Exhibit 99.13
RECONSTITUTED SERVICING AGREEMENT
Luminent Mortgage Trust 2007-2
This Reconstituted Servicing Agreement, dated as of May 1, 2007 (this
"Agreement"), is by and among MAIA MORTGAGE FINANCE STATUTORY TRUST ("Maia" or
the "Seller"), XXXXX FARGO BANK, N.A., as servicer ("Xxxxx Fargo" or the
"Servicer"), master servicer (in such capacity, the "Master Servicer") and
securities administrator (in such capacity, the "Securities Administrator"),
XXXXX ASSET SECURITIZATION, INC. ("Xxxxx" or the "Depositor"), and XXXXX FARGO
BANK, N.A., as and is acknowledged by HSBC BANK USA, NATIONAL ASSOCIATION, as
trustee (the "Trustee").
RECITALS
WHEREAS, the Seller has conveyed the mortgage loans listed on Exhibit Two
hereto (the "Serviced Loans") to the Depositor, and the Depositor in turn has
conveyed the Serviced Loans to the Trustee, all pursuant to a pooling agreement,
dated as of April 1, 2007 (the "Pooling Agreement"), among the Seller, the
Depositor, the Master Servicer, the Securities Administrator and the Trustee;
WHEREAS, the Serviced Loans are currently being serviced by the Servicer
for the Seller pursuant to a Servicing Agreement, dated as of April 25, 2006
(the "Servicing Agreement"), among Luminent Mortgage Capital, Inc., Mercury
Mortgage Finance Statutory Trust, and the Seller, as owners, and the Servicer (a
copy of which is annexed hereto as Exhibit Three), as referenced in that certain
Assignment and Assumption Agreement, dated as of March 30, 2007, among Citigroup
Global Capital Markets Realty Corp., as assignor, Xxxxx Fargo Bank, N.A., as
servicer, and the Seller, as assignee (a copy of which is annexed hereto as
Schedule A to Exhibit Three);
WHEREAS, the Seller desires that the Servicer continue to service the
Serviced Loans and the Servicer has agreed to do so, subject to the rights of
the Master Servicer to terminate the rights and obligations of the Servicer
hereunder as set forth herein and to the other conditions set forth herein;
WHEREAS, Section 12.10 of the Servicing Agreement provides that, subject to
certain conditions set forth therein, the Seller may assign the Servicing
Agreement with respect to some or all of the Mortgage Loans (as such term is
defined in the Servicing Agreement). Without limiting the foregoing, Xxxxx Fargo
has agreed, in Section 9.01 and Section 12.12 of the Servicing Agreement, to
enter into additional documents, instruments or agreements as may be reasonably
necessary in connection with any "Securitization Transaction" (as such term is
defined in the Servicing Agreement) contemplated by the Seller pursuant to the
Servicing Agreement;
WHEREAS, the Seller and The Servicer agree that (a) the transfer of the
Serviced Loans from Seller to the Depositor and from the Depositor to the
Trustee to be accomplished by the Pooling Agreement constitutes a Securitization
Transaction and (b) this Agreement shall constitute a "Reconstitution Agreement"
(as such term is defined in the Servicing Agreement) in connection with such
Securitization Transaction that shall govern the Serviced Loans for so long as
such Serviced Loans remain subject to the provisions of the Pooling Agreement;
WHEREAS, the Master Servicer and any successor master servicer shall be
obligated, among other things, to supervise the servicing of the Serviced Loans
on behalf of the Trustee and the Trust Fund, and shall have the right to
terminate the rights and obligations of The Servicer upon the occurrence and
continuance of an Event of Default under this Agreement;
NOW, THEREFORE, in consideration of the mutual promises contained herein
the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Capitalized terms used and not defined in this Agreement (including Exhibit
One hereto) shall have the meanings ascribed to them in the Servicing Agreement.
ARTICLE II
SERVICING
The Servicer agrees, with respect to the servicing of the Serviced Loans,
to perform and observe the duties, responsibilities and obligations that are to
be performed and observed by it under the provisions of the Servicing Agreement,
except as otherwise provided herein and on Exhibit One hereto, and that the
provisions of the Servicing Agreement, as so modified, are and shall be a part
of this Agreement to the same extent as if set forth herein in full.
ARTICLE III
TRUST CUT-OFF DATE
The parties hereto acknowledge that by operation of Section 5.01 of the
Servicing Agreement (as modified by this Agreement) the remittance on May 18,
2007 to be made to the Trust Fund is to include all principal collections due
after April 1, 2007 (the "Trust Cut-off Date"), plus interest thereon at the
weighted average Mortgage Interest Rate collected during the Due Period
immediately preceding May 18, 2007, but exclusive of any portion thereof
allocable to a period prior to the Trust Cut-off Date, and taking into account
the adjustments specified in the first paragraph of Section 5.01 of the
Servicing Agreement.
ARTICLE IV
SERVICING FEE
Notwithstanding any provision of the Servicing Agreement to the contrary,
the Servicing Fee rate for the Serviced Loans shall be equal to 0.25% per annum
(the "Servicing Fee Rate"). The Servicing Fee shall be payable monthly from the
interest portion of the related Monthly Payment collected by the Servicer.
ARTICLE V
RECOGNITION OF THE MASTER SERVICER AND THE TRUST FUND
(a) From and after the date hereof, the Servicer, and any successor
servicer hereunder, shall be subject to the supervision of the Master Servicer,
which Master Servicer shall be obligated to enforce the Servicer's obligation to
service the Serviced Loans in accordance with the provisions of this Agreement.
The Servicer shall recognize the Luminent Mortgage Trust 2007-2 Trust Fund (the
"Trust Fund") as the owner of the Serviced Loans, and the Servicer will service
the Serviced Loans for the Trust Fund as if the Trust Fund and the Servicer had
entered into a separate servicing agreement for the servicing of the Serviced
Loans in the form of this Agreement. Pursuant to the Pooling Agreement, the
Master Servicer and the Trustee shall have the same rights (but not the
obligations, except to the extent expressly set forth in the Pooling Agreement)
as the Owner under the Servicing Agreement to enforce the obligations of the
Servicer, including, without limitation, in the case of the Trustee, the
enforcement of (i) the document delivery requirements set forth in Section 2.03
of the Servicing Agreement and (ii) remedies with respect to representations and
warranties made by the Servicer in the Servicing Agreement, and, in the case of
the Master Servicer, shall be entitled to enforce all of the obligations of the
Servicer thereunder insofar as they relate to the Serviced Loans. The Servicer
shall look solely to the Trust Fund for performance of any obligations of the
Owner under the Servicing Agreement and the Trust Fund hereby assumes such
obligations. All references to the Owner under the Servicing Agreement insofar
as they relate to the Serviced Loans, shall be deemed to refer to the Trust
Fund. The Servicer shall not amend or agree to amend, modify, waive, or
otherwise alter any of the terms or provisions of the Servicing Agreement which
amendment, modification, waiver or other alteration would in any way (i)
materially affect the Serviced Loans or the Servicer's performance under the
Servicing Agreement with respect to the Serviced Loans without the prior written
consent of the Trustee and the Master Servicer or (ii) materially and adversely
affect the interests of the Certificate holders in the Serviced Loans.
(b) The Master Servicer shall be entitled to terminate the rights and
obligations of the Servicer under this Agreement, as provided in Section 10.01
(Events of Default) of the Servicing Agreement. Notwithstanding anything herein
to the contrary, in no event shall the Master Servicer be required to assume any
of the obligations of the Owner under the Servicing Agreement; and in entering
into this Agreement, in connection with the performance by the Master Servicer
of any duties it may have hereunder, and in the exercise by the Master Servicer
of its rights the parties and other signatories hereto, except the Servicer,
agrees that the Master Servicer shall be entitled to all of the rights,
protections and limitations of liability, immunities and indemnities afforded to
the Master Servicer under the Pooling Agreement. Without limitation of the
foregoing, any provision of the Servicing Agreement requiring the Seller or the
Trust Fund, as "Owner" under the Servicing Agreement, to reimburse the Servicer
for any costs or expenses shall be satisfied by the Servicer's reimbursement of
such costs or expenses from the Custodial Account.
(c) A copy of all assessments, attestations, reports and certifications
required to be delivered by the Servicer under this Agreement and the Servicing
Agreement shall be delivered to the Master Servicer by the date(s) specified
herein or therein, and where such documents are required to be addressed to any
party, such addressees shall include the Master Servicer and the Master Servicer
shall be entitled to rely on such documents.
ARTICLE VI
WARRANTIES
Maia and the Servicer mutually warrant and represent that, with respect to
the Serviced Loans, the Servicing Agreement is in full force and effect as of
the date hereof and has not been amended or modified in any way with respect to
the Serviced Loans, except as set forth herein, and no notice of termination has
been given thereunder.
ARTICLE VII
REPRESENTATIONS
Pursuant to Section 9.0l(a) of the Servicing Agreement, the Servicer hereby
represents and warrants, for the benefit of Xxxxx, the Trustee and the Trust
Fund, that the representations and warranties set forth in Section 3.01 of the
Servicing Agreement are true and correct as of May 1, 2007 (the "Reconstitution
Date"), as if such representations and warranties were made on such date.
The Servicer hereby acknowledges and agrees that the remedies available to
the Trust Fund (including the Trustee acting on the Trust Fund's behalf) in
connection with any breach of the representations and warranties made by the
Servicer set forth above that materially and adversely affects the value of that
Mortgage Loan or the interests of the Owner in such Mortgage Loan shall be as
set forth in Section 3.02 of the Servicing Agreement as if they were set forth
herein (including without limitation the indemnity obligations set forth
therein). Such enforcement of a right or remedy by the Trustee shall have the
same force and effect as if the right or remedy had been enforced or exercised
by the Trust Fund as Owner under the Servicing Agreement.
Each of the Serviced Loans has been conveyed to the Trustee pursuant to the
Pooling Agreement and Maia is not the originator of any of the Serviced Loans.
ARTICLE VIII
ASSIGNMENT
The Servicer hereby acknowledges that the rights of the Seller as "Owner"
under the Servicing Agreement as amended by this Agreement will be assigned to
Xxxxx, and by Xxxxx to the Trust Fund under the Pooling Agreement, and agree
that the Pooling Agreement will each be a valid assignment and assumption
agreement or other assignment document and will constitute a valid assignment
and assumption of the rights and obligations of the Seller as "Owner" under the
Servicing Agreement to Xxxxx and the Trustee, on behalf of the Trust Fund, as
applicable. In addition, the Trust Fund has made, or intends to make, a REMIC
election. the Servicer hereby consents to such assignment and assumption and
acknowledges the Trust Fund's REMIC election.
ARTICLE IX
FULL RELEASE
The parties hereto acknowledge and agree that in connection with the
foregoing, the Seller is hereby fully released from all obligations to the
Servicer under the Servicing Agreement with respect to the Serviced Loans.
ARTICLE X
NOTICES AND REMITTANCES
(a) All notices, consents, certificates, reports and certifications
(collectively, "Written Information") required to be delivered to the Owner
under the Servicing Agreement and under this Agreement shall be delivered to the
Master Servicer at the following address:
Xxxxx Fargo Bank, N.A.
X.X. Xxx 00
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, Luminent 2007-2
(or in the case of overnight deliveries,
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, Luminent 2007-2)
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
(b) All amounts required to be remitted or distributed by the Servicer to
the "Owner" under the Servicing Agreement and under this Agreement shall be on a
scheduled/scheduled basis and shall be made to the following wire account:
Xxxxx Fargo Bank, N.A.
ABA#: 000-000-000
Account Name: SAS CLEARING
Account Number: 0000000000
For further credit to: Luminent 2007-2, Account #00000000
(c) All Written Information required to be delivered to the Trustee under
the Servicing Agreement and under this Agreement shall be delivered to the
Trustee at the following address:
HSBC Bank USA, National Association
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: CTLA - Structured Finance /
Luminent Mortgage Trust 2007-2
(d) All Written Information required to be delivered to the Depositor under
the Servicing Agreement and under this Agreement shall be delivered to the
Depositor at the following address:
Xxxxx Asset Securitization, Inc.
000 Xxxxxxxxxx Xx., 00xx Xxxxx
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxxxxxxx Xxxx
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
(e) All demands, notices and communications required to be delivered to the
Servicer under the Servicing 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:
Xxxxx Fargo Bank, N.A.
1 Home Campus
Xxx Xxxxxx, Xxxx 00000-0000
Attention: Xxxx X. Xxxxx, MAC X2302-033
Fax: (000) 000-0000
ARTICLE XI
GOVERNING LAW
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
ARTICLE XII
AMENDMENT
The parties hereto hereby acknowledge and agree that the Servicing
Agreement shall not be amended without the consent of the Seller.
ARTICLE XIII
COUNTERPARTS
This Agreement may be executed in any number of counterparts, each of which
when so executed shall be deemed to be an original, but all of which
counterparts shall together constitute but one and the same instrument.
ARTICLE XIV
RECONSTITUTION
The Servicer and the Seller agree that this Agreement is a Reconstitution
Agreement executed in connection with a Securitization Transaction and that May
1, 2007 is the Reconstitution Date.
ARTICLE XV
LIMITED ROLE OF THE TRUSTEE
The Trustee shall have no obligations or duties under this Agreement except
as expressly set forth herein. No implied duties on the part of the Trustee
shall be read into this Agreement. Nothing herein shall be construed to be an
assumption by the Trustee of any duties or obligations of any party to this
Agreement or the Servicing Agreement, the duties of the Trustee being solely
those set forth in the Pooling Agreement. The Trustee is entering into this
Agreement solely in its capacity as Trustee under the Pooling Agreement and not
individually, and there shall be no recourse against the Trustee in its
individual capacity hereunder or for the payment of any obligations of the Trust
or the Trust Fund.
IN WITNESS WHEREOF, the parties have caused this Reconstitution Agreement
to be executed by their duly authorized officers as of the date first above
written.
XXXXX FARGO BANK. N.A., as Servicer
By: /s/ Xxxxxx XxXxxxxx
----------------------------
Name: Xxxxxx XxXxxxxx
Title: Vice President
MAIA MORTGAGE FINANCE STATUTORY
TRUST, as Seller
By: /s/ Xxxxxxxxxxx X. Xxxx
-----------------------------
Name Xxxxxxxxxxx X. Xxxx
Title: Trustee & President
XXXXX ASSET SECURITIZATION, INC., as
Depositor
By: /s/ Xxxxxxxxxxx X. Xxxx
--------------------------
Name: Xxxxxxxxxxx X. Xxxx
Title: Chief Financial Officer
XXXXX FARGO BANK, N.A., as Master Servicer
and Securities Administrator
By: /s/ Xxx Xxxxx
---------------------------
Name: Xxx Xxxxx
Title: Vice President
Agreed to and acknowledged By:
HSBC BANK USA, NATIONAL ASSOCIATION,
not in its individual capacity, but solely as Trustee for
Luminent Mortgage Trust 2007-2 under the Pooling Agreement
By: /s/ Xxxx Xxxxxx
---------------------
Name: Xxxx Xxxxxx
Title: Officer
EXHIBIT ONE
Modifications to the Servicing Agreement
The Servicer and Seller hereby amend the Servicing Agreement with respect
to the Assigned Loans as follows:
(a) The definition of "Business Day" in Article I is hereby amended in its
entirety to read as follows:
Business Day: Any day other than a Saturday or Sunday, or a day
on which banks and savings and loan institutions in the State of
California, the State of Maryland, the State of Minnesota or the State
of New York are authorized or obligated by law or executive order to
be closed.
(b) A new definition of "Eligible Account" is hereby added to
Article I immediately following the definition of "Due Period" as
follows:
Eligible Account: Any of
(a) an account or accounts maintained with a federal or
state chartered depository institution or trust company the
short-term unsecured debt obligations of which (or, in the
case of a depository institution or trust company that is
the principal subsidiary of a holding company, the
short-term unsecured debt obligations of such holding
company) are rated in the highest short term rating category
of each Rating Agency at the time any amounts are held on
deposit therein;
(b) an account or accounts the deposits in which are fully
insured by the FDIC (to the limits established by it), the
uninsured deposits in which account are otherwise secured
such that, as evidenced by an Opinion of Counsel delivered
to the Securities Administrator, the Trustee and each Rating
Agency, the Trustee on behalf of the Certificateholders will
have a claim with respect to the funds in the account or a
perfected first priority security interest against the
collateral (which shall be limited to Permitted Investments)
securing those funds that is superior to claims of any other
depositors or creditors of the depository institution with
which such account is maintained and which uninsured
deposits shall not cause any Rating Agency to reduce its
then-current rating on any Certificate, as evidenced by a
rating confirmation from each such Rating Agency;
(c) a trust account or accounts maintained with the trust
department of a federal or state chartered depository
institution, national banking association or trust company
acting in its fiduciary capacity; or
(d) an account otherwise acceptable to each Rating Agency
without reduction or withdrawal of its then current ratings
of the Certificates as evidenced by a letter from such
Rating Agency to the Securities Administrator and the
Trustee. Eligible Accounts may bear interest.
Exhibit One-1
(c) The definition of "First Remittance Date" in Article I is hereby
amended in its entirety to read as follows:
First Remittance Date: May 18, 2007.
(d) A new definition of "Master Servicer" is hereby added to Article I to
read as follows:
Master Servicer: Xxxxx Fargo Bank, N.A. or any successor thereto.
(e) The definition of "Opinion of Counsel" in Article I is hereby amended
in its entirety to read as follows:
Opinion of Counsel: A written opinion of counsel, who may be an
employee of the Servicer, that is reasonably acceptable to the Trustee and
the Master Servicer provided that any Opinion of Counsel relating to (a)
qualification of the Mortgage Loans in a REMIC or (b) compliance with the
REMIC Provisions, must be an opinion of counsel reasonably acceptable to
the Trustee, the Master Servicer and the Depositor who (i) is in fact
independent of the Servicer, (ii) does not have any material direct or
indirect financial interest in the Servicer or in any affiliate of any such
entity and (iii) is not connected with the Servicer as an officer,
employee, director or person performing similar functions.
(f) The definition of "Permitted Investments" is hereby added to Article I
to read as follows:
Permitted Investments: Any one or more of the following obligations or
securities held in the name of the trustee for the benefit of the
certificateholders acquired at a purchase price of not greater than par,
regardless of whether issued or managed by the depositor, the trustee, the
master servicer, the securities administrator or any of their respective
affiliates or for which an affiliate serves as an advisor, will be considered a
permitted investment:
(i) direct obligations of, or obligations fully guaranteed as to
timely payment of principal and interest by, the United States or any
agency or instrumentality thereof, provided such obligations are backed by
the full faith and credit of the United States;
(ii) (A) demand and time deposits in, certificates of deposit of,
bankers' acceptances issued by or federal funds sold by any depository
institution or trust company (including the trustee, the securities
administrator or the master servicer or their agents acting in their
respective commercial capacities) incorporated under the laws of the United
States of America or any state thereof and subject to supervision and
examination by federal and/or state authorities, so long as, at the time of
such investment or contractual commitment providing for such investment,
such depository institution or trust company or its ultimate parent has a
short-term unsecured debt rating in one of the two highest available rating
categories of each rating agency rating the certificates and (B) any other
demand or time deposit or deposit account that is fully insured by the
FDIC;
Exhibit One-2
(iii) repurchase obligations with respect to any security described in
clause (i) above and entered into with a depository institution or trust
company (acting as principal) rated A or higher by the rating agencies
rating the certificates;
(iv) securities bearing interest or sold at a discount that are issued
by any corporation incorporated under the laws of the United States of
America, the District of Columbia or any State thereof and that are rated
by each rating agency rating the certificates in its highest long-term
unsecured rating categories at the time of such investment or contractual
commitment providing for such investment;
(v) commercial paper (including both non-interest-bearing discount
obligations and interest-bearing obligations) that is rated by each rating
agency rating the certificates in its highest short-term unsecured debt
rating available at the time of such investment;
(vi) units of money market funds (which may be 12b-l funds, as
contemplated by the Commission under the Investment Company Act of 1940)
registered under the Investment Company Act of 1940 including funds managed
or advised by the trustee, the master servicer, the securities
administrator or an affiliate thereof having the highest applicable rating
from each rating agency rating such funds; and
(vii) if previously confirmed in writing to the trustee, any other
demand, money market or time deposit, or any other obligation, security or
investment, as may be acceptable to each rating agency rating the
certificates in writing as a permitted investment of funds backing
securities having ratings equivalent to its highest initial rating of the
senior certificates;
In each case (other than clause (a)), such Permitted Investment shall
have a final maturity (giving effect to any applicable grace period) no
later than the Business Day immediately preceding the Distribution Date
(or, if the Securities Administrator or an Affiliate is the obligor on such
Permitted Investment, the Distribution Date) next following the Due Period
in which the date of investment occurs; provided, that, Permitted
Investments may not include (i) any interest-only security, any security
purchased at a price in excess of 100% of the par value or any security
that provides for payment of both principal and interest with a yield to
maturity in excess of 120% of the yield to maturity at par, (ii) any
floating rate security whose interest rate is inversely or otherwise not
proportionately related to an interest rate index or is calculated as other
than the sum of an interest rate index plus a spread, (iii) securities
subject to an offer, (iv) any security with a rating from S&P which
includes the subscript "p," "pi," "q," "r" or "t", or (v) any investment,
the income from which is or will be subject to deduction or withholding for
or on account of any withholding or similar tax.
(g) The definition of "Rating Agency" in Article I is hereby amended in its
entirety to read as follows:
Rating Agency: Each of Xxxxx'x Investors Service and Standard & Poor's
Ratings Services.
Exhibit One-3
(h) The definition of "Remittance Date" in Article I is hereby amended by
adding the following phrase at the beginning of the definition: "No later than
4:00 p.m. Eastern Time on".
(i) Section 4.04 (Establishment of and Deposits to Custodial Account) is
hereby amended as follows:
(i) by replacing the words "Xxxxx Fargo Bank, N.A., in trust for the
Owner and/or subsequent owners of Mortgage Loans, and various Mortgagors -
P&I", with the words "Xxxxx Fargo Bank, N.A., in trust for the Trustee of
Luminent Mortgage Trust 2007-2" in the first paragraph;
(ii) by replacing the sentence "The Custodial Account shall be
established with a Qualified Depository" with "The Custodial Account shall
be an Eligible Account."
(iii) by adding a new paragraph at the end of the section to read as
follows:
"Funds in the Custodial Account shall, if invested, be invested in
Permitted Investments; provided, however, that the Servicer shall be under
no obligation or duty to invest (or otherwise pay interest on) amounts held
in the Custodial Account. All Permitted Investments shall mature or be
subject to redemption or withdrawal no later than one Business Day prior to
the next succeeding Remittance Date (except that if such Permitted
Investment is an obligation of the Servicer, then such Permitted Investment
shall mature not later than such applicable Remittance Date). Any and all
investment earnings from any such Permitted Investment shall be for the
benefit of the Servicer and shall be subject to its withdrawal or order
from time to time, and shall not be part of the Trust Fund. The risk of
loss of moneys required to be remitted to the Master Servicer resulting
from such investments shall be borne by and be the risk of the Servicer.
The Servicer shall deposit the amount of any such loss in the Custodial
Account immediately as realized, but in no event later than the related
Remittance Date."
(j) Section 4.06 (Establishment of and Deposits into Escrow Account) is
hereby amended as follows:
(i) by replacing the words "Xxxxx Fargo Bank, N.A., in trust for the
Owner and/or subsequent owners of Mortgage Loans, and various Mortgagors -
T & I", with the words "Xxxxx Fargo Bank, N.A., in trust for the Trustee of
Luminent Mortgage Trust 2007-2 and various Mortgagors - T & I" in the first
paragraph;
(ii) by replacing the language "The Escrow Accounts shall be
established with a Qualified Depository" with "The Escrow Accounts shall be
Eligible Accounts."
(iii) by adding the following sentence after the last sentence of the
third paragraph as follows:
"The Servicer will be obligated to make Servicing Advances to the
Escrow Account in respect of its obligations under this Section 4.06,
reimbursable from the Escrow Accounts or Custodial Account to the extent
not collected from the related Mortgagor, anything to the contrary
notwithstanding, when and as necessary to pursuant to Section 4.08 hereof;
Exhibit One-4
provided, however, that Servicing Advances shall not be required to be made
by the Servicer if such Servicing Advance would, if made, be, in the
Servicer's reasonable judgment, nonrecoverable."
(k) Section 4.10 (Maintenance of Hazard Insurance) is hereby amended by
deleting the following language from the end of the fourth paragraph: "and if
the Mortgagor does not obtain such coverage, the Servicer shall immediately
force place the required coverage on the Mortgagor's behalf."
(l) The following paragraph shall be inserted in Section 4.15 immediately
preceding the final paragraph, to read as follows:
Serviced Loans with an LTV =75% and =80% as noted on Exhibit Two
of the Reconstitution Agreement will be covered by a master
lender-paid private mortgage insurance policy issued by Triad Guaranty
Insurance Corporation ("Triad"). The Servicer shall not take any
action that would result in non-coverage under such policy which, but
for the actions of the Servicer, would have been covered thereunder.
In connection with its activities as servicer, the Servicer agrees to
prepare and present, on behalf of itself and the Trust Fund, claims to
Triad under such policy in a timely fashion in accordance with the
terms of such policy and, in this regard, to take such action as shall
be necessary to permit recovery under such policy respecting a
defaulted serviced loan. Any amounts collected by the Servicer under
such policy shall be deposited in the Custodial Account, subject to
withdrawal pursuant to Section 4.05 (as if such funds related to a PMI
Policy).
(m) Section 4.13 (Inspections) is hereby deleted in its entirety and
replaced with the following:
"The Servicer shall inspect the Mortgaged Property as often as
deemed necessary in accordance with Accepted Servicing Practices or as
may be required by the primary mortgage guaranty insurer, to assure
itself that the value of the Mortgaged Property is being preserved.
The Servicer shall keep a record of each such inspection and, upon
request, shall provide the Owner with an electronic report of each
such inspection."
(n) Section 4.16 (Title, Management and Disposition or REO Property) is
amended by removing all language between "(i)" in the third line of the third
paragraph and the words "and (ii)" in the fifth line of the third paragraph and
replacing it with the following: "unless the servicer, at its expense, has
obtained an extension from the IRS or provided an opinion of counsel that
continuing to hold the property will not result in an adverse REMIC event".
(o) Section 4.25 (Use of Subservicers and Subcontractors) id hereby amended
as follows:
(i) by adding the words ", any Master Servicer" after the word "Owner"
in the last sentence of paragraph (a);
(ii) by adding ", 6.07" directly after "6.06" in the fifth line of
paragraph (a);
Exhibit One-5
(iii) by removing "(iv)" in line seven of paragraph (a);
(iv) by deleting the words "as a master servicer or" in the fourth
line of paragraph (b) and replacing them with "as an";
(v) by removing the words ", any Master Servicer" in the fourth line
of the paragraph directly following paragraph (b);
(vi) by adding ", 6.07" after 6.06 at the end the fourth line of the
paragraph directly following paragraph (b); and
(vii) by removing the words "any Master Servicer and" in the seventh
line of the paragraph directly following paragraph (b) and adding the words
"and the other certificates in the same line directly after the words
"compliance and attestation".
(p) Section 5.01 is amended by deleting the words "such second Business
Day" in the seventh line of the second paragraph of the section and replacing
them with the words "the Remittance Date".
(q) Section 5.02 (Statements to Purchaser) is hereby amended to read as
follows:
"Not later than the tenth calendar day of each month (or, if such 10th
day is not a Business Day, the immediately preceding Business Day) the
Servicer shall furnish to the Master Servicer in electronic format a
statement providing loan level accounting data, defaulted loan data and
realized loss and gain data for the period ending on the last Business Day
of the preceding month in the format attached as Exhibit M."
(r) Section 5.04 (Repurchase) is hereby amended as follows:
(i) by replacing the words "the Owner" in the second sentence of the
second paragraph with "Maia Mortgage Finance Statutory Trust, the
Depositor, the Trustee, or the Master Servicer"
(ii) by replacing each of the references to "the Owner" in the final
paragraph with "Maia Mortgage Finance Statutory Trust, the Depositor, the
Trustee, the Trust Fund and the Master Servicer"
(s) Section 6.04 (Annual Statements as to Compliance) is hereby amended as
follows:
(i) by replacing "2007" in the first line with "2008"; and
(ii) by replacing the words "or any Master Servicer or Depositor" in
both the second and third lines and with the words ", any Master Servicer".
(t) Section 6.05 (Annual Independent Public Accountants' Servicing Report)
is deleted in its entirety and replaced with "Reserved".
Exhibit One-6
(u) Section 6.06 (Report on Assessment of Compliance and Attestation) is
hereby amended as follows:
(i) by deleting the first line of the section and replacing the word
"on" at the beginning of the second line and replacing it with "On";
(ii) by replacing "2007" in the second line with "2008";
(iii) by deleting the word "substantially" in the eighth line of
paragraph (i);
(iv) by adding the following after the word "Servicer" in the last
line of paragraph (i): "and any person that will be responsible for signing
any Sarbanes Certification with respect to a Securitization Transaction";
(v) by adding the following after the words "Regulation AB" at the end
of paragraph (i): "delivered to the Owner at the time of any Securitization
Transaction";
(vi) by replacing the word "or" in the first line of paragraph (ii)
with the word "and";
(vii) by deleting the word "the" in the fourth line of paragraph (ii)
immediately preceding the word "compliance";
(viii) by deleting all language in the first line of paragraph (iv) up
to and including the word "Depositor"; and
(ix) by adding the following to the seventh line of paragraph (iv)
after the word "certification": :signed by the appropriate officer of the
servicer".
(v) Section 6.07 (Remedies) is hereby amended as follows:
(i) by deleting the words "any Master Servicer" in the twelfth line of
paragraph (i);
(ii) by adding the following after the word "Servicer" in the
sixteenth line of paragraph (i): "(and if the Company is servicing any of
the Mortgage Loans in a Securitization Transaction, appoint a successor
servicer reasonably acceptable to any Master Servicer for such
Securitization Transaction)"; and
(iii) by adding the following after the word "Default" in the eighth
line of paragraph (ii): "(notwithstanding any other provision in this
Agreement or any Reconstitution Agreement to the contrary)".
(w) Section 8.01 (Indemnification; Third Party Claims) is hereby amended by
replacing each of the references to "the Owner" in the paragraph with "Maia
Mortgage Finance Statutory Trust, the Trust Fund, the Master Servicer, the
Trustee and the Depositor."
Exhibit One-7
(x) Section 8.04 (Limitation on Resignation and Assignment by Servicer) is
hereby amended by replacing the last reference to "the Owner" in the first
paragraph, each reference to "the Owner" in the second paragraph, and the first
reference to "the Owner" in the third paragraph with "the Owner, the Depositor,
the Trustee, the Master Servicer and each Rating Agency".
(y) Section 9.01 (Removal of Mortgage Loans from Inclusion Under this
Agreement Upon a Securitization Transaction) is hereby amended as follows:
(i) by deleting the word "or" where it appears after the word
"Servicer" in the fifth and seventh lines of paragraph (e);
(ii) by adding the words "any Master Servicer" in the fifth line of
paragraph (f) after the word "Owner";
(iii) by adding the following sections immediately before paragraph
(h) and adjusting the section labeling thereafter accordingly:
"(h) In addition to such information as the Company, as servicer,
is obligated to provide pursuant to other provisions of this
Agreement, not later than ten days prior to the deadline for the
filing of any distribution report on Form 10-D in respect of any
Securitization Transaction that includes any of the Mortgage
Loans serviced by the Company or any Subservicer, the Company or
such Subservicer, as applicable, shall, to the extent the Company
or such Subservicer has knowledge, provide to the party
responsible for filing such report (including, if applicable, the
Master Servicer) notice of the occurrence of any of the following
events along with all information, data, and materials related
thereto as may be required to be included in the related
distribution report on Form 10-D (as specified in the provisions
of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of
pool asset terms, fees, penalties or payments during the
distribution period or that have cumulatively become material
over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or
warranties or transaction covenants (Item 1121(a)(12) of
Regulation AB); and
(iii) information regarding new asset-backed securities
issuances backed by the same pool assets, any pool asset changes
(such as, additions, substitutions or repurchases), and any
material changes in origination, underwriting or other criteria
for acquisition or selection of pool assets (Item 1121(a)(14) of
Regulation AB).
(i) The Company shall provide to the Owner, any Master Servicer
and any Depositor, evidence of the authorization of the person
Exhibit One-8
signing any certification or statement, copies or other evidence
of Fidelity Bond Insurance and Errors and Omission Insurance
policy, financial information and reports, and such other
information related to the Company or any Subservicer or the
Company or such Subservicer's performance hereunder as may be
reasonably requested by the Owner, any Master Servicer or any
Depositor;".
(iv) by deleting the words "including any Master Servicer, if
applicable," from the third line of paragraph (h) and replacing them with
the following: "(including, but not limited to, any Master Servicer)";
(v) by deleting the words "this Section 9.01(h)" from the first line
of paragraph (h)(ii)and replacing them with the following: "Sections 4.25,
6.04, 6.06, 6.07 and 9.01";
(vi) by deleting the words "this Section 9.01(h)" from the second line
of paragraph (h)(iv) and replacing them with the following: "Sections 4.25,
6.04, 6.06, 6.07 and 9.01";
(vii) by capitalizing the word "party" in the second line of the
paragraph immediately following paragraph (h)(iv);
(z) Section 10.01 (Events of Default) is hereby amended as follows:
(i) by replacing each reference to "the Owner" with "the Master
Servicer;"
(ii) by replacing the words "three (3)" in the third line of paragraph
(i) with the words "two (2)";
(iii) by replacing the words "ninety (90)" in the fourth line of
paragraph (ii) with the words "sixty (60)"
(iv) by amending sub clause (ix) by replacing the words "fifteen (15)"
in the third line with the words "ten (10)";
(v) by adding the following paragraph directly before the final
paragraph of that section:
"Upon written request from the Depositor or the Master Servicer in
connection with any such termination or any resignation, the Servicer
shall, at its expense, prepare, execute and deliver to the successor entity
designated by the Master Servicer any and all documents and other
instruments, place in such successor's possession all Mortgage Files, and
do or cause to be done all other acts or things necessary or appropriate to
effect the purposes of such notice of termination, including but not
limited to the transfer and endorsement or assignment of the Mortgage Loans
and related documents, at the Servicer's sole expense, as provided in
Article V of the Pooling Agreement."
Exhibit One-9
(aa) Section 10.02 (Waiver of Defaults) is hereby amended by replacing the
reference to "Owner" with "Master Servicer."
(bb) Section 11.01 (Termination) is hereby amended by deleting the first
paragraph of such section in its entirety and replacing it with the following:
"The respective obligations and responsibilities of the Servicer
shall terminate upon the: (i) the later of the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage
Loan or the disposition of all REO Property and the remittance of all
funds due hereunder; (ii) in accordance with Section 10.01 or (iii) in
accordance with Section 8.04."
(cc) Section 12.01 (Successor to Servicer) is hereby amended as follows:
(i) by replacing the words "Prior to" with "Upon" at the beginning of
the first sentence of the first paragraph;
(ii) by replacing the reference to "Section 8.04, 10.01 or 11.01 (ii)"
with "Section 10.01" in the second line of the first paragraph;
(iii) by adding the words ", in accordance with the Pooling
Agreement," after the word "shall" in the second line of the first
paragraph; (iv) by adding the following new sentence immediately after the
first sentence of the first paragraph to read as follows:
"Any successor to the Servicer shall be a FHMC- or FNMA-approved
servicer and shall be subject to the approval of each Rating Agency, as
evidenced by a letter from each such Rating Agency delivered to the Trustee
and the Master Servicer that the transfer of servicing will not result in a
qualification, withdrawal or downgrade of the then-current rating of any of
the Certificates."
(v) by replacing the references to the "Owner" in the second and
eighth lines of the second paragraph with "the Master Servicer and the
Trustee;" and
(vi) by adding a final paragraph to read as follows:
"Except as otherwise provided in this Section 12.01, all reasonable
costs and expenses incurred in connection with any transfer of servicing
hereunder (as a result of the termination or resignation of the Seller as
Servicer), including, without limitation, the costs and expenses of the
Master Servicer or any other Person in appointing a successor servicer, or
of the Master Servicer in assuming the responsibilities of the Servicer
hereunder, or transferring the Servicing Files and the other necessary
data, including the completion, correction or manipulation of such
servicing data as may be required to correct any errors or insufficiencies
in the servicing data, to the successor servicer shall be paid by the
terminated or resigning Servicer from its own funds without reimbursement."
Exhibit One-10
(dd) Section 12.02 (Amendment) is hereby amended to read as follows:
"This Agreement may be amended only by written agreement signed by the
Servicer, the Depositor, the Master Servicer and the Trustee. The party
requesting such amendment shall, at its own expense, provide the Depositor,
the Master Servicer and the Trustee with an Opinion of Counsel that (i)
such amendment is permitted under the terms of this Agreement, (ii) the
Servicer has complied with all applicable requirements of this Agreement,
and (iii) such Amendment will not materially adversely affect the interest
of the Certificate holders in the Serviced Loans."
(ee) Section 12.14 (Third Party Beneficiaries) is hereby amended to read as
follows:
Section 12.14 Third Party Beneficiaries.
Notwithstanding any provision herein to the contrary, the parties to
this Agreement agree that it is appropriate, in furtherance of the intent
of such parties as set forth herein, that the Trustee, the Master Servicer
and the Depositor each receive the benefit of the provisions of this
Agreement as an intended third party beneficiary of this Agreement to the
extent of such provisions. The Servicer shall have the same obligations to
the Trustee, the Master Servicer and the Depositor as if the Trustee, the
Master Servicer and the Depositor were each a party to this Agreement, and
the Trustee, the Master Servicer and the Depositor each shall have the same
rights and remedies to enforce the provisions of this Agreement as if it
were a party to this Agreement. The Servicer shall only take directions
from the Master Servicer (if direction by the Master Servicer is required
under this Agreement) unless otherwise directed by this Agreement.
Notwithstanding the foregoing, all rights and obligations of the Trustee,
the Master Servicer and the Depositor hereunder (other than the right to
indemnification and the indemnification obligations, as applicable) shall
terminate upon termination of the Trust Fund pursuant to the Pooling
Agreement.
(ff) Exhibit Four attached hereto is hereby added to the Servicing
Agreement as Exhibits K, L and M.
Exhibit One-11
EXHIBIT TWO
List of Serviced Loans
To be retained in a separate closing binder entitled "Luminent 2007-2 Mortgage
Loan Schedule" at the Washington DC offices of Hunton & Xxxxxxxx LLP
Exhibit Two-1
EXHIBIT THREE
Servicing Agreement
On File with Hunton & Xxxxxxxx LLP
Exhibit Three-1
SCHEDULE A to EXHIBIT THREE
Assignment and Assumption Agreement
On File with Hunton & Xxxxxxxx LLP
Exhibit Three-2
EXHIBIT FOUR
------------
Form of Periodic Reports to Purchaser
-------------------------------------
Exhibit M
-----------------------------------------------------------------------------------------------------------------------------------
Standard Loan Level File Layout --
Master Servicing
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit 1: Layout
-----------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
-----------------------------------------------------------------------------------------------------------------------------------
Each file requires the following fields:
-----------------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to define a group of Text up to 20 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.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest 2 No commas(,) or dollar 11
payment that a borrower is expected to pay, P&I signs ($)
constant.
-----------------------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
-----------------------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less the service fee rate 4 Max length of 6 6
as reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as reported by the 4 Max length of 6 6
Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as reported by the 2 No commas(,) or dollar 11
Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or dollar 11
Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
-----------------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-1
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar 11
beginning of the processing cycle. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end of 2 No commas(,) or dollar 11
the processing cycle. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the MM/DD/YYYY 10
borrower's next payment is due to the Servicer, as
reported by Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar 11
signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
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 dollar 11
amount, if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar 11
signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
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 dollar 11
amount, if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-2
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit 1: Continued Standard Loan Level File Layout
-----------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar 11
signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
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 dollar 11
amount, if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as reported by the 2 No commas(,) or dollar 11
Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY 10
-----------------------------------------------------------------------------------------------------------------------------------
Action Code Key: 2
ACTION_CODE The standard FNMA numeric code used to indicate the 15=Bankruptcy,
default/delinquent status of a particular loan. 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 dollar 11
the Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar 11
applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar 11
signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if 2 No commas(,) or dollar 11
applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
Plus the following applicable fields:
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at 2 No commas(,) or dollar 11
the beginning of the cycle date to be passed through signs ($)
to investors.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to investors at 2 No commas(,) or dollar 11
the end of a processing cycle. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as reported by the 2 No commas(,) or dollar 11
Servicer for the current cycle -- only applicable for signs ($)
Scheduled/Scheduled Loans.
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-3
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount less the service 2 No commas(,) or dollar 11
fee amount for the current cycle as reported by the signs ($)
Servicer -- only applicable for Scheduled/Scheduled
Loans.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount collected by the Servicer 2 No commas(,) or dollar 11
for the current reporting cycle -- only applicable for signs ($)
Actual/Actual Loans.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount less the service fee 2 No commas(,) or dollar 11
amount for the current reporting cycle as reported by signs ($)
the Servicer -- only applicable for Actual/Actual Loans.
-----------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or dollar 11
prepays on his loan as reported by the Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived 2 No commas(,) or dollar 11
by the servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-4
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit 1: Continued Standard Loan Level File Layout
-----------------------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
-----------------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the Modification for the MM/DD/YYYY 10
loan.
-----------------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be 30
alpha or numeric
-----------------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or dollar 11
advances made by Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
BREACH_FLAG Flag to indicate if the repurchase of a loan is due to a Y=Breach 1
breach of Representations and Warranties N=NO Breach
Let blank if N/A
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-5
Exhibit 2: Monthly Summary Report by Single Investor
MONTHLY SUMMARY REPORT
For Month Ended: mm/dd/yyyy Servicer Name
----------- -----------------------
Prepared by: Investor Nbr
-------------------------------- ------------------------
--------------------------------------------------------------------------------
Section 1. Remittances and Ending Balances - Required Data
--------------------------------------------------------------------------------
Beginning Ending Total Monthly Total Ending Unpaid Total Monthly
Loan Count Loan Count Remittance Amo Principal Balance Principal Balance
--------------------------------------------------------------------------------
0 0 $0.00 $0.00 $0.00
--------------------------------------------------------------------------------
Principal Calculation
---------------------
1. Monthly Principal Due + $0.00
---------
2. Current Curtailments + $0.00
---------
3. Liquidations + $0.00
---------
4. Other (attach explanation) + $0.00
---------
5. Principal Due $0.00
---------
6. Interest (reported "gross") + $0.00
---------
7. Interest Adjustments on Curtailments + $0.00
---------
8. Servicing Fees - $0.00
---------
9. Other Interest (attach explanation) + $0.00
---------
10. Interest Due (need to subtract ser fee) $0.00
=========
Remittance Calculation
----------------------
11. Total Principal and Interest Due (lines 5+10) + $0.00
---------
12. Reimbursement of Non-Recoverable Advances - $0.00
---------
13. Total Realized gains + $0.00
---------
14. Total Realized Losses - $0.00
---------
15. Total Prepayment Penalties + $0.00
---------
16. Total Non-Supported Compensating Interest - $0.00
---------
17. Other (attach explanation) $0.00
---------
18. Net Funds Due on or before Remittance Date $ $0.00
---------
Exhibit Four-6
------------------------------------------------------------------------------------------
Section 2. Delinquency Report - Optional Data for Loan Accounting
------------------------------------------------------------------------------------------
Installments Delinquent
------------------------------------------------------------------------------------------
Total No. Total No. In Real Estate Total Dollar
of of 30- 60- 90 or more Foreclosure Owned Amount of
Loans Delinquencies Days Days Days (Optional) (Optional) Delinquencies
------------------------------------------------------------------------------------------
0 0 0 0 0 0 0 $0.00
------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Section 3. REG AB Summary Reporting - REPORT ALL APPLICABLE FIELDS
--------------------------------------------------------------------------------
REG XX XXXXXX LOAN COUNT BALANCE
--------------------------------------------------------------------------------
PREPAYMENT PENALTY AMT 0 $0.00
--------------------------------------------------------------------------------
PREPAYMENT PENALTY AMT WAIVED 0 $0.00
--------------------------------------------------------------------------------
DELINQUENCY P&I AMOUNT 0 $0.00
--------------------------------------------------------------------------------
Exhibit Four-7
Exhibit N: Standard File Layout -- Delinquency Reporting
*The column/header names in bold are the minimum fields Xxxxx Fargo must receive from every Servicer
-----------------------------------------------------------------------------------------------------------------------------------
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.
-----------------------------------------------------------------------------------------------------------------------------------
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 to the servicer at MM/DD/YYYY
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 approved by MM/DD/YYYY
the courts
-----------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by MM/DD/YYYY
Dismissal, Discharged and/or a Motion For Relief Was Granted.
-----------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
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 End/Close MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
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 with instructions to MM/DD/YYYY
begin foreclosure proceedings.
-----------------------------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure Action MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-8
-----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
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 sale. 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property from the MM/DD/YYYY
borrower.
-----------------------------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
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 brokers price 2
opinion or appraisal.
-----------------------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are completed 2
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 Mortgage Insurance MM/DD/YYYY
Company.
-----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-9
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
-----------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
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 ($)
-----------------------------------------------------------------------------------------------------------------------------------
MOTION_FOR_RELIEF_DATE The date the Motion for Relief was filed 10 MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_BID_AMT The foreclosure sale bid amount 11 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_TYPE The foreclosure sales results: REO, Third Party, Conveyance to
HUD/VA
-----------------------------------------------------------------------------------------------------------------------------------
REO_PROCEEDS The net proceeds from the sale of the REO property. No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
BPO_DATE The date the BPO was done.
-----------------------------------------------------------------------------------------------------------------------------------
CURRENT_FICO The current FICO score
-----------------------------------------------------------------------------------------------------------------------------------
HAZARD_CLAIM_FILED_DATE The date the Hazard Claim was filed with the Hazard Insurance 10 MM/DD/YYYY
Company.
-----------------------------------------------------------------------------------------------------------------------------------
HAZARD_CLAIM_AMT The amount of the Hazard Insurance Claim filed. 11 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit Four-10
HAZARD_CLAIM_PAID_DATE The date the Hazard Insurance Company disbursed the claim 10 MM/DD/YYYY
payment.
-----------------------------------------------------------------------------------------------------------------------------------
HAZARD_CLAIM_PAID_AMT The amount the Hazard Insurance Company paid on the claim. 11 No commas(,) or
dollar signs ($)
-----------------------------------------------------------------------------------------------------------------------------------
ACTION_CODE Indicates loan status Number
-----------------------------------------------------------------------------------------------------------------------------------
NOD_DATE MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
NOI_DATE MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
ACTUAL_PAYMENT_PLAN_START_DATE MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
ACTUAL_PAYMENT_ PLAN_END_DATE
-----------------------------------------------------------------------------------------------------------------------------------
ACTUAL_REO_START_DATE MM/DD/YYYY
-----------------------------------------------------------------------------------------------------------------------------------
REO_SALES_PRICE Number
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED_LOSS/GAIN As defined in the Servicing Agreement Number
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit 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:
Exhibit Four-11
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 Four-12
Exhibit 2: Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Reason Code field should show the Reason for Delinquency as
follows:
-------------------------------------------------------------------------
Delinquency Delinquency Description
Code
-------------------------------------------------------------------------
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 Four-13
Exhibit 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
-------------------------------------------------------------------------
28 Modification
-------------------------------------------------------------------------
29 Charge-Off
-------------------------------------------------------------------------
30 Third Party Sale
-------------------------------------------------------------------------
31 Probate
-------------------------------------------------------------------------
32 Military Indulgence
-------------------------------------------------------------------------
43 Foreclosure Started
-------------------------------------------------------------------------
44 Deed-in-Lieu Started
-------------------------------------------------------------------------
49 Assignment Completed
-------------------------------------------------------------------------
61 Second Lien Considerations
-------------------------------------------------------------------------
62 Veteran's Affairs-No Bid
-------------------------------------------------------------------------
63 Veteran's Affairs-Refund
-------------------------------------------------------------------------
64 Veteran's Affairs-Buydown
-------------------------------------------------------------------------
65 Chapter 7 Bankruptcy
-------------------------------------------------------------------------
66 Chapter 11 Bankruptcy
-------------------------------------------------------------------------
67 Chapter 13 Bankruptcy
-------------------------------------------------------------------------
Exhibit Four-14
Exhibit M: Calculation of Realized Loss/Gain Form 332-Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually and all
credits as separate line items. Claim packages are due on the remittance report
date. Late submissions may result in claims not being passed until the following
month. The Servicer is responsible to remit all funds pending loss approval
and/or resolution of any disputed items.
(i) The numbers on the 332 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. Required documentation:
o For taxes and insurance advances - see page 2 of 332 form - breakdown
required showing period of coverage, base tax, interest, penalty. Advances
prior to default require evidence of servicer efforts to recover advances.
o For escrow advances - complete payment history (to calculate advances from
last positive escrow balance forward)
o Other expenses - copies of corporate advance history showing all payments
o REO repairs> $1500 require explanation
o REO repairs >$3000 require evidence of at least 2 bids.
o Short Sale or Charge Off require P&L supporting the decision and WFB's
approved Servicing Officer certification
o Unusual or extraordinary items may require further documentation.
13. The total of lines 1 through 12.
(ii) Credits:
Exhibit Four-15
14-21. Complete as applicable. Required documentation:
o Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid instructions
and Escrow Agent / Attorney Letter of Proceeds Breakdown.
o Copy of EOB for any MI or gov't guarantee
o All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part A/Initial proceeds and
line (18b) for Part B/Supplemental proceeds.
Total Realized Loss (or Amount of Any Gain)
23. The total derived from subtracting line 22 from 13. If the amount
represents a realized show the amount in parenthesis ( ).
Exhibit Four-16
Calculation of Realized Loss/Gain Form 332
Prepared by:____________________ Date:___________________________
Phone:__________________________ EmailAddress:_________________________
Servicer Loan No. Servicer Name Servicer Address
____________________ ________________________ _______________________
XXXXX FARGO BANK, N.A. Loan No. ________________________________________
Borrower's Name:________________________________________________________________
Property Address:_______________________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cram down amount _______________________________
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 (see page 2) _________ (5)
(6) Property Maintenance _________ (6)
(7) MI/Hazard Insurance Premiums (see page 2) _________ (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 _________ (12)
HOA/Condo Fees _________ (12)
__________________ _________ (12)
Total Expenses $ _________ (13)
Credits:
(14) Escrow Balance $ _________ (14)
(15)HIP Refund _________ (15)
(16) Rental Receipts _________ (16)
(17)Hazard Loss Proceeds _________ (17)
Exhibit Four-17
(18) Primary Mortgage Insurance/Gov't Insurance HUD Part A _________ (18a)
HUD Part B _________ (18b)
(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)
Exhibit Four-18
Escrow Disbursement Detail
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Type Date Paid Period of Total Paid Base Penalties Interest
(Tax/Ins.) Coverage Amount
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Exhibit Four-1