EXECUTION VERSION
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement (the "Agreement"), dated
March 30, 2006, is among Bank of America, National Association, a national
banking association ("Assignor"), Banc of America Funding Corporation, a
Delaware corporation ("BAFC"), U.S. Bank National Association, a national
banking association, as trustee of the Banc of America Funding 2006-3 Trust
("Assignee"), ▇▇▇▇▇ Fargo Bank, N.A., a national banking association ("▇▇▇▇▇
Fargo Bank"), as master servicer of the Banc of America Funding 2006-3 Trust and
National City Mortgage Co., an Ohio corporation ("National City Mortgage").
WHEREAS, pursuant to (i) that certain Master Seller's Warranties and
Servicing Agreement, dated as of September 1, 2003, by and between Assignor (as
successor in interest to Banc of America Mortgage Capital Corporation
("BAMCC")), as purchaser, and National City Mortgage, as seller, (ii) that
certain Amendment No. 1, dated as of July 1, 2004, by and among BAMCC, National
City Mortgage and the Assignor, (iii) that certain Master Assignment, Assumption
and Recognition Agreement, dated as of July 1, 2004, by and among BAMCC,
National City Mortgage, the Assignor and Wachovia Bank, National Association,
(iv) that certain Amendment No. 2, dated as of October 1, 2004, by and between
National City Mortgage and the Assignor, (v) that certain Amendment No. 3, dated
as of August 11, 2005, by and between National City Mortgage and the Assignor,
(vi) that certain Regulation AB Compliance Addendum to the Master Seller's
Warranties and Servicing Agreement, dated as of January 1, 2006, by and between
National City Mortgage and the Assignor, (vii) that certain Assignment and
Conveyance Agreement, dated as of December 20, 2005, by and between National
City Mortgage and the Assignor, (viii) that certain Assignment and Conveyance
Agreement, dated as of January 19, 2006, by and between National City Mortgage
and the Assignor and (ix) that certain Assignment and Conveyance Agreement,
dated as of February 7, 2006, by and between National City Mortgage and the
Assignor (collectively, the "Purchase and Servicing Agreement"), each of which
is attached in Appendix I hereto, the Assignor purchased the Mortgage Loans (as
defined herein) from National City Mortgage and National City Mortgage currently
services the Mortgage Loans;
WHEREAS, on the date hereof, the Assignor is transferring all of its
right, title and interest in and to the Mortgage Loans to BAFC;
WHEREAS, on the date hereof, BAFC is transferring all of its right, title
and interest in and to the Mortgage Loans to the Assignee; and
WHEREAS, on the date hereof, ▇▇▇▇▇ Fargo Bank, as master servicer (in such
capacity, the "Master Servicer"), is entering into a Pooling and Servicing
Agreement, dated the date hereof (the "Pooling Agreement), among BAFC, the
Master Servicer, ▇▇▇▇▇ Fargo Bank, as securities administrator (the "Securities
Administrator"), and the Assignee, pursuant to which the Master Servicer will
supervise, monitor and oversee the servicing of the Mortgage Loans.
For and in consideration of the sum of one dollar ($1.00) and other
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:
1. The Assignor hereby grants, transfers and assigns to BAFC, and BAFC
hereby grants, transfers and assigns to Assignee, all of the right, title and
interest of the Assignor in, to and under the Purchase and Servicing Agreement,
and the mortgage loans delivered under such agreement by National City Mortgage
to the Assignor and listed on Exhibit A attached hereto (the "Mortgage Loans").
The Assignor specifically reserves and does not assign to BAFC or the
Assignee any right, title and interest in, to or under any mortgage loan subject
to the Purchase and Servicing Agreement other than the Mortgage Loans.
2. The Assignor warrants and represents to, and covenants with, BAFC
and the Assignee that:
a. The Assignor is the lawful owner of the Mortgage Loans with the full
right to transfer the Mortgage Loans free from any and all claims
and encumbrances whatsoever;
b. The Assignor has not received notice of, and has no knowledge of,
any offsets, counterclaims or other defenses available to National
City Mortgage with respect to the Purchase and Servicing Agreement
or the Mortgage Loans;
c. The Assignor has not waived or agreed to any waiver under, or agreed
to any amendment or other modification of, the Purchase and
Servicing Agreement or the Mortgage Loans, including without
limitation the transfer of the servicing obligations under the
Purchase and Servicing Agreement. The Assignor has no knowledge of,
and has not received notice of, any waivers under or amendments or
other modifications of, or assignments of rights or obligations
under, the Purchase and Servicing Agreement or the Mortgage Loans;
and
d. Neither the Assignor nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Mortgage
Loans, any interest in the Mortgage Loans or any other similar
security to, or solicited any offer to buy or accept a transfer,
pledge or other disposition of the Mortgage Loans, any interest in
the Mortgage Loans or any other similar security from, or otherwise
approached or negotiated with respect to the Mortgage Loans, any
interest in the Mortgage Loans or any other similar security with,
any person in any manner, or made any general solicitation by means
of general advertising or in any other manner, or taken any other
action which would constitute a distribution of the Mortgage Loans
under the Securities Act of 1933, as amended (the "Securities Act"),
or which would render the disposition of the Mortgage
2
Loans a violation of Section 5 of the Securities Act or require
registration pursuant thereto.
3. From and after the date hereof, National City Mortgage shall (i)
note the transfer of the Mortgage Loans to the Assignee in its books and
records, (ii) recognize the Assignee as the owner of the Mortgage Loans and
(iii) notwithstanding anything to the contrary contained in Section 7.01 of the
Purchase and Servicing Agreement, continue to service the Mortgage Loans
pursuant to the Purchase and Servicing Agreement, as modified by Section 9
hereof, for the benefit of the Assignee.
4. National City Mortgage acknowledges that the Master Servicer,
pursuant to the Pooling Agreement, will administer on behalf of the Assignee the
terms and conditions of the Purchase and Servicing Agreement. The Master
Servicer shall be authorized to enforce directly against National City Mortgage
any of the obligations of National City Mortgage to the Assignor or its
assignees provided for in the Purchase and Servicing Agreement including,
without limitation, the right to exercise any and all rights of the Assignor
(but not the obligations) under the Purchase and Servicing Agreement to monitor
and enforce the obligations of National City Mortgage thereunder, the right to
terminate National City Mortgage under the Purchase and Servicing Agreement upon
the occurrence of an event of default thereunder, the right to receive all
remittances required to be made by National City Mortgage under the Purchase and
Servicing Agreement, the right to receive all monthly reports and other data
required to be delivered by National City Mortgage under the Purchase and
Servicing Agreement, the right to examine the books and records of National City
Mortgage, indemnification rights, and the right to exercise certain rights of
consent and approval relating to actions taken by National City Mortgage. All
remittances by National City Mortgage shall be made to the account or accounts
designated by the Master Servicer to National City Mortgage in writing from time
to time. Wire remittances shall be sent to: ▇▇▇▇▇ FARGO BANK, N.A., ABA#
▇▇▇▇▇▇▇▇▇, FOR CREDIT TO: SAS CLEARING, ACCT: ▇▇▇▇▇▇▇▇▇▇, FFC TO: BAFC 2006-3 #
50906900.
5. National City Mortgage hereby represents and warrants to each of the
other parties hereto (i) that the representations and warranties of National
City Mortgage in Sections 3.01 and 3.02 of the Purchase and Servicing Agreement
are true and correct in all material respects as of the date hereof with the
same force and effect as though expressly made at and/or as of the date hereof,
(ii) that it has serviced the Mortgage Loans in accordance with the terms of the
Purchase and Servicing Agreement, (iii) that it has taken no action nor omitted
to take any required action the omission of which would have the effect of
impairing any mortgage insurance or guarantee on the Mortgage Loans and (iv)
that any information provided by it on or before the date hereof to any of the
parties hereto is true and correct in all material respects.
6. National City Mortgage hereby agrees that, in connection with each
Mortgage Loan of which the related Mortgage has been recorded in the name of
MERS or its designee, it shall take all actions as are necessary to cause the
Assignee, as trustee of the Trust pursuant to the Pooling Agreement, to be shown
as the owner of such Mortgage Loan on the records of MERS for purposes of the
system of recording transfers of beneficial ownership of mortgages maintained by
MERS.
3
7. In accordance with Sections 2.01 and 7.01 of the Purchase and
Servicing Agreement, the Assignor hereby instructs National City Mortgage, and
National City Mortgage hereby agrees, to release from its custody and deliver
the contents of the Mortgage File (as defined in the Purchase and Servicing
Agreement) for each Mortgage Loan to the Assignee, in its capacity as custodian
under the Pooling Agreement, at the address set forth in Section 10 hereof on or
before the closing date of the related Pass-Through Transfer (as defined in the
Purchase and Servicing Agreement).
8. National City Mortgage hereby agrees that any repurchase or
substitution of a Mortgage Loan pursuant to Section 3.03 of the Purchase and
Servicing Agreement will be done so in accordance with the provisions set forth
in Section 2.02 of the Pooling Agreement.
9. National City Mortgage, BAFC and Assignee hereby agree to the
following modifications to the Purchase and Servicing Agreement solely with
respect to the Mortgage Loans:
a. Article I. The definition of "Qualified Substitute Mortgage Loan" is
hereby replaced in its entirety with the following:
"A mortgage loan eligible to be substituted by the Company for a
Deleted Mortgage Loan which must, on the date of such substitution
be approved by the Purchaser and (i) have an outstanding principal
balance, after deduction of all scheduled payments due in the month
of substitution (or in the case of a substitution of more than one
mortgage loan for a Deleted Mortgage Loan, an aggregate principal
balance), not in excess of the Stated Principal Balance of the
Deleted Mortgage Loan; (ii) have a Mortgage Loan Remittance Rate not
less than, and not more than 2% greater than the Mortgage Loan
Remittance Rate of the Deleted Mortgage Loan; (iii) have a remaining
term to maturity not greater than and not more than one year less
than that of the Deleted Mortgage Loan; (iv) comply with each
representation and warranty set forth in Sections 3.01 and 3.02; (v)
be of the same type as the Deleted Mortgage Loan; (vi) have a FICO
score not less than that of the Deleted Mortgage Loan, (vii) have an
LTV not greater than that of the Deleted Mortgage Loan; (viii) have
a credit grade not lower in quality than that of the Deleted
Mortgage Loan and (ix) have the same lien status as the Deleted
Mortgage Loan."
b. Section 3.02. Section 3.02(mm) is hereby amended by inserting the
language "(c), Appendix E" immediately following "Glossary Version
5.6."
c. Section 5.01. The second paragraph of Section 5.01 is modified to
delete the phrase "the second Business Day following" in the first
and second line, to delete the word "second" occurring before the
phrase "Business Day" in the second sentence, and to insert the
phrase "on which such payment was due" after the first occurrence of
the phrase "Business Day" in the second sentence.
4
d. Section 5.02. The second paragraph of Section 5.02 is hereby
modified to read as follows:
"Not later than the fifth (5th) Business Day of each month, the
Company shall furnish to the Purchaser a delinquency report in the
form set forth in Exhibit E-1, a monthly remittance advice in the
form set forth in Exhibit E-2, and a realized loss report in the
form set forth in Exhibit E-3, each in a mutually agreeable
electronic format, as to the remittance on such Remittance Date and
as to the period ending on the last day of the month preceding such
Remittance Date."
The exhibits referenced in this Section 9(d) are attached to this
Agreement as Exhibit B hereto.
e. For purposes of clarification, the Servicing Fee Rate is equal to
0.250% per annum.
For purposes of clarification, the Company is not obligated under
the Purchase and Servicing Agreement to advance the amount of any
reduction in a Mortgagor's monthly payment due to the operation of
the Servicemembers Civil Relief Act.
10. The Assignee's address for purposes of all notices and
correspondence related to the Mortgage Loans and the Purchase and Servicing
Agreement is:
U.S. Bank National Association
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Structured Finance Trust Services, BAFC 2006-3
The Assignor's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Purchase and Servicing Agreement is:
Bank of America, National Association
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Managing Director
BAFC's address for purposes of all notices and correspondence related to
the Mortgage Loans is:
Banc of America Funding Corporation
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: General Counsel and Chief Financial Officer
[Signatures Follow]
5
IN WITNESS WHEREOF, the parties have caused this Assignment, Assumption
and Recognition Agreement to be executed by their duly authorized officers as of
the date first above written.
Bank of America, National Association,
as Assignor
By: /s/ ▇▇▇▇▇ ▇. Good
------------------------------------
Name: ▇▇▇▇▇ ▇. Good
Title: Vice President
U.S. Bank National Association,
as Assignee
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
Banc of America Funding Corporation
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Senior Vice President
National City Mortgage Co., as servicer
By: /s/ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------------
Name: ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Vice President
Acknowledged and Agreed
as of the date first above written:
▇▇▇▇▇ Fargo Bank, N.A., as master servicer
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
----------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President
[ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT FOR BAFC 2006-3]
EXHIBIT A
Schedule of Mortgage Loans
A-1
EXHIBIT B
EXHIBIT E-1 STANDARD FILE LAYOUT - DELINQUENCY REPORTING
--------------------------------------------------------------------------------------------------------------
COLUMN/HEADER NAME DESCRIPTION DECIMAL FORMAT COMMENT
--------------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the
Servicer. This may be different than the
LOAN_NBR
--------------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each loan
by the originator.
--------------------------------------------------------------------------------------------------------------
CLIENT_NBR Servicer Client Number
--------------------------------------------------------------------------------------------------------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an
external servicer to identify a group of
loans in their system.
--------------------------------------------------------------------------------------------------------------
BORROWER_FIRST_NAME First Name of the Borrower.
--------------------------------------------------------------------------------------------------------------
BORROWER_LAST_NAME Last name of the borrower.
--------------------------------------------------------------------------------------------------------------
PROP_ADDRESS Street Name and Number of Property
--------------------------------------------------------------------------------------------------------------
PROP_STATE The state where the property located.
--------------------------------------------------------------------------------------------------------------
PROP_ZIP Zip code where the property is located.
--------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment MM/DD/YYYY
is due to the servicer at the end of
processing cycle, as reported by Servicer.
--------------------------------------------------------------------------------------------------------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
--------------------------------------------------------------------------------------------------------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was MM/DD/YYYY
filed.
--------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was
filed.
--------------------------------------------------------------------------------------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to
the bankruptcy filing.
--------------------------------------------------------------------------------------------------------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy MM/DD/YYYY
has been approved by the courts
--------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal, Discharged
and/or a Motion For Relief Was Granted.
--------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved MM/DD/YYYY
By The Servicer
--------------------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A
Loan Such As;
--------------------------------------------------------------------------------------------------------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is MM/DD/YYYY
Scheduled To End/Close
--------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
--------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the MM/DD/YYYY
servicer with instructions to begin
foreclosure proceedings.
--------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
--------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in MM/DD/YYYY
a Foreclosure Action
--------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is MM/DD/YYYY
expected to occur.
--------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the 2 No commas(,) or
foreclosure sale. dollar signs ($)
--------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of MM/DD/YYYY
the borrower.
--------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession MM/DD/YYYY
of the property from the borrower.
--------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is 2 No commas(,) or
marketed. dollar signs ($)
--------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
--------------------------------------------------------------------------------------------------------------
A-1
--------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO 2 No commas(,) or
property. dollar signs ($)
--------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin MM/DD/YYYY
or by the Servicer.
--------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
--------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is
occupied.
--------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the
property.
--------------------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is MM/DD/YYYY
performed.
--------------------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the property 2
based on brokers price opinion or appraisal.
--------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed pursuant to a
broker's price opinion or appraisal.
--------------------------------------------------------------------------------------------------------------
IF APPLICABLE:
--------------------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
--------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower
to stop paying on a loan. Code indicates
the reason why the loan is in default for
this cycle.
--------------------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed MM/DD/YYYY
With Mortgage Insurance Company.
--------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
--------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
--------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No commas(,) or
Claim dollar signs ($)
--------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
--------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance 2 No commas(,) or
Company dollar signs ($)
--------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
--------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No commas(,) or
Company dollar signs ($)
--------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,) or
dollar signs ($)
--------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or
dollar signs ($)
--------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,) or
dollar signs ($)
--------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
--------------------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,) or
dollar signs ($)
--------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans MM/DD/YYYY
Admin
--------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
--------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or
dollar signs ($)
--------------------------------------------------------------------------------------------------------------
A-1
EXHIBIT E-1: STANDARD FILE CODES - DELINQUENCY REPORTING
The LOSS MIT TYPE field should show the approved Loss Mitigation Code as
follows:
o ASUM- Approved Assumption
o BAP- Borrower Assistance Program
o CO- Charge Off
o DIL- Deed-in-Lieu
o FFA- Formal Forbearance Agreement
o MOD- Loan Modification
o PRE- Pre-Sale
o SS- Short Sale
o MISC- Anything else approved by the PMI or Pool Insurer
NOTE: ▇▇▇▇▇ 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
A-1
EXHIBIT E-1: STANDARD FILE CODES - DELINQUENCY REPORTING, CONTINUED
The FNMA DELINQUENT REASON CODE field should show the Reason for Delinquency as
follows:
--------------------------------------------------------------------------------
DELINQUENCY CODE DELINQUENCY DESCRIPTION
--------------------------------------------------------------------------------
001 FNMA-Death of principal mortgagor
--------------------------------------------------------------------------------
002 FNMA-Illness of principal mortgagor
--------------------------------------------------------------------------------
003 FNMA-Illness of mortgagor's family member
--------------------------------------------------------------------------------
004 FNMA-Death of mortgagor's family member
--------------------------------------------------------------------------------
005 FNMA-Marital difficulties
--------------------------------------------------------------------------------
006 FNMA-Curtailment of income
--------------------------------------------------------------------------------
007 FNMA-Excessive Obligation
--------------------------------------------------------------------------------
008 FNMA-Abandonment of property
--------------------------------------------------------------------------------
009 FNMA-Distant employee transfer
--------------------------------------------------------------------------------
011 FNMA-Property problem
--------------------------------------------------------------------------------
012 FNMA-Inability to sell property
--------------------------------------------------------------------------------
013 FNMA-Inability to rent property
--------------------------------------------------------------------------------
014 FNMA-Military Service
--------------------------------------------------------------------------------
015 FNMA-Other
--------------------------------------------------------------------------------
016 FNMA-Unemployment
--------------------------------------------------------------------------------
017 FNMA-Business failure
--------------------------------------------------------------------------------
019 FNMA-Casualty loss
--------------------------------------------------------------------------------
022 FNMA-Energy environment costs
--------------------------------------------------------------------------------
023 FNMA-Servicing problems
--------------------------------------------------------------------------------
026 FNMA-Payment adjustment
--------------------------------------------------------------------------------
027 FNMA-Payment dispute
--------------------------------------------------------------------------------
029 FNMA-Transfer of ownership pending
--------------------------------------------------------------------------------
030 FNMA-Fraud
--------------------------------------------------------------------------------
031 FNMA-Unable to contact borrower
--------------------------------------------------------------------------------
INC FNMA-Incarceration
--------------------------------------------------------------------------------
A-1
EXHIBIT E-1: STANDARD FILE CODES - DELINQUENCY REPORTING, CONTINUED
The FNMA DELINQUENT STATUS CODE field should show the Status of Default as
follows:
--------------------------------------------------------------------------------
STATUS CODE STATUS DESCRIPTION
--------------------------------------------------------------------------------
09 Forbearance
--------------------------------------------------------------------------------
17 Pre-foreclosure Sale Closing Plan Accepted
--------------------------------------------------------------------------------
24 Government Seizure
--------------------------------------------------------------------------------
26 Refinance
--------------------------------------------------------------------------------
27 Assumption
--------------------------------------------------------------------------------
28 Modification
--------------------------------------------------------------------------------
29 Charge-Off
--------------------------------------------------------------------------------
30 Third Party Sale
--------------------------------------------------------------------------------
31 Probate
--------------------------------------------------------------------------------
32 Military Indulgence
--------------------------------------------------------------------------------
43 Foreclosure Started
--------------------------------------------------------------------------------
44 Deed-in-Lieu Started
--------------------------------------------------------------------------------
49 Assignment Completed
--------------------------------------------------------------------------------
61 Second Lien Considerations
--------------------------------------------------------------------------------
62 Veteran's Affairs-No Bid
--------------------------------------------------------------------------------
63 Veteran's Affairs-Refund
--------------------------------------------------------------------------------
64 Veteran's Affairs-Buydown
--------------------------------------------------------------------------------
65 Chapter 7 Bankruptcy
--------------------------------------------------------------------------------
66 Chapter 11 Bankruptcy
--------------------------------------------------------------------------------
67 Chapter 13 Bankruptcy
--------------------------------------------------------------------------------
A-1
EXHIBIT E-2: STANDARD FILE LAYOUT - SCHEDULED/SCHEDULED
-----------------------------------------------------------------------------------------------------------------------------------
COLUMN NAME DESCRIPTION DECIMAL FORMAT COMMENT MAX
SIZE
-----------------------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to define a 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. It Maximum length of 30 (Last, 30
is not separated by first and last name. First)
-----------------------------------------------------------------------------------------------------------------------------------
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 service 4 Max length of 6 6
fee rate as reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as reported 4 Max length of 6 6
by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
-----------------------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar signs ($) 11
beginning of the processing cycle.
-----------------------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar signs ($) 11
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 ($) 11
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the first MM/DD/YYYY 10
curtailment amount.
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs ($) 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 ($) 11
-----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the third MM/DD/YYYY 10
curtailment amount.
-----------------------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
-----------------------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as reported by 2 No commas(,) or dollar signs ($) 11
the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
Action Code Key: 15=Bankruptcy, 2
ACTION_CODE The standard FNMA numeric code used to 30=Foreclosure, , 60=PIF,
indicate the default/delinquent status of a 63=Substitution,
particular loan. 65=Repurchase,70=REO
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
-----------------------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar signs ($) 11
-----------------------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, 2 No commas(,) or dollar signs ($) 11
if applicable.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due 2 No commas(,) or dollar signs ($) 11
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 ($) 11
investors at the end of a processing cycle.
-----------------------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as reported by 2 No commas(,) or dollar signs ($) 11
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 ($) 11
waived by the servicer.
-----------------------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the Modification MM/DD/YYYY 10
for the loan.
-----------------------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha or 30
numeric
-----------------------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or dollar signs ($) 11
advances made by Servicer.
-----------------------------------------------------------------------------------------------------------------------------------
EXHIBIT E-3: CALCULATION OF REALIZED LOSS/GAIN FORM 332- INSTRUCTION SHEET
The numbers on the form correspond with the numbers listed
below.
Liquidation and Acquisition Expenses:
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
2. The Total Interest Due less the aggregate amount of servicing
fee that would have been earned if all delinquent payments had
been made as agreed. For documentation, an Amortization Schedule
from date of default through liquidation breaking out the net
interest and servicing fees advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal
Balance of the Mortgage Loan as calculated on a monthly basis. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
4-12. Complete as applicable. All line entries must be supported
by copies of appropriate statements, vouchers, receipts, bills,
canceled checks, etc., to document the expense. Entries not
properly documented will not be reimbursed to the Servicer.
13. The total of lines 1 through 12.
Credits:
14-21. Complete as applicable. All line entries must be supported
by copies of the appropriate claims forms, EOBs, HUD-1 and/or
other proceeds verification, statements, payment checks, etc. to
document the credit. If the Mortgage Loan is subject to a
Bankruptcy Deficiency, the difference between the Unpaid Principal
Balance of the Note prior to the Bankruptcy Deficiency and the
Unpaid Principal Balance as reduced by the Bankruptcy Deficiency
should be input on line 20.
22. The total of lines 14 through 21.
Please note: For HUD/VA loans, use line (15) for Part A/Initial proceeds
and line (16) for Part B/Supplemental proceeds.
Total Realized Loss (or Amount of Any Gain)
23. The total derived from subtracting line 22 from 13. If the
amount represents a realized gain, show the amount in parenthesis
( ).
EXHIBIT E-3: CALCULATION OF REALIZED LOSS/GAIN FORM 332
▇▇▇▇▇ FARGO BANK, N.A.
CALCULATION OF REALIZED LOSS/GAIN
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
----------------------- --------------------- -------------------------
Servicer Loan No. Servicer Name Servicer Address
----------------------- --------------------- -------------------------
▇▇▇▇▇ FARGO BANK, N.A. Loan No._________________________________________________
Borrower's Name:________________________________________________________________
Property Address:_______________________________________________________________
LIQUIDATION AND ACQUISITION EXPENSES:
(1) Actual Unpaid Principal Balance of Mortgage Loan $_______________(1)
(2) Interest accrued at Net Rate ________________(2)
(3) Accrued Servicing Fees ________________(3)
(4) Attorney's Fees ________________(4)
(5) Taxes ________________(5)
(6) Property Maintenance ________________(6)
(7) MI/Hazard Insurance Premiums ________________(7)
(8) Utility Expenses ________________(8)
(9) Appraisal/BPO ________________(9)
(10) Property Inspections ________________(10)
(11) FC Costs/Other Legal Expenses ________________(11)
(12) Other (itemize) $_______________(12)
Cash for Keys__________________________ ________________
HOA/Condo Fees_________________________ ________________
_______________________________________ ________________
_______________________________________ ________________
TOTAL EXPENSES $_______________(13)
CREDITS:
(14) Escrow Balance $_______________(14)
(15) HIP Refund ________________(15)
(16) Rental Receipts ________________(16)
(17) Hazard Loss Proceeds ________________(17)
(18) Primary Mortgage Insurance Proceeds ________________(18)
(19) Pool Insurance Proceeds ________________(19)
(20) Proceeds from Sale of Acquired Property ________________(20)
(21) Other (itemize) ________________(21)
___________________________________________ ________________
___________________________________________ ________________
TOTAL CREDITS $_______________(22)
TOTAL REALIZED LOSS (OR AMOUNT OF GAIN) $_______________(23)
APPENDIX I
Purchase and Servicing Agreement
[Attached hereto]