EXHIBIT 99.4
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
This is an Assignment, Assumption and Recognition Agreement (this "AAR
Agreement") made as of September 1, 2006, among Xxxxxxx Xxxxx Mortgage Lending,
Inc., having an address at 4 World Financial Center, New York, New York 10080
(the "Assignor"), Xxxxxxx Xxxxx Mortgage Investors, Inc., having an address at 4
World Financial Center, 10th Floor, New York, New York 10080 (the "Assignee"),
Washington Mutual Bank ("WMB"), as the servicer (the "Servicer") and as a seller
and Washington Mutual Mortgage Securities Corp. ("WMMSC"), as a seller
(together, WMB and WMMSC are the "Sellers").
WHEREAS, the Assignor acquired the mortgage loans set forth on
Attachment A-1 annexed hereto (the "Assigned WMMSC Loans") from WMMSC pursuant
to that certain Mortgage Loan Purchase Agreement, dated as of November 1, 2005,
as amended by the Regulation AB Amendment dated as of March 1, 2006, between the
Assignor and WMMSC (the "WMMSC Purchase Agreement") and the Assignor acquired
mortgage loans set forth on Attachment A-2 (the "Assigned WMB Loans" and,
together with the Assigned WMMSC Loans, the "Assigned Loans") from WMB pursuant
to a Mortgage Loan Purchase Agreement dated as of May 1, 2006, between the
Assignor, WMB and Washington Mutual Bank fsb, as Sellers (the "WMB Purchase
Agreement" and, together with the WMMSC Purchase Agreement, the "Purchase
Agreements");
WHEREAS, the Assignor and the Servicer, have entered into a Servicing
Agreement, dated as of November 1, 2005, as amended by the Regulation AB
Amendment dated as of March 1, 2006, (the "Servicing Agreement" and together
with the Purchase Agreements, the "Agreements") pursuant to which the Servicer
has agreed to service mortgage loans on behalf of the Seller;
In consideration of the mutual promises contained herein the parties
hereto agree that the Assigned Loans shall be subject to the terms of this AAR
Agreement. Capitalized terms used herein but not defined shall have the meanings
ascribed to them in the Servicing Agreement.
Assignment and Assumption
1. Assignor hereby grants, transfers and assigns to Assignee all of the
right, title and interest of Assignor in the Assigned Loans and, as they relate
to the Assigned Loans, all of its right, title and interest in, to and under the
Agreements. Assignor specifically reserves and does not assign to Assignee any
right, title and interest in, to or under any Mortgage Loans subject to the
Agreements other than those set forth on Attachments A-l and A-2.
Notwithstanding anything to the contrary contained herein, the Assignor is
retaining the right to enforce the representations and warranties made by the
Sellers and the Servicer prior to the date hereof with respect to the Assigned
Loans and the Sellers and the Servicer.
Representations; Warranties and Covenants
2. Assignor warrants and represents to Assignee and Servicer as of the date
hereof:
a. Attached hereto as Attachment 2 are true and accurate copies of the
Agreements, which agreements are in full force and effect as of the date hereof
and the provisions of which have not been waived, amended or modified in any
respect, nor has any notice of termination been given thereunder;
b. Assignor was the lawful owner of the Assigned Loans with full right
to transfer the Assigned Loans and any and all of its interests, rights and
obligations under the Agreements as they relate to the Assigned Loans, free and
clear of any and all liens, claims and encumbrances; and upon the transfer of
the Assigned Loans to Assignee as contemplated herein, Assignee shall have good
title to each and every Assigned Loan, as well as any and all of Assignor's
interests, rights and obligations under the Agreements as they relate to the
Assigned Loans, free and clear of any and all liens, claims and encumbrances;
c. Assignor has not received notice of, and has no knowledge of, any
offsets, counterclaims or other defenses available to Servicer with respect to
the Assigned Loans or the Servicing Agreement;
d. Assignor has not waived or agreed to any waiver under, or agreed to
any amendment or other modifications of, the Agreements. Assignor has no
knowledge of, and has not received notice of, any waivers under or any
amendments or other modifications of, or assignment of rights or obligations
under the Agreements;
e. Assignor is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction of its formation, and has all
requisite power and authority to acquire, own and sell the Assigned Loans;
f. Assignor has full power and authority to execute, deliver and
perform its obligations under this AAR Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated
by this AAR Agreement is in the ordinary course of Assignor's business and will
not conflict with, or result in a breach of, any of the terms, conditions or
provisions of Assignor's charter or by-laws or any legal restriction, or any
material agreement or instrument to which Assignor is now a party or by which it
is bound, or result in the violation of any law, rule, regulation, order,
judgment or decree to which Assignor or its property is subject. The execution,
delivery and performance by Assignor of this AAR Agreement and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all
necessary action on the part of Assignor. This AAR Agreement has been duly
executed and delivered by Assignor and, upon the due authorization, execution
and delivery by Assignee and Servicer, will constitute the valid and legally
binding obligation of Assignor enforceable against Assignor in accordance with
its terms except as enforceability may be limited by bankruptcy, reorganization,
insolvency, moratorium or other similar laws now or hereafter in effect relating
to creditors' rights generally, and by general principles of equity regardless
of whether enforceability is considered in a proceeding in equity or at law;
g. No material consent, approval, order or authorization of, or
declaration, filing or registration with, any governmental entity is required to
be obtained or made by Assignor in connection with the execution, delivery or
performance by Assignor of this AAR Agreement, or the consummation by it of the
transactions contemplated hereby. Neither
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Assignor nor anyone acting on its behalf has offered, transferred, pledged, sold
or otherwise disposed of the Assigned Loans or any interest in the Assigned
Loans, or solicited any offer to buy or accept transfer, pledge or other
disposition of the Assigned Loans, or any interest in the Assigned Loans, or
otherwise approached or negotiated with respect to the Assigned Loans, or any
interest in the Assigned Loans, with any Person in any manner, or made any
general solicitation by means of general advertising or in any other manner, or
taken any other action which would constitute a distribution of the Assigned
Loans under the Securities Act of 1933, as amended (the "1933 Act") or which
would render the disposition of the Assigned Loans a violation of Section 5 of
the 1933 Act or require registration pursuant thereto; and
h. Assignor has received from the Sellers, and has delivered to
Assignee, all documents required to be delivered to Assignor by the Sellers
prior to the date hereof pursuant to Section 2.2 of the Purchase Agreements with
respect to the Assigned Loans.
3. Assignee warrants and represents to, and covenants with, Assignor and
Servicer as of the date hereof:
a. Assignee is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction of its formation and has all
requisite power and authority to acquire, own and purchase the Assigned Loans;
b. Assignee has full power and authority to execute, deliver and
perform its obligations under this AAR Agreement, and to consummate the
transactions set forth herein. The consummation of the transactions contemplated
by this AAR Agreement is in the ordinary course of Assignee's business and will
not conflict with, or result in a breach of, any of the terms, conditions or
provisions of Assignee's charter or by-laws or any legal restriction, or any
material agreement or instrument to which Assignee is now a party or by which it
is bound, or result in the violation of any law, rule, regulation, order,
judgment or decree to which Assignee or its property is subject. The execution,
delivery and performance by Assignee of this AAR Agreement and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all
necessary action on the part of Assignee. This AAR Agreement has been duly
executed and delivered by Assignee and, upon the due authorization, execution
and delivery by Assignor and Servicer, will constitute the valid and legally
binding obligation of Assignee enforceable against Assignee in accordance with
its terms except as enforceability may be limited by bankruptcy, reorganization,
insolvency, moratorium or other similar laws now or hereafter in effect relating
to creditors' rights generally, and by general principles of equity regardless
of whether enforceability is considered in a proceeding in equity or at law;
c. No material consent, approval, order or authorization of, or
declaration, filing or registration with, any governmental entity is required to
be obtained or made by Assignee in connection with the execution, delivery or
performance by Assignee of this AAR Agreement, or the consummation by it of the
transactions contemplated hereby;
d. There is no action, suit, proceeding, investigation or litigation
pending or, to Assignee's knowledge, threatened, which either in any instance or
in the aggregate, if determined adversely to Assignee, would adversely affect
Assignee's execution or delivery of, or
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the enforceability of, this AAR Agreement, or the Assignee's ability to perform
its obligations under this AAR Agreement;
e. Assignee understands that the Assigned Loans have not been
registered under the 1933 Act or the securities laws of any state; and
f. Assignee is either (i) not an employee benefit plan that is subject
to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Internal Revenue Code of 1986 (the "Code")(a "Plan") and not
a Person acting, directly or indirectly, on behalf of or investing with "plan
assets" of any such Plan or (ii) an employee benefit plan that is subject to
ERISA and the assignment contemplated herein does not constitute and will not
result in non-exempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code.
4. The Servicer hereby restates, as of the date hereof, the representations
and warranties contained in Section 5.7 of the Servicing Agreement, to and for
the benefit of the Assignee, and by this reference incorporates such
representations and warranties herein, as of the date hereof.
Recognition of Assignee
5. (a) From and after the date hereof, the Servicer shall recognize the
Assignee as the owner of the Assigned Loans, and the Servicer will service the
Assigned Loans in accordance with the servicing provisions contained in the
Servicing Agreement for the benefit of the Assignee, and shall look solely to
the Assignee for performance of the obligations of the Owner under the Servicing
Agreement with respect to the Assigned Loans. The Assignee hereby agrees and
acknowledges that it shall uphold, or shall require its agents to uphold, the
obligations of the Owner contained in the Servicing Agreement.
(b) The Servicer acknowledges that Xxxxx Fargo Bank, N.A. (the "Master
Servicer" and "Securities Administrator") has been appointed as the master
servicer of the Assigned Loans pursuant to the Pooling and Servicing Agreement,
dated as of September 1, 2006, by and among the Assignee, the Master Servicer,
the Securities Administrator and HSBC Bank USA, National Association (the
"Pooling and Servicing Agreement"). The Servicer shall deliver all reports
required to be delivered under the Servicing Agreement to:
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx Xxxxx Mortgage Investors, Inc., Series 2006-AF1
(c) The Servicer hereby acknowledges that the Master Servicer has the
right to enforce all obligations of the Servicer under the Servicing Agreement
acting on behalf of the Assignee, as owner of the Assigned Loans. Such rights
will include, without limitation, the right to terminate the Servicer under the
Servicing Agreement upon the occurrence of an event of default thereunder, the
right to receive all remittances required to be made by the Servicer under the
Servicing Agreement, the right to receive all monthly reports and other data
required to be
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delivered by the Servicer under the Servicing Agreement, the right to examine
the books and records of the Servicer and the right to exercise certain rights
of consent and approval relating to actions taken by the Assignor. The Master
Servicer shall be entitled to indemnification to the extent provided in Article
8 of the Servicing Agreement. Notwithstanding the foregoing, it is understood
that the Servicer shall not be obligated to defend and indemnify and hold
harmless the Master Servicer, the Assignee and the Assignor from and against any
losses, damages, penalties, fines, forfeitures, judgments and any related costs
including, without limitation, reasonable and necessary legal fees, resulting
from (i) actions or inactions of the Servicer which were taken or omitted upon
the instruction or direction of the Master Servicer or (ii) the failure of the
Master Servicer to perform the obligations of the "Owner" under the Servicing
Agreement only to the extent that the Master Servicer has any obligations of the
"Owner". In addition, the Assignee shall indemnify the Servicer and hold it
harmless against any and all claims, losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments,
and any other costs, fees and expenses that the Servicer may sustain in any way
related to (a) actions or inactions of the Servicer which were taken or omitted
upon the instruction or direction of the Trustee or Master Servicer, as
applicable, or (b) the failure of the Trustee or the Master Servicer, as
applicable, to perform the obligations of the "Owner" under the Servicing
Agreement and this AAR Agreement.
The Master Servicer shall indemnify and hold harmless the Servicer and
its affiliates, and each person who controls the Servicer within the meaning of
Section 15 of the 1933 Act, as amended, and in each case, its officers,
directors, employees and agents from and against any losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments and other
costs and expenses arising out of or based upon a breach by the Master Servicer
or any of its officers, directors, employees, agents or affiliates of its
obligations in connection with the preparation, filing and certification of any
Form 10-K pursuant to the Pooling and Servicing Agreement or the negligence, bad
faith or willful misconduct of the Master Servicer in connection therewith.
The Servicer shall make all distributions under the Servicing
Agreement to the Master Servicer by wire transfer of immediately available funds
to:
Xxxxx Fargo Bank, N.A.
ABA Number: #000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: MLMI 2006-AF1
Distribution Account Number: 00000000
(d) The Servicer shall deliver all reports required to be delivered
under the Servicing Agreement to the Master Servicer at the following address:
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxxxx Xxxx
0
Xxxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx Xxxxx Mortgage Investors Trust, Series 2006-AF1
Modification of the Servicing Agreement
6. The Assignee and the Servicer hereby amend Article 1 of the Servicing
Agreement, as it pertains to the Assigned Loans, by:
(a) amending the definition of "Monthly Remittance Date" by deleting
the words "the next Business Day" and replacing them with "the immediately
preceding Business Day";
(b) deleting the definition of "Business Day" in its entirety and
replacing it with the following:
"Business Day: Any day other than (i) a Saturday or Sunday, or (ii) a
day on which the Federal Reserve is closed, or (iii) a day on which banking
institutions in the jurisdiction in which the Master Servicer or the Servicer
are authorized or obligated by law or executive order to be closed."; and
(c) adding the following definitions in alphabetical order:
"Master Servicer: Xxxxx Fargo Bank, N.A., or its successors in
interest."
"Trustee: The party named as trustee in any agreement pursuant to a
Securitization Transaction."
7. The Assignee and the Servicer hereby amend Section 2.4 of the Servicing
Agreement by replacing the phrase "Washington Mutual Bank, in trust for Xxxxxxx
Xxxxx Mortgage Lending Inc., as Owner, and any successor Owner" with "Washington
Mutual Bank, in trust for Xxxxx Fargo Bank, N.A., as master servicer on behalf
of the Xxxxxxx Xxxxx Mortgage Investors Trust, Series 2006-AF1".
8. The Assignee and the Servicer hereby amend Section 2.6 of the Servicing
Addendum by replacing the phrase "Washington Mutual Bank, in trust for Xxxxxxx
Xxxxx Mortgage Lending Inc., as Owner, and any successor Owner, and certain
Mortgagors" with "Washington Mutual Bank, in trust for Xxxxx Fargo Bank, N.A.,
as master servicer on behalf of the Xxxxxxx Xxxxx Mortgage Investors Trust,
Series 2006-AF1".
9. The Assignee and the Servicer hereby amend Section 3.1(c) of the
Servicing Agreement by deleting in the first sentence such Section the phrase
"second Business Day following the" and deleting in the third sentence of the
same paragraph the phrase "following the Business Day".
10. The Assignee and the Servicer hereby amend Section 3.2 of the Servicing
Agreement by adding the following paragraph at the end of such section:
"(d) In addition, no later than the tenth (10th) calendar day of
each month (or if such tenth day is not a Business Day, the Business Day
immediately preceding such
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tenth day), the Servicer shall furnish to the Owner and the Master Servicer
a report containing the data set forth in Attachment 3-A, Attachment 3-B
and Attachment 3-C to the Assignment, Assumption and Recognition Agreement,
dated as of September 1, 2006, among Xxxxxxx Xxxxx Mortgage Lending, Inc.,
Xxxxxxx Xxxxx Mortgage Investors, Inc., the Seller and the Servicer, with
respect to monthly remittance advice, defaulted Mortgage Loans and Realized
Loss Calculations, respectively, in such format as is mutually agreed by
the Master Servicer and the Servicer."
11. The Assignee and the Servicer hereby amend Section 3.3 of the Servicing
Agreement by adding to the end of such Section the following:
"Upon the foreclosure sale of any Mortgaged Property or the
acquisition thereof by the Owner pursuant to a deed-in-lieu of foreclosure,
the Servicer shall submit to the Owner and the Master Servicer a
liquidation report in the format mutually agreed upon by the Servicer and
the Master Servicer, with respect to such Mortgaged Property and all
supporting documentation which is readily available and reasonably required
by the Master Servicer."
12. For purposes of Section 2.17 of the Servicing Agreement, the Servicer
is hereby notified, and the Servicer hereby acknowledges receipt of such
notification, that a REMIC election has been made with respect to the Assigned
Loans.
Miscellaneous
13. All demands, notices and communications related to the Assigned Loans,
the Agreements and this AAR Agreement shall be in writing and shall be deemed to
have been duly given if personally delivered or mailed by registered mail,
postage prepaid, as follows:
a. In the case of WMMSC as Seller,
Washington Mutual Mortgage Securities Inc.
00 Xxxxxxx Xxxxx
Xxxxxx Xxxxx, XX XXX 0X00
Attention: Legal
Facsimile: (000) 000-0000
b. In the case of WMB as Seller,
Washington Mutual Bank
0000 Xxxxx Xxxxxx, XXX0000
Xxxxxxx, Xxxxxxxxxx 00000
Attention: General Counsel
Facsimile (000) 000-0000
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c. In the case of WMB as Servicer,
Washington Mutual Bank
00000 X. Xxxxxxxx Xxx
Xxxxxxxxx, XX 00000
Attention: Investor Reporting
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
d. In the case of Assignor,
Xxxxxxx Xxxxx Mortgage Lending, Inc.
World Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: MLMI 2006-AF1
e. In the case of Assignee,
Xxxxxxx Xxxxx Mortgage Investors, Inc.
4 World Financial Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: MLMI 2006-AF1
14. This AAR 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.
15. No term or provision of this AAR 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.
16. This AAR Agreement shall inure to the benefit of the successors and
assigns of the parties hereto. Any entity into which Assignor, Assignee, Sellers
or Servicer may be merged or consolidated shall without the requirement for any
further writing, be deemed Assignor, Assignee, Sellers or Servicer, respectively
hereunder.
17. This AAR Agreement shall survive the conveyance of the Assigned Loans
as contemplated in this AAR Agreement.
18. This AAR 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.
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19. In the event that any provision of this AAR Agreement conflicts with
any provision of the Agreements with respect to the Assigned Loans, the terms of
this AAR Agreement shall control.
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IN WITNESS WHEREOF, the parties hereto have executed this AAR
Agreement as of the day and year first above written.
XXXXXXX XXXXX MORTGAGE LENDING, INC.
Assignor
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
XXXXXXX XXXXX MORTGAGE INVESTORS,
INC.
Assignee
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
WASHINGTON MUTUAL MORTGAGE
SECURITIES CORP.
Seller
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
WASHINGTON MUTUAL BANK
Servicer and Seller
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
ACKNOWLEDGED AND AGREED:
XXXXX FARGO BANK,
NATIONAL ASSOCIATION
Master Servicer
By:
---------------------------------
Name:
-------------------------------
Title:
------------------------------
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ATTACHMENT 1
ASSIGNED LOAN SCHEDULE
11
ATTACHMENT 2
MORTGAGE LOAN PURCHASE AGREEMENT
SERVICING AGREEMENT
12
*
ATTACHMENT 3
ATTACHMENT 3-A
MONTHLY REMITTANCE ADVICE
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.
LOAN_NBR A unique identifier assigned to each loan Text up to 10 digits 10
by the investor.
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits 10
Servicer. This may be different than the
LOAN_NBR.
BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, First) 30
file. It is not separated by first and
last name.
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar signs ($) 11
interest payment that a borrower is
expected to pay, P&I constant.
NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6 6
Servicer.
NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the
Servicer.
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
NEW_PAY_AMT The new loan payment amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
ACTL_BEG_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs ($) 11
at the beginning of the processing cycle.
ACTL_END_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs ($) 11
at the end of the processing cycle.
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle MM/DD/YYYY 10
that the borrower's next payment is due
to the Servicer, as reported by Servicer.
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs ($) 11
applied.
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
13
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
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 adjustment as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, 2 No commas(,) or dollar signs ($) 11
if applicable.
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar signs ($) 11
loss, if applicable.
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs ($) 11
amount due at the beginning of the cycle
date to be passed through to investors.
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs ($) 11
investors at the end of a processing
cycle.
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer for the current
cycle -- only applicable for
Scheduled/Scheduled Loans.
SCHED_NET_INT The scheduled gross interest amount less 2 No commas(,) or dollar signs ($) 11
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 collected by 2 No commas(,) or dollar signs ($) 11
the Servicer for the current reporting
cycle -- only applicable for
Actual/Actual Loans.
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs ($) 11
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 ($) 11
borrower prepays on his loan as reported
by the Servicer.
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the 2 No commas(,) or dollar signs ($) 11
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 and 2 No commas(,) or dollar signs ($) 11
interest advances made by Servicer.
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ATTACHMENT 3-B
REPORTING DATA FOR DEFAULTED LOANS
The following information will be e-mailed to the Master Servicer by the
Servicer:
LOAN NUMBER
INTEREST RATE
PENDING RATE
SCHED P&I PMT
SCHEDULED PRINCIPAL
GROSS INTEREST
CURTAILMENT COLL
PIF PRINCIPAL
PIF INTEREST DIFF
ARM INDEX
PEND INDEX
ENDING SCHED BAL
INVESTOR LOAN NUM
SERVICE FEE RATE
DUE DATE
YIELD RATE
BEGINNING BALANCE
ENDING BALANCE
BEGINNING SCHED BAL
PRINCIPAL COLLECTED
SCHEDULED NET INT
SCHEDULED BUYDOWN
SERVICE FEE COLL
REMITTANCE AMOUNT
In addition, a hard copy of the following information will be sent to the Master
Servicer by the Servicer:
DELINQUENCIES:
1-30
31-60
61-90
91 +
Foreclosures
REO Properties
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ATTACHMENT 3-C
REALIZED LOSS CALCULATION INFORMATION
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.
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.
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13. The total of lines 1 through 12.
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 ( ).
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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)
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
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(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)
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ESCROW DISBURSEMENT DETAIL
TYPE PERIOD OF
(TAX /INS.) DATE PAID COVERAGE TOTAL PAID BASE AMOUNT PENALTIES INTEREST
----------- --------- --------- ---------- ----------- --------- --------
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