Document:

Unassociated Document

EXHIBIT 10.10

EXECUTION VERSION

ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated as of January 27, 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 January 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

  

 

	
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 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 2012-1

  

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 2012-1

Email:  g=cts-spg-team-a-5@wellsfargo.com

 

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 ##8386630, Sequoia Mortgage Trust 2012-1

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 2012-1” 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

 

	
KEY

	
Primary Servicer

	
Servicing Fee %

	
Servicing Fee—Flatdollar

	
Servicing Advance Methodology

	
Originator

	
Loan Group

	
Loan Number

	
Servicer Number

	
Amortization Type

	
Lien Position

	
HELOC Indicator

	
Loan Purpose

	
1

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001815

	
2058601997

	
1

	
1

	
0

	
9

	
2

	
1000383

	
0.002500

	  	  	
1001863

	
2

	
1000001574

	
212044

	
1

	
1

	
0

	
7

	
3

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001571

	
2105600365

	
1

	
1

	
0

	
7

	
4

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001189

	
2039604549

	
1

	
1

	
0

	
9

	
5

	
1000383

	
0.002500

	  	  	
1008808

	
2

	
1650001624

	
6008684

	
1

	
1

	
0

	
9

	
6

	
1000383

	
0.002500

	  	  	
1000312

	
1

	
1300001182

	
1077462

	
1

	
1

	
0

	
9

	
7

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001401

	
503279849

	
1

	
1

	
0

	
7

	
8

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001194

	
2198600379

	
1

	
1

	
0

	
7

	
9

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001498

	
503294792

	
1

	
1

	
0

	
7

	
10

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001380

	
001082302

	
1

	
1

	
0

	
9

	
11

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001157

	
6014600293

	
1

	
1

	
0

	
7

	
12

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001167

	
3726600119

	
1

	
1

	
0

	
9

	
13

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001181

	
1076082

	
1

	
1

	
0

	
7

	
14

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001275

	
2046605421

	
1

	
1

	
0

	
7

	
15

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001221

	
001081295

	
1

	
1

	
0

	
7

	
16

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001155

	
3643602404

	
1

	
1

	
0

	
3

	
17

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001187

	
3052602876

	
1

	
1

	
0

	
9

	
18

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001117

	
3602601352

	
1

	
1

	
0

	
9

	
19

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001249

	
6005600186

	
1

	
1

	
0

	
9

	
20

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001256

	
2030601875

	
1

	
1

	
0

	
9

	
21

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001340

	
3052602909

	
1

	
1

	
0

	
9

	
22

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001092

	
6014600088

	
2

	
1

	
0

	
7

	
23

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001373

	
503260869

	
1

	
1

	
0

	
9

	
24

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001169

	
3726600244

	
1

	
1

	
0

	
7

	
25

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001400

	
503281720

	
1

	
1

	
0

	
3

	
26

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001395

	
503266350

	
1

	
1

	
0

	
9

	
27

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001307

	
20631100547

	
1

	
1

	
0

	
7

	
28

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001777

	
2027602195

	
2

	
1

	
0

	
7

	
29

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001254

	
21871100062

	
1

	
1

	
0

	
9

	
30

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001371

	
503283192

	
1

	
1

	
0

	
9

	
31

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001970

	
503278341

	
1

	
1

	
0

	
9

	
32

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001253

	
6005600275

	
1

	
1

	
0

	
9

	
33

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001168

	
3726600200

	
1

	
1

	
0

	
9

	
34

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001597

	
503275972

	
1

	
1

	
0

	
9

	
35

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001621

	
6005600235

	
1

	
1

	
0

	
9

	
36

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001383

	
503272061

	
1

	
1

	
0

	
9

	
37

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001433

	
3602601464

	
1

	
1

	
0

	
9

	
38

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001516

	
001080666

	
1

	
1

	
0

	
7

	
39

	
1000383

	
0.002500

	  	  	
1000312

	
1

	
1300001012

	
001070685

	
2

	
1

	
0

	
7

	
40

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001399

	
503260793

	
1

	
1

	
0

	
9

	
41

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001384

	
503273065

	
1

	
1

	
0

	
9

	
42

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001372

	
503234706

	
1

	
1

	
0

	
9

	
43

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001855

	
503335768

	
1

	
1

	
0

	
7

	
44

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001274

	
2198600438

	
1

	
1

	
0

	
9

	
45

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001417

	
503280657

	
1

	
1

	
0

	
7

	
46

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001063

	
2177600280

	
1

	
1

	
0

	
9

	
47

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001374

	
503276011

	
1

	
1

	
0

	
7

	
48

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001527

	
503285149

	
1

	
1

	
0

	
9

	
49

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001375

	
503278520

	
1

	
1

	
0

	
7

	
50

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001284

	
2108600297

	
1

	
1

	
0

	
9

	
51

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001378

	
503257737

	
1

	
1

	
0

	
3

	
52

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001115

	
20321100005

	
1

	
1

	
0

	
9

	
53

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001385

	
503273469

	
1

	
1

	
0

	
9

	
54

	
1000383

	
0.002500

	  	  	
1003970

	
2

	
1400001469

	
2011000462

	
1

	
1

	
0

	
7

	
55

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001402

	
503259752

	
1

	
1

	
0

	
9

	
56

	
1000383

	
0.002500

	  	  	
1008808

	
2

	
1650001511

	
6010270

	
1

	
1

	
0

	
9

	
57

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001317

	
21491100132

	
2

	
1

	
0

	
9

	
58

	
1000383

	
0.002500

	  	  	
1003970

	
2

	
1400001741

	
2011000933

	
1

	
1

	
0

	
3

	
59

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001503

	
503299399

	
1

	
1

	
0

	
9

	
60

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001195

	
3705600434

	
1

	
1

	
0

	
9

	
61

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001387

	
503273456

	
1

	
1

	
0

	
9

	
62

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001556

	
503273037

	
1

	
1

	
0

	
7

	
63

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001398

	
503255085

	
1

	
1

	
0

	
7

	
64

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
      1050001227

	
      2218601128

	
1

	
1

	
0

	
7

	
65

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001397

	
503272937

	
1

	
1

	
0

	
9

	
66

	
1000383

	
0.002500

	  	  	
1000312

	
1

	
1300001270

	
001082241

	
2

	
1

	
0

	
7

	
67

	
1000383

	
0.002500

	  	  	
1008498

	
1

	
1150001632

	
503279768

	
2

	
1

	
0

	
9

	
68

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001481

	
503302762

	
1

	
1

	
0

	
7

	
69

	
1000383

	
0.002500

	  	  	
1008498

	
1

	
1150001694

	
503251726

	
2

	
1

	
0

	
7

	
70

	
1000383

	
0.002500

	  	  	
1001863

	
2

	
1000001642

	
224051

	
1

	
1

	
0

	
7

	
71

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001376

	
503256518

	
1

	
1

	
0

	
9

	
72

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001537

	
503279494

	
1

	
1

	
0

	
9

	
73

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001411

	
503281800

	
1

	
1

	
0

	
9

	
74

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001338

	
6005600286

	
1

	
1

	
0

	
7

	
75

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001517

	
503253990

	
1

	
1

	
0

	
9

	
76

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001899

	
503272246

	
1

	
1

	
0

	
9

	
77

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001755

	
503326005

	
1

	
1

	
0

	
7

	
78

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001580

	
001085417

	
1

	
1

	
0

	
7

	
79

	
1000383

	
0.002500

	  	  	
1003970

	
2

	
1400001850

	
2011001782

	
1

	
1

	
0

	
9

	
80

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001314

	
001081489

	
1

	
1

	
0

	
9

	
81

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001179

	
2001708341

	
1

	
1

	
0

	
9

	
82

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001094

	
2154601108

	
1

	
1

	
0

	
7

	
83

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001229

	
2154601170

	
1

	
1

	
0

	
9

	
84

	
1000383

	
0.002500

	  	  	
1000312

	
1

	
1300001283

	
001078858

	
1

	
1

	
0

	
3

	
85

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001174

	
001080934

	
1

	
1

	
0

	
9

	
86

	
1000383

	
0.002500

	  	  	
1000312

	
2

	
1300001211

	
001081407

	
1

	
1

	
0

	
9

	
87

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001750

	
2045701120

	
1

	
1

	
0

	
9

	
88

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001512

	
2051601642

	
2

	
1

	
0

	
7

	
89

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050000963

	
2238600275

	
1

	
1

	
0

	
9

	
90

	
1000383

	
0.002500

	  	  	
1001863

	
2

	
1000001250

	
231027

	
1

	
1

	
0

	
9

	
91

	
1000383

	
0.002500

	  	  	
1001863

	
1

	
1000001251

	
231043

	
1

	
1

	
0

	
9

	
92

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001222

	
3651604471

	
1

	
1

	
0

	
7

	
93

	
1000383

	
0.002500

	  	  	
1000536

	
2

	
1050001758

	
3706601428

	
1

	
1

	
0

	
9

	
94

	
1000383

	
0.002500

	  	  	
1000536

	
1

	
1050001067

	
3707602678

	
2

	
1

	
0

	
9

	
95

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001681

	
503254794

	
1

	
1

	
0

	
3

	
96

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001486

	
503301258

	
1

	
1

	
0

	
9

	
97

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001768

	
503325948

	
1

	
1

	
0

	
7

	
98

	
1000383

	
0.002500

	  	  	
1008498

	
2

	
1150001888

	
503339764

	
1

	
1

	
0

	
7

	
99

	
1000383

	
0.002500

	  	  	
1008808

	
1

	
1650001458

	
6010180

	
1

	
1

	
0

	
9

	
100

	
1000383

	
0.002500

	  	  	
1008808

	
2

	
1650001762

	
8000383

	
1

	
1

	
0

	
9

 

	
KEY

	
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)

	
Loan Type of Most

Senior Lien

	
Hybrid Period of

Most Senior Lien (in

months)

	
Neg Am Limit of

Most Senior Lien

	
Junior Mortgage

Balance

	
1

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
2

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
3

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
4

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
5

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
6

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
7

	  	  	  	  	  	
2

	
4

	
0

	  	  	  	
0.00

	
8

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
9

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
10

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
11

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
12

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
13

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
14

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
15

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
16

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
17

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
18

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
19

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
20

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
21

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
22

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
23

	  	  	  	  	  	
2

	
4

	
0

	  	  	  	
0.00

	
24

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
25

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
26

	  	  	  	  	  	
2

	
4

	
0

	  	  	  	
0.00

	
27

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
28

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
29

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
70000.00

	
30

	  	  	  	  	  	
2

	
4

	
0

	  	  	  	
0.00

	
31

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
32

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
33

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
34

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
35

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
36

	  	  	  	  	  	
2

	
0

	
0

	  	  	  	
0.00

	
37

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
38

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
39

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
40

	  	  	  	  	  	
2

	
0

	
0

	  	  	  	
0.00

	
41

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
42

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
43

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
44

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
301775.00

	
45

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
46

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
47

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
48

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
49

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
50

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
51

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
52

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
53

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
54

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
55

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
56

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
57

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
300000.00

	
58

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
59

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
60

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
61

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
62

	  	  	  	  	  	
2

	
0

	
0

	  	  	  	
0.00

	
63

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
64

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
65

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
66

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
67

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
68

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
69

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
70

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
71

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
72

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
73

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
74

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
75

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
76

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
77

	  	  	  	  	  	
2

	
4

	
0

	  	  	  	
0.00

	
78

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
79

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
80

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
81

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
82

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
83

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
500000.00

	
84

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
85

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
86

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
87

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
88

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
89

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
90

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
91

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
92

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

	
93

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
250000.00

	
94

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
95

	  	  	  	  	  	
2

	
4

	
0

	  	  	  	
0.00

	
96

	  	  	  	  	  	
4

	
0

	
0

	  	  	  	
0.00

	
97

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
98

	  	  	  	  	  	
4

	
4

	
0

	  	  	  	
0.00

	
99

	  	  	  	  	  	
1

	
4

	
0

	  	  	  	
0.00

	
100

	  	  	  	  	  	
1

	
0

	
0

	  	  	  	
0.00

 

	
KEY

	
Origination Date of

Most Senior Lien

	
Origination Date

	
Original Loan

Amount

	
Original Interest

Rate

	
Original

Amortization Term

	
Original Term to

Maturity

	
First Payment Date

of Loan

	
Interest Type

Indicator

	
Original Interest

Only Term

	
Buy Down Period

	
HELOC Draw Period

	
Current Loan

Amount

	
1

	  	
20111019

	
     435500.00

	
0.037500

	
180

	
180

	
      20111201

	
1

	
0

	
0

	  	
431882.13

	
2

	  	
20111010

	
445000.00

	
0.046250

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
443855.88

	
3

	  	
20110916

	
482400.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
480613.31

	
4

	  	
20110921

	
485000.00

	
0.038750

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
479007.60

	
5

	  	
20110928

	
486500.00

	
0.051250

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
482622.58

	
6

	  	
20110822

	
490000.00

	
0.041250

	
180

	
180

	
20111001

	
1

	
0

	
0

	  	
482075.80

	
7

	  	
20110923

	
500000.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
498148.12

	
8

	  	
20110824

	
508000.00

	
0.046250

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
505369.20

	
9

	  	
20111004

	
508000.00

	
0.047500

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
506719.19

	
10

	  	
20110916

	
510000.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
508111.10

	
11

	  	
20110805

	
530800.00

	
0.047500

	
180

	
180

	
20111001

	
1

	
0

	
0

	  	
522641.13

	
12

	  	
20110819

	
536250.00

	
0.036250

	
180

	
180

	
20111001

	
1

	
0

	
0

	  	
527222.64

	
13

	  	
20110819

	
542500.00

	
0.047500

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
539753.57

	
14

	  	
20110915

	
546400.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
544329.48

	
15

	  	
20110923

	
546800.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
544628.93

	
16

	  	
20110826

	
555000.00

	
0.038750

	
180

	
180

	
20111001

	
1

	
0

	
0

	  	
545842.15

	
17

	  	
20110907

	
560000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
557877.94

	
18

	  	
20110926

	
566175.00

	
0.045000

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
559526.00

	
19

	  	
20110524

	
590000.00

	
0.041250

	
180

	
180

	
20110701

	
1

	
0

	
0

	  	
561133.49

	
20

	  	
20110926

	
572000.00

	
0.037500

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
562851.72

	
21

	  	
20110923

	
575500.00

	
0.037500

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
567502.58

	
22

	  	
20110727

	
578250.00

	
0.032500

	
360

	
360

	
20110901

	
1

	
0

	
0

	  	
573466.24

	
23

	  	
20110919

	
580000.00

	
0.052500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
577050.67

	
24

	  	
20110808

	
586800.00

	
0.048750

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
583896.31

	
25

	  	
20110914

	
591000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
588578.53

	
26

	  	
20110912

	
603750.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
601462.15

	
27

	  	
20110915

	
612000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
609680.90

	
28

	  	
20111006

	
622400.00

	
0.035000

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
620438.11

	
29

	  	
20111003

	
628000.00

	
0.038750

	
180

	
180

	
20111201

	
1

	
0

	
0

	  	
622835.51

	
30

	  	
20110923

	
660000.00

	
0.046250

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
655073.23

	
31

	  	
20111031

	
668000.00

	
0.045000

	
360

	
360

	
20120101

	
1

	
0

	
0

	  	
667120.34

	
32

	  	
20111003

	
677000.00

	
0.038750

	
180

	
180

	
20111201

	
1

	
0

	
0

	  	
671432.54

	
33

	  	
20110819

	
680000.00

	
0.047500

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
676557.50

	
34

	  	
20111003

	
681600.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
679075.54

	
35

	  	
20110926

	
690000.00

	
0.038750

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
681474.72

	
36

	  	
20110914

	
690000.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
683415.92

	
37

	  	
20110928

	
700000.00

	
0.037500

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
691263.58

	
38

	  	
20111010

	
700000.00

	
0.048750

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
698275.08

	
39

	  	
20110915

	
716000.00

	
0.042500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
713030.13

	
40

	  	
20110906

	
717000.00

	
0.046250

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
714139.56

	
41

	  	
20110923

	
733000.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
730285.13

	
42

	  	
20111006

	
760000.00

	
0.052500

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
758252.69

	
43

	  	
20111028

	
762350.00

	
0.050000

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
760514.18

	
44

	  	
20110922

	
780000.00

	
0.036250

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
769411.60

	
45

	  	
20110901

	
780000.00

	
0.053750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
777366.05

	
46

	  	
20110826

	
785000.00

	
0.045000

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
779918.05

	
47

	  	
20110916

	
791250.00

	
0.045000

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
788112.38

	
48

	  	
20111026

	
795000.00

	
0.048750

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
793040.99

	
49

	  	
20110830

	
800000.00

	
0.046250

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
795856.97

	
50

	  	
20111005

	
813450.00

	
0.037500

	
180

	
180

	
20111201

	
1

	
0

	
0

	  	
806492.34

	
51

	  	
20110928

	
824000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
820877.55

	
52

	  	
20110915

	
826000.00

	
0.050000

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
821878.12

	
53

	  	
20110926

	
828500.00

	
0.051250

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
825569.47

	
54

	  	
20110907

	
850000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
846779.02

	
55

	  	
20110902

	
870000.00

	
0.053750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
867062.26

	
56

	  	
20111012

	
875000.00

	
0.048750

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
872843.87

	
57

	  	
20111013

	
887000.00

	
0.035000

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
874982.50

	
58

	  	
20111011

	
892000.00

	
0.046250

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
889699.17

	
59

	  	
20111107

	
892000.00

	
0.047500

	
360

	
360

	
20120101

	
1

	
0

	
0

	  	
890877.74

	
60

	  	
20110826

	
920000.00

	
0.046250

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
914666.20

	
61

	  	
20110919

	
923000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
919502.38

	
62

	  	
20111012

	
945000.00

	
0.048750

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
942671.36

	
63

	  	
20110912

	
980000.00

	
0.052500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
969104.25

	
64

	  	
20110927

	
999900.00

	
0.038750

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
987545.74

	
65

	  	
20110912

	
992000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
987613.21

	
66

	  	
20110829

	
1000000.00

	
0.030000

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
993110.06

	
67

	  	
20110921

	
1000000.00

	
0.042500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
995852.15

	
68

	  	
20110923

	
1000000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
996211.64

	
69

	  	
20111026

	
999900.00

	
0.046250

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
997320.84

	
70

	  	
20111011

	
1000000.00

	
0.046250

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
997420.58

	
71

	  	
20110909

	
1000000.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
996296.25

	
72

	  	
20110912

	
1000000.00

	
0.043750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
995944.19

	
73

	  	
20110927

	
1050000.00

	
0.050000

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
1047471.48

	
74

	  	
20110916

	
1080000.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
1075999.95

	
75

	  	
20110902

	
1130000.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
1122896.90

	
76

	  	
20111026

	
1147000.00

	
0.053750

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
1144423.98

	
77

	  	
20111025

	
1155000.00

	
0.048750

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
1152153.89

	
78

	  	
20111005

	
1176000.00

	
0.047500

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
1173035.00

	
79

	  	
20111110

	
1271702.00

	
0.046250

	
360

	
360

	
20120101

	
1

	
0

	
0

	  	
1270065.03

	
80

	  	
20110930

	
1500000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
1493921.58

	
81

	  	
20110926

	
1818750.00

	
0.048750

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
1812013.82

	
82

	  	
20110829

	
1950000.00

	
0.048750

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
1930350.65

	
83

	  	
20110929

	
2000000.00

	
0.046250

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
1992246.82

	
84

	  	
20111019

	
820000.00

	
0.038750

	
180

	
180

	
20111201

	
1

	
0

	
0

	  	
813256.57

	
85

	  	
20110914

	
507000.00

	
0.050000

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
505164.80

	
86

	  	
20110926

	
525000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
523010.57

	
87

	  	
20111025

	
581950.00

	
0.038750

	
180

	
180

	
20111201

	
1

	
0

	
0

	  	
577164.21

	
88

	  	
20111014

	
826000.00

	
0.035000

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
823396.33

	
89

	  	
20110815

	
1844500.00

	
0.048750

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
1835372.70

	
90

	  	
20111020

	
800000.00

	
0.048750

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
798028.66

	
91

	  	
20111024

	
640000.00

	
0.036250

	
180

	
180

	
20111201

	
1

	
0

	
0

	  	
634374.27

	
92

	  	
20110914

	
500000.00

	
0.041250

	
180

	
180

	
20111101

	
1

	
0

	
0

	  	
493945.97

	
93

	  	
20110916

	
1114000.00

	
0.047500

	
360

	
360

	
20111101

	
1

	
0

	
0

	  	
1109778.64

	
94

	  	
20110817

	
671000.00

	
0.033750

	
360

	
360

	
20111001

	
1

	
0

	
0

	  	
666664.63

	
95

	  	
20111103

	
864000.00

	
0.048750

	
360

	
360

	
20120101

	
1

	
0

	
0

	  	
862937.64

	
96

	  	
20111103

	
1388500.00

	
0.048750

	
360

	
360

	
20120101

	
1

	
0

	
0

	  	
1386792.72

	
97

	  	
20111108

	
580000.00

	
0.053750

	
360

	
360

	
20120101

	
1

	
0

	
0

	  	
579350.09

	
98

	  	
20111109

	
763000.00

	
0.045000

	
360

	
360

	
20120101

	
1

	
0

	
0

	  	
761995.24

	
99

	  	
20111017

	
1290000.00

	
0.038750

	
180

	
180

	
20111201

	
1

	
0

	
0

	  	
1279391.41

	
100

	  	
20111025

	
758000.00

	
0.051250

	
360

	
360

	
20111201

	
1

	
0

	
0

	  	
756216.36

 

	
KEY

	
Current Interest

Rate

	
Current Payment

Amount Due

	
Interest Paid

Through Date

	
Current Payment

Status

	
Index Type

	
ARM Look-back

Days

	
Gross Margin

	
ARM Round Flag

	
ARM Round Factor

	
Initial Fixed Rate

Period

	
Initial Interest Rate

Cap (Change Up)

	
Initial Interest Rate

Cap (Change Down)

	
1

	
0.037500

	
3167.05

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
2

	
0.046250

	
2287.92

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
3

	
0.048750

	
2552.90

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
4

	
0.038750

	
3557.18

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
5

	
0.051250

	
2648.93

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
6

	
0.041250

	
3655.24

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
7

	
0.048750

	
2646.04

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
8

	
0.046250

	
2611.83

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
9

	
0.047500

	
2649.97

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
10

	
0.048750

	
2698.96

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
11

	
0.047500

	
4128.73

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
12

	
0.036250

	
3866.56

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
13

	
0.047500

	
2829.94

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
14

	
0.047500

	
2850.28

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
15

	
0.048750

	
2893.71

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
16

	
0.038750

	
4070.59

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
17

	
0.047500

	
2921.23

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
18

	
0.045000

	
4331.20

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
19

	
0.041250

	
4401.21

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
20

	
0.037500

	
4159.71

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
21

	
0.037500

	
4185.17

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
22

	
0.032500

	
2516.58

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
60

	
0.050000

	
0.050000

	
23

	
0.052500

	
3202.78

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
24

	
0.048750

	
3105.39

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
25

	
0.047500

	
3082.94

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
26

	
0.047500

	
3149.45

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
27

	
0.047500

	
3192.48

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
28

	
0.035000

	
2794.85

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
60

	
0.050000

	
0.050000

	
29

	
0.038750

	
4606.00

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
30

	
0.046250

	
3393.32

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
31

	
0.045000

	
3384.66

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
32

	
0.038750

	
4965.39

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
33

	
0.047500

	
3547.20

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
34

	
0.048750

	
3607.08

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
35

	
0.038750

	
5060.73

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
36

	
0.048750

	
3651.54

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
37

	
0.037500

	
5090.56

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
38

	
0.048750

	
3704.46

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
39

	
0.042500

	
3522.29

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
120

	
0.050000

	
0.050000

	
40

	
0.046250

	
3686.38

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
41

	
0.048750

	
3879.10

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
42

	
0.052500

	
4196.75

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
43

	
0.050000

	
4092.46

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
44

	
0.036250

	
5624.09

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
45

	
0.053750

	
4367.78

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
46

	
0.045000

	
3977.48

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
47

	
0.045000

	
4009.15

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
48

	
0.048750

	
4207.21

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
49

	
0.046250

	
4113.12

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
50

	
0.037500

	
5915.59

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
51

	
0.047500

	
4298.37

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
52

	
0.050000

	
4434.15

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
53

	
0.051250

	
4511.07

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
54

	
0.047500

	
4434.00

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
55

	
0.053750

	
4871.75

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
56

	
0.048750

	
4630.57

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
57

	
0.035000

	
3983.03

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
60

	
0.050000

	
0.050000

	
58

	
0.046250

	
4586.12

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
59

	
0.047500

	
4653.09

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
60

	
0.046250

	
4730.08

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
61

	
0.047500

	
4814.81

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
62

	
0.048750

	
5001.02

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
63

	
0.052500

	
5411.60

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
64

	
0.038750

	
7333.66

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
65

	
0.047500

	
5174.74

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
66

	
0.030000

	
4216.04

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
60

	
0.050000

	
0.050000

	
67

	
0.042500

	
4919.40

	
20120101

	
0

	
39

	
30

	
0.022500

	
3

	
0.001250

	
120

	
0.050000

	
0.050000

	
68

	
0.047500

	
5216.47

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
69

	
0.046250

	
5140.88

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
120

	
0.050000

	
0.050000

	
70

	
0.046250

	
5141.40

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
71

	
0.048750

	
5292.08

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
72

	
0.043750

	
4992.85

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
73

	
0.050000

	
5636.63

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
74

	
0.048750

	
5715.45

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
75

	
0.048750

	
5980.05

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
76

	
0.053750

	
6422.87

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
77

	
0.048750

	
6112.36

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
78

	
0.047500

	
6134.57

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
79

	
0.046250

	
6538.32

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
80

	
0.047500

	
7824.71

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
81

	
0.048750

	
9624.97

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
82

	
0.048750

	
319.56

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
83

	
0.046250

	
282.79

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
84

	
0.038750

	
6014.20

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
85

	
0.050000

	
2721.69

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
86

	
0.047500

	
2738.65

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
87

	
0.038750

	
4268.25

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
88

	
0.035000

	
3709.11

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
60

	
0.050000

	
0.050000

	
89

	
0.048750

	
9761.25

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
90

	
0.048750

	
4233.67

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
91

	
0.036250

	
4614.64

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
92

	
0.041250

	
3729.84

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
93

	
0.047500

	
5811.15

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
94

	
0.033750

	
2966.47

	
20120101

	
0

	
39

	
45

	
0.022500

	
3

	
0.001250

	
60

	
0.050000

	
0.050000

	
95

	
0.048750

	
4572.36

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
96

	
0.048750

	
7348.06

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
97

	
0.053750

	
3247.83

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
98

	
0.045000

	
3866.01

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
99

	
0.038750

	
9461.37

	
20120101

	
0

	
0

	  	  	  	  	  	  	  
	
100

	
0.051250

	
4127.21

	
20120101

	
0

	
0

	  	  	  	  	  	  	  

 

	
KEY

	
Subsequent Interest

Rate Reset Period

	
Subsequent Interest

Rate Cap (Change Down)

	
Subsequent Interest

Rate Cap (Change

Up)

	
Lifetime Maximum

Rate (Ceiling)

	
Lifetime Minimum

Rate (Floor)

	
Negative

Amortization Limit

	
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

	
1

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
3

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
5

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
6

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
7

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
8

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
9

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
10

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
15

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
16

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
17

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
20

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
21

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
22

	
12

	
0.020000

	
0.020000

	
0.082500

	
0.022500

	  	  	  	  	  	  	  	  	  
	
23

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
26

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
27

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
28

	
12

	
0.020000

	
0.020000

	
0.085000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
29

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
30

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
33

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
34

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
36

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
37

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
38

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
39

	
12

	
0.020000

	
0.020000

	
0.092500

	
0.022500

	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
44

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
45

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
46

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
47

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
48

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
49

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
50

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
51

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
52

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
53

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
54

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
55

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
56

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
57

	
12

	
0.020000

	
0.020000

	
0.085000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
58

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
59

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
60

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
61

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
62

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
63

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
64

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
65

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
66

	
12

	
0.020000

	
0.020000

	
0.080000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
67

	
12

	
0.020000

	
0.020000

	
0.092500

	
0.022500

	  	  	  	  	  	  	  	  	  
	
68

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
69

	
12

	
0.020000

	
0.020000

	
0.096250

	
0.022500

	  	  	  	  	  	  	  	  	  
	
70

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
71

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
72

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
73

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
74

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
75

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
76

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
77

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
78

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
79

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
80

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
81

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
82

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
83

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
84

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
85

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
86

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
87

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
88

	
6

	
0.020000

	
0.020000

	
0.085000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
89

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
90

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
91

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
92

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
93

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
94

	
6

	
0.020000

	
0.020000

	
0.083750

	
0.022500

	  	  	  	  	  	  	  	  	  
	
95

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
96

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
97

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
98

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
99

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
100

	  	  	  	  	  	  	  	  	  	  	  	  	  	  

 

	
KEY

	
Subsequent Interest

Rate Reset Period

	
Subsequent Interest

Rate Cap (Change Down)

	
Subsequent Interest

Rate Cap (Change

Up)

	
Lifetime Maximum

Rate (Ceiling)

	
Lifetime Minimum

Rate (Floor)

	
Negative

Amortization Limit

	
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

	
1

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
2

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
3

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
4

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
5

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
6

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
7

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
8

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
9

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
10

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
11

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
12

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
13

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
14

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
15

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
16

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
17

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
18

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
19

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
20

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
21

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
22

	
12

	
0.020000

	
0.020000

	
0.082500

	
0.022500

	  	  	  	  	  	  	  	  	  
	
23

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
24

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
25

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
26

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
27

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
28

	
12

	
0.020000

	
0.020000

	
0.085000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
29

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
30

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
31

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
32

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
33

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
34

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
35

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
36

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
37

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
38

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
39

	
12

	
0.020000

	
0.020000

	
0.092500

	
0.022500

	  	  	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
41

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
42

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
43

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
44

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
45

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
46

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
47

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
48

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
49

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
50

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
51

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
52

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
53

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
54

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
55

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
56

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
57

	
12

	
0.020000

	
0.020000

	
0.085000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
58

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
59

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
60

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
61

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
62

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
63

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
64

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
65

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
66

	
12

	
0.020000

	
0.020000

	
0.080000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
67

	
12

	
0.020000

	
0.020000

	
0.092500

	
0.022500

	  	  	  	  	  	  	  	  	  
	
68

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
69

	
12

	
0.020000

	
0.020000

	
0.096250

	
0.022500

	  	  	  	  	  	  	  	  	  
	
70

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
71

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
72

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
73

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
74

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
75

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
76

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
77

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
78

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
79

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
80

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
81

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
82

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
83

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
84

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
85

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
86

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
87

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
88

	
6

	
0.020000

	
0.020000

	
0.085000

	
0.022500

	  	  	  	  	  	  	  	  	  
	
89

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
90

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
91

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
92

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
93

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
94

	
6

	
0.020000

	
0.020000

	
0.083750

	
0.022500

	  	  	  	  	  	  	  	  	  
	
95

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
96

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
97

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
98

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
99

	  	  	  	  	  	  	  	  	  	  	  	  	  	  
	
100

	  	  	  	  	  	  	  	  	  	  	  	  	  	  

 

	
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

	
27

	
9

	
1

	  	  	  	  	  	  	  	
812

	
2

	
1.8

	  	
0

	
1

	  	  	  	  	  	  	  	
809

	
3

	
2.08

	  	
0

	
1

	  	  	  	  	  	  	  	
720

	
4

	
29

	
18

	
8

	
1

	  	  	  	  	  	  	  	
802

	
5

	
12

	
11

	
18.6

	
1

	  	  	  	  	  	  	  	
765

	
6

	
2

	  	
6

	
1

	  	  	  	  	  	  	  	
819

	
7

	
6

	  	
0

	
1

	  	  	  	  	  	  	  	
748

	
8

	
0.01

	  	
0

	
1

	  	  	  	  	  	  	  	
793

	
9

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
777

	
10

	
17

	
3

	
2

	
1

	  	  	  	  	  	  	  	
806

	
11

	
2

	
0

	
0

	
1

	  	  	  	  	  	  	  	
792

	
12

	
13.58

	  	
10

	
1

	  	  	  	  	  	  	  	
742

	
13

	
12

	  	
0

	
1

	  	  	  	  	  	  	  	
748

	
14

	
9

	  	
0

	
1

	  	  	  	  	  	  	  	
791

	
15

	
17

	  	
0

	
1

	  	  	  	  	  	  	  	
783

	
16

	
21

	  	
1.1

	
1

	  	  	  	  	  	  	  	
804

	
17

	
18.5

	  	
4

	
1

	  	  	  	  	  	  	  	
750

	
18

	
21

	  	
14

	
1

	  	  	  	  	  	  	  	
797

	
19

	
18

	  	
8

	
1

	
20111205

	  	  	  	  	  	  	
796

	
20

	
20

	  	
8

	
1

	  	  	  	  	  	  	  	
781

	
21

	
16

	
8

	
1.5

	
1

	  	  	  	  	  	  	  	
793

	
22

	
9.05

	
12

	
0

	
1

	
20111205

	  	  	  	  	  	  	
765

	
23

	
6

	
5

	
6

	
1

	  	  	  	  	  	  	  	
742

	
24

	
9.1

	  	
0

	
1

	  	  	  	  	  	  	  	
779

	
25

	
0

	  	
3

	
1

	  	  	  	  	  	  	  	
745

	
26

	
0

	  	
5

	
1

	  	  	  	  	  	  	  	
765

	
27

	
10.67

	
14

	
0

	
1

	  	  	  	  	  	  	  	
755

	
28

	
24.4

	  	
0

	
1

	  	  	  	  	  	  	  	
717

	
29

	
1.47

	  	
1.42

	
1

	  	  	  	  	  	  	  	
765

	
30

	
6

	  	
8

	
1

	  	  	  	  	  	  	  	
793

	
31

	
0

	  	
11

	
1

	  	  	  	  	  	  	  	
711

	
32

	
0

	  	
5

	
1

	  	  	  	  	  	  	  	
716

	
33

	
16.5

	  	
4

	
1

	  	  	  	  	  	  	  	
786

	
34

	
3

	  	
1

	
1

	  	  	  	  	  	  	  	
767

	
35

	
5

	  	
6

	
1

	  	  	  	  	  	  	  	
779

	
36

	
0

	  	
4

	
1

	  	  	  	  	  	  	  	
813

	
37

	
3.5

	  	
2

	
1

	  	  	  	  	  	  	  	
791

	
38

	
9

	  	
0

	
1

	  	  	  	  	  	  	  	
784

	
39

	
2.83

	
10

	
0

	
1

	  	  	  	  	  	  	  	
780

	
40

	
0

	  	
2

	
1

	  	  	  	  	  	  	  	
710

	
41

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
778

	
42

	
0

	  	
3

	
1

	  	  	  	  	  	  	  	
786

	
43

	
0

	
3

	
0

	
1

	  	  	  	  	  	  	  	
788

	
44

	
6.67

	  	
5

	
1

	  	  	  	  	  	  	  	
786

	
45

	
0

	
6

	
0

	
1

	  	  	  	  	  	  	  	
743

	
46

	
15

	  	
1

	
1

	  	  	  	  	  	  	  	
768

	
47

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
752

	
48

	
0

	  	
16

	
1

	  	  	  	  	  	  	  	
755

	
49

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
792

	
50

	
25

	  	
4

	
1

	  	  	  	  	  	  	  	
750

	
51

	
0

	
2

	
0

	
1

	  	  	  	  	  	  	  	
753

	
52

	
13

	  	
4

	
1

	  	  	  	  	  	  	  	
726

	
53

	
0

	  	
4

	
1

	  	  	  	  	  	  	  	
812

	
54

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
707

	
55

	
0

	  	
3

	
1

	  	  	  	  	  	  	  	
757

	
56

	
24

	  	
24

	
1

	  	  	  	  	  	  	  	
796

	
57

	
50.42

	  	
27.08

	
1

	  	  	  	  	  	  	  	
808

	
58

	
6

	
15

	
6

	
1

	  	  	  	  	  	  	  	
727

	
59

	
0

	  	
2

	
1

	  	  	  	  	  	  	  	
766

	
60

	
13.9

	
4

	
5.5

	
1

	  	  	  	  	  	  	  	
773

	
61

	
0

	  	
2

	
1

	  	  	  	  	  	  	  	
785

	
62

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
731

	
63

	
9

	
0

	
0

	
1

	  	  	  	  	  	  	  	
768

	
64

	
15

	  	
0

	
1

	  	  	  	  	  	  	  	
775

	
65

	
9

	  	
1

	
1

	  	  	  	  	  	  	  	
778

	
66

	
19

	  	
0

	
1

	  	  	  	  	  	  	  	
802

	
67

	
3

	  	
1

	
1

	  	  	  	  	  	  	  	
797

	
68

	
0

	
19

	
0

	
1

	  	  	  	  	  	  	  	
720

	
69

	
0

	
6

	
0

	
1

	  	  	  	  	  	  	  	
705

	
70

	
21

	  	
0

	
1

	  	  	  	  	  	  	  	
774

	
71

	
3

	  	
3

	
1

	  	  	  	  	  	  	  	
753

	
72

	
0

	  	
9

	
1

	  	  	  	  	  	  	  	
782

	
73

	
0

	  	
1

	
1

	  	  	  	  	  	  	  	
757

	
74

	
0.6

	  	
0

	
1

	  	  	  	  	  	  	  	
787

	
75

	
9

	  	
8

	
1

	  	  	  	  	  	  	  	
726

	
76

	
0

	
6

	
8

	
1

	  	  	  	  	  	  	  	
795

	
77

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
782

	
78

	
7

	
6

	
0

	
1

	  	  	  	  	  	  	  	
755

	
79

	
0

	
7

	
11

	
1

	  	  	  	  	  	  	  	
788

	
80

	
16

	  	
0.5

	
1

	  	  	  	  	  	  	  	
799

	
81

	
30

	  	
18

	
1

	  	  	  	  	  	  	  	
776

	
82

	
6.8

	
29

	
0

	
1

	  	  	  	  	  	  	  	
780

	
83

	
17

	  	
8

	
1

	  	  	  	  	  	  	  	
778

	
84

	
20

	  	
5

	
1

	  	  	  	  	  	  	  	
736

	
85

	
2

	
13

	
0.8

	
1

	  	  	  	  	  	  	  	
798

	
86

	
10

	  	
4

	
1

	  	  	  	  	  	  	  	
775

	
87

	
5

	  	
5

	
1

	  	  	  	  	  	  	  	
797

	
88

	
27.2

	  	
0

	
1

	  	  	  	  	  	  	  	
800

	
89

	
2.5

	  	
0.08

	
1

	  	  	  	  	  	  	  	
775

	
90

	
10

	  	
1.9

	
1

	  	  	  	  	  	  	  	
814

	
91

	
5

	  	
3.5

	
1

	  	  	  	  	  	  	  	
773

	
92

	
0

	  	
0

	
1

	  	  	  	  	  	  	  	
781

	
93

	
6.8

	  	
1.4

	
1

	  	  	  	  	  	  	  	
781

	
94

	
3.75

	  	
0.75

	
1

	  	  	  	  	  	  	  	
770

	
95

	
4

	  	
4

	
1

	  	  	  	  	  	  	  	
745

	
96

	
26

	  	
4

	
1

	  	  	  	  	  	  	  	
792

	
97

	
6

	  	
0

	
1

	  	  	  	  	  	  	  	
763

	
98

	
6

	
3

	
0

	
1

	  	  	  	  	  	  	  	
797

	
99

	
6.2

	  	
6

	
1

	  	  	  	  	  	  	  	
788

	
100

	
10.5

	  	
0.01

	
1

	  	  	  	  	  	  	  	
761

 

	
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

	
Most Recent 12-

month Pay History

	
Months Bankruptcy

	
1

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
2

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
3

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
4

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
5

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
6

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
7

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
8

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
9

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
10

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
11

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
12

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
13

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
14

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
15

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
16

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
17

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
18

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
19

	
755

	  	
3

	  	  	  	  	  	  	  	  	
000000000000

	  
	
20

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
21

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
22

	
747

	  	
3

	  	  	  	  	  	  	  	  	
000000000000

	  
	
23

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
24

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
25

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
26

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
27

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
28

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
29

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
30

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
31

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
32

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
33

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
34

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
35

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
36

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
37

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
38

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
39

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
40

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
41

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
42

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
43

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
44

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
45

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
46

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
47

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
48

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
49

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
50

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
51

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
52

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
53

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
54

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
55

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
56

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
57

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
58

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
59

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
60

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
61

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
62

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
63

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
64

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
65

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
66

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
67

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
68

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
69

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
70

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
71

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
72

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
73

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
74

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
75

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
76

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
77

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
78

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
79

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
80

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
81

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
82

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
83

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
84

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
85

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
86

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
87

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
88

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
89

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
90

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
91

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
92

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
93

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
94

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
95

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
96

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
97

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
98

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
99

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  
	
100

	  	  	  	  	  	  	  	  	  	  	  	
000000000000

	  

 

	
KEY

	
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

	
4506-T Indicator

	
Borrower Income

Verification Level

	
Co-Borrower

Income Verification

	
Borrower

Employment

Verification

	
Co-Borrower

Employment

Verification

	
Borrower Asset

Verification

	
1

	  	
0

	
29904

	
4437.31

	
0

	
29904.12

	
34341.43

	
1

	
5

	  	
3

	  	
4

	
2

	  	
10833.33

	  	
0

	  	
10833.33

	
10833.33

	
1

	
5

	  	
3

	  	
4

	
3

	  	
19250

	  	
0

	  	
19250

	
19250

	
1

	
5

	  	
3

	  	
4

	
4

	  	
6460.86

	
3400

	
150

	
0

	
9860.86

	
10010.86

	
1

	
5

	  	
3

	  	
4

	
5

	  	
6390

	
8637

	
0

	
0

	
15027

	
15027

	
1

	
5

	  	
3

	  	
4

	
6

	  	
14008.32

	  	
661

	  	
14008.32

	
14669.32

	
1

	
5

	  	
3

	  	
4

	
7

	  	
19900.25

	  	
0

	  	
19900.25

	
19900.25

	
1

	
5

	  	
3

	  	
4

	
8

	  	
16666.67

	  	
0

	  	
16666.67

	
16666.67

	
1

	
5

	  	
3

	  	
4

	
9

	  	
18250

	  	
0

	  	
18250

	
18250

	
1

	
5

	  	
3

	  	
3

	
10

	  	
15165.89

	
902

	
-262.63

	
0

	
16067.89

	
15805.26

	
1

	
5

	  	
3

	  	
4

	
11

	  	
9583.34

	
7917

	
0

	
0

	
17500.02

	
17500.02

	
1

	
5

	  	
3

	  	
4

	
12

	  	
0

	  	
54148

	  	
0

	
54148

	
1

	
5

	  	
3

	  	
4

	
13

	  	
10485.5

	  	
0

	  	
10485.5

	
10485.5

	
1

	
5

	  	
3

	  	
4

	
14

	  	
23852

	  	
0

	  	
23852

	
23852

	
1

	
5

	  	
3

	  	
4

	
15

	  	
51074

	  	
2548

	  	
51074

	
53622

	
1

	
5

	  	
3

	  	
4

	
16

	  	
25367.92

	  	
0

	  	
25367.92

	
25367.92

	
1

	
5

	  	
3

	  	
4

	
17

	  	
58142.45

	  	
0

	  	
58142.45

	
58142.45

	
1

	
5

	  	
3

	  	
4

	
18

	  	
18563

	  	
1977

	  	
18563

	
20540

	
1

	
5

	  	
3

	  	
4

	
19

	  	
0

	
0

	
10457.38

	
10605

	
0

	
21062.51

	
1

	
5

	  	
3

	  	
3

	
20

	  	
20454

	
27346

	
0

	
0

	
47800

	
47800

	
1

	
5

	  	
3

	  	
4

	
21

	  	
10751.25

	
7920

	
52.67

	
-2716

	
18671.25

	
16008

	
1

	
5

	  	
3

	  	
4

	
22

	  	
11799.99

	
12917

	
0

	
0

	
24716.66

	
24716.66

	
1

	
5

	  	
3

	  	
4

	
23

	  	
28545.84

	
0

	
0

	
0

	
28545.84

	
28545.84

	
1

	
5

	  	
3

	  	
4

	
24

	  	
14249.99

	  	
0

	  	
14249.99

	
14249.99

	
1

	
5

	  	
3

	  	
4

	
25

	  	
18335.2

	  	
0

	  	
18335.2

	
18335.2

	
1

	
5

	  	
3

	  	
3

	
26

	  	
25000.02

	  	
0

	  	
25000.02

	
25000.02

	
1

	
5

	  	
3

	  	
4

	
27

	  	
0

	
4767

	
16269

	
0

	
4766.67

	
21035.67

	
1

	
5

	  	
3

	  	
4

	
28

	  	
15416.66

	  	
1542.01

	  	
15416.66

	
16958.67

	
1

	
5

	  	
3

	  	
4

	
29

	  	
43750

	
0

	
-355

	
-484

	
43750.08

	
42911.08

	
1

	
5

	  	
3

	  	
4

	
30

	  	
16157.08

	
0

	
0

	
0

	
16157.08

	
16157.08

	
1

	
5

	  	
3

	  	
4

	
31

	  	
13000

	
0

	
5802

	
1906

	
13000

	
20708

	
1

	
5

	  	
3

	  	
4

	
32

	  	
0

	  	
57950

	  	
0

	
57950

	
1

	
5

	  	
3

	  	
4

	
33

	  	
7083.34

	
5955

	
0

	
0

	
13038.17

	
13038.17

	
1

	
5

	  	
3

	  	
4

	
34

	  	
14642.85

	
0

	
0

	
0

	
14642.85

	
14642.85

	
1

	
5

	  	
3

	  	
4

	
35

	  	
20320

	
10381

	
0

	
0

	
30701

	
30701

	
1

	
5

	  	
3

	  	
4

	
36

	  	
14105.83

	  	
0

	  	
14105.83

	
14105.83

	
1

	
5

	  	
3

	  	
4

	
37

	  	
17672

	  	
0

	  	
17672

	
17672

	
1

	
5

	  	
3

	  	
4

	
38

	  	
17410.92

	  	
3889.05

	  	
17410.92

	
21299.97

	
1

	
5

	  	
3

	  	
4

	
39

	  	
12595

	
6485

	
2364.34

	
0

	
19080.01

	
21444.35

	
1

	
5

	  	
3

	  	
4

	
40

	  	
138883.21

	  	
0

	  	
     138883.21

	
      138883.21

	
1

	
5

	  	
3

	  	
4

	
41

	  	
18566.17

	
0

	
0

	
0

	
18566.17

	
18566.17

	
1

	
5

	  	
3

	  	
4

	
42

	  	
19564

	
0

	
0

	  	
19564

	
19564

	
1

	
5

	  	
3

	  	
4

	
43

	  	
20155.84

	  	
0

	  	
20155.84

	
20155.84

	
1

	
5

	  	
3

	  	
4

	
44

	  	
25714.92

	  	
-3770.58

	  	
25714.92

	
21944.34

	
1

	
5

	  	
2

	  	
4

	
45

	  	
23036.25

	  	
0

	  	
23036.25

	
23036.25

	
1

	
5

	  	
3

	  	
4

	
46

	  	
19276

	  	
0

	  	
19276

	
19276

	
1

	
5

	  	
3

	  	
4

	
47

	  	
20258.28

	
6626.53

	
0

	
0

	
26884.81

	
26884.81

	
1

	
5

	  	
3

	  	
4

	
48

	  	
18176.17

	
0

	
0

	
0

	
18176.17

	
18176.17

	
1

	
5

	  	
3

	  	
4

	
49

	  	
26624

	  	
0

	  	
26624

	
26624

	
1

	
5

	  	
3

	  	
4

	
50

	  	
23433.32

	
23433

	
5897.15

	
2148

	
46866.64

	
54911.79

	
1

	
5

	  	
3

	  	
4

	
51

	  	
10404.83

	
10232.5

	
0

	
0

	
20637.33

	
20637.33

	
1

	
5

	  	
3

	  	
4

	
52

	  	
13892

	  	
0

	  	
13892

	
13892

	
1

	
5

	  	
3

	  	
4

	
53

	  	
0

	
0

	
28666.53

	
858.9

	
0

	
29525.43

	
1

	
5

	  	
3

	  	
4

	
54

	  	
55614

	
0

	
0

	
0

	
55614

	
55614

	
1

	
5

	  	
3

	  	
3

	
55

	  	
53839

	
5633

	
1076

	
0

	
59472

	
60548

	
1

	
5

	  	
3

	  	
4

	
56

	  	
8200

	  	
7170

	  	
8200

	
15370

	
1

	
5

	  	
3

	  	
4

	
57

	  	
32916.67

	  	
0

	  	
32916.67

	
32916.67

	
1

	
5

	  	
3

	  	
4

	
58

	  	
16666.67

	
23483

	
0

	
0

	
40149.67

	
40149.67

	
1

	
5

	  	
3

	  	
4

	
59

	  	
51069

	  	
0

	  	
51069

	
51069

	
1

	
5

	  	
3

	  	
4

	
60

	  	
19833.34

	
14166

	
0

	
0

	
33999.34

	
33999.34

	
1

	
5

	  	
3

	  	
4

	
61

	  	
16905.99

	
0

	
0

	
0

	
16905.99

	
16905.99

	
1

	
5

	  	
3

	  	
4

	
62

	  	
77248.33

	  	
0

	  	
77248.33

	
77248.33

	
1

	
5

	  	
3

	  	
4

	
63

	  	
20833.33

	
8583.34

	
0

	
0

	
29416.67

	
29416.67

	
1

	
5

	  	
3

	  	
4

	
64

	  	
0

	  	
20868.08

	  	
0

	
20868.08

	
1

	
5

	  	
3

	  	
4

	
65

	  	
0

	  	
31502

	  	
0

	
31502

	
1

	
5

	  	
3

	  	
4

	
66

	  	
13132.49

	  	
14842.16

	  	
13132.49

	
27974.65

	
1

	
5

	  	
3

	  	
4

	
67

	  	
12366.67

	
12904.1

	
0

	
0

	
25270.77

	
25270.77

	
1

	
5

	  	
3

	  	
4

	
68

	  	
63351.83

	  	
0

	  	
63351.83

	
63351.83

	
1

	
5

	  	
3

	  	
4

	
69

	  	
22083

	  	
38750

	  	
22083

	
60833

	
1

	
5

	  	
3

	  	
4

	
70

	  	
21416.66

	  	
6316.33

	  	
21416.66

	
27732.99

	
1

	
5

	  	
3

	  	
4

	
71

	  	
4166.67

	
0

	
27097.41

	
0

	
4166.67

	
31264.08

	
1

	
5

	  	
3

	  	
4

	
72

	  	
28947.5

	  	
0

	  	
28947.5

	
28947.5

	
1

	
5

	  	
3

	  	
4

	
73

	  	
47970.76

	
0

	
0

	
0

	
47970.76

	
47970.76

	
1

	
5

	  	
3

	  	
4

	
74

	  	
20833.33

	  	
0

	  	
20833.33

	
20833.33

	
1

	
5

	  	
3

	  	
4

	
75

	  	
63694.38

	  	
0

	  	
63694.38

	
63694.38

	
1

	
5

	  	
3

	  	
3

	
76

	  	
36241

	  	
0

	  	
36241

	
36241

	
1

	
5

	  	
3

	  	
3

	
77

	  	
83728.33

	
0

	
0

	
0

	
83728.33

	
83728.33

	
1

	
5

	  	
3

	  	
4

	
78

	  	
24638.46

	
10948

	
3333

	
-2445

	
35586.46

	
36474.46

	
1

	
5

	  	
3

	  	
4

	
79

	  	
41666.67

	
0

	
0

	
0

	
41666.67

	
41666.67

	
1

	
5

	  	
3

	  	
4

	
80

	  	
38560

	  	
-44

	  	
38560

	
38516

	
1

	
5

	  	
3

	  	
3

	
81

	  	
0

	  	
59613

	  	
0

	
59613

	
1

	
5

	  	
3

	  	
4

	
82

	  	
18333.33

	
5892

	
15414

	
0

	
24225.66

	
39639.66

	
1

	
5

	  	
3

	  	
4

	
83

	  	
82488

	  	
-640

	  	
82488

	
81848

	
1

	
5

	  	
3

	  	
4

	
84

	  	
40561

	
12962

	
0

	
0

	
53523

	
53523

	
1

	
5

	  	
3

	  	
4

	
85

	  	
8870

	
9119

	
0

	
0

	
17989.07

	
17989.07

	
1

	
5

	  	
3

	  	
4

	
86

	  	
141365

	  	
-103

	  	
141365

	
141262

	
1

	
5

	  	
3

	  	
4

	
87

	  	
30466

	  	
-4349

	  	
30466

	
26117

	
1

	
5

	  	
3

	  	
4

	
88

	  	
28337.01

	  	
0

	  	
28337.01

	
28337.01

	
1

	
5

	  	
3

	  	
4

	
89

	  	
60838

	  	
1216.16

	  	
60838

	
62054.16

	
1

	
5

	  	
3

	  	
4

	
90

	  	
73902

	  	
0

	  	
73902

	
73902

	
1

	
5

	  	
3

	  	
4

	
91

	  	
22083.33

	  	
25369.33

	  	
22083.33

	
47452.66

	
1

	
5

	  	
3

	  	
4

	
92

	  	
0

	  	
26380.5

	  	
0

	
26380.5

	
1

	
5

	  	
3

	  	
4

	
93

	  	
29166.67

	  	
-1084

	  	
29166.67

	
28082.67

	
1

	
5

	  	
3

	  	
4

	
94

	  	
18000

	  	
0

	  	
18000

	
18000

	
1

	
5

	  	
3

	  	
4

	
95

	  	
7692

	  	
12972

	  	
7692

	
20664

	
1

	
5

	  	
3

	  	
4

	
96

	  	
60144.92

	  	  	  	
60144.92

	
60144.92

	
1

	
5

	  	
3

	  	
4

	
97

	  	
18333.33

	  	  	  	
18333.33

	
18333.33

	
1

	
5

	  	
3

	  	
4

	
98

	  	
9694

	
11868.83

	  	  	
21562.83

	
21562.83

	
1

	
5

	  	
3

	  	
4

	
99

	  	
19590

	
53994

	
-716.67

	
0

	
73584

	
72867.33

	
1

	
5

	  	
3

	  	
4

	
100

	  	
15403

	
9349

	
-61

	
0

	
24752

	
24691

	
1

	
5

	  	
3

	  	
3

 

	
KEY

	
Co-Borrower Asset

Verification

	
Liquid / Cash

Reserves

	
Monthly Debt All

Borrowers

	
Originator DTI

	
Fully Indexed Rate

	
Qualification

Method

	
Percentage of Down

Payment from

Borrower Own

Funds

	
City

	
State

	
Postal Code

	
Property Type

	
Occupancy

	
1

	  	
99291.47

	
2862.62

	
0.1755800

	  	  	
0

	
PEWEE VALLEY

	
KY

	
40056

	
1

	
1

	
2

	  	
227525.91

	
522.43

	
0.2594170

	  	  	
100

	
Poulsbo

	
WA

	
98370

	
1

	
1

	
3

	  	
108712.39

	
3945.21

	
0.3375640

	  	  	
100

	
MIDLAND

	
TX

	
79701

	
1

	
1

	
4

	  	
197197.74

	
957.35

	
0.4509630

	  	  	
0

	
VERDI

	
NV

	
89439

	
1

	
1

	
5

	  	
168753.5

	
3098.42

	
0.3824680

	  	  	
0

	
Birmingham

	
MI

	
48009

	
1

	
1

	
6

	  	
186651.51

	
1753.98

	
0.3687440

	  	  	
0

	
CHICAGO

	
IL

	
60611

	
4

	
1

	
7

	  	
444656.92

	
2394.89

	
0.2533100

	  	  	
100

	
VERO BEACH

	
FL

	
32963

	
1

	
1

	
8

	  	
25291.91

	
1813.59

	
0.2655250

	  	  	
100

	
WARSAW

	
IN

	
46580

	
1

	
1

	
9

	  	
114700.17

	
5486.68

	
0.4458440

	  	  	
100

	
AVON

	
CT

	
06001

	
1

	
1

	
10

	  	
45201.73

	
1716.84

	
0.2793880

	  	  	
0

	
ARLINGTON HEIGHTS

	
IL

	
60005

	
1

	
1

	
11

	  	
38634.37

	
1776.49

	
0.3374410

	  	  	
100

	
ALLEN

	
TX

	
75013

	
7

	
1

	
12

	  	
158457.26

	
2959.72

	
0.1260670

	  	  	
0

	
PLANO

	
TX

	
75093

	
7

	
1

	
13

	  	
569675.03

	
883.89

	
0.3541870

	  	  	
100

	
CASTLE ROCK

	
CO

	
80104

	
7

	
1

	
14

	  	
52279.52

	
3687.55

	
0.2741000

	  	  	
100

	
CARY

	
NC

	
27518

	
7

	
1

	
15

	  	
409649

	
11126.30

	
0.2614600

	  	  	
100

	
BARRINGTON

	
IL

	
60010

	
7

	
1

	
16

	  	
32215.05

	
749.01

	
0.1899880

	  	  	
0

	
BRENTWOOD

	
TN

	
37027

	
7

	
1

	
17

	  	
84349.97

	
2949.88

	
0.1009780

	  	  	
0

	
AUSTIN

	
TX

	
78731

	
1

	
1

	
18

	  	
323483.83

	
5805.89

	
0.4935290

	  	  	  	
PLANO

	
TX

	
75093

	
7

	
1

	
19

	  	
251390.84

	
1760.16

	
0.2925280

	  	  	
0

	
KENNEDYVILLE

	
MD

	
21645

	
1

	
1

	
20

	  	
94868.21

	
4875.40

	
0.1890190

	  	  	
0

	
MIDLAND

	
TX

	
79705

	
7

	
1

	
21

	  	
232458.43

	
2943.91

	
0.4453450

	  	  	
0

	
ROWLETT

	
TX

	
75088

	
1

	
1

	
22

	  	
89202.62

	
1791.34

	
0.1742920

	  	  	
100

	
ALLEN

	
TX

	
75013

	
7

	
1

	
23

	  	
40886.08

	
7571.65

	
0.3774430

	  	  	  	
LEESVILLE

	
SC

	
29070

	
7

	
1

	
24

	  	
84578.16

	
2613.44

	
0.4013220

	  	  	
100

	
DALLAS

	
TX

	
75214

	
1

	
1

	
25

	  	
221562.03

	
3533.12

	
0.3608390

	  	  	  	
BATON ROUGE

	
LA

	
70810

	
7

	
1

	
26

	  	
697832.98

	
4058.18

	
0.2883050

	  	  	  	
PARKLAND

	
FL

	
33067

	
7

	
1

	
27

	  	
235344.8

	
4163.27

	
0.3496800

	  	  	
100

	
DALLAS

	
TX

	
75214

	
1

	
1

	
28

	  	
125501.58

	
3195.09

	
0.3532080

	  	  	
100

	
LONG GROVE

	
IL

	
60060

	
7

	
1

	
29

	  	
54048.55

	
4280.03

	
0.2070800

	  	  	
0

	
MIDDLETON

	
WI

	
53562

	
1

	
1

	
30

	  	
51020.24

	
2128.81

	
0.3417780

	  	  	  	
SEATTLE

	
WA

	
98105

	
1

	
1

	
31

	  	
305338.68

	
3302.89

	
0.3229450

	  	  	  	
MC LEAN

	
VA

	
22101

	
1

	
1

	
32

	  	
2031838.28

	
2532.53

	
0.1293860

	  	  	
0

	
OXFORD

	
MD

	
21654

	
1

	
1

	
33

	  	
92927.41

	
2009.26

	
0.4261690

	  	  	
0

	
UNIVERSITY PARK

	
TX

	
75205

	
1

	
1

	
34

	  	
42229.54

	
2874.39

	
0.4426370

	  	  	  	
HOUSTON

	
TX

	
77005

	
1

	
1

	
35

	  	
609917.43

	
4885.75

	
0.3239790

	  	  	
0

	
OXFORD

	
MD

	
21654

	
7

	
1

	
36

	  	
173146.9

	
1585.88

	
0.3712950

	  	  	  	
CHICAGO

	
IL

	
60614

	
1

	
1

	
37

	  	
136006.75

	
2591.83

	
0.4347210

	  	  	
0

	
HOUSTON

	
TX

	
77041

	
7

	
1

	
38

	  	
150568.29

	
4178.02

	
0.3700700

	  	  	
100

	
LAKEVILLE

	
MN

	
55044

	
7

	
1

	
39

	  	
65626.65

	
1272.82

	
0.2236070

	  	  	
99.62

	
HINSDALE

	
IL

	
60521

	
1

	
1

	
40

	  	
243704.5

	
8467.98

	
0.0875150

	  	  	  	
MIAMI BEACH

	
FL

	
33139

	
3

	
1

	
41

	  	
144896

	
983.53

	
0.2619080

	  	  	  	
DENVER

	
CO

	
80220

	
1

	
1

	
42

	  	
84674.66

	
2860.16

	
0.3607090

	  	  	  	
DEERFIELD

	
IL

	
60015

	
1

	
1

	
43

	  	
509981.3

	
3862.18

	
0.3946570

	  	  	
100

	
DALLAS

	
TX

	
75225

	
1

	
1

	
44

	  	
107512.52

	
2372.34

	
0.3643960

	  	  	
0

	
UNIVERSITY PARK

	
TX

	
75225

	
1

	
1

	
45

	  	
2530637.08

	
5661.42

	
0.4353660

	  	  	
100

	
PALM SPRINGS

	
CA

	
92264

	
1

	
2

	
46

	  	
87125.39

	
3673.53

	
0.3969190

	  	  	
0

	
ACWORTH

	
GA

	
30101

	
1

	
1

	
47

	  	
79979.04

	
5627.50

	
0.3584420

	  	  	
100

	
RANCHO PALOS VERDES

	
CA

	
90275

	
1

	
1

	
48

	  	
275322

	
2282.52

	
0.3570460

	  	  	  	
PASADENA

	
CA

	
91106

	
1

	
1

	
49

	  	
91282.1

	
1731.91

	
0.2195400

	  	  	
100

	
NASHVILLE

	
TN

	
37215

	
1

	
1

	
50

	  	
509366.85

	
4512.10

	
0.1898990

	  	  	
0

	
WASHINGTON

	
DC

	
20007

	
1

	
2

	
51

	  	
121993.33

	
4454.75

	
0.4241400

	  	  	  	
SOLANA BEACH

	
CA

	
92075

	
1

	
1

	
52

	  	
42981.61

	
2068.21

	
0.4680650

	  	  	  	
HOUSTON

	
TX

	
77005

	
1

	
1

	
53

	  	
643724.86

	
1904.19

	
0.2172790

	  	  	  	
LAGUNA BEACH

	
CA

	
92651

	
1

	
1

	
54

	  	
1259086.02

	
16040.07

	
0.3681460

	  	  	
100

	
Jericho

	
NY

	
11753

	
1

	
1

	
55

	  	
75257.43

	
6198.00

	
0.1828260

	  	  	  	
WHITTIER

	
CA

	
90605

	
7

	
1

	
56

	  	
69421.21

	
1048.11

	
0.3694650

	  	  	
0

	
Mill Valley

	
CA

	
94941

	
1

	
1

	
57

	  	
298686.51

	
3319.37

	
0.2218450

	  	  	
0

	
DELAFIELD

	
WI

	
53029

	
1

	
1

	
58

	  	
115193.56

	
5530.99

	
0.2519850

	  	  	  	
Sands Point

	
NY

	
11050

	
1

	
1

	
59

	  	
134643.94

	
11353.62

	
0.3134330

	  	  	  	
MISSION

	
TX

	
78572

	
7

	
1

	
60

	  	
41971.22

	
4058.61

	
0.2584960

	  	  	
0

	
DANVILLE

	
CA

	
94506

	
7

	
1

	
61

	  	
149435.3

	
1621.34

	
0.3807020

	  	  	  	
SAN DIEGO

	
CA

	
92130

	
7

	
1

	
62

	  	
77555.04

	
19374.54

	
0.3155480

	  	  	
100

	
AVENTURA

	
FL

	
33160

	
4

	
1

	
63

	  	
48499.7

	
3528.92

	
0.3039270

	  	  	
100

	
AUSTIN

	
TX

	
78703

	
1

	
1

	
64

	  	
2233811.4

	
3469.35

	
0.5176810

	  	  	
100

	
CULVER

	
IN

	
46511

	
1

	
2

	
65

	  	
147882.28

	
2039.28

	
0.2290020

	  	  	  	
SAN MARINO

	
CA

	
91108

	
1

	
1

	
66

	  	
7530078.52

	
4067.87

	
0.2961220

	  	  	
100

	
HINSDALE

	
IL

	
60521

	
1

	
1

	
67

	  	
588784.18

	
2698.90

	
0.3014670

	  	  	  	
IRVINE

	
CA

	
92603

	
7

	
1

	
68

	  	
2267542.87

	
5173.74

	
0.1640080

	  	  	
100

	
COTO DE CAZA

	
CA

	
92679

	
7

	
2

	
69

	  	
274045.8

	
7488.96

	
0.2076150

	  	  	
100

	
HOUSTON

	
TX

	
77024

	
1

	
1

	
70

	  	
260430.48

	
2086.84

	
0.2606370

	  	  	
100

	
Fox Island

	
WA

	
98333

	
1

	
1

	
71

	  	
1418403.07

	
5106.10

	
0.3325920

	  	  	  	
NEWPORT COAST

	
CA

	
92657

	
7

	
1

	
72

	  	
265364.72

	
3677.94

	
0.2995350

	  	  	  	
MANHATTAN BEACH

	
CA

	
90266

	
1

	
1

	
73

	  	
94953.07

	
8579.31

	
0.2963460

	  	  	  	
CALABASAS

	
CA

	
91302

	
7

	
1

	
74

	  	
566881.7

	
2080.86

	
0.3742230

	  	  	
100

	
EASTON

	
MD

	
21601

	
1

	
1

	
75

	  	
145179.94

	
7709.27

	
0.2149220

	  	  	  	
MIAMI

	
FL

	
33156

	
1

	
1

	
76

	  	
376055.54

	
7973.72

	
0.3972460

	  	  	  	
PEBBLE BEACH

	
CA

	
93953

	
1

	
1

	
77

	  	
309057.3

	
15371.75

	
0.2565930

	  	  	
100

	
Breckenridge

	
CO

	
80424

	
1

	
2

	
78

	  	
398839.3

	
5011.48

	
0.3055850

	  	  	
100

	
UNIVERSITY PARK

	
TX

	
75225

	
1

	
1

	
79

	  	
3166669

	
10165.01

	
0.4008800

	  	  	  	
Spring Lake

	
NJ

	
07762

	
1

	
2

	
80

	  	
106405.68

	
4829.57

	
0.3285460

	  	  	
0

	
HINSDALE

	
IL

	
60521

	
1

	
1

	
81

	  	
1017090.82

	
5667.73

	
0.2565330

	  	  	
0

	
DALLAS

	
TX

	
75225

	
1

	
1

	
82

	  	
225717.29

	
1462.30

	
0.2972240

	  	  	
100

	
HONOLULU

	
HI

	
96816

	
1

	
1

	
83

	  	
247668.91

	
9899.54

	
0.2465830

	  	  	
0

	
MANHATTAN BEACH

	
CA

	
90266

	
1

	
1

	
84

	  	
220469.95

	
8690.55

	
0.2747370

	  	  	
0

	
NORTHFIELD

	
IL

	
60093

	
1

	
1

	
85

	  	
201928.26

	
2695.11

	
0.3011160

	  	  	
0

	
ELK GROVE VILLAGE

	
IL

	
60007

	
7

	
1

	
86

	  	
808537.61

	
21188.59

	
0.1693820

	  	  	
0

	
Hinsdale

	
IL

	
60521

	
1

	
1

	
87

	  	
216822.14

	
5986.54

	
0.3926480

	  	  	
0

	
AUSTIN

	
TX

	
78703

	
1

	
1

	
88

	  	
1029817.59

	
3819.30

	
0.2656740

	  	  	
100

	
WRIGHTSVILLE BEACH

	
NC

	
28480

	
1

	
2

	
89

	  	
530263.4

	
14439.87

	
0.3900000

	  	  	
0

	
PLYMOUTH

	
MN

	
55447

	
7

	
1

	
90

	  	
368764.11

	
1237.07

	
0.0740270

	  	  	
0

	
Missoula

	
MT

	
59803

	
1

	
1

	
91

	  	
194199.76

	
3191.56

	
0.1645050

	  	  	
0

	
Spokane

	
WA

	
99224

	
1

	
1

	
92

	  	
2027260.32

	
7275.68

	
0.4171840

	  	  	
100

	
MONTAGUE

	
MI

	
49437

	
1

	
2

	
93

	  	
440752.17

	
3793.63

	
0.3420180

	  	  	
0

	
LOS ANGELES

	
CA

	
90210

	
1

	
1

	
94

	  	
110827.09

	
3585.26

	
0.3639850

	  	  	
0

	
HOUSTON

	
TX

	
77024

	
1

	
1

	
95

	  	
659465.19

	
2346.32

	
0.3348180

	  	  	  	
KILLINGWORTH

	
CT

	
06419

	
1

	
1

	
96

	  	
317922.24

	
5537.27

	
0.2142380

	  	  	  	
HORSESHOE BAY

	
TX

	
78657

	
7

	
1

	
97

	  	
108830.84

	
4454.22

	
0.4201120

	  	  	
100

	
FORT LAUDERDALE

	
FL

	
33301

	
1

	
1

	
98

	  	
91578.31

	
1726.53

	
0.2593600

	  	  	
34.299

	
IRVINE

	
CA

	
92620

	
7

	
1

	
99

	  	
812087.03

	
10426.67

	
0.2729350

	  	  	
0

	
Dana Point

	
CA

	
92629

	
7

	
1

	
100

	  	
74009.3

	
3253.08

	
0.2989060

	  	  	  	
Magnolia

	
TX

	
77355

	
7

	
1

 

	
KEY

	
Sales Price

	
Original Appraised

Property Value

	
Original Property

Valuation Type

	
Original Property

Valuation Date

	
Original Automated

Valuation Model

(AVM) Model Name

	
Original AVM

Confidence Score

	
Most Recent

Property Value2

	
Most Recent

Property Valuation

Type

	
Most Recent

Property Valuation

Date

	
Most Recent AVM

Model Name

	
Most Recent AVM

Confidence Score

	
Original CLTV

	
Original LTV

	
1

	  	
670000.00

	
3

	
20110916

	  	  	  	  	  	  	  	
0.650000

	
0.650000

	
2

	
665000.00

	
600000.00

	
3

	
20110915

	  	  	  	  	  	  	  	
0.741667

	
0.741667

	
3

	
603000.00

	
630000.00

	
3

	
20110824

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
4

	  	
825000.00

	
3

	
20110902

	  	  	  	  	  	  	  	
0.587879

	
0.587879

	
5

	  	
695000.00

	
3

	
20110805

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
6

	  	
715000.00

	
3

	
20110701

	  	  	  	  	  	  	  	
0.685315

	
0.685315

	
7

	
910000.00

	
910000.00

	
3

	
20110823

	  	  	  	  	  	  	  	
0.549451

	
0.549451

	
8

	
635000.00

	
650000.00

	
3

	
20110722

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
9

	
635000.00

	
640000.00

	
3

	
20110902

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
10

	  	
700000.00

	
3

	
20110824

	  	  	  	  	  	  	  	
0.728571

	
0.728571

	
11

	
663500.00

	
668000.00

	
3

	
20110726

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
12

	  	
825000.00

	
3

	
20110715

	  	  	  	  	  	  	  	
0.650000

	
0.650000

	
13

	
775000.00

	
775000.00

	
3

	
20110729

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
14

	
683200.00

	
690000.00

	
3

	
20110830

	  	  	  	  	  	  	  	
0.799766

	
0.799766

	
15

	
683500.00

	
685000.00

	
3

	
20110818

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
16

	  	
950000.00

	
3

	
20110722

	  	  	  	  	  	  	  	
0.584211

	
0.584211

	
17

	  	
1215000.00

	
3

	
20110810

	  	  	  	  	  	  	  	
0.460905

	
0.460905

	
18

	  	
710000.00

	
3

	
20110803

	  	  	  	  	  	  	  	
0.797430

	
0.797430

	
19

	  	
1300000.00

	
3

	
20110331

	  	  	  	  	  	  	  	
0.453846

	
0.453846

	
20

	  	
1350000.00

	
3

	
20110901

	  	  	  	  	  	  	  	
0.423704

	
0.423704

	
21

	  	
1000000.00

	
3

	
20110907

	  	  	  	  	  	  	  	
0.575500

	
0.575500

	
22

	
722818.00

	
725000.00

	
3

	
20110711

	  	  	  	  	  	  	  	
0.799994

	
0.799994

	
23

	  	
950000.00

	
3

	
20110819

	  	  	  	  	  	  	  	
0.610526

	
0.610526

	
24

	
733500.00

	
784800.00

	
3

	
20110802

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
25

	  	
1070000.00

	
3

	
20110816

	  	  	  	  	  	  	  	
0.552336

	
0.552336

	
26

	  	
805000.00

	
3

	
20110808

	  	  	  	  	  	  	  	
0.750000

	
0.750000

	
27

	
765000.00

	
765000.00

	
3

	
20110901

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
28

	
829900.00

	
850000.00

	
3

	
20110912

	  	  	  	  	  	  	  	
0.749970

	
0.749970

	
29

	  	
1000000.00

	
3

	
20110818

	  	  	  	  	  	  	  	
0.698000

	
0.628000

	
30

	  	
1200000.00

	
3

	
20110822

	  	  	  	  	  	  	  	
0.550000

	
0.550000

	
31

	  	
2300000.00

	
3

	
20110927

	  	  	  	  	  	  	  	
0.290435

	
0.290435

	
32

	  	
3475000.00

	
3

	
20110830

	  	  	  	  	  	  	  	
0.194820

	
0.194820

	
33

	  	
945500.00

	
3

	
20110801

	  	  	  	  	  	  	  	
0.719196

	
0.719196

	
34

	  	
857500.00

	
3

	
20110920

	  	  	  	  	  	  	  	
0.794869

	
0.794869

	
35

	  	
2900000.00

	
3

	
20110718

	  	  	  	  	  	  	  	
0.237931

	
0.237931

	
36

	  	
1075000.00

	
3

	
20110829

	  	  	  	  	  	  	  	
0.641860

	
0.641860

	
37

	  	
935000.00

	
3

	
20110831

	  	  	  	  	  	  	  	
0.748663

	
0.748663

	
38

	
875000.00

	
960000.00

	
3

	
20111005

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
39

	
895000.00

	
895000.00

	
3

	
20110624

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
40

	  	
1640000.00

	
3

	
20110811

	  	  	  	  	  	  	  	
0.437195

	
0.437195

	
41

	  	
1100000.00

	
3

	
20110827

	  	  	  	  	  	  	  	
0.666364

	
0.666364

	
42

	  	
950000.00

	
3

	
20110810

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
43

	
965000.00

	
   1100000.00

	
3

	
   20111004

	  	  	  	  	  	  	  	
0.790000

	
0.790000

	
44

	  	
1600000.00

	
3

	
20110826

	  	  	  	  	  	  	  	
0.676109

	
0.487500

	
45

	
1200000.00

	
1200000.00

	
3

	
20110824

	  	  	  	  	  	  	  	
0.650000

	
0.650000

	
46

	  	
1250000.00

	
3

	
20110712

	  	  	  	  	  	  	  	
0.628000

	
0.628000

	
47

	
1055000.00

	
1140000.00

	
3

	
20110819

	  	  	  	  	  	  	  	
0.750000

	
0.750000

	
48

	  	
1225000.00

	
3

	
20111014

	  	  	  	  	  	  	  	
0.648980

	
0.648980

	
49

	
1150000.00

	
1150000.00

	
3

	
20110817

	  	  	  	  	  	  	  	
0.695652

	
0.695652

	
50

	  	
1795000.00

	
3

	
20110902

	  	  	  	  	  	  	  	
0.453175

	
0.453175

	
51

	  	
2300000.00

	
3

	
20110719

	  	  	  	  	  	  	  	
0.358261

	
0.358261

	
52

	  	
1180000.00

	
3

	
20110810

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
53

	  	
2500000.00

	
3

	
20110815

	  	  	  	  	  	  	  	
0.331400

	
0.331400

	
54

	
1530000.00

	
1475000.00

	
3

	
20110804

	  	  	  	  	  	  	  	
0.576271

	
0.576271

	
55

	  	
1200000.00

	
3

	
20110824

	  	  	  	  	  	  	  	
0.725000

	
0.725000

	
56

	  	
2507000.00

	
3

	
20110923

	  	  	  	  	  	  	  	
0.349023

	
0.349023

	
57

	  	
1650000.00

	
3

	
20110906

	  	  	  	  	  	  	  	
0.719394

	
0.537576

	
58

	  	
1750000.00

	
3

	
20110929

	  	  	  	  	  	  	  	
0.509714

	
0.509714

	
59

	  	
1115000.00

	
3

	
20110913

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
60

	  	
1150000.00

	
3

	
20110809

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
61

	  	
1300000.00

	
3

	
20110822

	  	  	  	  	  	  	  	
0.710000

	
0.710000

	
62

	
1350000.00

	
1350000.00

	
3

	
20110818

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
63

	
1225000.00

	
1230000.00

	
3

	
20110727

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
64

	
1600000.00

	
1600000.00

	
3

	
20110818

	  	  	  	  	  	  	  	
0.624938

	
0.624938

	
65

	  	
1395000.00

	
3

	
20110822

	  	  	  	  	  	  	  	
0.711111

	
0.711111

	
66

	
1775000.00

	
1775000.00

	
3

	
20110820

	  	  	  	  	  	  	  	
0.563380

	
0.563380

	
67

	  	
1775000.00

	
3

	
20110812

	  	  	  	  	  	  	  	
0.563380

	
0.563380

	
68

	
2075000.00

	
2075000.00

	
3

	
20110809

	  	  	  	  	  	  	  	
0.481928

	
0.481928

	
69

	
2820000.00

	
3000000.00

	
3

	
20110930

	  	  	  	  	  	  	  	
0.354574

	
0.354574

	
70

	
1475000.00

	
1475000.00

	
3

	
20110926

	  	  	  	  	  	  	  	
0.677966

	
0.677966

	
71

	  	
4000000.00

	
3

	
20110726

	  	  	  	  	  	  	  	
0.250000

	
0.250000

	
72

	  	
2000000.00

	
3

	
20110813

	  	  	  	  	  	  	  	
0.500000

	
0.500000

	
73

	  	
1500000.00

	
3

	
20110809

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
74

	
1440000.00

	
1440000.00

	
3

	
20110830

	  	  	  	  	  	  	  	
0.750000

	
0.750000

	
75

	  	
1750000.00

	
3

	
20110719

	  	  	  	  	  	  	  	
0.645714

	
0.645714

	
76

	  	
2050000.00

	
3

	
20110902

	  	  	  	  	  	  	  	
0.559512

	
0.559512

	
77

	
1650000.00

	
1650000.00

	
3

	
20111001

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
78

	
1470000.00

	
1500000.00

	
3

	
20110922

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
79

	  	
2000000.00

	
3

	
20111030

	  	  	  	  	  	  	  	
0.635851

	
0.635851

	
80

	  	
2000000.00

	
3

	
20110902

	  	  	  	  	  	  	  	
0.750000

	
0.750000

	
81

	  	
2425000.00

	
3

	
20110719

	  	  	  	  	  	  	  	
0.750000

	
0.750000

	
82

	
2600000.00

	
2600000.00

	
3

	
20110812

	  	  	  	  	  	  	  	
0.750000

	
0.750000

	
83

	  	
5000000.00

	
3

	
20110824

	  	  	  	  	  	  	  	
0.500000

	
0.400000

	
84

	  	
3000000.00

	
3

	
20110802

	  	  	  	  	  	  	  	
0.273333

	
0.273333

	
85

	  	
640000.00

	
3

	
20110813

	  	  	  	  	  	  	  	
0.792188

	
0.792188

	
86

	  	
925000.00

	
3

	
20110820

	  	  	  	  	  	  	  	
0.567568

	
0.567568

	
87

	  	
1060000.00

	
3

	
20111012

	  	  	  	  	  	  	  	
0.549009

	
0.549009

	
88

	
1180000.00

	
1220000.00

	
3

	
20110816

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
89

	  	
2635000.00

	
3

	
20110728

	  	  	  	  	  	  	  	
0.700000

	
0.700000

	
90

	  	
1050000.00

	
3

	
20110829

	  	  	  	  	  	  	  	
0.761905

	
0.761905

	
91

	  	
800000.00

	
3

	
20110825

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
92

	
825000.00

	
830000.00

	
3

	
20110823

	  	  	  	  	  	  	  	
0.606061

	
0.606061

	
93

	  	
1900000.00

	
3

	
20110821

	  	  	  	  	  	  	  	
0.717895

	
0.586316

	
94

	  	
1300000.00

	
3

	
20110802

	  	  	  	  	  	  	  	
0.516154

	
0.516154

	
95

	  	
1500000.00

	
3

	
20110717

	  	  	  	  	  	  	  	
0.576000

	
0.576000

	
96

	  	
2350000.00

	
3

	
20110927

	  	  	  	  	  	  	  	
0.590851

	
0.590851

	
97

	
725000.00

	
760000.00

	
3

	
20110930

	  	  	  	  	  	  	  	
0.800000

	
0.800000

	
98

	
   1030000.00

	
1065000.00

	
3

	
20111020

	  	  	  	  	  	  	  	
0.740777

	
0.740777

	
99

	  	
1950000.00

	
3

	
20110919

	  	  	  	  	  	  	  	
0.661538

	
0.661538

	
100

	  	
1100000.00

	
3

	
20111007

	  	  	  	  	  	  	  	
0.689091

	
0.689091

 

	
KEY

	
Original Pledged

Assets

	
Mortgage Insurance

Company Name

	
Mortgage Insurance

Percent

	
MI: Lender or

Borrower Paid?

	
Pool Insurance Co.

Name

	
Pool Insurance Stop

Loss %

	
MI Certificate

Number

	
Updated DTI

(Front-end)

	
Updated DTI

(Back-end)

	
Modification

Effective Payment

Date

	
Total Capitalized

Amount

	
Total Deferred

Amount

	
Pre-Modification

Interest (Note) Rate

	
Pre-Modification P&I

Payment

	
1

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
2

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
3

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
4

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
5

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
6

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
7

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
8

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
9

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
10

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
11

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
12

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
13

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
14

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
15

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
16

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
17

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
18

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
19

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
20

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
21

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
22

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
23

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
24

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
25

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
26

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
27

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
28

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
29

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
30

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
31

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
32

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
33

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
34

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
35

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
36

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
37

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
38

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
39

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
40

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
41

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
42

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
43

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
44

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
45

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
46

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
47

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
48

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
49

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
50

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
51

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
52

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
53

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
54

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
55

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
56

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
57

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
58

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
59

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
60

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
61

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
62

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
63

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
64

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
65

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
66

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
67

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
68

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
69

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
70

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
71

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
72

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
73

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
74

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
75

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
76

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
77

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
78

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
79

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
80

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
81

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
82

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
83

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
84

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
85

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
86

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
87

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
88

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
89

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
90

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
91

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
92

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
93

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
94

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
95

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
96

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
97

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
98

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
99

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  
	
100

	
0

	
0

	
0

	  	  	  	  	  	  	  	  	  	  	  

 

	
KEY

	
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

	
Number of

Modifications

	
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

	  	  	  	  	  	  	  
	
40

	  	  	  	  	  	  	  
	
41

	  	  	  	  	  	  	  
	
42

	  	  	  	  	  	  	  
	
43

	  	  	  	  	  	  	  
	
44

	  	  	  	  	  	  	  
	
45

	  	  	  	  	  	  	  
	
46

	  	  	  	  	  	  	  
	
47

	  	  	  	  	  	  	  
	
48

	  	  	  	  	  	  	  
	
49

	  	  	  	  	  	  	  
	
50

	  	  	  	  	  	  	  
	
51

	  	  	  	  	  	  	  
	
52

	  	  	  	  	  	  	  
	
53

	  	  	  	  	  	  	  
	
54

	  	  	  	  	  	  	  
	
55

	  	  	  	  	  	  	  
	
56

	  	  	  	  	  	  	  
	
57

	  	  	  	  	  	  	  
	
58

	  	  	  	  	  	  	  
	
59

	  	  	  	  	  	  	  
	
60

	  	  	  	  	  	  	  
	
61

	  	  	  	  	  	  	  
	
62

	  	  	  	  	  	  	  
	
63

	  	  	  	  	  	  	  
	
64

	  	  	  	  	  	  	  
	
65

	  	  	  	  	  	  	  
	
66

	  	  	  	  	  	  	  
	
67

	  	  	  	  	  	  	  
	
68

	  	  	  	  	  	  	  
	
69

	  	  	  	  	  	  	  
	
70

	  	  	  	  	  	  	  
	
71

	  	  	  	  	  	  	  
	
72

	  	  	  	  	  	  	  
	
73

	  	  	  	  	  	  	  
	
74

	  	  	  	  	  	  	  
	
75

	  	  	  	  	  	  	  
	
76

	  	  	  	  	  	  	  
	
77

	  	  	  	  	  	  	  
	
78

	  	  	  	  	  	  	  
	
79

	  	  	  	  	  	  	  
	
80

	  	  	  	  	  	  	  
	
81

	  	  	  	  	  	  	  
	
82

	  	  	  	  	  	  	  
	
83

	  	  	  	  	  	  	  
	
84

	  	  	  	  	  	  	  
	
85

	  	  	  	  	  	  	  
	
86

	  	  	  	  	  	  	  
	
87

	  	  	  	  	  	  	  
	
88

	  	  	  	  	  	  	  
	
89

	  	  	  	  	  	  	  
	
90

	  	  	  	  	  	  	  
	
91

	  	  	  	  	  	  	  
	
92

	  	  	  	  	  	  	  
	
93

	  	  	  	  	  	  	  
	
94

	  	  	  	  	  	  	  
	
95

	  	  	  	  	  	  	  
	
96

	  	  	  	  	  	  	  
	
97

	  	  	  	  	  	  	  
	
98

	  	  	  	  	  	  	  
	
99

	  	  	  	  	  	  	  
	
100

	  	  	  	  	  	  	  

 

	
KEY

	
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)

	
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

	
27

	  	
20261101

	  	  	  	
29,904.00

	  	  	
Full

	
2 years

	
2 Months

	
2

	  	
20

	  	  	
20411101

	
10,833.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
3

	  	
35

	  	  	
20411001

	
19,250.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
4

	  	
29

	
18

	  	
20261001

	
6,461.00

	  	  	
3,400.00

	  	  	
Full

	
2 years

	
2 Months

	
5

	  	
12

	
11

	  	
20411001

	
6,390.00

	  	  	
8,637.00

	  	  	
Full

	
2 years

	
2 Months

	
6

	  	
6

	  	  	
20260901

	
14,008.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
7

	  	
31

	  	
0

	
20411001

	
19,900.25

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
8

	  	
15

	  	  	
20410901

	
16,667.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
9

	  	
6

	  	
0

	
20411101

	
16,250.00

	
2,000.00

	
0.00

	  	  	  	
Full

	
2 years

	
1 Month

	
10

	  	
19

	
3

	  	
20411001

	
15,166.00

	  	  	
902.00

	  	  	
Full

	
2 years

	
2 Months

	
11

	  	
18

	
15

	  	
20260901

	
9,583.00

	  	  	
7,917.00

	  	  	
Full

	
2 years

	
2 Months

	
12

	  	
13.7

	  	  	
20260901

	  	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
13

	  	
12

	  	  	
20410901

	
10,486.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
14

	  	
16

	  	  	
20411001

	
23,852.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
15

	  	
7

	  	  	
20411001

	
51,074.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
16

	  	
21

	  	  	
20260901

	
25,368.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
17

	  	
34

	  	  	
20411001

	
58,142.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
18

	  	
21

	  	  	
20261001

	
18,563.00

	
2,818.00

	
3,458.00

	  	  	  	
Full

	
2 years

	
2 Months

	
19

	  	
18

	
18

	  	
20260601

	  	  	  	  	  	  	
Full

	
2 years

	
1 Month

	
20

	  	
19

	
19

	  	
20261001

	
20,454.00

	  	  	
27,346.00

	  	  	
Full

	
2 years

	
2 Months

	
21

	  	
16

	
25

	  	
20261001

	
10,751.00

	  	  	
7,920.00

	  	  	
Full

	
2 years

	
2 Months

	
22

	  	
9.05

	
12

	  	
20410801

	
11,800.00

	  	  	
12,917.00

	  	  	
Full

	
2 years

	
2 Months

	
23

	  	
30

	
5

	
0

	
20411001

	
28,545.84

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
24

	  	
9.1

	  	  	
20410901

	
14,250.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
25

	  	
23

	  	
0

	
20411001

	
18,335.20

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
1 Month

	
26

	  	
20

	  	
0

	
20411001

	
25,000.02

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
27

	  	
30

	
30

	  	
20411001

	  	  	  	
4,767.00

	  	  	
Full

	
2 years

	
2 Months

	
28

	  	
24.4

	  	  	
20411101

	
15,417.00

	
1,542.00

	  	  	  	  	
Full

	
2 years

	
2 Months

	
29

	  	
22

	
2

	
70000

	
   20261101

	
43,750.00

	  	  	
0.00

	  	  	
Full

	
2 years

	
2 Months

	
30

	  	
18

	  	
0

	
20411001

	
16,157.08

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
31

	  	
45

	  	
0

	
20411201

	
13,000.00

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
32

	  	
0

	  	  	
20261101

	  	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
33

	  	
16.5

	
6.5

	  	
20410901

	
7,083.00

	  	  	
5,955.00

	  	  	
Full

	
2 years

	
2 Months

	
34

	  	
4

	  	
0

	
20411001

	
14,642.85

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
35

	  	
11

	
11

	  	
20261001

	
20,320.00

	  	  	
10,381.00

	  	  	
Full

	
2 years

	
2 Months

	
36

	  	
15

	  	
0

	
20411001

	
14,105.83

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
37

	  	
30

	  	  	
20261001

	
17,672.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
38

	  	
9

	  	  	
20411101

	
17,411.00

	
2,859.00

	  	  	  	  	
Full

	
2 years

	
2 Months

	
39

	  	
13

	
10

	  	
20411001

	
12,595.00

	
2,364.00

	  	
6,485.00

	  	  	
Full

	
2 years

	
2 Months

	
40

	  	
28

	  	
0

	
20411001

	
138,883.21

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
41

	  	
8

	  	
0

	
20411001

	
18,566.17

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
42

	  	
11

	  	
0

	
20411101

	
19,564.00

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
43

	  	
11

	
3

	
0

	
20411101

	
20,155.84

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
44

	  	
2.75

	  	
301775

	
20261001

	
25,715.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
45

	  	
27

	
7

	
0

	
20411001

	
23,036.25

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
46

	  	
15

	  	  	
20410901

	
19,276.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
47

	  	
11

	  	
0

	
20411001

	
7,916.66

	
0.00

	
12,341.62

	
6,626.53

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
48

	  	
23

	  	
0

	
20411101

	
18,176.17

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
49

	  	
12

	  	
0

	
20410901

	
26,624.00

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
50

	  	
25

	
25

	  	
20261101

	
23,433.00

	
5,897.00

	  	
23,433.00

	  	  	
Full

	
2 years

	
2 Months

	
51

	  	
9

	
15

	
0

	
20411001

	
10,404.83

	
0.00

	
0.00

	
10,232.50

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
52

	  	
15

	  	  	
20411001

	
13,892.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
53

	  	
0

	  	
0

	
20411001

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
54

	  	
29

	  	
0

	
20411001

	
55,614.00

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
1 Month

	
55

	  	
6

	  	
0

	
20411001

	
53,839.00

	
0.00

	
0.00

	
5,633.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
56

	  	
15

	  	  	
20411101

	
8,200.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
57

	  	
50.42

	  	
300000

	
20411101

	
     32,917.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
58

	  	
20

	
16

	
0

	
20411101

	
16,666.67

	
0.00

	
0.00

	
23,483.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
59

	  	
39

	  	
0

	
20411201

	
51,069.00

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
60

	  	
18.5

	
16

	  	
20410901

	
19,833.00

	  	  	
14,166.00

	  	  	
Full

	
2 years

	
2 Months

	
61

	  	
16

	  	
0

	
20411001

	
16,905.99

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
62

	  	
19

	  	
0

	
20411101

	
77,248.33

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
63

	  	
15

	
0

	
0

	
20411001

	
20,833.33

	
0.00

	
0.00

	
8,583.34

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
64

	  	
1.5

	  	  	
20261001

	
0.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
65

	  	
17

	  	
0

	
20411001

	
0.00

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
66

	  	
19

	  	  	
20410901

	
13,132.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
67

	  	
11

	  	
0

	
20411001

	
12,366.67

	
0.00

	
0.00

	
12,904.10

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
68

	  	
4

	
20

	
0

	
20411001

	
63,351.83

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
69

	  	
15

	
15

	
0

	
20411101

	
22,083.00

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
70

	  	
21

	  	  	
20411101

	
21,417.00

	
6,316.00

	  	  	  	  	
Full

	
2 years

	
2 Months

	
71

	  	
30

	  	
0

	
20411001

	
4,166.67

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
72

	  	
19

	  	
0

	
20411001

	
28,947.50

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
2 Months

	
73

	  	
21

	  	
0

	
20411101

	
19,661.18

	
28,309.58

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
74

	  	
10

	  	  	
20411001

	
20,833.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
75

	  	
3

	  	
0

	
20411001

	
63,694.38

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
1 Month

	
76

	  	
10

	
6

	
0

	
20411101

	
36,241.00

	
0.00

	
0.00

	  	  	  	
Full

	
2 years

	
1 Month

	
77

	  	
18

	  	
0

	
20411101

	
83,728.33

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
78

	  	
13

	
13

	  	
20411101

	
24,638.00

	
3,333.00

	  	
10,948.00

	  	  	
Full

	
2 years

	
2 Months

	
79

	  	
25

	
7

	
0

	
20411201

	
41,666.67

	
0.00

	
0.00

	
0.00

	
0.00

	
0.00

	
Full

	
2 years

	
2 Months

	
80

	  	
20

	  	  	
20411001

	
38,560.00

	  	  	  	  	  	
Full

	
2 years

	
1 Month

	
81

	  	
34

	  	  	
20411001

	
0.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
82

	  	
25

	
28.6

	  	
20410901

	
18,333.00

	
15,414.00

	  	
5,892.00

	  	  	
Full

	
2 years

	
2 Months

	
83

	  	
25

	  	
500000

	
20411001

	
82,488.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
84

	  	
15

	
6

	  	
20261101

	
40,561.00

	  	  	
12,962.00

	  	  	
Full

	
2 years

	
2 Months

	
85

	  	
15

	
13

	  	
20411001

	
8,870.00

	  	  	
9,119.00

	  	  	
Full

	
2 years

	
2 Months

	
86

	  	
12

	  	  	
20411001

	
141,365.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
87

	  	
12

	  	  	
20261101

	
30,466.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
88

	  	
27.2

	  	  	
20411101

	
28,337.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
89

	  	
21

	  	  	
20410901

	
60,838.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
90

	  	
14

	  	  	
20411101

	
73,902.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
91

	  	
5.2

	  	  	
20261101

	
22,083.00

	
16,973.00

	  	  	  	  	
Full

	
2 years

	
2 Months

	
92

	  	
0

	  	  	
20261001

	  	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
93

	  	
18

	  	
250000

	
20411001

	
29,167.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
94

	  	
11

	  	  	
20410901

	
18,000.00

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
95

	  	
4

	  	
0

	
20411201

	
7,692.00

	  	  	  	
4,155.00

	  	
Full

	
2 years

	
2 Months

	
96

	  	
52

	  	
0

	
20411201

	  	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
97

	  	
12

	  	
0

	
20411201

	
18,333.33

	  	  	  	  	  	
Full

	
2 years

	
2 Months

	
98

	  	
17

	
11

	
0

	
20411201

	
9,694.00

	  	  	
11,868.83

	  	  	
Full

	
2 years

	
2 Months

	
99

	  	
25

	
25.6

	  	
20261101

	
19,590.00

	  	  	
53,994.00

	  	  	
Full

	
2 years

	
2 Months

	
100

	  	
20

	
10.4

	  	
20411101

	
15,403.00

	  	  	
9,349.00

	  	  	
Full

	
2 years

	
1 Month

 

  

  

  

 

	
Loan Number

	
Redwood Loan Number

	
DD Loan Number

	
7116767018

	
2000000027

	
600119300

	
22-462910-1

	
3000000262

	
600131437

	
22-463008-3

	
3000000283

	
600132623

	
22-462990-3

	
3000000288

	
600132694

	
22-464097-5

	
3000000348

	
600135657

	
22-464063-7

	
3000000385

	
600137326

	
22-464627-9

	
3000000435

	
600138718

	
7118457022

	
2000000343

	
600145303

	
22-465060-2

	
3000000449

	
600145933

	
22-467514-6

	
3000000463

	
600147089

	
22-466744-0

	
3000000466

	
600147090

	
22-467563-3

	
3000000468

	
600147103

	
22-464586-7

	
3000000480

	
600149571

	
22-455619-7

	
841000001

	
600151591

	
7119654767

	
2000000473

	
600152229

	
22-468033-6

	
3000000501

	
600152540

	
22-469026-9

	
3000000508

	
600153553

	
22-114222-3

	
3000000562

	
600153559

	
22-469217-4

	
3000000526

	
600153743

	
22-114166-2

	
856000001

	
600153745

	
22-469207-5

	
3000000529

	
600153771

	
22-469378-4

	
3000000552

	
600153773

	
22-114221-5

	
3000000551

	
600153865

	
22-468338-9

	
3000000531

	
600154267

	
22-468554-1

	
3000000557

	
600154268

	
7120359166

	
2000000504

	
600254724

	
22-469668-8

	
3000000613

	
600254752

	
2027601803

	
1050000663

	
600254765

	
2131700638

	
1050000773

	
600254766

	
3006612518

	
1050000809

	
600254767

	
7120816173

	
2000000641

	
600255648

	
2083600913

	
1050000790

	
600256922

	
12-466802-6

	
868000029

	
600256932

	
12-468233-2

	
868000025

	
600256933

	
12-469810-6

	
868000013

	
600256934

	
12-465265-7

	
868000027

	
600256935

	
12-467534-4

	
868000030

	
600256936

	
12-465953-8

	
868000035

	
600256937

	
12-465358-0

	
868000016

	
600256938

	
12-466268-0

	
868000012

	
600256939

	
12-467762-1

	
868000014

	
600256940

	
12-464298-9

	
868000034

	
600256941

	
12-470021-7

	
868000031

	
600256944

	
12-465028-9

	
868000003

	
600256945

	
12-466422-3

	
868000011

	
600256946

	
22-469782-7

	
3000000651

	
600257274

	
22-469969-0

	
3000000640

	
600257359

	
22-469894-0

	
3000000673

	
600257361

	
2027601961

	
1050000786

	
600257399

	
22-470155-3

	
3000000668

	
600257430

	
22-470308-8

	
3000000718

	
600257433

	
22-470334-4

	
3000000726

	
600258499

	
12-463921-7

	
869000001

	
600259099

	
12-465545-2

	
869000006

	
600259100

	
12-466142-7

	
869000008

	
600259101

	
12-467476-8

	
869000010

	
600259102

	
22-470436-7

	
3000000779

	
600259171

	
22-468197-9

	
3000000795

	
600259803

	
22-469869-2

	
3000000802

	
600259804

	
2153601079

	
1050000781

	
600259809

	
20631100115

	
1050000821

	
600259810

	
3006612846

	
1050000861

	
600259811

	
2198600319

	
1050000888

	
600259812

	
7120289157

	
2000000581

	
600259820

	
7120918300

	
2000000678

	
600259823

	
7121082353

	
2000000806

	
600259826

	
7120766279

	
2000000675

	
600259890

	
7120605030

	
2000000834

	
600259892

	
2051601528

	
1050000892

	
600259904

	
2135601691

	
1050000900

	
600259905

	
22-470302-1

	
3000000720

	
600259927

	
22-470038-1

	
3000000845

	
600259929

	
22-470852-5

	
3000000846

	
600260164

	
12-465498-4

	
882000002

	
600260170

	
12-465549-4

	
882000003

	
600260171

	
2073603307

	
1050000808

	
600260334

	
22-470853-3

	
3000000847

	
600260364

	
2001708071

	
1050000810

	
600260369

	
222782

	
1000000886

	
600260447

	
2003602264

	
1050000836

	
600261156

	
2141600122

	
1050000911

	
600261158

	
2073603486

	
1050000903

	
600261325

	
7000603545

	
1050000940

	
600261326

	
2244701095

	
1050000947

	
600261327

	
2001707282

	
1050000882

	
600262314

	
2001707491

	
1050000893

	
600262315

	
7120686444

	
2000000804

	
600262678

	
7121251800

	
2000000874

	
600262679

	
1075123

	
1300000942

	
600262686

	
2198600334

	
1050000904

	
600262875

	
225304

	
1000000897

	
600263028

	
225746

	
1000000964

	
600263029

	
2027602080

	
1050000941

	
600263073

	
5040351321

	
2000000627

	
600263174

	
5040350877

	
2000000654

	
600263175

	
7121006428

	
2000000817

	
600263176

	
7120768283

	
2000000867

	
600263180

	
7121571579

	
2000000912

	
600263182

	
7120681791

	
2000000956

	
600263183

	
2135601557

	
1050001057

	
600263184

	
12-470023-3

	
3000000851

	
600263185

	
12-469559-9

	
3000000913

	
600263186

	
3721600135

	
1050001011

	
600263203

	
12-471694-0

	
3000000920

	
600263204

	
2123700490

	
1050000924

	
600263298

	
2198600346

	
1050000905

	
600263314

	
2088700361

	
1050000970

	
600263315

	
3612601111

	
1050001001

	
600263316

	
2088700451

	
1050001044

	
600263317

	
2027602115

	
1050001036

	
600263328

	
225401

	
1000000969

	
600263717

	
22-114256-1

	
3000000936

	
600263718

	
2027602067

	
1050000922

	
600263731

	
3726600027

	
1050001026

	
600264081

	
2036605744

	
1050000977

	
600264901

	
3624700942

	
1050001035

	
600264902

	
3092605524

	
1050001070

	
600264903

	
226182

	
1000000926

	
600264904

	
7119965072

	
2000000875

	
600264906

	
7121085000

	
2000000918

	
600264922

	
7121754175

	
2000000958

	
600264923

	
2028606980

	
1050000992

	
600264924

	
3627601196

	
1050001004

	
600264925

	
2036605817

	
1050000967

	
600264927

	
3650602060

	
1050000982

	
600264928

	
2001708537

	
1050000994

	
600264935

	
2051601611

	
1050000986

	
600264937

	
3602601382

	
1050000989

	
600264938

	
3006613221

	
1050001007

	
600264939

	
2001708593

	
1050001058

	
600264940

	
223089

	
1000001043

	
600265106

	
1042394

	
1300000953

	
600265107

	
1077215

	
1300000980

	
600265108

	
2168600339

	
1050001065

	
600265186

	
3726600244

	
1050001169

	
600265187

	
1073668

	
1300000978

	
600266249

	
225955

	
1000001033

	
600266303

	
201316

	
1000001034

	
600266304

	
7121666429

	
2000000968

	
600266324

	
7121902899

	
2000000984

	
600266325

	
7121903640

	
2000000985

	
600266326

	
7121723493

	
2000000990

	
600266327

	
7121909985

	
2000001013

	
600266328

	
2204600190

	
1050000975

	
600266583

	
2161601739

	
1050001101

	
600266584

	
12-472676-6

	
3000001003

	
600266585

	
2027602053

	
1050000944

	
600266838

	
1083602358

	
1050001023

	
600266839

	
2253600055

	
1050001045

	
600266840

	
6005600186

	
1050001249

	
600266842

	
2125602741

	
1050001099

	
600266843

	
12-473036-2

	
3000001030

	
600266852

	
12-473037-0

	
3000001031

	
600266853

	
12-470428-4

	
3000001124

	
600266854

	
2238600275

	
1050000963

	
600266855

	
20171100351

	
1050001040

	
600266856

	
2027602127

	
1050001086

	
600266857

	
2238600305

	
1050001100

	
600266858

	
3670600488

	
1050001111

	
600266859

	
6014600293

	
1050001157

	
600266860

	
3707602678

	
1050001067

	
600267299

	
3602601402

	
1050001098

	
600267300

	
2154601123

	
1050001110

	
600267301

	
3726600119

	
1050001167

	
600267302

	
2036605864

	
1050001019

	
600267837

	
2027602116

	
1050001066

	
600267838

	
3726600200

	
1050001168

	
600267839

	
2198600379

	
1050001194

	
600267840

	
12-473133-7

	
3000001053

	
600267841

	
12-473070-1

	
3000001060

	
600267842

	
12-473229-3

	
3000001062

	
600267843

	
12-467840-5

	
3000001130

	
600267844

	
12-469097-0

	
3000001131

	
600267845

	
12-470377-3

	
3000001132

	
600267846

	
12-470769-1

	
3000001133

	
600267847

	
12-470908-5

	
3000001135

	
600267849

	
12-470975-4

	
3000001136

	
600267850

	
12-471292-3

	
3000001137

	
600267851

	
12-471308-7

	
3000001138

	
600267852

	
12-471508-2

	
3000001139

	
600267853

	
12-471662-7

	
3000001140

	
600267854

	
12-471696-5

	
3000001141

	
600267855

	
12-471764-1

	
3000001142

	
600267856

	
12-472005-8

	
3000001143

	
600267857

	
12-472143-7

	
3000001144

	
600267858

	
22-472359-9

	
3000001146

	
600267859

	
2028607129

	
1050001087

	
600267873

	
2273600002

	
1050001090

	
600267874

	
12-472298-9

	
3000001072

	
600267912

	
12-473194-9

	
3000001073

	
600267913

	
12-473134-5

	
3000001038

	
600268949

	
12-473145-1

	
3000001082

	
600268951

	
12-473457-0

	
3000001097

	
600268952

	
2177600280

	
1050001063

	
600269262

	
2154601108

	
1050001094

	
600269263

	
3726600150

	
1050001128

	
600269265

	
3705600434

	
1050001195

	
600269267

	
7120850032

	
2000000792

	
600269287

	
7121668326

	
2000000993

	
600269288

	
7121966142

	
2000001014

	
600269289

	
7121753466

	
2000001022

	
600269290

	
7120524207

	
2000001096

	
600269291

	
7121575273

	
2000001108

	
600269292

	
7121919133

	
2000001162

	
600269293

	
12-472243-5

	
3000001145

	
600269294

	
2097600762

	
1050001010

	
600269320

	
3602601390

	
1050001079

	
600269321

	
2248600040

	
1050001112

	
600271908

	
3006613329

	
1050001118

	
600271909

	
22-473628-6

	
3000001116

	
600271910

	
12-471695-7

	
3000001348

	
600271911

	
12-471420-0

	
3000001349

	
600271912

	
1076716

	
1300001077

	
600273390

	
1076082

	
1300001181

	
600273391

	
1077462

	
1300001182

	
600273392

	
12-473518-9

	
3000001105

	
600273415

	
5050454775

	
2000000948

	
600274056

	
7121336809

	
2000000983

	
600274057

	
7121832930

	
2000001041

	
600274058

	
7122307155

	
2000001184

	
600274059

	
001082241

	
1300001270

	
600274213

	
7122239028

	
2000001152

	
600274214

	
7122256725

	
2000001183

	
600274215

	
7121722271

	
2000000991

	
600274216

	
3052602876

	
1050001187

	
600274218

	
12-473276-4

	
3000001176

	
600274219

	
12-473927-2

	
3000001177

	
600274220

	
3651604471

	
1050001222

	
600274999

	
2046605421

	
1050001275

	
600275000

	
20631100547

	
1050001307

	
600275001

	
6005600286

	
1050001338

	
600275002

	
7121657733

	
2000001075

	
600275003

	
12-474046-0

	
3000001236

	
600275005

	
12-114255-3

	
3000001677

	
600275006

	
12-465477-8

	
909000126

	
600275153

	
12-460880-8

	
909000134

	
600275154

	
12-466127-8

	
909000135

	
600275155

	
2210600429

	
1050001089

	
600275166

	
12-474206-0

	
3000001243

	
600275167

	
12-473983-5

	
3000001342

	
600275168

	
2105600365

	
1050001571

	
600275921

	
7121753607

	
2000000972

	
600275922

	
7122334985

	
2000001267

	
600275923

	
7122451052

	
2000001515

	
600275924

	
3706601428

	
1050001758

	
600276858

	
12-474188-0

	
3000001238

	
600276859

	
7121674803

	
2000001403

	
600276860

	
7122076396

	
2000001088

	
600277197

	
12-473362-2

	
3000001197

	
600277199

	
12-474281-3

	
3000001214

	
600277200

	
12-473732-6

	
3000001347

	
600277201

	
3643602404

	
1050001155

	
600277202

	
001070685

	
1300001012

	
600277203

	
001080934

	
1300001174

	
600277204

	
20321100005

	
1050001115

	
600277259

	
2039604549

	
1050001189

	
600277261

	
12-474234-2

	
3000001213

	
600277263

	
12-474538-6

	
3000001276

	
600277264

	
12-473776-3

	
3000001289

	
600277265

	
12-474536-0

	
3000001345

	
600277266

	
7122331841

	
2000001190

	
600277267

	
7122356434

	
2000001271

	
600277268

	
6014600088

	
1050001092

	
600277278

	
2218601128

	
1050001227

	
600277280

	
2198600438

	
1050001274

	
600277281

	
22-462687-5

	
814000005

	
600277282

	
22-463392-1

	
814000006

	
600277283

	
12-465022-2

	
868000001

	
600277284

	
12-466794-5

	
868000002

	
600277285

	
12-466540-2

	
868000004

	
600277286

	
12-466115-3

	
868000006

	
600277287

	
12-466311-8

	
868000007

	
600277288

	
12-466681-4

	
868000008

	
600277289

	
12-465277-2

	
868000009

	
600277290

	
12-465945-4

	
868000010

	
600277291

	
12-469251-3

	
868000015

	
600277292

	
12-465189-9

	
868000017

	
600277293

	
12-470449-0

	
868000018

	
600277294

	
12-465950-4

	
868000019

	
600277295

	
12-465680-7

	
868000020

	
600277296

	
12-468883-4

	
868000021

	
600277297

	
12-465802-7

	
868000022

	
600277298

	
12-466809-1

	
868000023

	
600277299

	
12-467125-1

	
868000024

	
600277300

	
12-468482-5

	
868000026

	
600277301

	
12-466745-7

	
868000028

	
600277302

	
12-465834-0

	
868000032

	
600277303

	
12-470164-5

	
868000033

	
600277304

	
12-465114-7

	
869000004

	
600277306

	
12-465290-5

	
869000005

	
600277307

	
12-465777-1

	
869000007

	
600277308

	
12-466146-8

	
869000009

	
600277309

	
12-468707-5

	
869000011

	
600277310

	
12-473040-4

	
3000001016

	
600277327

	
12-473069-3

	
3000001231

	
600277328

	
12-474309-2

	
3000001240

	
600277329

	
2030601875

	
1050001256

	
600277332

	
6008684

	
1650001624

	
600277333

	
3052602909

	
1050001340

	
600277452

	
001080213

	
1300001120

	
600277619

	
12-474396-9

	
3000001248

	
600277620

	
12-474615-2

	
3000001304

	
600277621

	
12-474625-1

	
3000001305

	
600277622

	
12-474793-7

	
3000001326

	
600277623

	
12-474356-3

	
3000001344

	
600277624

	
12-474454-6

	
3000001355

	
600277625

	
12-472651-9

	
3000001160

	
600277745

	
12-470920-0

	
3000001334

	
600277746

	
2108600297

	
1050001284

	
600278836

	
6005600235

	
1050001621

	
600278838

	
001081295

	
1300001221

	
600278839

	
001082302

	
1300001380

	
600278841

	
001081489

	
1300001314

	
600278842

	
212044

	
1000001574

	
600279167

	
3602601352

	
1050001117

	
600279168

	
6005600275

	
1050001253

	
600279169

	
12-474927-1

	
3000001357

	
600279194

	
2027602195

	
1050001777

	
600279195

	
2154601170

	
1050001229

	
600279196

	
224051

	
1000001642

	
600279199

	
7120444828

	
2000001588

	
600279200

	
21871100062

	
1050001254

	
600279333

	
3602601464

	
1050001433

	
600279335

	
12-474100-5

	
3000001346

	
600279336

	
12-474767-1

	
3000001356

	
600279337

	
7122405942

	
2000001299

	
600279339

	
2051601642

	
1050001512

	
600280458

	
2001708341

	
1050001179

	
600280460

	
12-473903-3

	
3000001255

	
600280494

	
12-474999-0

	
3000001367

	
600280495

	
6010270

	
1650001511

	
600280496

	
12-473930-6

	
3000001233

	
600280931

	
12-474252-4

	
3000001239

	
600280932

	
12-474783-8

	
3000001325

	
600281543

	
12-474762-2

	
3000001405

	
600281544

	
12-475316-6

	
3000001507

	
600281545

	
22-114276-9

	
3000001278

	
600282102

	
12-475084-0

	
3000001408

	
600282103

	
12-475126-9

	
3000001454

	
600282104

	
21491100132

	
1050001317

	
600282789

	
7122627289

	
2000001568

	
600282791

	
12-475079-0

	
3000001407

	
600282792

	
12-475220-0

	
3000001455

	
600282793

	
12-475255-6

	
3000001464

	
600282794

	
12-475267-1

	
3000001465

	
600282795

	
12-473750-8

	
3000001418

	
600282796

	
001080666

	
1300001516

	
600282797

	
001081407

	
1300001211

	
600283120

	
001085417

	
1300001580

	
600283121

	
12-475097-2

	
3000001578

	
600283122

	
6010180

	
1650001458

	
600284125

	
231027

	
1000001250

	
600284520

	
2058601997

	
1050001815

	
600284526

	
12-472155-1

	
3000001595

	
600284527

	
12-474022-1

	
3000001235

	
600284528

	
12-472777-2

	
3000002004

	
600285029

	
5040436072

	
2000001351

	
600285216

	
7122705481

	
2000001610

	
600285217

	
7122969368

	
2000001788

	
600285218

	
231043

	
1000001251

	
600285219

	
7122780740

	
2000001611

	
600285524

	
7122619625

	
2000001439

	
600286773

	
001078858

	
1300001283

	
600286774

	
12-474638-4

	
3000001627

	
600287923

	
8000383

	
1650001762

	
600288023

	
2045701120

	
1050001750

	
600288086

	
12-475406-5

	
3000001643

	
600289593

	
12-475004-8

	
3000001655

	
600289867

	
22-471347-5

	
978000001

	
600295295

	
22-470986-1

	
978000002

	
600295296

	
22-470751-9

	
978000003

	
600295297

	
22-471274-1

	
978000005

	
600295299

	
22-471474-7

	
978000009

	
600295303

	
22-473895-1

	
978000012

	
600295306

	
22-474402-5

	
978000014

	
600295308

	
22-472531-3

	
978000017

	
600295311

	
22-473538-7

	
978000018

	
600295312

	
22-474143-5

	
978000024

	
600295318

	
22-473670-8

	
978000027

	
600295321

	
22-473623-7

	
978000030

	
600295324

	
22-473889-4

	
978000031

	
600295325

	
22-473945-4

	
978000033

	
600295327

	
22-474353-0

	
978000034

	
600295328

	
22-472722-8

	
978000035

	
600295329

	
22-474077-5

	
978000036

	
600295330

	
22-474750-7

	
978000037

	
600295331

	
22-472504-0

	
978000039

	
600295333

	
22-473084-2

	
978000040

	
600295334

	
22-473598-1

	
978000042

	
600295336

	
22-473019-8

	
978000043

	
600295337

	
22-471526-4

	
978000046

	
600295340

	
22-473594-0

	
978000047

	
600295341

	
22-472802-8

	
978000048

	
600295342

	
22-472513-1

	
978000049

	
600295343

	
22-471784-9

	
978000050

	
600295344

	
22-470404-5

	
978000051

	
600295345

	
22-468312-4

	
978000053

	
600295347

	
22-472911-7

	
978000054

	
600295348

	
22-473860-5

	
978000055

	
600295349

	
22-473556-9

	
978000058

	
600295352

	
22-471999-3

	
978000059

	
600295353

	
22-472313-6

	
978000061

	
600295355

	
22-473141-0

	
978000063

	
600295357

	
22-473230-1

	
978000065

	
600295359

	
22-471634-6

	
978000082

	
600295376

	
503279849

	
1150001401

	
Clayton.  No loanid

	
503294792

	
1150001498

	
Clayton.  No loanid

	
503260869

	
1150001373

	
Clayton.  No loanid

	
503281720

	
1150001400

	
Clayton.  No loanid

	
503266350

	
1150001395

	
Clayton.  No loanid

	
503283192

	
1150001371

	
Clayton.  No loanid

	
503278341

	
1150001970

	
Clayton.  No loanid

	
503275972

	
1150001597

	
Clayton.  No loanid

	
503272061

	
1150001383

	
Clayton.  No loanid

	
503260793

	
1150001399

	
Clayton.  No loanid

	
503273065

	
1150001384

	
Clayton.  No loanid

	
503234706

	
1150001372

	
Clayton.  No loanid

	
503335768

	
1150001855

	
Clayton.  No loanid

	
503280657

	
1150001417

	
Clayton.  No loanid

	
503276011

	
1150001374

	
Clayton.  No loanid

	
503285149

	
1150001527

	
Clayton.  No loanid

	
503278520

	
1150001375

	
Clayton.  No loanid

	
503257737

	
1150001378

	
Clayton.  No loanid

	
503273469

	
1150001385

	
Clayton.  No loanid

	
503273037

	
1150001556

	
Clayton.  No loanid

	
2011000462

	
1400001469

	
Clayton.  No loanid

	
503259752

	
1150001402

	
Clayton.  No loanid

	
2011000933

	
1400001741

	
Clayton.  No loanid

	
503299399

	
1150001503

	
Clayton.  No loanid

	
503273456

	
1150001387

	
Clayton.  No loanid

	
503255085

	
1150001398

	
Clayton.  No loanid

	
503272937

	
1150001397

	
Clayton.  No loanid

	
503251726

	
1150001694

	
Clayton.  No loanid

	
503256518

	
1150001376

	
Clayton.  No loanid

	
503279494

	
1150001537

	
Clayton.  No loanid

	
503279768

	
1150001632

	
Clayton.  No loanid

	
503302762

	
1150001481

	
Clayton.  No loanid

	
503281800

	
1150001411

	
Clayton.  No loanid

	
503253990

	
1150001517

	
Clayton.  No loanid

	
503272246

	
1150001899

	
Clayton.  No loanid

	
503326005

	
1150001755

	
Clayton.  No loanid

	
2011001782

	
1400001850

	
Clayton.  No loanid

	
503339764

	
1150001888

	
Clayton.  No loanid

	
503325948

	
1150001768

	
Clayton.  No loanid

	
503301258

	
1150001486

	
Clayton.  No loanid

	
503254794

	
1150001681

	
Clayton.  No loanid

 

 

  

  

  

 

	
MERSID

	
Organization

	
1002338

	
First Republic

	
1000536

	
Prime Lending

	
1000938

	
Select Portfolio Servicing

	
1000200

	
PHH

	
1006404

	
Wells Fargo

	
1000104

	
SunTrust Mortgage, Inc.

	
1001863

	
Sterling Savings Bank

	
1000383

	
Cenlar FSB

	
1008498

	
Flagstar Bank, F.S.B.

	
1000522

	
Franklin American Mortgage

	
1000312

	
Wintrust Mortgage A Division of Barrington Bank & Trust Co

	
1003970

	
GuardHill Financial Corp.

	
1008808

	
Cole Taylor Bank

 

 

  

  

  

 

 

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:  January 27, 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:  January 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:

 

	
  

	
“First Remittance Date:  February 25, 2012.”

 

  

A-1

  

 

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”.

 

  

A-2

  

 

	
  

	
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 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 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.

  

A-3

  

 

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 2012-1 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;

  

A-4

  

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

 

  

A-5

  

 

(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 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.”

 

  

A-6

  

 

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

“Subsection 11.17           Advances 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 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.

15.           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.”

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

  

A-7

  

17.           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.

 

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

“Subsection 12.04           Servicer 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.”

  

A-8EXHIBIT 10.11

 

	
EXECUTION VERSION

 

	
  

 

FLOW MORTGAGE LOAN SERVICING RIGHTS SALE AND SERVICING AGREEMENT

 

among

 

SELECT PORTFOLIO SERVICING, INC.,

as Servicer,

 

DLJ MORTGAGE CAPITAL, INC.,

as Servicing Rights Purchaser,

 

and

 

REDWOOD RESIDENTIAL ACQUISITION CORPORATION,

as Owner

 

May 5, 2011

 

Residential Mortgage Loans

	
  

  

  

  

TABLE OF CONTENTS

 

	  	
Page

	  	  
	
SECTION 1.        Definitions

	
1

	  	  
	
SECTION 2.        Acknowledgement; Purchase and Assumption; Purchase Price

	
15

	  	  
	
Subsection 2.01

	
Acknowledgement

	
15

	  	  	  
	
Subsection 2.02

	
Purchase and Assumption

	
16

	  	  	  
	
Subsection 2.03

	
Purchase Price

	
16

	  	  	  
	
SECTION 3.        Mortgage Loan Schedule

	
16

	  	  
	
SECTION 4.        Delivery of Servicing Files; Possession of Mortgage Files; Transfer Costs

	
17

	  	  
	
Subsection 4.01

	
Delivery of Servicing Files

	
17

	  	  	  
	
Subsection 4.02

	
Possession of Mortgage Files

	
17

	  	  	  
	
Subsection 4.03

	
Transfer Expenses

	
17

	  	  	  
	
SECTION 5.        Inspections

	
18

	  	  
	
SECTION 6.        Helping Families Notice

	
18

	  	  
	
SECTION 7.        Representations and Warranties; Effect of Breach

	
18

	  	  
	
Subsection 7.01

	
Servicer Representations and Warranties

	
18

	  	  	  
	
Subsection 7.02

	
Owner Representations and Warranties

	
20

	  	  	  
	
Subsection 7.03

	
Representations and Warranties Regarding Individual Mortgage Loans

	
21

	  	  	  
	
Subsection 7.04

	
Effect of Breach

	
22

	  	  	  
	
Subsection 7.05

	
Repurchase or Substitution of Mortgage Loans by Originator

	
23

	  	  	  
	
Subsection 7.06

	
Servicing Rights Purchaser Representations and Warranties

	
24

	  	  	  
	
SECTION 8.         [Reserved]

	
25

	  	  
	
SECTION 9.         Closing Conditions

	
25

	  	  
	
SECTION 10.       Costs

	
26

	  	  
	
SECTION 11.       Administration and Servicing of Mortgage Loans

	
26

	  	  
	
Subsection 11.01

	
Servicer to Act as Servicer; Subservicing

	
26

	  	  	  
	
Subsection 11.02

	
Liquidation of Mortgage Loans

	
28

	  	  	  
	
Subsection 11.03

	
Collection of Mortgage Loan Payments

	
29

	  	  	  
	
Subsection 11.04

	
Establishment of Custodial Account; Deposits in Custodial Account

	
29

	  	  	  
	
Subsection 11.05

	
Withdrawals From the Custodial Account

	
31

	  	  	  
	
Subsection 11.06

	
Establishment of Escrow Account; Deposits in Escrow Account

	
32

  

i

  

 

	  	  	
Page

	  	  	  
	
Subsection 11.07

	
Withdrawals From Escrow Account

	
32

	  	  	  
	
Subsection 11.08

	
Payment of Taxes, Insurance and Other Charges; Collections Thereunder

	
33

	  	  	  
	
Subsection 11.09

	
Transfer of Accounts

	
33

	  	  	  
	
Subsection 11.10

	
Maintenance of Hazard Insurance

	
33

	  	  	  
	
Subsection 11.11

	
Maintenance of Primary Mortgage Insurance Policy; Claims

	
34

	  	  	  
	
Subsection 11.12

	
Fidelity Bond; Errors and Omissions Insurance

	
35

	  	  	  
	
Subsection 11.13

	
Title, Management and Disposition of REO Property

	
36

	  	  	  
	
Subsection 11.14

	
Servicing Compensation

	
36

	  	  	  
	
Subsection 11.15

	
Distributions

	
37

	  	  	  
	
Subsection 11.16

	
Statements to the Owner

	
37

	  	  	  
	
Subsection 11.17

	
[Reserved]

	
38

	  	  	  
	
Subsection 11.18

	
Assumption Agreements

	
38

	  	  	  
	
Subsection 11.19

	
Satisfaction of Mortgages and Release of Mortgage Files

	
38

	  	  	  
	
Subsection 11.20

	
Servicer Shall Provide Access and Information as Reasonably Required

	
39

	  	  	  
	
Subsection 11.21

	
[Reserved]

	
39

	  	  	  
	
Subsection 11.22

	
Restoration of Mortgaged Property

	
39

	  	  	  
	
Subsection 11.23

	
Fair Credit Reporting Act

	
40

	  	  	  
	
Subsection 11.24

	
Prepayment Charges

	
40

	  	  	  
	
SECTION 12.       The Servicer and Servicing Rights Purchaser

	
41

	  	  
	
Subsection 12.01

	
Indemnification; Third Party Claims

	
41

	  	  	  
	
Subsection 12.02

	
Merger or Consolidation of the Servicer

	
42

	  	  	  
	
Subsection 12.03

	
Limitation on Liability of the Servicer and Others

	
42

	  	  	  
	
Subsection 12.04

	
Conditions to Servicer Resigning or Assigning

	
42

	  	  	  
	
Subsection 12.05

	
No Liability for Failure to Deliver Servicing Files

	
43

	  	  	  
	
SECTION 13.       Default

	
43

	  	  
	
Subsection 13.01

	
Events of Default

	
43

	  	  	  
	
Subsection 13.02

	
Waiver of Default

	
45

	  	  	  
	
Subsection 13.03

	
Owner Defaults

	
45

	  	  	  
	
SECTION 14.       Termination

	
46

	  	  
	
Subsection 14.01

	
Termination

	
46

  

ii

  

 

	  	  	
Page

	  	  	  
	
Subsection 14.02

	
Successors to the Servicer

	
46

	  	  	  
	
Subsection 14.03

	
Termination Payments

	
47

	  	  	  
	
SECTION 15.       Notices

	
48

	  	  
	
SECTION 16.       Severability Clause

	
49

	  	  
	
SECTION 17.       No Partnership

	
50

	  	  
	
SECTION 18.       Counterparts

	
50

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

	
50

	  	  
	
SECTION 20.       Intention of the Parties

	
50

	  	  
	
SECTION 21.       Waivers

	
51

	  	  
	
SECTION 22.       Exhibits

	
51

	  	  
	
SECTION 23.       General Interpretive Principles

	
51

	  	  
	
SECTION 24.       Reproduction of Documents

	
52

	  	  
	
SECTION 25.       Amendment

	
52

	  	  
	
SECTION 26.       Confidentiality

	
52

	  	  
	
SECTION 27.       Entire Agreement

	
52

	  	  
	
SECTION 28.       Further Agreements

	
53

	  	  
	
SECTION 29.       Successors and Assigns

	
53

	  	  
	
SECTION 30.       Non-Solicitation

	
54

	  	  
	
SECTION 31.       Protection of Consumer Information

	
54

	  	  
	
SECTION 32.       Cooperation of the Servicer With a Reconstitution; Regulation AB Compliance

	
55

  

iii

  

EXHIBITS

 

	
EXHIBIT 1

	
FORM OF BILL OF SALE AND SERVICER ACKNOWLEDGEMENT

	 	 
	
EXHIBIT 2

	
FORM OF NOTICE OF SALE OF OWNERSHIP OF MORTGAGE LOAN

	 	 
	
EXHIBIT 3

	
MORTGAGE LOAN SCHEDULE FIELDS

	 	 
	
EXHIBIT 4

	
SPS TRANSFER INSTRUCTIONS

	 	 
	
ADDENDUM I

	
REGULATION AB COMPLIANCE ADDENDUM

	 	 
	
ADDENDUM II

	
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

  

iv

  

FLOW MORTGAGE LOAN SERVICING RIGHTS SALE AND SERVICING AGREEMENT

 

THIS FLOW MORTGAGE LOAN SERVICING RIGHTS SALE AND SERVICING AGREEMENT (the “Agreement”), dated May 5, 2011, is hereby executed by and among REDWOOD RESIDENTIAL ACQUISITION CORPORATION, a Delaware corporation, as owner of the mortgage loans described herein and seller of the related servicing rights (the “Owner”), SELECT PORTFOLIO SERVICING, INC., a Utah corporation, as servicer of such mortgage loans (the “Servicer”), and DLJ MORTGAGE CAPITAL, INC., a Delaware corporation, as purchaser of the related servicing rights (the “Servicing Rights Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Owner owns or will acquire from time to time certain conventional, residential, first-lien mortgage loans as described herein, including the related servicing rights; and

 

WHEREAS, the Owner has agreed to sell, from time to time, and the Servicing Rights Purchaser shall purchase, from time to time, the servicing rights relating to such mortgage loans upon the terms and conditions specified in this Agreement and each Bill of Sale and Servicer Acknowledgement (as defined herein); and

 

WHEREAS, the parties desire to agree to the terms and conditions upon which the Servicer will service and administer the mortgage loans as set forth herein;

 

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 Owner, the Servicing Rights Purchaser and the Servicer 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.

  

  

  

Affiliate:  When used with reference to a specified Person, any Person that (i) directly or indirectly controls or is controlled by or is under common control with the specified Person, (ii) is an officer of, partner in or trustee of, or serves in a similar capacity with respect to, the specified person or of which the specified Person is an officer, partner or trustee, or with respect to which the specified Person serves in a similar capacity, or (iii) directly or indirectly is the beneficial owner of 10% or more of any class of equity securities of the specified Person or of which the specified Person is directly or indirectly the owner of 10% or more of any class of equity securities.

 

Agency Transfer:  The sale or transfer by the Owner 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 Servicing Rights Sale and Servicing Agreement including all exhibits, schedules, amendments and supplements hereto.

 

Ancillary Fees:  With respect to any Mortgage Loan, charges for late Monthly Payments, charges for dishonored checks, pay-off fees, assumption fees, commissions and administrative fees on insurance and similar fees and charges collected from or assessed against the related Mortgagor, other than those charges payable to another party under the terms of the applicable Servicing Agreement.

 

Applicable Requirements:  With respect to the Mortgage Loans or related Servicing Rights, as applicable and as of the time of reference, (i) all contractual obligations relating to the servicing of the Mortgage Loans, including without limitation those contractual obligations contained in the applicable Servicing Agreement or in any agreement relating to the Mortgage Loans with any insurer or in the Mortgage File; (ii) 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; (iii) all other judicial and administrative judgments, orders, stipulations, awards, writs and injunctions applicable to the servicing of the Mortgage Loans; and (iv) Customary Servicing Procedures.

 

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.

  

2

  

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

 

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 Owner.

 

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 by the Servicer.

 

Bill of Sale and Servicer Acknowledgement:  A Bill of Sale and Servicer Acknowledgement among the Owner, the Servicing Rights Purchaser and the Servicer for the sale and purchase of an aggregate Stated Principal Balance of Servicing Rights under specified pricing methodologies and other terms, which supplements this Agreement with respect to specified Servicing Rights as of the related Closing Date, together with an acknowledgement from the Servicer confirming the additional Mortgage Loans to be serviced by the Servicer pursuant to this Agreement on and after a specified Transfer Date, substantially in the form of Exhibit 1.

 

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 Utah or the State of California, or (iii) a day on which banks in the State of New York, the State of Utah 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 Bill of Sale and Servicer Acknowledgement, on which the Owner will purchase the Mortgage Loans identified therein.

 

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 Note or Mortgage.

  

3

  

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

 

Cooperative Corporation:  With respect to any Cooperative Loan, the cooperative apartment corporation that holds legal title to the related Cooperative Project and grants occupancy rights to units therein to stockholders through Cooperative Leases or similar arrangements.

 

Cooperative Lease:  The lease on a Cooperative Unit evidencing the possessory interest of the owner of the Cooperative Shares in such Cooperative Unit.

 

Cooperative Loan: A Mortgage Loan that is secured by a first lien on and perfected security interest in Cooperative Shares and the related Cooperative Lease granting exclusive rights to occupy the related Cooperative Unit in the building owned by the related Cooperative Corporation.

 

Cooperative Project: With respect to any Cooperative Loan, all real property and improvements thereto and rights therein and thereto owned by a Cooperative Corporation including without limitation the land, separate dwelling units and all common elements.

 

Cooperative Shares:  With respect to any Cooperative Loan, the shares of stock issued by a Cooperative Corporation and allocated to a Cooperative Unit and represented by a stock certificate.

 

Cooperative Unit:  With respect to a Cooperative Loan, a specific unit in a Cooperative Project.

 

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 generally in accordance with the servicing practices and procedures of the Fannie Mae Guides including future updates, or as such mortgage servicing practices may change from time to time, that are applicable to mortgage loans similar to the Mortgage Loans.

  

4

  

Cut-off Date:  With respect to each Mortgage Loan, the first day of the month of the related Closing Date or such other date as is set forth in the related Bill of Sale and Servicer Acknowledgement.

 

Determination Date:  With respect to each Remittance Date, the 15th day (or, if such 15th day is not a Business Day, the following Business Day) of the month in which such Remittance Date occurs.

 

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

 

Due Period:  With respect to each Remittance Date, the period beginning on the second day of the month preceding the month of the Remittance Date, and ending on the first day of the month of the Remittance Date.

 

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 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

  

5

  

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

 

(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.

  

6

  

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.

 

FHFA:  The Federal Housing Finance Agency or any successors thereto.

 

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 Transfer Date is not one (1) or more Business Days prior to the first day of such 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.

 

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 Section 6.

 

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

  

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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.

 

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

 

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.

 

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.

  

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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.

 

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 required to be included in a “Mortgage File” delivered by the applicable Originator to the Owner or its custodian, 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 which is the subject of this Agreement, as identified on the related Mortgage Loan Schedule, excluding replaced or repurchased mortgage loans.

 

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 Bill of Sale and Servicer Acknowledgement.

  

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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 Owner, including any replacement loans that are substituted after the Closing Date pursuant to the related purchase agreement.

 

Mortgage Note:  The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage or, in the case of a Cooperative Loan, secured by the Cooperative Shares and the Cooperative Lease.

 

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.

 

Originator:  With respect to each Mortgage Loan, the entity from which the Owner purchased such Mortgage Loan.

 

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

 

Owner:  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.

  

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Owner Default: As defined in Section 13.03.

 

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.

 

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.

 

Pledge Agreement:  The specific agreement creating a first lien on and pledge of the Cooperative Shares and the related Cooperative Lease securing a Cooperative Loan.

 

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

 

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.

 

Purchase Price:  The price paid on the related Closing Date by the Servicing Rights Purchaser to the Owner pursuant to this Agreement in exchange for the related Servicing Rights, as calculated pursuant to Section 2 and the related Bill of Sale and Servicer Acknowledgement.

 

Purchase Price Percentage:  The percentage of par set forth in the related Bill of Sale and Servicer Acknowledgement that is used to calculate the Purchase Price of the Servicing Rights included in such Bill of Sale and Servicer Acknowledgement.

 

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

  

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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 Servicer 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 Servicer and the Owner and certain third parties on the Reconstitution Date or Reconstitution Dates with respect to any or all of the Mortgage Loans serviced hereunder, in connection with a Whole Loan Transfer or a Securitization Transaction as provided in Section 32.

 

Reconstitution Date:  The date or dates on which any or all of the Mortgage Loans serviced under this Agreement shall be removed from this Agreement and reconstituted as part of a Whole Loan Transfer or Securitization Transaction pursuant to Section 32 hereof.  On such date, the Servicer shall cease servicing such Mortgage Loans under this Agreement and the Servicer shall service such Mortgage Loans under a Reconstitution Agreement.

 

Record Date:  The close of business of the last Business Day of the month preceding the month of the related Remittance 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.

 

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.

  

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REMIC Provisions:  Sections 860A through 860G of the Code; such other provisions of the Code as relate to an entity created thereunder; the regulations promulgated pursuant to such sections and provisions of the Code; and published guidance issued by the Internal Revenue Service relating to such Code sections and regulations.

 

Remittance Date:  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.

 

REO Disposition:  The final sale by the Servicer or the Owner 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 the Servicer through foreclosure or deed in lieu of foreclosure, as described in Subsection 11.13.

 

Repurchase Price:  With respect to the Servicing Rights relating to a Mortgage Loan, a price equal to (i) the product of (A) the related Purchase Price Percentage and (B) the actual unpaid principal balance of such Mortgage Loan as of the date of repurchase, plus (ii) reasonable and customary third-party expenses incurred in connection with the transfer of the Servicing Rights being repurchased.

 

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.

 

RESPA:  The Real Estate Settlement Procedures Act of 1974, as amended.

 

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 Owner 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:  Select Portfolio Servicing, Inc., or its successor in interest or any successor to the Servicer under this Agreement appointed as herein provided.

  

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Servicing Advances:  All customary and reasonable out-of-pocket costs and expenses (including reasonable attorney’s fees and disbursements) 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 administrative or judicial proceedings, including foreclosures, (c) the liquidation of any REO Property, (d) other fees of foreclosure or of acquiring title to the Mortgaged Property by deed in lieu of foreclosure and industry standard costs, fees and expenses of the conveyance of the Mortgaged Property pursuant to the terms of this Agreement, (e) payments made by the Servicer with respect to a Mortgaged Property pursuant to Subsection 11.08, (f) penalties or late fees that were advanced by the Servicer but which did not arise out of failure of the Servicer to comply with its obligations hereunder, (g) costs of broker price opinions required to be obtained under this Agreement and (h) costs of locating any documents missing from the Mortgage File necessary for the Servicer to perform its obligations under this Agreement.  For the avoidance of doubt, “Servicing Advances” shall include all customary and reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) (i) incurred by the Servicer in connection with correcting errors of prior servicers (including adjustments on adjustable-rate Mortgage Loans), title research, flood certifications and executing and recording instruments of satisfaction, deeds of reconveyance or assignments of Mortgage and (ii) charged to the Servicer by the custodian of any Mortgage Files, in either case, to the extent not recovered from the Mortgagor or otherwise payable under this Agreement.

 

Servicing Agreement:  This Agreement or such other servicing agreement as may be specified in a Bill of Sale and Servicer Acknowledgement with respect to any Servicing Rights.

 

Servicing Fee:  With respect to each Mortgage Loan, the amount of the annual fee the Owner shall pay to the Servicer, 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.  Such fee shall be payable monthly, computed on the basis of the same principal amount (unless the Servicer has advanced any payments of principal) and period respecting which any related interest payment on a Mortgage Loan is computed.  The obligation of the Owner 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 Servicer, 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 Bill of Sale and Servicer Acknowledgement.

 

Servicing File:  With respect to each Mortgage Loan, an electronic file that includes copies of all documents for such Mortgage Loan required to be included in a “Credit File” in the Transfer Instructions.

 

Servicing Rights: With respect to each Mortgage Loan, any and all of the following, subject to a Bill of Sale and Servicer Acknowledgement, this Agreement and Applicable

  

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Requirements:  (a) all rights to service the Mortgage Loan; (b) all rights to receive Servicing Fees, Ancillary Fees and income on Escrow Accounts and any Custodial Account, 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 payments with respect to the Mortgage Loans and any amounts actually collected with respect thereto and to receive or pay interest income on such amounts to the extent permitted or required by Applicable Requirements; (d) possession of any and all credit files pertaining to the Mortgage Loans for purposes of servicing of the Mortgage Loans; (e) all rights, powers and privileges incident to any of the foregoing; and (f) all agreements or documents creating, defining or evidencing any of the foregoing rights to the extent they relate to such rights.  For the avoidance of doubt, Prepayment Charges shall not be included in the Servicing Rights.

 

Servicing Officer:  Any officer of the Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans whose name appears on a list of servicing officers maintained by the Servicer, a copy of which shall be provided to the Owner from time to time upon request, as such list may be amended from time to time.

 

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 Owner with respect to the Mortgage Loan representing payments or recoveries of principal, or advances in lieu thereof.

 

Transfer Date:  The date or dates, set forth in the related Bill of Sale and Servicer Acknowledgement, on which the servicing provisions of this Agreement will become effective with respect to a Mortgage Loan Package and the Servicer will begin servicing the Mortgage Loans for the benefit of the Owner.

 

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

 

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

 

SECTION 2.  Acknowledgement; Purchase and Assumption; Purchase Price.

 

Subsection 2.01          Acknowledgement.

 

The Owner hereby engages the Servicer to service the Mortgage Loans upon the terms specified in this Agreement and the related Bill of Sale and Servicer Acknowledgement, effective with respect to each Mortgage Loan as of the dates specified in the related Bill of Sale and Servicer Acknowledgement.

  

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Subsection 2.02          Purchase and Assumption.

 

The Owner, in exchange for the payment of the applicable Purchase Price by the Servicing Rights Purchaser on the related Closing Date, shall sell, transfer, assign, set over and convey to the Servicing Rights Purchaser, without recourse, but subject to the terms of this Agreement, all of its right, title and interest in and to the Servicing Rights relating to Mortgage Loans specified in the related Bill of Sale and Servicer Acknowledgement having a Stated Principal Balance in an amount set forth in such Bill of Sale and Servicer Acknowledgement.

 

The Servicing Rights Purchaser hereby purchases and assumes such Servicing Rights from the Owner as of the related Closing Date and the Servicer hereby assumes the servicing of the Mortgage Loans specified in the related Bill of Sale and Servicer Acknowledgement as of the Transfer Date in accordance with the terms of the related Servicing Agreement.  Upon payment by the Servicing Rights Purchaser of the Purchase Price for Servicing Rights as specified in each Bill of Sale and Servicer Acknowledgement, the sale, transfer and conveyance of the related Servicing Rights hereunder shall become final and the Servicing Rights Purchaser shall thereupon be fully vested with all legal and beneficial right, title and interest in and to the related Servicing Rights.

 

Subsection 2.03          Purchase Price.

 

The Purchase Price for the Servicing Rights being acquired on a Closing Date shall be equal to the product of (i) the Purchase Price Percentage stated in the related Bill of Sale and Servicer Acknowledgement (subject to adjustment as provided therein) and (ii) the Stated Principal Balance of the Mortgage Loans listed on the related Mortgage Loan Schedule, or such other price as may be specified in the related Bill of Sale and Servicer Acknowledgement.  If so provided in the related Bill of Sale and Servicer Acknowledgement, portions of the Servicing Rights may be priced separately.  In addition, the Purchase Price may be adjusted in accordance with the related Bill of Sale and Servicer Acknowledgement on the Transfer Date.

 

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 without setoff, deduction or counterclaim.

 

SECTION 3.  Mortgage Loan Schedule.

 

The Owner shall deliver the Mortgage Loan Schedule (which will be annexed to the related Bill of Sale and Servicer Acknowledgement) to the Servicing Rights Purchaser and the Servicer at least two (2) Business Days prior to each of the related Closing Date and the related Transfer Date.

  

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SECTION 4.  Delivery of Servicing Files; Possession of Mortgage Files; Transfer Costs.

 

Subsection 4.01          Delivery of Servicing Files.

 

The Owner shall cause the Originator to deliver to the Servicer the Servicing Files pursuant to the Transfer Instructions.

 

Subsection 4.02          Possession of Mortgage Files.

 

Originals or copies of all documents comprising the Mortgage File shall be delivered to the Owner’s custodian on or prior to the related Closing Date or such other date as may be agreed to by the Owner and the applicable Originator.  The Servicer shall have the right to access such Mortgage Files as needed for servicing upon the terms specified in this Agreement.  Any Mortgage File or a portion thereof delivered to the Servicer for servicing purposes shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof and shall be available for review by the Owner upon request.  The Servicer’s possession of any portion of each such Mortgage File is at the will of the Owner for the sole purpose of facilitating servicing of the Mortgage Loans pursuant to this Agreement, and such possession by the Servicer 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 Owner 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 Servicer shall immediately vest in the Owner and shall be retained and maintained, in trust, by the Servicer at the will of the Owner in such custodial capacity only.  The Servicer shall release from its custody the contents of any Mortgage File possessed by it only in accordance with this Agreement, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to related loan purchase agreement or if required under applicable law or court order.

 

Subsection 4.03          Transfer Expenses.

 

The Owner shall pay all costs of delivery to the Servicer of all of the Servicing Files, custodial transfer and or/transfer fees of the Owner’s custodian, and all costs related to preparing, obtaining and delivering such documents as the Owner is required to provide (including, without limitation, written notice to each Mortgagor regarding the transfer of servicing, which the Owner shall, or shall cause the related prior servicer to, deliver to such Mortgagors no later than fifteen (15) days prior to the related Transfer Date in accordance with RESPA).  The Servicer shall bear all of its costs in connection with performing any due diligence of the Servicing Files, monthly reconciliations, and other reporting relating to the Servicing Rights.  Except as otherwise provided in this Agreement, the Owner and the Servicer shall each bear their own expenses incurred in connection with the transactions contemplated by this Agreement.

  

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SECTION 5.  Inspections.

 

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

 

	
  

	
SECTION 6.  Helping Families Notice.

 

 Within thirty (30) days following the Closing Date in respect of a Mortgage Loan, the Servicer, on behalf of the Owner, shall furnish to the borrower 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.  Such notice may be combined with any other notices required to be sent to such borrowers by the applicable Originator to the extent permitted by law.  In connection with any Securitization Transaction with respect to any of the Mortgage Loans, the Servicer, on behalf of the Owner, shall furnish to each related borrower, within thirty (30) days following the closing date with respect to such Securitization Transaction, a notice with respect to such assignment, substantially in the form of Exhibit 2 attached hereto, which notice shall identify the Securitization Transaction trust as the new owner of the Mortgage Loan and include any other information required by Section 404 of the Helping Families Act.  The Owner and the Servicer hereby acknowledge and agree that the Owner shall pay to the Servicer a fee in connection with each notice delivered pursuant to this Section 6, such fee to be mutually agreed upon between the Owner and the Servicer.

 

SECTION 7.  Representations and Warranties; Effect of Breach.

 

Subsection 7.01          Servicer Representations and Warranties.

 

The Servicer hereby represents and warrants to the Owner that as to itself as of the related Closing Date:

 

(a)           It is a corporation, duly organized, validly existing, and in good standing under the laws of the State of Utah 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/servicer 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 Owner, evidences the legal, valid, binding and enforceable obligation of it, subject to applicable law except as enforceability may be limited by (i) bankruptcy, insolvency,

  

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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 articles of incorporation 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)           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 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.

 

(e)           To the best of the Servicer’s knowledge, the Servicer is not in material default under any agreement, contract, instrument or indenture to which the Servicer 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 Servicer to perform under this Agreement, nor, to the best of the Servicer’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 Servicer to perform its obligations under this Agreement.

 

(f)           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.

 

(g)           It acknowledges and agrees that the Servicing Fee shall be treated by the Servicer, for accounting and tax purposes, as compensation for the servicing and administration of the Mortgage Loans pursuant to this Agreement.

 

(h)           The Servicer is in compliance in all material respects with all applicable laws and regulations and there has been no occurrence or condition with respect to the Servicer or otherwise known to the Servicer that would reasonably be expected to cause the cancellation or termination of the Servicing Rights with respect to the Mortgage Loans.

  

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(i)            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 purchase or sale of the Servicing Rights.

 

Subsection 7.02          Owner Representations and Warranties.

 

The Owner hereby represents and warrants to the Servicer that, as to itself as of the related Closing Date:

 

(a)           It is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware 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 the 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 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 Servicer, 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 charter 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 Servicing Rights 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 that, 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 that would draw into question the validity of this Agreement of any action taken or

  

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to be taken in connection with its obligations contemplated herein, or that would materially impair its ability to perform under the terms of this Agreement.

 

(f)           To the best of the Owner’s knowledge, the Owner is not in material default under any agreement, contract, instrument or indenture to which the Owner 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 Owner to perform under this Agreement, nor, to the best of the Owner’s knowledge, has any event occurred that, 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 Owner to perform its obligations under this Agreement.

 

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

 

(h)           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 Servicing Rights.

 

(i)           To the best of the Owner’s knowledge, neither this Agreement nor any statement, report or other agreement, document of instrument furnished or to be furnished pursuant to this Agreement contains any materially untrue statement of fact or omits to state a fact necessary to make the statements contained therein not misleading.

 

Subsection 7.03          Representations and Warranties Regarding Individual Mortgage Loans.

 

The Owner represents and warrants to the Servicer, as to the Servicing Rights to be conveyed by the Owner to the Servicer pursuant to this Agreement on a specified Closing Date, that as of the Closing Date specified in the related Bill of Sale and Servicer Acknowledgement (or such other date specified below):

 

(a)           Data:  The information set forth in the related Mortgage Loan Schedule, including any diskette or other related data tapes sent to the Servicer, 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 the fields indicated in Exhibit 3.  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 Originator and the Owner.

 

(b)           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 in connection with the origination and servicing of the Mortgage Loan.  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

  

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(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).  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.

 

(c)          Ownership by Owner:  The Owner is the sole owner and holder of the Servicing Rights.  Immediately prior to the transfer and assignment to the Servicer on the related Closing Date, the Servicing Rights were not subject to an assignment or pledge, and the Owner had good and marketable title to and was the sole owner thereof and had full right to transfer and sell the Servicing Rights to the Servicing Rights Purchaser and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest.

 

(d)          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.

 

(e)          No Negative Amortization Loans; No HELOCs; All 30 Year Mortgages; No Pay Option ARMs; Fully Disbursed:  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.  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 secured by a mortgage, deed of trust or other instrument.  The proceeds of each Mortgage Loan have been fully disbursed.  All costs, fees and expenses incurred in the making or closing of each Mortgage Loan and the recording of the related Mortgage have been paid, and the mortgagor is not entitled to any refund of any amounts paid or due to the mortgagee pursuant to the Mortgage Note or Mortgage.

 

(f)          Escrow Accounts:  If applicable, all Escrow Accounts have been maintained in accordance with Applicable Requirements.  The Escrow Payments required by the Mortgages are on deposit in the appropriate Escrow Account.

 

(g)          Escrow Compliance:  If an Escrow Account is required to be maintained with respect to each Mortgage Loan, (i) all interest required pursuant to applicable law to be paid on funds in such Escrow Account through the Closing Date has been or will be credited to the account of the related Mortgagor, and evidence of such credit shall be provided to the Servicer; and (ii) such interest has been and through the Closing Date will be properly computed and paid in accordance with the terms of such Mortgage Loan and with applicable law.

 

(h)          MERS:  The ownership of all MERS Mortgage Loans is registered with MERS.

 

Subsection 7.04          Effect of Breach.

 

(a)          It is understood and agreed that the representations and warranties set forth in Sections 7.02 and 7.03 shall survive the sale of the Servicing Rights to the Servicing Rights

  

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Purchaser.  Upon discovery by the Owner, the Servicing Rights Purchaser or the Servicer of a breach of any of the foregoing representations and warranties that materially and adversely affects the value of the related Servicing Rights, the party discovering such breach shall give prompt written notice to the other parties.  The Owner shall have a period of ninety (90) days from the earlier of its discovery or its receipt of notice of any such breach within which to correct or cure such breach.  The Owner hereby covenants and agrees that if any such breach is not corrected or cured within such ninety (90) day period, the Owner shall pay to the Servicing Rights Purchaser an amount equal to the reduction in value of the related Servicing Rights resulting from such breach, as agreed to by the Owner and the Servicing Rights Purchaser.  Any such payment shall be made by wire transfer of immediately available funds to the account designated by the Servicing Rights Purchaser.

 

(b)          If a breach of any of the foregoing representations and warranties gives rise to a repurchase obligation by the related Originator, the Owner shall not be required to correct or cure such breach or pay any amounts pursuant to paragraph (a) above, but shall instead require the Originator to repurchase the related Mortgage Loan, including participating in any required arbitration proceedings.  In addition, if the Servicing Rights Purchaser and the Owner disagree as to whether a breach of any of the foregoing representations and warranties gives rise to a repurchase obligation by the related Originator and the Owner elects not to pursue remedies against the Originator, the Servicing Rights Purchaser may nevertheless direct the Owner to pursue remedies against the Originator in accordance with the instructions of the Servicing Rights Purchaser, including participating in any required arbitration proceedings.  If the Originator repurchases such Mortgage Loan, the Owner shall pay to the Servicing Rights Purchaser the applicable Repurchase Price from the repurchase price paid by the Originator.  If a final determination is made in an arbitration proceeding that the Originator is not required to repurchase the related Mortgage Loan because no breach of a representation or warranty has occurred, the Owner shall not be required to repurchase the related Servicing Rights from the Servicing Rights Purchaser or pay any other amounts to the Servicing Rights Purchaser with respect to the alleged breach. If a final determination is made in an arbitration proceeding whereby the Originator is required or permitted to pay the Owner a settlement amount in lieu of repurchasing the related Mortgage Loan, the Owner shall remit to the Servicing Rights Purchaser the portion of such settlement amount allocable to the related Servicing Rights as mutually agreed upon between the Owner and the Servicing Rights Purchaser on the date of the Owner’s receipt of such settlement amount.

 

(c)          Any cause of action against the Owner relating to or arising out of the breach of any representations and warranties made in Subsections 7.02 and 7.03 shall accrue as to any Servicing Rights upon (i) notice thereof by the Servicing Rights Purchaser or Servicer to the Owner and (ii) demand upon the Owner by the Servicing Rights Purchaser or Servicer for compliance with this Agreement.

 

Subsection 7.05          Repurchase or Substitution of Mortgage Loans by Originator.

 

(a)          If an Originator repurchases a Mortgage Loan and the related Servicing Rights due to a breach of representations and warranties, the Owner shall pay to the Servicing Rights

  

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Purchaser the Repurchase Price of the related Servicing Rights and the Servicer shall effect the transfer of the related Servicing Rights to the Originator or its designated servicer.

 

(b)          If an Originator substitutes such Mortgage Loan, such substitute mortgage loan shall be deemed a “Mortgage Loan” hereunder, as if included on the Mortgage Loan Schedule, and the Servicer shall release to the Originator or its designated servicer the related defective Mortgage Loan.

 

(c)          In the event of any breach of any representation and warranty of an Originator made with respect to any Mortgage Loan, the Servicer shall assist the Owner in pursuing any available remedies against the Originator arising from such breach.

 

Subsection 7.06          Servicing Rights Purchaser Representations and Warranties.

 

The Servicing Rights Purchaser hereby represents and warrants to the Owner that as to itself as of the related Closing Date:

 

(a)          It is a corporation, duly organized, validly existing, and in good standing under the laws of the State of Delaware 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 the laws of such state require licensing or qualification in order to conduct business of the type conducted by it.  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 Owner, 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 articles of incorporation 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.

  

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(d)           There is no action, suit, proceeding or investigation pending or, to its 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 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.

 

(e)           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 purchase or sale of the Servicing Rights.

 

SECTION 8.   [Reserved].

 

SECTION 9.  Closing Conditions.

 

The closing for each purchase and sale of Servicing Rights hereunder 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.

 

(a)           On or before the initial Closing Date, the Servicer and the Servicing Rights Purchaser shall submit to the Owner fully executed originals of the following documents:

 

(i)           this Agreement, in four counterparts;

 

(ii)          if requested by the Owner, a Custodial Account letter agreement; and

 

(iii)         if requested by the Owner, an Escrow Account letter agreement.

 

(b)           The closing for each purchase and sale of Servicing Rights, and any assumption of the servicing responsibilities by the Servicer, hereunder shall be subject to the satisfaction of each of the following conditions:

 

(i)           the Servicer and the Servicing Rights Purchaser shall submit to the Owner the related Bill of Sale and Servicer Acknowledgement, in four counterparts;

 

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

 

(iii)         all of the representations and warranties of the Owner, the Servicing Rights Purchaser and the Servicer under this Agreement shall be true and correct as of the related Closing Date (or such other date specified in Section 7) in all material respects;

  

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(iv)         all other terms and conditions of this Agreement and the related Bill of Sale and Servicer Acknowledgement to be satisfied by the Servicer, the Servicing Rights Purchaser and/or the Owner shall have been complied with in all material respects; and

 

(v)          Forty (40) fully executed, original powers of attorney in form and substance reasonably acceptable to Servicer.

 

Upon satisfaction of the foregoing conditions, the Servicing Rights Purchaser shall pay to Owner on the applicable Closing Date the Purchase Price for the related Servicing Rights.

 

SECTION 10.  Costs.

 

The Owner shall pay the cost of delivering the Mortgage Files to the Owner or its designee, the cost of recording the Assignments of Mortgage, any custodial fees incurred in connection with the release of any Mortgage Loan documents as may be required by the servicing activities hereunder and all other costs and expenses incurred in connection with this Agreement by the Owner.  Except as otherwise provided in this Agreement, the Servicer, the Servicing Rights Purchaser and the Owner shall each bear their own expenses (including, without limitation, any legal fees and expenses of its attorneys) incurred in connection with the transactions contemplated by this Agreement.

 

SECTION 11.  Administration and Servicing of Mortgage Loans.

 

Subsection 11.01        Servicer to Act as Servicer; Subservicing.

 

(a)          Effective as of each related Transfer Date, the Servicer, as an independent contractor, shall service and administer the Mortgage Loans in accordance with this Agreement, Applicable Requirements and 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 Servicer may deem necessary or desirable and consistent with the terms of this Agreement.  The Servicer 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 Servicer 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 Servicer 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 Servicer 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 Servicer 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 Servicer hereunder shall be reimbursable to the Servicer as Servicing Advances), and the subservicer’s fee shall not exceed the Servicing Fee.

  

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(b)           At the cost and expense of the Servicer, without any right of reimbursement from the Custodial Account, the Servicer shall be entitled to terminate the rights and responsibilities of a subservicer and arrange for any servicing responsibilities to be performed by a successor subservicer meeting the requirements in the preceding paragraph; provided, however, that nothing contained herein shall be deemed to prevent or prohibit the Servicer, at the Servicer’s option, from electing to service the related Mortgage Loans itself.  If the Servicer’s responsibilities and duties under this Agreement are terminated and if requested to do so by the Owner, the Servicer shall at its own cost and expense terminate the rights and responsibilities of the subservicer as soon as is reasonably possible.  The Servicer shall pay all fees, expenses or penalties necessary in order to terminate the rights and responsibilities of the subservicer from the Servicer’s own funds without reimbursement from the Owner.

 

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

 

(d)           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 Servicer alone, and the Owner shall have no obligations, duties or liabilities with respect to the subservicer including no obligation, duty or liability of the Owner to pay the subservicer’s fees and expenses.  For purposes of distributions and advances by the Servicer pursuant to this Agreement, the Servicer shall be deemed to have received a payment on a Mortgage Loan when the subservicer has received such payment.  The Servicer shall not make any amendment to any 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 Owner.

 

(e)           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 the Servicer shall not enter into any payment plan or agreement to modify payments with a Mortgagor lasting more than six (6) 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, unless (1) the Mortgagor is in default with respect to the Mortgage Loan, or such default is, in the judgment of the Servicer, imminent, (2) the modification is in accordance with the customary procedures of the Servicer, which may change from time to time, or industry-accepted programs, and (3) the Owner has approved such action.  Additionally, the Servicer shall not accept any deed-in-lieu of, short pay-off, or sale of any Mortgaged Property, in which the sale proceeds are less than the unpaid principal balance of the related Mortgage Loan unless the Owner has approved such action.  Further, 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) unless the Owner has approved such

  

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action.  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.

 

(f)          The Owner shall furnish to the Servicer any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement.

 

(g)          Whether in connection with the foreclosure of a Mortgage Loan or otherwise, the Servicer shall from its own funds make all necessary and proper Servicing Advances; provided, however, that the Servicer is not required to make a Servicing Advance unless the Servicer determines in the exercise of its good faith judgment that such Servicing Advance would ultimately be recoverable from REO Disposition Proceeds, Insurance Proceeds or Condemnation Proceeds of the related Mortgaged Property (with respect to each of which the Servicer shall have the priority described in Subsection 11.05 for purposes of withdrawals from the Custodial Account).

 

(h)          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 directs 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 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.

 

Subsection 11.02        Liquidation of Mortgage Loans.

 

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 Servicer shall take such action as it shall deem to be in the best interest of the Owner.

  

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Servicer may, in its sole discretion, order an inspection of the related Mortgaged Property in accordance with Customary Servicing Procedures.  If such Mortgage Loan remains delinquent for a period of one hundred and five (105) days or more, the Servicer shall commence foreclosure proceedings in accordance with Customary Servicing Procedures.  In such connection, the Servicer shall from its own funds make all necessary and proper Servicing Advances.  If the portion of any Liquidation Proceeds allocable as a recovery of interest on a related  Mortgage Loan is less than the full amount of accrued and unpaid interest on such Mortgage Loan as of the date such proceeds are received, then the applicable Servicing Fees with respect to such Mortgage Loan shall be paid first and any amounts remaining thereafter shall be distributed to the Owner.  Upon liquidation of any Mortgage Loan, the Servicer shall provide written notice thereof to the custodian appointed by the Owner.

 

Subsection 11.03        Collection of Mortgage Loan Payments.

 

Continuously from the date hereof until the principal and interest on all Mortgage Loans are paid in full, the Servicer 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.

 

Mortgage Loan payments received by the Servicer 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 Servicer depositing the Mortgage Loan payments in the Custodial Account.  Such clearing account shall not be used for operational or corporate purposes of the Servicer.

 

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

 

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 “Select Portfolio Servicing, Inc., in trust for Redwood Residential Acquisition Corporation as Owner of Mortgage Loans and various Mortgagors.”  Such Custodial 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 the Servicer) which meets the guidelines set forth by the FHFA, Fannie Mae or Freddie Mac as an eligible depository institution for custodial accounts.  The Custodial Account shall initially be established and maintained at JPMorgan Chase Bank, N.A., or any successor thereto, and shall not be transferred to any other depository institution without the Owner’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 Servicer.

 

The Servicer shall deposit in the Custodial Account, in accordance with Section 11.03, and retain therein, the following payments and collections received or made by it subsequent to

  

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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 Servicer 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 Servicer in connection with any REO Property pursuant to Subsection 11.13;

 

(h)           all amounts required to be deposited by the seller of the related Mortgage Loan in connection with shortfalls in principal amount of substitute Mortgage Loans; and

 

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

 

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 Servicer in the Custodial Account.

 

The Servicer may invest the funds in the Custodial Account in Eligible Investments designated in the name of the Servicer for the benefit of the Owner, which shall mature not later than the Business Day next preceding the Remittance Date next following the date of such investment (except that (A) any investment in the institution with which the Custodial Account is maintained may mature on such Remittance Date and (B) any other investment may mature on such Remittance Date if the Servicer shall advance funds on such Remittance Date, pending receipt thereof to the extent necessary to make distributions to the Owner) and shall not be sold or disposed of prior to maturity.  Notwithstanding anything to the contrary herein and above, all

  

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income and gain realized from any such investment shall be for the benefit of the Servicer and shall be subject to withdrawal by the Servicer.  The amount of any losses incurred in respect of any such investments shall be deposited in the Custodial Account by the Servicer out of its own funds immediately as realized.

 

For all Eligible Investments rated at least “A1/A+”(short/long) that have terms greater than 60 days, in the event of a downgrade of such Eligible Investment below “A1” (or “A+” if no short term rating), the Servicer agrees to remove such Eligible Investment within 60 days of such downgrade.  The Servicer acknowledges and agrees that the Servicer shall bear any losses incurred with respect to removal of such Eligible Investment following such a downgrade and that any losses shall be immediately deposited by the Servicer in the Custodial Account out of the Servicer’s own funds, with no right to reimbursement therefor.

 

Subsection 11.05        Withdrawals From the Custodial Account.

 

The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

 

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

 

(b)          to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Owner;

 

(c)          [reserved];

 

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

 

(e)          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;

 

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

 

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

 

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

  

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

 

The Servicer 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 “Select Portfolio Servicing, Inc., in trust for Redwood Residential Acquisition Corporation as Owner 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 Servicer), which meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible institution for escrow accounts.  The Escrow Account shall initially be established and maintained at JPMorgan Chase Bank, N.A., or any successor thereto, and shall not be transferred to any other depository institution without the Owner’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 Servicer.

 

The Servicer 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 Servicer shall make withdrawals therefrom only in accordance with Subsection 11.07 hereof.  As part of its servicing duties, the Servicer 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 Servicer 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 Servicer for any Servicing Advance made by Servicer 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 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.

  

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

 

With respect to each Mortgage Loan subject to Escrow Payments, the Servicer shall use commercially reasonable efforts to maintain accurate records reflecting the status of ground rents, taxes, assessments and other similar 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 use commercially reasonable efforts to obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall use commercially reasonable efforts to 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 Servicer 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 Servicer shall use commercially reasonable efforts to determine that any such payments are made by the Mortgagor.  The Servicer assumes full responsibility for the timely payment of all such bills relating to Mortgage Loans subject to Escrow Payments and shall effect timely payment of all such bills irrespective of each Mortgagor’s payment of 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(b), 11.05(c) (if the Servicer is servicing for a Securitization Transaction) and 11.07(b).  No costs incurred by the Servicer 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 Owner, 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 Servicer may, with the approval of the Owner and the Servicing Rights Purchaser, 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 Servicer 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 rated A by Demotech or A- or better by the most current Best Key Guide (or comparable rating with A.M. Best Company in the event Best Key Guide changes its rating scale, or a comparable rating with a comparable service in the event A.M. Best Company is no longer providing ratings), in an amount which is at least equal to the lesser of (a) the full insurable value of the Mortgaged Property, as determined by the last known coverage amount, 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

  

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a special flood hazard area (and such flood insurance has been made available) the Servicer 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 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 Servicer 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 Servicer 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 Servicer 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 Servicer, 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 Servicer.  The Servicer 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 Servicer shall not accept any such insurance policies from insurance companies unless such companies are acceptable in accordance with Customary Servicing Procedures 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 Loan-to-Value Ratio in excess of 80%, which the Owner represented to be covered by a Primary Mortgage Insurance Policy as of the related Transfer Date, the related Servicer shall maintain or cause the Mortgagor to maintain in full force and effect a Primary Mortgage Insurance Policy insuring that portion of the Mortgage Loan in excess of 75% of value, and shall pay or shall cause the Mortgagor to pay, the premium thereon on a timely basis, until the Loan-to-Value Ratio of such Mortgage Loan is reduced to 80%, based on either (i) a current appraisal of the Mortgaged Property by a Qualified Appraiser or (ii) the appraisal of the Mortgaged Property obtained at the time the Mortgage Loan was originated.  In

  

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the event that such Primary Mortgage Insurance Policy shall be terminated other than as required by law, the Servicer shall use commercially reasonable efforts to 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 Servicer shall use commercially reasonable efforts to 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 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 Servicer 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 Servicer shall obtain a replacement Primary Mortgage Insurance Policy as provided above.

 

In connection with its activities as servicer, the Servicer agrees to prepare and present or to assist the Owner in preparing and presenting, on behalf of itself and the Owner, 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 Servicer 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 Servicer (or an Affiliate on its behalf) 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 Servicer against losses resulting from fraud, theft, errors, omissions, negligence, dishonest or fraudulent acts committed by the Servicer’s personnel, any employees of outside firms that provide data processing services for the Servicer, and temporary contract employees or student interns.  The Fidelity Bond shall also protect and insure the Servicer 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 Servicer 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 Servicer by express waiver of FHA or VA and Fannie Mae or Freddie Mac, as applicable.  Upon request of the Owner, the Servicer shall cause to be delivered to the Owner a certified true copy

  

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of such Fidelity Bond or a certificate evidencing the same with a statement that the Servicer shall endeavor to provide written notice to the Owner thirty (30) days prior to modification or any material change.

 

Subsection 11.13          Title, Management and Disposition of REO Property.

 

Subject to Subsection 11.02, in the event that title to a 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 Owner or its nominee.

 

The Servicer shall cause to be deposited on a daily basis in the Custodial Account all revenues received with respect to the conservation of the related REO Property.  The Servicer shall make distributions as required on each Remittance Date to the Owner of the net cash flow from the REO Property (which shall equal the revenues from such REO Property net of the expenses described above and of any reserves reasonably required from time to time to be maintained to satisfy anticipated liabilities for such expenses).

 

The disposition of REO Property shall be carried out by the Servicer, subject to Subsection 11.01.  The Owner shall pay the Servicer a fee of 1.5% of the sales price for such REO Property for services associated with servicing the REO Property through its disposition.  Upon the request of the Owner, and at the Owner’s expense, the Servicer shall cause an appraisal of the REO Property to be performed for the Owner.

 

The Servicer shall either itself or through an agent selected by the Servicer, conserve and protect the REO Property in the same manner that it conserves and protects other foreclosed property for its own account, and in the same manner that similar property in the same locality as the REO Property.  No disbursement in excess of $15,000 shall be made unless the Servicer has previously notified the Owner and provided the Owner with an accounting of such disbursement.  The costs of conserving, protecting and marketing the REO Property shall be deemed to be, and recoverable by the Servicer as, Servicing Advances.

 

The Servicer shall not accept any sale offer for an REO Property that is more than 10% below the Reconciled Market Value of the REO Property without the prior written consent of the Owner.

 

Subsection 11.14          Servicing Compensation.

 

As compensation for its services hereunder and subject to Subsection 11.15, the Servicer 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 Fees shall be retained by the Servicer to the extent not required to be deposited in the Custodial Account.

  

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Prepayment Charges shall not be included in the Servicer’s compensation but paid to the Owner.  The Servicer shall be required to pay all expenses incurred by it in connection with its 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 Servicer shall remit by wire transfer of immediately available funds to the account designated in writing by the Owner of record on the preceding Record Date (a) all amounts credited to the Custodial Account at the close of business on the related Determination Date, net of charges against or withdrawals from the Custodial Account pursuant to Subsection 11.05(b) through (f), minus (b) any amounts attributable to Monthly Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which the Remittance Date occurs.

 

With respect to any remittance received by the Owner after the Business Day on which such payment was due, the Servicer shall pay to the Owner interest on any such late payment at an annual rate equal to the prime lending rate as is publicly announced from time to time in the Wall Street Journal, or its successor, at the prime lending rate published that day in the Wall Street Journal, 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 Servicer to the Owner 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 Servicer of any such interest shall not be deemed an extension of time for payment or a waiver of any Event of Default by the Servicer.

 

Subsection 11.16          Statements to the Owner.

 

(a)           Not later than five (5) days prior to each related Remittance Date, the Servicer shall forward to the Owner a statement, in the form specified and with the information required by the monthly reporting format of the Master Servicer, as provided to the Servicer by the Owner, or such other reporting format as the Servicer and the Owner shall reasonably agree.  Such statement shall also include information regarding delinquencies on Mortgage Loans, indicating the number and aggregate principal amount of Mortgage Loans that are either one (1), two (2) or three (3) or more months delinquent.  The Servicer shall submit to the Owner 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 Servicer shall also provide such information as set forth above to the Owner in electronic form in the Servicer’s standard format, a copy of which has been provided by the Servicer.

 

(b)           In addition, the Servicer shall submit to the Owner monthly loan-by-loan default information including, without limitation, notes made and retained by the Servicer in connection with servicing the defaulted loan, the reasons for the default, updated values of the Mortgaged

  

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Property, updated FICO scores on the Mortgagor and information regarding Servicing Advances made.

 

(c)           On or after the 16th day of each calendar month, the Servicer shall provide, at the Owner’s request, a list of the Mortgagors as to which Monthly Payments that were due on the immediately preceding Due Date have not yet been received.

 

(d)           The Servicer 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 Owner pursuant to any applicable law with respect to the Mortgage Loans and the transactions contemplated hereby.  In addition, the Servicer shall provide the Owner with such information concerning the Mortgage Loans as is necessary for such Owner to prepare federal income tax returns as the Owner may reasonably request from time to time.

 

Subsection 11.17          [Reserved].

 

Subsection 11.18          Assumption Agreements.

 

The Servicer will use commercially reasonable efforts to enforce any “due-on-sale” provision contained in any Mortgage or Mortgage Note; provided that, the Servicer 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 Servicer 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 Servicer 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 Servicer 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.

 

Subsection 11.19          Satisfaction of Mortgages and Release of Mortgage Files.

 

Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will obtain the portion of the Mortgage File that is in the possession of the Owner or its designee, prepare and process any required satisfaction or release of the Mortgage and notify the Owner in accordance with the provisions of this Agreement.  The Owner agrees to deliver to the Servicer (or cause to be delivered to the Servicer) the original Mortgage Note for any Mortgage Loan not later than five (5) Business Days following its receipt of a notice from the Servicer that such a payment in full has been received or that a notification has been received that such a

  

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payment in full shall be made.  Such Mortgage Note shall be held by the Servicer, in trust, for the purpose of canceling such Mortgage Note and delivering the canceled Mortgage Note to the Mortgagor in a timely manner as and to the extent provided under any applicable federal or state law.

 

In the event the Servicer grants a satisfaction or release of a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage or as otherwise permitted under this Agreement, the Servicer shall remit to the Owner the Stated Principal Balance of the related Mortgage Loan by deposit thereof in the Custodial Account.  The Fidelity Bond shall insure the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

 

	
  

	
Subsection 11.20

	
Servicer Shall Provide Access and Information as Reasonably Required.

 

The Servicer shall provide to the Owner, and for any Owner 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 request, during normal business hours and at the offices of the Servicer designated by the Servicer.

 

In addition, the Servicer shall furnish upon request by the Owner, 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 Owner may require.  The Servicer agrees to execute and deliver all such instruments and take all such action as the Owner, 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          Restoration of Mortgaged Property.

 

The Servicer need not obtain the approval of the Owner prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Customary Servicing Procedures.  For claims greater than $15,000, at a minimum, the Servicer shall, to the extent permitted by the terms of the related Mortgage Note and applicable law, comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:

 

(a)          the Servicer shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto;

  

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(b)           the Servicer shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics’ and materialmen’s liens;

 

(c)           the Servicer shall verify that the Mortgage Loan is not in default; and

 

(d)           pending repairs or restoration, the Servicer shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account.

 

If the Owner is named as an additional loss payee, the Servicer is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Owner.

 

Subsection 11.23          Fair Credit Reporting Act.

 

The Servicer, in its capacity as 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          Prepayment Charges.

 

Notwithstanding anything in this Agreement to the contrary, in the event of a Principal Prepayment, the Servicer shall not waive any Prepayment Charge or portion thereof required by the terms of the related Mortgage Note unless (i) the related Mortgage Loan is in default or foreseeable default and such waiver (a) is standard and customary in servicing mortgage loans similar to the Mortgage Loans and (b) would, in the reasonable judgment of the Servicer, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related Mortgage Loan, (ii) (A) the enforceability thereof is limited (1) by bankruptcy, insolvency, moratorium, receivership, or other similar law relating to creditors’ rights generally or (2) due to acceleration in connection with a foreclosure or other involuntary payment, or (B) the enforceability is otherwise limited or prohibited by applicable law, (iii) the enforceability would be considered “predatory” pursuant to written guidelines issued by any applicable federal, state or local authority having jurisdiction over such matters, (iv) the Servicer is unable to locate documentation sufficient to allow it to confirm the existence and amount of such Prepayment Charge after using commercially reasonable efforts to locate such documentation, which efforts shall include, but are not limited to, seeking such documentation from the Owner, the Owner’s custodian and from its own records or files, or (v) the related Mortgaged Property has been damaged such that the current value of the Mortgaged Property has been reduced by at least half as a result of a natural disaster or other insured or uninsured peril, and the borrower has elected to pay the loan in full rather than rebuild the Mortgaged Property.  For the avoidance of doubt, the Servicer may waive a Prepayment Charge in connection with a short sale or short payoff on a defaulted Mortgage Loan.

  

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SECTION 12.    The Servicer and Servicing Rights Purchaser.

 

Subsection 12.01          Indemnification; Third Party Claims.

 

(a)           The Servicer agrees to indemnify and hold harmless the Owner, the Servicing Rights Purchaser and their respective officers, employees, members, directors, affiliates and representatives against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees and expenses that the Owner or Servicing Rights Purchaser may sustain in any way related to (i) the failure of the Servicer to service the Mortgage Loans in compliance with the terms of this Agreement or (ii) a breach of the representations, warranties or covenants of the Servicer included in this Agreement.  This indemnification shall survive the termination of the Agreement or the termination of any party to the Agreement.

 

(b)           The Servicing Rights Purchaser agrees to indemnify and hold harmless the Owner and its officers, employees, members, directors, affiliates and representatives against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees and expenses that the Owner may sustain in any way related to a breach of the representations, warranties or covenants of the Servicing Rights Purchaser included in this Agreement.  This indemnification shall survive the termination of the Agreement or the termination of any party to the Agreement.

 

(c)           The Owner agrees to indemnify and hold harmless the Servicing Rights Purchaser and the Servicer and their respective officers, employees, members, directors, affiliates and representatives against any and all claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments, and any other costs, fees and expenses that the Servicing Rights Purchaser or Servicer may sustain in any way related to: (i) any action or omission with respect to the origination of a Mortgage Loan; (ii) any action or omission of any Originator or servicer in relation to the origination or servicing of the Mortgage Loans occurring prior to the related Transfer Date; or (iii) a breach of the Owner’s representations, warranties and covenants included in this Agreement.  The indemnification obligation of the Owner shall survive the termination of the Agreement or the termination of any party to the Agreement.

 

(d)           The Servicer shall promptly notify the Owner and the Servicing Rights Purchaser if a claim is made by a third party with respect to this Agreement or the Mortgage Loans, and the Servicer shall assume (with the written consent of the Owner) the defense of any such claim and pay all expenses in connection therewith, including counsel fees.  If the Servicer has assumed the defense of any such action, the Servicer shall provide the Owner and Servicing Rights Purchaser with a written report of all expenses and advances incurred by the Servicer pursuant to this Subsection 12.01 and such expenses and advances shall be included in, and recoverable as, Servicing Advances; provided, that the Servicer shall promptly notify the Owner and Servicing Rights Purchaser to the extent that Servicer is unable to reimburse itself for such Servicing Advances in accordance with Subsection 11.05, and the Owner shall promptly reimburse the Servicer for all unreimbursed amounts advanced by it pursuant to the preceding sentence except when and to the extent that the claims relate the failure of the Servicer to service the Mortgage Loans in accordance with the terms of this Agreement.

  

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Subsection 12.02          Merger or Consolidation of the Servicer.

 

The Servicer will keep in full effect its existence, rights and franchises as a national banking association, 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 Servicer may be merged or consolidated, or any entity resulting from any merger, conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to substantially all of the business of the Servicer (whether or not related to loan servicing), shall be the successor of the Servicer 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 Servicer and Others.

 

The duties and obligations of the Servicer shall be determined solely by the express provisions of this Agreement, the Servicer shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement and no implied covenants or obligations shall be read into this Agreement against the Servicer.  Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer shall be under any liability to the Owner 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 Servicer against any liability resulting from any breach of any representation or warranty made herein, or from any liability specifically imposed on the Servicer herein; and, provided further, that this provision shall not protect the 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 Servicer and any director, officer, employee or agent of the Servicer 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 Servicer shall have no obligation to appear with respect to, prosecute or defend any legal action which is not incidental to the Servicer’s duty to service the Mortgage Loans in accordance with this Agreement.

 

Subsection 12.04          Conditions to Servicer Resigning or Assigning.

 

(a)           The Servicer may assign this Agreement or resign from the obligations and duties hereby imposed on it, with good reason as determined by the Servicer in its reasonable discretion, by delivering ninety (90) days prior written notice to the Owner, provided that prior to the end of such ninety (90) day period a successor servicer has been engaged hereunder with the approval of the Owner, which approval will not be unreasonably withheld.  If at the end of such ninety (90) day period no such successor servicer has been engaged, the Servicer may

  

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nevertheless resign from its obligations hereunder following an additional sixty (60) day period.  Any successor servicer must have the ability to perform any obligations of a servicer in a Securitization Transaction, including making advances of principal and interest.  If the Servicer assigns this Agreement or resigns pursuant to any provisions of this Section 12.04, the ownership of the Servicing Rights shall revert to the Owner or its assignee and the Servicing Rights Purchaser shall have no further ownership rights with respect to any Servicing Rights.

 

(b)           If the conditions described in the foregoing paragraph (a) are not satisfied, the Servicer shall not assign this Agreement or resign from the obligations and duties hereby imposed on it except (i) by mutual consent of the Servicer and the Owner, (ii) pursuant to Subsection 13.03 or (iii) 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.  Any such determination permitting the unilateral resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner, which Opinion of Counsel shall be in form and substance acceptable to the Owner.  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.

 

(c)           The Servicing Rights Purchaser may not transfer or assign the Servicing Rights without the prior written consent of the Owner, which consent will not be unreasonably withheld.

 

Subsection 12.05          No Liability for Failure to Deliver Servicing Files.

 

The Servicer shall have no liability for any failure to carry out its servicing responsibilities hereunder that is directly caused by the failure of an Originator to deliver to the Servicer the Servicing Files (or portions thereof) necessary to service such Mortgage Loans in material compliance with the Customary Servicing Procedures or this Agreement.

 

SECTION 13.   Default.

 

Subsection 13.01          Events of Default.

 

In case one or more of the following Events of Default by the Servicer or the Servicing Rights Purchaser shall occur and be continuing:

 

(a)           any failure by the Servicer or Servicing Rights Purchaser to remit to the Owner any payment required to be made under the terms of this Agreement which continues unremedied for a period of two (2) Business Days from the date the Servicer or Servicing Rights Purchaser knew or reasonably should have known of such failure;

 

(b)           failure by the Servicer or Servicing Rights Purchaser to duly observe or perform, in any material respect, any other covenants, obligations or agreements of the Servicer 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 Servicer by the Owner;

  

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(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 Servicer or the Servicing Rights Purchaser and such decree or order shall have remained in force, undischarged or unstayed for a period of sixty (60) days;

 

(d)           the Servicing Rights Purchaser or the Servicer 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 Servicing Rights Purchaser or the Servicer or relating to all or substantially all of the Servicing Rights Purchaser’s or Servicer’s property;

 

(e)           the Servicing Rights Purchaser or the Servicer 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;

 

(f)           the Servicer 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 or such failure materially and adversely affects the Servicer’s ability to perform its obligations under this Agreement;

 

(g)           the Servicer shall fail to meet the servicer eligibility qualifications of Fannie Mae or the Servicer shall fail to meet the servicer eligibility qualifications of Freddie Mac;

 

then, and in each and every such case, so long as an Event of Default shall not have been remedied, the Owner, by notice in writing to the Servicer, may, in addition to whatever rights the Owner may have at law or equity to damages, including injunctive relief and specific performance, commence termination of all the rights and obligations of the Servicer and Servicing Rights Purchaser under this Agreement and with respect to the Mortgage Loans, the Servicing Rights and the proceeds thereof.  Upon receipt by the Servicer of such written notice from the Owner stating that it intends to terminate the Servicer as a result of such Event of Default, all authority and power of the Servicer and the Servicing Rights Purchaser under this Agreement, including any compensation due the Servicer 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.  Upon written request from the Owner, the Servicer 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 Servicer’s sole expense.  The Servicer agrees to cooperate with the Owner and such successor in effecting the termination of the Servicer’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 Servicer to the Custodial Account or Escrow Account or thereafter received with respect to

  

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the Mortgage Loans and the payment of all costs relating to the transfer of servicing.  If the Servicer’s rights and obligations under this Agreement are terminated with cause in accordance with this Subsection 13.01, the Owner shall, prior to the transfer of the Servicing Rights, reimburse the Servicer for all accrued and unpaid Servicing Fees and all outstanding Servicing Advances associated with the Mortgage Loans, provided that the Owner may offset against such reimbursement any amounts payable by the Servicer to the Owner pursuant to this Agreement, including without limitation any servicing transfer costs.

 

Subsection 13.02          Waiver of Default.

 

The Owner may waive any default by the Servicer 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.

 

Subsection 13.03          Owner Defaults.

 

In case one or more of the following Owner Defaults by the Owner shall occur and be continuing:

 

(a)           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 Owner and such decree or order shall have remained in force, undischarged or unstayed for a period of sixty (60) days;

 

(b)           the Owner 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 Owner or relating to all or substantially all of the Owner’s property;

 

(c)           the Owner 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

 

(d)           failure by the Owner to duly observe or perform, in any material respect, any other covenants, obligations or agreements of the Owner 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 Owner by the Servicer or the Servicing Rights Purchaser;

 

then, and in each and every such case, so long as an Owner Default shall not have been remedied, the Servicer or the Servicing Rights Purchaser, by notice in writing to the Owner, may, in addition to whatever rights the Servicer or Servicing Rights Purchaser may have at law

  

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or equity to damages, including injunctive relief and specific performance, either (1) terminate this Agreement if any of the Owner Defaults described in clauses (a), (b) or (c) above occurs or (2) terminate its servicing obligations with respect to any Mortgage Loan affected by the occurrence of an Owner Default described in clause (d) above (an “Affected Mortgage Loan”).  The Owner agrees to cooperate with the Servicer and Servicing Rights Purchaser and any successor servicer in effecting the termination of the Servicer’s responsibilities and rights hereunder with respect to the Mortgage Loans or any Affected Mortgage Loan, including, without limitation, the transfer to such successor for administration by it of all amounts which shall at the time be credited by the Servicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans.  If the Servicer elects to terminate its rights and obligations under this Agreement pursuant to this Subsection 13.03, the Owner shall reimburse the Servicer for all accrued and unpaid Servicing Fees and all outstanding Servicing Advances associated with the Mortgage Loans or Affected Mortgage Loans, as applicable, provided that the Owner may offset against such reimbursement any amounts payable by the Servicer to the Owner pursuant to this Agreement.  In no event will any Owner Default affect the ownership of the Servicing Rights by the Servicing Rights Purchaser.

 

SECTION 14.   Termination.

 

Subsection 14.01          Termination.

 

The obligations and responsibilities of the Servicer, as servicer, shall terminate upon (a) the distribution to the Owner of the final payment or liquidation with respect to the last Mortgage Loan (or advances of same by the Servicer) 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 Owner in connection with any such termination, the Servicer shall prepare, execute and deliver, any and all documents and other instruments, place in the Owner’s possession all Mortgage Files, and do or accomplish all other acts or things reasonably 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 Owner’s sole expense.  The Servicer agrees to cooperate with the Owner and such successor in effecting the termination of the Servicer’s responsibilities and rights hereunder as 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 Servicer to the Custodial Account or Escrow Account or thereafter received with respect to the Mortgage Loans.

 

Subsection 14.02          Successors to the Servicer.

 

Prior to the termination of the Servicer’s responsibilities and duties under this Agreement pursuant to Subsections 12.04, 13.01 or 14.01, the Owner shall (a) succeed to and assume all of the Servicer’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 Servicer under this Agreement upon such termination.  In connection with such

  

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appointment and assumption, the Owner 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 Servicer’s duties, responsibilities and liabilities under this Agreement shall be terminated pursuant to the aforementioned Subsections, the Servicer shall (i) 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, (ii) shall take no action whatsoever that might impair or prejudice the rights or financial condition of its successor and (iii) in the event of a termination pursuant to Section 12.04 or 13.01, pay all direct, reasonable and customary costs incurred by the Owner in transferring the servicing of the Mortgage Loans to a successor servicer.  The resignation or removal of the Servicer pursuant to the aforementioned Subsections, other than a resignation following the one hundred and fifty (150) day period referred to in Subsection 12.04(a) that does not occur with respect to a Securitization Transaction, shall not become effective until a successor shall be appointed pursuant to this Subsection and shall in no event relieve the Servicer of the representations and warranties made pursuant to Section 7 and any remedies available to the Owner under Section 12.01 or otherwise, it being understood and agreed that the provisions of such Section 7 and Section 12.01 shall be applicable to the Servicer notwithstanding any such resignation or termination of the Servicer, or the termination of this Agreement.

 

Any successor appointed as provided herein shall execute, acknowledge and deliver to the Servicer, the Servicing Rights Purchaser and the Owner an instrument accepting such appointment, whereupon such successor shall become fully vested with all the rights, powers, duties, responsibilities, obligations and liabilities of the Servicer, with like effect as if originally named as a party to this Agreement.  Any termination or resignation of the Servicer or this Agreement pursuant to Subsections 12.04, 13.01 or 14.01 shall not affect any claims that the Owner, the Servicer or the Servicing Rights Purchaser may have against any other party to this Agreement based upon facts and circumstances arising prior to any such termination or resignation.

 

The Servicer 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 Servicer 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 Servicer.

 

Upon a successor’s acceptance of appointment as such, the Servicer shall notify by mail the Owner and the Servicing Rights Purchaser of such appointment.

 

Subsection 14.03          Termination Payments.

 

Neither the Servicer nor the Servicing Rights Purchaser shall be entitled to any compensation related to any termination of its rights and obligations under this Agreement

  

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connection with an Event of Default.  The Owner may terminate this Agreement without cause and transfer servicing to a successor Servicer upon the payment of a fee to the Servicing Rights Purchaser equal to the Repurchase Price in respect of the related Servicing Rights.  If the Servicer’s rights and obligations under this Agreement are terminated without cause, the Owner shall immediately reimburse the Servicer for all accrued and unpaid Servicing Fees and outstanding Servicing Advances associated with the Mortgage Loans.  Upon written request from the Owner in connection with any such termination, the Servicer and Servicing Rights Purchaser shall prepare, execute and deliver, any and all documents and other instruments, and do or accomplish all other acts or things reasonably 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 Owner, all contents of the Mortgage Files in the possession of the Servicer, at the Owner’s sole expense.  Each of the Servicer and the Servicing Rights Purchaser agrees to cooperate with the Owner and such successor in effecting the termination of the Servicer’s responsibilities and rights hereunder as 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 Servicer 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 Owner:

 

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

 

(b)          if to the Servicer:

 

Select Portfolio Servicing, Inc.

3815 S. West Temple

Salt Lake City, UT 84115

Attention: Business Development

Phone: (801) 293-2546

Fax: (801) 270-7797

 

With a copy to the General Counsel at:

  

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Select Portfolio Servicing, Inc.

3815 S. West Temple

Salt Lake City, UT 84115

Attention: General Counsel

Phone: (801) 293-2585

Fax: (801) 293-3931

 

(c)          if to Servicing Rights Purchaser:

 

DLJ Mortgage Capital, Inc.

Eleven Madison Avenue, 4th Floor

New York, New York  10010

Attention: Peter Sack

Phone:  (212) 325-7892

Fax: (212) 745-5261

 

With a copy to the General Counsel at:

 

DLJ Mortgage Capital, Inc.

One Madison Avenue, 9th Floor

New York, NY  10010

Attention:  General Counsel

 

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.

  

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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 Servicer shall be rendered as an independent contractor and not as agent for the Owner or Servicing Rights 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.

 

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.

 

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 Servicing Rights Purchaser is purchasing, and the Owner is selling, the Servicing Rights and not a debt instrument of the Owner or another security.  Accordingly, the parties hereto each intend to treat the transaction for federal income tax purposes as a sale by the Owner, and a purchase by the Servicing Rights Purchaser, of the Servicing Rights.

  

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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 Owner, the Servicing Rights Purchaser and the Servicer by written agreement signed by the parties hereto.

 

SECTION 26.   Confidentiality.

 

Each of the Owner, the Servicing Rights Purchaser and the Servicer 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 Owner (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 Servicer, the Servicing Rights Purchaser and the Owner 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 Owner, the Servicing Rights Purchaser and the Servicer, and the respective successors and assigns of the Owner, the Servicing Rights Purchaser and the Servicer.  The initial Owner and any subsequent purchasers may assign this Agreement to any Person to whom any Mortgage Loan is transferred pursuant to a sale or financing upon prior written notice to the Servicer and Servicing Rights Purchaser in accordance with the following paragraph; provided, however, that except in connection with Securitization Transactions, as to which no such quantitative limitation shall apply, the Servicer shall not be required to service the Mortgage Loans for more than three (3) Persons for assignees of Redwood Residential Acquisition Corporation or its respective affiliates at any time and shall not recognize any assignment of this Agreement to the extent that following such assignment more than such number of Persons would be purchasers hereunder.  As used herein, the trust formed in connection with a Securitization Transaction shall be deemed to constitute a single “Person.”  Upon any such assignment and written notice thereof to the Servicer, the Person to whom such assignment is made shall succeed to all rights and obligations of the Owner 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 Servicer and such purchaser, and a separate and distinct agreement between the Servicer and each other purchaser to the extent of the other related Mortgage Loan or Mortgage Loans.

 

At least five (5) Business Days prior to the end of the month preceding the date upon which the first remittance is to be made to an assignee of the Owner, the Owner shall provide to the Servicer and Servicing Rights Purchaser written notice of any assignment setting forth:  (a) the Servicer’s applicable Mortgage Loan identifying number for each of the Mortgage Loans affected by such assignment; (b) the aggregate scheduled transfer balance of such Mortgage Loans; and (c) the full name, address and wiring instructions of the assignee and the name and telephone number of an individual representative for such assignee, to whom the Servicer should:  (i) send remittances; (ii) send any notices required by or provided for in this Agreement; and (iii) deliver any legal documents relating to the Mortgage Loans (including, but not limited to, contents of any Mortgage File obtained after the effective date of any assignment).

 

If the Owner has not provided the notice of assignment required by this Section 29, neither the Servicer nor the Servicing Rights Purchaser shall be required to treat any other Person as a “Owner” hereunder and may continue to treat the Owner which purports to assign the Agreement as the “Owner” for all purposes of this Agreement.

  

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SECTION 30.   Non-Solicitation.

 

From and after the related Closing Date, each of the Servicer, the Servicing Rights Purchaser, the Owner and each of their respective Affiliates 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 other parties to this Agreement, other than in connection with a loss mitigation action.  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) are solely the property of the Owner and none of the Servicer or any of its Affiliates shall take any action to undermine these rights and benefits.

 

Notwithstanding the foregoing, it is understood and agreed that the Servicer or any of its affiliates:

 

(a)           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 Servicer and any of their 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;

 

(b)           may provide pay-off information and otherwise cooperate with individual mortgagors who contact it about prepaying their mortgages by advising them of refinancing terms and streamlined origination arrangements that are available; and

 

(c)           may offer to refinance a Mortgage Loan made within thirty (30) days following receipt by it  of a pay-off request from the related Mortgagor.

 

Promotions undertaken by the Servicer or by any affiliate of the Servicer 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

  

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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 Owner or the Servicer, or, in the case of the Servicer, as reasonably necessary to service the Mortgage Loans in accordance with Customary Servicing Procedures, (iv) shall maintain adequate physical, technical and administrative safeguards to protect Consumer Information from unauthorized access and (v) shall immediately notify the other party of any actual or suspected breach of the confidentiality of Consumer Information.

 

	 	
SECTION 32.

	
Cooperation of the Servicer With a Reconstitution; Regulation AB Compliance.

 

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

 

(1)           one or more Whole Loan Transfers; and

 

(2)           one or more Securitization Transactions;

 

provided, however, that except in connection with Securitization Transactions, no more than three (3) persons shall be assignees of the Owner’s interest in this Agreement with respect to a given Mortgage Loan Package; provided, further, that the terms of such Whole Loan Transfer or Securitization Transaction are reasonably acceptable to the Servicer.

 

(b)         The Servicer shall reasonably cooperate with the Owner in connection with any Whole Loan Transfer or Securitization Transaction contemplated by the Owner pursuant to this Section.  In connection therewith, the Owner shall deliver any Reconstitution Agreement or other document related to the Whole Loan Transfer or Securitization Transaction to the Servicer at least fifteen (15) days prior to such transfer and the Servicer shall execute any Reconstitution Agreement that contains servicing provisions substantially similar to those herein or otherwise reasonably acceptable to the Owner and the Servicer and that restates the representations and warranties contained in Section 7 as of the Reconstitution Date.  Any prospective assignees of the Owner who have entered into a commitment to purchase any of the Mortgage Loans in a Whole Loan Transfer or Securitization Transaction may review the Servicer’s servicing operations, upon reasonable prior notice to the Servicer, and at the Servicer’s location identified by the Servicer and the Servicer 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 Servicer shall make the Mortgage Files related to the Mortgage Loans held by the Servicer available at the Servicer’s principal operations center for review by any such prospective assignees during normal business hours upon reasonable prior notice to the Servicer (in no event fewer than five (5) Business Days’ prior notice).  The Servicer 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 available to the public at large and a release agreement with respect to its activities on the Servicer’s premises.  The Owner hereby agrees to reimburse the Servicer for reasonable “out-of-pocket” expenses incurred by the Servicer that relate to such

  

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Whole Loan Transfer or Securitization Transaction including without limitation reimbursement for attorneys’ fees and disbursements and the amount which reasonably reflects time and effort expended by the Servicer in connection therewith.

 

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

 

(d)           In connection with any Securitization, the Servicer shall execute and deliver an Assignment, Assumption and Recognition Agreement substantially in the form of Addendum II.

 

(e)           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 Owner and the Servicer that the right to effectuate such Whole Loan Transfer or Securitization Transaction as contemplated by this Section 32 is limited to the Owner.  It is further understood that no such Whole Loan Transfer or Securitization Transaction shall be deemed to include the Servicing Rights related to the transferred Mortgage Loans and that Servicing Rights Purchaser shall continue to own such Servicing Rights following any such transfer.

 

[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 Owner

	  	  	  
	   	
By:

	/s/ John Isbrandtsen
	  	
Name:

	John Isbrandtsen  
	  	
Title:

	Authorized Officer  
	  	  	  
	  	
SELECT PORTFOLIO SERVICING, INC.,

	  	
as Servicer

	  	  	  
	  	
By:

	/s/ Lester Cheng  
	  	
Name:

	Lester Cheng  
	  	
Title:

	Senior Vice President  
	  	  	  
	  	
DLJ MORTGAGE CAPITAL, INC.,

	  	
as Servicing Rights Purchaser

	  	  	  
	  	
By:

	/s/ Kevin Steele  
	  	
Name:

	Kevin Steele  
	  	
Title:

	Vice President  

 

[Flow Mortgage Loan Servicing Rights Sale and Servicing Agreement]

  

 

  

EXHIBIT 1

 

FORM OF BILL OF SALE AND SERVICER ACKNOWLEDGEMENT

 

On this __ day of __________, 20[__], Redwood Residential Acquisition Corporation (“Owner”) does hereby sell, transfer, assign, set over and convey to DLJ Mortgage Capital, Inc. (the “Servicing Rights Purchaser”), without recourse, except as expressly provided in that certain Flow Mortgage Loan Servicing Rights Sale and Servicing Agreement, dated as of [  ], 20[__] (the “Agreement”), among Select Portfolio Servicing, Inc. (the “Servicer”), Servicing Rights Purchaser and Owner, all of the right, title and interest of Owner in and to the Servicing Rights relating to the mortgage loans identified on the mortgage loan schedule attached hereto as Schedule 1 (the “Mortgage Loans”).  Owner, Servicing Rights Purchaser and Servicer hereby agree that the terms of the sale of the Servicing Rights shall be subject to the Agreement.  Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Agreement.

 

Servicer hereby accepts the servicing obligations attendant to the transfer of the Servicing Rights hereunder and as of the Transfer Date assumes all responsibilities of Owner or any prior servicer related to the servicing of the Mortgage Loans in accordance with the Agreement.

 

Each of Owner and Servicer represents and warrants that its respective representations and warranties made in the Agreement are true and correct as of the Closing Date or such other date as is specified in the Agreement.

 

As set forth in the Agreement, the following terms shall have the respective meanings set forth below with respect to the Servicing Rights sold hereby.

 

	
1.

	
Closing Date.

	
The Closing Date is [___ __ __], 20__.

	
2.

	
Cut-off Date.

	
The Cut-off Date is [_____ __], 20__.

	
3.

	
Transfer Date:  [_______], 20__.

	
3.

	
Number of Mortgage Loans.

	
[___] Mortgage Loans.

	
4.

	
Stated Principal Balance as of Cut-off Date.

	
$[__________].

	
5.

	
Purchase Price Percentage.

	
[______%].

	
6.

	
Purchase Price.

	
$[______].

	
7.

	
Servicing Fee Rate:  [__]% per annum.

 

Owner and Servicing Rights Purchaser hereby acknowledge and agree that if Mortgage Loans are removed from the Mortgage Loan Package after the Closing Date and prior to the Transfer Date, Owner shall pay to Servicing Rights Purchaser on the Transfer Date a Purchase Price adjustment equal to [insert adjustment formula].

 

This Bill of Sale and Servicer Acknowledgement may be executed simultaneously in any number of counterparts.  Each counterpart shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument.

  

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IN WITNESS WHEREOF, Owner, Servicing Rights Purchaser and Servicer have executed this Bill of Sale and Servicer Acknowledgement as of the day and year first written above.

 

	
REDWOOD RESIDENTIAL

	  	
SELECT PORTFOLIO SERVICING, INC.

	
ACQUISITION CORPORATION

	  	
as Servicer

	
as Owner

	  	  
	  	  	  
	
By:

	  	  	
By:

	  
	  	  	  
	
Name:

	  	  	
Name:

	  
	  	  	  
	
Its:

	  	  	
Its:

	  

 

	
DLJ MORTGAGE CAPITAL, INC.,

	  
	
as Servicing Rights Purchaser

	  
	  	  
	
By:

	  	  
	  	  
	
Name:

	  	  
	  	  
	
Its:

	  	  

  

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EXHIBIT 2

FORM OF NOTICE OF SALE OF OWNERSHIP OF MORTGAGE LOAN

 

Under federal law, borrowers are required to be notified in writing whenever ownership of a mortgage loan secured by their principal dwelling is sold, transferred or assigned (collectively, “sold”) to a new creditor.  This Notice is to inform you that your prior creditor has sold your loan (described below) to us, the new creditor identified below.

 

**Please note that while we now own your loan, we are not the servicer of your loan.  The servicer (identified below) acts on our behalf to handle the ongoing administration of your loan, including the collection of mortgage payments.  Please continue to send your mortgage payments as directed by the servicer, and NOT to us.  Also, should you have any questions regarding your loan, please contact the servicer using the contact information set forth below.  The servicer is authorized to handle routine inquiries and requests regarding your loan and, if necessary, to consult with us regarding your request and communicate to you our decision with respect to such request. **

 

Please note that the sale of your loan to us may also result in a change of servicer.  If this occurs, you will receive a separate notice, required under federal law, providing information regarding the new servicer.

 

	  	
LOAN INFORMATION

	  
	  	  	  
	  	
Date of Loan:

	  
	  	
Original Amount of Loan:

	  
	  	
Date Your Loan was Sold to the New Creditor:

	  
	  	
Address of Mortgaged Property:

	  
	  	  	  
	  	
SERVICER INFORMATION

	  
	  	  	  
	  	
Name:

	  
	  	
Mailing Address:

	  
	  	
Telephone Number (Toll free):

	  
	  	  	  
	  	
NEW CREDITOR INFORMATION

	  
	  	  	  
	  	
Name:

	  
	  	
Mailing Address:  (not for payments):

	  
	  	
Telephone Number (Toll free):

	  
	  	  	  
	  	
AGENT INFORMATION (If we have granted an agent other than the servicer authority to act on our behalf, contact information for such agent will appear below):

	  
	  	  	  
	  	
Name:

	  
	  	
Mailing Address:

	  
	  	
Telephone Number (Toll free):

	  

 

The transfer of the lien associated with your loan is currently recorded, or in the future may be recorded, in the public records of the local County Recorder’s office for the county where your property is located.  If checked

 

  

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 ̈, ownership of your loan is also recorded on the registry of the Mortgage Electronic Registrations System at 1818 Library Street, Suite 300, Reston, VA 20190.

 

[Confirm if applicable]  Your loan has been securitized and we own legal title to your loan acting as trustee of the related securitization trust (the “Trust”) for the benefit of the holders (the “Holders”) of the mortgage-backed securities issued by the Trust.  Our rights and obligations, as trustee, are defined in one or more contracts among us, the Holders and certain other parties.  As a result, our authority to respond favorably to your requests or inquiries may be limited by the terms of such contracts.

  

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EXHIBIT 3

 

MORTGAGE LOAN SCHEDULE FIELDS

 

[ASF RMBS DISCLOSURE PACKAGE]

  

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EXHIBIT 4

 

SPS TRANSFER INSTRUCTIONS

  

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ADDENDUM I

 

REGULATION AB COMPLIANCE ADDENDUM

 

TO FLOW MORTGAGE LOAN SERVICING RIGHTS SALE AND

 

(Servicing-only)

 

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:  Select Portfolio Servicing, Inc., and its successors.

 

Company Information:  As defined in Section 2.07(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.

 

Reconstitution Agreement:  The agreement or agreements entered into by the Company and the Owner and/or certain third parties on the Reconstitution Date or Dates with respect to any or all of the Mortgage Loans serviced hereunder, 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. 1,506, 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.

  

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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 Owner 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 Owner 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.

 

Subcontractor:  Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Company or a Subservicer, provided that this term shall not include the Owner, an affiliate of the Owner or originators of Mortgage Loans acquired by the Company from the Owner or an affiliate of the Owner.

 

Subservicer:  Any Person that services Mortgage Loans on behalf of the Company or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions identified in Item 1122(d) of Regulation AB that are required to be performed by the Company under this Agreement or any Reconstitution Agreement, provided that this term shall not include the Owner, an affiliate of the Owner or originators of Mortgage Loans acquired by the Company from the Owner or an affiliate of the Owner.

 

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 Owner and the Company acknowledge and agree that the purpose of this Regulation AB Addendum is to facilitate compliance by the Owner 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 Owner 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 Owner 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 Owner 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 Owner 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 Owner, 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 Owner and any Master Servicer to deliver to the Owner (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 Owner or any Depositor to permit the Owner, such Master Servicer or such Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Company, any Subservicer, and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably believed by the Owner, the Master Servicer or any Depositor to be necessary in order to effect such compliance.

 

The Owner and the Company also acknowledge and agree that Section 2.02(a)(i)-(v), Section 2.03(c), (e) and (f), Section 2.04, Section 2.05 and Section 2.06 of this Regulation AB Addendum shall only be applicable with respect to any Mortgage Loan if the Company (or Subservicer, if any) services such Mortgage Loan for a period following the closing date of a related Securitization Transaction.

  

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For purposes of this Regulation AB Addendum, the term “Owner” 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.

 

The Owner (including any of its assignees or designees) shall cooperate with the Company by providing timely notice of requests for information under these provisions.

 

Subsection 2.02  Additional Representations and Warranties of the Company.

 

(a)           The Company shall be deemed to represent to the Owner, to any Master Servicer and to any Depositor, as of the date on which information is first provided to the Owner, any Master Servicer or any Depositor under Section 2.03 that, except as disclosed in writing to the Owner, such Master Servicer or such Depositor prior to such date: (i) the Company is not aware and has not received notice that any default, early amortization or other performance triggering event with respect to the Company has occurred as to any other securitization due to any act or failure to act of the Company; (ii) the Company has not been terminated as servicer in a residential mortgage loan securitization, either due to a servicing default or to application of a servicing performance test or trigger; (iii) no material noncompliance with the Servicing Criteria with respect to other securitizations of residential mortgage loans involving the Company as servicer has been disclosed or reported by the Company; (iv) no material changes to the Company’s policies or procedures with respect to the servicing function it will perform under this Agreement and any Reconstitution Agreement for mortgage loans of a type similar to the Mortgage Loans have occurred during the three-year period immediately preceding the related Securitization Transaction; (v) there are no aspects of the Company’s financial condition that are reasonably expected to have a material adverse effect on the performance by the Company of its servicing obligations under this Agreement or any Reconstitution Agreement; (vi) there are no material legal or governmental proceedings pending (or known to be contemplated) against the Company or any Subservicer; and (vii) there are no affiliations, relationships or transactions relating to the Company or any Subservicer 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 Owner, any Master Servicer or any Depositor on any date following the date on which information is first provided to the Owner, any Master Servicer or any Depositor under Section 2.03, the Company shall use commercially reasonable 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 commercially reasonable efforts to (i) within five (5) Business Days, but in no event later than ten (10)

  

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Business Days, following written request by the Owner or any Depositor, provide to the Owner and such Depositor (or, as applicable, cause each Subservicer to provide), in writing and in form and substance reasonably satisfactory to the Owner 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 Owner and any Depositor (in writing and in form and substance reasonably satisfactory to the Owner and such Depositor) the information specified in paragraph (d) of this Section.

 

(a)           [Reserved]

 

(b)           If so requested in writing by the Owner or any Depositor, the Company shall 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 Owner 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 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  Static Pool Information with respect to more than one mortgage loan type, the Owner or any 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 Owner 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 Owner 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 Owner 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 Owner or any Depositor, the Company shall 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 Owner or Depositor, as applicable, pertaining to Static Pool Information relating to securitizations closed on or after January 1, 2006, as the Owner or such Depositor shall reasonably request.  Such statements and letters shall be addressed to and be for the benefit of such parties as the Owner or such Depositor shall designate, which may include, by way of

  

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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 Owner or such Depositor.

 

(c)         If so requested in writing by the Owner or any Depositor, the Company shall provide such information regarding the Company, as servicer of the Mortgage Loans, and each Subservicer (each of the Company and each Subservicer, for purposes of this paragraph, a “Servicer”), as is requested for the purpose of compliance with Item 1108, 1117 and 1119 of Regulation AB.  Such information shall include, at a minimum:

 

(A)         the Servicer’s form of organization;

 

(B)         a description of how long the Servicer has been servicing residential mortgage loans; a general discussion of the Servicer’s experience in servicing assets of any type as well as a more detailed discussion of the Servicer’s experience in, and procedures for, the servicing function it will perform under the Agreement and any Reconstitution Agreements; information regarding the size, composition and growth of the Servicer’s portfolio of residential mortgage loans of a type similar to the Mortgage Loans and information on factors related to the Servicer that may be material, in the good faith judgment of the Owner or any Depositor, to any analysis of the servicing of the Mortgage Loans or the related asset-backed securities, as applicable, including, without limitation:

 

(1)           whether any prior securitizations of mortgage loans of a type similar to the Mortgage Loans involving the Servicer have defaulted or experienced an early amortization or other performance triggering event because of servicing by the Servicer during the three-year period immediately preceding the related Securitization Transaction;

 

(2)           the extent of outsourcing the Servicer utilizes;

 

(3)           whether there has been previous disclosure of material noncompliance with the applicable servicing criteria with respect to other securitizations of residential mortgage loans involving the Servicer as a servicer during the three-year period immediately preceding the related Securitization Transaction;

 

(4)           whether the Servicer has been terminated as servicer in a residential mortgage loan securitization, either due to a servicing default or to application of a servicing performance test or trigger; and

 

(5)           such other information as the Owner or any Depositor may reasonably request for the purpose of compliance with Item 1108(b)(2) of Regulation AB;

 

(C)         a description of any material changes during the three-year period immediately preceding the related Securitization Transaction to the Servicer’s policies or procedures with respect to the servicing function it will perform under the Agreement and

  

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any Reconstitution Agreements for mortgage loans of a type similar to the Mortgage Loans;

 

(D)         information regarding the Servicer’s financial condition, to the extent that there is a material risk that an adverse financial event or circumstance involving the Servicer could have a material adverse effect on the performance by the Company of its servicing obligations under the Agreement or any Reconstitution Agreement;

 

(E)         information regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s overall servicing portfolio of residential mortgage loans for the three-year period immediately preceding the related Securitization Transaction, which may be limited to a statement by an authorized officer of the Servicer to the effect that the Servicer has made all advances required to be made on residential mortgage loans serviced by it during such period, or, if such statement would not be accurate, information regarding the percentage and type of advances not made as required, and the reasons for such failure to advance;

 

(F)         a description of the Servicer’s processes and procedures designed to address any special or unique factors involved in servicing loans of a similar type as the Mortgage Loans;

 

(G)         a description of the Servicer’s processes for handling delinquencies, losses, bankruptcies and recoveries, such as through liquidation of mortgaged properties, sale of defaulted mortgage loans or workouts; and

 

(H)         information as to how the Servicer defines or determines delinquencies and charge-offs, including the effect of any grace period, re-aging, restructuring, partial payments considered current or other practices with respect to delinquency and loss experience.

 

(I)         a description of any legal or governmental proceedings pending (or known to be contemplated) against the Servicer that would be material to securityholders; and

 

(J)         a description of any affiliation or relationship between the Servicer and any of the following parties to a Securitization Transaction, as such parties are identified to the Servicer by the Owner or any Depositor in writing in advance of a 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.

  

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(d)          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 Subservicer to) (i) provide prompt notice to the Owner, any Master Servicer and any Depositor in writing of (A) any litigation or governmental proceedings pending against the Company or any Subservicer that would be material to securityholders and (B) any affiliations or relationships that develop following the closing date of a Securitization Transaction between the Company or any Subservicer 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 Owner, 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, (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 (E) the Company’s entry into an agreement with a Subservicer to perform or assist in the performance of any of the Company’s obligations under the Agreement or any Reconstitution Agreement and (ii) provide to the Owner and any Depositor a description of such proceedings, affiliations or relationships.

 

(e)          As a condition to the succession to the Company or any Subservicer as servicer or subservicer under the Agreement or any Reconstitution Agreement by any Person (i) into which the Company or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Company or any Subservicer, the Company shall provide to the Owner, any Master Servicer and any Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Owner and any Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Owner and such Depositor, all information reasonably requested in writing by the Owner or any Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities.

 

(f)          In addition to such information as the Company, as servicer, is obligated to provide pursuant to other provisions of the Agreement, not later than ten (10) days prior to the deadline for the filing of any distribution report on Form 10-D in respect of any Securitization Transaction that includes any of the Mortgage Loans serviced by the Company or any Subservicer, the Company or such Subservicer, as applicable, shall, to the extent the Company or such Subservicer has knowledge, provide to the party responsible for filing such report (including, if applicable, the Master Servicer) notice of the occurrence of any of the following events along with all information, data and materials related thereto and reasonably available to it as may be required to be included in the related distribution report on Form 10-D (as specified in the provisions of Regulation AB referenced below):

 

(i)           any modifications, extensions or waivers of pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB) that would be material to the securityholders;

  

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(ii)          breaches of pool asset representations or warranties or transaction covenants (Item 1121(a)(12) of Regulation AB) that would be material to the securityholders; and

 

(iii)         information regarding new asset-backed securities issuances backed by the same pool assets, any pool asset changes (such as additions, substitutions or repurchases), and any changes in origination, underwriting or other criteria for acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB) that would be material to the securityholders.

 

(g)          The Company shall provide to the Owner, any Master Servicer and any Depositor, upon written request, evidence of the authorization of the person signing any certification or statement, copies of Fidelity Bond Insurance and Errors and Omissions Insurance policy evidence, publicly available financial information and reports, and, to the extent material to securityholders, such other information related to the Company or any Subservicer of the Company’s or such Subservicer’s performance hereunder.

 

Subsection 2.04  Servicer Compliance Statement.

 

On or before March 5th of each calendar year when the Depositor is required to file reports under the Exchange Act with respect to the related Securitization Transaction, commencing in 2012, the Company shall deliver to the Owner and any Master Servicer, or any Depositor if a Master Servicer has not been identified for the related Securitization Transaction, a statement of compliance addressed to such parties and signed by an authorized officer of the Company, to the effect that (i) a review of the Company’s activities during the immediately preceding calendar year (or applicable portion thereof) and of its performance under the Agreement and any applicable Reconstitution Agreement during such period has been made under such officer’s supervision, and (ii) to the best of such officers’ knowledge, based on such review, the Company has fulfilled all of its obligations under the Agreement and any applicable Reconstitution Agreement in all material respects throughout such calendar year (or applicable portion thereof) or, if there has been a failure to fulfill any such obligation in any material respect, specifically identifying each such failure known to such officer and the nature and the status thereof.

 

Subsection 2.05  Report on Assessment of Compliance and Attestation.

 

(a)          On or before March 5th of each calendar year when the Depositor is required to file reports under the Exchange Act with respect to the related Securitization Transaction, commencing in 2012, the Company shall:

 

(i)           deliver to the Owner and any Master Servicer, or any Depositor if a Master Servicer has not been identified for the related Securitization Transaction, a report (in form and substance reasonably satisfactory to such parties) regarding the Company’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.  Such report shall be addressed to such parties and signed by an

  

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authorized officer of the Company, and shall address each of the “Applicable Servicing Criteria” specified on Exhibit B hereto;

 

(ii)          deliver to the Owner and any Master Servicer, or any Depositor if a Master Servicer has not been identified for the related Securitization Transaction, a report of a registered public accounting firm reasonably acceptable to such parties that attests to, and reports on, the assessment of compliance made by the Company and delivered pursuant to the preceding paragraph.  Such attestation shall be in accordance with Rules 1o02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act;

 

(iii)         cause each Subservicer, and each Subcontractor determined by the Company pursuant to Section 2.06(b) to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Owner and any Master Servicer, or any Depositor if a Master Servicer has not been identified for the related Securitization Transaction, an assessment of compliance and accountants’ attestation as and when provided in paragraphs (a) and (b) of this Section; and

 

(iv)         deliver, and cause each Subservicer, and each Subcontractor determined by the Company pursuant to Section 2.06(b) to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, to deliver, to the Owner and any Master Servicer, or any Depositor if a Master Servicer has not been identified for the related Securitization Transaction, and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with respect to a Securitization Transaction a certification, signed by the appropriate officer of the Company, in the form attached hereto as Exhibit A.

 

The Company acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Company pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission.  Neither the Owner nor any Depositor will request delivery of a certification under clause (a)(iv) above unless a Depositor is required under the Exchange Act to file an annual report on Form 10-K with respect to an issuing entity whose asset pool includes Mortgage Loans.

 

(b)          Each assessment of compliance provided by a Subservicer pursuant to Section 2.05(a)(iii) shall address each of the Servicing Criteria specified on substantially Exhibit B hereto or, in the case of a Subservicer subsequently appointed as such, on or prior to the date of such appointment.  An assessment of compliance provided by a Subcontractor pursuant to Section 2.05(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Company pursuant to Section 2.06.

 

Subsecton 2.06  Use of Subservicers and Subcontractors.

 

The Company shall not hire or otherwise utilize the services of any Subservicer to fulfill any of the obligations of the Company as servicer under the Agreement or any Reconstitution

  

I-10

  

Agreement unless the Company complies with the provisions of paragraph (a) of this Section.  The Company shall not hire or otherwise utilize the services of any Subcontractor, and shall not authorize any Subservicer to hire or otherwise utilize the services of any Subcontractor, to fulfill any of the obligations of the Company as servicer under the Agreement or any Reconstitution Agreement unless the Company complies with the provisions of paragraph (b) of this Section.

 

(a)           It shall not be necessary for the Company to seek the consent of the Owner, any Master Servicer or any Depositor to the utilization of any Subservicer.  The Company shall cause any Subservicer used by the Company (or by any Subservicer) for the benefit of the Owner and any Depositor to comply with the provisions of this Section and with Sections 2.02, 2.03(c), (e), (f) and (g), 2.04, 2.05 and 2.07 of this Regulation AB Addendum to the same extent as if such Subservicer were the Company, and to provide the information required with respect to such Subservicer under Section 2.03(d) of this Regulation AB Addendum.  The Company shall be responsible for obtaining from each Subservicer and delivering to the Owner and any Depositor any servicer compliance statement required to be delivered by such Subservicer under Section 2.04, any assessment of compliance and attestation required to be delivered by such Subservicer under Section 2.05 and any certification required to be delivered to the Person that will be responsible for signing the Sarbanes Certification under Section 2.05 as and when required to be delivered.

 

(b)           It shall not be necessary for the Company to seek the consent of the Owner, any Master Servicer or any Depositor to the utilization of any Subcontractor.  The Company shall promptly upon written request provide to the Owner and any Master Servicer, or any Depositor (or any designee of the Depositor, such as an administrator) if a Master Servicer has not been identified for the related Securitization Transaction, a written description (in form and substance reasonably satisfactory to such parties) of the role and function of each Subcontractor utilized by the Company or any Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are “participating in the servicing function” within the meaning of Item 1122 of Regulation AB and (iii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph.

 

(c)           As a condition to the utilization of any Subcontractor determined to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, the Company shall cause any such Subcontractor used by the Company (or by any Subservicer) for the benefit of the Owner and any Depositor to comply with the provisions of Sections 2.05 and 2.07 of this Regulation AB Addendum to the same extent as if such Subcontractor were the Company.  The Company shall be responsible for obtaining from each Subcontractor and delivering to the Owner and any Depositor any assessment of compliance and attestation required to be delivered by such Subcontractor under Section 2.05, in each case as and when required to be delivered.

 

Subsection 2.07  Indemnification; Remedies.

 

The Company shall indemnify the Owner, each affiliate of the Owner, 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

  

I-11

  

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 Regulation AB Addendum by or on behalf of the Company, or provided under this Regulation AB Addendum by or on behalf of any Subservicer or Subcontractor (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 Regulation AB Addendum, including particularly any failure by the Company, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material when and as required under this Regulation AB Addendum, including any failure by the Company to identify pursuant to Section 2.06(b) any Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation AB;

 

(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 Regulation AB Addendum.

 

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

  

I-12

  

 

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 Owner, 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, any Subservicer or any Subcontractor.

 

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

 

(i)           Any failure by the Company, any Subservicer or any Subcontractor to deliver any information, report, certification, accountants’ letter or other material when and as required under this Regulation AB Addendum, or 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, shall, except as provided in clause (ii) of this paragraph, immediately and automatically, without notice or grace period, constitute an Event of Default with respect to the Company under the Agreement and any applicable Reconstitution Agreement, and shall entitle the Owner or Depositor, as applicable, in its sole discretion to terminate the rights and obligations of the Company as servicer under the Agreement and/or any applicable Reconstitution Agreement without payment (notwithstanding anything in the Agreement or any applicable Reconstitution Agreement to the contrary) of any compensation to the Company (and, if the Company is servicing any of the Mortgage Loans in a Securitization Transaction, appoint a successor servicer reasonably acceptable to any Master Servicer for such Securitization Transaction); provided that to the extent that any provision of the Agreement and/or any applicable Reconstitution Agreement expressly provides for the survival of certain rights or obligations following termination of the Company as servicer, such provision shall be given effect.

 

(ii)          Any failure by the Company, any Subservicer or any Subcontractor to deliver any information, report, certification or accountants’ letter when and as required under Section 2.04 or 2.05, including (except as provided below) any failure by the Company to identify pursuant to Section 2.06(b) any Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, which continues unremedied for ten (10) calendar days after the date on which such information, report, certification or accountants’ letter was required to be delivered shall constitute an Event of Default with respect to the Company under the Agreement and any applicable Reconstitution Agreement, and shall entitle the Owner, any Master Servicer or any

  

I-13

  

Depositor, as applicable, in its sole discretion to terminate the rights and obligations of the Company as servicer under the Agreement and/or any applicable Reconstitution Agreement without payment (notwithstanding anything in this Agreement to the contrary) of any compensation to the Company; provided that to the extent that any provision of the Agreement and/or any applicable Reconstitution Agreement expressly provides for the survival of certain rights or obligations following termination of the Company as servicer, such provision shall be given effect.

 

Neither the Owner nor any Depositor shall be entitled to terminate the rights and obligations of the Company pursuant to this subparagraph (b)(ii) if a failure of the Company to identify a Subcontractor “participating in the servicing function” within the meaning of Items 1122 of Regulation AB was attributable solely to the role or functions of such Subcontractor with respect to mortgage loans other than the Mortgage Loans.

 

(f)           The Company shall promptly reimburse the Owner (or any designee of the Owner), any Master Servicer and any Depositor, as applicable, for all reasonable expenses incurred by the Owner (or such designee) or such Depositor, as such are incurred, in connection with the termination of the Company as servicer and the transfer of servicing of the Mortgage Loans to a successor servicer.  The provisions of this paragraph shall not limit whatever rights the Owner or any Depositor may have under other provisions of the Agreement and/or any applicable Reconstitution Agreement or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive relief.

 

Subsection 2.08  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.

  

I-14

  

EXHIBIT A

 

FORM OF ANNUAL CERTIFICATION

 

	 	
Re:

	
The [ ] agreement dated as of [ ], 20[  ] (the “Agreement”), among [IDENTIFY PARTIES]

 

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

 

(1)           I have reviewed the servicer compliance statement of the Company provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Company’s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB and identified as the responsibility of the Company on Exhibit B to the Regulation AB Compliance Addendum to the Agreement (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of the Mortgage Loans by the Company during 20[ ] that were delivered by the Company to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement (collectively, the “Company Servicing Information”);

 

(2)           Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

 

(3)           Based on my knowledge, all of the Company Servicing Information required to be provided by the Company under the Agreement has been provided to the [Depositor] [Master Servicer] [Securities Administrator] [Trustee];

 

(4)           I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement in all material respects; and

 

(5)           The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the Agreement, have been provided to the [Depositor] [Master Servicer].  Any material instances of noncompliance described in such reports have been disclosed to the [Depositor] [Master Servicer].  Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.

 

  

I-A-1

  

 

	  	
Date:

	  
	  	  	  
	  	  	  
	  	
By:

	  
	 	 	 
	  	  	
Name:

	  	  	
Title:

 

  

I-A-2

  

 

EXHIBIT B

 

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

 

The assessment of compliance to be delivered by [the Company] [Name of Subservicer] shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”;

 

	  	
Servicing Criteria

	
Applicable

Servicing

Criteria 

	
Reference

	
Criteria

	  
	  	
General Servicing Considerations

	  
	
1122(d)(1)(i)

	
Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

	
x

	
1122(d)(1)(ii)

	
If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

	
x

	
1122(d)(1)(iii)

	
Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.

	  
	
1122(d)(1)(iv)

	
A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

	
x

	  	
Cash Collection and Administration

	  
	
1122(d)(2)(i)

	
Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.

	
x

	
1122(d)(2)(ii)

	
Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

	
x

	
1122(d)(2)(iii)

	
Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.

	
x

	
1122(d)(2)(iv)

	
The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.

	
x

 

  

I-B-1

  

	  	
Servicing Criteria

	
Applicable

Servicing

Criteria 

	 Reference	 Criteria	 
	
1122(d)(2)(v)

	
Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution

that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.

	
x

	
1122(d)(2)(vi)

	
Unissued checks are safeguarded so as to prevent unauthorized access.

	  
	
1122(d)(2)(vii)

	
Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction

agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of

days specified in the transaction agreements.

	
x

	  	
Investor Remittances and Reporting

	  
	
1122(d)(3)(i)

	
Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.   Specifically, such reports (A) are prepared in accordance with timeframes and other terms  set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Servicer.

	  
	
1122(d)(3)(ii)

	
Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

	  
	
1122(d)(3)(iii)

	
Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.

	  
	
1122(d)(3)(iv)

	
Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

	  

 

  

I-B-2

  

	  	
Servicing Criteria

	
Applicable

Servicing

Criteria 

	Reference	Criteria	 
	  	
Pool Asset Administration

	  
	
1122(d)(4)(i)

	
Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.

	  
	
1122(d)(4)(ii)

	
Mortgage loan and related documents are safeguarded as required by the transaction agreements

	  
	
1122(d)(4)(iii)

	
Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

	  
	
1122(d)(4)(iv)

	
Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in

accordance with the related mortgage loan documents.

	
x

	
1122(d)(4)(v)

	
The Servicer’s records regarding the mortgage loans agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.

	
x

	
1122(d)(4)(vi)

	
Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

	
x

	
1122(d)(4)(vii)

	
Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.

	
x

	
1122(d)(4)(viii)

	
Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

	
x

 

  

I-B-3

  

	  	
Servicing Criteria

	
Applicable

Servicing

Criteria 

	Reference	Criteria	 
	
1122(d)(4)(ix)

	
Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.

	
x

	
1122(d)(4)(x)

	
Regarding any funds held in trust for an obligor (such as escrow accounts):  (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the Mortgage Loans, or such other number of days specified in the transaction agreements.

	
x

	
1122(d)(4)(xi)

	
Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.

	
x

	
1122(d)(4)(xii)

	
Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

	
x

	
1122(d)(4)(xiii)

	
Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.

	
x

	
1122(d)(4)(xiv)

	
Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.

	
x

	
1122(d)(4)(xv)

	
Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.

	  

  

I-B-4

  

 

	  	
[NAME OF COMPANY/SUBSERVICER]

	  	  	  
	  	
Date:

	  
	  	  	  
	  	
By:

	  
	  	  	
Name:

	  	  	
Title:

  

I-B-5

  

 

[__] – SEQUOIA TO TRUSTEE

 

ADDENDUM II

 

ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

For

Flow Mortgage Loan Servicing Rights Sale and Servicing Agreement

THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated as of [ ] (the “Assignment”), is entered into among Redwood Residential Acquisition Corporation (the “Assignor”), Sequoia Residential Funding, Inc. (the “Depositor”), Select Portfolio Servicing, Inc., as the servicer (the “Servicer”), DLJ Mortgage Capital, Inc. (the “Servicing Rights Purchaser”) and [ ] (“[ ]”) as trustee (in such capacity, the “Trustee” and as referred to herein, the “Assignee”) under a Pooling and Servicing Agreement dated as of [ ] (the “Pooling and Servicing Agreement”), among the Assignor, the Depositor and the Assignee.

 

RECITALS

WHEREAS, the Assignor, the Servicing Rights Purchaser and the Servicer have entered into a certain Flow Mortgage Loan Servicing Rights Sale and Servicing Agreement, dated as of [ ] (the “Flow Sale and Servicing Agreement”), and the Servicer is currently servicing certain mortgage loans (the “Mortgage Loans”) under the Flow Sale and Servicing Agreement; and

 

WHEREAS, the Assignor will sell the Mortgage Loans (the “Specified Mortgage Loans”) which are listed on the mortgage loan schedule attached as Exhibit I hereto (the “Specified Mortgage Loan Schedule”) and its rights under the Flow Sale and 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 Sale and 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 Sale and 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 Sale and 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.

  

II-1

  

(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 Sale and 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 Sale and Servicing Agreement) to the extent relating to the Specified Mortgage Loans, 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 Sale and Servicing Agreement), by all of the terms, covenants and conditions of the Flow Sale and 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.

 

	
2.

	
Recognition of the Assignee.

 

From and after the date hereof, subject to Section 3 below, the Servicer and Servicing Rights Purchaser 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 Sale and Servicing Agreement (as amended hereby) with the Assignee as the Owner thereunder, the terms of which Flow Sale and 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)  The parties hereto agree and acknowledge that [                 ], 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 sections of the  Flow Sale and Servicing Agreement listed below:

 

	
  

	
Flow Sale and Servicing Agreement:

 

	
Section

	 	
Matter

	  	 	  
	
11.01, 5th, 7th and 8th ¶’s

	 	
Servicer to Act as Servicer; Subservicing.

	
11.13, 4th and 5th

¶’s

	 	
Title, Management and Disposition of REO Property.

	  	 	  
	
11.20

	 	
Servicer Shall Provide Access and Information as

Reasonably Required.

 

  

II-2

  

 

 (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 Sale and Servicing Agreement listed below:

 

	
  

	
Flow Sale and Servicing Agreement:

 

	
Section

	 	
Matter

	  	 	  
	
Addendum I

	 	
Regulation AB Compliance Addendum

 

(c)           In addition, the Servicer agrees to furnish to the Assignor as well 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 Sale and Servicing Agreement referred to above and under the following sections, at the times therein specified:

 

	
  

	
Flow Sale and 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 any Affiliate of the Depositor is no longer the 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; provided, however, that the rights and responsibilities assumed by the Controlling Holder under the 5th paragraph of Section 11.01 of the Flow Sale and Servicing Agreement shall terminate in their entirety as to the Specified Mortgage Loans.  Assignor will provide thirty (30) days notice to the Servicer of any such termination.

 

	
4.

	
Amendment to the Flow Sale and Servicing Agreement.

 

The Flow Sale and Servicing Agreement are hereby amended as set forth in Appendix A hereto with respect to the Specified Mortgage Loans.

 

	
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

 

  

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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 Sale and 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 Sale and 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 Sale and Servicing Agreement to be made to the Assignor and Assignee shall be made in accordance with the terms of the Flow Sale and 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

Assignee:  [ ]

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 Sale and 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 Sale and Servicing Agreement.

  

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11.

	
[Master Servicer.

 

The Servicer hereby acknowledges that the Assignee has appointed Wells Fargo Bank, N. A. (the “Master Servicer”) to 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 Sale and Servicing Agreement to enforce the obligations of the Servicer thereunder.  Any notices or other communications permitted or required under the Flow Sale and Servicing Agreement to be made to the Assignee shall be made in accordance with the terms of the Flow Sale and 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 [ ]

 

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 Sale and 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 further acknowledges that the Assignor has engaged the Master Servicer to provide certain default administration and that the Master Servicer, acting as agent of the Assignor, may exercise any of the rights of the Owner retained by the Assignor in Section 3 above.

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

[__]

  

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12.           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 Sale and 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 be deemed to possess all of the rights and obligations of Owner under the Flow Sale and Servicing Agreement, provided, however, that the Assignor shall remain liable for any obligations 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]

  

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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:

	  

	  	
DEPOSTIOR:

	 	 
	  	
SEQUOIA RESIDENTIAL FUNDING, INC.

	  	
By:

	  

	  	
Name:

	  

	  	
Title:

	  

 

	  	
ASSIGNEE:

	  	
[ ]

 

	  	
By:

	  

	  	
Name:

	  

	  	
Title:

	  

 

	  	
SERVICER:

	 	 
	  	
SELECT PORTFOLIO SERVICING, INC.

 

	  	
By:

	  

	  	
Name:

	  

	  	
Title:

	  

  

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SERVICING RIGHTS PURCHASER:

	 	 
	  	
DLJ MORTGAGE CAPITAL, INC.

 

	  	
By:

	  

	  	
Name:

	  

	  	
Title:

	  

 

	
Accepted and agreed to by:

	  
	  	  
	
MASTER SERVICER;

	  
	  	  
	
WELLS FARGO BANK, N.A.

	  

 

	
By:

	  	 

	
Name:

	  	 

	
Title:

	  	 

  

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EXHIBIT I

 

  

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APPENDIX A

 

MODIFICATIONS TO THE FLOW SALE AND SERVICING AGREEMENT

 

1.            The definition of “Business Day” in Section 1 of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“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 Utah or 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 Utah or 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.”

	
  

	
2.

	
The definition of “Assumed Principal Balance” is hereby revised to read 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.”

 

	
  

	
3.

	
The definition of “Closing Date” is hereby revised to read as follows:

 

“Closing Date:  [__], except with respect to the first paragraph of Section 3 and the Bill of Sale and Servicer Acknowledgement(s).”

 

	 	
4. 

	
The definition of “Cut-off Date” is hereby revised to read as follows:

 

“Cut-off Date:  [__], except with respect to the first paragraph of Section 3 and the Bill of Sale and Servicer Acknowledgement(s).”

 

	
  

	
5.

	
The definition of “First Remittance Date” is hereby revised to read as follows:

 

	
  

	
“First Remittance Date:  [__].”

 

6.            Each of the following definitions is hereby inserted in Section 1 of the Agreement in its appropriate alphabetical order:

 

“Full Prepayment:  Any payment of the entire principal balance of a Mortgage Loan that 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.”

 

 “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

  

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an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.”

 

“P&I Advance: As defined in Section 11.17.”

 

“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.

 

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

 

	
  

	
7.

	
Subsection 11.01, fifth paragraph is revised to read 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 six (6) 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 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

  

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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.”

8.            Subsection 11.04, first sentence of the first paragraph is revised to read 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 Collection Accounts (collectively, the “Collection Account”), titled “[ ], in trust for the holders of [ ] Mortgage Pass-Through Certificates.”

9.            Subsection 11.04, subclause (f) of the second paragraph is revised to read as follows:

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

10.          The following new subclause (j) is added immediately following subclause (i) thereof in Subsection 11.04:

“(j)         with respect to each Full Prepayment and each Partial Prepayment, an amount (to be paid by the Servicer out of its own funds) equal to the Prepayment Interest Shortfall; provided, however, that the Servicer’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 Servicer during such month.”

 

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

12.          Subsection 11.05 is revised to read as follows:

 

“The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

 

(b)           to make payments to the Owner in the amounts and in the manner provided for in Subsection 11.15;

 

(c)           to reimburse itself for P&I Advances, the Servicer’s right to reimburse itself 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

  

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Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Owner with respect to such Mortgage Loan;

 

(d)           to reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing Advances, the Servicer’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 Servicer from the related Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Owner unless the Servicer is required to pay the Prepayment Interest Shortfall pursuant to Subsection 11.15, in which case the Servicer’s right to such reimbursement shall be subsequent to the payment to the Owner of such shortfall;

 

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

 

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

 

(g)           to withdraw amounts to make P&I Advances in accordance with Subsection 11.17;

 

(h)           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;

 

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

 

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

 

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

13.           Subsection 11.13 is 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 Servicer’s expense) to the effect that the holding by the related trust of such Mortgaged Property subsequent to such three-year period (and specifying the period 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.

 

  

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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 a meaning of Section 860G(a)(8) of the Code, (ii) subject to 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 or 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.          Subsection 11.15, first paragraph is revised to read as follows:

 

“On each Remittance Date the Servicer shall remit by wire transfer of immediately available funds to the account designated in writing by the Owner of record on the preceding Record Date (a) all amounts credited to the Custodial Account at the close of business on the related Determination Date, net of charges against or withdrawals from the Custodial Account pursuant to Subsection 11.05(b) through (h), plus (b) all amounts, if any, which the Servicer is obligated to distribute pursuant to Subsection 11.17, minus (c) any amounts attributable to Principal Prepayments received after the end of the calendar month preceding the month in which the Remittance Date occurs, minus (d) any amounts attributable to Monthly Payments collected but due on a Due Date or Due Dates subsequent to the first day of the month in which the Remittance Date occurs.

 

Not later than each Remittance Date, the Servicer 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.”

15.          Subsection 11.16, first sentence of the first paragraph is revised to read as follows:

“Not later than the tenth (10th) day of each month, the Servicer shall forward to the Owner in an electronic format statements, in substantially the same forms as, and providing the information described in, Exhibit 3 hereto; or as otherwise mutually agreed to by Servicer and the Master Servicer.”

16.          Subsection 11.17 is revised to read as follows:

“Subsection 11.17     Advances by the Servicer.

On the Business Day immediately preceding each related Remittance Date, the Servicer shall either (a) deposit in the Custodial Account from its own funds 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 (each such advance, a “P&I Advance”), (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

  

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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 advances to be made.  Any amounts held for future distribution and so used shall be replaced by the Servicer 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 Servicer’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 Servicer, in its good faith judgment, determines that such P&I Advances would not be recoverable pursuant to Subsection 11.05(d).  The determination by the Servicer that a P&I Advance, if made, would be nonrecoverable, shall be evidenced by an Officer’s Certificate of the Servicer, delivered to the Owner, which details the reasons for such determination.  The Servicer shall not have any obligation to advance amounts in respect of shortfalls relating to the Service members Civil Relief Act and similar state and local laws.

17.          The Flow Sale and Servicing Agreement is modified by adding a new Subsection 11.25 which reads as follows:

“Subsection 11.25 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 contemplated action will not endanger such REMIC status or result in the imposition of any such tax.”

18.          The Flow Sale and Servicing Agreement is modified by replacing Subsection 12.04 with the following:

“Subsection 12.04       Servicer 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.”

19.          Section 13.03 of the Flow Sale and Servicing Agreement is deleted in its entirety.

 

  

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