Assignment Of Representations And Warranties Agreement

Assignment of Representations and Warranties Agreement

 

EXHIBIT 10.17

 

EXECUTION COPY

 

ASSIGNMENT OF REPRESENTATIONS AND WARRANTIES AGREEMENT

 

This is an Assignment of Representations and Warranties Agreement (the “Agreement”) made as of the 30th day of November, 2012, among Redwood Residential Acquisition Corporation, a Delaware corporation (“Assignor”), Sequoia Residential Funding, Inc., a Delaware corporation (“Depositor”), Christiana Trust, a division of Wilmington Savings Fund Society, FSB, a federal savings bank, not in its individual capacity but solely as trustee (in such capacity, the “Trustee” or the “Assignee”) under a Pooling and Servicing Agreement dated as of November 1, 2012 (the “Pooling and Servicing Agreement”), and Fremont Bank, a California state chartered financial institution (“Fremont”).

 

In consideration of the mutual promises contained herein, the parties hereto agree that the mortgage loans (the “Mortgage Loans”) listed on Attachment 1 annexed hereto (the “Mortgage Loan Schedule”) are subject to the terms of the Flow Mortgage Loan Purchase and Sale Agreement dated as of August 1, 2011, between Assignor and Fremont (the “Purchase Agreement”) as modified or supplemented by this Agreement. Unless otherwise specified herein, capitalized terms used herein but not defined shall have the meanings ascribed to them in the Purchase Agreement. Assignor will sell the Mortgage Loans to Depositor pursuant to a Mortgage Loan Purchase and Sale Agreement dated the date hereof, and Depositor will sell the Mortgage Loans to Assignee pursuant to the Pooling and Servicing Agreement.

 

Assignment

 

1.           Assignor hereby grants, transfers and assigns to Depositor all of its right, title and interest in, to and under the representations and warranties made by Fremont pursuant to the Purchase Agreement to the extent relating to the Mortgage Loans, and Depositor hereby accepts such assignment from Assignor.

 

2.            Depositor hereby grants, transfers and assigns to Assignee all of its right, title and interest in, to and under the representations and warranties made by Fremont pursuant to the Purchase Agreement to the extent relating to the Mortgage Loans, Depositor is released from all obligations under the Purchase Agreement, and Assignee hereby accepts such assignment from Depositor.

 

3.            Fremont hereby acknowledges the foregoing assignments.

 

Representations and Warranties

 

4.            Assignor warrants and represents to, and covenants with, Depositor, Assignee and Fremont as of the date hereof that:

 

(a)          Attached hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement, which agreement is in full force and effect as of the date hereof and the provisions of which have not been waived, amended or modified in any respect, nor has any notice of termination been given thereunder;

 

 
 

 

(b)          Assignor is the lawful owner of its interests and rights under the Purchase Agreement to the extent of the Mortgage Loans, free and clear from any and all claims and encumbrances whatsoever, and upon the transfer of the representations and warranties to Assignee as contemplated herein, Assignee shall have good title to such representations and warranties under the Purchase Agreement to the extent of the Mortgage Loans, free and clear of all liens, claims and encumbrances;

 

(c)          There are no offsets, counterclaims or other defenses available to Fremont with respect to the Purchase Agreement;

 

(d)          Assignor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite power and authority to enter into and perform its obligations under the Purchase Agreement;

 

(e)          Assignor has full corporate power and authority to execute, deliver and perform its obligations under this Agreement, and to consummate the transactions set forth herein. The consummation of the transactions contemplated by this Agreement is in the ordinary course of Assignor’s business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of Assignor’s charter or by-laws or any legal restriction, or any material agreement or instrument to which Assignor is now a party or by which it is bound, or result in the violation of any law, rule, regulation, order, judgment or decree to which Assignor or its property is subject. The execution, delivery and performance by Assignor of this Agreement and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action on the part of Assignor. This Agreement has been duly executed and delivered by Assignor and, upon the due authorization, execution and delivery by Assignee, will constitute the valid and legally binding obligation of Assignor enforceable against Assignor in accordance with its terms except as enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law; and

 

(f)          No consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made by Assignor in connection with the execution, delivery or performance by Assignor of this Agreement, or the consummation by it of the transactions contemplated hereby.

 

5.            Depositor warrants and represents to, and covenants with, Assignor, Assignee and Fremont that as of the date hereof:

 

(a)          Depositor is a Delaware corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation;

 

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(b)          Depositor has full corporate power and authority to execute, deliver and perform its obligations under this Agreement, and to consummate the transactions set forth herein. The consummation of the transactions contemplated by this Agreement is in the ordinary course of Depositor’s business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of Depositor’s charter or by-laws or any legal restriction, or any material agreement or instrument to which Depositor is now a party or by which it is bound, or result in the violation of any law, rule, regulation, order, judgment or decree to which Depositor or its property is subject. The execution, delivery and performance by Depositor of this Agreement and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action on part of Depositor. This Agreement has been duly executed and delivered by Depositor and, upon the due authorization, execution and delivery by the other parties hereto, will constitute the valid and legally binding obligation of Depositor enforceable against Depositor in accordance with its terms except as enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law; and

 

(c)          No consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made by Depositor in connection with the execution, delivery or performance by Depositor of this Agreement, or the consummation by it of the transactions contemplated hereby other than any that have been obtained or made.

 

6.            Assignee warrants and represents to, and covenants with, Assignor, Depositor and Fremont that as of the date hereof:

 

(a)          Assignee is a federal savings bank duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization; and

 

(b)          Assignee has been directed to enter into this Agreement pursuant to the provisions of the Pooling and Servicing Agreement. The execution, delivery and performance by Assignee of this Agreement and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary action on part of Assignee. This Agreement has been duly executed and delivered by Assignee and, upon the due authorization, execution and delivery by the other parties hereto, will constitute the valid and legally binding obligation of Assignee enforceable against Assignee in accordance with its terms except as enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law.

 

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7.            Fremont warrants and represents to, and covenants with, Assignor, Depositor and Assignee as of the date hereof that:

 

(a)          Attached hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement, which agreement is in full force and effect as of the date hereof and the provisions of which have not been waived, amended or modified in any respect, nor has any notice of termination been given thereunder;

 

(b)          Fremont is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, and has all requisite power and authority to perform its obligations under the Purchase Agreement;

 

(c)          Fremont has full corporate power and authority to execute, deliver and perform its obligations under this Agreement, and to consummate the transactions set forth herein. The consummation of the transactions contemplated by this Agreement is in the ordinary course of Fremont’s business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of Fremont’s charter or by-laws or any legal restriction, or any material agreement or instrument to which Fremont is now a party or by which it is bound, or result in the violation of any law, rule, regulation, order, judgment or decree to which Fremont or its property is subject. The execution, delivery and performance by Fremont of this Agreement and the consummation by it of the transactions contemplated hereby, have been duly authorized by all necessary corporate action on part of Fremont . This Agreement has been duly executed and delivered by Fremont and, upon the due authorization, execution and delivery by Assignor, Assignee and the Depositor, will constitute the valid and legally binding obligation of Fremont enforceable against Fremont in accordance with its terms except as enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law; and

 

(d)          No consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required to be obtained or made by Fremont in connection with the execution, delivery or performance by Fremont of this Agreement, or the consummation by it of the transactions contemplated hereby.

 

Restated Fremont Representations and Warranties

 

8.            Pursuant to Section 32(d) of the Purchase Agreement, Fremont hereby restates to Depositor and Assignee (a) the representations and warranties set forth in Subsection 7.01 of the Purchase Agreement as of the related Closing Date and (b) the representations and warranties set forth in Subsection 7.02 of the Purchase Agreement as of the date hereof, as if such representations and warranties were set forth herein in full.

 

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In the event of a breach of any representations and warranties referred to in clauses (a) or (b) above as of the related Closing Date or the date hereof, as the case may be, Assignee shall be entitled to all the remedies under the Purchase Agreement, including, without limitation, the right to compel Fremont to repurchase Mortgage Loans pursuant to Section 7.03 of the Purchase Agreement, subject to the provisions of Section 10.

 

Recognition of Assignee

 

9.          From and after the date hereof, subject to Section 10 below, Fremont shall recognize Assignee as owner of the Mortgage Loans and will perform its obligations hereunder for the benefit of the Assignee in accordance with the Purchase Agreement, as modified hereby or as may be amended from time to time, as if Assignee and Fremont had entered into a separate purchase agreement for the purchase of the Mortgage Loans in the form of the Purchase Agreement, the terms of which are incorporated herein by reference, as amended by this Agreement.

 

 

Enforcement of Rights

 

10.          (a)          Controlling Holder Rights. Fremont agrees and acknowledges 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 exercise all of Assignee's rights as Purchaser under the following section of the Purchase Agreement:

 

Purchase Agreement:

 

Section or Subsection Matter
   
7.03, other than 7.03(c)

Repurchase and Substitution 

  

(b)          If there is no Controlling Holder under the Pooling and Servicing Agreement, then all rights that are to be exercised by the Controlling Holder pursuant to Section 10(a) shall be exercised by Assignee.

 

Amendments to Purchase Agreement

 

11.         The parties agree that the Purchase Agreement shall be amended, solely with respect to the Mortgage Loans, as follows:

 

(a)          Definitions.

 

(i)          The definitions of ” “Business Day” and “Repurchase Price” set forth in Section 1 of the Purchase Agreement shall be deleted and replaced in their entirety as follows:

 

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Business Day:   Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in the states of California, Delaware, Maryland, Minnesota, Missouri or New York, (iii) a day on which banks in the states of California, Delaware, Maryland, Minnesota, Missouri or New York, are authorized or obligated by law or executive order to be closed or (iv) a day on which the New York Stock Exchange or the Federal Reserve Bank of New York is closed.

 

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

 

(b)          The following sentence shall be added as the new third sentence of Subsection 7.03(a):

 

Each determination as to whether there has been such a breach shall be conducted on a Mortgage Loan-by-Mortgage Loan basis.

 

(c)          The rights under the Purchase Agreement assigned to the Depositor and the Assignee pursuant to this Agreement shall be under the Purchase Agreement as amended by this Agreement.

 

Miscellaneous

 

12.         All demands, notices and communications related to the Mortgage Loans, the Purchase Agreement and this Agreement shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed by registered mail, postage prepaid, as follows:

 

(a)In the case of Fremont ,

 

Fremont Bank

25151 Clawiter Road

Hayward, California 94545

Attention: Gary DeLuca, Residential Lending

 

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(b)In the case of Assignee,

 

Christiana Trust, a division of Wilmington Savings Fund Society, FSB

500 Delaware Avenue, 11th Floor

Wilmington, Delaware, 19801

Attention: Corporate Trust - Sequoia Mortgage Trust 2012-6

 

(c)In the case of Depositor,

 

Sequoia Residential Funding, Inc.

One Belvedere Place, Suite 360

Mill Valley, California 94941

Attention: William Moliski

 

with a copy to

 

General Counsel at the same address

 

(d)In the case of Assignor,

 

Redwood Residential Acquisition Corporation

One Belvedere Place, Suite 360

Mill Valley, California 94941

Attention: William Moliski

 

with a copy to

 

General Counsel at the same address

 

(e)In the case of Master Servicer,

 

Wells Fargo Bank, N.A.

9062 Old Annapolis Road

Columbia, Maryland 21045)

Telephone number: (410) 884-2000

Facsimile number: (410) 715-2380

Attention: Client Manager — Sequoia Mortgage Trust 2012-6

 

(f)In the case of the initial Controlling Holder,

 

Sequoia Mortgage Funding Corporation

One Belvedere Place, Suite 360

Mill Valley, California 94941

Attention: William Moliski

 

with a copy to

 

General Counsel at the same address

 

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13.         This Agreement shall be construed in accordance with the laws of the State of New York, except to the extent preempted by Federal law, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws, without regard to the conflicts of laws provisions of the State of New York or any other jurisdiction.

 

14.         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.

 

15.         This Agreement shall inure to the benefit of the successors and assigns of the parties hereto. Any entity into which Assignor, Depositor, Assignee or Fremont may be merged or consolidated shall, without the requirement for any further writing, be deemed Assignor, Depositor, Assignee or Fremont , respectively, hereunder.

 

16.         This Agreement shall survive the conveyance of the Mortgage Loans, the assignment of the representations and warranties made by Fremont pursuant to the Purchase Agreement to the extent of the Mortgage Loans by Assignor to Depositor and by Depositor to Assignee, and the termination of the Purchase Agreement.

 

17.         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.

 

18.         The Controlling Holder under the Pooling and Servicing Agreement is an express third party beneficiary of this Agreement, and shall have the same power and ability to exercise and enforce the rights stated to be provided to it hereunder as if it were a signatory hereto. Fremont hereby consents to such exercise and enforcement.

 

19.         It is expressly understood and agreed by the parties hereto that insofar as this Agreement is executed by the Trustee (i) this Agreement is executed and delivered by Christiana Trust, a division of Wilmington Savings Fund Society, FSB (“Christiana Trust”) not in its individual capacity but solely as Trustee on behalf of the trust created by the Pooling and Servicing Agreement referred to herein (the “Trust”) in the exercise of the powers and authority conferred upon and vested in it, and as directed in the Pooling and Servicing Agreement, (ii) each of the undertakings and agreements herein made on behalf of the Trust is made and intended not as a personal undertaking or agreement of or by Christiana Trust but is made and intended for purposes of binding only the Trust, (iii) nothing herein contained shall be construed as creating any liability on the part of Christiana Trust, individually or personally, to perform any covenant either express or implied in this Agreement, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, and (iv) under no circumstances shall Christiana Trust in its individual capacity or in its capacity as Trustee be personally liable for the payment of any indebtedness, amounts or expenses owed by the Assignor under the Purchase Agreement, as modified or supplemented by this Agreement (such indebtedness, expenses and other amounts being payable solely from and to the extent of funds of the Trust) or be personally liable for the breach or failure of any obligation, representation, warranty or covenant made under this Agreement or any other related documents.

 

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20.         Master Servicer. Fremont hereby acknowledges that the Assignee has appointed Wells Fargo Bank, N.A. to act as master servicer and securities administrator under the Pooling and Servicing Agreement and hereby agrees to treat all inquiries, demands, 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 Purchaser under this Agreement, including, without limitation, the right to enforce the obligations of Fremont hereunder and under the Purchase Agreement and the right to exercise the remedies of the Purchaser hereunder and under the Purchase Agreement.

 

Fremont shall make all remittances due by it to the Purchaser with respect to the Mortgage Loans to the following account by wire transfer of immediately available funds:

 

Wells Fargo Bank, N.A.

San Francisco, California

ABA# 121-000-248

Account #3970771416

Account Name: SAS Clearing

FFC: Account #38993800, Sequoia Mortgage Trust 2012-6

Distribution Account

 

21.         Fremont acknowledges that the custodian will be Wells Fargo Bank, N.A. acting pursuant to the Custodial Agreement. Notwithstanding Section 10 of the Purchase Agreement, Fremont shall pay shipping expenses for any Mortgage Loan Documents if there has been a breach of any representation or warranty made with respect to the related Mortgage Loan in Subsection 7.01 of the Purchase Agreement.

 

22.         Rule 17g-5 Compliance. Fremont hereby agrees that it shall provide information with respect to the Mortgage Loans or the origination thereof to any Rating Agency or nationally recognized statistical rating organization (“NRSRO”) via electronic mail at rmbs17g5informationprovider@wellsfargo.com, with a subject reference of “SEMT 2012-6” and an identification of the type of information being provided in the body of such electronic mail. The Securities Administrator, as the initial Rule 17g-5 Information Provider (the “Rule 17g-5 Information Provider”) shall notify Fremont in writing of any change in the identity or contact information of the Rule 17g-5 Information Provider. Fremont 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 Agreement 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 22 prohibit or restrict oral or written communications, or providing information, between Fremont , 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 Fremont or (ii) such Rating Agency’s or NRSRO’s evaluation of Fremont’s operations in general; provided, however, that Fremont 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.

  

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

 

  REDWOOD RESIDENTIAL ACQUISITION CORPORATION
  Assignor
     
  By:  
  Name:  
  Title:  
     
  SEQUOIA RESIDENTIAL FUNDING, INC.
  Depositor
     
  By:  
  Name:  
  Title:  
     
  Christiana Trust, a division of Wilmington Savings Fund Society, FSB,
not in its individual capacity but solely as Trustee,
  Assignee
     
  By:  
  Name:  
  Title:  
     
  FREMONT BANK
     
  By:  
  Name:  
  Title:  

 

Accepted and agreed to by:

 

WELLS FARGO BANK, N.A.

Master Servicer

 

By:      
Name:      
Title:      

 

Signature Page – Assignment of Representations and Warranties – Fremont Bank (SEMT 2012-6)

 

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ATTACHMENT 1

 

MORTGAGE LOAN SCHEDULE

   

  1 2 3 4 5 6 7 8 9 10
  Primary Servicer Servicing Fee % Servicing Fee—Flatdollar Servicing Advance Methodology Originator Loan Group Loan Number Amortization Type Lien Position HELOC Indicator
1 1000383 0.002500     1001105   6000121266 1 1 0
2 1000383 0.002500     1001105   6000128832 1 1 0
3 1000383 0.002500     1001105   6000130804 1 1 0
4 1000383 0.002500     1001105   6000132909 1 1 0
5 1000383 0.002500     1001105   6000134277 1 1 0
6 1000383 0.002500     1001105   6000135456 1 1 0
7 1000383 0.002500     1001105   6000135696 1 1 0
8 1000383 0.002500     1001105   6000136439 1 1 0
9 1000383 0.002500     1001105   6000139599 1 1 0
10 1000383 0.002500     1001105   6000139623 1 1 0
11 1000383 0.002500     1001105   8001038028 1 1 0
12 1000383 0.002500     1001105   8001056871 1 1 0
13 1000383 0.002500     1001105   8001083446 1 1 0
14 1000383 0.002500     1001105   8001087272 1 1 0
15 1000383 0.002500     1001105   8001087348 1 1 0
16 1000383 0.002500     1001105   8001101115 1 1 0
17 1000383 0.002500     1001105   8001125569 1 1 0
18 1000383 0.002500     1001105   8001142473 1 1 0
19 1000383 0.002500     1001105   6000113842 1 1 0
20 1000383 0.002500     1001105   6000122314 1 1 0
21 1000383 0.002500     1001105   6000127024 1 1 0
22 1000383 0.002500     1001105   6000133105 1 1 0
23 1000383 0.002500     1001105   8001128381 1 1 0
24 1000383 0.002500     1001105   6000136751 1 1 0
25 1000383 0.002500     1001105   6000119492 1 1 0
26 1000383 0.002500     1001105   6000138690 1 1 0
27 1000383 0.002500     1001105   6000144979 1 1 0
28 1000383 0.002500     1001105   8001166381 1 1 0
29 1000383 0.002500     1001105   6000138575 1 1 0

 

  11 12 13 14 15 16 17 18 19 20
  Loan Purpose Cash Out Amount Total Origination and Discount Points Covered/High Cost Loan Indicator Relocation Loan Indicator Broker Indicator Channel Escrow Indicator Senior Loan
Amount(s)
Loan Type of Most
Senior Lien
1 9           2 0 0  
2 9           2 0 0  
3 7           2 0 0  
4 9           2 4 0  
5 6           2 0 0  
6 9           2 0 0  
7 9           2 0 0  
8 7           2 0 0  
9 9           2 0 0  
10 7           2 0 0  
11 3           1 0 0  
12 9           1 0 0  
13 9           1 0 0  
14 9           1 0 0  
15 3           1 0 0  
16 3           1 0 0  
17 9           1 0 0  
18 7           1 0 0  
19 9           2 0 0  
20 7           2 0 0  
21 9           2 0 0  
22 9           2 4 0  
23 9           1 4 0  
24 9           2 0 0  
25 9           2 0 0  
26 7           2 0 0  
27 7           2 0 0  
28 3           1 0 0  
29 9           2 0 0  

 

  21 22 23 24 25 26 27 28 29 30
  Hybrid Period of
Most Senior Lien (in
months)
Neg Am Limit of
Most Senior Lien
Junior Mortgage
Balance
Origination Date of
Most Senior Lien
Origination Date Original Loan
Amount
Original Interest
Rate
Original
Amortization Term
Original Term to
Maturity
First Payment Date
of Loan
1     0.00   20120831 850000.00 0.045000 360 360 20121101
2     0.00   20120924 1182000.00 0.041250 360 360 20121101
3     0.00   20120919 975000.00 0.042500 360 360 20121101
4     0.00   20120920 703000.00 0.038750 360 360 20121101
5     0.00   20120907 959000.00 0.040000 360 360 20121101
6     0.00   20120927 719000.00 0.040000 360 360 20121101
7     0.00   20120924 1500000.00 0.040000 360 360 20121101
8     0.00   20120918 1000000.00 0.037500 360 360 20121101
9     0.00   20120927 1209000.00 0.041250 360 360 20121101
10     0.00   20120927 880000.00 0.037500 360 360 20121201
11     0.00   20120719 2000000.00 0.038750 360 360 20120901
12     0.00   20120629 714000.00 0.038750 360 360 20120901
13     0.00   20120907 1186500.00 0.038750 360 360 20121101
14     0.00   20120907 720000.00 0.038750 360 360 20121101
15     0.00   20120809 775000.00 0.038750 360 360 20121001
16     0.00   20120905 700000.00 0.040000 360 360 20121101
17     0.00   20120918 960400.00 0.037500 360 360 20121101
18     0.00   20120926 555000.00 0.037500 360 360 20121101
19     0.00   20120725 1716000.00 0.045000 360 360 20120901
20     0.00   20120717 888750.00 0.045000 360 360 20120901
21     0.00   20120914 750000.00 0.046250 360 360 20121101
22     0.00   20121002 729000.00 0.042500 360 360 20121201
23     0.00   20120925 674000.00 0.038750 360 360 20121101
24     160000.00   20120928 787000.00 0.041250 360 360 20121201
25     0.00   20120926 1150000.00 0.038750 360 360 20121101
26     0.00   20121015 680000.00 0.042500 360 360 20121201
27     0.00   20121010 1400000.00 0.040000 360 360 20121201
28     0.00   20121008 883000.00 0.037500 360 360 20121201
29     0.00   20121016 850000.00 0.043750 360 360 20121201

 

  31 32 33 34 35 36 37 38 39 40
  Interest Type
Indicator
Original Interest
Only Term
Buy Down Period HELOC Draw Period Current Loan
Amount
Current Interest
Rate
Current Payment
Amount Due
Interest Paid
Through Date
Current Payment
Status
Index Type
1 1 0 0   850000.00 0.045000 4306.83 20121001 0 0
2 1 0 0   1180334.57 0.041250 5728.56 20121001 0 0
3 1 0 0   975000.00 0.042500 4796.41 20121001 0 0
4 1 0 0   703000.00 0.038750 3305.77 20121001 0 0
5 1 0 0   959000.00 0.040000 4578.41 20121001 0 0
6 1 0 0   719000.00 0.040000 3432.62 20121001 0 0
7 1 0 0   1500000.00 0.040000 7161.23 20121001 0 0
8 1 0 0   1000000.00 0.037500 4631.16 20121001 0 0
9 1 0 0   1209000.00 0.041250 5859.42 20121001 0 0
10 1 0 0   880000.00 0.037500 4075.42 20121001 0 0
11 1 0 0   2000000.00 0.038750 9404.74 20121001 0 0
12 1 0 0   714000.00 0.038750 3357.49 20121001 0 0
13 1 0 0   1186500.00 0.038750 5579.36 20121001 0 0
14 1 0 0   718939.29 0.038750 3385.71 20121001 0 0
15 1 0 0   775000.00 0.038750 3644.34 20121001 0 0
16 1 0 0   700000.00 0.040000 3341.91 20121001 0 0
17 1 0 0   958953.48 0.037500 4447.76 20121001 0 0
18 1 0 0   555000.00 0.037500 2570.29 20121001 0 0
19 1 0 0   1713740.28 0.045000 8694.72 20121001 0 0
20 1 0 0   886404.89 0.045000 4503.17 20121001 0 0
21 1 0 0   750000.00 0.046250 3856.05 20121001 0 0
22 1 0 0   729000.00 0.042500 3586.24 20121001 0 0
23 1 0 0   674000.00 0.038750 3169.40 20121001 0 0
24 1 0 0   787000.00 0.041250 3814.19 20121001 0 0
25 1 0 0   1148305.81 0.038750 5407.73 20121001 0 0
26 1 0 0   680000.00 0.042500 3345.19 20121001 0 0
27 1 0 0   1400000.00 0.040000 6683.81 20121001 0 0
28 1 0 0   883000.00 0.037500 4089.31 20121001 0 0
29 1 0 0   850000.00 0.043750 4243.92 20121001 0 0

 

  41 42 43 44 45 46 47 48 49 50
  ARM Look-back
Days
Gross Margin ARM Round Flag ARM Round Factor Initial Fixed Rate
Period
Initial Interest Rate
Cap (Change Up)
Initial Interest Rate
Cap (Change Down)
Subsequent Interest
Rate Reset Period
Subsequent Interest
Rate Cap (Change Down)
Subsequent Interest
Rate Cap (Change
Up)
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                    

 

  51 52 53 54 55 56 57 58 59 60
  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
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                    

 

  61 62 63 64 65 66 67 68 69 70
  Subsequent
Minimum Payment
Reset Period
Option ARM
Indicator
Options at Recast Initial Minimum
Payment
Current Minimum
Payment
Prepayment Penalty
Calculation
Prepayment Penalty
Type
Prepayment Penalty
Total Term
Prepayment Penalty
Hard Term
Primary Borrower ID
1               0   274
2               0   269
3               0   271
4               0   135
5               0   309
6               0   127
7               0   298
8               0   290
9               0   263
10               0   295
11               0   112
12               0   279
13               0   338
14               0   296
15               0   154
16               0   58
17               0   284
18               0   332
19               0   29
20               0   83
21               0   277
22               0   328
23               0   324
24               0   302
25               0   327
26               0   264
27               0   138
28               0   287
29               0   253

 

  71 72 73 74 75 76 77 78 79 80
  Number of
Mortgaged
Properties
Total Number of
Borrowers
Self-employment
Flag
Current ‘Other’
Monthly Payment
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
1 1   0   0 11 12 1    
2 2   1   22 22 11 1    
3 4   0   12   0 1    
4 3   1   9   1 1    
5 1   0   6 2 0 1    
6 1   0   2.5   18 1    
7 2   0   0 2 0 1    
8 2   1   20   0 1    
9 2   0   1.75 12.25 0 1    
10 2   1   4 9 0 1    
11 2   1   20 2 1.5 1    
12 2   0   1.75   10 1    
13 2   0   7 23 3 1    
14 1   0   3 4 25 1    
15 1   0   2 7.5 22 1    
16 2   0   5   14 1    
17 1   1   34   14 1    
18 1   0   12 9 0 1    
19 2   1   18 17 7 1    
20 1   1   20   0 1    
21 1   0   8.25 21 19 1    
22 4   0   2   1 1    
23 2   0   0   31 1    
24 1   1   10   2 1    
25 2   1   11 11 0 1    
26 3   0   12 9 0 1    
27 2   0   7 4.75 0 1    
28 1   0   31   3 1    
29 3   0   8 15 7 1    

 

  81 82 83 84 85 86 87 88 89 90
  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
Most Recent
Primary Borrower
FICO
Most Recent Co-
Borrower FICO
Most Recent FICO
Method
VantageScore:
Primary Borrower
1           734        
2           715        
3           732        
4           792        
5           794        
6           790        
7           772        
8           764        
9           791        
10           752        
11           715        
12           786        
13           785        
14           741        
15           752        
16           796        
17           782        
18           811        
19           756        
20           740        
21           713        
22           784        
23           816        
24           727        
25           793        
26           774        
27           774        
28           768        
29           795        

 

  91 92 93 94 95 96 97 98 99 100
  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 Months Foreclosure
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               000000000000    
20               000000000000    
21               000000000000    
22               000000000000    
23               000000000000    
24               000000000000    
25               000000000000    
26               000000000000    
27               000000000000    
28               000000000000    
29               000000000000    

 

  101 102 103 104 105 106 107 108 109 110
  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
1 0.00 17611.83 0.00 0.00 17611.83 17611.83 1 5   3
2 10815.12 4333.33 0.00 0.00 15148.45 15148.45 1 4   3
3 357179.55   0.00   357179.55 357179.55 1 5   3
4 20937.05 0.00 0.00 0.00 20937.05 20937.05 1 4   3
5 11131.00 11333.00 0.00 0.00 22464.00 22464.00 1 5   3
6 9250.09   1686.16   9250.09 10936.25 1 5   3
7 29439.34 0.00 0.00 0.00 29439.34 29439.34 1 5   3
8 11967.11   8055.61   11967.11 20022.72 1 4   3
9 13750.00 12790.83 0.00 0.00 26540.83 26540.83 1 5   3
10 14429.95 9833.26 0.00 0.00 24263.21 24263.21 1 4   3
11 86098.82 0.00 0.00 0.00 86098.82 86098.82 1 4   3
12 13898.00 0.00 0.00 0.00 13898.00 13898.00 1 5   3
13 13157.37 12755.60 0.00 0.00 25912.97 25912.97 1 5   3
14 8988.98 2575.00 0.00 0.00 11563.98 11563.98 1 5   3
15 6356.51 8756.80 0.00 0.00 15113.31 15113.31 1 5   3
16 9035.09   1451.75   9035.09 10486.84 1 5   3
17 50799.00 0.00 0.00 0.00 50799.00 50799.00 1 4   3
18 12781.20 11738.52 0.00 0.00 24519.72 24519.72 1 5   3
19 51077.70 0.00 0.00 0.00 51077.70 51077.70 1 4   3
20 14438.83   0.00   14438.83 14438.83 1 4   3
21 13535.60 7573.22 0.00 0.00 21108.82 21108.82 1 5   3
22 16398.93 0.00 0.00 0.00 16398.93 16398.93 1 5   3
23 1831.42 5448.83 2790.20 0.00 7280.25 10070.45 1 5   3
24 30767.92 0.00 0.00 0.00 30767.92 30767.92 1 4   3
25 16864.45 4500.00 0.00 0.00 21364.45 21364.45 1 4   3
26 12120.22 9825.07 1000.00 0.00 21945.29 22945.29 1 5   3
27 21866.65 2401.00 0.00 0.00 24267.65 24267.65 1 5   3
28 14512.51 822.16 2655.00 0.00 15334.67 17989.67 1 5   3
29 16849.03 6450.82 0.00 0.00 23299.85 23299.85 1 5   3

 

  111 112 113 114 115 116 117 118 119 120
  Co-Borrower
Employment
Verification
Borrower Asset
Verification
Co-Borrower Asset
Verification
Liquid / Cash
Reserves
Monthly Debt All
Borrowers
Originator DTI Fully Indexed Rate Qualification
Method
Percentage of Down
Payment from
Borrower Own
Funds
City
1   4   152594.41 5149.31 0.2924       PALO ALTO
2   4   152036.56 6300.66 0.4159       SOQUEL
3   4   3282229.11 43321.59 0.1213     100 LOS ANGELES
4   4   191664.64 7689.01 0.3672       SAN DIEGO
5   4   308700.18 6328.83 0.2817     100 BURLINGAME
6   4   97344.05 4754.85 0.4348       NEWPORT BEACH
7   4   341382.63 12686.35 0.4309       SAN CLEMENTE
8   4   195672.53 7992.75 0.3992     100 SAN JOSE
9   4   325819.95 8393.99 0.3163       LOS ALTOS
10   4   98142.82 9655.57 0.3980     100 ALAMEDA
11   4   1142120.82 23227.05 0.2698       DIABLO
12   4   608890.71 6643.83 0.4780       BELMONT
13   4   71244.64 7907.42 0.3052       SAN JOSE
14   4   26353.27 4641.08 0.4013       SAN JOSE
15   4   60068.59 5404.34 0.3576       BURLINGAME
16   4   501926.71 5368.66 0.5119       DANVILLE
17   4   857961.80 9942.89 0.1957       PALO ALTO
18   4   105552.10 4412.30 0.1799     100 RANCHO MURIETA
19   4   215069.66 21754.76 0.4259       SAN RAFAEL
20   4   982680.60 5053.98 0.3500     100 OAKLAND
21   4   192685.79 8718.72 0.4130       FREMONT
22   4   90763.49 5495.45 0.3351       LOOMIS
23   4   150967.17 4408.52 0.4378       LOS ALTOS HILLS
24   4   82118.03 12172.16 0.3956       IRVINE
25   4   264262.57 9378.42 0.4390       GLEN ELLEN
26   4   324308.02 8787.95 0.3830     100 MILPITAS
27   4   506325.84 9077.73 0.3741     84.3876 LOS ALTOS
28   4   313696.90 6013.25 0.3343       LOS GATOS
29   4   214835.18 8012.47 0.3439       SAN JOSE

 

  121 122 123 124 125 126 127 128 129 130
  State Postal Code Property Type Occupancy 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
1 CA 94306 1 1   1730000.00 3 20120625    
2 CA 95073 7 1   1850000.00 3 20120819    
3 CA 90292 3 2 1725000.00 1500000.00 3 20120802    
4 CA 92130 7 1   1225000.00 3 20120818    
5 CA 94010 1 1 1370000.00 1370000.00 3 20120810    
6 CA 92660 1 1   1210000.00 3 20120904    
7 CA 92672 7 2   3500000.00 3 20120823    
8 CA 95148 1 1 1400000.00 1400000.00 3 20120823    
9 CA 94022 1 1   1729000.00 3 20120916    
10 CA 94501 1 1 1230000.00 1230000.00 3 20120910    
11 CA 94528 1 1   4300000.00 3 20120612    
12 CA 94002 1 1   1225000.00 3 20120609    
13 CA 95120 7 1   1695000.00 3 20120718    
14 CA 95125 1 1   1150000.00 3 20120803    
15 CA 94010 1 1   1325000.00 3 20120621    
16 CA 94506 7 1   1100000.00 3 20120731    
17 CA 94301 1 1   6500000.00 3 20120829    
18 CA 95683 7 1 780000.00 780000.00 3 20120906    
19 CA 94903 1 1   2500000.00 3 20120425    
20 CA 94619 7 1 1300000.00 1185000.00 3 20120627    
21 CA 94539 1 1   1140000.00 3 20120718    
22 CA 95650 7 1   990000.00 3 20120911    
23 CA 94022 1 1   2700000.00 3 20120829    
24 CA 92602 7 1   1200000.00 3 20120914    
25 CA 95442 1 2   2000000.00 3 20120808    
26 CA 95035 1 1 958888.00 865000.00 3 20120831    
27 CA 94024 1 1 2000000.00 2000000.00 3 20120921    
28 CA 95032 1 1   1450000.00 3 20120731    
29 CA 95148 1 1   1090000.00 3 20120919    

 

  131 132 133 134 135 136 137 138 139 140
  Most Recent
Property Value2
Most Recent
Property Valuation
Type
Most Recent
Property Valuation
Date
Most Recent AVM
Model Name
Most Recent AVM
Confidence Score
Original CLTV Original LTV Original Pledged
Assets
Mortgage Insurance
Company Name
Mortgage Insurance
Percent
1           0.4913 0.4913 0 0 0
2           0.6389 0.6389 0 0 0
3           0.6500 0.6500 0 0 0
4           0.5738 0.5738 0 0 0
5           0.7000 0.7000 0 0 0
6           0.5942 0.5942 0 0 0
7           0.4285 0.4285 0 0 0
8           0.7142 0.7142 0 0 0
9           0.6992 0.6992 0 0 0
10           0.7154 0.7154 0 0 0
11           0.4651 0.4651 0 0 0
12           0.5828 0.5828 0 0 0
13           0.7000 0.7000 0 0 0
14           0.6260 0.6260 0 0 0
15           0.5849 0.5849 0 0 0
16           0.6363 0.6363 0 0 0
17           0.1477 0.1477 0 0 0
18           0.7115 0.7115 0 0 0
19           0.6864 0.6864 0 0 0
20           0.7500 0.7500 0 0 0
21           0.6578 0.6578 0 0 0
22           0.7363 0.7363 0 0 0
23           0.2496 0.2496 0 0 0
24           0.7891 0.6558 0 0 0
25           0.5750 0.5750 0 0 0
26           0.7861 0.7861 0 0 0
27           0.7000 0.7000 0 0 0
28           0.6089 0.6089 0 0 0
29           0.7798 0.7798 0 0 0

 

  141 142 143 144 145 146 147 148 149 150
  MI: Lender or
Borrower Paid?
Pool Insurance Co.
Name
Pool Insurance Stop
Loss %
MI Certificate
Number
Updated DTI
(Front-end)
Updated DTI
(Back-end)
Modification
Effective Payment
Date
Total Capitalized
Amount
Total Deferred
Amount
Pre-Modification
Interest (Note) Rate
1                    
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                    

 

  151 152 153 154 155 156 157 158 159 160
  Pre-Modification P&I
Payment
Pre-Modification
Initial Interest Rate
Change Downward
Cap
Pre-Modification
Subsequent Interest
Rate Cap
Pre-Modification
Next Interest Rate
Change Date
Pre-Modification I/O
Term
Forgiven Principal
Amount
Forgiven Interest
Amount
Number of
Modifications
Cash To/From Brrw at Closing Brrw - Yrs at in Industry
1                   0
2                   22
3                   31
4                   19
5                   6
6                   30
7                   20
8                   20
9                   24
10                   4
11                   20
12                   18
13                   29
14                   42
15                   32
16                   5
17                   34
18                   12
19                   20
20                   30
21                   18
22                   20
23                   0
24                   10
25                   16
26                   12
27                   10
28                   31
29                   21

  

  161 162 163 164 165 166 167
  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)
1 11 0.00 20421001 0.00 0.00 0.00 17611.83
2 22 0.00 20421001 10815.12 0.00 0.00 4333.33
3   0.00 20421001 357179.55 0.00 0.00 0.00
4   0.00 20421001 20937.05 0.00 0.00 0.00
5 5 0.00 20421001 11131.00 0.00 0.00 11333.00
6   0.00 20421001 9250.09 0.00 0.00 0.00
7   0.00 20421001 29439.34 0.00 0.00 0.00
8   0.00 20421001 11967.11 0.00 0.00 0.00
9 20 0.00 20421001 13750.00 0.00 0.00 12790.83
10 25 0.00 20421101 14429.95 0.00 0.00 9833.26
11 2 0.00 20420801 86098.82 0.00 0.00 0.00
12   0.00 20420801 13898.00 0.00 0.00 0.00
13 23 0.00 20421001 13157.37 0.00 0.00 12755.60
14 7 0.00 20421001 8988.98 0.00 0.00 2575.00
15 7.5 0.00 20420901 6356.51 0.00 0.00 8756.80
16   0.00 20421001 9035.09 1324.93 0.00 0.00
17   0.00 20421001 50799.00 0.00 0.00 0.00
18 35 0.00 20421001 12781.20 0.00 0.00 11738.52
19 20 0.00 20420801 51077.70 0.00 0.00 0.00
20   0.00 20420801 14438.83 0.00 0.00  
21 21 0.00 20421001 13535.60 0.00 0.00 7573.22
22   0.00 20421101 16398.93 0.00 0.00 0.00
23   0.00 20421001 1831.42 0.00 0.00 5448.83
24   0.00 20421101 30767.92 0.00 0.00 0.00
25 16 0.00 20421001 16864.45 0.00 0.00 4500.00
26 9 0.00 20421101 12120.22 1000.00 0.00 9825.07
27 9 0.00 20421101 21866.65 0.00 0.00 2401.00
28   0.00 20421101 14512.51 0.00 0.00 822.16
29 18 0.00 20421101 16849.03 0.00 0.00 6450.82

 

  168 169 170 171 172
  Co-Borrower Wage Income (Bonus) Co-Borrower Wage Income (Commission) Originator Doc Code RWT Income Verification RWT Asset Verification
1 0.00 0.00 Full Two Years Two Months
2 0.00 0.00 Full Two Years Two Months
3 0.00 0.00 Full Two Years Two Months
4 0.00 0.00 Full Two Years Two Months
5 0.00 0.00 Full Two Years Two Months
6 0.00 0.00 Full Two Years Two Months
7 0.00 0.00 Full Two Years Two Months
8 0.00 0.00 Full Two Years Two Months
9 0.00 0.00 Full Two Years Two Months
10 0.00 0.00 Full Two Years Two Months
11 0.00 0.00 Full Two Years Two Months
12 0.00 0.00 Full Two Years Two Months
13 0.00 0.00 Full Two Years Two Months
14 0.00 0.00 Full Two Years Two Months
15 0.00 0.00 Full Two Years Two Months
16 0.00 0.00 Full Two Years Two Months
17 0.00 0.00 Full Two Years Two Months
18 0.00 0.00 Full Two Years Two Months
19 0.00 0.00 Full Two Years Two Months
20     Full Two Years Two Months
21 0.00 0.00 Full Two Years Two Months
22 0.00 0.00 Full Two Years Two Months
23 0.00 0.00 Full Two Years Two Months
24 0.00 0.00 Full Two Years Two Months
25 0.00 0.00 Full Two Years Two Months
26 0.00 0.00 Full Two Years Two Months
27 0.00 0.00 Full Two Years Two Months
28 0.00 0.00 Full Two Years Two Months
29 0.00 0.00 Full Two Years Two Months

 

 
 

  

ASF RMBS DISCLOSURE PACKAGE

 

The American Securitization Forum is a broad-based professional forum through which participants in the U.S. securitization market advocate their common interests on important legal, regulatory and market practice issues. ASF members include over 380 firms, including issuers, investors, servicers, financial intermediaries, rating agencies, financial guarantors, legal and accounting firms, and other professional organizations involved in securitization transactions. The ASF also provides information, education and training on a range of securitization market issues and topics through industry conferences, seminars and similar initiatives. For more information about ASF, its members and activities, please go to www.americansecuritization.com.

 

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 Cash Out Amount: [New Loan] – [PIF Prior First Lien] – [Payoff of all Seasoned Seconds] – [Closing Costs] – [Prepays]

For delayed purchases (refinances on homes purchased < 12 months prior to the mortgage application) with cash) Cash Out Amount = 0.
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