Exhibit 99.15a
EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated May 1,
2006, ("Agreement") among Xxxxxx Xxxxxxx Mortgage Capital Inc. ("Assignor"),
Xxxxxx Xxxxxxx Capital I Inc. ("Assignee") and Xxxxx Fargo Bank, National
Association (in such capacity, the "Company") and acknowledged by LaSalle Bank
National Association ("LaSalle"), as trustee ("Trustee") of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-7 (the "Trust"), and Xxxxx Fargo Bank, National
Association, as master servicer (or any successor master servicer, the "Master
Servicer"):
For and in consideration of the sum of TEN DOLLARS ($10.00) and
other valuable consideration the receipt and sufficiency of which hereby are
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:
1. Assignment and Conveyance
The Assignor hereby conveys, sells, grants, transfers and assigns to the
Assignee all of the right, title and interest of the Assignor, as purchaser,
in, to and under (a) those certain mortgage loans listed on the schedule (the
"Mortgage Loan Schedule") attached hereto as Exhibit A (the "Mortgage Loans")
and (b) except as described below, that certain Master Seller's Warranties and
Servicing Agreement dated as of April 1, 2006 (the "SWSA"), between the
Assignor, as purchaser (the "Purchaser"), and the Company, as servicer, solely
insofar as the SWSA relates to the Mortgage Loans. In connection with the
transfer of the Mortgage Loans hereunder, the Company agrees that, from and
after the date hereof, each Mortgage Loan transferred hereunder will be
subject to, and serviced under, the SWSA.
The Assignor specifically reserves and does not assign to the
Assignee hereunder any and all right, title and interest in, to and under and
any obligations of the Assignor with respect to any mortgage loans subject to
the SWSA which are not the Mortgage Loans set forth on the Mortgage Loan
Schedule and are not the subject of this Agreement.
2. Recognition of the Company
From and after the date hereof (the "Closing Date"), the Company shall
and does hereby recognize that the Assignor will transfer the Mortgage Loans
and assign its rights under the SWSA to the Assignee and that the Assignee
will thereafter transfer the Mortgage Loans and assign its rights under the
SWSA and this Agreement to the Trust created pursuant to a pooling and
servicing agreement, dated as of May 1, 2006 (the "Pooling Agreement"), among
the Assignee, Xxxxx Fargo Bank, National Association, as securities
administrator, the Master Servicer and the Trustee. The Company hereby
acknowledges and agrees that from and after the date hereof (i) the Trust will
be the owner of the Mortgage Loans, (ii) the Company shall look solely to the
Trust for performance of any obligations of the Assignor insofar as they
relate to the enforcement of the representations, warranties and covenants
with respect to the Mortgage Loans, (iii) the Trust (including the Trustee
and, with respect to the servicing of the Mortgage Loans, the Master Servicer
acting on the Trust's behalf) shall have all the rights and remedies available
to the Assignor, insofar as they relate to the Mortgage Loans, under the SWSA,
including, without limitation, the enforcement of the document delivery
requirements set forth in Section 2.01 of the SWSA, and shall be entitled to
enforce all of the obligations of the Company thereunder insofar as they
relate to the Mortgage Loans, and (iv) all references to the Owner (insofar as
they relate to the rights, title and interest and, with respect to obligations
of the Owner, only insofar as they relate to the enforcement of the
representations, warranties and covenants of the Company) under the SWSA
insofar as they relate to the Mortgage Loans, shall be deemed to refer to the
Trust. Neither the Company nor the Assignor shall amend or agree to amend,
modify, waive, or otherwise alter any of the terms or provisions of the SWSA
which amendment, modification, waiver or other alteration would in any way
affect the Mortgage Loans
or the Company's performance under the SWSA with respect to the Mortgage Loans
without the prior written consent of the Trustee and the Master Servicer.
3. Notwithstanding any statement to the contrary in Section 2 above, the
Company shall and does hereby acknowledge that the indemnification provisions
set forth in Section 3.03, Section 8.01 and the first instance of Section
9.01(f) of the SWSA shall be available to and for the benefit of the Assignor,
the Assignee and the Trust (including the Trustee and the Master Servicer
acting on the Trust's behalf), as provided in the SWSA.
4. Representations and Warranties
a. The Assignee represents and warrants that it is a sophisticated
investor able to evaluate the risks and merits of the transactions
contemplated hereby, and that it has not relied in connection therewith
upon any statements or representations of the Assignor or the Company
other than those contained in the SWSA or this Agreement.
b. Each of the parties hereto represents and warrants that it is
duly and legally authorized to enter into this Agreement.
c. Each of the Assignor, Assignee and Company hereto represents and
warrants that this Agreement has been duly authorized, executed and
delivered by it and (assuming due authorization, execution and delivery
thereof by each of the other parties hereto) constitutes its legal, valid
and binding obligation, enforceable against it in accordance with its
terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights generally and with respect to the
Company, similar laws administered by the FDIC affecting the contract
obligations of insured banks and by general equitable principles
(regardless of whether such enforcement is considered in a proceeding in
equity or at law).
d. The Company hereby restates, as of the Closing Date (as defined
in the Pooling Agreement, the representations and warranties set forth in
Section 3.01 of the SWSA to and for the benefit of the Assignee and the
Trust, and by this reference incorporates such representations and
warranties herein, as of such Closing Date.
5. The Company hereby acknowledges that Xxxxx Fargo Bank, National Association
has been appointed as the Master Servicer of the Mortgage Loans pursuant to
the Pooling Agreement and, therefore, has the right to enforce all obligations
of the Company under the SWSA. Such rights will include, without limitation,
the right to terminate the Company under the SWSA upon the occurrence of an
event of default thereunder, the right to receive all remittances required to
be made by the Company under the SWSA, the right to receive all monthly
reports and other data required to be delivered by the Company under the SWSA,
the right to examine the books and records of the Company, indemnification
rights and the right to exercise certain rights of consent and approval
relating to actions taken by the Assignor. The Company shall make all
distributions under the SWSA to the Master Servicer by wire transfer of
immediately available funds to:
Xxxxx Fargo Bank, National Association
ABA Number: 000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: 50922400, MSM 2006-7
The Company shall deliver all reports required to be delivered under
this Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, MSM 2006-7
Telecopier: (000) 000-0000
6. Certain Matters Regarding the Trustee
Each party hereto hereby agrees as follows:
It is expressly understood and agreed by the parties hereto that (i) this
Assignment is executed and delivered by LaSalle Bank National Association, not
individually or personally but solely on behalf of the Trust, as the assignee,
in the exercise of the powers and authority conferred and vested in it, as
Trustee, pursuant to the Pooling Agreement, (ii) each of the representations,
undertakings and agreements herein made on the part of assignee is made and
intended not as personal representations, undertakings and agreements by
LaSalle Bank National Association but is made and intended for the purpose of
binding only the Trust, (iii) nothing herein contained shall be construed as
creating any liability for LaSalle Bank National Association, individually or
personally, to perform any covenant (either express or implied) contained
herein, (iv) under no circumstances shall LaSalle Bank National Association be
personally liable for the payment of any indebtedness or expenses of the
Trust, or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under
this Assignment and (v) all recourse for any payment liability or other
obligation of the assignee shall be had solely to the assets of the Trust.
7. Amendments to the SWSA
The parties to this Agreement hereby agree to amend the SWSA as follows:
a. With respect to Article I, "Permitted Investments" shall have
the meaning of such term as defined in the Pooling and
Servicing Agreement.
b. With respect to Article I, the definition of "Static Pool
Information" shall be inapplicable.
c. With respect to Article I, the definition of "Third-Party
Originator" shall be inapplicable.
d. Section 3.01(i) (Selection Process), Section 3.01(k) (Sale
Treatment) and Section 3.01(m) (No Broker's Fees) of the SWSA
shall be inapplicable.
e. Section 3.02 shall be inapplicable.
f. Section 4.05(vii) is hereby amended to add the term "Monthly
Advances," prior to the term "Servicing Advances."
g. The following is added as the second paragraph of Section 4.09:
"Amounts on deposit in the Custodial Account may at the
option of the Servicer be invested in Permitted
Investments. Any such Permitted Investment shall be made
in the name of the Servicer in trust for the benefit of
the Owner. All income on or gain realized from any such
Permitted Investment shall be for the benefit of the
Servicer and may be withdrawn from the Custodial Account
at any time by the Servicer. Any losses incurred in
respect of any such investment shall be deposited in the
Custodial Account, by the Servicer out of its own funds
immediately as realized."
h. The words "on or before the Remittance Date" are hereby deleted
from the first sentence of Section 4.17.
i. The second sentence of the second paragraph of Section 5.01 is
hereby amended and restated in its entirety as follows:
"Such interest shall be deposited in the Custodial Account
by the Company on the date such late payment is made and
shall cover the period commencing with the day following
the Business Day on which such payment was due and ending
with the Business Day on which such payment is made, both
inclusive."
j. The first paragraph of Section 5.02 is hereby amended and
restated in its entirety as follows:
"Not later than the Remittance Report Date, the Company
shall furnish to the Purchaser in an electronic form the
information required by the reports attached hereto as
Exhibit II, or a form otherwise mutually agreed to by the
Company and Purchaser, with a trial balance report
attached thereto, as to the remittance period ending on
the last day of the preceding month."
k. Section 6.05 is hereby deleted in its entirety.
l. The third clause of the first sentence of Section 6.07(ii) is
hereby amended and restated as follows:
"which continues unremedied for fourteen (14) calendar
days after the date on which such information,"
m. Section 9.01(e)(i) is hereby deleted in its entirety.
n. Section 9.01(e)(ii) is hereby deleted in its entirety.
o. Section 9.01(e)(iii) is amended to require the Company to
comply with the obligations thereof in connection with the
purchase of servicing rights for the Specified Mortgage Loans.
p. The following is added as the second paragraph of Section
9.01(e)(vii):
"The Company shall provide to the Purchaser, any Master
Servicer and any Depositor, evidence of the authorization
of the person 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."
q. Section 9.01(f)(i)(A) is amended to change the cross-reference
regarding material provided in written or electronic form from
"Section 9.01(f)" to "Section 9.01(e)".
r. Section 10.01(ii) is hereby amended and restated in its
entirety as follows:
"failure by the Company duly to observe or perform in any
material respect any other of the covenants or agreements
on the part of the Company set forth in this Agreement
(other than as set forth in Section 6.07) which continues
unremedied for a period of 90 days after the date on which
written notice of such failure, requiring the same to be
remedied, shall have been given to the Company by the
Purchaser or by the Custodian; or"
s. Written notice provided in compliance with Sections 9.01
(e)(iv), (v) and (vi) of the SWSA shall be substantially in the
form of Exhibit III to this Agreement.
8. Miscellaneous
A copy of all assessments, attestations, reports and certifications
required to be delivered by the Servicer under this Agreement and the SWSA
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.
Any notices or other communications permitted or required under the
Agreement to be made to the Assignor, Assignee, the Master Servicer, the
Company, and the Trustee shall be made in accordance with the terms of the
Agreement and shall be sent to the Depositor and Trustee as follows:
In the case of the Depositor:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-7
In the case of the Trustee:
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Global Securities and Trust Services MSM 2006-7
In the case of the Company:
Xxxxx Fargo Bank, N.A.
1 Home Xxxxxx
Xxx Xxxxxx, Xxxx 00000-0000
Attention: Xxxx X. Xxxxx, MAC#X2401-042
With a copy to
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxx Xxx
Xxxxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxx XxXxxxxx, MAC#X3901-01C
With a copy to:
Xxxxx Fargo Bank, N.A.
1 Home Campus
Xxx Xxxxxx, Xxxx 00000-0000
Attention: General Counsel, MAC#X2401-06T
9. This Agreement shall be construed in accordance with the laws of
the State of New York, without regard to conflicts of law principles, and the
obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.
10. 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.
11. This Agreement shall inure to the benefit of (i) the successors
and assigns of the parties hereto and (ii) the Trust (including the Trustee
and the Master Servicer acting on the Trust's behalf). Any entity into which
Assignor, Assignee or Company may be merged or consolidated shall, without the
requirement for any further writing, be deemed Assignor, Assignee or Company,
respectively, hereunder.
12. Each of this Agreement and the SWSA shall survive the conveyance
of the Mortgage Loans and the assignment of the SWSA (solely with respect to
the Mortgage Loans) by Assignor to Assignee and nothing contained herein shall
supersede or amend the terms of the SWSA.
13. 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.
14. In the event that any provision of this Agreement conflicts with
any provision of the SWSA with respect to the Mortgage Loans, the terms of
this Agreement shall control.
15. Capitalized terms used in this Agreement (including the exhibits
hereto) but not defined in this Agreement shall have the meanings given to
such terms in the SWSA.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their duly authorized officers as of the date first above written.
XXXXXX XXXXXXX MORTGAGE CAPITAL INC.
By: /s/ Xxxxxxx Xxx
-----------------------------
Name: Xxxxxxx Xxx
Title: Vice President
XXXXXX XXXXXXX CAPITAL I INC.
By: /s/ Xxxxxxx Xxx
-----------------------------
Name: Xxxxxxx Xxx
Title: Vice President
XXXXX FARGO BANK, N.A.
By: /s/ Xxxxxx XxXxxxxx
-----------------------------
Name: Xxxxxx XxXxxxxx
Title: Vice President
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ Xxxxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
LASALLE BANK NATIONAL ASSOCIATION,
as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-7
By: /s/ Xxxxxxxxxxx Xxxxx
-----------------------------------
Name: Xxxxxxxxxxx Xxxxx
Title: Assistant Vice President
Schedule I
Specified Mortgage Loan Schedule
[see Schedule A to the Pooling and Servicing Agreement
on file with the Servicer, the Master Servicer and the Depositor]
Execution Copy
Exhibit IIA: Standard File Layout - Delinquency Reporting
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Column/Header Name Description Decimal Format
Comment
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SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This
may be different than the LOAN_NBR
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LOAN_NBR A unique identifier assigned to each loan by the originator.
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CLIENT_NBR Servicer Client Number
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SERV_INVESTOR_NBR Contains a unique number as assigned by an external servicer
to identify a group of loans in their system.
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BORROWER_FIRST_NAME First Name of the Borrower.
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BORROWER_LAST_NAME Last name of the borrower.
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PROP_ADDRESS Street Name and Number of Property
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PROP_STATE The state where the property located.
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PROP_ZIP Zip code where the property is located.
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BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the MM/DD/YYYY
servicer at the end of processing cycle, as reported by
Servicer.
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LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
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BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
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BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
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BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy
filing.
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POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved MM/DD/YYYY
by the courts
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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.
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LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
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LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
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LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
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LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
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FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with MM/DD/YYYY
instructions to begin foreclosure proceedings.
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ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
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FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
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FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
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FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
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FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,)
or dollar
signs ($)
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EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
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EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property MM/DD/YYYY
from the borrower.
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LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
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LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
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OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
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OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
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REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
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REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
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OCCUPANT_CODE Classification of how the property is occupied.
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PROP_CONDITION_CODE A code that indicates the condition of the property.
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PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
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APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
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CURR_PROP_VAL The current "as is" value of the property based on brokers 2
price opinion or appraisal.
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REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
completed pursuant to a broker's price opinion or appraisal.
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If applicable:
--------------
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DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
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DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on
a loan. Code indicates the reason why the loan is in default
for this cycle.
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MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
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MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
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MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
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POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
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POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
--------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
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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 ($)
--------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
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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 ($)
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Exhibit IIB: Standard File Codes - Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as
follows:
o ASUM- Approved Assumption
o BAP- Borrower Assistance Program
o CO- Charge Off
o DIL- Deed-in-Lieu
o FFA- Formal Forbearance Agreement
o MOD- Loan Modification
o PRE- Pre-Sale
o SS- Short Sale
o MISC- Anything else approved by the PMI or Pool Insurer
NOTE: Xxxxx Fargo Bank will accept alternative Loss Mitigation Types to those
above, provided that they are consistent with industry standards. If Loss
Mitigation Types other than those above are used, the Servicer must supply
Xxxxx Fargo Bank with a description of each of the Loss Mitigation Types prior
to sending the file.
The Occupant Code field should show the current status of the property code as
follows:
o Mortgagor
o Tenant
o Unknown
o Vacant
The Property Condition field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
The FNMA Delinquent Reason Code field should show the Reason for Delinquency
as follows:
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Delinquency Code Delinquency Description
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001 FNMA-Death of principal mortgagor
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002 FNMA-Illness of principal mortgagor
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003 FNMA-Illness of mortgagor's family member
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004 FNMA-Death of mortgagor's family member
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005 FNMA-Marital difficulties
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006 FNMA-Curtailment of income
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007 FNMA-Excessive Obligation
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008 FNMA-Abandonment of property
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009 FNMA-Distant employee transfer
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011 FNMA-Property problem
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012 FNMA-Inability to sell property
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013 FNMA-Inability to rent property
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014 FNMA-Military Service
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015 FNMA-Other
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016 FNMA-Unemployment
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017 FNMA-Business failure
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019 FNMA-Casualty loss
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022 FNMA-Energy environment costs
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023 FNMA-Servicing problems
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026 FNMA-Payment adjustment
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027 FNMA-Payment dispute
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029 FNMA-Transfer of ownership pending
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030 FNMA-Fraud
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031 FNMA-Unable to contact borrower
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INC FNMA-Incarceration
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The FNMA Delinquent Status Code field should show the Status of Default as
follows:
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Status Code Status Description
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09 Forbearance
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17 Pre-foreclosure Sale Closing Plan Accepted
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24 Government Seizure
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26 Refinance
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27 Assumption
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28 Modification
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29 Charge-Off
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30 Third Party Sale
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31 Probate
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32 Military Indulgence
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43 Foreclosure Started
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44 Deed-in-Lieu Started
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49 Assignment Completed
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61 Second Lien Considerations
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62 Veteran's Affairs-No Bid
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63 Veteran's Affairs-Refund
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64 Veteran's Affairs-Buydown
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65 Chapter 7 Bankruptcy
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66 Chapter 11 Bankruptcy
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67 Chapter 13 Bankruptcy
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EXECUTION COPY
Exhibit IIC: Standard File Layout - Master Servicing
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Column Name Description Decimal Format Comment Max
Size
---------------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a group of loans.
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LOAN_NBR A unique identifier assigned to each Text up to 10 digits 10
loan by the investor.
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SERVICER_LOAN_NBR A unique number assigned to a loan Text up to 10 digits 10
by the Servicer. This may be
different than the LOAN_NBR.
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BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, 30
file. It is not separated by first First)
and last name.
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SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar signs ($) 11
scheduled interest payment that a
borrower is expected to pay, P&I
constant.
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NOTE_INT_RATE The loan interest rate as reported 4 Max length of 6 6
by the Servicer.
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NET_INT_RATE The loan gross interest rate less 4 Max length of 6 6
the service fee rate as reported by
the Servicer.
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SERV_FEE_RATE The servicer's fee rate for a loan 4 Max length of 6 6
as reported by the Servicer.
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SERV_FEE_AMT The servicer's fee amount for a loan 2 No commas(,) or dollar signs ($) 11
as reported by the Servicer.
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NEW_PAY_AMT The new loan payment amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
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NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
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ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
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ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs ($) 11
balance at the beginning of the
processing cycle.
---------------------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar signs ($) 11
balance at the end of the processing
cycle.
---------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing MM/DD/YYYY 10
cycle that the borrower's next
payment is due to the Servicer, as
reported by Servicer.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with MM/DD/YYYY 10
the first curtailment amount.
---------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
first curtailment amount, if
applicable.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with MM/DD/YYYY 10
the second curtailment amount.
---------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
second curtailment amount, if
applicable.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
---------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with MM/DD/YYYY 10
the third curtailment amount.
---------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the 2 No commas(,) or dollar signs ($) 11
third curtailment amount, if
applicable.
---------------------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by MM/DD/YYYY 10
the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code used to Action Code Key: 15=Bankruptcy, 2
indicate the default/delinquent status of 30=Foreclosure, , 60=PIF,
a particular loan. 63=Substitution,
65=Repurchase,70=REO
---------------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest 2 No commas(,) or dollar signs ($) 11
adjustment as reported by the
Servicer.
---------------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
---------------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
---------------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing 2 No commas(,) or dollar signs ($) 11
as a loss, if applicable.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs ($) 11
amount due at the beginning of the
cycle date to be passed through to
investors.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due 2 No commas(,) or dollar signs ($) 11
to investors at the end of a
processing cycle.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer for the
current cycle -- only applicable for
Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount 2 No commas(,) or dollar signs ($) 11
less the service fee amount for the
current cycle as reported by the Servicer
-- only applicable for Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount 2 No commas(,) or dollar signs ($) 11
collected by the Servicer for the current
reporting cycle -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount 2 No commas(,) or dollar signs ($) 11
less the service fee amount for the
current reporting cycle as reported by
the Servicer -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs ($) 11
borrower prepays on his loan as
reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for 2 No commas(,) or dollar signs ($) 11
the loan waived by the servicer.
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
---------------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha or 30
numeric
---------------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal 2 No commas(,) or dollar signs ($) 11
and interest advances made by
Servicer.
---------------------------------------------------------------------------------------------------------------------------------
Exhibit IID : 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.
(a)
(b) 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:
* 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.
* For escrow advances - complete payment history
(to calculate advances from last positive escrow balance
forward)
* Other expenses - copies of corporate advance history showing
all payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the decision
and WFB's approved Officer Certificate
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
(c) Credits:
--------
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
instructions and Escrow Agent / Attorney
Letter of Proceeds Breakdown.
* Copy of EOB for any MI or gov't guarantee
* 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 gain, show the amount in
parenthesis ( ).
-5-
Exhibit IIE: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
------------------- ------------------------- ---------------------------
|Servicer Loan No.| | Servicer Name | | Servicer Address |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
------------------- ------------------------- ---------------------------
XXXXX FARGO BANK, N.A. Loan No._____________________________
Borrower's Name: _________________________________________________
Property Address: ________________________________________________
Liquidation 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 cramdown 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)
-6-
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)
(18) Primary Mortgage Insurance / Gov't Insurance _____________
(18a) HUD Part A
_____________
(18b) HUD Part B
(19) Pool Insurance Proceeds _____________
(19)
(20) Proceeds from Sale of Acquired Property _____________
(20)
(21) Other (itemize) _____________
(21)
_________________________________________ _____________
(21)
Total Credits $____________
(22)
Total Realized Loss (or Amount of Gain) $____________
(23)
-7-
Escrow Disbursement Detail
----------------------------------------------------------------------------------------------------------------------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
-8-
EXHIBIT III
Additional Disclosure Notification
Xxxxx Fargo Bank, N.A. as [Securities Administrator and Master Servicer]
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
Attn: Corporate Trust Services - MSM 2006-7 - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section 9.01(e) [iv][v][vi] of the Master Seller's
Warranties and Servicing Agreement, dated as of April 1, 2006, as amended by
the Assignment, Assumption and Recognition Agreement dated as of May 1, 2006
among Xxxxxx Xxxxxxx Capital I Inc., as Depositor, Xxxxx Fargo Bank, National
Association, as Servicer, Xxxxx Fargo Bank, National Association, as Master
Servicer, and LaSalle Bank National Association as Trustee. The Undersigned
hereby notifies you that certain events have come to our attention that
[will][may] need to be disclosed on Form [ ].
Description of Additional Form [ ] Disclosure:
List of Any Attachments hereto to be included in the Additional Form [ ]
Disclosure:
Any inquiries related to this notification should be directed to [ ],
phone number: [ ]; email address [ ] [NAME OF PARTY] as [role]
By: __________________
Name:
Title:
-9-
