MGIC
Mortgage Guaranty Commitment/Certificate
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Mortgage Guaranty Insurance Corporation (the "Company"), 000 X. Xxxxxxxx
Xxxxxx/P.O. Box 488 Milwaukee, Wisconsin 53201-0488, hereby agrees to pay to the
Insured any Loss due to the Default by a Borrower on the Loan identified below,
subject to the terms and conditions of the Master Policy, the conditions noted,
if any, and in reliance on the Insured's application for insurance.
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Insured Xxxxx Fargo Bank Minnesota, National Association, as Trustee
Name for the Amortizing Residential Collateral Trust Mortgage
Mailing Pass-Through Certificates, Series 2001-BC4
Address 6th and Marquette
Minneapolis, Minnesota 55479
Master Policy # 22-400-4-1463 /Total Amount Due $ See 1st billing
COMMITMENT/CERTIFICATE As identified on Appendix A /Initial Premium $ See 1st Billing
E A
Commitment Effective 05/01/2001 /Amount of Loans $433,735,249.72
Date Insured in aggregate and as
identified on Appendix
A
Commitment Expiration 06/30/2001 /Amount of Coverage See list of loans
Date identified on Appendix
A
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LOAN INFORMATION
Borrower Name: See Attachment 1 for incorporation by reference of all
other Loan information referred to in this section of the
Commitment/ Certificate.
Property Address: See Attachment 1 for incorporation by reference of all
other Loan information referred to in this section of the
Commitment/Certificate.
Sale Price: See Attachment 1 for incorporation by reference of all
other Loan information referred to in this section of the
Commitment/Certificate. /
Appraised Value: See Attachment 1 for incorporation by reference of all
other Loan information referred to in this section of the
Commitment/Certificate. /
Amortization Period: See Attachment 1 for incorporation by reference of all
other Loan information referred to in this section of the
Commitment/Certificate.
(Continued on Attachment 1)
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Initial Premium Description Annual Renewals %
See Attachment 1
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COMPANY'S DECLARATION: The Company has obtained the above Loan information from
the Loan application and supporting documentation submitted by the Insured. The
Company has relied on the Loan information being correct and true in extending
coverage to the Loan. The Company considers the Loan information to be
representations of the Insured which are material to the Company's acceptance of
the risk and to the hazard assumed.
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INSURED CERTIFICATION: The undersigned certifies that the: 1) Loan transaction,
as described above, has been Consummated; 2) Loan information set forth above on
the Original Commitment/Certificate (C/C) is true and correct and the Company
can rely on it in extending coverage to the Loan; 3) Loan is not in Default at
the time the applicable premium is paid; 4) Conditions, if any, identified on
the Original C/C, have been satisfied; 5) Insured has attached to its retained
original C/C the insured Application and all supporting documentation and
representations submitted to the Company by or on behalf of the Insured; and 6)
Insured has no knowledge of any material changes in any statement contained in
such Application, supporting documentation or representations.
MGIC
Mortgage Guaranty Commitment/Certificate
Attachment 1
Any assignment of the servicing of the Loan or rights of the Insured under the
C/C must be in accordance with the terms and conditions of the Master Policy.
All capitalized terms herein shall have the same meaning set forth in the Master
Policy.
SERVICING SOLD? If so, complete the SERVICING DATA BOX on REMITTANCE COPY you send to MGIC.
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Effective Date of Certificate Insured Loan Number Authorized Signature of Insured
05/01/2001
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Form #71-7066 (2/94) Sign and keep this Original Commitment/Certificate. DO NOT SEND TO MGIC.
MGIC
Mortgage Guaranty Commitment/Certificate
Attachment 1
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The Company hereby insures a total of 3223 loans, identified on the attached
Appendix A (individually a "Loan" or collectively the "Loans"), with an
aggregate Amount of Loan Insured (for all Loans) of $433,735,249.72 as
identified above. The Amount of Loan Insured and the Amount of Coverage for each
individual Loan are as shown on Appendix A.
The initial and renewal premium for each loan will be as identified on Appendix
A and will be non-refundable and payable monthly for each month coverage remains
in effect. Such premiums are calculated as a per annum percentage of the stated
rate applied to the scheduled principal balance of each Loan determined as of
the beginning of the prior month. The quoted premium rate does not reflect
premium taxes which are due and required to be paid by the insured in the states
of Kentucky and West Virginia. The portfolio contains loans in these states.
In issuing this Commitment/Certificate for the Loans, the Company relied upon
certain information and data received from Xxxxxx Brothers, Incorporated,
including, but not limited to information and data contained in several Internet
file transfers to the Company from Xxxxxx Brothers, Incorporated throughout
2001, and letter agreements dated April 9, 2001, April 24, 2001, and May 17,
2001, between the Company, Xxxxxx Brothers, Incorporated and Aurora Loan
Services, Incorporated, all of which will be considered part of the
"Application" or "Transmittal" for insurance of the Loans, such Internet files
and letters being attached to and made a part of this Commitment/Certificate.
Pursuant to Section 2.7(a) of the Master Policy referred to above this
Commitment/Certificate is certified and becomes effective without the Insured's
execution and return of same.
This Commitment/Certificate is also subject to the terms and conditions of the
following Endorsements, which are applicable to all of the Loans:
(1) Master Reporting Program Endorsement -- MGIC Form #71-7139 (8/94)
(2) Endorsement to Mortgage Guaranty Master Policy -- MGIC Form #71-70179
(4/01)
(3) Endorsement to Mortgage Guaranty Master Policy (Incontestability for
Master Reporting Program (#71-70165 (2/01)))
(4) Endorsement to Mortgage Guaranty Master Policy -- MGIC Form #71-70186
(6/01)
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