Assignment Of Representations And Warranties Agreement

Assignment of Representations and Warranties Agreement

EXHIBIT 10.24
 
EXECUTION COPY
 

This is an Assignment of Representations and Warranties Agreement (the “Agreement”) made as of the 27th day of January, 2012, among Redwood Residential Acquisition Corporation, a Delaware corporation (“Assignor”), Sequoia Residential Funding, Inc., a Delaware corporation (“Depositor”), U.S. Bank National Association, a national banking association, 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 January 1, 2012 (the “Pooling and Servicing Agreement”), and Flagstar Capital Markets Corporation, a Delaware corporation (“Flagstar”).

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 May 23, 2011, between Assignor and Flagstar (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 Flagstar 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 Flagstar 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.           Flagstar hereby acknowledges the foregoing assignments.

Representations and Warranties

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

(a)            Assignee is a national banking association 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.

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

 
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(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)            Flagstar 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)            Flagstar 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 Flagstar’s business and will not conflict with, or result in a breach of, any of the terms, conditions or provisions of Flagstar’s charter or by-laws or any legal restriction, or any material agreement or instrument to which Flagstar 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 Flagstar or its property is subject.  The execution, delivery and performance by Flagstar 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 Flagstar.  This Agreement has been duly executed and delivered by Flagstar and, upon the due authorization, execution and delivery by Assignor, Assignee and the Depositor, will constitute the valid and legally binding obligation of Flagstar enforceable against Flagstar 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 Flagstar in connection with the execution, delivery or performance by Flagstar of this Agreement, or the consummation by it of the transactions contemplated hereby.

Restated Flagstar Representations and Warranties

8.           Pursuant to Section 32(d) of the Purchase Agreement, Flagstar 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 Flagstar to repurchase Mortgage Loans pursuant to Section 7.03 of the Purchase Agreement, subject to the provisions of Section 10.

 
5

 


Recognition of Assignee

9.           From and after the date hereof, subject to Section 10 below, Flagstar 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 Flagstar 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.  Flagstar 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 Suiabsection
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.


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

Arbitration:  Arbitration in accordance with the then governing Commercial Arbitration Rules of the American Arbitration Association and administered by the American Arbitration Association, which shall be conducted in New York, New York or other place mutually acceptable to the parties to the arbitration.

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 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 Flagstar,

Flagstar Capital Markets Corporation
5151 Corporate Drive
Troy, Michigan 48098
Attention : Product Development Department
 
 
 
7

 
 
With a copy to the Legal Department

 
8

 


(b)           In the case of Assignee,

U.S. Bank National Association
60 Livingston Avenue
EP-MN-WS3D
St. Paul, Minnesota, 55107
Attention: Structured Finance – Sequoia Mortgage Loan Trust 2012-1

 (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
Electronic mail address:  g=cts-spg-team-a-5@wellsfargo.com
Attention:  Client Manager -- Sequoia Mortgage Trust 2012-1

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

Sequoia Mortgage Funding Corporation
One Belvedere Place, Suite 360
Mill Valley, California 94941
 
 
 
9

 
 
Attention: William Moliski

 
10

 


with a copy to

General Counsel at the same address

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 Flagstar may be merged or consolidated shall, without the requirement for any further writing, be deemed Assignor, Depositor, Assignee or Flagstar, respectively, hereunder.

16.           This Agreement shall survive the conveyance of the Mortgage Loans, the assignment of the representations and warranties made by Flagstar 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.  Flagstar hereby consents to such exercise and enforcement.
 
 
 
11

 

 
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 U.S. Bank National Association (“U.S. Bank”) 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 U.S. Bank 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 U.S. Bank, 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 U.S. Bank 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.

 
12

 


20.           Master Servicer.  Flagstar 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 Flagstar hereunder and under the Purchase Agreement and the right to exercise the remedies of the Purchaser hereunder and under the Purchase Agreement.

Flagstar 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 #8386630, Sequoia Mortgage Trust 2012-1 Distribution Account

21.           Flagstar acknowledges that the custodian will be Wells Fargo Bank, N.A. acting pursuant to the Custodial Agreement.  Notwithstanding Section 10 of the Purchase Agreement, Flagstar 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.

 
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22.           Rule 17g-5 Compliance.  Flagstar 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 2012-1” 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 Flagstar in writing of any change in the identity or contact information of the Rule 17g-5 Information Provider.  Flagstar 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 Flagstar, 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 Flagstar or (ii) such Rating Agency’s or NRSRO’s evaluation of Flagstar’s operations in general; provided, however, that Flagstar 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:                                            
                               

U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee,
Assignee
 
By:                                                 
Name:                                          
Title:                                            

FLAGSTAR CAPITAL MARKETS CORPORATION
 
By:                                                 
Name:                                          
Title:                                            


Accepted and agreed to by:

WELLS FARGO BANK, N.A.
Master Servicer

By:                                                 
Name:                                          
Title:                                            

 
15

 

ATTACHMENT 1

MORTGAGE LOAN SCHEDULE


 
16

 
 
KEY
Primary Servicer
Servicing Fee %
Servicing Fee—Flatdollar
Servicing Advance Methodology
Originator
Loan Group
Loan Number
Servicer Number
Amortization Type
Lien Position
HELOC Indicator
Loan Purpose
1
1000383
0.002500
   
1008498
2
1150001401
503279849
1
1
0
7
2
1000383
0.002500
   
1008498
2
1150001498
503294792
1
1
0
7
3
1000383
0.002500
   
1008498
2
1150001373
503260869
1
1
0
9
4
1000383
0.002500
   
1008498
2
1150001400
503281720
1
1
0
3
5
1000383
0.002500
   
1008498
2
1150001395
503266350
1
1
0
9
6
1000383
0.002500
   
1008498
2
1150001371
503283192
1
1
0
9
7
1000383
0.002500
   
1008498
2
1150001970
503278341
1
1
0
9
8
1000383
0.002500
   
1008498
2
1150001597
503275972
1
1
0
9
9
1000383
0.002500
   
1008498
2
1150001383
503272061
1
1
0
9
10
1000383
0.002500
   
1008498
2
1150001399
503260793
1
1
0
9
11
1000383
0.002500
   
1008498
2
1150001384
503273065
1
1
0
9
12
1000383
0.002500
   
1008498
2
1150001372
503234706
1
1
0
9
13
1000383
0.002500
   
1008498
2
1150001855
503335768
1
1
0
7
14
1000383
0.002500
   
1008498
2
1150001417
503280657
1
1
0
7
15
1000383
0.002500
   
1008498
2
1150001374
503276011
1
1
0
7
16
1000383
0.002500
   
1008498
2
1150001527
503285149
1
1
0
9
17
1000383
0.002500
   
1008498
2
1150001375
503278520
1
1
0
7
18
1000383
0.002500
   
1008498
2
1150001378
503257737
1
1
0
3
19
1000383
0.002500
   
1008498
2
1150001385
503273469
1
1
0
9
20
1000383
0.002500
   
1008498
2
1150001402
503259752
1
1
0
9
21
1000383
0.002500
   
1008498
2
1150001503
503299399
1
1
0
9
22
1000383
0.002500
   
1008498
2
1150001387
503273456
1
1
0
9
23
1000383
0.002500
   
1008498
2
1150001556
503273037
1
1
0
7
24
1000383
0.002500
   
1008498
2
1150001398
503255085
1
1
0
7
25
1000383
0.002500
   
1008498
2
1150001397
503272937
1
1
0
9
26
1000383
0.002500
   
1008498
1
1150001632
503279768
2
1
0
9
27
1000383
0.002500
   
1008498
2
1150001481
503302762
1
1
0
7
28
1000383
0.002500
   
1008498
1
1150001694
503251726
2
1
0
7
29
1000383
0.002500
   
1008498
2
1150001376
503256518
1
1
0
9
30
1000383
0.002500
   
1008498
2
1150001537
503279494
1
1
0
9
31
1000383
0.002500
   
1008498
2
1150001411
503281800
1
1
0
9
32
1000383
0.002500
   
1008498
2
1150001517
503253990
1
1
0
9
33
1000383
0.002500
   
1008498
2
1150001899
503272246
1
1
0
9
34
1000383
0.002500
   
1008498
2
1150001755
503326005
1
1
0
7
35
1000383
0.002500
   
1008498
2
   1150001681
   503254794
1
1
0
3
36
1000383
0.002500
   
1008498
2
1150001486
503301258
1
1
0
9
37
1000383
0.002500
   
1008498
2
1150001768
503325948
1
1
0
7
38
1000383
0.002500
   
1008498
2
1150001888
503339764
1
1
0
7

KEY
Cash Out Amount
Total Origination and Discount Points
Covered/High Cost Loan Indicator
Relocation Loan Indicator
Broker Indicator
Channel
Escrow Indicator
Senior Loan
Amount(s)
Loan Type of Most
Senior Lien
Hybrid Period of
Most Senior Lien (in
months)
Neg Am Limit of
Most Senior Lien
Junior Mortgage
Balance
1
         
2
4
0
     
0.00
2
         
1
4
0
     
0.00
3
         
2
4
0
     
0.00
4
         
4
4
0
     
0.00
5
         
2
4
0
     
0.00
6
         
2
4
0
     
0.00
7
         
4
0
0
     
0.00
8
         
4
0
0
     
0.00
9
         
2
0
0
     
0.00
10
         
2
0
0
     
0.00
11
         
4
4
0
     
0.00
12
         
4
0
0
     
0.00
13
         
4
4
0
     
0.00
14
         
4
0
0
     
0.00
15
         
4
0
0
     
0.00
16
         
4
0
0
     
0.00
17
         
4
0
0
     
0.00
18
         
4
0
0
     
0.00
19
         
4
0
0
     
0.00
20
         
4
0
0
     
0.00
21
         
4
0
0
     
0.00
22
         
4
0
0
     
0.00
23
         
2
0
0
     
0.00
24
         
4
4
0
     
0.00
25
         
4
0
0
     
0.00
26
         
4
0
0
     
0.00
27
         
4
4
0
     
0.00
28
         
4
0
0
     
0.00
29
         
4
0
0
     
0.00
30
         
4
0
0
     
0.00
31
         
4
4
0
     
0.00
32
         
4
4
0
     
0.00
33
         
4
0
0
     
0.00
34
         
2
4
0
     
0.00
35
         
2
4
0
     
0.00
36
         
4
0
0
     
0.00
37
         
4
4
0
     
0.00
38
         
4
4
0
     
0.00

KEY
Origination Date of
Most Senior Lien
Origination Date
Original Loan
Amount
Original Interest
Rate
Original
Amortization Term
Original Term to
Maturity
First Payment Date
of Loan
Interest Type
Indicator
Original Interest
Only Term
Buy Down Period
HELOC Draw Period
Current Loan
Amount
Current Interest
Rate
1
 
20110923
500000.00
0.048750
360
360
20111101
1
0
0
 
498148.12
0.048750
2
 
20111004
508000.00
0.047500
360
360
20111201
1
0
0
 
506719.19
0.047500
3
 
20110919
580000.00
0.052500
360
360
20111101
1
0
0
 
577050.67
0.052500
4
 
20110914
591000.00
0.047500
360
360
20111101
1
0
0
 
588578.53
0.047500
5
 
20110912
603750.00
0.047500
360
360
20111101
1
0
0
 
601462.15
0.047500
6
 
20110923
660000.00
0.046250
360
360
20111101
1
0
0
 
655073.23
0.046250
7
 
20111031
668000.00
0.045000
360
360
20120101
1
0
0
 
667120.34
0.045000
8
 
20111003
681600.00
0.048750
360
360
20111101
1
0
0
 
679075.54
0.048750
9
 
20110914
690000.00
0.048750
360
360
20111101
1
0
0
 
683415.92
0.048750
10
 
20110906
   717000.00
   0.046250
360
360
   20111101
1
0
0
 
   714139.56
   0.046250
11
 
20110923
733000.00
0.048750
360
360
20111101
1
0
0
 
730285.13
0.048750
12
 
20111006
760000.00
0.052500
360
360
20111201
1
0
0
 
758252.69
0.052500
13
 
20111028
762350.00
0.050000
360
360
20111201
1
0
0
 
760514.18
0.050000
14
 
20110901
780000.00
0.053750
360
360
20111101
1
0
0
 
777366.05
0.053750
15
 
20110916
791250.00
0.045000
360
360
20111101
1
0
0
 
788112.38
0.045000
16
 
20111026
795000.00
0.048750
360
360
20111201
1
0
0
 
793040.99
0.048750
17
 
20110830
800000.00
0.046250
360
360
20111001
1
0
0
 
795856.97
0.046250
18
 
20110928
824000.00
0.047500
360
360
20111101
1
0
0
 
820877.55
0.047500
19
 
20110926
828500.00
0.051250
360
360
20111101
1
0
0
 
825569.47
0.051250
20
 
20110902
870000.00
0.053750
360
360
20111101
1
0
0
 
867062.26
0.053750
21
 
20111107
892000.00
0.047500
360
360
20120101
1
0
0
 
890877.74
0.047500
22
 
20110919
923000.00
0.047500
360
360
20111101
1
0
0
 
919502.38
0.047500
23
 
20111012
945000.00
0.048750
360
360
20111201
1
0
0
 
942671.36
0.048750
24
 
20110912
980000.00
0.052500
360
360
20111101
1
0
0
 
969104.25
0.052500
25
 
20110912
992000.00
0.047500
360
360
20111101
1
0
0
 
987613.21
0.047500
26
 
20110921
1000000.00
0.042500
360
360
20111101
1
0
0
 
995852.15
0.042500
27
 
20110923
1000000.00
0.047500
360
360
20111101
1
0
0
 
996211.64
0.047500
28
 
20111026
999900.00
0.046250
360
360
20111201
1
0
0
 
997320.84
0.046250
29
 
20110909
1000000.00
0.048750
360
360
20111101
1
0
0
 
996296.25
0.048750
30
 
20110912
1000000.00
0.043750
360
360
20111101
1
0
0
 
995944.19
0.043750
31
 
20110927
1050000.00
0.050000
360
360
20111201
1
0
0
 
1047471.48
0.050000
32
 
20110902
1130000.00
0.048750
360
360
20111101
1
0
0
 
1122896.90
0.048750
33
 
20111026
1147000.00
0.053750
360
360
20111201
1
0
0
 
1144423.98
0.053750
34
 
20111025
1155000.00
0.048750
360
360
20111201
1
0
0
 
1152153.89
0.048750
35
 
20111103
864000.00
0.048750
360
360
20120101
1
0
0
 
862937.64
0.048750
36
 
20111103
1388500.00
0.048750
360
360
20120101
1
0
0
 
1386792.72
0.048750
37
 
20111108
580000.00
0.053750
360
360
20120101
1
0
0
 
579350.09
0.053750
38
 
20111109
763000.00
0.045000
360
360
20120101
1
0
0
 
761995.24
0.045000

KEY
Current Payment
Amount Due
Interest Paid
Through Date
Current Payment
Status
Index Type
ARM Look-back
Days
Gross Margin
ARM Round Flag
ARM Round Factor
Initial Fixed Rate
Period
Initial Interest Rate
Cap (Change Up)
Initial Interest Rate
Cap (Change Down)
Subsequent Interest
Rate Reset Period
Subsequent Interest
Rate Cap (Change Down)
1
2646.04
20120101
0
0
                 
2
2649.97
20120101
0
0
                 
3
3202.78
20120101
0
0
                 
4
3082.94
20120101
0
0
                 
5
3149.45
20120101
0
0
                 
6
3393.32
20120101
0
0
                 
7
3384.66
20120101
0
0
                 
8
3607.08
20120101
0
0
                 
9
3651.54
20120101
0
0
                 
10
3686.38
20120101
0
0
                 
11
3879.10
20120101
0
0
                 
12
4196.75
20120101
0
0
                 
13
4092.46
20120101
0
0
                 
14
4367.78
20120101
0
0
                 
15
4009.15
20120101
0
0
                 
16
4207.21
20120101
0
0
                 
17
4113.12
20120101
0
0
                 
18
4298.37
20120101
0
0
                 
19
4511.07
20120101
0
0
                 
20
4871.75
20120101
0
0
                 
21
4653.09
20120101
0
0
                 
22
4814.81
20120101
0
0
                 
23
5001.02
20120101
0
0
                 
24
5411.60
20120101
0
0
                 
25
5174.74
   20120101
0
0
                 
26
4919.40
20120101
0
39
30
  0.022500
3
0.001250
120
0.050000
0.050000
12
0.020000
27
5216.47
20120101
0
0
                 
28
5140.88
20120101
0
39
45
0.022500
3
0.001250
120
0.050000
0.050000
12
0.020000
29
5292.08
20120101
0
0
                 
30
4992.85
20120101
0
0
                 
31
5636.63
20120101
0
0
                 
32
5980.05
20120101
0
0
                 
33
6422.87
20120101
0
0
                 
34
6112.36
20120101
0
0
                 
35
4572.36
20120101
0
0
                 
36
7348.06
20120101
0
0
                 
37
3247.83
20120101
0
0
                 
38
3866.01
20120101
0
0
                 

KEY
Subsequent Interest
Rate Cap (Change
Up)
Lifetime Maximum
Rate (Ceiling)
Lifetime Minimum
Rate (Floor)
Negative
Amortization Limit
Initial Negative
Amortization Recast
Period
Subsequent
Negative
Amortization Recast
Period
Initial Fixed
Payment Period
Subsequent
Payment Reset
Period
Initial Periodic
Payment Cap
Subsequent
Periodic Payment
Cap
Initial Minimum
Payment Reset
Period
Subsequent
Minimum Payment
Reset Period
Option ARM
Indicator
Options at Recast
1
                       
0
 
2
                       
0
 
3
                       
0
 
4
                       
0
 
5
                       
0
 
6
                       
0
 
7
                       
0
 
8
                       
0
 
9
                       
0
 
10
                       
0
 
11
                       
0
 
12
                       
0
 
13
                       
0
 
14
                       
0
 
15
                       
0
 
16
                       
0
 
17
                       
0
 
18
                       
0
 
19
                       
0
 
20
                       
0
 
21
                       
0
 
22
                       
0
 
23
                       
0
 
24
                       
0
 
25
                       
0
 
26
0.020000
0.092500
0.022500
                 
0
 
27
                       
0
 
28
0.020000
0.096250
0.022500
                 
0
 
29
                       
0
 
30
                       
0
 
31
                       
0
 
32
                       
0
 
33
                       
0
 
34
                       
0
 
35
                       
0
 
36
                       
0
 
37
                       
0
 
38
                       
0
 

KEY
Initial Minimum
Payment
Current Minimum
Payment
Prepayment Penalty
Calculation
Prepayment Penalty
Type
Prepayment Penalty
Total Term
Prepayment Penalty
Hard Term
Primary Borrower ID
Number of
Mortgaged
Properties
Total Number of
Borrowers
Self-employment
Flag
Current ‘Other’
Monthly Payment
Length of
Employment:
Borrower
Length of
Employment: Co-
Borrower
1
       
0
 
175
1
 
0
 
6
 
2
       
0
 
83
1
 
0
 
0
 
3
       
0
 
57
3
 
1
 
6
5
4
       
0
 
240
1
 
0
 
0
 
5
       
0
 
183
1
 
0
 
0
 
6
       
0
 
399
2
 
0
 
6
 
7
       
0
 
41
1
 
0
 
0
 
8
       
0
 
193
1
 
0
 
3
 
9
       
0
 
200
1
 
1
 
0
 
10
       
0
 
331
1
 
1
 
0
 
11
       
0
 
137
1
 
0
 
0
 
12
       
0
 
190
1
 
0
 
0
 
13
       
0
 
248
1
 
0
 
0
3
14
       
0
 
312
2
 
0
 
0
6
15
       
0
 
350
3
 
0
 
0
 
16
       
0
 
442
1
 
0
 
0
 
17
       
0
 
231
2
 
1
 
0
 
18
       
0
 
351
3
 
1
 
0
2
19
       
0
 
324
3
 
0
 
0
 
20
       
0
 
346
3
 
1
 
0
 
21
       
0
 
198
3
 
1
 
0
 
22
       
0
 
338
1
 
0
 
0
 
23
       
0
 
421
1
 
1
 
0
 
24
       
0
 
234
1
 
0
 
9
0
25
       
0
 
212
1
 
1
 
9
 
26
       
0
 
437
1
 
0
 
3
 
27
       
0
 
433
1
 
0
 
0
19
28
       
0
 
64
2
 
1
 
0
6
29
       
0
 
382
1
 
1
 
3
 
30
       
0
 
121
1
 
1
 
0
 
31
       
0
 
140
3
 
0
 
0
 
32
       
0
 
142
1
 
1
 
9
 
33
       
0
 
367
3
 
1
 
0
6
34
       
0
 
426
3
 
1
 
0
 
35
       
0
 
69
1
 
0
 
4
 
36
       
0
 
276
1
 
1
 
26
 
37
       
0
 
171
1
 
0
 
6
 
38
       
0
 
436
1
 
0
 
6
3

KEY
Years in Home
FICO Model Used
Most Recent FICO
Date
Primary Wage
Earner Original
FICO: Equifax
Primary Wage
Earner Original
FICO: Experian
Primary Wage
Earner Original
FICO: TransUnion
Secondary Wage
Earner Original
FICO: Equifax
Secondary Wage
Earner Original
FICO: Experian
Secondary Wage
Earner Original
FICO: TransUnion
Original
Primary Borrower
FICO
Most Recent
Primary Borrower
FICO
Most Recent Co-
Borrower FICO
Most Recent FICO
Method
1
0
1
             
748
     
2
0
1
             
777
     
3
6
1
             
742
     
4
3
1
             
745
     
5
5
1
             
765
     
6
8
1
             
793
     
7
11
1
             
711
     
8
1
1
             
767
     
9
4
1
             
813
     
10
2
1
             
710
     
11
0
1
             
778
     
12
3
1
             
786
     
13
0
1
             
788
     
14
0
1
             
743
     
15
0
1
             
752
     
16
16
1
             
755
     
17
0
1
             
792
     
18
0
1
             
753
     
19
4
1
             
812
     
20
3
1
             
757
     
21
2
1
             
766
     
22
2
1
             
785
     
23
0
1
             
731
     
24
0
1
             
768
     
25
1
1
             
778
     
26
1
1
             
797
     
27
0
1
             
720
     
28
0
1
             
705
     
29
3
1
             
753
     
30
9
1
             
782
     
31
1
1
             
757
     
32
8
1
             
726
     
33
8
1
             
795
     
34
0
1
             
782
     
35
4
1
             
745
     
36
4
1
             
792
     
37
0
1
             
763
     
38
0
1
             
797
     

KEY
VantageScore:
Primary Borrower
VantageScore: Co-
Borrower
Most Recent
VantageScore
Method
VantageScore Date
Credit Report:
Longest Trade Line
Credit Report:
Maximum Trade
Line
Credit Report:
Number of Trade
Lines
Credit Line Usage
Ratio
Most Recent 12-
month Pay History
Months Bankruptcy
Months Foreclosure
Primary Borrower
Wage Income
Co-Borrower Wage
Income
1
               
000000000000
   
19900.25
 
2
               
000000000000
   
18250
 
3
               
000000000000
   
28545.84
0
4
               
000000000000
   
18335.2
 
5
               
000000000000
   
25000.02
 
6
               
000000000000
   
16157.08
0
7
               
000000000000
   
13000
0
8
               
000000000000
   
14642.85
0
9
               
000000000000
   
14105.83
 
10
               
000000000000
   
138883.21
 
11
               
000000000000
   
18566.17
0
12
               
000000000000
   
19564
0
13
               
000000000000
   
20155.84
 
14
               
000000000000
   
23036.25
 
15
               
000000000000
   
20258.28
6626.53
16
               
000000000000
   
18176.17
0
17
               
000000000000
   
26624
 
18
               
000000000000
   
10404.83
10232.5
19
               
000000000000
   
0
0
20
               
000000000000
   
53839
5633
21
               
000000000000
   
51069
 
22
               
000000000000
   
16905.99
0
23
               
000000000000
   
77248.33
 
24
               
000000000000
   
20833.33
8583.34
25
               
000000000000
   
0
 
26
               
000000000000
   
12366.67
12904.1
27
               
000000000000
   
63351.83
 
28
               
000000000000
   
22083
 
29
               
000000000000
   
4166.67
0
30
               
000000000000
   
28947.5
 
31
               
000000000000
   
47970.76
0
32
               
000000000000
   
63694.38
 
33
               
000000000000
   
36241
 
34
               
000000000000
   
83728.33
0
35
               
000000000000
   
7692
 
36
               
000000000000
   
60144.92
 
37
               
000000000000
   
18333.33
 
38
               
000000000000
   
9694
11868.83

KEY
Primary Borrower
Other Income
Co-Borrower Other
Income
All Borrower Wage
Income
All Borrower Total
Income
4506-T Indicator
Borrower Income
Verification Level
Co-Borrower
Income Verification
Borrower
Employment
Verification
Co-Borrower
Employment
Verification
Borrower Asset
Verification
Co-Borrower Asset
Verification
Liquid / Cash
Reserves
Monthly Debt All
Borrowers
1
0
 
19900.25
19900.25
1
5
 
3
 
4
 
444656.92
2394.89
2
0
 
18250
18250
1
5
 
3
 
3
 
114700.17
5486.68
3
0
0
28545.84
28545.84
1
5
 
3
 
4
 
40886.08
7571.65
4
0
 
18335.2
18335.2
1
5
 
3
 
3
 
221562.03
3533.12
5
0
 
25000.02
25000.02
1
5
 
3
 
4
 
697832.98
4058.18
6
0
0
16157.08
16157.08
1
5
 
3
 
4
 
51020.24
2128.81
7
5802
1906
13000
20708
1
5
 
3
 
4
 
305338.68
3302.89
8
0
0
14642.85
14642.85
1
5
 
3
 
4
 
42229.54
2874.39
9
0
 
14105.83
14105.83
1
5
 
3
 
4
 
173146.9
1585.88
10
0
 
138883.21
138883.21
1
5
 
3
 
4
 
243704.5
8467.98
11
0
0
18566.17
18566.17
1
5
 
3
 
4
 
144896
983.53
12
0
 
19564
19564
1
5
 
3
 
4
 
84674.66
2860.16
13
0
 
20155.84
20155.84
1
5
 
3
 
4
 
509981.3
3862.18
14
0
 
23036.25
23036.25
1
5
 
3
 
4
 
2530637.08
5661.42
15
0
0
26884.81
26884.81
1
5
 
3
 
4
 
79979.04
5627.50
16
0
0
18176.17
18176.17
1
5
 
3
 
4
 
275322
2282.52
17
0
 
26624
26624
1
5
 
3
 
4
 
91282.1
1731.91
18
0
0
   20637.33
   20637.33
1
5
 
3
 
4
 
121993.33
4454.75
19
28666.53
858.9
0
29525.43
1
5
 
3
 
4
 
643724.86
1904.19
20
1076
0
59472
60548
1
5
 
3
 
4
 
75257.43
6198.00
21
0
 
51069
51069
1
5
 
3
 
4
 
134643.94
11353.62
22
0
0
16905.99
16905.99
1
5
 
3
 
4
 
149435.3
1621.34
23
0
 
77248.33
77248.33
1
5
 
3
 
4
 
77555.04
   19374.54
24
0
0
29416.67
29416.67
1
5
 
3
 
4
 
48499.7
3528.92
25
31502
 
0
31502
1
5
 
3
 
4
 
147882.28
2039.28
26
0
0
25270.77
25270.77
1
5
 
3
 
4
 
588784.18
2698.90
27
0
 
63351.83
63351.83
1
5
 
3
 
4
 
2267542.87
5173.74
28
38750
 
22083
60833
1
5
 
3
 
4
 
274045.8
7488.96
29
27097.41
0
4166.67
31264.08
1
5
 
3
 
4
 
1418403.07
5106.10
30
0
 
28947.5
28947.5
1
5
 
3
 
4
 
265364.72
3677.94
31
0
0
47970.76
47970.76
1
5
 
3
 
4
 
94953.07
8579.31
32
0
 
63694.38
63694.38
1
5
 
3
 
3
 
145179.94
7709.27
33
0
 
36241
36241
1
5
 
3
 
3
 
376055.54
7973.72
34
0
0
83728.33
83728.33
1
5
 
3
 
4
 
309057.3
15371.75
35
12972
 
7692
20664
1
5
 
3
 
4
 
659465.19
2346.32
36
   
60144.92
60144.92
1
5
 
3
 
4
 
317922.24
5537.27
37
   
18333.33
18333.33
1
5
 
3
 
4
 
108830.84
4454.22
38
   
21562.83
21562.83
1
5
 
3
 
4
 
91578.31
1726.53

KEY
Originator DTI
Fully Indexed Rate
Qualification
Method
Percentage of Down
Payment from
Borrower Own
Funds
City
State
Postal Code
Property Type
Occupancy
Sales Price
Original Appraised
Property Value
Original Property
Valuation Type
1
0.2533100
   
100
VERO BEACH
FL
32963
1
1
910000.00
910000.00
3
2
0.4458440
   
100
AVON
CT
06001