Exhibit 99.9
EXECUTION COPY
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GSAA HOME EQUITY TRUST 2006-16
ASSET-BACKED CERTIFICATES
SERIES 2006-16
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
among
GS MORTGAGE SECURITIES CORP.,
as Assignor
DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE
as Assignee
and
GREENPOINT MORTGAGE FUNDING, INC.
as Servicer
and as acknowledged by
▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION
as Master Servicer
Dated as of
September 28, 2006
================================================================================
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT made this 28h day of
September, 2006 (this "Assignment Agreement"), among GreenPoint Mortgage
Funding, Inc., a New York corporation (the "Servicer"), Deutsche Bank National
Trust Company, not in its individual capacity, but solely as trustee ("Trustee")
on behalf of GSAA Home Equity Trust 2006-16 (the "Assignee"), and GS Mortgage
Securities Corp., a Delaware corporation (the "Assignor" or "Depositor"), and as
acknowledged by ▇▇▇▇▇ Fargo Bank, National Association ("▇▇▇▇▇ Fargo"), as
master servicer (in such capacity, the "Master Servicer").
WHEREAS, ▇▇▇▇▇▇▇ Sachs Mortgage Company ("GSMC") and the Servicer have
entered into (i) the Servicing Agreement, dated as of November 1, 2005 (the
"Servicing Agreement"), and (ii) the Amended and Restated Master Mortgage Loan
Purchase Agreement, dated as of November 1, 2005 (the "Sale Agreement"),
pursuant to which the Servicer sold to GSMC certain mortgage loans listed on the
mortgage loan schedule attached as an exhibit to the Servicing Agreement;
WHEREAS, GSMC has assigned and conveyed certain mortgage loans (the
"Mortgage Loans"), which Mortgage Loans are subject to the provisions of the
Servicing Agreement and the Sale Agreement, to the Assignor pursuant to an
Assignment, Assumption and Recognition Agreement, dated as of September 28, 2006
(the "GSMC Assignment Agreement");
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, which Mortgage Loans are listed on the
mortgage loan schedule attached as Exhibit 1 hereto (the "Mortgage Loan
Schedule"); and
WHEREAS, pursuant to a Master Servicing and Trust Agreement, dated as
of September 1, 2006 (the "Trust Agreement"), among the Depositor, the Trustee,
Deutsche Bank National Trust Company, as a custodian, JPMorgan Chase Bank,
National Association, as a custodian, U.S. Bank National Association, as a
custodian and ▇▇▇▇▇ Fargo Bank, National Association, as Master Servicer,
securities administrator and as a custodian, the Assignor will transfer the
Mortgage Loans to the Assignee, together with the Assignor's rights under the
Servicing Agreement and the Sale Agreement, 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. 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 GSMC
Assignment Agreement (including without limitation the rights of GSMC under the
Servicing Agreement and the Sale Agreement, to the extent assigned to the
Assignor under the GSMC Assignment Agreement) from and after the date hereof,
and the Assignee hereby assumes all of the Assignor's obligations
under the Servicing Agreement and the Sale Agreement, to the extent relating to
the Mortgage Loans from and after September 28, 2006, and the Servicer hereby
acknowledges such assignment and assumption and hereby agrees to the release of
the Assignor from any obligations under the Servicing Agreement and the Sale
Agreement from and after September 28, 2006, to the extent relating to the
Mortgage Loans.
(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 respective dates
of the Servicing Agreement and the Sale Agreement.
(c) The Servicer and the Assignor shall have the right to amend, modify
or terminate the Servicing Agreement or the Sale 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.
2. Accuracy of the Servicing Agreement and the Sale Agreement. The
Servicer and the Assignor represent and warrant to the Assignee that (i)
attached hereto as Exhibit 2 is a true, accurate and complete copy of the
Servicing Agreement, (ii) attached hereto as Exhibit 3 is a true, accurate and
complete copy of the Sale Agreement, (iii) each of the Servicing Agreement and
the Sale Agreement is in full force and effect as of the date hereof, (iv)
neither the Servicing Agreement nor the Sale Agreement has been amended or
modified in any respect, except as contemplated herein or pursuant to the GSMC
Assignment Agreement and (v) no notice of termination has been given to the
Servicer under the Servicing Agreement or the Sale Agreement. The Servicer, in
its capacity as seller and/or servicer under each of the Servicing Agreement and
the Sale Agreement, as applicable, further represents and warrants that the
representations and warranties contained in Section 2.1 of the Servicing
Agreement are true and correct as of the Closing Date (as such term is defined
in the Servicing Agreement), and the representations and warranties regarding
the Mortgage Loans contained in Section 3.02 of the Sale Agreement were true and
correct as of the Closing Date (as such term is defined in the Sale Agreement).
3. 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 to the contrary, shall service all of the Mortgage Loans for the
benefit of the Assignee pursuant to the Servicing Agreement the terms of which
are incorporated herein by reference. It is the intention of the Assignor,
Servicer and Assignee that the Servicing Agreement shall be binding upon and
inure to the benefit of the Servicer and the Assignee and their successors and
assigns.
(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 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
"Owner" under the Servicing Agreement, to the Assignor under the GSMC
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Assignment Agreement, and further assigned hereunder by the Assignor to the
Assignee. Such rights that 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 "Owner" under the Servicing Agreement shall be delivered to the Master
Servicer at the address set forth in Section 10 hereof. All remittances required
to be made to the Trustee, 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, National Association
ABA #: 21000248
For credit to: SAS Clearing
Acct #: ▇▇▇▇▇▇▇▇▇▇
FFC to: GSAA 2006-16 Acct # 50940100
(d) Monthly Reporting
Notwithstanding anything to the contrary in the Servicing Agreement,
with respect to the Mortgage Loans, not later than the tenth (10th) calendar day
of each month (or if such tenth (10th) 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 the format set forth in Exhibit 4 hereto
(or in such other format mutually agreed-upon between the Servicer and the
Master Servicer), (b) default loan data in the format set forth in Exhibit 5
hereto (or in such other format mutually agreed-upon between the Servicer and
the Master Servicer) and (c) information regarding realized losses and gains in
the format set forth in 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.
4. Representations and Warranties of the Assignee. The Assignee hereby
represents and warrants to the Assignor as follows:
(a) Decision to Purchase. The Assignee represents and warrants that it
is a sophisticated investor able to evaluate the risks and merits of the
transactions contemplated hereby, and that it has not relied in connection
therewith upon any statements or representations of the Assignor or the Servicer
other than those contained in the Servicing Agreement, the Sale Agreement or
this Assignment Agreement.
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(b) 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 Servicing Agreement and the Sale
Agreement.
(c) 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).
5. 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 Servicing Agreement, the Sale Agreement 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.
(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,
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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.
It is understood and agreed that the representations and warranties set
forth in this Section 5 shall survive delivery of the respective mortgage loan
documents to the Assignee or its designee 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 6 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 5.
It is understood and agreed that the Assignor has made no
representations or warranties to the Assignee other than those contained in this
Section 5, and no other affiliate of the Assignor has made any representations
or warranties of any kind to the Assignee.
6. Repurchase of Mortgage Loans. (a) To the extent that GreenPoint is
required under the Sale Agreement or any related agreement to which GreenPoint
and Assignor are parties to repurchase any Mortgage Loan on account of an Early
Payment Default, the Assignee shall be entitled as a result of the assignments
hereunder to enforce such obligation directly against GreenPoint as required by
and in accordance with the Sale Agreement or such related agreement, as
applicable. For purposes of this Section, "Early Payment Default" shall mean any
provision of the Sale Agreement or any related agreement to which GreenPoint and
Assignor are parties that is designated as an "early payment default" provision
of otherwise provides for the repurchase of any Mortgage Loan in the event of a
default in the first (of such other number as may be specified in such
provision) scheduled payment due under such Mortgage Loan after the closing or
other date specified in such agreement.
(b) Upon discovery or notice 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), 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 sixty (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
Repurchase Price as defined in the Sale Agreement. Notwithstanding the
foregoing, however, if such breach is a Qualification Defect as defined in the
Sale Agreement, such cure or repurchase must take place within sixty (60) days
of discovery of such Qualification Defect.
6
In the event the Servicer has breached a representation or warranty
under the Sale Agreement that is substantially identical to, or covers the same
matters as, a representation or warranty breached by the Assignor hereunder, the
Assignee shall first proceed against the Servicer. If the Servicer does not
within ninety (90) days after notification of the breach, take steps to cure
such breach (which may include certifying to progress made and requesting an
extension of the time to cure such breach, as permitted under the Sale
Agreement) or purchase the Mortgage Loan, the Assignee shall be entitled to
enforce the obligations of the Assignor hereunder to cure such breach or to
purchase the Mortgage Loan from the Trust. In such event, the Assignor shall
succeed to the rights of the Assignee to enforce the obligations of the Servicer
to cure such breach or repurchase such Mortgage Loan under the terms of the Sale
Agreement with respect to such Mortgage Loan. In the event of a repurchase of
any Mortgage Loan by the Assignor, the applicable custodian on behalf of the
Trustee shall promptly deliver to the Assignor or its designee the related
Mortgage File and the Trustee shall assign to the Assignor all of the Assignee's
rights under the Sale Agreement, but only insofar as the Sale Agreement relates
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.
7. Termination; Optional Clean-Up Call.
In connection with the Trust Agreement, the Master Servicer hereby
agrees to the following obligations described below. For purposes of this
Section 7 only, any capitalized term used but not defined in this Assignment
Agreement has the same meaning assigned thereto in the Trust Agreement.
In the event that a Person specified in Section 11.01 of the Trust
Agreement chooses to exercise its option set forth therein to purchase the
Mortgage Loans and REO Properties or to conduct an Auction Call for such
property of the Trust Fund, as the case may be, by no later than the 10th day of
the month of the final distribution, such Person shall notify the Depositor, the
Trustee and the Securities Administrator of the final Distribution Date and of
the applicable purchase or sale price of the Mortgage Loans and REO Properties
determined and in the manner as provided in the Trust Agreement.
In the event the Mortgage Loans and REO Properties are purchased or
sold pursuant to Section 11.01 of the Trust Agreement, the Master Servicer shall
remit to the Securities Administrator the applicable Termination Price on the
Remittance Date immediately preceding the applicable final Distribution Date.
Upon such final deposit with respect to the Trust Fund and the receipt by the
Securities Administrator and the Custodians of a Request for Release therefor,
the Master Servicer shall direct the Custodians to release to the Master
Servicer or its designee the Custodial Files for the Mortgage Loans.
8. Continuing Effect. Except as contemplated hereby, the Servicing
Agreement and the Sale Agreement shall remain in full force and effect in
accordance with their respective terms.
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9. Governing Law.
THIS ASSIGNMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS HEREUNDER
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF).
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.
10. Notices. Any notices or other communications permitted or required
hereunder or under the Servicing Agreement or the Sale Agreement 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,
GreenPoint Mortgage Funding, Inc.
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇ ▇▇▇▇▇
or such address as may hereafter be furnished by the Servicer;
(b) in the case of the Master Servicer,
▇▇▇▇▇ Fargo Bank, National Association
▇.▇. ▇▇▇ ▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Corporate Trust Services, GSAA 2006-16
or in the case of overnight deliveries:
▇▇▇▇▇ Fargo Bank, National Association
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Corporate Trust Services, GSAA 2006-16
or such address as may hereafter be furnished by the Master
Servicer;
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(c) in the case of the Trustee or the Assignee,
Deutsche Bank National Trust Company
▇▇▇▇ ▇▇▇▇ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Attention: Trust Administration - GS0616
Tel.: (▇▇▇) ▇▇▇-▇▇▇▇
or such other address as may hereafter be furnished by the Trustee
or Assignee; and
(d) in the case of the Assignor,
GS Mortgage Securities Corp.
▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇ ▇▇▇▇▇▇▇
Tel.: (▇▇▇) ▇▇▇-▇▇▇▇
Fax: (▇▇▇) ▇▇▇-▇▇▇▇
or such other address as may hereafter be furnished by the
Assignor.
11. 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.
12. Definitions. Any capitalized term used but not defined in this
Assignment Agreement has the meaning assigned thereto in the Servicing
Agreement.
13. Third Party Beneficiary. The parties agree that the Master Servicer
is intended to be, and shall have the rights of, a third party beneficiary of
this Assignment Agreement.
14. Trustee Capacity. It is expressly understood and agreed by the
parties hereto that (i) this Assignment Agreement is executed and delivered by
Deutsche Bank National Trust Company, not individually or personally but solely
on behalf of GSAA Home Equity Trust 2006-16, as the Assignee, in the exercise of
the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings and agreements by Deutsche Bank National Trust
Company is made and intended for the purpose of binding only the GSAA Home
Equity Trust 2006-16, (iii) nothing herein contained shall be construed as
creating any liability for Deutsche Bank National Trust Company, individually or
personally, to perform any covenant (either express or implied) contained
herein, and all such liability, if any, is hereby 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
Deutsche Bank National Trust Company be personally liable for the payment of any
indebtedness or expenses of the GSAA Home Equity Trust 2006-16, or be liable for
the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the GSAA Home Equity Trust 2006-16 under this Assignment
Agreement, the Trust Agreement or any related document.
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IN WITNESS WHEREOF, the parties hereto have executed this Assignment
Agreement the day and year first above written.
GS MORTGAGE SECURITIES CORP.
By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇
----------------------------------
Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇
Title: Vice President
DEUTSCHE BANK NATIONAL TRUST COMPANY,
not in its individual capacity
but solely as Trustee
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
----------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: Assistant Vice President
GREENPOINT MORTGAGE FUNDING, INC.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
----------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President
Acknowledged and Agreed:
▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION,
as Master Servicer
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
--------------------------------------
Name: ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
GreenPoint Step 2 AAR
EXHIBIT 1
Mortgage Loan Schedule
----------------------
[On File with the Securities Administrator as provided by the Depositor]
GreenPoint Step 2 AAR
EXHIBIT 2
Servicing Agreement
-------------------
[On File with the Depositor]
EXHIBIT 3
Sale Agreement
--------------
[On File with the Depositor]
EXHIBIT 4
Standard File Layout - Master Servicing
------------------------------------------------------------------------- --------- ------------------------------------ ---------
Column Name Description Decimal Format Comment Max Size
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SER_INVESTOR_NBR A value assigned by the Servicer to define a Text up to 10 digits 20
group of loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
LOAN_NBR A unique identifier assigned to each loan by Text up to 10 digits 10
the investor.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits 10
Servicer. This may be different than the
LOAN_NBR.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
BORROWER_NAME The borrower name as received in the file. Maximum length of 30 (Last, First) 30
It is not separated by first and last name.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar signs ($) 11
interest payment that a borrower is expected
to pay, P&I constant.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6 6
Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
NEW_PAY_AMT The new loan payment amount as reported by 2 No commas(,) or dollar signs ($) 11
the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ARM_INDEX_RATE The index the Servicer is using to calculate 4 Max length of 6 6
a forecasted rate.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the beginning of the processing cycle.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTL_END_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the end of the processing cycle.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that MM/DD/YYYY 10
the borrower's next payment is due to the
Servicer, as reported by Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
PIF_AMT The loan "paid in full" amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTION_CODE The standard FNMA numeric code used to Action Code Key: 15=Bankruptcy, 2
indicate the default/delinquent status of a 30=Foreclosure, , 60=PIF,
particular loan 63=Substitution,
65=Repurchase,70=REO
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar signs ($) 11
loss, if applicable.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount 2 No commas(,) or dollar signs ($) 11
due at the beginning of the cycle date to be
passed through to investors.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs ($) 11
investors at the end of a processing cycle.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_PRIN_AMT The scheduled principal amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer for the current cycle --
only applicable for Scheduled/Scheduled
Loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current cycle as
reported by the Servicer -- only applicable for
Scheduled/Scheduled Loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTL_PRIN_AMT The actual principal amount collected by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current reporting cycle --
only applicable for Actual/Actual Loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current reporting
cycle as reported by the Servicer -- only
applicable for Actual/Actual Loans.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or dollar signs ($) 11
prepays on his loan as reported by the
Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan 2 No commas(,) or dollar signs ($) 11
waived by the servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
MOD_TYPE The Modification Type. Varchar - value can be alpha or 30
numeric
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs ($) 11
interest advances made by Servicer.
-------------------------- ---------------------------------------------- --------- ------------------------------------ ---------
EXHIBIT 5
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.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
▇▇▇▇_▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 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 MM/DD/YYYY
servicer at the end of processing cycle, as reported by
Servicer.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy
filing.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved MM/DD/YYYY
by the courts
------------------------------------------ -------------------------------------------------------------- ----------- --------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by MM/DD/YYYY
Dismissal, Discharged and/or a Motion For Relief Was
Granted.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
------------------------------------------ -------------------------------------------------------------- ----------- --------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with MM/DD/YYYY
instructions to begin foreclosure proceedings.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
------------------------------------------ -------------------------------------------------------------- ----------- --------------
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 MM/DD/YYYY
from the borrower.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
Page 1 of 23
Please be advised that failure to comply with ANY or all of the
guidelines entailed herein may result in issuance of late reporting fees.
(C) Copyright ▇▇▇▇▇ Fargo Bank, Corporate Trust Services
Contact us with Reporting Questions: ▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇.▇▇▇
OCCUPANT_CODE Classification of how the property is occupied.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
PROP_CONDITION_CODE A code that indicates the condition of the property.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
CURR_PROP_VAL The current "as is" value of the property based on brokers 2
.price opinion or appraisal.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
completed pursuant to a broker's price opinion or appraisal.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
If applicable:
------------------------------------------ -------------------------------------------------------------- ----------- --------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
------------------------------------------ -------------------------------------------------------------- ----------- --------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on
a loan. Code indicates the reason why the loan is in default
for this cycle.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
------------------------------------------ -------------------------------------------------------------- ----------- --------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
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 ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
------------------------------------------ -------------------------------------------------------------- ----------- --------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
------------------------------------------ -------------------------------------------------------------- ----------- --------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
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 ($)
------------------------------------------ -------------------------------------------------------------- ----------- --------------
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
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
------------------------ -------------------------------------------------------
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
------------------------ -------------------------------------------------------
EXHIBIT 6
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 Officer Certificate
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
Credits:
14-21. Complete as applicable. Required documentation:
A-1
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale,
bid instructions and Escrow Agent / Attorney
Letter of Proceeds Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part A/Initial
proceeds and line (18b) for Part B/Supplemental proceeds.
Total Realized Loss (or Amount of Any Gain)
23. The total derived from subtracting line 22 from 13. If the
amount represents a realized gain, show the amount in
parenthesis ( ).
Calculation of Realized Loss/Gain Form 332
Prepared by:________________ Date:_______________
Phone:______________________ Email Address:_____________________
--------------------- --------------------- ---------------------
Servicer Loan No. Servicer Name Servicer Address
--------------------- --------------------- ---------------------
▇▇▇▇▇ FARGO BANK, NATIONAL ASSOCIATION Loan No.__________________________
Borrower's Name: ________________________________________________________
Property Address: _______________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount ___________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $ ___________(1)
(2) Interest accrued at Net Rate ____________(2)
(3) Accrued Servicing Fees ____________(3)
(4) Attorney's Fees ____________(4)
(5) Taxes (see page 2) ____________(5)
(6) Property Maintenance ____________(6)
(7) MI/Hazard Insurance Premiums (see page 2) ____________(7)
(8) Utility Expenses ____________(8)
(9) Appraisal/BPO ____________(9)
(10) Property Inspections ____________(10)
(11) FC Costs/Other Legal Expenses ____________(11)
(12) Other (itemize) ____________(12)
Cash for Keys__________________________ ____________(12)
HOA/Condo Fees_________________________ ____________(12)
11
_______________________________________ ____________(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 ____________(18a)
HUD Part A
____________(18b)
HUD Part B
(19) Pool Insurance Proceeds ____________(19)
(20) Proceeds from Sale of Acquired Property ____________(20)
(21) Other (itemize) ____________(21)
_________________________________________ ____________(21)
Total Credits $ ___________(22)
Total Realized Loss (or Amount of Gain) $ ___________(23)
Escrow Disbursement Detail
------------------ --------------- ---------------- ---------------- ---------------- --------------- ----------------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
------------------ --------------- ---------------- ---------------- ---------------- --------------- ----------------
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