Exhibit 10.2(F)
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| EXECUTION COPY |
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ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement, dated October 30, 2006,
among Bank of America, National Association, a national banking association
("Assignor"), Banc of America Funding Corporation, a Delaware corporation
("BAFC"), U.S. Bank National Association, a national banking association, as
trustee of the Banc of America Funding 2006-7 Trust ("Assignee"), Xxxxx Fargo
Bank, N.A., a national banking association ("Xxxxx Fargo Bank"), as master
servicer of the Banc of America Funding 2006-7 Trust, and SunTrust Mortgage,
Inc., a Virginia corporation ("SunTrust").
WHEREAS, pursuant to (i) that certain Flow Sale and Servicing Agreement,
dated as of February 1, 2004, by and between Assignor (as successor in interest
to Banc of America Mortgage Capital Corporation), as purchaser, and SunTrust, as
seller, (ii) that certain Amendment No. 1, dated as of June 1, 2004, by and
between the Assignor and SunTrust, (iii) that certain Master Assignment,
Assumption and Recognition Agreement, dated September 1, 2004, by and among Banc
of America Mortgage Capital Corporation, SunTrust, the Assignor and Wachovia
Bank, National Association, (iv) that certain Amendment No. 2, dated as of
November 1, 2004, by and between the Assignor and SunTrust, (v) that certain
Regulation AB Compliance Addendum to the Flow Sale and Servicing Agreement,
dated as of January 1, 2006, by and between the Assignor and SunTrust, and (vi)
that certain Memorandum of Sale, dated as of August 25, 2006, by and between the
Assignor and SunTrust (collectively, the "Sale and Servicing Agreement"), each
of which is attached in Appendix I hereto, the Assignor purchased the Mortgage
Loans (as defined herein) from SunTrust and SunTrust currently services the
Mortgage Loans;
WHEREAS, on the date hereof, the Assignor is transferring all of its right,
title and interest in and to the Mortgage Loans to BAFC;
WHEREAS, on the date hereof, BAFC is transferring all of its right, title
and interest in and to the Mortgage Loans to the Assignee; and
WHEREAS, on the date hereof, Xxxxx Fargo Bank, as master servicer (in such
capacity, the "Master Servicer"), is entering into a Pooling and Servicing
Agreement, dated the date hereof (the "Pooling Agreement), among BAFC, the
Master Servicer, Xxxxx Fargo Bank, as securities administrator (the "Securities
Administrator"), and the Assignee, pursuant to which the Master Servicer will
supervise, monitor and oversee the servicing of the Mortgage Loans.
For and in consideration of the sum of one dollar ($1.00) and other
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:
1. The Assignor hereby grants, transfers and assigns to BAFC, and BAFC
hereby grants, transfers and assigns to the Assignee, all of the right, title
and interest of the Assignor in, to and under the Sale and Servicing Agreement
(other than the rights of the Assignor to indemnification thereunder), and the
mortgage loans delivered under such agreement by SunTrust to the Assignor (who
delivered such mortgage loans to the Assignor) and listed on Exhibit A attached
hereto (the "Mortgage Loans").
The Assignor specifically reserves and does not assign to BAFC or the
Assignee any right, title and interest in, to or under any mortgage loan subject
to the Sale and Servicing Agreement other than the Mortgage Loans.
2. The Assignor warrants and represents to, and covenants with, BAFC and
the Assignee that:
a. The Assignor is the lawful owner of the Mortgage Loans with the full
right to transfer the Mortgage Loans free from any and all claims and
encumbrances whatsoever;
b. The Assignor has not received notice of, and has no knowledge of, any
offsets, counterclaims or other defenses available to SunTrust with
respect to the Sale and Servicing Agreement or the Mortgage Loans;
c. The Assignor has not waived or agreed to any waiver under, or agreed to
any amendment or other modification of, the Sale and Servicing
Agreement or the Mortgage Loans, including without limitation the
transfer of the servicing obligations under the Sale and Servicing
Agreement. The Assignor has no knowledge of, and has not received notice
of, any waivers under or amendments or other modifications of, or
assignments of rights or obligations under, the Sale and Servicing
Agreement or the Mortgage Loans; and
d. Neither the Assignor nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Mortgage Loans,
any interest in the Mortgage Loans or any other similar security to,
or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Mortgage Loans, any interest in the Mortgage Loans or
any other similar security from, or otherwise approached or negotiated
with respect to the Mortgage Loans, any interest in the Mortgage Loans
or any other similar security with, any person in any manner, or made any
general solicitation by means of general advertising or in any other
manner, or taken any other action which would constitute a distribution
of the Mortgage Loans under the Securities Act of 1933, as amended
(the "Securities Act"), or which would render the disposition of the
Mortgage Loans a violation of Section 5 of the Securities Act or require
registration pursuant thereto.
3. From and after the date hereof, SunTrust shall (i) note the transfer of
the Mortgage Loans to the Assignee in its books and records, (ii) recognize the
Assignee as the owner of the Mortgage Loans and (iii) notwithstanding anything
to the contrary contained in Section 9.01 of the Sale and Servicing Agreement,
continue to service the Mortgage Loans pursuant to the Sale and Servicing
Agreement, as modified by Section 11 of this Agreement, for the benefit of the
Assignee.
2
4. SunTrust acknowledges that the Master Servicer, pursuant to the Pooling
Agreement, will administer on behalf of the Assignee the terms and conditions of
the Sale and Servicing Agreement with respect to the Mortgage Loans. The Master
Servicer shall be authorized to enforce directly against SunTrust any of the
obligations of SunTrust to the Assignor or its assignees provided for in the
Sale and Servicing Agreement relating to the Mortgage Loans including, without
limitation, the right to exercise any and all rights of the Assignor (but not
the obligations) under the Sale and Servicing Agreement to monitor and enforce
the obligations of SunTrust thereunder, the right to terminate SunTrust under
the Sale and Servicing Agreement upon the occurrence of an event of default
thereunder, the right to receive all remittances required to be made by SunTrust
under the Sale and Servicing Agreement, the right to receive all monthly reports
and other data required to be delivered by SunTrust under the Sale and Servicing
Agreement, the right to examine the books and records of SunTrust,
indemnification rights, and the right to exercise certain rights of consent and
approval relating to actions taken by SunTrust. All remittances by SunTrust
shall be made to the account or accounts designated by the Master Servicer to
SunTrust in writing from time to time. Wire remittances shall be sent to: XXXXX
FARGO BANK, N.A., ABA# 000000000, FOR CREDIT TO: SAS CLEARING, ACCT: 0000000000,
FFC TO: BAFC 2006-7 #50960000.
5. The Assignee shall notify SunTrust in writing within 5 business days
thereafter, but in no event later than the next Remittance Date, of the
appointment of any successor to Xxxxx Fargo as Master Servicer under the Pooling
Agreement.
6. SunTrust hereby restates as of the date hereof, for the benefit of each
of the other parties hereto, each of the representations and warranties in
Sections 3.01 and 3.02 of the Sale and Servicing Agreement with the same effect
under such Sale and Servicing Agreement as if such representations and
warranties had been made as of the date hereof, provided, however, that with
respect to those representations and warranties that relate to the delinquency
or condition of any Mortgaged Property (as defined in the Sale and Servicing
Agreement), SunTrust restates such representations and warranties as of the
Closing Date (as defined in the Sale and Servicing Agreement). SunTrust hereby
represents and warrants to each of the other parties hereto (i) that it has
serviced the Mortgage Loans in accordance with the terms of the Sale and
Servicing Agreement, (ii) that it has taken no action nor omitted to take any
required action the omission of which would have the effect of impairing any
mortgage insurance or guarantee on the Mortgage Loans and (iii) that any
information provided by it on or before the date hereof to any of the parties
hereto is true and correct.
7. SunTrust hereby agrees to cooperate with BAFC, the Master Servicer and
the Securities Administrator to enable BAFC, the Master Servicer and the
Securities Administrator to fully comply with all Securities and Exchange
Commission ("SEC") disclosure and reporting requirements in effect from time to
time with respect to the trust created by the Pooling Agreement (which shall be
named "Banc of America Funding 2006-7 Trust") (the "Trust") and any securities
representing ownership interests in or backed by assets of the Trust, including
without limitation, the SEC's published rules regarding asset-backed securities
(Release Nos. 33-8518); 34-50905; File No. S7-21-0433-8419).
3
8. SunTrust hereby agrees that, in connection with each Mortgage Loan of
which the related Mortgage has been recorded in the name of MERS or its
designee, it shall take all actions as are necessary to cause the Assignee, as
trustee of the Trust pursuant to the Pooling Agreement, to be shown as the owner
of such Mortgage Loan on the records of MERS for purposes of the system of
recording transfers of beneficial ownership of mortgages maintained by MERS.
9. In accordance with Sections 2.01 and 9.01 of the Sale and Servicing
Agreement, the Assignor hereby instructs SunTrust, and SunTrust hereby agrees,
to release from its custody and deliver the contents of the Servicing File (as
defined in the Sale and Servicing Agreement) for each Mortgage Loan to the
Assignee, in its capacity as custodian under the Pooling Agreement, at the
address set forth in Section 12 herein on or before the closing date of the
related Pass-Through Transfer (as defined in the Sale and Servicing Agreement).
10. SunTrust hereby agrees that it will make Monthly Advances as
contemplated by Section 5.03 of the Sale and Servicing Agreement through the
Remittance Date prior to the date on which cash is received in connection with
the liquidation of REO Property, subject to the final proviso of the third
sentence of Section 5.03.
11. SunTrust, BAFC and the Assignee hereby agree to the following
modifications to the Sale and Servicing Agreement with respect to the Mortgage
Loans:
a. Article 1.
----------
(i) The definition of "Qualified Substitute Mortgage Loan" is
hereby deleted in its entirety and replaced with the following:
"A mortgage loan eligible to be substituted by the Company for a
Deleted Mortgage Loan which must, on the date of such
substitution, (i) have an outstanding principal balance, after
deduction of all scheduled payments due in the month of
substitution (or in the case of a substitution of more than one
mortgage loan for a Deleted Mortgage Loan, an aggregate principal
balance), not in excess of the Stated Principal Balance of the
Deleted Mortgage Loan; (ii) have a Mortgage Loan Remittance Rate
not less than, and not more than 2% greater than the Mortgage
Loan Remittance Rate of the Deleted Mortgage Loan; (iii) have a
remaining term to maturity not greater than and not more than one
year less than that of the Deleted Mortgage Loan; (iv) comply
with each representation and warranty set forth in Sections 3.01
and 3.02; (v) be of the same type as the Deleted Mortgage Loan;
4
(vi) have the same Mortgage Interest Rate as the Deleted Mortgage
Loan; (vii) have a FICO score not less than that of the Deleted
Mortgage Loan, (vii) have an LTV not greater than that of the
Deleted Mortgage Loan; (ix) have a credit grade not lower in
quality than that of the Deleted Mortgage Loan and (x) have the
same lien status as the Deleted Mortgage Loan."
(ii) The definition of "Remittance Date" is hereby deleted in its
entirety and replaced with the following:
"The eighteenth (18th) day (or if such day is not a Business Day,
the immediately preceding Business Day) of any month, beginning
with the First Remittance Date."
b. Section 3.02. Section 3.02 is hereby modified by inserting the
following as subsection (iii):
"No Mortgage Loan (other than a Mortgage Loan that is a New
Jersey covered purchase loan originated on or after November 27,
2003 through July 6, 2004) is a High Cost Loan or Covered Loan,
as applicable (as such terms are defined in S&P's LEVELS(R)
Glossary Version 5.7 (or the now-current version thereof) and no
Mortgage Loan originated on or after October 1, 2002 through
March 6, 2003 is governed by the Georgia Fair Lending Act." c.
Section 4.04. Section 4.04 is hereby modified by adding the
following sentence after the penultimate sentence:
"The amount of any losses incurred on funds deposited in the
Custodial Account shall be deposited by the Company into the
Custodial Account on the Business Day prior to the Remittance
Date."
d. Section 4.17. Section 4.17 is hereby modified by replacing the
phrase "on or before the Remittance Date" in the second line with
"on or before the 5th Business Day".
e. Section 5.02. The third paragraph of Section 5.02 is hereby
modified to read as follows: Not later than the fifth (5th)
Business Day of each month, the Company shall furnish to the
Purchaser a delinquency report in the form set forth in Exhibit
F-1, a monthly remittance advice in the form set forth in Exhibit
F-2, and a realized loss report in the form set forth in Exhibit
F-3, each in a mutually agreeable electronic format, as to the
remittance on such Remittance Date and as to the period ending on
the last day of the month preceding such Remittance Date. The
exhibits referenced in this Section 11(e) are attached to this
Agreement as Exhibit B hereto.
5
f. Section 6.07. Section 6.07 is hereby modified by replacing
subsection (ii) with the following:
"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 "contributions" to
a REMIC set forth in Section 860G(d) of the Code) unless the
Company has received an Opinion of Counsel (at the expense of the
party seeking to take such action) to the effect that the
contemplated action will not endanger such REMIC status or result
in the imposition of any such tax."
12. The Assignee's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Sale and Servicing Agreement is:
U.S. Bank National Association
000 X. XxXxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance Trust Services, BAFC 2006-7
The Assignor's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Sale and Servicing Agreement is:
Bank of America, National Association
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: Managing Director
BAFC's address for purposes of all notices and correspondence related to
the Mortgage Loans is:
Banc of America Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: General Counsel and Chief Financial Officer
[Signatures Follow]
6
IN WITNESS WHEREOF, the parties have caused this Assignment, Assumption and
Recognition Agreement to be executed by their duly authorized officers as of the
date first above written.
Bank of America, National Association, as
Assignor
By: /s/ Xxxxx X. Good
---------------------------------------
Name: Xxxxx X. Good
Title: Principal
U.S. Bank National Association,
as Assignee
By: /s/ Xxxxxxx X. Xxxxx
--------------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Banc of America Funding Corporation
By: /s/ Xxxxx Xxxxx
--------------------------------------
Name: Xxxxx Xxxxx
Title: Senior Vice President
SunTrust Mortgage, Inc., as servicer
By: /s/ Xxxxxxx Xxxxxx-Xxxxxxx
---------------------------------------
Name: Xxxxxxx Xxxxxx-Xxxxxxx
Title: Vice President
Acknowledged and Agreed as
of the date first above written:
Xxxxx Fargo Bank, N.A., as master servicer
By: /s/ Xxxxx X. Xxxxxx
--------------------------------------
Name: Xxxxx X. Xxxxxx
Title: Vice President
[Assignment, Assumption and Recognition Agreement for BAFC 2006-7]
EXHIBIT A
Schedule of Mortgage Loans
(See the Free Writing Prospectus filed and accepted by the Securities
and Exchange Commission on October 27, 2006, with a filing date of
October 30, 2006 and accession number 0000950136-06-008947)
A-1
EXHIBIT B
Exhibit G-1 Standard File Layout - Delinquency Reporting
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Column/Header Name Description Decimal Format Comment
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SERVICER_LOAN_NBR A unique number assigned to a loan by the
Servicer. This may be different than the
LOAN_NBR
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LOAN_NBR A unique identifier assigned to each loan
by the originator.
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CLIENT_NBR Servicer Client Number
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SERV_INVESTOR_NBR Contains a unique number as assigned by
an external servicer to identify a group
of loans in their system.
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BORROWER_FIRST_NAME First Name of the Borrower.
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BORROWER_LAST_NAME Last name of the borrower.
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PROP_ADDRESS Street Name and Number of Property
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PROP_STATE The state where the property located.
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PROP_ZIP Zip code where the property is located.
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BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment MM/DD/YYYY
is due to the servicer at the end of
processing cycle, as reported by Servicer.
-----------------------------------------------------------------------------------------------------------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
-----------------------------------------------------------------------------------------------------------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was MM/DD/YYYY
filed.
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BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy
was filed.
-----------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to
the bankruptcy filing.
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POST_PETITION_DUE_DATE The payment due date once the bankruptcy MM/DD/YYYY
has been approved by the courts
-----------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal,
Discharged and/or a Motion For Relief Was
Granted.
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LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved MM/DD/YYYY
By The Servicer
-----------------------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A
Loan Such As;
-----------------------------------------------------------------------------------------------------------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is MM/DD/YYYY
Scheduled To End/Close
-----------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
-----------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the MM/DD/YYYY
servicer with instructions to begin
foreclosure proceedings.
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ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
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FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in MM/DD/YYYY
a Foreclosure Action
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FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is MM/DD/YYYY
expected to occur.
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FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
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FRCLSR_SALE_AMT The amount a property sold for at the 2 No commas(,) or
foreclosure sale. dollar signs ($)
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EVICTION_START_DATE The date the servicer initiates eviction of MM/DD/YYYY
the borrower.
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EVICTION_COMPLETED_DATE The date the court revokes legal possession MM/DD/YYYY
of the property from the borrower.
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LIST_PRICE The price at which an REO property is 2 No commas(,) or
marketed. dollar signs ($)
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LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
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B-1
OFFER_AMT The dollar value of an offer for an REO 2 No commas(,) or
property. dollar signs ($)
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OFFER_DATE_TIME The date an offer is received by DA Admin MM/DD/YYYY
or by the Servicer.
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REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
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REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
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OCCUPANT_CODE Classification of how the property is
occupied.
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PROP_CONDITION_CODE A code that indicates the condition of
the property.
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PROP_INSPECTION_DATE The date a property inspection is MM/DD/YYYY
performed.
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APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
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CURR_PROP_VAL The current "as is" value of the property 2
based on brokers price opinion or appraisal.
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REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed pursuant to a
broker's price opinion or appraisal.
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If applicable:
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DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
-----------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower
to stop paying on a loan. Code indicates
the reason why the loan is in default for
this cycle.
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MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed MM/DD/YYYY
With Mortgage Insurance Company.
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MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
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MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
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MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No commas(,) or
Claim dollar signs ($)
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POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
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POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance 2 No commas(,) or
Company dollar signs ($)
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POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
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POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No commas(,) or
Company dollar signs ($)
-----------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans MM/DD/YYYY
Admin
-----------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
-----------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------
B-2
Exhibit G-1: Standard File Codes - Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as
follows:
o ASUM - Approved Assumption
o BAP - Borrower Assistance Program
o CO - Charge Off
o DIL - Deed-in-Lieu
o FFA - Formal Forbearance Agreement
o MOD - Loan Modification
o PRE - Pre-Sale
o SS - Short Sale
o MISC - Anything else approved by the PMI or Pool Insurer
NOTE: Xxxxx Fargo Bank will accept alternative Loss Mitigation Types to those
above, provided that they are consistent with industry standards. If Loss
Mitigation Types other than those above are used, the Servicer must supply Xxxxx
Fargo Bank with a description of each of the Loss Mitigation Types prior to
sending the file.
The Occupant Code field should show the current status of the property code as
follows:
o Mortgagor
o Tenant
o Unknown
o Vacant
The Property Condition field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
B-3
Exhibit G-1: Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Reason Code field should show the Reason for
Delinquency as follows:
------------------------------------------------------------------
Delinquency Code Delinquency Description
------------------------------------------------------------------
001 FNMA-Death of principal mortgagor
------------------------------------------------------------------
002 FNMA-Illness of principal mortgagor
------------------------------------------------------------------
003 FNMA-Illness of mortgagor's family member
------------------------------------------------------------------
004 FNMA-Death of mortgagor's family member
------------------------------------------------------------------
005 FNMA-Marital difficulties
------------------------------------------------------------------
006 FNMA-Curtailment of income
------------------------------------------------------------------
007 FNMA-Excessive Obligation
------------------------------------------------------------------
008 FNMA-Abandonment of property
------------------------------------------------------------------
009 FNMA-Distant employee transfer
------------------------------------------------------------------
011 FNMA-Property problem
------------------------------------------------------------------
012 FNMA-Inability to sell property
------------------------------------------------------------------
013 FNMA-Inability to rent property
------------------------------------------------------------------
014 FNMA-Military Service
------------------------------------------------------------------
015 FNMA-Other
------------------------------------------------------------------
016 FNMA-Unemployment
------------------------------------------------------------------
017 FNMA-Business failure
------------------------------------------------------------------
019 FNMA-Casualty loss
------------------------------------------------------------------
022 FNMA-Energy environment costs
------------------------------------------------------------------
023 FNMA-Servicing problems
------------------------------------------------------------------
026 FNMA-Payment adjustment
------------------------------------------------------------------
027 FNMA-Payment dispute
------------------------------------------------------------------
029 FNMA-Transfer of ownership pending
------------------------------------------------------------------
030 FNMA-Fraud
------------------------------------------------------------------
031 FNMA-Unable to contact borrower
------------------------------------------------------------------
INC FNMA-Incarceration
------------------------------------------------------------------
B-4
Exhibit G-1: Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Status Code field should show the Status of Default as
follows:
-----------------------------------------------------------------
Status Code Status Description
-----------------------------------------------------------------
09 Forbearance
-----------------------------------------------------------------
17 Pre-foreclosure Sale Closing Plan Accepted
-----------------------------------------------------------------
24 Government Seizure
-----------------------------------------------------------------
26 Refinance
-----------------------------------------------------------------
27 Assumption
-----------------------------------------------------------------
28 Modification
-----------------------------------------------------------------
29 Charge-Off
-----------------------------------------------------------------
30 Third Party Sale
-----------------------------------------------------------------
31 Probate
-----------------------------------------------------------------
32 Military Indulgence
-----------------------------------------------------------------
43 Foreclosure Started
-----------------------------------------------------------------
44 Deed-in-Lieu Started
-----------------------------------------------------------------
49 Assignment Completed
-----------------------------------------------------------------
61 Second Lien Considerations
-----------------------------------------------------------------
62 Veteran's Affairs-No Bid
-----------------------------------------------------------------
63 Veteran's Affairs-Refund
-----------------------------------------------------------------
64 Veteran's Affairs-Buydown
-----------------------------------------------------------------
65 Chapter 7 Bankruptcy
-----------------------------------------------------------------
66 Chapter 11 Bankruptcy
-----------------------------------------------------------------
67 Chapter 13 Bankruptcy
-----------------------------------------------------------------
B-5
Exhibit G-2: Standard File Layout - Scheduled/Scheduled
---------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
---------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a group of loans.
--------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan Text up to 10 digits 10
by the investor.
--------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits 10
Servicer. This may be different than the
LOAN_NBR.
--------------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, 30
file. It is not separated by first and First)
last name.
--------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar signs 11
interest payment that a borrower is ($)
expected to pay, P&I constant.
--------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6 6
Servicer.
--------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the
Servicer.
--------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
--------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
--------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported 2 No commas(,) or dollar signs 11
by the Servicer. ($)
--------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
--------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
--------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs 11
at the beginning of the processing cycle. ($)
--------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs 11
at the end of the processing cycle. ($)
--------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle MM/DD/YYYY 10
that the borrower's next payment is due
to the Servicer, as reported by Servicer.
--------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
--------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
--------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
--------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
--------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
--------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
--------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
--------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
--------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
--------------------------------------------------------------------------------------------------------------------
B-6
--------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
--------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
--------------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code used to Action Code Key: 2
indicate the default/delinquent status of 15=Bankruptcy, 30=Foreclosure,
a particular loan. 60=PIF, 63=Substitution,
65=Repurchase,70=REO
--------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
--------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, 2 No commas(,) or dollar signs 11
if applicable. ($)
--------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs 11
applicable. ($)
--------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar signs 11
loss, if applicable. ($)
--------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs 11
amount due at the beginning of the cycle ($)
date to be passed through to investors.
--------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs 11
investors at the end of a processing ($)
cycle.
--------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs 11
reported by the Servicer for the current ($)
cycle -- only applicable for
Scheduled/Scheduled Loans.
--------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount less 2 No commas(,) or dollar signs 11
the service fee amount for the current ($)
cycle as reported by the Servicer -- only
applicable for Scheduled/Scheduled Loans.
--------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount collected by 2 No commas(,) or dollar signs 11
the Servicer for the current reporting ($)
cycle -- only applicable for
Actual/Actual Loans.
--------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs 11
service fee amount for the current ($)
reporting cycle as reported by the
Servicer -- only applicable for
Actual/Actual Loans.
--------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs 11
borrower prepays on his loan as reported ($)
by the Servicer.
--------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the 2 No commas(,) or dollar signs 11
loan waived by the servicer. ($)
--------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
--------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha 30
or numeric
--------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs 11
interest advances made by Servicer. ($)
--------------------------------------------------------------------------------------------------------------------
B-7
Exhibit G-3: Calculation of Realized Loss/Gain Form 332- Instruction Sheet
The numbers on the form correspond with the numbers listed below.
Liquidation and Acquisition Expenses:
-------------------------------------
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and
servicing fees advanced is required.
2. The Total Interest Due less the aggregate amount of servicing
fee that would have been earned if all delinquent payments had
been made as agreed. For documentation, an Amortization
Schedule from date of default through liquidation breaking out
the net interest and servicing fees advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal
Balance of the Mortgage Loan as calculated on a monthly basis.
For documentation, an Amortization Schedule from date of
default through liquidation breaking out the net interest and
servicing fees advanced is required.
4-12. Complete as applicable. All line entries must be supported by
copies of appropriate statements, vouchers, receipts, bills,
canceled checks, etc., to document the expense. Entries not
properly documented will not be reimbursed to the Servicer.
13. The total of lines 1 through 12.
Credits:
--------
14-21. Complete as applicable. All line entries must be supported by
copies of the appropriate claims forms, EOBs, HUD-1 and/or
other proceeds verification, statements, payment checks, etc.
to document the credit. If the Mortgage Loan is subject to a
Bankruptcy Deficiency, the difference between the Unpaid
Principal Balance of the Note prior to the Bankruptcy
Deficiency and the Unpaid Principal Balance as reduced by the
Bankruptcy Deficiency should be input on line 20.
22. The total of lines 14 through 21.
Please note: For HUD/VA loans, use line (15) for Part A/Initial
proceeds and line (16) for Part B/Supplemental proceeds.
Total Realized Loss (or Amount of Any Gain)
-------------------------------------------
B-8
23. The total derived from subtracting line 22 from 13. If the
amount represents a realized gain, show the amount in
parenthesis ( ).
B-9
Exhibit G-3: Calculation of Realized Loss/Gain Form 332
XXXXX FARGO BANK, N.A.
CALCULATION OF REALIZED LOSS/GAIN
Prepared by: __________________ Date: ____________________
Phone: ________________________ Email Address:________________________
----------------------- ---------------------- -----------------------
| Servicer Loan No. | | Servicer Name | | Servicer Address |
| | | | | |
| | | | | |
----------------------- ---------------------- ----------------------
XXXXX FARGO BANK, N.A. Loan No._________________________________________________
Borrower's Name:________________________________________________________________
Property Address:_______________________________________________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $______________(1)
(2) Interest accrued at Net Rate ______________(2)
(3) Accrued Servicing Fees ______________(3)
(4) Attorney's Fees ______________(4)
(5) Taxes ______________(5)
(6) Property Maintenance ______________(6)
(7) MI/Hazard Insurance Premiums ______________(7)
(8) Utility Expenses ______________(8)
(9) Appraisal/BPO ______________(9)
(10) Property Inspections _____________(10)
(11) FC Costs/Other Legal Expenses _____________(11)
(12) Other (itemize) $_____________(12)
Cash for Keys__________________________ _____________
HOA/Condo Fees_________________________ _____________
_______________________________________ _____________
_______________________________________ _____________
Total Expenses $_____________(13)
Credits:
(14) Escrow Balance $_____________(14)
(15) HIP Refund _____________(15)
(16) Rental Receipts _____________(16)
(17) Hazard Loss Proceeds _____________(17)
(18) Primary Mortgage Insurance Proceeds _____________(18)
(19) Pool Insurance Proceeds _____________(19)
B-10
(20) Proceeds from Sale of Acquired Property _____________(20)
(21) Other (itemize) _____________(21)
___________________________________________ _____________
___________________________________________ _____________
Total Credits $_____________(22)
Total Realized Loss (or Amount of Gain) $_____________(23)
B-11
APPENDIX I
Sale and Servicing Agreement
----------------------------
[Included as Exhibits 10.2(A)-(E) to the Current Report on Form 8-K pursuant to
which this Assignment, Assumption and Recognition Agreement is filed]
