Exhibit 10.5(C)
EXECUTION VERSION
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement (the "Agreement"), dated
January 31, 2006, is among Bank of America, National Association, a national
banking association (the "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 2006-1 Trust (the
"Assignee"), Xxxxx Fargo Bank, N.A., a national banking association ("Xxxxx
Fargo Bank"), as master servicer of the Banc of America Funding 2006-1 Trust and
Residential Funding Corporation, a Delaware corporation ("RFC").
WHEREAS, pursuant to (i) that certain Standard Terms and Provisions of Sale
and Servicing Agreement, dated as of November 1, 2004, by and between the
Assignor, as purchaser, and RFC, as seller (the "Standard Terms Agreement"),
(ii) that certain Regulation AB Compliance Addendum ("Reg AB Addendum"), dated
as of January 1, 2006, by and between RFC and the Assignor, (iii) that certain
Reference Agreement, dated as of July 1, 2005, by and between RFC and the
Assignor, (iv) that certain Reference Agreement (WH25A), dated as of September
1, 2005, by and between RFC and the Assignor, (v) that certain Reference
Agreement (WH25B), dated as of September 1, 2005, by and between RFC and the
Assignor and (vi) that certain Reference Agreement, dated as of October 1, 2005,
by and between RFC and the Assignor (each, a "Reference Agreement" and
collectively, the "Reference Agreements" and collectively with the Standard
Terms Agreement and the Reg AB Addendum, the "Sale and Servicing Agreement"),
each of which is attached in Appendix I hereto, the Assignor purchased the
Mortgage Loans (as defined herein) from RFC and RFC 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,
and the mortgage loans delivered under such agreement by RFC 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, RFC
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 RFC 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, RFC 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 3.18 of the Sale and Servicing Agreement,
continue to service the Mortgage Loans pursuant to the Sale and Servicing
Agreement, as modified by Section 8 hereof, for the benefit of the Assignee.
4. RFC 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. The Master Servicer shall be authorized to
enforce directly against RFC any of the obligations of RFC to the Assignor or
its assignees provided for in the Sale and Servicing Agreement including,
without limitation, the right to exercise any and all rights of the Assignor
2
(but not the obligations) under the Sale and Servicing Agreement to monitor and
enforce the obligations of RFC thereunder, the right to terminate RFC 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 RFC
under the Sale and Servicing Agreement, the right to receive all monthly reports
and other data required to be delivered by RFC under the Sale and Servicing
Agreement, the right to examine the books and records of RFC under the Sale and
Servicing Agreement, indemnification rights under the Sale and Servicing
Agreement, and the right to exercise certain rights of consent and approval
under the Sale and Servicing Agreement relating to actions taken by RFC. All
remittances by RFC shall be made to the account or accounts designated by the
Master Servicer to RFC 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 2006-1 # 50892400.
5. RFC hereby represents and warrants to each of the other parties hereto
that no event has occurred from October 1, 2005 to the date hereof which would
render the representations and warranties made by RFC with respect to RFC itself
in Section 2.04 of the Sale and Servicing Agreement (other than the
representations and warranties contained in Section 2.04(a)(iv), (v) or (xi)) to
be untrue in any material respect. RFC hereby further represents that as of the
related Closing Date (as defined in the Sale and Servicing Agreement), the
representation and warranties with respect to the Mortgage Loans were true and
correct as of such date. With respect to each Mortgage Loan, the servicing
practices used by RFC and any prior servicer with respect to each Mortgage Note
and Mortgage have been legal and in accordance with applicable laws and
regulations and the Mortgage Loan documents, and each such Mortgage Loan has
been serviced in all material respects in accordance with the Sale and Servicing
Agreement.
6. RFC 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.
7. In accordance with Section 2.01 of the Sale and Servicing Agreement, the
Assignor hereby instructs RFC, and RFC hereby agrees, to release from its
custody and deliver the contents of the Mortgage 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 10
hereof on or before the closing date.
8. RFC, BAFC and the Assignee hereby agree to the following modifications
to the Sale and Servicing Agreement solely with respect to the Mortgage Loans:
a. Section 3.14. Section 3.14(a) and Section 3.14(b) are hereby modified
by replacing each reference to "March 31" with "March 15."
The exhibit referenced in this Section 8(b) is attached to this
Agreement as Exhibit C hereto.
3
b. Section 4.02. Section 4.02 is hereby modified by inserting the
following as clause (vii):
"Not later than the fifteenth (15th) calendar day of each month, a
monthly remittance advice containing the data fields set forth in
Exhibit I-1, 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, a delinquency
report containing the data fields set forth in Exhibit I-2, and a
realized loss report in the form set forth in Exhibit I-3, each in a
mutually agreeable electronic format. In addition, the Company agrees
to provide the Master Servicer any other data with respect to the
Mortgage Loans as may be reasonably required to enable the Master
Servicer to perform its obligations under the Pooling and Servicing
Agreement, dated as of January 31, 2006, among Bank of America Funding
Corporation, the Master Servicer and Wachovia Bank, National
Association."
The exhibits referenced in this Section 8(c) is attached to this
Agreement as Exhibit B hereto.
9. RFC hereby agrees to the following modifications to the Reference
Agreements:
a. Additional Representations and Warranties of the Company. Clause (v)
on page 4 is hereby modified by replacing the reference to "5.6(b)"
with "5.6(c)."
b. Defined Terms. The definition of "Remittance Date" is hereby modified
by replacing the phrase "the first Business Day immediately following"
with "the immediately preceding Business Day."
10. 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 2006-1
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:
4
Banc of America Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: General Counsel and Chief Financial Officer
[Signatures Follow]
5
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,
Assignor
By: /s/ Xxxxx X. Good
------------------------------------
Name: Xxxxx X. Good
Title: Vice President
U.S. Bank National Association, 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
Residential Funding Corporation
By: /s/ Xxxxxxx Xxxxxxxx
------------------------------------
Name: Xxxxxxx Xxxxxxxx
Title: Associate
Acknowledged and Agreed as of the date first above written:
Xxxxx Fargo Bank, N.A., as Master Servicer
By: /s/ Xxxxxx Xxxxxxx
---------------------------------
Name: Xxxxxx Xxxxxxx
Title: Assistant Vice President
EXHIBIT A
Schedule of Mortgage Loans
A-1
EXHIBIT B
EXHIBIT I-1: STANDARD FILE LAYOUT
--------------------------------------------------------------------------------------------------------------------------
COLUMN NAME DESCRIPTION DECIMAL FORMAT COMMENT MAX SIZE
--------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to define a group of Text up to 10 digits 20
loans.
--------------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan by the Text up to 10 digits 10
investor.
--------------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. Text up to 10 digits 10
This may be different than the LOAN_NBR.
--------------------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in the file. It is not Maximum length of 30 30
separated by first and last name. (Last, First)
--------------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest 2 No commas(,) or 11
payment that a borrower is expected to pay, P&I dollar signs ($)
constant.
--------------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
--------------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less the service fee 4 Max length of 6 6
rate as reported by the Servicer.
--------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as reported by the 4 Max length of 6 6
Servicer.
--------------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as reported by 2 No commas(,) or 11
the Servicer. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or 11
Servicer. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
--------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
--------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or 11
beginning of the processing cycle. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end of 2 No commas(,) or 11
the processing cycle. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the MM/DD/YYYY 10
borrower's next payment is due to the Servicer, as
reported by Servicer.
--------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or 11
dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the first MM/DD/YYYY 10
curtailment amount.
--------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first curtailment 2 No commas(,) or 11
amount, if applicable. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or 11
dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the second MM/DD/YYYY 10
curtailment amount.
--------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second curtailment 2 No commas(,) or 11
amount, if applicable. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or 11
dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the third MM/DD/YYYY 10
curtailment amount.
--------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third curtailment 2 No commas(,) or 11
amount, if applicable. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as reported by the 2 No commas(,) or 11
Servicer. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY 10
--------------------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code used to indicate the Action Code Key: 2
default/delinquent status of a particular loan. 15=Bankruptcy,
30=Foreclosure,
60=PIF,
63=Substitution,
65=Repurchase, 70=REO
--------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as reported by 2 No commas(,) or 11
the Servicer. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or 11
applicable. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or 11
dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if 2 No commas(,) or 11
applicable. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at the 2 No commas(,) or 11
beginning of the cycle date to be passed through to dollar signs ($)
investors.
--------------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to investors at 2 No commas(,) or 11
the end of a processing cycle. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as reported by the 2 No commas(,) or 11
Servicer for the current cycle -- only applicable for dollar signs ($)
Scheduled/Scheduled Loans.
--------------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount less the service 2 No commas(,) or 11
fee amount for the current cycle as reported by the dollar signs ($)
Servicer -- only applicable for Scheduled/Scheduled
Loans.
--------------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount collected by the Servicer 2 No commas(,) or 11
for the current reporting cycle -- only applicable dollar signs ($)
for Actual/Actual Loans.
--------------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount less the service fee 2 No commas(,) or 11
amount for the current reporting cycle as reported by dollar signs ($)
the Servicer -- only applicable for Actual/Actual
Loans.
--------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower prepays 2 No commas(,) or 11
on his loan as reported by the Servicer. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived by 2 No commas(,) or 11
the servicer. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the Modification for MM/DD/YYYY 10
the loan.
--------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can 30
be alpha or numeric
--------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or 11
advances made by Servicer. dollar signs ($)
--------------------------------------------------------------------------------------------------------------------------
EXHIBIT I-2 STANDARD FILE LAYOUT - DELINQUENCY REPORTING
---------------------------------------------------------------------------------------------------------------
COLUMN/HEADER NAME DESCRIPTION DECIMAL FORMAT COMMENT
---------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer.
This may be different than the LOAN_NBR
---------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan by the
originator.
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CLIENT_NBR Servicer Client Number
---------------------------------------------------------------------------------------------------------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an
external servicer to identify a group of loans in
their system.
---------------------------------------------------------------------------------------------------------------
BORROWER_FIRST_NAME First Name of the Borrower.
---------------------------------------------------------------------------------------------------------------
BORROWER_LAST_NAME Last name of the borrower.
---------------------------------------------------------------------------------------------------------------
PROP_ADDRESS Street Name and Number of Property
---------------------------------------------------------------------------------------------------------------
PROP_STATE The state where the property located.
---------------------------------------------------------------------------------------------------------------
PROP_ZIP Zip code where the property is located.
---------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due MM/DD/YYYY
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 filed. MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
---------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the
bankruptcy filing.
---------------------------------------------------------------------------------------------------------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been MM/DD/YYYY
approved by the courts
---------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. MM/DD/YYYY
Either by Dismissal, Discharged and/or a Motion
For Relief Was Granted.
---------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The MM/DD/YYYY
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 Scheduled To MM/DD/YYYY
End/Close
---------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer MM/DD/YYYY
with instructions to begin foreclosure proceedings.
---------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue MM/DD/YYYY
Foreclosure
---------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a MM/DD/YYYY
Foreclosure Action
---------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to MM/DD/YYYY
occur.
---------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure 2 No commas(,) or
sale. dollar signs ($)
---------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the MM/DD/YYYY
borrower.
---------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the MM/DD/YYYY
property from the borrower.
---------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a particular MM/DD/YYYY
price.
---------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the MM/DD/YYYY
Servicer.
---------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled MM/DD/YYYY
to close.
---------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is occupied.
---------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the
property.
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the property based on 2
brokers price opinion or appraisal.
---------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs 2
are completed pursuant to a broker's price opinion
or appraisal.
---------------------------------------------------------------------------------------------------------------
IF APPLICABLE:
---------------------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
---------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop
paying on a loan. Code indicates the reason why the
loan is in default for this cycle.
---------------------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With MM/DD/YYYY
Mortgage Insurance Company.
---------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim MM/DD/YYYY
Payment
---------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By MM/DD/YYYY
The Pool Insurer
---------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
---------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or
dollar signs ($)
---------------------------------------------------------------------------------------------------------------
EXHIBIT I-2: 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
EXHIBIT I-2: STANDARD FILE CODES - DELINQUENCY REPORTING, CONTINUED
The FNMA DELINQUENT REASON CODE field should show the Reason for Delinquency as
follows:
------------------------------------------------------------
DELINQUENCY CODE DELINQUENCY DESCRIPTION
------------------------------------------------------------
001 FNMA-Death of principal mortgagor
------------------------------------------------------------
002 FNMA-Illness of principal mortgagor
------------------------------------------------------------
003 FNMA-Illness of mortgagor's family member
------------------------------------------------------------
004 FNMA-Death of mortgagor's family member
------------------------------------------------------------
005 FNMA-Marital difficulties
------------------------------------------------------------
006 FNMA-Curtailment of income
------------------------------------------------------------
007 FNMA-Excessive Obligation
------------------------------------------------------------
008 FNMA-Abandonment of property
------------------------------------------------------------
009 FNMA-Distant employee transfer
------------------------------------------------------------
011 FNMA-Property problem
------------------------------------------------------------
012 FNMA-Inability to sell property
------------------------------------------------------------
013 FNMA-Inability to rent property
------------------------------------------------------------
014 FNMA-Military Service
------------------------------------------------------------
015 FNMA-Other
------------------------------------------------------------
016 FNMA-Unemployment
------------------------------------------------------------
017 FNMA-Business failure
------------------------------------------------------------
019 FNMA-Casualty loss
------------------------------------------------------------
022 FNMA-Energy environment costs
------------------------------------------------------------
023 FNMA-Servicing problems
------------------------------------------------------------
026 FNMA-Payment adjustment
------------------------------------------------------------
027 FNMA-Payment dispute
------------------------------------------------------------
029 FNMA-Transfer of ownership pending
------------------------------------------------------------
030 FNMA-Fraud
------------------------------------------------------------
031 FNMA-Unable to contact borrower
------------------------------------------------------------
INC FNMA-Incarceration
------------------------------------------------------------
EXHIBIT I-2: STANDARD FILE CODES - DELINQUENCY REPORTING, CONTINUED
The FNMA DELINQUENT STATUS CODE field should show the Status of Default as
follows:
--------------------------------------------------------
STATUS CODE STATUS DESCRIPTION
--------------------------------------------------------
09 Forbearance
--------------------------------------------------------
17 Pre-foreclosure Sale Closing Plan Accepted
--------------------------------------------------------
24 Government Seizure
--------------------------------------------------------
26 Refinance
--------------------------------------------------------
27 Assumption
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28 Modification
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29 Charge-Off
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30 Third Party Sale
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31 Probate
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32 Military Indulgence
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43 Foreclosure Started
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44 Deed-in-Lieu Started
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49 Assignment Completed
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61 Second Lien Considerations
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62 Veteran's Affairs-No Bid
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63 Veteran's Affairs-Refund
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64 Veteran's Affairs-Buydown
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65 Chapter 7 Bankruptcy
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66 Chapter 11 Bankruptcy
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67 Chapter 13 Bankruptcy
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EXHIBIT I-3: CALCULATION OF REALIZED LOSS/GAIN FORM 332- INSTRUCTION SHEET
1. 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.
2. 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.
3. Total Realized Loss (or Amount of Any Gain)
23. The total derived from subtracting line 22 from 13. If the amount
represents a realized gain, show the amount in parenthesis ( ).
EXHIBIT I-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)
(20) Proceeds from Sale of Acquired Property _________________ (20)
(21) Other (itemize) _________________ (21)
__________________________________________
__________________________________________
TOTAL CREDITS $________________ (22)
TOTAL REALIZED LOSS (OR AMOUNT OF GAIN) $________________ (23)
APPENDIX I
Sale and Servicing Agreements
[Attached hereto]