require the consent (other than the consents that have been obtained and are in full force and effect) under, and will not violate or cause a default under, the terms of the lease, (6) the lease is

 

  

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assignable or transferable, (7) the term of such lease does not terminate earlier than five years after the maturity date of the Mortgage Note, (8) the lease does not provide for termination of the lease in the event of the borrower's default without written notice to the Mortgagee and a reasonable opportunity to cure the default, (9) the lease permits the mortgaging of the related Mortgaged Property and (10) the lease protects the Mortgagee's interests in the event of a property condemnation.

 

(jj)            Sole Collateral:  As of the related Closing Date, the Mortgage Note is not and has not been secured by any collateral other than the lien of the corresponding Mortgage and the security interest of any applicable security agreement or chattel mortgage referred to in clause (m) above, and such collateral does not serve as security for any other obligation.

 

(kk)           Full Disclosure:  The Mortgagor has received all disclosure materials required by applicable law with respect to the making of fixed rate or adjustable rate mortgage loans, as applicable.

 

(ll)            No Graduated Payments:  The Mortgage Loan does not contain “graduated payment” features, does not have a shared appreciation or other contingent interest feature and does not contain any buydown provisions.

 

(mm)         No Negative Amortization Loans:  The Mortgage Loans have an original term to maturity of not more than 30 years, with interest payable in arrears on the first day of each month. Each Mortgage Note requires a monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof (except in the case of interest only loans) and to pay interest at the related Mortgage Interest Rate. No Mortgage Loan contains terms or provisions which would result in negative amortization.

 

(nn)          Recordable:  As to any Mortgage Loan which is not a MERS Mortgage Loan, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.

 

(oo)          Payment Terms:  Payments on the Mortgage Loan commenced no more than sixty (60) days after the funds were disbursed in connection with the Mortgage Loan. The Mortgage Note is payable on the first day of each month in equal monthly installments of principal and interest (if not an interest only loan), with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization.

 

(pp)          Condominiums:  If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development), or stock in a cooperative housing corporation, such condominium, cooperative or planned unit development project meets the eligibility requirements of Fannie Mae and Freddie Mac.

 

(qq)          Servicemembers’ Civil Relief Act:  The Mortgagor has not notified the Seller that it is requesting relief under the Servicemembers' Civil Relief Act, and the Seller has no knowledge of any relief requested or allowed to the Mortgagor under the Servicemembers' Civil Relief Act.

 

  

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(rr)            Construction:  As of the related Closing Date, no Mortgage Loan was in construction or rehabilitation status and no trade-in or exchange of a Mortgaged Property has been facilitated.

 

(ss)           Qualified Lender:  The Mortgage Loan was originated by a Mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act, a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or similar institution supervised and examined by a federal or state authority.

 

(tt)            No Ground Leases:  No Mortgaged Property is subject to a ground lease.

 

(uu)          No Additional Fees:  With respect to any broker fees collected and paid on any of the Mortgage Loans, all such fees have been properly assessed to the Mortgagor and no claims will arise as to such fees that are double charged and for which the Mortgagor would be entitled to reimbursement.

 

(vv)          Home Ownership and Equity Protection Act 1994:  None of the Mortgage Loans are subject to the Home Ownership and Equity Protection Act of 1994 or any comparable state law.

 

(ww)         No Single Credit Insurance:  None of the proceeds of the Mortgage Loan were used to finance single premium credit insurance policies.

 

(xx)           Principal Advances:  Any principal advances made to the Mortgagor prior to the related Closing Date have been consolidated with the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the Mortgagee's consolidated interest or by other title evidence acceptable to Fannie Mae and Freddie Mac. The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan.

 

(yy)           Interest Calculation:  Interest on each Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve 30-day months.

 

(zz)           No Balloon Loans:  No Mortgage Loan is a balloon loan.

 

(aaa)         MERS Mortgage Loans:  With respect to each MERS Mortgage Loan, a MIN has been assigned by MERS and such MIN is accurately provided on the Mortgage Loan Schedule. The related Assignment of Mortgage to MERS has been duly and properly recorded.   With respect to each MERS Mortgage Loan, the Seller has not received any notice of liens or legal actions with respect to such Mortgage Loan and no such notices have been electronically posted by MERS.

 

(bbb)        Credit Reporting:  With respect to each Mortgage Loan, the Seller has fully and accurately furnished complete information on the related borrower credit files to Equifax,

 

  

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Experian and Trans Union Credit Information in accordance with the Fair Credit Reporting Act and its implementing regulations.

 

(ccc)         Servicing.  The Mortgage Loans have been serviced in accordance with all Applicable Requirements.

 

(ddd)        Loan Type.  No Mortgage Loan is a “pay option ARM,” “pick-a-payment” or similar type of mortgage loan or a home equity revolving line of credit.

 

(eee)         [Reserved]

 

(fff)           Flood Certifications.  Unless otherwise agreed upon by the Seller and the Purchaser, each Mortgage Loan is covered by a life of loan, transferable flood certification contract assignable to the Purchaser.

 

Subsection 7.02  Seller Representations and Covenants.

 

 The Seller hereby represents, warrants and covenants to the Purchaser that, as to itself as of the related Closing Date (or such other date as is specified below):

(a)            It is a banking corporation, duly organized, validly existing, and in good standing under the laws of the State of Illinois and has all licenses necessary to carry on its business as now being conducted and is licensed, qualified and in good standing in the states where each Mortgaged Property is located if the laws of such state require licensing or qualification in order to conduct business of the type conducted by it.  It is an approved seller in good standing of conventional residential mortgage loans for Fannie Mae or Freddie Mac and is a HUD-approved mortgagee under Section 203 of the National Housing Act.  It has corporate power and authority to execute and deliver this Agreement and to perform in accordance herewith; the execution, delivery and performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by it and the consummation of the transactions contemplated hereby have been duly and validly authorized.  This Agreement, assuming due authorization, execution and delivery by the Purchaser, evidences the legal, valid, binding and enforceable obligation of it, subject to applicable law except as enforceability may be limited by (i) bankruptcy, insolvency, liquidation, receivership, moratorium, reorganization or other similar laws affecting the enforcement of the rights of creditors and (ii) general principles of equity, whether enforcement is sought in a proceeding in equity or at law.  All requisite corporate action has been taken by it to make this Agreement valid and binding upon it in accordance with the terms of this Agreement.

 

(b)            No consent, approval, authorization or order is required for the transactions contemplated by this Agreement from any court, governmental agency or body, or federal or state regulatory authority having jurisdiction over it or, if required, such consent, approval, authorization or order has been or will, prior to the related Closing Date, be obtained.

 

(c)            The consummation of the transactions contemplated by this Agreement are in its ordinary course of business and will not result in the breach of any term or provision of its

 

  

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articles of association or by-laws or result in the breach of any term or provision of, or conflict with or constitute a default under or result in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which it or its property is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which it or its property is subject.

 

(d)            Its transfer, assignment and conveyance of the Mortgage Notes and the Mortgages pursuant to this Agreement are not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.

 

(e)            There is no action, suit, proceeding or investigation pending or, to its best knowledge, threatened against it which, either individually or in the aggregate, would result in any material adverse change in its business, operations, financial condition, properties or assets, or in any material impairment of its right or ability to carry on its business substantially as now conducted or which would draw into question the validity of this Agreement or the Mortgage Loans or of any action taken or to be taken in connection with its obligations contemplated herein, or which would materially impair its ability to perform under the terms of this Agreement.

 

(f)             To the best of the Seller’s knowledge, the Seller is not in material default under any agreement, contract, instrument or indenture to which the Seller is a party or by which it (or any of its assets) is bound, which default would have a material adverse effect on the ability of the Seller to perform under this Agreement, nor, to the best of the Seller’s knowledge, has any event occurred which, with the giving of notice, the lapse of time or both, would constitute a default under any such agreement, contract, instrument or indenture and have a material adverse effect on the ability of the Seller to perform its obligations under this Agreement.

 

(g)             It does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement.

 

(h)            As of the Servicing Transfer Date, the Seller has previously serviced and administered the Mortgage Loans in accordance with Customary Servicing Procedures, all applicable federal, state and local laws and the related Mortgage Notes and Mortgages.

 

(i)              It has determined that the disposition of the Mortgage Loans pursuant to this Agreement will be afforded sale treatment for accounting and tax purposes.

 

(j)              It is solvent and the sale of the Mortgage Loans will not cause it to become insolvent.  The sale of the Mortgage Loans is not undertaken with the intent to hinder, delay or defraud any of its creditors.

 

(k)             It has not dealt with any broker, investment banker, agent or other person that may be entitled to any commission or compensation in connection with the sale of the Mortgage Loans.

 

(l)              To the best of the Seller’s knowledge, neither this Agreement nor any statement, report or other agreement, document or instrument furnished or to be furnished pursuant to this

 

  

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Agreement contains any materially untrue statement of fact or omits to state a fact necessary to make the statements contained therein not misleading.

 

(m)            (i)           The Seller covenants that the transfer of servicing of each Mortgage Loan from the Seller to the Servicer shall be complete in all material respects by the related Servicing Transfer Date, and the transfer shall be in accordance with the Servicing Transfer Instructions.

 

  (ii)          Unless otherwise mutually agreed to in writing by the Seller and the Purchaser, if a breach of the covenant described in Subsection 7.02(m)(i) continues for more than five (5) Business Days following the related Transfer Date, the Seller shall be required to repurchase the related Mortgage Loan at the Repurchase Price, and such repurchase shall be accomplished by wire transfer of the amount of the Repurchase Price to an account designated by the Purchaser.

Subsection 7.03  Repurchase; Substitution.

 

(a)           It is understood and agreed that the representations and warranties set forth in Sections 7.01 and 7.02 shall survive the sale of the Mortgage Loans and delivery of the Mortgage File to the Purchaser, or its designee, and shall inure to the benefit of the Purchaser, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment or the examination, or lack of examination, of any Mortgage Loan Document.  Upon discovery by the Seller or the Purchaser of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of the Mortgage Loans or the interest of the Purchaser in the Mortgage Loans (or which materially and adversely affects the value of a particular Mortgage Loan or the interest of the Purchaser in a particular Mortgage Loan in the case of a representation and warranty relating to such particular Mortgage Loan), the party discovering such breach shall give prompt written notice to the other.  A breach of representations and warranties in Sections 7.01(e) through (p), (r), (t), (v), (w), (x), (y), (z), (aa), (bb), (cc), (ee), (gg), (hh), (jj), (ll), (mm), (nn), (qq), (ss), (uu), (vv), (ww), (xx), (yy), (zz), (aaa), and (bbb)  shall be deemed to materially and adversely affect the value of the related Mortgage Loan or the interest of the Purchaser in any Mortgage Loan.  With respect to the representations and warranties contained in Sections 7.01 and 7.02 that are made to the Seller’s knowledge or to the best of Seller’s knowledge, if it is discovered by either the Seller or the Purchaser that the substance of such representation and warranty is inaccurate and such inaccuracy materially and adversely affects the value of the related Mortgage Loan or the interest of the Purchaser in the related Mortgage Loan, the Purchaser shall be entitled to all the remedies to which it would be entitled for a breach of representation or warranty, including, without limitation, the repurchase requirements contained herein, notwithstanding Seller’s lack of knowledge with respect to the inaccuracy at the time the representation or warranty was made.  The Seller shall have a period of sixty (60) days from the earlier of its discovery or its receipt of notice of any such breach within which to correct or cure such breach; provided, however, that if a Mortgage Loan has been transferred to a REMIC and the breach is with respect to the representation and warranty in Section 7.01(bb), the Seller shall have a period of sixty (60) days from its discovery of such breach within which to cure such breach.  The Seller hereby covenants and agrees that if any such breach is not corrected or cured within such sixty (60) day period, the Seller shall, at the Purchaser’s option, (i) repurchase such Mortgage Loan at the Repurchase Price, (ii) substitute a

 

  

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mortgage loan for the defective Mortgage Loan as provided below or (iii) except for a breach of the representation and warranty in Section 7.01(bb), make an indemnification payment in an amount equal to the reduction in value of such Mortgage Loan as a result of such breach, such payment to be made in the manner set forth above in respect of the Purchase Price of a repurchased Mortgage Loan.  In the event that any such breach shall involve any representation or warranty set forth in Section 7.02, and such breach is not cured within sixty (60) days of the earlier of either discovery by or notice to the Seller of such breach, all Mortgage Loans shall, at the option of the Purchaser, be repurchased by the Seller at the Repurchase Price.  Any such repurchase shall be accomplished by wire transfer of the amount of the Repurchase Price to an account designated by the Purchaser.  If the breach of representation and warranty that gave rise to the obligation to repurchase or substitute a Mortgage Loan pursuant to this Section 7.03(a) was the representation and warranty set forth in clause (e) or (h) of Section 7.01, then the Seller shall pay to the Purchaser, concurrently with and in addition to the remedies provided in this Section 7.03(a), an amount equal to any liability, penalty or expense that was actually incurred and paid out of or on behalf of the Purchaser, and that directly resulted from such breach, or if incurred and paid by the Purchaser thereafter, concurrently with such payment.

 

(b)           If the Seller is required to repurchase any Mortgage Loan pursuant to this Subsection 7.03 as a result of a breach of any of the representations and warranties set forth in Subsection 7.01, the Seller may, with the Purchaser’s prior consent, within two (2) years from the related Closing Date, remove such defective Mortgage Loan from the terms of this Agreement and substitute another mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such defective Mortgage Loan.  Any Substitute Mortgage Loan shall (a) have a principal balance at the time of substitution not in excess of the principal balance of the Deleted Mortgage Loan (the amount of any difference, plus one month’s interest thereon at the Mortgage Loan Remittance Rate borne by the Deleted Mortgage Loan, being paid by the Seller and deemed to be a Principal Prepayment to an account designated by the Purchaser), (b) have a Mortgage Interest Rate not less than, and not more than one percentage point greater than, the Mortgage Interest Rate of the Deleted Mortgage Loan or in the case of an Adjustable Rate Mortgage Loan, have the same index, a margin that is not less than the margin of the Deleted Mortgage Loan and Adjustment Dates that are the same frequency as that of the Deleted Mortgage Loan, (c) have a remaining term to stated maturity not later than, and not more than one year less than, the remaining term to stated maturity of the Deleted Mortgage Loan, (d) be, in the reasonable determination of the Purchaser, of the same type, quality and character (including location of the Mortgaged Property) as the Deleted Mortgage Loan as if the breach had not occurred, (e) have a Loan-to-Value Ratio at origination no greater than that of the Deleted Mortgage Loan, (f) have the same lien priority as that of the Deleted Mortgage Loan and (g) be, in the reasonable determination of the Purchaser, in material compliance with the representations and warranties contained in this Agreement and described in Subsection 7.01 as of the date of substitution.

 

(c)           The Seller shall amend the related Mortgage Loan Schedule to reflect the withdrawal of the Deleted Mortgage Loan from this Agreement and the substitution of such substitute Mortgage Loan therefor.  Upon such amendment, the Purchaser shall review the Mortgage File delivered to it relating to the substitute Mortgage Loan.  The Monthly Payment on a substitute Mortgage Loan due on the Due Date in the month of substitution shall be the

 

  

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property of the Seller and the Monthly Payment on the Deleted Mortgage Loan for which the substitution is made due on such date shall be the property of the Purchaser.

 

(d)            It is understood and agreed that the obligation of the Seller set forth in this Subsection 7.03 to cure, repurchase or substitute for a defective Mortgage Loan, and to indemnify the Purchaser pursuant to Subsection 12.01, constitutes the sole remedies of the Purchaser respecting a breach of the foregoing representations and warranties.  If the Seller fails to repurchase or substitute for a defective Mortgage Loan in accordance with this Subsection 7.03, or fails to cure a defective Mortgage Loan to the Purchaser’s reasonable satisfaction in accordance with this Subsection 7.03, or to indemnify the Purchaser pursuant to Subsection 12.01, that failure shall be an Event of Default and the Purchaser shall be entitled to pursue all available remedies.  No provision of this paragraph shall affect the rights of the Purchaser to terminate this Agreement for cause, as set forth in Subsections 13.01 and 14.01.

 

(e)            Any cause of action against the Seller relating to or arising out of the breach of any representations and warranties made in Subsections 7.01 and 7.02 shall accrue as to any Mortgage Loan upon (i) notice thereof by the Purchaser to the Seller (ii) failure by the Seller to cure such breach or repurchase such Mortgage Loan as specified above, and (iii) demand upon the Seller by the Purchaser for compliance with this Agreement.

 

(f)             In the event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary provision of this Agreement, with respect to any Mortgage Loan that is not in default or as to which no default is imminent, Purchaser may, in connection with any repurchase or substitution of a defective Mortgage Loan pursuant to this Subsection 7.03, require that the Seller deliver, at the Seller’s expense, an Opinion of Counsel to the effect that such repurchase or substitution will not (i) result in the imposition of taxes on “prohibited transactions” of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

 

(g)            With respect to any Mortgage Loan listed as having mortgage insurance on the Mortgage Loan Schedule, regardless of whether the insurance is borrower paid or lender paid, if the mortgage insurer rejects, denies, or rescinds a claim on the basis of any defect in connection with the origination of the Mortgage Loan or the servicing of the Mortgage Loan prior to the Closing Date (a “mortgage insurer rejection”), other than as a result of the mortgage insurer’s breach of its obligations or as a result of the mortgage insurer's insolvency, the Seller shall either repurchase such Mortgage Loan at the Repurchase Price or pay the Purchaser the amount of such claim within thirty (30) days from the date of such mortgage insurer rejection.

 

(h)            The  parties agree that the  resolution of any controversy or claim arising out of or relating to an obligation or alleged obligation of the Seller to repurchase a Mortgage Loan due to a breach of a representation or warranty contained in Section 7.01 hereof shall be  by Arbitration.

 

If any allegation of a breach of a representation or warranty made in Section 7.01 has not been resolved to the satisfaction of both the Purchaser and the Seller, either party may commence Arbitration to resolve the dispute; provided that a party may commence Arbitration with respect to one or more unresolved allegations only during the months of January, April, July and October, and all matters with respect to which Arbitration has been commenced in any such

 

  

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month shall be heard in a single Arbitration in the immediately following month or as soon as practicable thereafter.  To commence Arbitration, the moving party shall deliver written notice to the other party that it has elected to pursue Arbitration in accordance with this Section 7.03(h), provided that if the Seller has not responded to the Purchaser's notification of a breach of a representation and warranty,  the Purchaser shall not commence Arbitration with respect to that breach before 60 days following such notification in order to provide the Seller with an opportunity to respond to such notification.  Within 10 Business Days after a party has provided notice that it has elected to pursue Arbitration, each party may submit the names of one or more proposed Arbitrators to the other party in writing.  If the parties have not agreed on the selection of an Arbitrator within five Business Days after the first such submission, then the party commencing Arbitration shall, within the next 5 business days, notify the American Arbitration Association in New York, NY and request that it appoint a  single Arbitrator with experience in arbitrating disputes arising in the financial services industry.

 

    It is the intention of the parties that Arbitration shall be conducted in as efficient and cost-effective a manner as is reasonably practicable, without the burden of discovery.  Accordingly, the Arbitrator will resolve the dispute on the basis of a review of the written correspondence between the parties (including any supporting materials attached to such correspondence) conveyed by the parties to each other in connection with the dispute prior to the delivery of notice to commence Arbitration; however, upon a showing of good cause, a party may request the Arbitrator to direct the production of such additional information, evidence and/or documentation from the parties that the Arbitrator deems appropriate.  If requested by the Arbitrator or any party, any hearing with respect to an Arbitration shall be conducted by video conference or teleconference except upon the agreement of both parties or the request of the Arbitrator.

 

The finding of the Arbitrator shall be final and binding upon the parties. Judgment upon any arbitration award rendered may be entered and enforced in any court of competent jurisdiction. The costs of the  Arbitrator shall be shared equally between both parties.   Each party, however, shall bear its own attorneys fees and costs in connection with the Arbitration.

 

Subsection 7.04  Repurchase of Mortgage Loans With Early Payment Default.

 

If a Monthly Payment becomes Delinquent by one (1) or more scheduled Monthly Payments at any time on or prior to the first day of the third calendar month following the date of origination of the Mortgage Loan (or such other earlier date set forth in the related PPTL), then the Seller, at the Purchaser’s option, shall (a) promptly repurchase the related Mortgage Loan from the Purchaser in accordance with the procedures set forth in Subsection 7.03 hereof, however, any such repurchase shall be made at the Purchase Price, or (b) substitute a mortgage loan acceptable to the Purchaser in accordance with Subsection 7.03 hereof.

 

Subsection 7.05  Purchase Price Protection.

 

With respect to any Mortgage Loan that prepays in full on or prior to the last day of the third full month following the related Closing Date (or such other earlier date set forth in the

 

  

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related PPTL), the Seller shall reimburse the Purchaser an amount equal to the product of (a) the amount by which Purchase Price Percentage paid by the Purchaser to the Seller for such Mortgage Loan exceeds 100% and (b) the outstanding principal balance of the Mortgage Loan as of the Cut-off Date.  Such payment shall be made within thirty (30) days of such payoff.

 

SECTION 8.  Closing.

 

Subsection 8.01  Closing Conditions.

 

The closing for the purchase and sale of each Mortgage Loan Package shall take place on the respective Closing Date.  The closing shall be either by telephone, confirmed by letter or wire as the parties hereto shall agree, or conducted in person, at such place as the parties hereto shall agree.

 

The closing for each Mortgage Loan Package shall be subject to the satisfaction of each of the following conditions:

 

(a)           the Seller shall have delivered to the Purchaser the related Mortgage Loan Schedule and an electronic data file containing information on a loan-level basis;

 

(b)          all of the representations and warranties of the Seller under this Agreement shall be true and correct as of the related Closing Date (or, with respect to Subsection 7.01, such other date specified therein) in all material respects and no default shall have occurred hereunder which, with notice or the passage of time or both, would constitute an Event of Default hereunder;

 

(c)           the Purchaser shall have received from the custodian an initial certification with respect to its receipt of the Mortgage Loan Documents for the related Mortgage Loans;

 

(d)           the Purchaser shall have received originals of the related PPTL executed by the Seller and a funding memorandum setting forth the Purchase Price(s) for the Mortgage Loan Package; and

 

(e)           all other terms and conditions of this Agreement and the related PPTL to be satisfied by the Seller shall have been complied with in all material respects.

 

Upon satisfaction of the foregoing conditions, the Purchaser shall pay to the Seller on such Closing Date the Purchase Price for the related Mortgage Loan Package pursuant to Section 4 of this Agreement.

 

Subsection 8.02  Closing Documents.

 

(a)           On or before the initial Closing Date, the Seller shall submit to the Purchaser fully executed originals of the following documents:

 

 (i)           this Agreement, in four counterparts;

  

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(ii)           if requested by the Purchaser, a letter confirming the account name and number of the Custodial Account in a form to be provided by the Purchaser;

 

(iii)         if requested by the Purchaser, a letter confirming the account name and number of the Escrow Account in a form to be provided by the Purchaser; and

(b)         On or before each Closing Date, the Seller shall submit to the Purchaser fully executed originals of the following documents:

 

(i)           the related PPTL;

 

(ii)          the related Mortgage Loan Schedule;

 

(iii)         the Purchaser shall have received from its custodian an initial certification with respect to its receipt of the Mortgage Loan Documents for the related Mortgage Loans;

 

(iv)         a certificate or other evidence of merger or change of name, signed or stamped by the applicable regulatory authority, if any of the Mortgage Loans were acquired by the Seller by merger or acquired or originated by the Seller while conducting business under a name other than its present name, if applicable.

SECTION 9.  [Reserved.]

 

SECTION 10.  Costs.

 

The Seller shall pay any commissions due its salespeople and the legal fees and expenses of its attorneys.  The Purchaser shall pay the customary cost of delivering the Mortgage Files to the Purchaser or its designee, the cost of recording the Assignments of Mortgage and all other costs and expenses incurred in connection with the sale of the Mortgage Loans by the Seller to the Purchaser, including without limitation the Purchaser’s attorneys’ fees.  The Seller shall pay the cost of delivering the Mortgage Loan Documents to the Purchaser or its designee for each related Closing Date.

 

SECTION 11.  Interim Servicing; Servicing Transfer.

 

Subsection 11.01  Temporary Servicing of Mortgage Loans.

 

This Section 11 shall apply during the Interim Servicing Period, but only to the extent that funds collected and received pursuant to any Mortgage Loan during the Interim Servicing Period are payable to the Purchaser.  All funds collected and received pursuant to each Mortgage Loan during the Interim Servicing Period that are payable to the Purchaser shall be applied in accordance with this Section 11 and the Servicing Transfer Instructions.  All payments received in respect of the Mortgage Loans after the Servicing Transfer Date shall be applied in accordance

  

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with the Servicing Transfer Instructions.  The Seller agrees to comply with the Customary Servicing Procedures during the Interim Servicing Period.

 

(a)           The Seller, as an independent contractor, shall service and administer the Mortgage Loans on behalf of the Purchaser from and after the Closing Date through the Servicing Transfer Date in accordance with this Agreement, the Servicing Transfer Instructions, Customary Servicing Procedures and the terms of the Mortgage Notes and Mortgages, and shall have full power and authority, acting alone or through subservicers or agents, to do or cause to be done any and all things in connection with such servicing and administration which the Seller may deem necessary or desirable and consistent with the terms of this Agreement.  The Seller may perform its servicing responsibilities through agents or independent contractors, but shall not thereby be released from any of its responsibilities hereunder.  Notwithstanding anything to the contrary, the Seller may delegate any of its duties under this Agreement to one or more of its affiliates without regard to any of the requirements of this section; provided, however, that the Seller shall not be released from any of its responsibilities hereunder by virtue of such delegation.  The Mortgage Loans may be subserviced by one or more unaffiliated subservicers on behalf of the Seller provided each subservicer is a Fannie Mae approved seller/servicer or a Freddie Mac approved seller/servicer in good standing, and no event has occurred, including but not limited to a change in insurance coverage, that would make it unable to comply with the eligibility for seller/servicers imposed by Fannie Mae or Freddie Mac, or which would require notification to Fannie Mae or Freddie Mac. The Seller shall pay all fees and expenses of the subservicer from its own funds (provided that any such expenditures that would constitute Servicing Advances if made by the Seller hereunder shall be reimbursable to the Seller as Servicing Advances), and the subservicer’s fee shall not exceed the Servicing Fee.

 

(b)           It is further understood and agreed that the interim servicing obligations of the Seller hereunder shall be limited to such servicing and collection activities as are necessary for preserving the Purchaser’s interest in the Mortgage Loans on a temporary basis, and that the servicing of the Mortgage Loans is intended by Seller and Purchaser to be transferred to the Purchaser or its designee on or before the Servicing Transfer Date.  In no event shall the Seller service, or bear any obligation for the servicing of, any Mortgage Loan into any Securitization Transaction, Whole Loan Transfer, or in connection with the reconstitution of any Mortgage Loan.

 

(c)           [Reserved].

 

(d)           The Seller shall be entitled to enter into an agreement with the subservicer for indemnification of the Seller by the subservicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

(e)           Any subservicing agreement and any other transactions or services relating to the Mortgage Loans involving the subservicer shall be deemed to be between the subservicer and Seller alone, and the Purchaser shall have no obligations, duties or liabilities with respect to the subservicer including no obligation, duty or liability of the Purchaser to pay the subservicer’s fees and expenses.  For purposes of distributions and advances by the Seller pursuant to this Agreement, the Seller shall be deemed to have received a payment on a Mortgage Loan when the subservicer has received such payment.  The Seller shall not make any amendment to any

  

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agreement with a subservicer if such amendment is not consistent with or violates the provisions of this Agreement, or if such amendment could be reasonably expected to be materially adverse to the interests of the Purchaser.

 

(f)           The Seller shall not waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor without the prior written approval of the Purchaser.

 

(g)           [Reserved].

 

(h)           [Reserved].

 

Subsection 11.02  Directions by Purchaser During Interim Servicing Period.

 

During the Interim Servicing Period, in the event that any payment due under any Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Seller shall so notify the Purchaser and shall take such action as it is directed by the Purchaser.

 

Subsection 11.03  Collection of Mortgage Loan Payments.

 

Continuously from the date hereof until the earlier of (i) the date on which principal and interest on all Mortgage Loans are paid in full and (ii) the Servicing Transfer Date, the Seller will proceed diligently, in accordance with this Agreement, to collect all payments due under each of the Mortgage Loans when the same shall become due and payable.  Further, the Seller will in accordance with Customary Servicing Procedures ascertain and estimate taxes, assessments, fire and hazard insurance premiums, premiums for Primary Mortgage Insurance Policies, and all other charges that, as provided in any Mortgage, will become due and payable to the end that the installments payable by the Mortgagors will be sufficient to pay such charges as and when they become due and payable.

 

Mortgage Loan payments received by the Seller will be deposited within one Business Day of receipt into a clearing account that is an Eligible Account.  The Mortgage Loan payments may be commingled with payments of other mortgagors and investors for up to two Business Days prior to the Seller depositing the Mortgage Loan payments in the Custodial Account.  Such clearing account shall not be used for operational or corporate purposes of the Seller.

 

Subsection 11.04  Establishment of Custodial Account; Deposits in Custodial Account.

 

The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “Cole Taylor Bank, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.”  Such Custodial Account shall be an Eligible

  

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Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible depository institution for custodial accounts.  The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld.  In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller.

 

The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off Date):

 

(a)           all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;

 

(b)           all payments on account of interest on the Mortgage Loans adjusted to the related Mortgage Loan Remittance Rate;

 

(c)           all Liquidation Proceeds;

 

(d)           all proceeds received by the Seller under any title insurance policy, hazard insurance policy, Primary Mortgage Insurance Policy or other insurance policy other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with Customary Servicing Procedures;

 

(e)           all awards or settlements in respect of condemnation proceedings or eminent domain affecting any Mortgaged Property which are not released to the Mortgagor in accordance with Customary Servicing Procedures;

 

(f)            any amount required to be deposited in the Custodial Account pursuant to Subsections 11.15 and 11.19;

 

(g)           any amount required to be deposited by the Seller in connection with any REO Property pursuant to Subsection 11.13;

 

(h)           all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Substitute Mortgage Loans pursuant to Subsection 7.03;

 

(i)            with respect to each Full Prepayment and each Partial Prepayment, an amount (to be paid by the Seller out of its own funds) equal to the Prepayment Interest Shortfall; provided, however, that the Seller’s aggregate obligations under this paragraph for any month shall be limited to the total amount of Servicing Fees actually received with respect to the Mortgage Loans by the Seller during such month; and

 

(j)            amounts required to be deposited by the Seller in connection with the deductible clause of any hazard insurance policy.

  

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The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, assumption fees and other ancillary fees need not be deposited by the Seller in the Custodial Account.

 

The funds in the Custodial Account shall remain uninvested.

 

Subsection 11.05  Withdrawals From the Custodial Account.

 

The Seller shall, from time to time during the Interim Servicing Period, withdraw funds from the Custodial Account for the following purposes:

 

(a)           to make payments to the Purchaser in the amounts and in the manner provided for in Subsection 11.15;

 

(b)           [reserved];

 

(c)           to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Seller’s right to reimburse itself pursuant to this subclause (c) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Seller from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Seller’s right thereto shall be prior to the rights of the Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant to Subsection 7.03, or the Seller is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Seller’s right to such reimbursement shall be subsequent to the payment to the Purchaser of the related Repurchase Price pursuant to Subsection 7.03, and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;

 

(d)           to reimburse itself for unreimbursed Servicing Advances, to the extent that such amounts are nonrecoverable (as certified by the Seller to the Purchaser in an Officer’s Certificate) by the Seller pursuant to subclause (c) above, provided that the Mortgage Loan for which such advances were made is not required to be repurchased by the Seller pursuant to Subsection 7.03;

 

(e)           to reimburse itself for expenses incurred by and reimbursable to it pursuant to Subsection 12.01;

 

(f)            [reserved];

 

(g)           to pay to itself any interest earned or any investment earnings on funds deposited in the Custodial Account, net of any losses on such investments;

 

(h)           to withdraw any amounts inadvertently deposited in the Custodial Account; and

 

(i)            to clear and terminate the Custodial Account upon the termination of this Agreement.

  

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Upon request, the Seller will provide the Purchaser with copies of reasonably acceptable invoices or other documentation relating to Servicing Advances that have been reimbursed from the Custodial Account.

 

Subsection 11.06  Establishment of Escrow Account; Deposits in Escrow Account.

 

The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts (collectively, the “Escrow Account”), titled “Cole Taylor Bank, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.”  The Escrow Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of Seller), which meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible institution for escrow accounts.  The Escrow Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld.  In any case, the Escrow Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller.

 

The Seller shall deposit in the Escrow Account on a daily basis, and retain therein: (a) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (b) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property.  The Seller shall make withdrawals therefrom only in accordance with Subsection 11.07 hereof.  As part of its interim servicing duties, the Seller shall pay to the Mortgagors interest on funds in the Escrow Account, to the extent required by law.

 

Subsection 11.07  Withdrawals From Escrow Account.

 

Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the

  

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Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

 

Subsection 11.08  Payment of Taxes, Insurance and Other Charges; Collections Thereunder.

 

With respect to each Mortgage Loan, the Seller shall maintain accurate records reflecting the status of ground rents, taxes, assessments and other charges which are or may become a lien upon the Mortgaged Property and the status of premiums for Primary Mortgage Insurance Policies and fire and hazard insurance coverage and shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date and at a time appropriate for securing maximum discounts allowable, employing for such purpose deposits of the Mortgagor in the Escrow Account which shall have been estimated and accumulated by the Seller in amounts sufficient for such purposes, as allowed under the terms of the Mortgage.  To the extent that a Mortgage does not provide for Escrow Payments, the Seller shall determine that any such payments are made by the Mortgagor.  The Seller assumes full responsibility for the timely payment of all such bills and shall effect timely payments of all such bills irrespective of each Mortgagor’s faithful performance in the payment of same or the making of the Escrow Payments and shall make Servicing Advances to effect such payments, subject to its ability to recover such Servicing Advances pursuant to Subsections 11.05(c), 11.05(d) and 11.07(b).  No costs incurred by the Seller or subservicers in effecting the payment of ground rents, taxes, assessments and other charges on the Mortgaged Properties or mortgage or hazard insurance premiums shall, for the purpose of calculating remittances to the Purchaser, be added to the amount owing under the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

 

Subsection 11.09  Transfer of Accounts.

 

The Seller may, with Purchaser's approval which shall not be unreasonably withheld, transfer the Custodial Account or the Escrow Account to an Eligible Account at a different depository institution.

 

Subsection 11.10  Maintenance of Hazard Insurance.

 

The Seller shall cause to be maintained for each Mortgage Loan fire and hazard insurance with extended coverage customary in the area where the Mortgaged Property is located by an insurer acceptable to Fannie Mae or Freddie Mac and FHA or VA, as applicable, in an amount which is at least equal to the lesser of (a) the full insurable value of the Mortgaged Property or (b) the greater of (i) the outstanding principal balance owing on the Mortgage Loan and (ii) an amount such that the proceeds of such insurance shall be sufficient to avoid the application to the Mortgagor or loss payee of any coinsurance clause under the policy.  If the Mortgaged Property is in an area identified in the Federal Register by the Federal Emergency Management Agency as a special flood hazard area (and such flood insurance has been made available) the Seller will cause to be maintained a flood insurance policy meeting the requirements of the National Flood Insurance Program, in an amount representing coverage not less than the lesser of (A) the

  

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minimum amount required under the terms of the coverage to compensate for any damage or loss to the Mortgaged Property on a replacement-cost basis (or the outstanding principal balance of the Mortgage Loan if replacement-cost basis is not available) or (B) the maximum amount of insurance available under the National Flood Insurance Program.  The Seller shall also maintain on REO Property fire and hazard insurance with extended coverage in an amount which is at least equal to the maximum insurable value of the improvements which are a part of such property, liability insurance and, to the extent required and available under the National Flood Insurance Program, flood insurance in an amount required above.  Any amounts collected by the Seller under any such policies (other than amounts to be deposited in the Escrow Account and applied to the restoration or repair of the property subject to the related Mortgage or property acquired in liquidation of the Mortgage Loan, or to be released to the Mortgagor in accordance with Customary Servicing Procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05.  It is understood and agreed that no earthquake or other additional insurance need be required by the Seller of any Mortgagor or maintained on REO Property other than pursuant to such applicable laws and regulations as shall at any time be in force and as shall require such additional insurance.  All policies required hereunder shall be endorsed with standard mortgagee clauses with loss payable to the Seller, and shall provide for at least thirty (30) days prior written notice of any cancellation, reduction in amount or material change in coverage to the Seller.  The Seller shall not interfere with the Mortgagor’s freedom of choice in selecting either its insurance carrier or agent; provided, however, that unless otherwise required by the terms of the related Mortgage Note or applicable law, the Seller shall not accept any such insurance policies from insurance companies unless such companies are acceptable to Fannie Mae or Freddie Mac and FHA or VA, as applicable, and are licensed to do business in the state wherein the property subject to the policy is located.

 

The hazard insurance policies for each Mortgage Loan secured by a unit in a condominium development or planned unit development shall be maintained with respect to such Mortgage Loan and the related development in a manner which is consistent with Fannie Mae or Freddie Mac requirements and FHA or VA requirements, as applicable, unless otherwise required by the terms of the related Mortgage Note or applicable law.

 

Subsection 11.11  Maintenance of Primary Mortgage Insurance Policy; Claims.

 

With respect to each Mortgage Loan with a LTV in excess of 80%, the Seller shall promptly, without any cost to the Purchaser, maintain or cause the Mortgagor to maintain in full force and effect a Primary Mortgage Insurance Policy issued by a Qualified Insurer insuring the portion over 78% (or such other  percentage in conformance with then current Fannie Mae requirements) until terminated pursuant to the Homeowners Protection Act of 1988, 12 USC § 4901, et seq. or any other applicable federal, state or local law or regulation.  In the event that such Primary Mortgage Insurance Policy shall be terminated other than as required by law, the Seller shall obtain from another Qualified Insurer a comparable replacement policy, with a total coverage equal to the remaining coverage of such terminated Primary Mortgage Insurance Policy.  If the insurer shall cease to be a Qualified Insurer, the Seller shall obtain from another Qualified Insurer a replacement Primary Mortgage Insurance Policy.  The Servicer shall not take any action which would result in noncoverage under any applicable Primary Mortgage Insurance

  

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Policy of any loss which, but for the actions of the Servicer would have been covered thereunder.  In connection with any assumption or substitution agreement entered into or to be entered into pursuant to Subsection 11.18, the Seller shall promptly notify the insurer under the related Primary Mortgage Insurance Policy, if any, of such assumption or substitution of liability in accordance with the terms of such Primary Mortgage Insurance Policy and shall take all actions which may be required by such insurer as a condition to the continuation of coverage under such Primary Mortgage Insurance Policy. If such Primary Mortgage Insurance Policy is terminated as a result of such assumption or substitution of liability, the Seller shall obtain a replacement Primary Mortgage Insurance Policy as provided above.

 

In connection with its activities as interim servicer, the Seller agrees to prepare and present or to assist the Purchaser in preparing and presenting, on behalf of itself and the Purchaser, claims to the insurer under any Primary Mortgage Insurance Policy in a timely fashion in accordance with the terms of such Primary Mortgage Insurance Policy and, in this regard, to take such action as shall be necessary to permit recovery under any Primary Mortgage Insurance Policy respecting a defaulted Mortgage Loan.  Pursuant to Subsection 11.04, any amounts collected by the Seller under any Primary Mortgage Insurance Policy shall be deposited in the Custodial Account, subject to withdrawal pursuant to Subsection 11.05.

 

Subsection 11.12  Fidelity Bond; Errors and Omissions Insurance.

 

The Seller shall maintain, at its own expense, a blanket Fidelity Bond and an errors and omissions insurance policy, with broad coverage on all officers, employees or other persons acting in any capacity requiring such persons to handle funds, money, documents or papers relating to the Mortgage Loans.  These policies must insure the Seller against losses resulting from fraud, theft, errors, omissions, negligence, dishonest or fraudulent acts committed by the Seller’s personnel, any employees of outside firms that provide data processing services for the Seller, and temporary contract employees or student interns.  The Fidelity Bond shall also protect and insure the Seller against losses in connection with the release or satisfaction of a Mortgage Loan without having obtained payment in full of the indebtedness secured thereby.  No provision of this Subsection 11.12 requiring such Fidelity Bond and errors and omissions insurance shall diminish or relieve the Seller from its duties and obligations as set forth in this Agreement.  The minimum coverage under any such Fidelity Bond and insurance policy shall be at least equal to the corresponding amounts required by FHA or VA, Fannie Mae in the Fannie Mae Guides or by Freddie Mac in the Freddie Mac Guide, as amended or restated from time to time, as applicable, or in an amount as may be permitted to the Seller by express waiver of FHA or VA and Fannie Mae or Freddie Mac, as applicable.  Upon request of the Purchaser, the Seller shall cause to be delivered to the Purchaser a certified true copy of such Fidelity Bond or a certificate evidencing the same with a statement that the Seller shall endeavor to provide written notice to the Purchaser thirty (30) days prior to modification or any material change.

  

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Subsection 11.13  [Reserved].

 

Subsection 11.14  Servicing Compensation.

 

As compensation for its interim servicing activities hereunder and subject to Subsection 11.15, the Seller shall be entitled to retain the Servicing Fee from interest payments actually collected on the Mortgage Loans.  Additional servicing compensation in the form of assumption fees, late payment charges, fees related to the disposition of REO Property and other ancillary income shall be retained by the Seller to the extent not required to be deposited in the Custodial Account.  The Seller shall be required to pay all expenses incurred by it in connection with its interim servicing activities hereunder and shall not be entitled to reimbursement therefor except as specifically provided for herein.  The Servicing Fee shall not be reduced by the amount of any guarantee fee payable to FHA or VA.

 

Subsection 11.15  Distributions.

 

On each Remittance Date the Seller shall remit by wire transfer of immediately available funds to the account designated in writing by the Purchaser of record on the preceding Record Date all amounts credited to the Custodial Account as of such date, net of charges against or withdrawals from the Custodial Account pursuant to Subsection 11.05(c) through (h).

 

Not later than each Remittance Date, the Seller shall from its own funds deposit in the Custodial Account an amount equal to the aggregate Prepayment Interest Shortfall due to either Partial Prepayment or Full Prepayment, if any, existing in respect of the related Principal Prepayment Period.

 

With respect to any remittance received by the Purchaser after the Business Day on which such payment was due, the Seller shall pay to the Purchaser interest on any such late payment at an annual rate equal to the rate of interest as is publicly announced from time to time at its principal office by Cole Taylor Bank, or its successor, as its prime lending rate, adjusted as of the date of each change, plus two percent (2%), but in no event greater than the maximum amount permitted by applicable law.  Such interest shall be paid by the Seller to the Purchaser on the date such late payment is made and shall cover the period commencing with the Business Day on which such payment was due and ending with the Business Day immediately preceding the Business Day on which such payment is made, both inclusive.  The payment by the Seller of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Seller.

 

Subsection 11.16  Statements to the Purchaser.

 

Not later than five (5) days prior to each related Remittance Date, the Seller shall forward to the Purchaser a statement in the form specified and with the information required by the monthly reporting format of the Master Servicer, as provided to the Seller by the Purchaser.

  

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Such statement shall also include information regarding delinquencies on Mortgage Loans, indicating the number and aggregate principal amount of Mortgage Loans which are either one (1), two (2) or three (3) or more months Delinquent.  The Seller shall submit to the Purchaser monthly a liquidation report with respect to each Mortgaged Property sold in a foreclosure sale as of the related Record Date and not previously reported.  The Seller shall also provide such information as set forth above to the Purchaser in electronic form in the Seller’s standard format, a copy of which has been provided by the Seller.

 

In addition, the Seller shall submit to the Purchaser monthly loan-by-loan default information including, without limitation, notes made and retained by the Seller in connection with servicing the defaulted loan, the reasons for the default, updated values of the Mortgaged Property, updated Credit Scores on the Mortgagor and information regarding Servicing Advances made.

 

The Seller shall prepare and file any and all tax returns, information statements or other filings required to be delivered to any governmental taxing authority, the Mortgagor or to the Purchaser pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby.  In addition, the Seller shall provide the Purchaser with such information concerning the Mortgage Loans as is necessary for such Purchaser to prepare federal income tax returns as the Purchaser may reasonably request from time to time.

 

Subsection 11.17  [Reserved].

 

Subsection 11.18  Assumption Agreements.

 

The Seller will use its best efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note; provided that, subject to the Purchaser’s prior approval, the Seller shall permit such assumption if so required in accordance with the terms of the Mortgage or the Mortgage Note.  When the Mortgaged Property has been conveyed by the Mortgagor prior to payment in full of the Mortgage Loan, the Seller will, to the extent it has knowledge of such conveyance, exercise its rights to accelerate the maturity of such Mortgage Loan under the “due-on-sale” clause applicable thereto; provided, however, the Seller will not exercise such rights if prohibited by law from doing so or if the exercise of such rights would impair or threaten to impair any recovery under the related Primary Mortgage Insurance Policy, if any.  In connection with any such assumption, the outstanding principal amount, the Monthly Payment, the Mortgage Interest Rate, the Lifetime Rate Cap (if applicable), the Gross Margin (if applicable), the Initial Rate Cap  (if applicable) or the Periodic Rate Cap (if applicable) of the related Mortgage Note shall not be changed, and the term of the Mortgage Loan will not be increased or decreased.  If an assumption is allowed pursuant to this Subsection 11.18, the Seller with the prior consent of the issuer of the Primary Mortgage Insurance Policy, if any, is authorized to enter into a substitution of liability agreement with the purchaser of the Mortgaged Property pursuant to which the original Mortgagor is released from liability and the purchaser of the Mortgaged Property is substituted as Mortgagor and becomes liable under the Mortgage Note.

  

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Subsection 11.19  [Reserved].

 

Subsection 11.20  Seller Shall Provide Access and Information as Reasonably Required.

 

The Seller shall provide to the Purchaser, and for any Purchaser insured by FDIC or NAIC, the supervisory agents and examiners of FDIC and OTS or NAIC, access to any documentation regarding the Mortgage Loans which may be required by applicable regulations.  Such access shall be afforded without charge, but only upon reasonable advance written request, during normal business hours and at the offices of the Seller.

 

In addition, the Seller shall furnish, promptly following written request by the Purchaser and at the expense of the Purchaser, during the term of this Agreement, such periodic, special or other reports or information, whether or not provided for herein, as shall be necessary, reasonable and appropriate with respect to the purposes of this Agreement and applicable regulations.  All such reports or information shall be provided by and in accordance with all reasonable instructions and directions the Purchaser may require.  The Seller agrees to execute and deliver all such instruments and take all such action as the Purchaser, from time to time, may reasonably request in order to effectuate the purposes and to carry out the terms of this Agreement.

 

Subsection 11.21  [Reserved].

 

Subsection 11.22  [Reserved].

 

Subsection 11.23  Fair Credit Reporting Act.

 

The Seller, in its capacity as interim servicer for each Mortgage Loan, agrees to fully furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, accurate and complete information (e.g., favorable and unfavorable) on its borrower credit files to Equifax, Experian and Trans Union Credit Information Company (three of the credit repositories), on a monthly basis.

 

Subsection 11.24  Transfer of Servicing to Purchaser.

 

The Seller shall cause all Servicing Rights and obligations with respect to the Mortgage Loans to be transferred to the Purchaser (or such person as the Purchaser may designate) on the Servicing Transfer Date.  The Seller hereby agrees to comply with the Servicing Transfer Instructions attached hereto as Exhibit 4.

 

Subsection 11.25  Payments Received.

 

The Seller shall apply all payments received in respect of the Mortgage Loans during the Interim Servicing Period and after the Transfer Date in accordance with the Servicing Transfer Instructions.

  

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SECTION 12.  The Seller.

 

Subsection 12.01  Indemnification; Third Party Claims.

 

(a)           The Seller agrees to indemnify and hold harmless the Purchaser against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees and expenses that the Purchaser may sustain in any way related to or resulting from (i) any claim, demand, defense or assertion based on or grounded upon or resulting from, or alleging a breach of a representation or warranty set forth in Sections 7.01 or 7.02 of this Agreement, and without regard to any knowledge qualifier included in any such representation or warranty, (ii) a breach by the Seller of any of its duties or obligations under this Agreement or (iii) any material misstatements or omissions contained in any information provided by the Seller pursuant to Section 32 or any failure by the Seller to comply with Section 32.  This indemnification obligation shall survive the termination of this Agreement or the termination of any party to this Agreement.

 

(b)           The Seller shall immediately notify the Purchaser if a claim is made by a third party with respect to this Agreement or the Mortgage Loans, and the Seller shall assume (with the written consent of the Purchaser) the defense of any such claim and pay all expenses in connection therewith, including counsel fees.  If the Seller has assumed the defense of the Purchaser, the Seller shall provide the Purchaser with a written report of all expenses and advances incurred by the Seller pursuant to this Subsection 12.01 and the Purchaser shall promptly reimburse the Seller for all amounts advanced by it pursuant to the preceding sentence except when the claim in any way relates to or results from anything listed in clauses (i), (ii) or (iii) of Subsection 12.01(a).

 

Subsection 12.02  Merger or Consolidation of the Seller.

 

The Seller will keep in full effect its existence, rights and franchises as an Illinois banking corporation, and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement or any of the Mortgage Loans and to perform its duties under this Agreement.

 

Any Person into which the Seller may be merged or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Seller shall be a party, or any Person succeeding to substantially all of the business of the Seller shall be the successor of the Seller hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

Subsection 12.03  Limitation on Liability of the Seller and Others.

 

The duties and obligations of the Seller in its capacity as the interim servicer of the Mortgage Loans shall be determined solely by the express provisions of this Agreement, the Seller as interim servicer shall not be liable except for the performance of such duties and

  

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obligations as are specifically set forth in this Agreement and no implied covenants or obligations shall be read into this Agreement against the Seller as interim servicer.  Neither the Seller nor any of the directors, officers, employees or agents of the Seller shall be under any liability to the Purchaser for any action taken or for refraining from the taking of any action in accordance with Customary Servicing Procedures and otherwise in good faith pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Seller as interim servicer against any liability resulting from any breach of any representation or warranty made herein, or from any liability specifically imposed on the Seller as interim servicer herein; and, provided further, that this provision shall not protect the Seller as interim servicer against any liability that would otherwise be imposed by reason of the willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of the obligations or duties hereunder.  The Seller and any director, officer, employee or agent of the Seller may rely on any document of any kind which it in good faith reasonably believes to be genuine and to have been adopted or signed by the proper authorities respecting any matters arising hereunder.  Subject to the terms of Subsection 12.01, the Seller shall have no obligation to appear with respect to, prosecute or defend any legal action which is not incidental to the Seller’s duty to service the Mortgage Loans in accordance with this Agreement.

 

SECTION 13.    Default.

 

Subsection 13.01  Events of Default.

 

In case one or more of the following Events of Default by the Seller shall occur and be continuing:

 

(a)           any failure by the Seller to remit to the Purchaser any payment required to be made under the terms of this Agreement which continues unremedied for a period of two (2) Business Days;

 

(b)           failure by the Seller to duly observe or perform, in any material respect, any other covenants, obligations or agreements of the Seller as set forth in this Agreement which failure continues unremedied for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Seller by the Purchaser;

 

(c)           a decree or order of a court or agency or supervisory authority having jurisdiction for the appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Seller and such decree or order shall have remained in force, undischarged or unstayed for a period of sixty (60) days;

 

(d)           the Seller shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Seller or relating to all or substantially all of the Seller’s property;

  

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(e)           the Seller shall admit in writing its inability to pay its debts as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations; or

 

(f)            the Seller shall cease to be qualified to do business under the laws of any state in which a Mortgaged Property is located, but only to the extent such qualification is necessary to ensure the enforceability of each Mortgage Loan and to perform the Seller’s obligations under this Agreement;

 

then, and in each and every such case, so long as an Event of Default shall not have been remedied, the Purchaser, by notice in writing to the Seller, may, in addition to whatever rights the Purchaser may have at law or equity to damages, including injunctive relief and specific performance, commence termination of all the rights and obligations of the Seller under this Agreement and with respect to the Mortgage Loans and the proceeds thereof.  Upon receipt by the Seller of such written notice from the Purchaser stating that it intends to terminate the Seller as a result of such Event of Default, all authority and power of the Seller under this Agreement, including any compensation due the Seller under this Agreement on and after the effective date of termination, whether with respect to the Mortgage Loans or otherwise, shall pass to and be vested in the successor appointed pursuant to Subsection 14.02.  Promptly following written request from the Purchaser, the Seller shall prepare, execute and deliver to a successor any and all documents and other instruments, place in such successor’s possession all Mortgage Files and do or cause to be done all other acts or things necessary or appropriate to effect the purposes of such notice of termination, including, but not limited to, the transfer and endorsement or assignment of the Mortgage Loans and related documents to the successor at the Seller’s sole expense.  The Seller agrees to cooperate with the Purchaser and such successor in effecting the termination of the Seller’s responsibilities and rights hereunder, including, without limitation, the transfer to such successor for administration by it of all amounts which shall at the time be credited by the Seller to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans and, if prior to the Servicing Transfer Date, the payment of all costs relating to the transfer of servicing.

 

Subsection 13.02  Waiver of Default.

 

The Purchaser may waive any default by the Seller in the performance of its obligations hereunder and its consequences.  Upon any waiver of a past default, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement.  No such waiver shall extend to any subsequent or other default or impair any right consequent thereto except to the extent expressly so waived.

 

SECTION 14.   Termination.

 

Subsection 14.01  Termination.

 

If the Servicing Transfer Date has not occurred, the obligations and responsibilities of the Seller, as interim servicer of the Mortgage Loans, shall terminate upon (a) the distribution to the

  

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Purchaser of the final payment or liquidation with respect to the last Mortgage Loan (or advances of same by the Seller) or (b) the disposition of all property acquired upon foreclosure or deed in lieu of foreclosure with respect to the last Mortgage Loan and the remittance of all funds due hereunder.  Upon written request from the Purchaser in connection with any such termination, the Seller shall prepare, execute and deliver any and all documents and other instruments, place in the Purchaser’s possession all Mortgage Files, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, or otherwise, at the Purchaser’s sole expense.  The Seller agrees to cooperate with the Purchaser and such successor in effecting the termination of the Seller’s responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Seller to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans.

 

Subsection 14.02  Successors to the Seller as Interim Servicer.

 

Prior to the termination of the Seller’s responsibilities and duties under this Agreement pursuant to Subsections 13.01 or 14.01, the Purchaser shall (a) succeed to and assume all of the Seller’s responsibilities, rights, duties and obligations under this Agreement or (b) appoint a successor which shall succeed to all rights and assume all of the responsibilities, duties and liabilities of the Seller under this Agreement upon such termination.  In connection with such appointment and assumption, the Purchaser may make such arrangements for the compensation of such successor out of payments on Mortgage Loans as it and such successor shall agree.  In the event that the Seller’s duties, responsibilities and liabilities under this Agreement shall be terminated pursuant to the aforementioned Subsections, the Seller shall discharge such duties and responsibilities during the period from the date it acquires knowledge of such termination until the effective date thereof with the same degree of diligence and prudence which it is obligated to exercise under this Agreement, and shall take no action whatsoever that might impair or prejudice the rights or financial condition of its successor.  The resignation or removal of the Seller pursuant to the aforementioned Subsections shall not become effective until a successor shall be appointed pursuant to this Subsection and shall in no event relieve the Seller of the representations and warranties made pursuant to Subsections 7.01 and 7.02 and the remedies available to the Purchaser under Subsection 7.03, it being understood and agreed that the provisions of such Subsections 7.01 and 7.02 shall be applicable to the Seller notwithstanding any such resignation or termination of the Seller, or the termination of this Agreement.

 

Any successor appointed as provided herein shall execute, acknowledge and deliver to the Seller and to the Purchaser an instrument accepting such appointment, whereupon such successor shall become fully vested with all the rights, powers, duties, responsibilities, obligations and liabilities of the Seller as interim servicer, with like effect as if originally named as a party to this Agreement.  Any termination or resignation of the Seller or this Agreement pursuant to Subsections 13.01 or 14.01 shall not affect any claims that the Purchaser may have against the Seller based upon facts and circumstances arising prior to any such termination or resignation.

  

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The Seller shall promptly deliver to the successor the funds in the Custodial Account and Escrow Account and all Mortgage Files and related documents and statements held by it hereunder and the Seller shall account for all funds and shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and definitively vest in the successor all such rights, powers, duties, responsibilities, obligations and liabilities of the Seller as servicer of the Mortgage Loans.

 

Upon a successor’s acceptance of appointment as such, the Seller shall notify by mail the Purchaser of such appointment.

 

Subsection 14.03  Termination of Interim Servicing by Purchaser.

 

The Seller shall not be entitled to any compensation related to any termination of its servicing rights and obligations under this Agreement.  The Purchaser may terminate this Agreement without cause and transfer interim servicing to a successor interim servicer at any time.  Upon written request from the Purchaser in connection with any such termination, the Seller shall prepare, execute and deliver, any and all documents and other instruments, and do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, or otherwise, and including the delivery to or at the direction of the Purchaser, all contents of the Mortgage Files in the possession of the Seller, at the Purchaser’s sole expense.  The Seller agrees to cooperate with the Purchaser and such successor in effecting the termination of the Seller’s responsibilities and rights hereunder as interim servicer, including, without limitation, the transfer to such successor for administration by it of all cash amounts which shall at the time be credited by the Seller to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans.

 

SECTION 15.  Notices.

 

All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given if mailed, by registered or certified mail, return receipt requested, or, if by other means, when received by the other party at the address as follows:

	 	
(a)

	
if to the Purchaser:

 

Redwood Residential Acquisition Corporation

One Belvedere Place, Suite 360

Mill Valley, CA 94941

Attention:  Loss Mitigation

Phone: (415) 380-3445

Facsimile:  (415) 381-1773

 

with a copy to the General Counsel at the same address

  

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(b)

	
if to the Seller:

 

Cole Taylor Bank

7789 East M-36

Whitmore Lake, MI  48189

Attention: Phil Miller

Phone: (877) 231-8600

Facsimile: (810) 231-9275

 

or such other address as may hereafter be furnished to the other party by like notice. Any such demand, notice or communication hereunder shall be deemed to have been received on the date delivered to or received at the premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt).

 

SECTION 16.   Severability Clause.

 

Any part, provision, representation or warranty of this Agreement which is prohibited or which is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.  Any part, provision, representation or warranty of this Agreement which is prohibited or unenforceable or is held to be void or unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction, to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction as to any Mortgage Loan shall not invalidate or render unenforceable such provision in any other jurisdiction.  To the extent permitted by applicable law, the parties hereto waive any provision of law which prohibits or renders void or unenforceable any provision hereof.  If the invalidity of any part, provision, representation or warranty of this Agreement shall deprive any party of the economic benefit intended to be conferred by this Agreement, the parties shall negotiate, in good-faith, to develop a structure the economic effect of which is nearly as possible the same as the economic effect of this Agreement without regard to such invalidity.

 

SECTION 17.   No Partnership.

 

Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties hereto and the services of the Seller shall be rendered as an independent contractor and not as agent for the Purchaser.

 

SECTION 18.   Counterparts.

 

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

  

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SECTION 19.   Governing Law; Choice of Forum; Waiver of Jury Trial.

 

EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW, THE AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS OF NEW YORK (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) OR ANY OTHER JURISDICTION.

 

EACH PARTY HERETO KNOWINGLY, INTENTIONALLY AND IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF IN ANY WAY RELATED TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Except as to those matters which this Agreement provides shall be submitted to Arbitration, with respect to any claim or action arising hereunder, the parties (a) irrevocably submit to the nonexclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in The City of New York, New York, and appellate courts from any thereof, and (b) irrevocably waive any objection which such party may have at any time to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any such court, and irrevocably waive any claim that any such suit action or proceeding brought in any such court has been brought in an inconvenient forum.

SECTION 20.   Intention of the Parties.

 

It is the intention of the parties that the Purchaser is purchasing, and the Seller is selling, the Mortgage Loans and not a debt instrument of the Seller or another security.  Accordingly, the parties hereto each intend to treat the transaction for federal income tax purposes as a sale by the Seller, and a purchase by the Purchaser, of the Mortgage Loans.  The Purchaser shall have the right to review the Mortgage Loans and the related Mortgage Files to determine the characteristics of the Mortgage Loans which shall affect the federal income tax consequences of owning the Mortgage Loans and the Seller shall cooperate with all reasonable requests made by the Purchaser in the course of such review.

 

It is not the intention of the parties that such conveyances be deemed a grant of a security interest in the Mortgage Loans transferred hereunder.  However, in the event that, notwithstanding the intent of the parties, such assets are held to be the property of the Seller or if for any other reason this Agreement is held or deemed to create a security interest in either such assets, then (a) this Agreement shall be a security agreement within the meaning of the Uniform Commercial Code of the State of New York and (b) the conveyances provided for in this Agreement shall be deemed to be a grant by the Seller to the Purchaser of, and the Seller hereby

  

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grants to the Purchaser a security interest in all of the assets transferred hereunder, whether now owned or hereafter acquired.

SECTION 21.   Waivers.

 

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

SECTION 22.   Exhibits.

 

The exhibits to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement.

SECTION 23.   General Interpretive Principles.

 

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)           the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular, and the use of any gender herein shall be deemed to include the other gender;

 

(b)           accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles;

 

(c)           references herein to “Articles,” “Sections,” “Subsections,” “Paragraphs” and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement;

 

(d)           the headings of the various articles, sections, subsections and paragraphs of this Agreement and the table of contents are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof;

 

(e)           reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions;

 

(f)           the words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; and

 

(g)           the term “include” or “including” shall mean without limitation by reason of enumeration.

  

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SECTION 24.   Reproduction of Documents.

 

This Agreement and all documents relating thereto, including, without limitation (a) consents, waivers and modifications which may hereafter be executed, (b) documents received by any party at the closing and (c) financial statements, certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party hereto in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

SECTION 25.   Amendment.

 

This Agreement may be amended from time to time by the Purchaser and the Seller by written agreement signed by the parties hereto.

SECTION 26.   Confidentiality.

 

The Purchaser and the Seller shall employ proper procedures and standards designed to maintain the confidential nature of the terms of this Agreement, except to the extent (a) the disclosure of which is reasonably believed by such party to be required in connection with regulatory requirements or other legal requirements relating to its affairs; (b) disclosed to any one or more of such party’s employees, officers, directors, agents, attorneys or accountants who would have access to the contents of this Agreement and such data and information in the normal course of the performance of such person’s duties for such party, to the extent such party has procedures in effect to inform such person of the confidential nature thereof; (c) that is disclosed in a prospectus, prospectus supplement or private placement memorandum relating to a Securitization Transaction of the Mortgage Loans by the Purchaser (or an affiliate assignee thereof) or to any person in connection with the resale or proposed resale of all or a portion of the Mortgage Loans by such party in accordance with the terms of this Agreement; and (d) that is reasonably believed by such party to be necessary for the enforcement of such party’s rights under this Agreement.

SECTION 27.   Entire Agreement.

 

This Agreement constitutes the entire agreement and understanding relating to the subject matter hereof between the parties hereto and any prior oral or written agreements between them shall be deemed to have merged herewith.

  

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SECTION 28.   Further Agreements.

 

The Seller and the Purchaser each agree to execute and deliver to the other such reasonable and appropriate additional documents, instruments or agreements as may be necessary or appropriate to effectuate the purposes of this Agreement.

 

SECTION 29.   Successors and Assigns.

 

This Agreement shall bind and inure to the benefit of and be enforceable by the initial Purchaser and the Seller, and the respective successors and assigns of the Purchaser and the Seller.  The initial Purchaser and any subsequent purchasers may assign this Agreement to any Person to whom any Mortgage Loan is transferred pursuant to a sale or financing without the consent of the Seller.  Upon any such assignment, the Person to whom such assignment is made shall succeed to all rights and obligations of the Purchaser under this Agreement to the extent of the related Mortgage Loan or Mortgage Loans and this Agreement, to the extent of the related Mortgage Loan or Mortgage Loans, shall be deemed to be a separate and distinct agreement between the Seller and such purchaser, and a separate and distinct agreement between the Seller and each other purchaser to the extent of the other related Mortgage Loan or Mortgage Loans.  The Seller shall not assign this Agreement or resign from the obligations and duties hereby imposed on it except by mutual consent of the Seller and the Purchaser.

SECTION 30.   Non-Solicitation.

 

From and after the Closing Date, the Seller and any of its affiliates hereby agrees that it will not take any action or permit or cause any action to be taken by any of its agents or affiliates, or by any independent contractors on its behalf, to personally, by telephone or mail, solicit a Mortgagor under any Mortgage Loan for the purpose of refinancing a Mortgage Loan, in whole or in part, without the prior written consent of the Purchaser.  It is understood and agreed that all rights and benefits relating to the solicitation of any Mortgagors and the attendant rights, title and interest in and to the list of such Mortgagors and data relating to their Mortgages (including insurance renewal dates) shall be transferred to the Purchaser pursuant hereto on the Closing Date and neither the Seller nor any of its respective affiliates shall take any action to undermine these rights and benefits.

Notwithstanding the foregoing, it is understood and agreed that the Seller or any of its respective affiliates may advertise its availability for handling refinancings of mortgages in its portfolio, including the promotion of terms it has available for such refinancings, through the sending of letters or promotional material, so long as it does not specifically target Mortgagors and so long as such promotional material either is sent to the mortgagors for all of the mortgages in the A-quality servicing portfolio of the Seller and any of its affiliates (those it owns as well as those serviced for others) or sent to all of the mortgagors who have specific types of mortgages (such as FHA, VA, conventional fixed-rate or conventional adjustable-rate), or sent to those mortgagors whose mortgages fall within specific interest rate ranges.

  

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Promotions undertaken by the Seller or by any affiliate of the Seller which are directed to the general public at large (including, without limitation, mass mailing based on commercially acquired mailing lists, newspaper, radio and television advertisements), shall not constitute solicitation under this Section 30.

SECTION 31.  Protection of Consumer Information.

 

Each party agrees that it (i) shall comply with any applicable laws and regulations regarding the privacy and security of Consumer Information, (ii) shall not use Consumer Information in any manner inconsistent with any applicable laws and regulations regarding the privacy and security of Consumer Information, (iii) shall not disclose Consumer Information to third parties except at the specific written direction of the Seller, (iv) shall maintain adequate physical, technical and administrative safeguards to protect Consumer Information from unauthorized access and (v) shall immediately notify the Seller of any actual or suspected breach of the confidentiality of Consumer Information.

 

SECTION 32.  Cooperation of the Seller with a Reconstitution; Regulation AB Compliance.

 

(a)           The Seller acknowledges and the Purchaser agrees that with respect to some or all of the Mortgage Loans, the Purchaser may effect either:

 

(1)           one or more Whole Loan Transfers; and

 

(2)           one or more Securitization Transactions.

 

(b)           The Seller shall cooperate with the Purchaser and any prospective purchaser in connection with any Whole Loan Transfer contemplated by the Purchaser pursuant to this Section.  In connection therewith, the Purchaser shall deliver any Reconstitution Agreement or other document related to the Whole Loan Transfer to the Seller at least fifteen (15) days prior to such transfer and the Seller shall execute any Reconstitution Agreement that restates the representations and warranties contained in Subsection 7.01 as of the related Closing Date and Subsection 7.02 herein as of the Reconstitution Date.  Any prospective assignees of the Purchaser who have entered into a commitment to purchase any of the Mortgage Loans in a Whole Loan Transfer may review the Seller’s servicing and origination operations, upon reasonable prior notice to the Seller, and the Seller shall cooperate with such review and underwriting to the extent such prospective assignees request information or documents that are available and can be produced without unreasonable expense or effort.  Subject to any applicable laws, the Seller shall make the Mortgage Files related to the Mortgage Loans held by the Seller during the Interim Servicing Period available at the Seller’s principal operations center for review by any such prospective assignees during normal business hours upon reasonable prior notice to the Seller (in no event fewer than five (5) Business Days’ prior notice).  The Seller may, in its sole discretion, require that such prospective assignees sign a confidentiality agreement with respect to such information disclosed to the prospective assignee which is not

  

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available to the public at large and a release agreement with respect to its activities on the Seller’s premises.  The Purchaser hereby agrees to reimburse the Seller for reasonable “out-of-pocket” expenses incurred by the Seller that relate to such Whole Loan Transfer, including without limitation reimbursement for the amount which reasonably reflects time and effort expended by the Seller in connection therewith.

 

(c)           In order to facilitate compliance with Regulation AB promulgated under the Securities Act, the Seller and the Purchaser agree to comply with the provisions of the Regulation AB Compliance Addendum attached hereto as Addendum I.

 

(d)           The Seller shall cooperate with the Purchaser in connection with any Securitization Transaction contemplated by the Purchaser pursuant to this Section.  In connection therewith, the Purchaser shall deliver any Reconstitution Agreement or other document related to the Securitization Transaction to the Seller at least fifteen (15) days prior to the closing of such Securitization Transaction and the Seller shall execute any Reconstitution Agreement that restates the representations and warranties contained in Subsection 7.01 as of the related Closing Date and Subsection 7.02 herein as of the Reconstitution Date.  The Reconstitution Agreement shall include such other terms as may be reasonably necessary to effect the Securitization Transaction.  In connection with any Securitization Transaction, the Seller shall not, and shall cause its affiliates not to, as part of the original offering thereof, purchase any of the securities offered in such Securitization Transaction.

 

(e)           In connection with each Securitization Transaction, the Seller shall deliver to the Purchaser and to any Person designated by the Purchaser, (i) such statements and audit letters of certified public accountants pertaining to information provided by the Seller as are customarily delivered by originators such as the Seller in connection with securitization transactions and (ii) opinions of counsel as are customarily delivered by originators and reasonably determined by the Purchaser to be necessary in connection any Securitization Transaction.

 

(f)           Prior to the Servicing Transfer Date, all Mortgage Loans not sold or transferred pursuant to a Whole Loan Transfer or Securitization Transaction shall be subject to this Agreement and shall continue to be serviced in accordance with the terms of this Agreement and with respect thereto this Agreement shall remain in full force and effect.  It is understood and agreed by the Purchaser and the Seller that the right to effectuate such Whole Loan Transfer or Securitization Transaction as contemplated by this Section 32 is limited to the Purchaser.

 

[SIGNATURES ON FOLLOWING PAGE]

  

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IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized on the date first above written.

 

	  	
REDWOOD RESIDENTIAL ACQUISITION

CORPORATION,

	 	 
	  	
as Purchaser

	  	  
	  	
By:

	
/s/ John Isbrandtsen

	  	
Name:

	
John Isbrandtsen

	  	
Title:

	
Authorized Officer

	  	  
	  	
COLE TAYLOR BANK,

	 	 
	  	
as Seller

	  	  
	  	
By:

	
/s/ William Newman

	  	
Name:

	
William Newman

	  	
Title:

	
Mortgage President

 

[Flow Mortgage Loan Purchase and Sale Agreement, dated August 1, 2011]

  

 

  

 

EXHIBIT 1

 

MORTGAGE LOAN DOCUMENTS

 

With respect to each Mortgage Loan, the Mortgage Loan Documents shall consist of the following:

 

(a)           the original Mortgage Note bearing all intervening endorsements, endorsed in blank and signed in the name of the Seller by an officer thereof;

 

(b)           the original Assignment of Mortgage with assignee’s name left blank;

 

(c)           the original of any guarantee executed in connection with the Mortgage Note;

 

(d)           the original Mortgage with evidence of recording thereon, or if any such mortgage has not been returned from the applicable recording office or has been lost, or if such public recording office retains the original recorded mortgage, a photocopy of such mortgage certified by the Seller to be a true and complete copy of the original recorded mortgage;

 

(e)           the originals of all assumption, modification, consolidation or extension agreements, if any, with evidence of recording thereon;

 

(f)            the originals of all intervening assignments of mortgage with evidence of recording thereon, or if any such intervening assignment of mortgage has not been returned from the applicable recording office or has been lost or if such public recording office retains the original recorded assignments of mortgage, a photocopy of such intervening assignment of mortgage, certified by the Seller to be a true and complete copy of the original recorded intervening assignment of mortgage;

 

(g)           the original mortgagee title insurance policy including an Environmental Protection Agency Endorsement and, with respect to any Adjustable Rate Mortgage Loan, an adjustable-rate endorsement;

 

(h)           the original of any security agreement, chattel mortgage or equivalent document executed in connection with the Mortgage; and

 

(i)            a copy of any applicable power of attorney.

  

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EXHIBIT 2

 

CONTENTS OF EACH MORTGAGE FILE

 

With respect to each Mortgage Loan, the Mortgage File shall include each of the following items, unless otherwise disclosed to the Purchaser on the data tape, which shall be delivered to the Purchaser, with a copy retained by the Seller as necessary:

 

(a)           The Mortgage Loan Documents as listed in Exhibit 1.

 

(b)           Residential loan application.

 

(c)           Mortgage Loan closing statement.

 

(d)           Verification of employment and income, including the executed 4506T if required.

 

(e)           Verification of acceptable evidence of source and amount of down payment.

 

(f)            Credit report on Mortgagor, in a form acceptable to either Fannie Mae or Freddie Mac.

 

(g)           Residential appraisal report.

 

(h)           Photograph of the Mortgaged Property.

 

(i)            Survey of the Mortgaged Property, unless a survey is not required by the title insurer.

 

(j)            Copy of each instrument necessary to complete identification of any exception set forth in the exception schedule in the title policy, i.e., map or plat, restrictions, easements, home owner association declarations, etc.

 

(k)           Copies of all required disclosure statements.

 

(l)            If applicable, termite report, structural engineer’s report, water potability and septic certification.

 

(m)           Sales contract, if applicable.

 

(n)           The Primary Mortgage Insurance policy or certificate of insurance or electronic notation of the existence of such policy, where required pursuant to the Agreement.

 

(o)           Evidence of electronic notation of the hazard insurance policy, and, if required by law, evidence of the flood insurance policy.

 

(p)           Any documentation provided by the Mortgagor or obtained by the Seller in connection with the granting of any underwriting exception.

 

(q)           All other documentation involved in the underwriting or origination of the related Mortgage Loan.

  

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EXHIBIT 3

 

FORM OF Purchase Price and Terms Letter

CLOSING DATE:  ________________________

This Purchase Price and Terms Letter (this “PPTL”), dated as of _______ (the “Closing Date”), provides for the sale by Cole Taylor Bank (the “Seller”) to Redwood Residential Acquisition Corporation (the “Purchaser”), and the purchase by the Purchaser from the Seller, of the first lien residential mortgage loans described on the Mortgage Loan Schedule attached as Schedule I hereto (the “Mortgage Loans”), on a servicing released basis, pursuant to the terms of the Flow Mortgage Loan Purchase and Sale Agreement (the “Flow Purchase and Sale Agreement”), dated as of August 1, 2011, by and between the Purchaser and the Seller.  Capitalized terms that are used herein but are not defined herein shall have the respective meanings set forth in the Flow Purchase and Sale Agreement.

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Seller does hereby, sell, convey, assign and transfer to Purchaser without recourse, except as provided in the Flow Purchase and Sale Agreement, and on a servicing released basis, all right, title and interest of the Seller in and to each of the Mortgage Loans, including all payments of principal and interest received on the Mortgage Loans after the Cut-off Date, all other unscheduled collections collected in respect of the Mortgage Loans after the Cut-off Date, all proceeds of the foregoing and all documents maintained as part of the related Mortgage Files, subject, however, to the rights of the Seller under the Flow Purchase and Sale Agreement.

The Seller has delivered to the Purchaser or its designee prior to the date hereof the documents with respect to each Mortgage Loan required to be delivered under the Flow Purchase and Sale Agreement.

For purposes of the Mortgage Loans sold pursuant to this PPTL, certain terms shall be as set forth below:

	
Servicer:

	
________________________

	  	  
	
Stated Principal Balance:

	
$_______________________

	  	  
	
Closing Date:

	
  _______________________

	  	  
	
Servicing Transfer Date:

	
  _______________________

	  	  
	
Cut-off Date:

	
  _______________________

	  	  
	
Purchase Price Percentage:

	
  ________%

  

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In WITNESS WHEREOF, the parties hereto, by the hands of their duly authorized officers, execute this PPTL as of the Closing Date referred to above.

	
REDWOOD RESIDENTIAL

ACQUISITION CORPORATION

as Purchaser

	  	
COLE TAYLOR BANK

as Seller

	  	  	  
	
By:

	  	  	
By:

	  
	  	  	  
	
Name:

	  	  	
Name:

	  
	  	  	  
	
Its:

	  	  	
Its:

	  

  

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EXHIBIT 4

 

TRANSFER INSTRUCTIONS

  

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ADDENDUM I

 

REGULATION AB COMPLIANCE ADDENDUM

TO FLOW PURCHASE AND SALE AGREEMENT

 

SECTION 1.  DEFINED TERMS

 

Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Agreement.  The following terms shall have the meanings set forth below, unless the context clearly indicates otherwise:

 

Commission:  The United States Securities and Exchange Commission.

 

Company Information:  As defined in Section 2.04(a).

 

Depositor:  The depositor, as such term is defined in Regulation AB, with respect to any Securitization Transaction.

 

Exchange Act:  The Securities Exchange Act of 1934, as amended.

 

Master Servicer:  With respect to any Securitization Transaction, the “master servicer,” if any, identified in the related transaction documents.

 

Qualified Correspondent:  Any Person from which the Company purchased Mortgage Loans, provided that this term shall not include the Purchaser or an affiliate of the Purchaser and provided further that the following conditions are satisfied:  (i) such Mortgage Loans were originated pursuant to an agreement between the Company and such Person that contemplated that such Person would underwrite mortgage loans from time to time, for sale to the Company, in accordance with underwriting guidelines designated by the Company (“Designated Guidelines”) or guidelines that do not vary materially from such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten as described in clause (i) above and were acquired by the Company within 180 days after origination; (iii) either (x) the Designated Guidelines were, at the time such Mortgage Loans were originated, used by the Company in origination of mortgage loans of the same type as the Mortgage Loans for the Company’s own account or (y) the Designated Guidelines were, at the time such Mortgage Loans were underwritten, designated by the Company on a consistent basis for use by lenders in originating mortgage loans to be purchased by the Company; and (iv) the Company employed, at the time such Mortgage Loans were acquired by the Company, pre-purchase or post-purchase quality assurance procedures (which may involve, among other things, review of a sample of mortgage loans purchased during a particular time period or through particular channels) designed to ensure

  

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that Persons from which it purchased mortgage loans properly applied the underwriting criteria designated by the Company.

 

Reconstitution Agreement:  The agreement or agreements entered into by the Company and the Purchaser and/or certain third parties on the Reconstitution Date or Dates with respect to any or all of the Mortgage Loans, in connection with a Whole Loan Transfer or Securitization Transaction.

 

Regulation AB:  Subpart 229.1100 — Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,505, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

 

Securities Act:  The Securities Act of 1933, as amended.

 

Securitization Transaction:  Any transaction involving either (1) a sale or other transfer of some or all of the Mortgage Loans directly or indirectly by the Purchaser to an issuing entity in connection with an issuance of publicly offered or privately placed, rated or unrated mortgage-backed securities or (2) an issuance of publicly offered or privately placed, rated or unrated securities, the payments on which are determined primarily by reference to one or more portfolios of residential mortgage loans consisting, in whole or in part, of some or all of the Mortgage Loans.

 

Servicer:  As defined in Section 2.03(c).

 

Servicing Criteria:  The “servicing criteria” set forth in Item 1122(d) of Regulation AB for which the Company is responsible in its capacity as Servicer as identified on Exhibit B hereto, provided that such Exhibit B may be amended from time to time to reflect changes in Regulation AB.

 

Sponsor:  With respect to any Securitization Transaction, the Person identified in writing to the Company by the Purchaser as sponsor for such Securitization Transaction.

 

Static Pool Information:  Static pool information as described in Item 1l05(a)(l)-(3) and 1105(c) of Regulation AB.

 

Third-Party Originator:  Each Person, other than a Qualified Correspondent, that originated Mortgage Loans acquired by the Company, provided that this term shall not include originators of Mortgage Loans acquired by the Company from the Purchaser or an affiliate of the Purchaser.

 

Whole Loan Transfer:  Any sale or transfer of some or all of the Mortgage Loans (including an Agency Transfer), other than a Securitization Transaction.

  

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SECTION 2.  COMPLIANCE WITH REGULATION AB

 

Subsection 2.01  Intent of the Parties; Reasonableness.

 

The Purchaser and the Company acknowledge and agree that the purpose of this Regulation AB Addendum is to facilitate compliance by the Purchaser and any Depositor with the provisions of Regulation AB and related rules and regulations of the Commission and that the provisions of this Regulation AB Addendum shall be applicable to all Mortgage Loans included in a Securitization Transaction closing on or after January 1, 2006, regardless whether the Mortgage Loans were purchased by the Purchaser from the Company prior to the date hereof.  Although Regulation AB is applicable by its terms only to offerings of asset-backed securities that are registered under the Securities Act, the Company acknowledges that investors in privately offered securities may require that the Purchaser or any Depositor provide comparable disclosure in unregistered offerings.  References in this Regulation AB Addendum to compliance with Regulation AB include provision of comparable disclosure in private offerings.  The Purchaser and the Company also acknowledge and agree that amendments to Regulation AB may become effective during the term of this Agreement and that both parties will use commercially reasonable efforts to comply with such amendments.

 

Neither the Purchaser nor any Depositor shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Company acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the Purchaser, any Master Servicer or any Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with any Securitization Transaction, the Company shall cooperate fully with the Purchaser and any Master Servicer to deliver to the Purchaser (including any of its assignees or designees) and one of any Master Servicer or any Depositor (as requested), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Purchaser or any Depositor to permit the Purchaser, such Master Servicer or such Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Company, any Third-Party Originator and the Mortgage Loans reasonably believed by the Purchaser, the Master Servicer or any Depositor to be necessary in order to effect such compliance.

  

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For purposes of this Regulation AB Addendum, the term “Purchaser” shall refer to Redwood Residential Acquisition Corporation and its successors in interest and assigns.  In addition, any notice or request that must be “in writing”  or “written” may be made by electronic mail.

 

Subsection 2.02  Additional Representations and Warranties of the Company.

 

(a)           The Company shall be deemed to represent to the Purchaser, to any Master Servicer and to any Depositor, as of the date on which information is first provided to the Purchaser, any Master Servicer or any Depositor under Section 2.03 that, except as disclosed in writing to the Purchaser, such Master Servicer or such Depositor prior to such date: (i) there are no material legal or governmental proceedings pending (or known to be contemplated) against the Company or any Third-Party Originator; and (ii) there are no affiliations, relationships or transactions relating to the Company or any Third-Party Originator with respect to any Securitization Transaction and any party thereto identified in writing to the Company by the related Depositor of a type described in Item 1119 of Regulation AB.

 

(b)           If so requested in writing by the Purchaser, any Master Servicer or any Depositor on any date following the date on which information is first provided to the Purchaser, any Master Servicer or any Depositor under Section 2.03, the Company shall use its best efforts to confirm in writing within five (5) Business Days, but in no event later than ten (10) Business Days, following such request the accuracy of the representations and warranties set forth in paragraph (a) of this Section or, if any such representation and warranty is not accurate as of the date of such request, provide within five (5) Business Days, but in no event later than ten (10) Business Days, reasonably adequate disclosure of the pertinent facts, in writing, to the requesting party.

 

Subsection 2.03  Information to Be Provided by the Company.

 

In connection with any Securitization Transaction, the Company shall use its best efforts to (i) within five (5) Business Days, but in no event later than ten (10) Business Days, following written request by the Purchaser or any Depositor, provide to the Purchaser and such Depositor (or, as applicable, cause each Third-Party Originator to provide), in writing and in form and substance reasonably satisfactory to the Purchaser and such Depositor, the information and materials specified in paragraphs (a), (b), (c) and (f) of this Section, and (ii) as promptly as practicable following notice to or discovery by the Company, provide to the Purchaser and any Depositor (in writing and in form and substance reasonably satisfactory to the Purchaser and such Depositor) the information specified in paragraph (d) of this Section.

 

(a)           If so requested in writing by the Purchaser or any Depositor, the Company shall provide such information regarding (i) the Company, as originator of the

  

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Mortgage Loans (including as an acquirer of Mortgage Loans from a Qualified Correspondent), or (ii) each Third-Party Originator, as is requested for the purpose of compliance with Items 1103(a)(l), 1105, 1110, 1117 and 1119 of Regulation AB.  Such information shall include, at a minimum:

 

(A)          the originator’s form of organization;

 

(B)           a description of the originator’s origination program and how long the originator has been engaged in originating residential mortgage loans, which description shall include a discussion of the originator’s experience in originating mortgage loans of a similar type as the Mortgage Loans; information regarding the size and composition of the originator’s origination portfolio; and information that may be material, in the good faith judgment of the Purchaser or any Depositor, to an analysis of the performance of the Mortgage Loans, including the originators’ credit-granting or underwriting criteria for mortgage loans of similar type(s) as the Mortgage Loans and such other information as the Purchaser or any Depositor may reasonably request for the purpose of compliance with Item 1110(b)(2) of Regulation AB;

 

(C)          a description of any legal or governmental proceedings pending (or known to be contemplated) against the Company and each Third-Party Originator that would be material to securityholders; and

 

(D)           a description of any affiliation or relationship between the Company, each Third-Party Originator and any of the following parties to a Securitization Transaction, as such parties are identified to the Company by the Purchaser or any Depositor in writing in advance of such Securitization Transaction:

 

(1)           the sponsor;

(2)           the depositor;

(3)           the issuing entity;

(4)           any servicer;

(5)           any trustee;

(6)           any originator;

(7)           any significant obligor;

(8)           any enhancement or support provider; and

(9)           any other material transaction party.

(b)           If so requested in writing by the Purchaser or any Depositor, the Company shall provide (or, as applicable, cause each Third-Party Originator to provide) Static Pool Information solely with respect to securitized pools of mortgage loans (of a similar type as the Mortgage Loans, as reasonably identified by the Purchaser as provided below) that were included in securitizations that closed during the five (5) years preceding the closing date of the related Securitization Transaction.  Such Static Pool Information shall be prepared by the Company (or Third-Party Originator) on the basis of its reasonable, good faith interpretation of the requirements of Item 1105(a)(3) of Regulation AB.  To the extent that there is reasonably available to the Company (or Third-Party Originator) Static Pool Information with respect to more than one mortgage loan type, the Purchaser or any

  

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Depositor shall be entitled to specify whether some or all of such information shall be provided pursuant to this paragraph.  The content of such Static Pool Information may be in the form customarily provided by the Company, and need not be customized for the Purchaser or any Depositor.  Such Static Pool Information for each prior securitized pool shall be presented in increments no less frequently than quarterly over the life of the mortgage loans included in such prior securitized pool.  The most recent periodic increment must be as of a date no later than 135 days prior to the date of the prospectus or other offering document in which the Static Pool Information is to be included or incorporated by reference.  The Static Pool Information shall be provided in an electronic format that provides a permanent record of the information provided, such as a portable document format (pdf) file, or other such electronic format reasonably required by the Purchaser or the Depositor, as applicable.

 

Promptly following notice or discovery of a material error in Static Pool Information provided pursuant to the immediately preceding paragraph (including an omission to include therein information required to be provided pursuant to such paragraph) during the applicable offering period for the securities, the Company shall provide corrected Static Pool Information to the Purchaser or any Depositor, as applicable, in the same format in which Static Pool Information was previously provided to such party by the Company.

 

If so requested in writing by the Purchaser or any Depositor, the Company shall provide (or, as applicable, cause each Third-Party Originator to provide), at the expense of the requesting party (to the extent of any additional incremental expense associated with delivery pursuant to this Regulation AB Addendum), such statements and agreed-upon procedures letters of certified public accountants reasonably acceptable to the Purchaser or Depositor, as applicable, pertaining to Static Pool Information relating to securitizations closed on or after January 1, 2006, as the Purchaser or such Depositor shall reasonably request.  Such statements and letters shall be addressed to and be for the benefit of such parties as the Purchaser or such Depositor shall designate, which may include, by way of example, any Sponsor, any Depositor and any broker dealer acting as underwriter, placement agent or initial purchaser with respect to a Securitization Transaction.  Any such statement or letter may take the form of a standard, generally applicable document accompanied by a reliance letter authorizing reliance by the addressees designated by the Purchaser or such Depositor.

 

(c)           For the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of asset-backed securities, for so long as the Depositor is required to file reports under the Exchange Act with respect to a Securitization Transaction, the Company shall (or shall cause each Third-Party Originator to) (i) provide prompt notice to the Purchaser, any Master Servicer and any Depositor in writing of (A) any litigation or governmental proceedings pending against the Company or any Third-Party Originator that would be material to securityholders

  

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and (B) any affiliations or relationships that develop following the closing date of a Securitization Transaction between the Company or any Third-Party Originator and any of the parties specified in clause (D) of paragraph (a) of this Section (and any other parties identified in writing by the requesting party) with respect to such Securitization Transaction, but only to the extent that such affiliations or relationships do not include the Purchaser, Depositor or any of their respective affiliates as a party, (C) any Event of Default of which it is aware or has received notice under the terms of the Agreement or any Reconstitution Agreement and (D) any merger or consolidation where the Company is not the surviving entity or sale of substantially all of the assets of the Company and (ii) provide to the Purchaser and any Depositor a description of such proceedings, affiliations or relationships.

 

Subsection 2.04  Indemnification; Remedies.

 

The Company shall indemnify the Purchaser, each affiliate of the Purchaser, and each of the following parties participating in a Securitization Transaction: each Sponsor; each issuing entity; each Person (including, but not limited to, any Master Servicer if applicable) responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to such Securitization Transaction, or for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such Securitization Transaction; each broker dealer acting as underwriter, placement agent or initial purchaser, each Person who controls any of such parties or the Depositor (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act); and the respective present and former directors, officers, employees, agents and affiliates of each of the foregoing and of the Depositor (each, an “Indemnified Party”), and shall hold each of them harmless from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon:

 

(a)           (A) any untrue statement of a material fact contained or alleged to be contained in any information, report, certification, accountants’ letter or other material provided in written or electronic format under this Article II by or on behalf of the Company, or provided under this Article II by or on behalf of any Third-Party Originator (collectively, the “Company Information”), or (B) the omission or alleged omission to state in the Company Information a material fact required to be stated in the Company Information or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the Company Information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Company Information or any portion thereof is presented together with or separately from such other information;

 

(b)           any breach by the Company of its obligations under this Article II, including particularly any failure by the Company or any Third-Party Originator to

  

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deliver any information, report, certification, accountants’ letter or other material when and as required under this Article II;

 

(c)           any breach by the Company of a representation or warranty set forth in Section 2.02(a) or in a writing furnished pursuant to Section 2.02(b) and made as of a date prior to the closing date of the related Securitization Transaction, to the extent that such breach is not cured by such closing date, or any breach by the Company of a representation or warranty in a writing furnished pursuant to Section 2.02(b) to the extent made as of a date subsequent to such closing date, or

 

(d)           the negligence, bad faith or willful misconduct of the Company in connection with its performance under this Article II.

 

If the indemnification provided for herein is unavailable or insufficient to hold harmless an Indemnified Party, then the Company agrees that it shall contribute to the amount paid or payable by such Indemnified Party as a result of any claims, losses, damages or liabilities incurred by such Indemnified Party in such proportion as is appropriate to reflect the relative fault of such Indemnified Party on the one hand and the Company on the other.

 

In the case of any failure of performance described in clause (a)(ii) of this Section, the Company shall promptly reimburse the Purchaser, any Depositor, as applicable, and each Person responsible for the preparation, execution or filing of any report required to be filed with the Commission with respect to such Securitization Transaction, or for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such Securitization Transaction, for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Company or any Third-Party Originator.

 

(e)           This indemnification shall survive the termination of the Agreement or the termination of any party to the Agreement.

 

Subsection 2.05  Third-party Beneficiary.

 

For purposes of this Regulation AB Addendum and any related provisions thereto, each Master Servicer shall be considered a third-party beneficiary of the Agreement, entitled to all the rights and benefits hereof as if it were a direct party to the Agreement.

  

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