Exhibit 10.3(c)
--------------------
| EXECUTION COPY |
--------------------
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (the "Agreement"), dated
December 29, 2006, is among Bank of America, National Association, a national
banking association ("Assignor"), Banc of America Funding Corporation, a
Delaware corporation ("BAFC"), U.S. Bank National Association, a national
banking association, as trustee of the Banc of America Funding 2006-J Trust
("Assignee"), Xxxxx Fargo Bank, N.A., a national banking association ("Xxxxx
Fargo Bank"), as servicer, and acknowledged by Xxxxx Fargo Bank, N.A. as master
servicer of the Banc of America Funding 2006-J Trust.
WHEREAS, pursuant to (i) that certain Second Amended and Restated Master
Seller's Warranties and Servicing Agreement, dated as of May 1, 2006 (the
"MSWSA"), by and between Assignor, as purchaser, and Xxxxx Fargo Bank, as seller
and servicer, (ii) that certain Second Amended and Restated Master Mortgage Loan
Purchase Agreement, dated as of May 1, 2006 (the "MMLPA"), by and between
Assignor, as purchaser, and Xxxxx Fargo Bank, as seller, and (iii) those certain
Assignment and Conveyance Agreements (2006-W89, 2006-W98 and 2006-W100), each
dated November 29, 2006 (together with the MSWSA and the MMLPA, the "Purchase
and Servicing Agreements"), by and between Assignor and Xxxxx Fargo Bank, each
of which is attached in Appendix I hereto, the Assignor purchased the Mortgage
Loans (as defined herein) from Xxxxx Fargo Bank and Xxxxx Fargo Bank currently
services the Mortgage Loans;
WHEREAS, on the date hereof, the Assignor is transferring all of its right,
title and interest in and to the Mortgage Loans to BAFC;
WHEREAS, on the date hereof, BAFC is transferring all of its right, title
and interest in and to the Mortgage Loans to the Assignee; and
WHEREAS, on the date hereof, Xxxxx Fargo Bank, N.A., as master servicer (in
such capacity, the "Master Servicer") and as securities administrator (in such
capacity, the "Securities Administrator"), is entering into a Pooling and
Servicing Agreement, dated the date hereof (the "Pooling Agreement"), among
BAFC, the Master Servicer, the Securities Administrator and the Assignee,
pursuant to which the Master Servicer shall supervise, monitor and oversee the
servicing of the Mortgage Loans.
For and in consideration of the sum of one dollar ($1.00) and other
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:
1. The Assignor hereby grants, transfers and assigns to BAFC, and BAFC
hereby grants, transfers and assigns to Assignee, all of the right, title and
interest of the Assignor in, to and under the Purchase and Servicing Agreements,
and the mortgage loans delivered under such agreement by Xxxxx Fargo Bank to the
Assignor and listed on Exhibit A attached hereto (the "Mortgage Loans").
The Assignor specifically reserves and does not assign to BAFC or the
Assignee any right, title and interest in, to or under any mortgage loan subject
to the Purchase and Servicing Agreements other than the Mortgage Loans.
Notwithstanding any provision in this Agreement to the contrary, it is
understood that Xxxxx Fargo Bank is not released from liability to the Assignor
for any breaches of any representations, warranties or covenants made by Xxxxx
Fargo Bank in the Purchase and Servicing Agreements prior to the date hereof
regardless of when such breaches are discovered or made known.
2. The Assignor warrants and represents to, and covenants with, BAFC and
the Assignee that:
a. The Assignor is the lawful owner of the Mortgage Loans with the full
right to transfer the Mortgage Loans free from any and all claims and
encumbrances whatsoever;
b. The Assignor has not received notice of, and has no knowledge of, any
offsets, counterclaims or other defenses available to Xxxxx Fargo Bank with
respect to the Purchase and Servicing Agreements or the Mortgage Loans;
c. The Assignor has not waived or agreed to any waiver under, or agreed to
any amendment or other modification of, the Purchase and Servicing Agreements or
the Mortgage Loans, including without limitation the transfer of the servicing
obligations under the Purchase and Servicing Agreements. The Assignor has no
knowledge of, and has not received notice of, any waivers under or amendments or
other modifications of, or assignments of rights or obligations under, the
Purchase and Servicing Agreements or the Mortgage Loans; and
d. Neither the Assignor nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Mortgage Loans, any
interest in the Mortgage Loans or any other similar security to, or solicited
any offer to buy or accept a transfer, pledge or other disposition of the
Mortgage Loans, any interest in the Mortgage Loans or any other similar security
from, or otherwise approached or negotiated with respect to the Mortgage Loans,
any interest in the Mortgage Loans or any other similar security 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 Mortgage Loans under the Securities Act of 1933
(the "33 Act") or which would render the disposition of the Mortgage Loans a
violation of Section 5 of the 33 Act or require registration pursuant thereto.
2
3. From and after the date hereof, Xxxxx Fargo Bank shall note the transfer
of the Mortgage Loans to the Assignee in its books and records, and Xxxxx Fargo
Bank shall recognize the Assignee as the owner of the Mortgage Loans.
Notwithstanding anything to the contrary contained in Section 9.01 of the MSWSA,
Xxxxx Fargo Bank shall service the Mortgage Loans pursuant to the MSWSA as
modified by Section 6 of this Agreement, for the benefit of the Assignee.
4. Xxxxx Fargo Bank hereby represents and warrants to each of the other
parties hereto (i) that the representations and warranties of Xxxxx Fargo Bank
in Section 3.01 of the MSWSA are true and correct in all material respects as of
the date hereof with the same force and effect as though expressly made at
and/or as of the date hereof, (ii) that it has serviced the Mortgage Loans in
accordance with the terms of the MSWSA, as applicable, and (iii) that it has
taken no action nor omitted to take any required action the omission of which
would have the effect of impairing any mortgage insurance or guarantee on the
Mortgage Loans.
5. In accordance with Sections 2.03 and 9.01 of the MSWSA, the Assignor
hereby instructs Xxxxx Fargo Bank, and Xxxxx Fargo Bank hereby agrees, to
release from its custody and deliver the Custodial Mortgage File (as defined in
the MSWSA) for each Mortgage Loan to the Assignee, or a custodian on its behalf
under the Pooling Agreement, at the address set forth in Section 7 herein on or
before the closing date of the related Securitization Transaction (as defined in
the MSWSA).
6. Xxxxx Fargo Bank, BAFC and the Assignee hereby agree to the following
modifications to the MSWSA:
a. Section 4.02. Section 4.02 is hereby modified by deleting the phrase "of
the Company's intention to do so" and replacing it with the phrase
"via the monthly reports as identified in Section 5.02, that
foreclosure proceedings have commenced."
b. Section 5.02. Section 5.02 is hereby modified to read as follows:
"Not later than the fifth (5th) Business Day of each month, the
Company shall furnish to the Master Servicer a delinquency report in
the form set forth in Exhibit G-1, a monthly remittance advice in the
form set forth in Exhibit G-2, and a realized loss report in the form
set forth in Exhibit G-3, each in a mutually agreeable electronic
format, as to the remittance on such Remittance Date and as to the
period ending on the last day of the month preceding such Remittance
Date. The information required by Exhibit G-1 is limited to that which
is readily available to the Company and is mutually agreed to by the
Company and the Master Servicer."
The exhibits referenced in this Section 6 are attached to this
Agreement as Exhibit B hereto.
c. Section 6.05. Section 6.05 is hereby modified by deleting such section
in its entirety and inserting "[Reserved]."
3
d. Section 10.01. Section 10.01(ii) is hereby modified by inserting the
following after the word "thirty (30)":
"(or, in the case of any failure by the Company to perform its
obligations under Section 6.04 or Section 6.06, ten (10))"
e. For purposes of clarification, the Servicing Fee Rate is equal to 0.250%
per annum.
7. The Assignee's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Purchase and Servicing Agreements is:
U.S. Bank National Association 000 X. XxXxxxx Xxxxxx,
Xxxxx 000 Xxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance Trust Services, BAFC 2006-J
BAFC's address for purposes of all notices and correspondence related to
the Mortgage Loans is:
Banc of America Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: General Counsel and Chief Financial Officer
8. Xxxxx Fargo Bank shall remit all funds pursuant to the following wire
instructions:
XXXXX FARGO BANK, N.A.
ABA# 000000000
FOR CREDIT TO: SAS CLEARING, ACCT: 0000000000
FFC TO: BAFC 2006-J #50971800
9. Xxxxx Fargo Bank hereby acknowledges that the Assignee intends to make a
REMIC election with respect to the Mortgage Loans and that Xxxxx Fargo Bank,
N.A. 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
Xxxxx Fargo Bank, as they relate to the Mortgage Loans, under the Purchase and
Servicing Agreements. Such right will include, without limitation, the right to
exercise any and all rights of the Assignor (but not the obligations) under the
Purchase and Servicing Agreements to monitor and enforce the obligations of
Xxxxx Fargo Bank thereunder, the right to terminate Xxxxx Fargo Bank under the
Agreement upon the occurrence of an event of default thereunder, the right to
receive all remittances required to be made by Xxxxx Fargo Bank under the
Purchase and Servicing Agreements, the right to receive all monthly reports and
other data required to be delivered by Xxxxx Fargo Bank under the Purchase and
Servicing Agreements, the right to examine the books and records of Xxxxx Fargo
Bank, indemnification rights, and the right to exercise certain rights of
consent and approval relating to actions taken by Xxxxx Fargo Bank.
[Signatures Follow]
IN WITNESS WHEREOF, the parties have caused this Assignment, Assumption and
Recognition Agreement to be executed by their duly authorized officers as of the
date first above written.
Bank of America, National Association,
as Assignor
By: /s/ Xxxxx Xxxxx
--------------------------
Name: Xxxxx Xxxxx
Title: Principal
U.S. Bank National
Association, as Assignee
By: /s/ Xxxxxxx X. Xxxxx
--------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Banc of America Funding Corporation
By: /s/ Xxxxx X. Good
--------------------------
Name: Xxxxx X. Good
Title: Principal
Xxxxx Fargo Bank, N.A., as servicer
By: /s/ Xxxxxxx X. Xxxxx
---------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Acknowledged and Agreed as
of the date first written above:
Xxxxx Fargo Bank, N.A., as Master Servicer
By: /s/ Xxxxxx Xxxxxx
--------------------
Name: Xxxxxx Xxxxxx
Title: Assistant Vice President
EXHIBIT A
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Schedule of Mortgage Loans
[Please see the Free Writing Prospectus filed and accepted by the
Securities and Exchange Commission on January 3, 2007, with a filing
date of January 3, 2097 and accession number
0001379414-07-000002]
A-1
EXHIBIT B
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Exhibit G-1 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
-------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------------------------------------
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.
-------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
approved by the courts
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BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. MM/DD/YYYY
Either by 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 MM/DD/YYYY
Servicer
-------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
End/Close
-------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
instructions to begin foreclosure proceedings.
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ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue MM/DD/YYYY
Foreclosure
-------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a MM/DD/YYYY
Foreclosure Action
-------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to MM/DD/YYYY
occur.
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B-1
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 MM/DD/YYYY
property from the borrower.
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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 MM/DD/YYYY
Servicer.
-------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to MM/DD/YYYY
close.
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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 opinion or appraisal. 2
-------------------------------------------------------------------------------------------------------------------
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:
--------------
-------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
Mortgage Insurance Company.
-------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
-------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim MM/DD/YYYY
Payment
-------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or
dollar signs ($)
-------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
-------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,) or
dollar signs ($)
-------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By MM/DD/YYYY
The Pool Insurer
-------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or
dollar signs ($)
-------------------------------------------------------------------------------------------------------------------
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 ($)
-------------------------------------------------------------------------------------------------------------------
B-2
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
-------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or
dollar signs ($)
-------------------------------------------------------------------------------------------------------------------
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 ($)
-------------------------------------------------------------------------------------------------------------------
B-3
Exhibit G-1: 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
B-4
Exhibit G-1: 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
----------------------------------------------------------------------
B-5
Exhibit G-1: 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
-----------------------------------------------------------------
B-6
Exhibit G-2: Standard File Layout - Scheduled/Scheduled
-----------------------------------------------------------------------------------------------------------------
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 30
file. It is not separated by first and (Last, First)
last name.
-----------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar 11
interest payment that a borrower is signs ($)
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 11
reported by the Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported 2 No commas(,) or dollar 11
by the Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------
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 11
at the beginning of the processing cycle. signs ($)
-----------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar 11
at the end of the processing cycle. signs ($)
-----------------------------------------------------------------------------------------------------------------
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 11
applied. signs ($)
-----------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
-----------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar 11
curtailment amount, if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar 11
applied. signs ($)
-----------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
-----------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar 11
curtailment amount, if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar 11
applied. signs ($)
-----------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
-----------------------------------------------------------------------------------------------------------------
B-7
-----------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar 11
curtailment amount, if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar 11
reported by the Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
-----------------------------------------------------------------------------------------------------------------
Action Code Key: 2
15=Bankruptcy,
30=Foreclosure,
ACTION_CODE The standard FNMA numeric code used to indicate the 60=PIF, 63=Substitution,
default/delinquent status of a particular loan. 65=Repurchase,70=REO
-----------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar 11
reported by the Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, 2 No commas(,) or dollar 11
if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar 11
applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar 11
loss, if applicable. signs ($)
-----------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar 11
amount due at the beginning of the cycle signs ($)
date to be passed through to investors.
-----------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar 11
investors at the end of a processing signs($)
cycle.
-----------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar 11
reported by the Servicer for the current signs ($)
cycle -- only applicable for
Scheduled/Scheduled Loans.
-----------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount less 2 No commas(,) or dollar 11
the service fee amount for the current signs ($)
cycle as reported by the Servicer -- only
applicable for Scheduled/Scheduled Loans.
-----------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount collected by 2 No commas(,) or dollar 11
the Servicer for the current reporting signs ($)
cycle -- only applicable for
Actual/Actual Loans.
-----------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar 11
service fee amount for the current signs ($)
reporting cycle as reported by the
Servicer -- only applicable for
Actual/Actual Loans.
-----------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar 11
borrower prepays on his loan as reported signs ($)
by the Servicer.
-----------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the 2 No commas(,) or dollar 11
loan waived by the servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
-----------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be 30
alpha or numeric
-----------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar 11
interest advances made by Servicer. signs ($)
-----------------------------------------------------------------------------------------------------------------
B-8
Exhibit G-3: Calculation of Realized Loss/Gain Form 332- Instruction Sheet
The numbers on the 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. All line entries must be supported by
copies of appropriate statements, vouchers, receipts, bills,
canceled checks, etc., to document the expense. Entries not
properly documented will not be reimbursed to the Servicer.
13. The total of lines 1 through 12.
Credits:
--------
14-21. Complete as applicable. All line entries must be supported by
copies of the appropriate claims forms, EOBs, HUD-1 and/or
other proceeds verification, statements, payment checks, etc.
to document the credit. If the Mortgage Loan is subject to a
Bankruptcy Deficiency, the difference between the Unpaid
Principal Balance of the Note prior to the Bankruptcy
Deficiency and the Unpaid Principal Balance as reduced by the
Bankruptcy Deficiency should be input on line 20.
22. The total of lines 14 through 21.
Please note: For HUD/VA loans, use line (15) for Part A/Initial
proceeds and line (16) 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 ( ).
B-9
Exhibit G-3: Calculation of Realized Loss/Gain Form 332
XXXXX FARGO BANK, N.A.
CALCULATION OF REALIZED LOSS/GAIN
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 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 _________________(5)
(6) Property Maintenance _________________(6)
(7) MI/Hazard Insurance Premiums _________________(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__________________________ ________________
HOA/Condo Fees_________________________ ________________
_______________________________________ ________________
_______________________________________ ________________
Total Expenses $_______________(13)
Credits:
(14) Escrow Balance $_______________(14)
(15) HIP Refund ________________(15)
(16) Rental Receipts ________________(16)
B-10
(17) Hazard Loss Proceeds ________________(17)
(18) Primary Mortgage Insurance Proceeds ________________(18)
(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)
B-11
APPENDIX I
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Purchase and Servicing Agreements
---------------------------------
Included as Exhibits 10.3(A) and (B) to the
Current Report on Form 8-K pursuant to which this
Assignment, Assumption and Recognition Agreement is filed.
