ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement (the "Agreement"), dated
September 29, 2006, is among Bank of America, National Association, a national
banking association ("Assignor"), Banc of America Funding Corporation, a
Delaware corporation ("BAFC"), U.S. Bank National Association, a national
banking association, as trustee of the Banc of America Funding 2006-H Trust
("Assignee"), ▇▇▇▇▇ Fargo Bank, N.A., a national banking association ("▇▇▇▇▇
Fargo Bank"), as master servicer of the Banc of America Funding 2006-H Trust,
and Opteum Financial Services, LLC, a Delaware limited liability company
("Opteum").
WHEREAS, pursuant to (i) that certain Mortgage Loan Sale and Servicing
Agreement, dated as of September 1, 2006, by and between Assignor, as purchaser,
and Opteum, as seller, and (ii) that certain Memorandum of Sale, dated September
28, 2006, by and between Assignor and Opteum (collectively, the "Sale and
Servicing Agreement"), each of which is attached in Appendix I hereto, the
Assignor purchased the Mortgage Loans (as defined herein) from Opteum and Opteum
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, ▇▇▇▇▇ Fargo Bank, 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, ▇▇▇▇▇ Fargo Bank, 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 Sale and Servicing Agreement, and
the mortgage loans delivered under such agreement by Opteum to the Assignor and
listed on Exhibit A attached hereto (the "Mortgage Loans").
The Assignor specifically reserves and does not assign to BAFC or the
Assignee any right, title and interest in, to or under any mortgage loan subject
to the Sale and Servicing Agreement 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 Opteum with
respect to the Sale and Servicing Agreement or the Mortgage Loans;
c. The Assignor has not waived or agreed to any waiver under, or agreed
to any amendment or other modification of, the Sale and Servicing
Agreement or the Mortgage Loans, including without limitation the
transfer of the servicing obligations under the Sale and Servicing
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 Sale and Servicing
Agreement 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, Opteum shall (i) note the transfer of
the Mortgage Loans to the Assignee in its books and records, (ii) recognize the
Assignee as the owner of the Mortgage Loans and (iii) notwithstanding anything
to the contrary contained in Section 9.01 of the Sale and Servicing Agreement,
continue to service the Mortgage Loans pursuant to the Sale and Servicing
Agreement, as modified by Section 9 hereof, for the benefit of the Assignee.
4. Opteum acknowledges that the Master Servicer, pursuant to the Pooling
Agreement, will administer on behalf of the Assignee the terms and conditions of
the Sale and Servicing Agreement. The Master Servicer shall be authorized to
enforce directly against Opteum any of the obligations of Opteum to the Assignor
or its assignees provided for in the Sale and Servicing Agreements. All
servicing reports prepared by Opteum shall be provided to the Master Servicer,
and all remittances by Opteum shall be
2
made to the account or accounts designated by the Master Servicer to Opteum in
writing from time to time. Wire remittances shall be sent to: ▇▇▇▇▇ FARGO BANK,
N.A., ABA# ▇▇▇▇▇▇▇▇▇, FOR CREDIT TO: SAS CLEARING, ACCT: ▇▇▇▇▇▇▇▇▇▇, FFC TO:
BAFC 2006-H #50951701. In addition, Opteum hereby agrees to promptly remit from
its own funds to the Master Servicer the amount of any losses realized on
investments in the Investment Account (as defined in the Pooling Agreement).
5. Opteum hereby represents and warrants to each of the other parties
hereto (i) that the representations and warranties of Opteum in Sections 3.01 of
the Sale and Servicing 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, (ii) that it has serviced the Mortgage Loans in
accordance with the terms of the Sale and Servicing Agreement, (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.
6. Opteum hereby agrees to cooperate with BAFC, the Master Servicer and the
Assignee to enable BAFC, the Master Servicer and the Assignee to fully comply
with all Securities and Exchange Commission ("SEC") disclosure and reporting
requirements in effect from time to time with respect to the trust created by
the Pooling Agreement (which shall be named "Banc of America Funding 2006-H
Trust") (the "Trust") and any securities representing ownership interests in or
backed by assets of the Trust, including without limitation, the SEC's recently
published rules regarding asset-backed securities (Release Nos. 33-8518;
34-50905; File No. S7-21-0433-8419).
7. Opteum hereby agrees that, in connection with any 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 the related
Mortgage Loan on the records of MERS for purposes of the system of recording
transfers of beneficial ownership of mortgages maintained by MERS.
8. In accordance with Sections 2.01 and 7.01 of the Sale and Servicing
Agreement, the Assignor hereby instructs Opteum, and Opteum hereby agrees, to
release from its custody and deliver the contents of the Mortgage File (as
defined in the Sale and Servicing Agreement) for each Mortgage Loan to the
Assignee, in its capacity as custodian under the Pooling Agreement, at the
address set forth in Section 10 hereof on or before the closing date of the
related Securitization (as defined in the Sale and Servicing Agreement).
9. Opteum, BAFC and Assignee hereby agree to the following modifications
to the Sale and Servicing Agreement solely with respect to the Mortgage Loans:
a. Section 5.02. The second and third paragraphs of Section 5.02 are
hereby modified to read as follows:
3
"Not later than the fifth (5th) Business Day of each month, the
Company shall furnish to the Purchaser a delinquency report in the
form set forth in Exhibit F-1, a monthly remittance advice in the form
set forth in Exhibit F-2, and a realized loss report in the form set
forth in Exhibit F-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. No
later than the second Business Day after the end of the Prepayment
Period, the Servicer shall provide the Purchaser with an updated
monthly remittance advice revised to reflect any prepayment activity
from the 1st day of the present calendar month through the end of the
Prepayment Period."
The exhibits referenced in this Section 9(a) are attached to this
Agreement as Exhibit B hereto.
10. The Assignee's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Sale and Servicing Agreement is:
U.S. Bank National Association
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Structured Finance Trust Services, BAFC 2006-H
The Assignor's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Sale and Servicing Agreement is:
Bank of America, National Association
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Managing Director
BAFC's address for purposes of all notices and correspondence related
to the Mortgage Loans is:
Banc of America Funding Corporation
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: General Counsel and Chief Financial Officer
[Signatures Follow]
4
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,
Assignor
By: /s/ ▇▇▇▇▇ ▇. Good
-----------------------------------
Name: ▇▇▇▇▇ ▇. Good
Title: Principal
U.S. Bank National Association, Assignee
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
-----------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
Banc of America Funding Corporation
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
-----------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Senior Vice President
Opteum Financial Services, LLC
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇
-----------------------------------
Name: ▇▇▇▇▇▇ ▇. Carly
Title: Sr. Ex. V.P.
Acknowledged and Agreed
as of the date first above written:
▇▇▇▇▇ Fargo Bank, N.A., as Master Servicer
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
----------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President
EXHIBIT A
---------
Schedule of Mortgage Loans
[Please refer to Exhibits D-5 and D-6 of the Pooling and Servicing Agreement]
A-1
EXHIBIT B
---------
EXHIBIT F-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 MM/DD/YYYY
is 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 MM/DD/YYYY
has been approved by the courts
-------------------------------------- --------------------------------------------- -------------- ---------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal, Discharged
and/or a Motion For Relief Was Granted.
-------------------------------------- --------------------------------------------- -------------- ---------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved MM/DD/YYYY
By 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
servicer with instructions to begin MM/DD/YYYY
foreclosure proceedings.
-------------------------------------- --------------------------------------------- -------------- ---------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
-------------------------------------- --------------------------------------------- -------------- ---------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in MM/DD/YYYY
a 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
foreclosure sale. dollar 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 MM/DD/YYYY
possession of the property from the
borrower.
-------------------------------------- --------------------------------------------- -------------- ---------------------
LIST_PRICE The price at which an REO property is 2 No commas(,) or
marketed. dollar signs ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
-------------------------------------- --------------------------------------------- -------------- ---------------------
B-1
-------------------------------------- --------------------------------------------- -------------- ---------------------
OFFER_AMT The dollar value of an offer for an REO 2 No commas(,) or
property. dollar signs ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
OFFER_DATE_TIME The date an offer is received by DA Admin MM/DD/YYYY
or 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 MM/DD/YYYY
performed.
-------------------------------------- --------------------------------------------- -------------- ---------------------
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 MM/DD/YYYY
With Mortgage Insurance Company.
-------------------------------------- --------------------------------------------- -------------- ---------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
-------------------------------------- --------------------------------------------- -------------- ---------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No commas(,) or
Claim dollar signs ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
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
Company dollar signs ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
-------------------------------------- --------------------------------------------- -------------- ---------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No commas(,) or
Company dollar signs ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
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 ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
-------------------------------------- --------------------------------------------- -------------- ---------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or
dollar signs ($)
-------------------------------------- --------------------------------------------- -------------- ---------------------
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-2
EXHIBIT F-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: ▇▇▇▇▇ 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 ▇▇▇▇▇
Fargo Bank with a description of each of the Loss Mitigation Types prior to
sending the file.
The OCCUPANT CODE field should show the current status of the property code as
follows:
o Mortgagor
o Tenant
o Unknown
o Vacant
The PROPERTY CONDITION field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
B-3
EXHIBIT F-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-4
EXHIBIT F-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-5
EXHIBIT F-2: STANDARD FILE LAYOUT - SCHEDULED/SCHEDULED
---------------------------------------------------------------------------------------------------------------------
COLUMN NAME DESCRIPTION DECIMAL FORMAT COMMENT MAX
SIZE
---------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a group of loans.
---------------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan Text up to 10 digits 10
by the investor.
---------------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits 10
Servicer. This may be different than the
LOAN_NBR.
---------------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, 30
file. It is not separated by first and First)
last name.
---------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar signs 11
interest payment that a borrower is ($)
expected to pay, P&I constant.
---------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6 6
Servicer.
---------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the
Servicer.
---------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported 2 No commas(,) or dollar signs 11
by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
---------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
---------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs 11
at the beginning of the processing cycle. ($)
---------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs 11
at the end of the processing cycle. ($)
---------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle MM/DD/YYYY 10
that the borrower's next payment is due
to the Servicer, as reported by Servicer.
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
---------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
---------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
---------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
B-6
---------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
---------------------------------------------------------------------------------------------------------------------
Action Code Key: 2
ACTION_CODE The standard FNMA numeric code used to 15=Bankruptcy, 30=Foreclosure,
indicate the default/delinquent status , 60=PIF, 63=Substitution,
of a particular loan. 65=Repurchase,70=REO
---------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, 2 No commas(,) or dollar signs 11
if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs 11
applicable. ($)
---------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar signs 11
loss, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs 11
amount due at the beginning of the cycle ($)
date to be passed through to investors.
---------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs 11
investors at the end of a processing ($)
cycle.
---------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs 11
reported by the Servicer for the current ($)
cycle -- only applicable for
Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount less 2 No commas(,) or dollar signs 11
the service fee amount for the current ($)
cycle as reported by the Servicer -- only
applicable for Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount collected by 2 No commas(,) or dollar signs 11
the Servicer for the current reporting ($)
cycle -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs 11
service fee amount for the current ($)
reporting cycle as reported by the
Servicer -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs 11
borrower prepays on his loan as reported ($)
by the Servicer.
---------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the 2 No commas(,) or dollar signs 11
loan waived by the servicer. ($)
---------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
---------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha 30
or numeric
---------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs 11
interest advances made by Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
B-7
EXHIBIT F-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-8
EXHIBIT F-3: CALCULATION OF REALIZED LOSS/GAIN FORM 332
▇▇▇▇▇ FARGO BANK, N.A.
CALCULATION OF REALIZED LOSS/GAIN
Prepared by: __________________ Date: _______________
Phone: ________________________ Email Address:_____________________
-------------------- ------------------------- -------------------------
Servicer Loan No. Servicer Name Servicer Address
-------------------- ------------------------- -------------------------
▇▇▇▇▇ FARGO BANK, N.A. Loan No.______________________________________
Borrower's Name:_____________________________________________________
Property Address:____________________________________________________
LIQUIDATION AND ACQUISITION EXPENSES:
(1) Actual Unpaid Principal Balance of Mortgage Loan $________________(1)
(2) Interest accrued at Net Rate _________________(2)
(3) Accrued Servicing Fees _________________(3)
(4) Attorney's Fees _________________(4)
(5) Taxes _________________(5)
(6) Property Maintenance _________________(6)
(7) MI/Hazard Insurance Premiums _________________(7)
(8) Utility Expenses _________________(8)
(9) Appraisal/BPO _________________(9)
(10) Property Inspections ________________(10)
(11) FC Costs/Other Legal Expenses ________________(11)
(12) Other (itemize) $________________(12)
Cash for Keys_______________________ ________________
HOA/Condo Fees______________________ ________________
TOTAL EXPENSES $_______________(13)
CREDITS:
(14) Escrow Balance $_______________(14)
(15) HIP Refund _______________(15)
(16) Rental Receipts _______________(16)
(17) Hazard Loss Proceeds _______________(17)
(18) Primary Mortgage Insurance Proceeds _______________(18)
(19) Pool Insurance Proceeds _______________(19)
B-9
(20) Proceeds from Sale of Acquired Property _______________(20)
(21) Other (itemize) _______________(21)
_______________________________________ ___________________
_______________________________________ ___________________
TOTAL CREDITS $_______________(22)
TOTAL REALIZED LOSS (OR AMOUNT OF GAIN) $_______________(23)
B-10
APPENDIX I
----------
Sale and Servicing Agreement
----------------------------
[Please see Exhibit 10.2(A) to this Form 8-K]