The Mortgage Loans. Concurrently with the execution and delivery of this Agreement, the Seller hereby transfers to the Purchaser, without recourse, all of its right, title and interest existing now or in the future in,
The Mortgage Loans. Section 4.01. Representations and Warranties Concerning the Mortgage Loans 16 Section 4.02. Purchase and Substitution 25 ARTICLE V ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS Section 5.01. The Servicer 26 Section 5.02. Collection of Certain Mortgage Loan Payments; Collection Account 29 Section 5.03. Permitted Withdrawals from the Collection Account 30 Section 5.04. Hazard Insurance Policies; Property Protection Expenses 31 Section 5.05. Assumption and Modification Agreements 33 Section 5.06. Realization Upon Defaulted Mortgage Loans 34 Section 5.07. Indenture Trustee to Cooperate 34 Section 5.08. Servicing Compensation; Payment of Certain Expenses by Servicer 36 Section 5.09. Assessments of Compliance and Attestation Reports 36 Section 5.10. Reports Filed with Securities and Exchange Commission 38 Section 5.11. Access to Certain Documentation 43 Section 5.12. Maintenance of Fidelity Bond 43 Section 5.13. Subservicing Agreements Between the Servicer and Subservicer and Subservicers 43 Section 5.14. Reports to the Indenture Trustee; Collection Account Statements 44 Section 5.15. Optional Purchase of Defaulted Mortgage Loans 45 Section 5.16. Reports to be Provided by the Servicer 45 Section 5.17. [Reserved 47 Section 5.18. Delinquency Advances 47 Section 5.19. Indemnification; Third Party Claims 47 Section 5.20. Maintenance of Corporate Existence and Licenses; Merger or Consolidation of the Servicer 48 Section 5.21. Assignment of Agreement by Servicer; Servicer Not to Resign 48 Section 5.22. Administrative Duties 48 Section 5.23. Advance Facility 49 ARTICLE VI APPLICATION OF FUNDS Section 6.01. Deposits to the Payment Account 52 Section 6.02. Collection of Money 52 Section 6.03. Application of Principal and Interest 52 Section 6.04. [Reserved 52 Section 6.05. Compensating Interest 52 Section 6.06. [Reserved 52 ARTICLE VII SERVICER DEFAULT Section 7.01. Servicer Events of Default 53 Section 7.02. Indenture Trustee to Act: Appointment of Successor 55 Section 7.03. Waiver of Defaults 58 ARTICLE VIII
The Mortgage Loans. (a) Each of the Mortgage Loans and REO Properties related to each Servicing Agreement has been serviced in accordance with Applicable Requirements in all material respects.
The Mortgage Loans. The mortgage loans in the Trust Fund are identified on the mortgage loan schedule. The mortgage loans in · pool I will consist primarily of 20- to 30-year fixed-rate conventional one- to four-family mortgage loans, and · pool II will consist primarily of 10- to 15-year fixed-rate conventional one- to four-family mortgage loans.
The Mortgage Loans. Section 4.01. Representations and Warranties Concerning the Mortgage Loans ...................................................... 14 Section 4.02.
The Mortgage Loans. The Mortgage Loans included in the Trust Fund, in the manner specified in Section 2.01.
The Mortgage Loans. 26 Section 2.04.
The Mortgage Loans. Interest Principal Total ------------ ------------ ------------- Scheduled Monthly Payments 4,402,580.04 520,289.29 4,922,869.33 Recovery of Delinquent Scheduled Payments 633,533.25 70,933.36 704,466.61 Principal Prepayments 407,638.06 5,377,848.41 5,785,486.47 Foreclosure Collections 0.00 0.00 0.00 Prefunding Account Deposit 0.00 0.00 0.00 Collection Account Earnings 31,112.01 0.00 31,112.01 Available Collection Amount 5,474,863.36 5,969,071.06 11,443,934.42 FEES: Servicing Compensation 332,249.53 Indenture Trustee Fee 416.67 Owner Trustee Fee 0.00 Total Fees: 332,666.20 UNDERCOLLATERALIZATION INFORMATION: Original Undercollateralization Amunt 5,000,000.00 Current Undercollateralization Amount 0.00 OVERCOLLATERALIZATION INFORMATION: Original Overcollateralization Amount 0.00 Current Overcollateralization Amount 5,206,098.28 Required Overcollaterlization Amount 17,499,999.95 LIBOR SECURITIES INFORMATION: LIBOR Rate 5.65625% Number of Days in Class A-1 Accrual Period 31 COLLATERAL INFORMATION: Beginning Weighted Average Remaining Maturity 243 Ending Weighted Average Remaining Maturity 242 Beginning Weighted Average Coupon 13.700% Ending Weighted Average Coupon 13.700% Beginning Number of Loans 15,503 Ending Number of Loans 15,328 Beginning Unpaid Principle Balance of Home Loans 482,486,710.11 Ending Unpaid Principle Balance of Home Loans 476,502,708.91 Loans Paid in Full 175 DELINQUENCIES: # $ % of $ --- --------- ------- 30-59 Days 70 1,973,450 0.414% 60-89 Days 23 696,458 0.146% Over 90 48 1,613,745 0.339% Total 141 4,283,653 0.899% LIQUIDATED LOANS: Current Cumulative --------- ---------- Write-Offs 14,930.14 14,930.14 Liquidation Proceeds 0.00 0.00 Net Losses 14,930.14 14,930.14 BACKUP CALCULATIONS: DEPOSIT TO NOTE PAYMENT ACCOUNT*: Available Collection Amount 11,443,934.42 Withdrawal to Transferor 0.00 Note Payment Account Earnings 5.92 -------------- Total Deposits 11,443,940.34 Note Payment Account balance 11,443,940.34 WITHDRAWS FROM NOTE PAYMENT ACCOUNT: To retain in the note payment account or deposit into the certificate distribution account for payment on the payment date as applicable pursuant to section 5.01 (c) Remaining Balance ----------------- Servicing Compensation 332,249.53 11,111,690.81 Indenture Trustee Fee 416.67 11,111,274.14 Owner Trustee Fee 0.00 11,111,274.14 Senior Noteholders Interest Payment Amount 1,965,724.70 9,145,549.44 Class M-1 Noteholders Interest Payment Amount 303,841.67 8,841,707.77 Class M-2 Noteholders Interest Pay...
The Mortgage Loans. The Mortgage Loans have the approximate characteristics as set forth below on the closing date:
The Mortgage Loans. As to each Mortgage Loan that forms part of the Collateral hereunder (and the related Mortgage, Mortgage Note, Assignment of Mortgage and Mortgaged Property), the Borrower shall be deemed to make the following representations and warranties to the Lender as of such date and as of each date Collateral Value is determined. With respect to the representations and warranties contained in this Schedule 1 which are made to the knowledge or the best of knowledge of the Borrower, or as to which the Borrower, has no knowledge, if it is discovered that the substance of any such representation and warranty was materially inaccurate as of the date such representation and warranty was made or deemed to be made, and such inaccuracy materially and adversely affects the value of the related Mortgage Loan or the interest therein of the Lender, then notwithstanding the lack of knowledge by the Borrower, with respect to the substance of such representation and warranty being materially inaccurate at the time the representation and warranty was made, the Lender shall have the rights set forth in the Loan Agreement and the Collateral Value shall be deemed to be zero with respect to each such Mortgage Loan until the breach is cured in all material respects.
