ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement (the "Agreement"), dated
September 28, 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 2006-5 Trust
("Assignee"), CitiMortgage, Inc., a New York corporation ("CitiMortgage"), as
master servicer of the Banc of America Funding 2006-5 Trust, JPMorgan Chase
Bank, National Association ("Chase Bank") and Chase Home Finance LLC, a limited
liability corporation ("CHF").
WHEREAS, pursuant to the Assignment, Assumption and Recognition Agreement,
dated June 30, 2006, among X.X. Xxxxxx Mortgage Acquisition Corp. ("JPMMAC"),
the Assignor, Chase Bank, and CHF (the "AAR"), which is attached in Appendix I
hereto, the Assignor purchased the Mortgage Loans (as defined herein) from Chase
Bank and CHF, and Chase 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, CitiMortgage, Inc., as master servicer (in
such capacity, the "Master Servicer"), is entering into a Pooling and Servicing
Agreement, dated the date hereof (the "Pooling Agreement), among BAFC, the
Master Servicer, Xxxxx Fargo Bank, N.A., as securities administrator (the
"Securities Administrator") and the Assignee, pursuant to which the Master
Servicer will 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 AAR, and the mortgage loans
delivered under such agreement by Chase Bank and CHF 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 and all obligations of
the Assignor with respect to any mortgage loan subject to the AAR other than the
Mortgage Loans.
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 CHF with
respect to the AAR 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, (i) the Mortgage Loan
Purchase, Warranties and Servicing Agreement, dated as of January 1,
2005, by and between CHF and the Assignor, as amended by the
Amendment Reg AB, dated as of January 1, 2006, among CHF, Chase Bank
and the Assignor (collectively, the "Purchase Agreement"), (ii) the
AAR or (iii) the Mortgage Loans, including without limitation the
transfer of the servicing obligations under the Purchase Agreement.
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 Agreement,
the AAR 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, as amended (the "Securities Act"),
or which would render the disposition of the Mortgage Loans a
violation of Section 5 of the Securities Act or require registration
pursuant thereto.
3. From and after the date hereof, (i) Chase Bank and CHF shall note
the transfer of the Mortgage Loans to the Assignee in their books and records,
(ii) Chase Bank and CHF shall recognize the Assignee as the owner of the
Mortgage Loans and (iii) notwithstanding anything to the contrary contained in
Section 11.01 of the Purchase Agreement or the AAR, Chase Bank shall service the
Mortgage Loans pursuant to the Mortgage Loan Purchase, Warranties and Servicing
Agreement, dated as of May 1, 2005, as amended by Amendment No. 1, dated as of
January 1, 2006, and as amended by that certain Regulation AB Compliance
Addendum, dated as of January 1, 2006 (collectively, the "Servicing Agreement"),
each by and among the Assignor, Chase Bank and CHF, as modified by Section 10
hereof, for the benefit of the Assignee.
4. CHF and Chase Bank acknowledge that the Master Servicer, pursuant to
the Pooling Agreement, will administer on behalf of the Assignee the terms and
conditions of the Servicing Agreement. Chase Bank shall create a separate
Custodial Account and a separate
2
Escrow Account for the Mortgage Loans, each designated "Chase Home Finance LLC,
as subservicer, for JPMorgan Chase Bank, N.A., as Servicer for U.S. Bank
National Association, as Trustee, in trust for registered holders of Banc of
America Funding Corporation Mortgage Pass-Through Certificates, Series 2006-5."
The Master Servicer shall be authorized to enforce directly against CHF and
Chase Bank any of the obligations of CHF and Chase Bank to the Purchaser or its
assignees provided for in the Servicing Agreement. All servicing reports
prepared by Chase Bank shall be provided to the Master Servicer, and all
remittances by Chase Bank shall be made to the account or accounts designated by
the Master Servicer to Chase Bank in writing from time to time. Wire remittances
shall be sent to:
Bank Name: CitiBank (West)
Bank City/State: Glendale, CA
ABA Number: 000000000
Account Name: CMI MSD Clearing
Account Number: #070-0000000
5. Chase Bank hereby represents and warrants to each of the other
parties hereto (i) that the representations and warranties of Chase Bank in
Sections 3.01 of the Purchase Agreement 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, except with respect to Section
3.01(d), Section 3.01(i), Section 3.01(j), the last two sentences of Section
3.01(l), Section 3.01(m), the clause following the semicolon in section 3.01(n),
Section 3.01(o) and Section 3.01(p), (ii) that it has serviced each Mortgage
Loan in accordance with the terms of the Purchase Agreement or the AAR, (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 and (iv) that any information provided by it on or before
the date hereof to any of the parties hereto is true and correct. CHF hereby
represents and warrants to each of the other parties hereto (i) that the
representations and warranties of CHF in Sections 3.01 of the Purchase Agreement
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,
except with respect to Section 3.01(d), Section 3.01(i), Section 3.01(j), the
last two sentences of Section 3.01(l), Section 3.01(m), the clause following the
semicolon in section 3.01(n), Section 3.01(o) and Section 3.01(p), (ii) 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 and (iii) that any information provided by it on or before
the date hereof to any of the parties hereto is true and correct.
6. Chase Bank hereby agrees that, in connection with each Mortgage Loan
of which the related Mortgage has been recorded in the name of MERS or its
designee, it shall take all actions as are necessary to cause the Assignee, as
trustee of the Trust pursuant to the Pooling Agreement, to be shown as the owner
of such Mortgage Loan on the records of MERS for purposes of the system of
recording transfers of beneficial ownership of mortgages maintained by MERS.
7. In accordance with Sections 2.04 and 11.01 of the Servicing
Agreement, the Assignor hereby instructs Chase Bank, and Chase Bank hereby
agrees, to release from its custody and deliver the contents of the Mortgage
File (as defined in the Servicing Agreement)
3
for each Mortgage Loan to the Assignee, in its capacity as a custodian under the
Pooling Agreement, at the address set forth in Section 12 hereof on or before
the closing date of the related Pass-Through Transfer (as defined in the
Servicing Agreement).
8. Chase Bank hereby agrees that any repurchase or substitution of a
Mortgage Loan pursuant to Section 3.03 of the Purchase Agreement or the AAR be
done so in accordance with the provisions set forth in Section 2.02 of the
Pooling Agreement.
9. CHF and Chase Bank hereby agree to the following modifications to
the Servicing Agreement solely with respect to the related Mortgage Loans:
a. Article I. The following definition is hereby added:
Master Servicer: Any master servicer named in a pooling and
servicing agreement in connection with any Securitization or other
securitization transaction.
b. Section 3.01(a). In the first sentence of the first paragraph of
Section 3.01(a) the phrase "is a limited liability company duly
organized, validly existing and in good standing under the laws of
the State of Delaware" is hereby deleted and replaced with the
phrase "is a national banking association duly organized and
existing under the laws of the United States of America."
c. Section 3.02. Section 3.02(uu) shall be deleted and replaced with
the following:
"No Mortgage Loan is (a) a "high cost" loan under the Home Ownership
and Equity Protection Act of 1994 as amended, or (b) a "high cost,"
"threshold," "covered," "predatory," "abusive," or similarly defined
loan, including refinance loans, under any other applicable state,
federal or local law (or a similarly classified loan using different
terminology under a law imposing heightened regulatory scrutiny or
additional legal liability for residential mortgage loans having
high interest rates, points and/or fees), provided that any Mortgage
Loan secured by a Mortgaged Property in Illinois characterized as a
"threshold" loan shall not be a "high cost" loan unless it is
characterized as "predatory" under applicable local law or (c) a
"High Cost Loan" or "Covered Loan" as defined in the S&P LEVELS
Glossary Version 5.6(b), Appendix E;"
d. Section 3.03. The second sentence of the second paragraph of Section
3.03 is hereby deleted in its entirely and replaced with the
following:
"Any substitute Mortgage Loan shall, on the date of such
substitution, (i) have an outstanding principal balance, after
deduction of all scheduled payments due in the month of substitution
(or in the case of a substitution of more than one mortgage loan for
a removed Mortgage Loan, an aggregate principal balance), not in
excess of the Stated Principal Balance of the removed Mortgage Loan;
(ii) have a Mortgage Loan Remittance Rate not less than, and not
more than 2% greater than the Mortgage Loan Remittance Rate of the
removed Mortgage Loan; (iii) have a remaining term to maturity not
greater than and not more than one
4
year less than that of the removed Mortgage Loan; (iv) comply with
each representation and warranty set forth in Sections 3.01 and
3.02; (v) be of the same type as the removed Mortgage Loan; (vi)
have a Gross Margin not less than that of the removed Mortgage Loan;
(vii) have the same Index as the removed Mortgage Loan; (viii) have
a FICO score not less than that of the removed Mortgage Loan, (ix)
have a Loan-to-Value Ratio not greater than that of the removed
Mortgage Loan; (x) have a credit grade not lower in quality than
that of the removed Mortgage Loan and (xi) have the same lien status
as the removed Mortgage Loan."
e. Section 5.02. The second paragraph of Section 5.02 is hereby deleted
in its entirety and replaced with the following:
"Not later than the fifth (5th) Business Day of each month, the
Seller shall furnish to the Purchaser a delinquency report in the
form set forth in Exhibit E-1, a monthly remittance advice in the
form set forth in Exhibit E-2, and a realized loss report in the
form set forth in Exhibit E-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 exhibits referenced in this Section 10(e) are attached to this
Agreement as Exhibit B hereto.
f. Section 11.01. Section 11.01(a)(ii) is hereby modified to add the
phrase "Pass-Through" after the phrase "one or more".
g. For purposes of clarification, the Servicing Fee Rate is equal to
0.250% per annum.
10. In connection with any transfer of the Mortgage Loans to the
Assignee, each of CHF, Chase Bank and BAFC will pay all their own expenses in
connection with negotiating the documents relating to such transfer and
reviewing any applicable disclosure documents, provided that BAFC will pay any
expenses incurred for professional fees of CHF's and Chase Bank's external
accountants. With respect to any disclosure document containing servicing
information of Chase Bank, BAFC shall have the right to directly engage
PricewaterhouseCoopers LLP to provide a comfort letter (which letter shall also
include CHF as an addressee) regarding such servicing information and will pay
the related fee at the time of closing of the transaction directly to
PricewaterhouseCoopers LLP.
11. The Assignee's address for purposes of all notices and
correspondence related to the Mortgage Loans, the AAR and the Servicing
Agreement is:
U.S. Bank National Association
000 X. XxXxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance Trust Services, BAFC 2006-5
5
The Assignor's address for purposes of all notices and correspondence
related to the Mortgage Loans, the AAR and the Servicing Agreement is:
Bank of America, National Association
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: Managing Director
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
The Master Servicer's address for purposes of all notices and
correspondence related to the Mortgage Loans is:
CitiMortgage, Inc.
0000 Xxxxxx Xxxx., 0xx Xxxxx
Xxxxxx, Xxxxx 00000
Attention: Master Servicing Division
[Signatures Follow]
6
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, Chase Home Finance LLC
Assignor
By: /s/ Xxxxx X. Good By: /s/ Xxxxx X. Xxxxxxxx
---------------------------------- ---------------------------------
Name: Xxxxx X. Good Name: Xxxxx X. Xxxxxxxx
Title: Principal Title: Senior Vice President
JPMorgan Chase Bank, National Banc of America Funding Corporation
Association
By: /s/ Xxxxx X. Xxxxxxxx By: /s/ Xxxxx Xxxxx
---------------------------------- --------------------------------
Name: Xxxxx X. Xxxxxxxx Name: Xxxxx Xxxxx
Title: Vice President Title: Senior Vice President
U.S. Bank National Association,
Assignee
By: /s/ Xxxxxxx X. Xxxxx
----------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Acknowledged and Agreed as of the date first above written:
CitiMortgage, Inc., as Master Servicer
By: /s/ Xxxxx Xxxxxx
----------------------------------
Name: Xxxxx Xxxxxx
Title: Senior Vice President
EXHIBIT A
Schedule of Mortgage Loans
[Please see Exhibit D to Exhibit 4.1 of this Form 8-K]
A-1
EXHIBIT B
--------------------------------------------------------------------------------
EXHIBIT E-1 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.
--------------------------------------------------------------------------------------------------------------------
PROP_ADDRESS Street 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 MM/DD/YYYY
due to the 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 MM/DD/YYYY
filed.
--------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
been approved by the courts
--------------------------------------------------------------------------------------------------------------------
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.
--------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By MM/DD/YYYY
The 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 MM/DD/YYYY
Scheduled To End/Close
--------------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
--------------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the MM/DD/YYYY
servicer with instructions to begin
foreclosure proceedings.
--------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
expected to occur.
--------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the 2 No commas(,) or dollar
foreclosure sale. signs ($)
--------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of MM/DD/YYYY
the borrower.
--------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of MM/DD/YYYY
the property from the borrower.
--------------------------------------------------------------------------------------------------------------------
B-1
--------------------------------------------------------------------------------------------------------------------
COLUMN/HEADER NAME DESCRIPTION DECIMAL FORMAT COMMENT
--------------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is 2 No commas(,) or dollar
marketed. signs ($)
--------------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
--------------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO 2 No commas(,) or dollar
property. signs ($)
--------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or MM/DD/YYYY
by the Servicer.
--------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
--------------------------------------------------------------------------------------------------------------------
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 2
based on brokers price opinion or appraisal.
--------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed 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 MM/DD/YYYY
Mortgage Insurance Company.
--------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or dollar
signs ($)
--------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
--------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No commas(,) or dollar
Claim signs ($)
--------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
--------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance 2 No commas(,) or dollar
Company signs ($)
--------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
--------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or dollar
signs ($)
--------------------------------------------------------------------------------------------------------------------
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 ($)
--------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or dollar
signs ($)
--------------------------------------------------------------------------------------------------------------------
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 ($)
--------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or dollar
signs ($)
--------------------------------------------------------------------------------------------------------------------
B-2
--------------------------------------------------------------------------------------------------------------------
COLUMN/HEADER NAME DESCRIPTION DECIMAL FORMAT COMMENT
--------------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans MM/DD/YYYY
Admin
--------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
--------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or dollar
signs ($)
--------------------------------------------------------------------------------------------------------------------
B-3
--------------------------------------------------------------------------------
EXHIBIT E-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: CitiMortgage, Inc. 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
CitiMortgage, Inc. 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 E-1: STANDARD FILE CODES - DELINQUENCY REPORTING, CONTINUED
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------
B-5
--------------------------------------------------------------------------------
EXHIBIT E-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 E-2: STANDARD FILE LAYOUT - SCHEDULED/SCHEDULED
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
COLUMN NAME DESCRIPTION DECIMAL FORMAT COMMENT MAX SIZE
------------------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to define a group Text up to 10 digits 20
of loans.
------------------------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan by the Text up to 10 digits 10
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. It is Maximum length of 30 (Last, 30
not separated by first and last name. First)
------------------------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest 2 No commas(,) or dollar signs 11
payment that a borrower is expected to pay, P&I ($)
constant.
------------------------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
------------------------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less the service fee 4 Max length of 6 6
rate as reported by the Servicer.
------------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as reported by 4 Max length of 6 6
the Servicer.
------------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as reported by 2 No commas(,) or dollar signs 11
the Servicer. ($)
------------------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or dollar signs 11
Servicer. ($)
------------------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
------------------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
------------------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar signs 11
beginning of the processing cycle. ($)
------------------------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end 2 No commas(,) or dollar signs 11
of the processing cycle. ($)
------------------------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the MM/DD/YYYY 10
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
($)
------------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the first MM/DD/YYYY 10
curtailment amount.
------------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first curtailment 2 No commas(,) or dollar signs 11
amount, if applicable. ($)
------------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs 11
($)
------------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the second MM/DD/YYYY 10
curtailment amount.
------------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second curtailment 2 No commas(,) or dollar signs 11
amount, if applicable. ($)
------------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs 11
($)
------------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the third MM/DD/YYYY 10
curtailment amount.
------------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third curtailment 2 No commas(,) or dollar signs 11
amount, if applicable. ($)
------------------------------------------------------------------------------------------------------------------------------------
B-7
PIF_AMT The loan "paid in full" amount as reported by the 2 No commas(,) or dollar signs 11
Servicer. ($)
------------------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY 10
------------------------------------------------------------------------------------------------------------------------------------
Action Code Key: 15=Bankruptcy, 2
00xXxxxxxxxxxx, , 00xXXX,
ACTION_CODE The standard FNMA numeric code used to indicate the 63=Substitution, 65=Repurchase,
default/delinquent status of a particular loan. 70=REO
------------------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as reported 2 No commas(,) or dollar signs 11
by the Servicer. ($)
------------------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs 11
applicable. ($)
------------------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar signs 11
($)
------------------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if 2 No commas(,) or dollar signs 11
applicable. ($)
------------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at 2 No commas(,) or dollar signs 11
the beginning of the cycle date to be passed ($)
through to investors.
------------------------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to investors at 2 No commas(,) or dollar signs 11
the end of a processing cycle. ($)
------------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as reported by the 2 No commas(,) or dollar signs 11
Servicer for the current cycle -- only applicable ($)
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 service 2 No commas(,) or dollar signs 11
fee amount for the current reporting cycle as ($)
reported by the Servicer -- only applicable for
Actual/Actual Loans.
------------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower prepays 2 No commas(,) or dollar signs 11
on his loan as reported by the Servicer. ($)
------------------------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived 2 No commas(,) or dollar signs 11
by the servicer. ($)
------------------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the Modification for MM/DD/YYYY 10
the loan.
------------------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha 30
or numeric
------------------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or dollar signs 11
advances made by Servicer. ($)
------------------------------------------------------------------------------------------------------------------------------------
B-8
--------------------------------------------------------------------------------
EXHIBIT E-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 E-3: CALCULATION OF REALIZED LOSS/GAIN FORM 332
--------------------------------------------------------------------------------
CITIMORTGAGE, INC.
CALCULATION OF REALIZED LOSS/GAIN
Prepared by: _____________________ Date: _______________________
Phone: ___________________________Email Address: _______________________
----------------------- --------------------- -----------------------
Servicer Loan No. Servicer Name Servicer Address
----------------------- --------------------- -----------------------
CITIMORTGAGE, INC. 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)
(17) Hazard Loss Proceeds ____________ (17)
(18) Primary Mortgage Insurance Proceeds ____________ (18)
(19) Pool Insurance Proceeds ____________ (19)
(20) Proceeds from Sale of Acquired Property ____________ (20)
B-10
(21) Other (itemize) ____________ (21)
_______________________________________ ____________
_______________________________________ ____________
TOTAL CREDITS $___________ (22)
TOTAL REALIZED LOSS (OR AMOUNT OF GAIN) $___________ (23)
B-11
APPENDIX I
Underlying Agreements
[Please see Exhibits 10.6(A) through (D) of this Form 8-K]
