ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT among GS MORTGAGE SECURITIES CORP., as Assignor as Assignee and WELLS FARGO BANK, N.A. as Servicer and as acknowledged by WELLS FARGO BANK, N.A., as Master Servicer Dated as of April 1, 2007
EXECUTION
among
GS
MORTGAGE SECURITIES CORP.,
as
Assignor
U.S.
BANK NATIONAL ASSOCIATION, AS TRUSTEE
as
Assignee
and
▇▇▇▇▇
FARGO BANK, N.A.
as
Servicer
and
as acknowledged by
▇▇▇▇▇
FARGO BANK, N.A.,
as
Master Servicer
Dated
as of
April
1, 2007
This
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT made this 1st day of April
2007
(this “Assignment
Agreement”),
is
among ▇▇▇▇▇ Fargo Bank, N.A., a national banking association (“▇▇▇▇▇
Fargo”),
as
servicer (in such capacity, the “Servicer”),
U.S.
Bank National Association (“U.S.
Bank”),
not
in its individual capacity, but solely as trustee on behalf of GSR Mortgage
Loan
Trust 2007-3F (the “Assignee”
or
the
“Trustee”)
and GS
Mortgage Securities Corp., a Delaware corporation (the “Assignor”
or
the
“Depositor”),
and
is acknowledged by ▇▇▇▇▇ Fargo, as master servicer (in such capacity, the
“Master
Servicer”).
WHEREAS,
Bank of America, National Association (“Bank of America”) and ▇▇▇▇▇ Fargo have
entered into an Amended and Restated Master Mortgage Loan Purchase Agreement,
dated as of December 1, 2005 (the “2005
Purchase Agreement”),
an
Amended and Restated Master Seller’s Warranties and Servicing Agreement, dated
as of December 1, 2005 (the “2005
MSWSA”)
and
the Assignment and Conveyance Agreement (WFHM 2005-W97), dated December 15,
2005
(the “2005
ACA”),
pursuant to which ▇▇▇▇▇ Fargo sold certain mortgage loans to Bank of America
(the “2005
▇▇▇▇▇ Fargo Mortgage Loans”);
WHEREAS,
Bank of America and ▇▇▇▇▇ Fargo have entered into a Second Amended and Restated
Master Mortgage Loan Purchase Agreement, dated as of May 1, 2006 (the
“2006
MSWSA”)
and
the Assignment and Conveyance Agreement (WFHM 2006-W33), dated May 24, 2006
(the
“2006
ACA”),
pursuant to which ▇▇▇▇▇ Fargo sold certain mortgage loans to Bank of America
(the “2006
▇▇▇▇▇ Fargo Mortgage Loans”
and,
together with the 2005 ▇▇▇▇▇ Fargo Mortgage Loans, the “▇▇▇▇▇
Fargo Mortgage Loans”);
WHEREAS,
Bank of America and DLJ Mortgage Capital, Inc.
(“DLJ
Mortgage”)
have
entered into a Mortgage Loan Purchase Agreement, dated as of July 1, 2006 (the
“DLJ
Purchase Agreement”),
pursuant to which DLJ Mortgage sold certain mortgage loans to Bank of America
(the “DLJ
Mortgage Loans”);
WHEREAS,
▇▇▇▇▇▇▇ Sachs Mortgage Company (“GSMC”)
has
purchased from Bank of America, and Bank of America has assigned and conveyed
to
GSMC, certain of the ▇▇▇▇▇ Fargo Mortgage Loans and certain of the DLJ Mortgage
Loans (the “Transferred
Mortgage Loans”)
pursuant to (i) in the case of the ▇▇▇▇▇ Fargo Mortgage Loans, the Assignment,
Assumption and Recognition Agreement dated as of February 26, 2007, among Bank
of America, the Servicer and GSMC (the “Bank
of America Underlying Assignment Agreement”),
(ii)
in the case of the DLJ Mortgage Loans, the Assignment, Assumption, and
Recognition Agreement dated as of February 26, 2007 among Bank of America,
DLJ
Mortgage, the Servicer and GSMC (the “DLJ
Underlying Assignment Agreement”
and,
together with the Bank of America Underlying Assignment Agreement, the
“Underlying
Assignment Agreements”)
and
(iii) the related trade confirmation dated as of January 3, 2007 (the
“Trade
Confirmation”)
between GSMC and Bank of America;
-1-
WHEREAS,
GSMC and the Servicer entered into that certain Second Amended and Restated
Master Seller’s Warranties and Servicing Agreement dated as of November 1,
2005, (the “Servicing
Agreement”
and,
together with the Underlying Assignment Agreements, the “Agreements”),
under
which the Servicer agreed to service the Transferred Mortgage Loans for the
benefit of GSMC;
WHEREAS,
GSMC has assigned and conveyed certain of the Transferred Mortgage Loans (the
“Mortgage Loans”), which are subject to the relevant provisions of the
Agreements, to the Assignor pursuant to an Assignment, Assumption and
Recognition Agreement dated as of April 1, 2007 (the “GSMC
Assignment Agreement”),
which
mortgage loans are listed on the mortgage loan schedule (the “Mortgage
Loan Schedule”)
attached as Exhibit
1
hereto;
WHEREAS,
the Assignee has agreed on certain terms and conditions to purchase from the
Assignor the Mortgage Loans acquired by the Assignor pursuant to the GSMC
Assignment Agreement; and
WHEREAS,
pursuant to a Master Servicing and Trust Agreement dated as of April 1, 2007
(the “Trust
Agreement”),
among
the Depositor, the Trustee, as trustee, ▇▇▇▇▇ Fargo, as securities administrator
and master servicer, and Deutsche Bank National Trust Company, as a custodian,
the Assignor will transfer the Mortgage Loans to the Assignee, together with
the
Assignor’s rights under the Agreements and Section S of the Trade Confirmation,
to the extent relating to the Mortgage Loans (other than the rights of the
Assignor to indemnification thereunder).
NOW
THEREFORE, in consideration of the mutual promises contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Servicing.
The
Servicer agrees, with respect to the Mortgage Loans, to perform and observe
the
duties, responsibilities and obligations that are to be performed and observed
under the provisions of the Agreements, except as otherwise provided herein,
and
that the provisions of the Agreements, as modified herein, are and shall be
a
part of this Assignment Agreement to the same extent as if set forth herein
in
full.
2. Assignment
and Assumption.
(a) The Assignor hereby assigns to the Assignee, as of the date hereof, all
of its right, title and interest in and to the Mortgage Loans and the
Agreements, and all of its rights under Section S of the Trade Confirmation,
to
the extent relating to the Mortgage Loans (other than the rights of the Assignor
to indemnification thereunder), and the Assignee hereby assumes all of the
Assignor’s obligations under the Agreements and Section S of the Trade
Confirmation, to the extent relating to the Mortgage Loans from and after the
date hereof;
provided,
however,
it is
understood and agreed upon by the parties hereto, that the Assignee shall not
be
liable for (i) any breach of any obligation or representation of the
Assignor pursuant to the GSMC Assignment Agreement or (ii) any breach of any
obligation, covenant, representation or warranty of the Assignor, or be
responsible for any indemnification amounts owed by the Assignor, pursuant
to
the GSMC Assignment Agreements arising prior to the
date
hereof.
The
Assignor shall remain liable for all such liability arising prior to
the
date
hereof
and for
its own actions and omissions apart from those assumed by the
Assignee.
The
Servicer hereby acknowledges such assignment and assumption and hereby agrees
to
the release of the Assignor from any obligations under the Servicing Agreement
from and after the date hereof, to the extent relating to the Mortgage
Loans.
-2-
(b) The
Assignor represents and warrants to the Assignee that the Assignor has not
taken
any action which would serve to impair or encumber the Assignor’s ownership
interest in the Mortgage Loans since the date of the Underlying Assignment
Agreements.
(c) The
Servicer and the Assignor shall have the right to amend, modify or terminate
the
Servicing Agreement without the joinder of the Assignee with respect to mortgage
loans not conveyed to the Assignee hereunder; provided,
however,
that
such amendment, modification or termination shall not affect or be binding
on
the Assignee.
3. Accuracy
of the Agreements.
The
Servicer and the Assignor represent and warrant to the Assignee that (i)
attached hereto as Exhibit
2
are
true, accurate and complete copies of the Agreements, (ii) the Agreements are
in
full force and effect as of the date hereof and (iii) the Agreements have not
been further amended or modified in any respect.
The
Servicer further represents and warrants that (i) no notice of termination
has
been given to the Servicer under the Servicing Agreement and (ii) the
representations and warranties contained in Section 3.1 of the Servicing
Agreement, as modified by the applicable Underlying Assignment Agreements,
are
true and correct as of April 30, 2007.
The
Assignor further represents and warrants to the Assignee that (i) attached
hereto as Exhibit
3
is a
true, accurate and complete copy of Section S of the Trade Confirmation, (ii)
the Trade Confirmation is in full force and effect as of the date hereof and
(iii) the Trade Confirmation has not been further amended or modified in any
respect.
4. Recognition
of Assignee.
(a) From
and
after the date hereof, the Servicer shall note the transfer of the Mortgage
Loans to the Assignee in its books and records, shall recognize the Assignee
as
the owner of the Mortgage Loans and, notwithstanding anything herein or in
the
Servicing Agreement (as modified by the applicable Underlying Assignment
Agreement) to the contrary, shall service all of the Mortgage Loans for the
benefit of the Assignee pursuant to the Servicing Agreement (as modified by
the
applicable Underlying Assignment Agreement), the terms of which are incorporated
herein by reference, whether or not such Mortgage Loans have been serviced
pursuant to such agreement prior to the date hereof. It is the intention of
the
Assignor, the Servicer, and the Assignee that the Agreements shall be binding
upon and inure to the benefit of the Servicer and the Assignee and their
successors and assigns. In addition, it is the intention of the Assignor and
the
Assignee that Section S of the Trade Confirmation shall be binding upon and
inure to the benefit of the Assignee and its successors and
assigns.
-3-
(b) The
Servicer further acknowledges that, from and after the date hereof, it (and
any
of its successors under the Servicing Agreement) will be subject to the
supervision of the Master Servicer (except that the Master Servicer shall not
be
responsible for supervising the servicing of defaulted Mortgage Loans and REO
Properties) and that the Master Servicer, acting on behalf of the Assignee
as
the owner of the Mortgage Loans, shall have the same rights as were assigned
by
GSMC, in its capacity as the original “Purchaser” under the Servicing Agreement,
to the Assignor under the GSMC Assignment Agreement, and further assigned
hereunder by the Assignor to the Assignee, on behalf of the Trust. Such rights
that the Master Servicer may enforce on behalf of the Assignee will include,
without limitation, the right to terminate the Servicer under the Servicing
Agreement upon the occurrence of an event of default thereunder, the right
to
receive all remittances required to be made by the Servicer under the Servicing
Agreement, the right to receive all monthly reports and other data required
to
be delivered by the Servicer under the Servicing Agreement and the right to
exercise certain rights of consent and approval relating to actions taken by
the
Servicer.
(c) All
reports and other data required to be delivered by the Servicer to the
“Purchaser” under the Servicing Agreement shall be delivered to the Master
Servicer or the Assignee, as designated by the Assignee, at the address set
forth in Section 11 hereof. All remittances required to be made to the Assignee,
as the successor in interest to the Assignor under the Servicing Agreement,
shall be made instead to the Master Servicer by wire transfer to the following
account:
▇▇▇▇▇
FARGO BANK, NA
ABA#
▇▇▇▇▇▇▇▇▇
FOR
CREDIT TO: SAS CLEARING
ACCT:
▇▇▇▇▇▇▇▇▇▇
REFERENCE:
GSR 2007-3F Acct
#
53145900
Notwithstanding
anything to the contrary in the Servicing Agreement, with respect to the
Mortgage Loans, not later than the tenth calendar day of each month (or if
such
tenth calendar day is not a Business Day, the immediately succeeding Business
Day), the Servicer shall furnish to the Master Servicer (i)(a) monthly loan
data
in a mutually agreed-upon format, (b) default loan data in the format set forth
in Exhibit
7
and
Exhibit
8
hereto
(or in such other format mutually agreed upon between the Servicer and the
Master Servicer) and (c) information regarding the realized losses and gains
in
the format set forth in Exhibit
5
and
Exhibit
6
hereto
(or in such other format mutually agreed upon between the Servicer and the
Master Servicer), in each case relating to the period ending on the last day
of
the preceding calendar month, (ii) all such information required pursuant to
clause (i)(a) above on a magnetic tape, electronic mail, or other similar media
reasonably acceptable to the Master Servicer and (iii) all supporting
documentation with respect to the information required under the preceding
paragraph. No later than two (2) Business Days after the thirteenth day of
each calendar month, the Servicer shall furnish to the Master Servicer a monthly
report containing such information regarding prepayments of Mortgage Loans
during the applicable Principal Prepayment Period and in a format as mutually
agreed to between the Servicer and the Master Servicer.
5. Representations
and Warranties of the Assignee. The Assignee hereby represents and warrants
to
the Assignor as follows:
-4-
(a) Authority.
The
Assignee hereto represents and warrants that it is duly and legally authorized
to enter into this Assignment Agreement and to perform its obligations hereunder
and under the Agreements and Section S of the Trade Confirmation.
(b) Enforceability.
The
Assignee hereto represents and warrants that this Assignment Agreement has
been
duly authorized, executed and delivered by it and (assuming due authorization,
execution and delivery thereof by each of the other parties hereto) constitutes
its legal, valid and binding obligation, enforceable in accordance with its
terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’
rights generally and by general equitable principles (regardless of whether
such
enforcement is considered in a proceeding in equity or at law).
6. Representations
and Warranties of the Assignor. The Assignor hereby represents and warrants
to
the Assignee as follows:
(a) Organization.
The
Assignor has been duly organized and is validly existing as a corporation in
good standing under the laws of the State of Delaware with full power and
authority (corporate and other) to enter into and perform its obligations under
the Agreements, the Trade Confirmation and this Assignment
Agreement.
(b) Enforceability.
This
Assignment Agreement has been duly executed and delivered by the Assignor,
and,
assuming due authorization, execution and delivery by each of the other parties
hereto, constitutes a legal, valid, and binding agreement of the Assignor,
enforceable against it in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium, or other similar laws affecting
creditors’ rights generally and to general principles of equity regardless of
whether enforcement is sought in a proceeding in equity or at law.
(c) No
Consent.
The
execution, delivery and performance by the Assignor of this Assignment Agreement
and the consummation of the transactions contemplated hereby do not require
the
consent or approval of, the giving of notice to, the registration with, or
the
taking of any other action in respect of, any state, federal or other
governmental authority or agency, except such as has been obtained, given,
effected or taken prior to the date hereof.
(d) Authorization;
No Breach.
The
execution and delivery of this Assignment Agreement have been duly authorized
by
all necessary corporate action on the part of the Assignor; neither the
execution and delivery by the Assignor of this Assignment Agreement, nor the
consummation by the Assignor of the transactions herein contemplated, nor
compliance by the Assignor with the provisions hereof, will conflict with or
result in a breach of, or constitute a default under, any of the provisions
of
the governing documents of the Assignor or any law, governmental rule or
regulation or any material judgment, decree or order binding on the Assignor
or
any of its properties, or any of the provisions of any material indenture,
mortgage, deed of trust, contract or other instrument to which the Assignor
is a
party or by which it is bound.
-5-
(e) Actions;
Proceedings.
There
are no actions, suits or proceedings pending or, to the knowledge of the
Assignor, threatened, before or by any court, administrative agency, arbitrator
or governmental body (A) with respect to any of the transactions
contemplated by this Assignment Agreement or (B) with respect to any other
matter that in the judgment of the Assignor will be determined adversely to
the
Assignor and will, if determined adversely to the Assignor, materially adversely
affect its ability to perform its obligations under this Assignment
Agreement.
(f) Prior
Assignments; Pledges.
Except
for the sale to the Assignee, the Assignor has not assigned or pledged any
Mortgage Note or the related Mortgage or any interest or participation
therein.
(g) Releases.
The
Assignor has not satisfied, canceled, or subordinated in whole or in part,
or
rescinded any Mortgage, and the Assignor has not released the related Mortgaged
Property from the lien of any Mortgage, in whole or in part, nor has the
Assignor executed an instrument that would effect any such release,
cancellation, subordination, or rescission. The Assignor has not released any
Mortgagor, in whole or in part, except in connection with an assumption
agreement or other agreement approved by the related federal insurer, to the
extent such approval was required.
(h) Compliance
with Applicable Laws.
Any and
all requirements of any federal, state or local law including, without
limitation, usury, truth-in-lending, real estate settlement procedures, consumer
credit protection, equal credit opportunity, predatory and abusive lending
or
disclosure laws applicable to the Mortgage Loans have been complied with. All
inspections, licenses and certificates required to be made or issued with
respect to all occupied portions of the Mortgaged Properties and, with respect
to the use and occupancy of the same, including but not limited to certificates
of occupancy and fire underwriting certificates, have been made or obtained
from
the appropriate authorities.
(i) HOEPA.
No
Mortgage Loan is classified as a “high cost” mortgage loan under Section 32 of
the Home Ownership and Equity Protection Act of 1994, as amended, and no
Mortgage Loan is considered a “high cost” mortgage loan under any applicable
federal, state or local predatory or abusive lending 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). No Mortgage Loan is a “High
Cost Loan” or “Covered Loan,” as applicable, as such terms are defined in the
then current Standard & Poor’s LEVELSâ
Glossary
and no Mortgage Loan originated on or after October 1, 2002 through March 6,
2003 is governed by the Georgia Fair Lending Act.
(j) Bring
Down.
With
respect to the Agreements, nothing has occurred or failed to occur from and
after the closing date set forth in the Underlying Assignment Agreement to
April
30, 2007 that would cause any of (i) with respect to those Mortgage Loans
purchased pursuant to the 2005 ACA, the representations and warranties contained
in Section 3.02 of the 2005 MSWSA, (ii) with respect to those Mortgage
Loans purchased pursuant to the 2006 ACA, the representations and warranties
contained in Section 3.02 of the 2006 MSWSA or (iii) with respect to those
Mortgage Loans purchased pursuant to the DLJ Purchase Agreement, the
representations and warranties contained in Section 4.1(vii) of such
agreement, to be incorrect in any material respects as of the date hereof as
if
made on the date hereof.
-6-
It
is
understood and agreed that the representations and warranties set forth in
this
Section 6 shall survive delivery of the respective Mortgage Loan Documents
to the custodian and shall inure to the benefit of the Assignee and its assigns
notwithstanding any restrictive or qualified endorsement or assignment. Upon
the
discovery by the Assignor or the Assignee and its assigns of a breach of the
foregoing representations and warranties, the party discovering such breach
shall give prompt written notice to the other parties to this Assignment
Agreement, and in no event later than two (2) Business Days from the date
of such discovery. It is understood and agreed that the obligations of the
Assignor set forth in Section 8 to repurchase a Mortgage Loan constitute
the sole remedies available to the Assignee and its assigns on their behalf
respecting a breach of the representations and warranties contained in this
Section 6. It is further understood and agreed that the Assignor shall be
deemed not to have made the representations and warranties in this
Section 6(j) with respect to, and to the extent of, representations and
warranties made, as to the matters covered in this Section 6(j), by the
Servicer in the Agreements (or any officer’s certificate delivered pursuant
thereto).
It
is
understood and agreed that the Assignor has made no representations or
warranties to the Assignee other than those contained in this Section 6,
and no other affiliate of the Assignor has made any representations or
warranties of any kind to the Assignee.
7. Amendment
of the Servicing Agreement.
In
connection with the transfer of the Mortgage Loans hereunder, the Servicer
agrees that, from and after the date hereof, each Mortgage Loan transferred
hereunder will be subject to, and serviced under, the Servicing Agreement (as
modified by the applicable Underlying Assignment Agreement), provided that,
solely with respect to the Mortgage Loans transferred hereunder, the following
modifications shall be made:
|
(a)
|
The
definition of “Principal Prepayment Period” in Article I is hereby deleted
in its entirety and replaced with the
following:
|
Principal
Prepayment Period:
With
respect to each Remittance Date and the Mortgage Loans (x) identified with
a "Y"
in the column entitled "Mid-Month" on Exhibit 1 hereto, the period commencing
on
the 14th day of the month preceding the month in which such Remittance Date
occurs, and ending on the 13th day of the month in which such Remittance Date
occurs and (y) identified with a "N" in the column entitled "Mid-Month" on
Exhibit 1 to the AAR, the period commencing on the first day of the month
preceding the month in which such Remittance Date occurs, and ending on the
last
day of such month.
|
(b)
|
Section
4.14 of the Servicing Agreement is hereby amended and restated in
its
entirety to read as follows:
|
The
Company or its agent shall inspect the Mortgaged Property as often as deemed
necessary by the Company and in accordance with Accepted Servicing
Practices or as may be required by the primary mortgage guaranty insurer, to
assure itself that the value of the Mortgaged Property is being preserved.
The
Company shall keep a record of each such inspection and, upon request, shall
provide the Purchaser with an electronic report of each such
inspection
-7-
|
(c)
|
Section
6.4(ii) of the Servicing Agreement is hereby amended by replacing
the
words “Purchaser and any Depositor” and “Purchaser and such Depositor”
with “Master Servicer”.
|
|
(d)
|
Section
6.6 of the Servicing Agreement is hereby amended by replacing the
words
“Purchaser and any Depositor” and “Purchaser and such Depositor” with
“Master Servicer”.
|
8. Repurchase
of Mortgage Loans.
Upon
discovery by any party to this Assignment Agreement or notice to any such party
of any breach by the Assignor of any representation, warranty or covenant under
this Assignment Agreement that materially and adversely affects the value of
any
Mortgage Loan or the interest of the Assignee therein (it being understood
that
any such defect or breach shall be deemed to have materially and adversely
affected the value of the related Mortgage Loan or the interest of the Assignee
therein if the Assignee incurs a loss as a result of such defect or breach),
such party shall notify the Assignee and the Assignee promptly shall request
that the Assignor cure such breach and, if the Assignor does not cure such
breach in all material respects within 60 days from the date on which it is
notified of the breach, the Assignee may enforce the Assignor’s obligation
hereunder to purchase such Mortgage Loan from the Assignee at the Purchase
Price
(as defined in the Trust Agreement). Notwithstanding the foregoing, however,
if
such breach is a Qualification Defect, such cure or repurchase must take place
within 75 days of discovery of such Qualification Defect.
In
the
event of a repurchase of any Mortgage Loan by the Assignor, the Assignee shall
promptly deliver to the Assignor or its designee the related Custodial Mortgage
File and shall assign to the Assignor all of the Assignee’s rights under the
Agreements and Section S of the Trade Confirmation, but only insofar as the
Agreements or Section S of the Trade Confirmation relate to such Mortgage
Loan.
Except
as
specifically set forth herein, the Assignee shall have no responsibility to
enforce any provision of this Assignment Agreement, to oversee compliance hereof
or to take notice of any breach or default thereof.
9. Continuing
Effect.
Except
as contemplated hereby, the Agreements and the Trade Confirmation shall remain
in full force and effect in accordance with their respective terms.
10. Governing
Law.
THIS
ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND
THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN
ACCORDANCE WITH SUCH LAWS.
-8-
EACH
PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY AND
ALL
RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON,
OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT AGREEMENT, OR
ANY
OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS
OF SUCH PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER
INTO THIS ASSIGNMENT AGREEMENT.
11. Notices.
Any
notices or other communications permitted or required hereunder or under the
Agreements shall be in writing and shall be deemed conclusively to have been
given if personally delivered at or mailed by registered mail, postage prepaid,
and return receipt requested or transmitted by telex, telegraph or telecopier
and confirmed by a similar mailed writing, to:
(a) in
the
case of the Servicer,
▇▇▇▇▇ Fargo Bank, N.A.
1
Home Campus, MAC #X2302-033
▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Attention: ▇▇▇▇ ▇▇▇▇▇
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
With a copy to:
▇▇▇▇▇ Fargo Bank, N.A.
1
Home Campus, MAC #X2401-06T
▇▇▇
▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Attention: General Counsel
Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
or
such address as may hereafter be furnished by the Servicer;
(b) in
the
case of the Master Servicer,
▇▇▇▇▇ Fargo Bank, N.A.
▇.▇. ▇▇▇ ▇▇
▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Client Manager (GSR 2007-3F)
(or
in the case of overnight deliveries,
▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇ 21045)
Telephone:
(▇▇▇) ▇▇▇-▇▇▇▇
Facsimile:
(▇▇▇) ▇▇▇-▇▇▇▇
or
such address as may hereafter be furnished by the Master Servicer;
-9-
(c) in
the
case of the Assignee,
U.S.
Bank National Association
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
▇▇▇
▇▇▇▇,
▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention:
Structured Finance Department - GSR 2007-3F
Telephone: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
or
such other address as may hereafter be furnished by the Assignee;
and
(d) in
the
case of the Assignor,
GS
Mortgage Securities Corp.,
▇▇
▇▇▇▇▇
▇▇▇▇▇▇
▇▇▇
▇▇▇▇,
▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention:
▇▇▇▇▇▇▇▇▇ House
Fax:
(▇▇▇) ▇▇▇-▇▇▇▇
or
such other address as may hereafter be furnished by the Assignor.
12. Counterparts.
This
Assignment Agreement may be executed in counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument.
13. Definitions.
Any
capitalized term used but not defined in this Assignment Agreement shall have
the meaning assigned thereto in the Agreements or the Trust Agreement, as
applicable.
14. Trustee
Capacity.
It is
expressly understood and agreed by the parties hereto that insofar as this
Assignment Agreement is executed by the Trustee: (i) this Assignment Agreement
is executed and delivered by U.S. Bank National Association, not individually
or
personally but solely on behalf of the Trust, in the exercise of the powers
and
authority conferred and vested in it, (ii) each of the representations,
undertakings and agreements by U.S. Bank National Association is made and
intended for the purpose of binding only the Trust, (iii) nothing herein shall
be construed as creating any liability on the part of U.S. Bank National
Association, individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and such waiver shall bind any third
party making a claim by or through one of the parties hereto, and (iv) under
no
circumstances shall U.S. Bank National Association in its individual capacity
be
personally liable for the payment of any indebtedness or expenses undertaken
under this Assignment Agreement.
-10-
15.
Confidentiality.
Notwithstanding anything to the contrary contained in this Assignment Agreement,
the Servicer hereby agrees that the Depositor and its designees may file copies
of the this Assignment Agreement with the Securities and Exchange Commission
in
accordance with Item 1108(c) of Regulation AB.
-11-
IN
WITNESS WHEREOF, the parties hereto have executed this Assignment Agreement
the
day and year first above written.
|
ASSIGNEE:
U.S.
BANK NATIONAL ASSOCIATION,
not
in its individual capacity but solely as
Trustee
|
||
| |
|
|
| By: | /s/ ▇▇▇▇▇▇▇▇ ▇’▇▇▇▇▇ | |
|
Name:
▇▇▇▇▇▇▇▇ ▇’▇▇▇▇▇
Title:
Vice President
|
||
|
ASSIGNOR:
GS
MORTGAGE SECURITIES CORP.
|
||
| |
|
|
| By: | /s/ ▇. ▇▇▇▇ | |
|
Name:
▇. ▇▇▇▇
Title:
Vice President
|
||
|
SERVICER:
▇▇▇▇▇
FARGO BANK, N.A.
|
||
| |
|
|
| By: | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ | |
|
Name:
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title:
Vice President
|
||
Acknowledged
by:
▇▇▇▇▇
FARGO BANK, N.A.,
As
Master
Servicer
|
By:
|
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ | |
|
|
Name: ▇▇▇▇▇▇
▇▇▇▇▇▇
Title:
Vice President
|
-12-
EXHIBIT 1
Mortgage
Loan Schedule
[To
be
retained in a separate closing binder entitled “GSR 2007-3F Mortgage Loan
Schedules” at the Washington D.C. Offices of ▇▇▇▇▇ ▇▇▇▇▇▇ LLP]
1-1
EXHIBIT 2
Agreements
2-1
EXHIBIT
3
Section
S of the Trade Confirmation
S. Early
Payment Default:
In
the
event that the first scheduled payment of principal and interest (or interest
in
the case of an interest only loan) to be made by the mortgagor on the first
due
date after the Closing Date, in addition to any scheduled payments due prior
to
the Closing Date, with respect to any Mortgage Loan is not paid on or prior
to
such due date, the Seller shall repurchase such Mortgage Loan within thirty
(30)
days of the Purchaser’s request at a price equal to the Repurchase Price. The
Purchaser shall request any repurchase pursuant to this paragraph on or before
the thirtieth (30th)
day
from the date that the Purchaser receives notice of the related early payment
default (which notice may include receipt of a monthly remittance advice
reflecting such early payment default). The
provisions set forth in this paragraph shall survive the related Closing Date
and shall not merge with any of the closing documents and shall be enforced
by
the Purchaser independently of this or any other agreement.
3-1
EXHIBIT 4
[Reserved]
4-1
EXHIBIT
5
Calculation
of Realized Loss/Gain Form 332- Instruction Sheet
NOTE:
Do not net or combine items. Show all expenses individually and all credits
as
separate line items. Claim packages are due on the remittance report date.
Late
submissions may result in claims not being passed until the following month.
The
Servicer is responsible to remit all funds pending loss approval and /or
resolution of any disputed items.
The
numbers on the 332 form correspond with the numbers listed below.
Liquidation
and Acquisition Expenses:
| 1. |
The
Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
an Amortization Schedule from date of default through liquidation
breaking
out the net interest and servicing fees advanced is
required.
|
| 2. |
The
Total Interest Due less the aggregate amount of servicing fee that
would
have been earned if all delinquent payments had been made as agreed.
For
documentation, an Amortization Schedule from date of default through
liquidation breaking out the net interest and servicing fees advanced
is
required.
|
| 3. |
Accrued
Servicing Fees based upon the Scheduled Principal Balance of the
Mortgage
Loan as calculated on a monthly basis. For documentation, an Amortization
Schedule from date of default through liquidation breaking out the
net
interest and servicing fees advanced is
required.
|
| 4-12. |
Complete
as applicable. Required
documentation:
|
·
For taxes and insurance advances - see page 2 of 332 form - breakdown required
showing period of coverage, base tax, interest, penalty. Advances prior to
default require evidence of servicer efforts to recover
advances.
·
For escrow advances - complete payment history (to calculate advances from
last
positive escrow balance forward)
·
Other expenses - copies of corporate advance history showing all payments
·
REO repairs > $1500 require explanation
·
REO repairs >$3000 require evidence of at least 2
bids.
·
Short Sale or Charge Off require P&L supporting the decision and WFB’s
approved Servicing Officer certification
·
Unusual or extraordinary items may require further documentation.
| 13. |
The
total of lines 1 through 12.
|
Credits:
| 14-21. |
Complete
as applicable. Required
documentation:
|
·
Copy of the HUD 1 from the REO sale. If a 3rd
Party
Sale, bid instructions and Escrow Agent / Attorney Letter of Proceeds
Breakdown.
5-1
·
Copy of EOB for any MI or gov't guarantee
·
All other credits need to be clearly defined on the 332
form
|
22.
|
The
total of lines 14 through 21.
|
Please
Note: For
HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
Part
B/Supplemental proceeds.
Total
Realized Loss (or Amount of Any Gain)
23. The
total
derived from subtracting line 22 from 13. If the amount represents a realized
gain, show
the
amount in parenthesis ( ).
5-2
EXHIBIT
6
Calculation
of Realized Loss/Gain Form 332
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
Type: REO Sale
3rd
Party Sale Short
Sale Charge
Off
Was
this loan granted a Bankruptcy deficiency or cramdown Yes
No
If
“Yes”,
provide deficiency or cramdown amount
_______________________________
Liquidation
and Acquisition Expenses:
|
(1)
|
Actual
Unpaid Principal Balance of Mortgage Loan
|
$
______________
|
(1)
|
|||
|
(2)
|
|
Interest
accrued at Net Rate
|
________________
|
(2)
|
||
|
(3)
|
Accrued
Servicing Fees
|
________________
|
(3)
|
|||
|
(4)
|
Attorney's
Fees
|
________________
|
(4)
|
|||
|
(5)
|
Taxes
(see page 2)
|
________________
|
(5)
|
|||
|
(6)
|
Property
Maintenance
|
________________
|
(6)
|
|||
|
(7)
|
MI/Hazard
Insurance Premiums (see page 2)
|
________________
|
(7)
|
|||
|
(8)
|
Utility
Expenses
|
________________
|
(8)
|
|||
|
(9)
|
Appraisal/BPO
|
________________
|
(9)
|
|||
|
(10)
|
Property
Inspections
|
________________
|
(10)
|
|||
|
(11)
|
FC
Costs/Other Legal Expenses
|
________________
|
(11)
|
|||
|
(12)
|
Other
(itemize)
|
________________
|
(12)
|
|||
|
Cash
for Keys__________________________
|
________________
|
(12)
|
||||
|
HOA/Condo
Fees_______________________
|
________________
|
(12)
|
||||
|
______________________________________
|
________________
|
(12)
|
||||
|
|
||||||
|
Total
Expenses
|
$
_______________
|
(13)
|
||||
|
Credits:
|
||||||
|
(14)
|
Escrow
Balance
|
$
_______________
|
(14)
|
|||
|
(15)
|
HIP
Refund
|
________________
|
(15)
|
|||
|
(16)
|
Rental
Receipts
|
________________
|
(16)
|
|||
|
(17)
|
Hazard
Loss Proceeds
|
________________
|
(17)
|
|
(18)
|
Primary
Mortgage Insurance / Gov’t Insurance
HUD
Part A
|
________________
|
(18a)
|
|||
|
________________
|
(18b)
|
|||||
| HUD Part B | ||||||
|
(19)
|
Pool
Insurance Proceeds
|
________________
|
(19)
|
|||
|
(20)
|
Proceeds
from Sale of Acquired Property
|
________________
|
(20)
|
|||
|
(21)
|
Other
(itemize)
|
________________
|
(21)
|
|||
|
_________________________________________
|
________________
|
(21)
|
||||
|
|
||||||
|
Total
Credits
|
$________________
|
(22)
|
||||
|
Total
Realized Loss (or Amount of Gain)
|
$________________
|
(23)
|
6-1
Escrow
Disbursement Detail
|
Type
(Tax
/Ins.)
|
Date
Paid
|
Period
of Coverage
|
Total
Paid
|
Base
Amount
|
Penalties
|
Interest
|
||||||
6-2
EXHIBIT
7
Standard
File Layout - Scheduled/Scheduled
|
Column
Name
|
Description
|
Decimal
|
Format
Comment
|
Max
Size
|
||||
|
Each
file requires the following fields:
|
|
|
|
|||||
|
SER_INVESTOR_NBR
|
A
value assigned by the Servicer to define a group of loans.
|
|
Text
up to 20 digits
|
20
|
||||
|
LOAN_NBR
|
A
unique identifier assigned to each loan by the investor.
|
|
Text
up to 10 digits
|
10
|
||||
|
SERVICER_LOAN_NBR
|
A
unique number assigned to a loan by the Servicer. This may be different
than the LOAN_NBR.
|
|
Text
up to 10 digits
|
10
|
||||
|
SCHED_PAY_AMT
|
Scheduled
monthly principal and scheduled interest payment that a borrower
is
expected to pay, P&I constant.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
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 rate as reported by
the
Servicer.
|
4
|
Max
length of 6
|
6
|
||||
|
SERV_FEE_RATE
|
The
servicer's fee rate for a loan as reported by the Servicer.
|
4
|
Max
length of 6
|
6
|
||||
|
SERV_FEE_AMT
|
The
servicer's fee amount for a loan as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
NEW_PAY_AMT
|
The
new loan payment amount as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
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 forecasted
rate.
|
4
|
Max
length of 6
|
6
|
||||
|
ACTL_BEG_PRIN_BAL
|
The
borrower's actual principal balance at the beginning of the processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
ACTL_END_PRIN_BAL
|
The
borrower's actual principal balance at the end of the processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
BORR_NEXT_PAY_DUE_DATE
|
The
date at the end of processing cycle that the borrower's next payment
is
due to the Servicer, as reported by Servicer.
|
|
MM/DD/YYYY
|
10
|
||||
|
SERV_CURT_AMT_1
|
The
first curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SERV_CURT_DATE_1
|
The
curtailment date associated with the first curtailment amount.
|
|
MM/DD/YYYY
|
10
|
||||
|
CURT_ADJ_
AMT_1
|
The
curtailment interest on the first curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SERV_CURT_AMT_2
|
The
second curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SERV_CURT_DATE_2
|
The
curtailment date associated with the second curtailment
amount.
|
|
MM/DD/YYYY
|
10
|
||||
|
CURT_ADJ_
AMT_2
|
The
curtailment interest on the second curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
7-1
|
Column
Name
|
Description
|
Decimal
|
Format
Comment
|
Max
Size
|
||||
|
SERV_CURT_AMT_3
|
The
third curtailment amount to be applied.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SERV_CURT_DATE_3
|
The
curtailment date associated with the third curtailment
amount.
|
|
MM/DD/YYYY
|
10
|
||||
|
CURT_ADJ_AMT_3
|
The
curtailment interest on the third curtailment amount, if
applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
PIF_AMT
|
The
loan "paid in full" amount as reported by the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
PIF_DATE
|
The
paid in full date as reported by the Servicer.
|
|
MM/DD/YYYY
|
10
|
||||
|
ACTION_CODE
|
The
standard FNMA numeric code used to indicate the default/delinquent
status
of a particular loan.
|
|
Action
Code Key: 15=Bankruptcy, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇, , ▇▇▇▇▇▇, 63=Substitution,
65=Repurchase,70=REO
|
2
|
||||
|
INT_ADJ_AMT
|
The
amount of the interest adjustment as reported by the
Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SOLDIER_SAILOR_ADJ_AMT
|
The
Soldier and Sailor Adjustment amount, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
NON_ADV_LOAN_AMT
|
The
Non Recoverable Loan Amount, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
LOAN_LOSS_AMT
|
The
amount the Servicer is passing as a loss, if applicable.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
Plus
the following applicable fields:
|
|
|
|
|||||
|
SCHED_BEG_PRIN_BAL
|
The
scheduled outstanding principal amount due at the beginning of the
cycle
date to be passed through to investors.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SCHED_END_PRIN_BAL
|
The
scheduled principal balance due to investors at the end of a processing
cycle.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SCHED_PRIN_AMT
|
The
scheduled principal amount as reported by the Servicer for the current
cycle -- only applicable for Scheduled/Scheduled Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
SCHED_NET_INT
|
The
scheduled gross interest amount less the service fee amount for the
current cycle as reported by the Servicer -- only applicable for
Scheduled/Scheduled Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
ACTL_PRIN_AMT
|
The
actual principal amount collected by the Servicer for the current
reporting cycle -- only applicable for Actual/Actual
Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
ACTL_NET_INT
|
The
actual gross interest amount less the service fee amount for the
current
reporting cycle as reported by the Servicer -- only applicable for
Actual/Actual Loans.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
PREPAY_PENALTY_
AMT
|
The
penalty amount received when a borrower prepays on his loan as reported
by
the Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
PREPAY_PENALTY_
WAIVED
|
The
prepayment penalty amount for the loan waived by the
servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
7-2
|
Column
Name
|
Description
|
Decimal
|
Format
Comment
|
Max
Size
|
||||
|
MOD_DATE
|
The
Effective Payment Date of the Modification for the loan.
|
|
MM/DD/YYYY
|
10
|
||||
|
MOD_TYPE
|
The
Modification Type.
|
|
Varchar
- value can be alpha or numeric
|
30
|
||||
|
DELINQ_P&I_ADVANCE_AMT
|
The
current outstanding principal and interest advances made by
Servicer.
|
2
|
No
commas(,) or dollar signs ($)
|
11
|
||||
|
BREACH_FLAG
|
Flag
to indicate if the repurchase of a loan is due to a breach of
Representations and Warranties
|
Y=Breach
N=NO
Breach
Let
blank if N/A
|
1
|
7-3
EXHIBIT
8
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 due to the servicer at the
end of
processing cycle, as reported by Servicer.
|
MM/DD/YYYY
|
||||
|
LOAN_TYPE
|
Loan
Type (i.e. FHA, VA, Conv)
|
|
||||
|
BANKRUPTCY_FILED_DATE
|
The
date a particular bankruptcy claim was filed.
|
MM/DD/YYYY
|
||||
|
BANKRUPTCY_CHAPTER_CODE
|
The
chapter under which the bankruptcy was filed.
|
|
||||
|
BANKRUPTCY_CASE_NBR
|
The
case number assigned by the court to the bankruptcy
filing.
|
|
||||
|
POST_PETITION_DUE_DATE
|
The
payment due date once the bankruptcy has been approved by the
courts
|
MM/DD/YYYY
|
||||
|
BANKRUPTCY_DCHRG_DISM_DATE
|
The
Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged
and/or a Motion For Relief Was Granted.
|
MM/DD/YYYY
|
||||
|
LOSS_MIT_APPR_DATE
|
The
Date The Loss Mitigation Was Approved By The Servicer
|
MM/DD/YYYY
|
||||
|
LOSS_MIT_TYPE
|
The
Type Of Loss Mitigation Approved For A Loan Such As;
|
|||||
|
LOSS_MIT_ACT_COMP_DATE
|
The
Date The Loss Mitigation Is Actually Completed
|
MM/DD/YYYY
|
||||
|
ATTORNEY_REFERRAL_DATE
|
Date
File Was Referred To Attorney to Pursue Foreclosure
|
MM/DD/YYYY
|
||||
|
FIRST_LEGAL_DATE
|
Notice
of 1st legal filed by an Attorney in a Foreclosure Action
|
MM/DD/YYYY
|
||||
|
FRCLSR_SALE_EXPECTED_DATE
|
The
date by which a foreclosure sale is expected to occur.
|
MM/DD/YYYY
|
||||
|
FRCLSR_SALE_DATE
|
The
actual date of the foreclosure sale.
|
MM/DD/YYYY
|
||||
|
FRCLSR_SALE_AMT
|
The
amount a property sold for at the foreclosure sale.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
EVICTION_START_DATE
|
The
date the servicer initiates eviction of the borrower.
|
MM/DD/YYYY
|
||||
|
EVICTION_COMPLETED_DATE
|
The
date the court revokes legal possession of the property from the
borrower.
|
MM/DD/YYYY
|
||||
|
LIST_PRICE
|
The
price at which an REO property is marketed.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
LIST_DATE
|
The
date an REO property is listed at a particular price.
|
MM/DD/YYYY
|
||||
|
OFFER_AMT
|
The
dollar value of an offer for an REO property.
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
OFFER_DATE_TIME
|
The
date an offer is received by DA Admin or by the Servicer.
|
MM/DD/YYYY
|
||||
|
REO_CLOSING_DATE
|
The
date the REO sale of the property is scheduled to close.
|
MM/DD/YYYY
|
||||
|
REO_ACTUAL_CLOSING_DATE
|
Actual
Date Of REO Sale
|
MM/DD/YYYY
|
||||
|
OCCUPANT_CODE
|
Classification
of how the property is occupied.
|
|
8-1
|
PROP_CONDITION_CODE
|
A
code that indicates the condition of the property.
|
|
||||
|
PROP_INSPECTION_DATE
|
The
date a property inspection is performed.
|
MM/DD/YYYY
|
||||
|
APPRAISAL_DATE
|
The
date the appraisal was done.
|
MM/DD/YYYY
|
||||
|
CURR_PROP_VAL
|
The
current "as is" value of the property based on brokers price opinion
or
appraisal.
|
2
|
|
|||
|
REPAIRED_PROP_VAL
|
The
amount the property would be worth if repairs are completed pursuant
to a
broker's price opinion or appraisal.
|
2
|
|
|||
|
If
applicable:
|
|
|
||||
|
DELINQ_STATUS_CODE
|
FNMA
Code Describing Status of Loan
|
|||||
|
DELINQ_REASON_CODE
|
The
circumstances which caused a borrower to stop paying on a loan. Code
indicates the reason why the loan is in default for this
cycle.
|
|||||
|
MI_CLAIM_FILED_DATE
|
Date
Mortgage Insurance Claim Was Filed With Mortgage Insurance
Company.
|
MM/DD/YYYY
|
||||
|
MI_CLAIM_AMT
|
Amount
of Mortgage Insurance Claim Filed
|
No
commas(,) or dollar signs ($)
|
||||
|
MI_CLAIM_PAID_DATE
|
Date
Mortgage Insurance Company Disbursed Claim Payment
|
MM/DD/YYYY
|
||||
|
MI_CLAIM_AMT_PAID
|
Amount
Mortgage Insurance Company Paid On Claim
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
POOL_CLAIM_FILED_DATE
|
Date
Claim Was Filed With Pool Insurance Company
|
MM/DD/YYYY
|
||||
|
POOL_CLAIM_AMT
|
Amount
of Claim Filed With Pool Insurance Company
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
POOL_CLAIM_PAID_DATE
|
Date
Claim Was Settled and The Check Was Issued By The Pool
Insurer
|
MM/DD/YYYY
|
||||
|
POOL_CLAIM_AMT_PAID
|
Amount
Paid On Claim By Pool Insurance Company
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
FHA_PART_A_CLAIM_FILED_DATE
|
Date
FHA Part A Claim Was Filed With HUD
|
MM/DD/YYYY
|
||||
|
FHA_PART_A_CLAIM_AMT
|
Amount
of FHA Part A Claim Filed
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
FHA_PART_A_CLAIM_PAID_DATE
|
Date
HUD Disbursed Part A Claim Payment
|
MM/DD/YYYY
|
||||
|
FHA_PART_A_CLAIM_PAID_AMT
|
Amount
HUD Paid on Part A Claim
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
FHA_PART_B_CLAIM_FILED_DATE
|
Date
FHA Part B Claim Was Filed With HUD
|
MM/DD/YYYY
|
||||
|
FHA_PART_B_CLAIM_AMT
|
Amount
of FHA Part B Claim Filed
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
FHA_PART_B_CLAIM_PAID_DATE
|
Date
HUD Disbursed Part B Claim Payment
|
MM/DD/YYYY
|
||||
|
FHA_PART_B_CLAIM_PAID_AMT
|
Amount
HUD Paid on Part B Claim
|
2
|
No
commas(,) or dollar signs ($)
|
|||
|
VA_CLAIM_FILED_DATE
|
Date
VA Claim Was Filed With the Veterans Admin
|
MM/DD/YYYY
|
||||
|
VA_CLAIM_PAID_DATE
|
Date
Veterans Admin. Disbursed VA Claim Payment
|
MM/DD/YYYY
|
||||
|
VA_CLAIM_PAID_AMT
|
Amount
Veterans Admin. Paid on VA Claim
|
2
|
No
commas(,) or dollar signs ($)
|
8-2
Standard
File Codes - Delinquency Reporting
The
Loss
Mit Type
field
should show the approved Loss Mitigation Code as follows:
| · |
ASUM- Approved
Assumption
|
| · | BAP- Borrower Assistance Program |
| · | CO- Charge Off |
| · |
DIL-Deed-in-Lieu
|
| · | FFA- Formal Forbearance Agreement |
| · | MOD- Loan Modification |
| · |
PRE-Pre-Sale
|
| · |
SS-Short
Sale
|
| · | 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:
|
·
|
Mortgagor
|
|
·
|
Tenant
|
|
·
|
Unknown
|
|
·
|
Vacant
|
The
Property
Condition
field
should show the last reported condition of the property as follows:
| · |
Damaged
|
| · | Excellent |
| · | Fair |
| · | Gone |
| · | Good |
| · | Poor |
| · | Special Hazard |
| · | Unknown |
8-3
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
|
8-4
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
|
8-5