Exhibit 99.13(a)
EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment"), dated as of
October 1, 2006 with an effective date of October 25, 2006 (the "Effective
Date"), among Xxxxxx Xxxxxxx Mortgage Capital Inc. ("MSMCI" or the "Purchaser"),
GMAC Mortgage, LLC, a Delaware limited liability company, as successor by merger
to GMAC Mortgage Corporation ("Servicer"), and LaSalle Bank National Association
("LaSalle"), as trustee ("Trustee") of Xxxxxx Xxxxxxx Mortgage Loan Trust
2006-15XS (the "Trust") and acknowledged by Xxxxx Fargo Bank, National
Association, as master servicer (in such capacity, the "Master Servicer") and as
securities administrator (in such capacity, the "Securities Administrator") and
Xxxxxx Xxxxxxx Capital I Inc. (the "Depositor").
WHEREAS, the Purchaser is the owner of various mortgage loans, including
the mortgage loans identified on Schedule 1 hereto (the "Specified Mortgage
Loans");
WHEREAS, the Servicer and the Purchaser are parties to a Servicing
Agreement, dated as of May 20, 2005 (the "Initial Servicing Agreement") and a
First Amended and Restated Servicing Agreement, dated as of January 1, 2006 (the
"the Servicing Agreement"), pursuant to which the Servicer has agreed to service
the Specified Mortgage Loans on behalf of the Purchaser as "Owner" (as such term
is defined in the Servicing Agreement);
WHEREAS, in connection with the servicing of the Mortgage Loans hereunder,
the Seller agrees that, from and after the date hereof, each Mortgage Loan
serviced hereunder will be subject to the Servicing Agreement;
NOW, THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration (the receipt and sufficiency of which
are hereby acknowledged), the parties agree as follows:
1. Assignment and Assumption
The Purchaser, as Owner, is the owner of all of the rights, title and
interest of the rights (the "Servicing Rights"), in, to and under the Servicing
Agreement as it relates to the servicing of the Specified Mortgage Loans.
Pursuant to this Assignment, the Purchaser hereby grants, transfers and assigns
(i) its rights and obligations, as "Owner" under the Servicing Agreement with
respect to the Specified Mortgage Loans other than the Servicing Rights which
the Owner explicitly retains and (ii) any rights granted to the Purchaser as
Owner under the Servicing Agreement to the Depositor (the "First Assignment and
Assumption"), and the Depositor hereby acknowledges the First Assignment and
Assumption. Immediately after giving effect to the First Assignment and
Assumption, the Depositor hereby grants, transfers and assigns its rights and
obligations in and under the First Assignment and Assumption to the Trustee, on
behalf of the Trust, and the Trustee, on behalf of the Trust, hereby accepts
such assignment from the Depositor (the "Second Assignment and Assumption").
The Servicer hereby acknowledges each of the First Assignment and
Assumption and the Second Assignment and Assumption.
For the purposes of this Assignment and the Servicing Agreement, Schedule
1 hereto shall constitute a "Mortgage Loan Schedule" as such term is defined in
the Servicing Agreement, and the assignment set forth herein shall constitute a
"Reconstitution" (as such term is defined in the Servicing Agreement).
2. Recognition of Trustee
The parties confirm that this Assignment includes the rights relating to
amendments or waivers under the Servicing Agreement. Accordingly, the right of
MSMCI, as Owner, to consent to any amendment of the Servicing Agreement and its
rights concerning waivers as set forth in Section 16 of the Servicing Agreement
shall be exercisable, to the extent any such amendment or waiver affects the
Specified Mortgage Loans or any of the rights under the Servicing Agreement with
respect thereto (other than the servicing of the Specified Mortgage Loans, which
shall be enforced by the Master Servicer) by the Trustee on behalf of the Trust
as the successor to the Purchaser in its capacity as Owner under the Servicing
Agreement.
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 assignee, in
the exercise of the powers and authority conferred and vested in it, as Trustee,
pursuant to the Pooling and Servicing Agreement dated as of October 1, 2006
among the Depositor, Xxxxx Fargo Bank, National Association, as securities
administrator and master servicer, and the Trustee (the "Pooling and Servicing
Agreement"), (ii) each of the representations, undertakings and agreements
herein made on the part of the Trust as 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 and (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 Trust as assignee shall be had
solely to the assets of the Trust.
3. Representations and Warranties
(a) The Depositor 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 Servicer or MSMCI other than those contained in the
Servicing Agreement or this Assignment.
(b) Each of the parties hereto represents and warrants that it is duly and
legally authorized to enter into this Assignment.
(c) Each of the Depositor, the Purchaser and the Servicer represents and
warrants that this Assignment 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
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such enforcement may be limited by bankruptcy, insolvency, reorganization or
other similar laws affecting the enforcement of creditors' rights generally and
by general equitable principles (regardless of whether such enforcement is
considered in a proceeding in equity or at law).
(d) The Servicer hereby warrants and represents to, and covenants with,
the Purchaser and the Trustee that each of the representations and warranties
set forth in Section 6.01, other than the representations and warranties set
forth in Section 6.01(a) of the Servicing Agreement are true and correct with
respect to the Servicer as of the Effective Date. In addition, the Servicer
hereby warrants and represents to, and covenants with, the Purchaser and the
Trustee that, of the Effective Date, the Servicer is duly organized, validly
existing and in good standing as a limited liability company under the laws of
the state of Delaware and the Servicer is duly licensed and qualified in all
states which such licensing or qualification is required to conduct its business
or perform its obligations hereunder and the services and is and will remain in
compliance with the laws of each state in which any Mortgaged Property is
located to the extent necessary to ensure the enforceability of each Mortgage
Loan and the servicing of the Mortgage Loan in accordance with the terms of the
Servicing Agreement as modified by this Assignment.
(e) The Servicer hereby agrees that, for so long as the Trust is reporting
under the Exchange Act, its obligations under Sections 5.04 and 5.05 of the
Initial Servicing Agreement and under Sections 31.04 and 31.05 of the Servicing
Agreement, as modified by this Assignment, shall survive the termination and
removal of the Servicer as servicer of the Specified Mortgage Loans in the Trust
and continue to apply for each calendar year during which the Servicer services
the Specified Mortgage Loans.
4. The Servicer hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Specified Mortgage
Loans pursuant to the Pooling and Servicing Agreement and, therefore, has the
right to enforce all obligations of the Servicer under the Servicing Agreement.
Such rights will include, without limitation, the right to terminate the
Servicer under the Servicing Agreement as provided 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 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 granted to the Purchaser under the Servicing Agreement.
In accordance with the Second Assignment and Assumption, the Trustee, as
Owner, hereby directs the Servicer to make all distributions under the Servicing
Agreement 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: 50955000, MSM 2006-15XS
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In accordance with the Second Assignment and Assumption, the Trustee, as
Owner, hereby directs the Servicer to deliver all reports required to be
delivered under the Servicing 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 2006-15XS
Office Number: (000) 000-0000
Telecopier: (000) 000-0000
5. Amendments to Servicing Agreement.
(a) The following definitions in Section 1 are revised as follows with
respect to the Specified Mortgage Loans:
a. "Eligible Account" shall have the meaning set forth in the Pooling
and Servicing Agreement.
b. "Eligible Investments" shall have the meaning of Permitted
Investments set forth in the Pooling and Servicing Agreement.
c. "Indemnified Party": each Party described in the first sentence of
Section 31.07(a) of the Servicing Agreement.
d. "Remittance Date" shall mean no later than 1:00 p.m., New York
time, on the 18th day of each month, or if such 18th day is not a Business Day,
the first Business Day immediately following such 18th day.
(b) Solely with respect to the Specified Mortgage Loans, the words ";
provided, however," to and including the end of the penultimate sentence of
paragraph (a) of Section 3.01 are hereby deleted.
(c) Solely with respect to the Specified Mortgage Loans, the following
sentence is inserted as the last sentence of the second paragraph of Section
3.08 of the Servicing Agreement, "All Eligible Investments must mature no later
than the Remittance Date on which the amounts invested in such Eligible
Investments must be remitted to the Trust."
(d) The following paragraph is hereby incorporated into the Servicing
Agreement as new Section 3.19:
"3.19 Fair Credit Reporting Act
The Servicer, in its capacity as servicer for each Mortgage Loan,
agrees to fully furnish, in accordance with the Fair Credit Reporting Act
and its implementing regulations, accurate and complete information (e.g.,
favorable and unfavorable) on its borrower credit files to Equifax,
Experian and Trans Union Credit Information Servicer (three of the credit
repositories), on a monthly basis."
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(e) Solely with respect to the Specified Mortgage Loans, the following
deletions are hereby made to the fourth paragraph of Section 4.01:
a. the words "following the Business Day" are hereby deleted from the
first sentence and
b. the word "second" is hereby deleted from the second sentence.
(f) Solely with respect to the Specified Mortgage Loans, the first
sentence of Section 5.04 is amended by adding the words "(with a copy to the
Master Servicer)" after the word "Owner".
(g) Solely with respect to the Specified Mortgage Loans, Section 8.01(b)
is hereby amended and restated as follows:
"(b) failure on the part of the Servicer duly to observe or perform in any
material respect any other of the covenants or agreements on the part of the
Servicer set forth in this Agreement (including but not limited to breach by
Servicer of any one or more of the representations, warranties and covenants of
the Servicer as set forth in Section 6.01 above) which continues uncured for a
period of thirty (30) days (except that (x) such number of days shall be fifteen
(15) days in the case of a failure to pay any premium for any insurance policy
required to be maintained under this Agreement and (y) such number of days shall
be fourteen (14) calendar days with respect to the reports required under
Sections 31.04 and 31.05 and the last paragraph of Section 25) after the earlier
of the date on which (i) written notice of such failure, requiring the same to
be remedied, shall have been given to the Servicer by the Owner, or (ii)
Servicer first becomes aware of such failure."
(h) Solely with respect to the Specified Mortgage Loans, the rights of the
Servicer pursuant to clause (iv) of Section 9.01(a) are hereby deleted.
(i) Solely with respect to the Specified Mortgage Loans, the rights of the
Servicer pursuant to Section 9.02 are hereby deleted.
(j) Section 20(a) of the Servicing Agreement is hereby amended to add the
Master Servicer as an "Indemnified Party" in accordance with such Section.
(k) Solely with respect to the Specified Mortgage Loans, the following is
added to the end of Section 22(a):
"or as necessary to provide the reports required by Section 4.05 of the
Pooling and Servicing Agreement."
(l) Section 31.03(d) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"For the purpose of satisfying its reporting obligation under the Exchange
Act with respect to any class of asset-backed securities, the Company
shall (or shall cause each Subservicer to) (i) promptly notify the
Purchaser, any Master Servicer and any Depositor
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in writing of (A) any litigation or governmental proceedings pending
against the Company, any Subservicer that would be material to
securityholders, (B) any affiliations or relationships that develop
following the closing date of a Securitization Transaction between the
Company, any Subservicer and any of the parties specified in clause (D) of
paragraph (a) of this Section (and any other parties identified in writing
by the requesting party) with respect to such Securitization Transaction,
but only to the extent that such affiliations or relationships do not
include the Purchaser, Depositor or any of their respective affiliates as
a party, (C) any Event of Default under the terms of this Agreement or any
Reconstitution Agreement, (D) any merger, consolidation or sale of
substantially all of the assets of the Company and (E) the Company's entry
into an agreement with a Subcontractor to perform or assist the Company
with the performance of any of the Company's obligations under this
Agreement or any Reconstitution Agreement, and (ii) provide to the
Purchaser and any Depositor a description of such proceedings,
affiliations or relationships."
(m) Section 31.03 (f) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"In addition to such information as the Company, as servicer, is obligated
to provide pursuant to other provisions of this Agreement, not later than
ten (10) days prior to the deadline for the filing of any distribution
report on Form 10-D in respect of any Securitization Transaction that
includes any of the Mortgage Loans serviced by the Company or any
Subservicer, the Company or such Subservicer, as applicable, shall, to the
extent the Company or such Subservicer has knowledge, provide to the party
responsible for filing such report (including, if applicable, the Master
Servicer) notice of the occurrence of any of the following events along
with all information, data, and materials related thereto as may be
required to be included in the related distribution report on Form 10-D
(as specified in the provisions of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool
asset terms, fees, penalties or payments during the distribution
period or that have cumulatively become material over time (Item
1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or
warranties or transaction covenants (Item 1121(a)(12) of Regulation
AB); and
(iii) information regarding new asset-backed securities
issuances backed by the same pool assets, any pool asset changes
(such as, additions, substitutions or repurchases), and any material
changes in origination, underwriting or other criteria for
acquisition or selection of pool assets (Item 1121(a)(14) of
Regulation AB).
(n) The following is inserted as 31.03 (g) of the Servicing Agreement:
"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."
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(o) Section 31.04 is hereby amended and restated in its entirety as
follows:
"On or before March 1 of each calendar year, commencing in 2007, the
Servicer shall deliver to the Owner and any Depositor a statement of
compliance addressed to the Owner and such Depositor and signed by an
authorized officer of the Servicer, to the effect that (i) a review
of the Servicer's activities during the immediately preceding
calendar year (or applicable portion thereof) and of its performance
under this Agreement and any applicable Reconstitution Agreement
during such period has been made under such officer's supervision,
and (ii) to the best of such officers' knowledge, based on such
review, the Servicer has fulfilled all of its obligations under this
Agreement and any applicable Reconstitution Agreement in all material
respects throughout such calendar year (or applicable portion
thereof) or, if there has been a failure to fulfill any such
obligation in any material respect, specifically identifying each
such failure known to such officer and the nature and the status
thereof.
"In the event that the Servicer fails to timely comply with this
Section 31.04, the Depositor shall use its commercially reasonable
efforts to obtain written statements or assurances from the
Commission, that such failure to provide the required statement of
compliance on a timely basis, and a one time additional failure by
the Servicer to comply with this Section 31.04, will not result in
any adverse effect on the Depositor or its affiliates with respect to
any Shelf Registration on Form S-3 of the Depositor or any of its
affiliates. Any costs or expenses incurred by the Depositor or the
Master Servicer in obtaining such statement or assurances from the
Commission shall be reimbursed to the Depositor by the Servicer. In
the event that the Depositor is unable to receive any such assurances
from the Commission after the use of such commercially reasonable
efforts of the related year, such failure by the Servicer to comply
with this Section 31.04 shall be deemed an Event of Default,
automatically at such time, without notice and without any cure
period, and Depositor may, in addition to whatever rights the
Depositor may have under Section 20 of the Servicing Agreement and at
law or equity or to damages, including injunctive relief and specific
performance, terminate all the rights and obligations of the Servicer
under this Agreement and in and to the Mortgage Loans and the
proceeds thereof without compensating the Servicer for the same, as
provided in Section 9 of the Servicing Agreement. Such termination
shall be considered with cause pursuant to Section 9.01 of the
Servicing Agreement. This paragraph shall supersede any other
provision in this Agreement or any other agreement to the contrary."
(p) Section 31.05(a)(iv) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"deliver, and cause each Subservicer and Subcontractor described in
clause (iii) above to deliver, to the Purchaser, the Master Servicer,
any Depositor and any other Person that will be responsible for
signing the certification (a "Sarbanes Certification") required by
Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to
Section 302 of the Xxxxxxxx-Xxxxx Act of 2002) on behalf of an
asset-backed issuer with respect to a Securitization Transaction a
certification, signed by an appropriate officer of the Servicer, in
the form attached hereto as Exhibit I. In addition to providing the
Sarbanes
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Certification, the Servicer shall also cooperate with the Depositor
and provide such additional information as the Depositor may
reasonably request with respect thereto."
(q) The third sentence of Section 31.06(a) is amended to require the
Company to cause any Subservicer or Subcontractor to comply with all of
the following Sections of the Servicing Agreement: Xxxxxxx 00.00, Xxxxxxx
00.00(x), (x), (x) and (g), Section 31.04, Section 31.05, Section 31.06(a)
and Section 31.07.
(r) The last sentence of the second paragraph of Section 31.06(b) is
amended to require the Company to cause any Subservicer or Subcontractor
to provide any assessment of compliance and attestation but also any other
certifications required to delivered under Section 31.05.
(s) Section 31.07(a)(ii) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"(ii) any breach by the Company under this Section 31, including
particularly any failure by the Company, any Subservicer, any
Subcontractor to deliver any information, report, certification,
accountants' letter or other material when and as required, under
this Article II, including any failure by the Company to identify
pursuant to Section 31.06(b) any Subcontractor "participating in the
servicing function" within the meaning of Item 1122 of Regulation
AB;"
(t) The word "or" is struck at the end of Section 31.07(a)(ii) of the
Servicing Agreement, the word "or" is added at the end of Section
31.07(a)(iii) of the Servicing Agreement, and the following is inserted to
Section 31.07(a) of the Servicing Agreement:
"(iv) negligence, bad faith or willful misconduct of the Company
in connection with its performance under this Article II.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the Company
agrees that it shall contribute to the amount paid or payable by such
Indemnified Party as a result of any claims, losses, damages or
liabilities incurred by such Indemnified Party in such proportion as
is appropriate to reflect the relative fault of such Indemnified
Party on the one hand and the Company on the other.
This indemnification shall survive the termination of this Agreement
or the termination of any party to this Agreement."
(u) The following parenthetical is inserted directly before the proviso in
the last sentence of the first paragraph of Section 31.07(b)(i) of the
Servicing Agreement:
"(and if the Company is servicing any of the Mortgage Loans in a
Securitization Transaction, appoint a successor servicer reasonably
acceptable to the Master Servicer for such Securitization
Transaction)"
(v) The following paragraph is hereby incorporated into the Servicing
Agreement as new Section 32:
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"Third Party Beneficiary. For purposes of this Agreement, any master
servicer appointed in connection with a Reconstitution by the Owner
shall be considered a third party beneficiary to this Agreement
(including but not limited to Sections 31.01, 31.03 and 31.04 hereof)
with respect to the Specified Mortgage Loans entitled to all the
rights and benefits accruing to any master servicer herein with
respect to the Specified Mortgage Loans as if it were a direct party
to this Agreement."
(w) Schedule I to the Servicing Agreement is hereby replaced in its
entirety with the Amended and Restated Schedule I attached to this
Assignment as Exhibit II.
(x) Exhibit J to the Servicing Agreement is hereby replaced in its
entirety with Exhibit IV attached hereto.
(y) All assessments, reports and certifications required to be delivered
by the Servicer this Assignment shall include the Master Servicer as an
addressee, and the Master Servicer shall be entitled to rely upon all such
assessments, reports and certifications.
(z) Written notice provided in compliance with Sections 31.03(d), (e) or
(f) of the Servicing Agreement shall be substantially in the form of Exhibit III
to this Agreement.
6. Notices
The Depositor's address for purposes for all notices and correspondence related
to the Mortgage Loans, this Assignment and the Servicing Agreement is :
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-15XS
The Trustee's address for purposes for all notices and correspondence related to
the Mortgage Loans, this Assignment and the Servicing Agreement is :
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Global Securities and Trust Services MSM 2006-15XS
The Purchaser's address for purposes for all notices and correspondence related
to the Mortgage Loans, this Assignment and the Servicing Agreement is :
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
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Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-15XS
With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
The Servicer's address for purposes for all notices and correspondence related
to the Mortgage Loans and this Assignment is :
GMAC Mortgage, LLC
000 Xxxxxx Xxxx
Xxxxxxx, Xxxxxxxxxxxx 00000
Attention: Executive Vice President of National Loan
Administration
7. Certain Matters Regarding the Trustee
Each party hereto hereby agrees as follows:
Notwithstanding any term hereof to the contrary, the execution and
delivery of this Assignment by Trustee is solely in its capacity as trustee for
Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-15XS and not individually, and any
recourse against Trustee in respect of any obligations it may have under or
pursuant to the terms of this Assignment (if any) shall be limited solely to the
assets it may hold as trustee of Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-15XS.
8. Continuing Effect
Except as contemplated by this Assignment, the Servicing Agreement shall
remain in full force and effect in accordance with its terms.
9. Governing Law
This Assignment and the rights and obligations hereunder shall be governed
by and construed in accordance with the internal laws of the State of New York.
10. Counterparts
This Assignment may be executed in counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument.
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11. Definitions
Any capitalized term used but not defined in this Assignment has the same
meaning as in the Servicing Agreement.
[SIGNATURE PAGE FOLLOWS]
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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.
Purchaser Trust
XXXXXX XXXXXXX MORTGAGE LOAN TRUST 2006-15XS
XXXXXX XXXXXXX MORTGAGE CAPITAL INC. BY: LASALLE BANK NATIONAL ASSOCIATION, AS TRUSTEE
/s/ Xxxxxxx Xxx /s/ Xxxxx X. Xxxx
--------------------------------------- --------------------------------------------------
By: Xxxxxxx Xxx By: Xxxxx X. Xxxx
Its: Vice President Its: Assistant Vice President
Taxpayer Identification
Number:
Servicer
GMAC MORTGAGE, LLC
/s/ Xxxxxx X. Xxxxxxx
---------------------------------------
By: Xxxxxx X. Xxxxxxx
Its: Vice President
Taxpayer Identification
Number: 00-0000000
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL ASSOCIATION, AS MASTER SERVICER
XXXXXX XXXXXXX CAPITAL I INC.
/s/ Xxxxxxx Xxx /s/ Xxxxxxxx Xxxxx
---------------------------------------- ----------------------------------------------------
By: Xxxxxxx Xxx By: Xxxxxxxx Xxxxx
Its: Vice President Its: Vice President
Taxpayer Identification
Number:___________________________________
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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]
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EXECUTION COPY
Exhibit IIA: Standard File Layout - Delinquency Reporting
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
Column/Header Name Description Decimal Format Comment
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This may be
different than the LOAN_NBR
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LOAN_NBR A unique identifier assigned to each loan by the originator.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
CLIENT_NBR Servicer Client Number
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an external servicer to
identify a group of loans in their system.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
BORROWER_FIRST_NAME First Name of the Borrower.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
BORROWER_LAST_NAME Last name of the borrower.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
XXXX_XXXXXXX Xxxxxx Name and Number of Property
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
PROP_STATE The state where the property located.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
PROP_ZIP Zip code where the property is located.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the servicer at MM/DD/YYYY
the end of processing cycle, as reported by Servicer.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy filing.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved by the MM/DD/YYYY
courts
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by Dismissal, MM/DD/YYYY
Discharged and/or a Motion For Relief Was Granted.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with instructions to MM/DD/YYYY
begin foreclosure proceedings.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure Action MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property from the MM/DD/YYYY
borrower.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
OCCUPANT_CODE Classification of how the property is occupied.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
PROP_CONDITION_CODE A code that indicates the condition of the property.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
CURR_PROP_VAL The current "as is" value of the property based on brokers price 2
opinion or appraisal.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
2
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are completed 2
pursuant to a broker's price opinion or appraisal.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
If applicable:
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on a loan.
Code indicates the reason why the loan is in default for this cycle.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage Insurance MM/DD/YYYY
Company.
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool Insurer MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
3
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
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 ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or
dollar signs ($)
---------------------------- ---------------------------------------------------------------------- -------------- -----------------
4
EXECUTION COPY
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:
------------------------ ----------------------------------------------
Delinquency Code Delinquency Description
------------------------ ----------------------------------------------
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
------------------------ ----------------------------------------------
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
------------------------ ----------------------------------------------
2
EXECUTION COPY
--------------------------------------------------------------------------------
Exhibit IIC: Standard File Layout - Master Servicing
--------------------------------------------------------------------------------
------------------------------------------------------------------------- --------- ------------------------------------ ---------
Column Name Description Decimal Format Comment Max Size
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SER_INVESTOR_NBR A value assigned by the Servicer to define a Text up to 10 digits 20
group of loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
LOAN_NBR A unique identifier assigned to each loan by Text up to 10 digits 10
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 file. Maximum length of 30 (Last, First) 30
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 by 2 No commas(,) or dollar signs ($) 11
the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ARM_INDEX_RATE The index the Servicer is using to calculate 4 Max length of 6 6
a forecasted rate.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the beginning of the processing cycle.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTL_END_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the end of the processing cycle.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that MM/DD/YYYY 10
the borrower's next payment is due to the
Servicer, as reported by Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
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 ($) 11
curtailment amount, if applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
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 ($) 11
curtailment amount, if applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
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 ($) 11
curtailment amount, if applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
PIF_AMT The loan "paid in full" amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
Action Code Key: 15=Bankruptcy, 2
ACTION_CODE The standard FNMA numeric code used to 30=Foreclosure, , 60=PIF,
indicate the default/delinquent status of a 63=Substitution,
particular loan. 65=Repurchase,70=REO
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
2
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
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 amount 2 No commas(,) or dollar signs ($) 11
due at the beginning of the cycle date to be
passed through to investors.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs ($) 11
investors at the end of a processing cycle.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_PRIN_AMT The scheduled principal amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer for the current cycle --
only applicable for Scheduled/Scheduled
Loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or dollar signs ($) 11
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 the 2 No commas(,) or dollar signs ($) 11
Servicer for the current reporting cycle --
only
applicable for Actual/Actual Loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs ($) 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 borrower 2 No commas(,) or dollar signs ($) 11
prepays on his loan as reported by the
Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan 2 No commas(,) or dollar signs ($) 11
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
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
3
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs ($) 11
interest advances made by Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
4
--------------------------------------------------------------------------------
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 ( ).
6
--------------------------------------------------------------------------------
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, NATIONAL ASSOCIATION 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)
7
(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)
8
Escrow Disbursement Detail
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
Type Date Paid Period of Total Paid Base Penalties Interest
(Tax /Ins.) Coverage Amount
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
------------------ --------------- ---------------- --------------- ---------------- ---------------- ----------------
9
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 2006-15XS - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section [31.03(d)][31.03(e)][31.03(f)] of the Sale and
Servicing Agreement, dated as of [date], as amended by the Assignment,
Assumption and Recognition Agreement dated as of October 1, 2006 among Xxxxxx
Xxxxxxx Capital I Inc., as Depositor, GMAC Mortgage, LLC, 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:
10
EXHIBIT IV
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria";
------------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
------------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(i) Policies and procedures are instituted to monitor any
performance or other triggers X and events of default
in accordance with the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are outsourced to third parties, policies and X
procedures are instituted to monitor the third party's performance and compliance
with such servicing activities.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iii) Any requirements in the transaction agreements to maintain a back-up servicer for
the mortgage loans are maintained.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in effect on the party X
participating in the servicing function throughout the reporting period in the
amount of coverage required by and otherwise in accordance with the terms of the
transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
Cash Collection and Administration
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(i) Payments on mortgage loans are deposited into the appropriate custodial bank X
accounts and related bank clearing accounts no more than two business days following
receipt, or such other number of days specified in the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an obligor or to an investor are X
made only by authorized personnel.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash flows or distributions, X
and any interest or other fees charged for such advances, are made, reviewed and
approved as specified in the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
11
------------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
------------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iv) The related accounts for the transaction, such as cash reserve accounts or accounts
established as a form of overcollateralization, are separately maintained (e.g., X
with respect to commingling of cash) as set forth in the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(v) Each custodial account is maintained at a federally insured depository institution X
as set forth in the transaction agreements. For purposes of this criterion,
"federally insured depository institution" with respect to a foreign financial
institution means a foreign financial institution
that meets the requirements of Rule 13k-1 (b)(1) of the Securities Exchange Act.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent unauthorized access. X
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vii) Reconciliations are prepared on a monthly basis for all asset-backed securities X
related bank accounts, including custodial accounts and related bank clearing
accounts. These reconciliations are (A) mathematically accurate; (B) prepared
within 30 calendar days after the bank statement cutoff date, or such other number
of days specified in the transaction agreements; (C) reviewed and approved by
someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within
90 calendar days of their original identification, or such other number of
days specified in the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
------------------------------------------------------------------------------------------------------------------------------------
12
------------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
------------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(i) Reports to investors, including those to be filed with the Commission, are X
maintained in accordance with the transaction agreements and applicable Commission
requirements. Specifically, such reports (A) are prepared in accordance with
timeframes and other terms
set forth in the transaction agreements; (B) provide information calculated in
accordance with the terms specified in the transaction agreements; (C) are filed
with the Commission as required by its rules and regulations; and (D) agree with
investors' or the trustee's records as
to the total unpaid principal balance and number of mortgage loans serviced by the
Servicer.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(ii) Amounts due to investors are allocated and remitted
in accordance with timeframes, X distribution
priority and other terms set forth in the transaction
agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iii) Disbursements made to an investor are posted within two business days to the
Servicer's investor records, or such other number of
days specified in the X transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(iv) Amounts remitted to investors per the investor reports agree with cancelled checks, X
or other form of payment, or custodial bank statements.
------------------------------------------------------------------------------------------------------------------------------------
Pool Asset Administration
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(i) Collateral or security on mortgage loans is maintained as required by the X
transaction agreements or related mortgage loan documents.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(ii) Mortgage loan and related documents are safeguarded as required by the transaction X
agreements
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool are made, reviewed and X
approved in accordance with any conditions or requirements in the transaction
agreements.
------------------------------------------------------------------------------------------------------------------------------------
13
------------------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
------------------------------------------------------------------------------------------------------------------------------------
Reference Criteria
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iv) Payments on mortgage loans, including any payoffs, made in accordance with the X
related mortgage loan documents are posted to the Servicer's obligor records
maintained no more than two business days after receipt, or such other number of
days specified in the transaction agreements, and allocated to principal, interest
or other items (e.g., escrow) in accordance with the related mortgage loan documents.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(v) The Servicer's records regarding the mortgage loans agree with the Servicer's X
records with respect to an obligor's unpaid principal balance.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(vi) Changes with respect to the terms or status of an obligor's mortgage loans (e.g., X
loan modifications or re-agings) are made, reviewed and approved by authorized
personnel in accordance with the transaction agreements and related pool asset
documents.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance plans, modifications and X
deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are
initiated, conducted and concluded in accordance with the timeframes or other
requirements established by the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(viii) Records documenting collection efforts are maintained during the period a mortgage X
loan is delinquent in accordance with the transaction agreements. Such records are
maintained on at least a monthly basis, or such other period specified in the
transaction agreements, and describe the entity's activities in monitoring
delinquent mortgage loans including, for example, phone calls, letters and payment
rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or
unemployment).
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1122(d)(4)(ix) Adjustments to interest rates or rates of return for mortgage loans with variable X
rates are computed based on the related mortgage loan documents.
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Applicable
Servicing
Servicing Criteria Criteria
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Reference Criteria
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1122(d)(4)(x) Regarding any funds held in trust for an obligor (such as escrow accounts): (A) X
such funds are analyzed, in accordance with the obligor's mortgage loan documents,
on at least an annual basis, or such other period specified in the transaction
agreements; (B) interest on such funds is paid, or credited, to obligors in accordance
with applicable mortgage loan documents and state laws; and (C) such funds are returned
to the obligor within 30 calendar days of full repayment of the related mortgage loans,
or such other number of days specified in the transaction agreements.
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1122(d)(4)(xi) Payments made on behalf of an obligor (such as tax or insurance payments) are made X
on or before the related penalty or expiration dates, as indicated on the
appropriate bills or notices for such payments, provided that such support has been
received by the servicer at least 30 calendar days prior to these dates, or such other
number of days specified in the transaction agreements.
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1122(d)(4)(xii) Any late payment penalties in connection with any payment to be made on behalf of an X
obligor are paid from the servicer's funds and not charged to the obligor, unless
the late payment was due to the obligor's error or omission.
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1122(d)(4)(xiii) Disbursements made on behalf of an obligor are posted within two business days to X
the obligor's records maintained by the servicer, or such other number of days
specified in the transaction agreements.
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1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in X
accordance with the transaction agreements.
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1122(d)(4)(xv) Any external enhancement or other support, identified in Item 1114(a)(1) through (3)
or Item 1115 of Regulation AB, is maintained as set forth in the transaction
agreements.
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