EXECUTION COPY RECONSTITUTED SERVICING AGREEMENT
EXECUTION COPY
RECONSTITUTED SERVICING AGREEMENT
THIS RECONSTITUTED SERVICING AGREEMENT (this “Agreement”), entered into as of the 1st day of April, 2007, among DLJ MORTGAGE CAPITAL, INC., a Delaware corporation (“DLJMC”), COUNTRYWIDE HOME LOANS SERVICING LP (the “Servicer”), ▇▇▇▇▇ FARGO BANK, N.A., a national banking association, as master servicer (in such capacity, the “Master Servicer”) and trust administrator (in such capacity, the “Trust Administrator”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as trustee under the Pooling Agreement hereinafter referred to (the “Trustee”) recites and provides as follows:
RECITALS
WHEREAS, DLJMC has conveyed certain mortgage loans identified on Schedule I hereto (the "CSC Mortgage Loans") and certain mortgage loans identified on Schedule II (the “CHL Mortgage Loans”, and together with the CSC Mortgage Loans, the “Serviced Mortgage Loans”) to Credit Suisse First Boston Mortgage Securities Corp., a Delaware corporation (the “Depositor”) pursuant to an assignment and assumption agreement (the “Assignment Agreement”) dated as of April 1, 2007 by and between DLJMC and the Depositor, and the Depositor in turn has conveyed the Serviced Mortgage Loans to the Trustee, pursuant to a pooling and servicing agreement dated as of April 1, 2007 (the “Pooling Agreement”), among the Trustee, the Depositor, as depositor, DLJMC, as a seller, Select Portfolio Servicing, Inc., as a servicer, as special servicer and as modification oversight agent, Universal Master Servicing, LLC, as a servicer and ▇▇▇▇▇ Fargo Bank, N.A., as a servicer, as master servicer and as trust administrator.
WHEREAS, the CHL Mortgage Loans are currently being serviced by the Servicer pursuant to a Mortgage Loan Purchase and Servicing Agreement dated as of March 1, 2004 (the “CHL Servicing Agreement”) between DLJMC and the Servicer. The servicing provisions of the CHL Servicing Agreement are attached hereto as Exhibit A.
WHEREAS, the CSC Mortgage Loans are currently being serviced by the Servicer pursuant to those certain Mortgage Loan Purchase and Servicing Agreements, dated as of July 28, 1999 and October 17, 2003, respectively, between Sovereign Bank and the Servicer (the “CSC Servicing Agreements”, together with the CHL Servicing Agreement, the “Servicing Agreements”).
WHEREAS, DLJMC and the Servicer have amended the CHL Servicing Agreement to address Regulation AB compliance pursuant to the Amendment Reg AB, dated December 1, 2005 (the “Reg AB Amendment,” and together with the CHL Servicing Agreement, the “Amended CHL Servicing Agreement”).
WHEREAS, DLJMC desires that as of the Closing Date the Servicer service the Serviced Mortgage Loans in accordance with the terms of the Amended CHL Servicing Agreement, and the Servicer has agreed to do so, subject to the rights of DLJMC and the Master Servicer to terminate the rights and obligations of the Servicer hereunder as set forth herein and to the other conditions set forth herein.
WHEREAS, to facilitate this reconstitution, DLJMC and the Servicer agree that the provisions of the Amended CHL Servicing Agreement shall apply to the Serviced Mortgage Loans, but only to the extent provided herein and that this Agreement shall govern the Serviced Mortgage Loans for so long as such Serviced Mortgage Loans remain subject to the provisions of the Pooling Agreement.
WHEREAS, the Master Servicer and any successor master servicer shall be obligated, among other things, to supervise the servicing of the Serviced Mortgage Loans on behalf of the Trust Fund and Holder of Certificates, and shall have the right, under certain circumstances, to terminate the rights and obligations of the Servicer under this Agreement.
NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, DLJMC, the Servicer, the Master Servicer, the Trust Administrator and the Trustee hereby agree as follows:
AGREEMENT
1.
Definitions. Capitalized terms used and not defined in this Agreement and not defined in the Amended CHL Servicing Agreement, shall have the meanings ascribed to such terms in the Pooling Agreement.
2.
Custodianship. The parties hereto acknowledge that LaSalle Bank National Association and ▇▇▇▇▇ Fargo Bank, N.A., will each act as a custodian (the “Custodian”) of the Trustee Mortgage Files for the Trustee pursuant to the related Custodial Agreement dated April 1, 2007, among the Custodian, the Trustee and the Trust Administrator.
3.
Servicing. The Servicer agrees, with respect to the Serviced Mortgage Loans, to perform and observe the duties, responsibilities and obligations that are to be performed and observed under the provisions of the Amended CHL Servicing Agreement, except as otherwise provided herein, and that the provisions of the Amended CHL Servicing Agreement, as so modified, are and shall be a part of this Agreement to the same extent as if set forth herein in full.
4.
Master Servicing; Termination of Servicer. The Servicer, including any successor servicer hereunder, shall be subject to the supervision of the Master Servicer and the Master Servicer shall be obligated to ensure that the Servicer services the Serviced Mortgage Loans in accordance with the provisions of this Agreement. The Master Servicer, acting on behalf of the Trust Fund, shall have the right to enforce the obligations of the Servicer under the Amended CHL Servicing Agreement and the term “Purchaser” as used in the Amended CHL Servicing Agreement in connection with any rights and obligations of the Purchaser shall refer to the Trust Fund, which rights and obligations the Trust Fund hereby assumes, or, as the context requires, the Master Servicer acting in its capacity as agent for the Trust Fund. The Master Servicer shall be entitled to terminate the rights and obligations of the Servicer under this Agreement upon the failure of the Servicer to perform any of its obligations under this Agreement, which failure results in an Event of Default as provided in Section 14.01 of the Amended CHL Servicing Agreement. Notwithstanding the foregoing, it is understood that the Servicer shall not be obligated to defend and indemnify and hold harmless the Master Servicer, DLJMC, the Depositor, the Trustee and the Trust Fund against any losses, damages, penalties, fines, forfeitures, judgments and any related costs including, without limitation, reasonable and necessary legal fees, resulting from (i) actions or inactions of the Servicer or DLJMC which were taken or omitted upon the instruction or direction of the Master Servicer or DLJMC or (ii) the failure of the Trust Fund, DLJMC or the Master Servicer acting in its capacity as agent for the Trust Fund to perform the obligations of the “Purchaser” under the Amended CHL Servicing Agreement. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer assume any obligations of DLJMC under the Amended CHL Servicing Agreement and in connection with the performance of the Master Servicer’s duties hereunder the parties and other signatories hereto (except for the Servicer) agree that the Master Servicer shall be entitled to all of the rights, protections and limitations of liability afforded to the Master Servicer under the Pooling Agreement. For purposes of clarification, all of DLJMC’s obligations under the Amended CHL Servicing Agreement, including any indemnification obligations under the Amended CHL Servicing Agreement, are hereby retained by DLJMC and will continue in full force and effect.
5.
Delivery of Statements, Attestations and Assessments. Notwithstanding anything to the contrary set forth in the Amended CHL Servicing Agreement, with respect to any Serviced Mortgage Loan, the Servicer shall deliver any annual statement, attestation or assessment required to be delivered as set forth in Sections 2(d) and 2(e) in the Reg AB Amendment on or before March 5th of each calendar year, commencing in 2008. The Servicer shall correct or cure any failure to comply with this Section 5 within nine days from the date it received written notice of such failure.
6.
Amendment to Exhibit A to the Reg AB Amendment. Exhibit A to the Reg AB Addendum is hereby replaced in its entirety with the form attached hereto as Exhibit B.
7.
Addition of Exhibit 15-1, Exhibit 15-2 and Exhibit 15-3 to the Amended CHL Servicing Agreement. Exhibit C hereto is hereby added to the Amended CHL Servicing Agreement as Exhibit 15-1, Exhibit 15-2 and Exhibit 15-3; provided, that with respect to Exhibit 15-1, the Servicer will not be required to provide information regarding prepayment penalties to the extent such prepayment penalties are retained by the Servicer.
8.
Copies to Master Servicer. A copy of all assessments, attestations, reports and certification required to be delivered by the Servicer under this Agreement and the Amended CHL Servicing Agreement shall be delivered to the Master Servicer by the date(s) specified herein or therein, and where such documents are required to be addressed to any party, such addressees shall include the Master Servicer, and the Master Servicer shall be entitled to rely on such documents.
9.
Notices. All notices and communications between or among the parties hereto (including any third party beneficiary thereof) or required to be provided to the Trustee shall be in writing and shall be deemed received or given when mailed first-class mail, postage prepaid, addressed to each other party at its address specified below or, if sent by facsimile or electronic mail, when facsimile or electronic confirmation of receipt by the recipient is received by the sender of such notice. Each party may designate to the other parties in writing, from time to time, other addresses to which notices and communications hereunder shall be sent.
All notices required to be delivered to the Master Servicer and the Trust Administrator under this Agreement shall be delivered to the Master Servicer and Trust Administrator at the following address:
▇▇▇▇▇ Fargo Bank, N.A.
Corporate Trust Office ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attn: CSAB 2007-1
All remittances required to be made to the Master Servicer under this Agreement shall be made on a scheduled/scheduled basis to the following wire account:
▇▇▇▇▇ Fargo Bank, NA
San Francisco, California
ABA ▇▇▇-▇▇▇-▇▇▇
Account Number: ▇▇▇▇▇▇▇▇▇▇
Account Name: Corporate Trust Clearing
FFC: 53142500, CSAB 2007-1
All notices required to be delivered to the Trustee hereunder shall be delivered to the Trustee at the following address:
U.S. Bank National Association
Corporate Trust Services – EP-MN-WS3D
▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇. ▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
All notices required to be delivered to DLJMC hereunder shall be delivered to DLJMC, at the following address:
DLJ Mortgage Capital, Inc. ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Attention: ▇▇▇▇▇ ▇▇▇▇
All notices required to be delivered to the Servicer hereunder shall be delivered to its office at the address for notices as set forth in the Amended CHL Servicing Agreement.
10.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
11.
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument.
12.
Modifications to the Amended CHL Servicing Agreement.
A.
Amendment of Section 1 of the CHL Servicing Agreement.
1.
The definition of “Business Day” is hereby deleted and replaced in its entirety with the following:
Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) legal holiday in the States of New York, California, Maryland, Texas or Minnesota, or (iii) a day on which banks in the States of New York, California, Maryland, Texas or Minnesota are authorized or obligated by law or executive order to be closed.
2.
The definition of “Custodial Account” is hereby deleted and replaced in its entirety with the following:
Custodial Account: Each separate demand account or accounts created and maintained pursuant to this Agreement which shall be entitled “Countrywide Home Loans Servicing LP, in trust for the Holders of Credit Suisse First Boston Mortgage Securities Corp., CSAB Mortgage-Backed Pass-Through Certificates, Series 2007-1 and various Mortgagors”.
3.
The definition of “Escrow Account” is hereby deleted and replaced in its entirety with the following:
Escrow Account: Each separate trust account or accounts created and maintained pursuant to this Agreement which shall be entitled “Countrywide Home Loans Servicing LP, in trust for the Holders of Credit Suisse First Boston Mortgage Securities Corp., CSAB Mortgage-Backed Pass-Through Certificates, Series 2007-1 and various Mortgagors” and which shall be an Eligible Account.
B.
Amendment of the Servicing Addendum to the CHL Servicing Agreement
1. Subsections 11.25 and 11.26 are hereby deleted in their entirety.
13.
Trustee Capacity. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by U.S. Bank National Association not individually or personally but solely as Trustee of the Trust Fund, in the exercise of the powers and authority conferred and vested in it under the terms of the Pooling and Servicing Agreement, (ii) each of the representations, undertakings and agreements herein made by the Trustee is made and intended not as personal representations, undertakings and agreements by U.S. Bank National Association but is made and intended for the purpose of binding only the Trust Fund, and (iii) under no circumstances shall U.S. Bank National Association be personally liable for the payment of any indebtedness or expenses of the Trust Fund or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trustee on behalf of the Trust Fund under this Agreement or any other related documents, as to all of which recourse shall be had solely to the assets of the Trust Fund.
Executed as of the day and year first above written.
DLJ MORTGAGE CAPITAL, INC.,
as Purchaser
By:
/s/ ▇▇▇ ▇▇▇
Name: ▇▇▇ ▇▇▇
Title: Vice President
COUNTRYWIDE HOME LOANS SERVICING LP, as Servicer
By: Countrywide GP, Inc., its General Partner
By:
/s/ ▇▇▇▇ ▇▇▇▇▇▇
Name: ▇▇▇▇ ▇▇▇▇▇▇
Title: First Vice President
▇▇▇▇▇ FARGO BANK, N.A.,
as Master Servicer and Trust Administrator
By:
/s/ ▇▇▇ ▇▇▇▇▇
Name: ▇▇▇ ▇▇▇▇▇
Title: Vice President
U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely as Trustee
By:
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title: Vice President
EXHIBIT A Sections 11 and 13 of the CHL Servicing Agreement (the “Servicing Provisions”) and any definition in Section 1 of the CHL Servicing Agreement which refers to the Servicing Provisions.
(On file with ▇▇▇▇▇ ▇▇▇▇▇▇)
EXHIBIT B
SERVICING CRITERIA TO BE
ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by the [the Company] [Name of Subservicer] shall address, at a minimum, the criteria identified below as “Applicable Servicing Criteria”:
Servicing Criteria | Applicable Servicing Criteria | |
Reference | Criteria |
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| General Servicing Considerations |
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1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |
1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. | X |
1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained. |
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1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. | X |
| Cash Collection and Administration |
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1122(d)(2)(i) | Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X |
1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |
1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. | X |
1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |
1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X |
1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. | X |
1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |
| Investor Remittances and Reporting |
|
1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Servicer. | X |
1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X |
1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements. | X |
1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |
| Pool Asset Administration |
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1122(d)(4)(i) | Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents. | X |
1122(d)(4)(ii) | Mortgage loan and related documents are safeguarded as required by the transaction agreements | X |
1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | Х |
1122(d)(4)(iv) | Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents. | X |
1122(d)(4)(v) | The Servicer’s records regarding the mortgage loans agree with the Servicer’s records with respect to an obligor’s unpaid principal balance. | X |
1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |
1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X |
1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). | X |
1122(d)(4)(ix) | Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents. | X |
1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements. | X |
1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. | X |
1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission. | X |
1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements. | X |
1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X |
1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |
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[NAME OF COMPANY] [NAME OF SUBSERVICER],
Date:
_________________________
By: ________________________________
Name:
EXHIBIT C
ADDITIONAL REPORTING FORMS
Exhibit 15 of the Amended CHL Servicing Agreement
Exhibit 15-1 Standard File Layout - Master Servicing |
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Column Name | Description | Decimal | Format Comment | Max Size |
SER_INVESTOR_NBR | A value assigned by the Servicer to define a group of loans. |
| Text up to 10 digits | 20 |
LOAN_NBR | A unique identifier assigned to each loan by the investor. |
| Text up to 10 digits | 10 |
SERVICER_LOAN_NBR | A unique number assigned to a loan by the Servicer. This may be different than the LOAN_NBR. |
| Text up to 10 digits | 10 |
BORROWER_NAME | The borrower name as received in the file. It is not separated by first and last name. |
| Maximum length of 30 (Last, First) | 30 |
SCHED_PAY_AMT | Scheduled monthly principal and scheduled interest payment that a borrower is expected to pay, P&I constant. | 2 | No commas(,) or dollar signs ($) | 11 |
NOTE_INT_RATE | The loan interest rate as reported by the Servicer. | 4 | Max length of 6 | 6 |
NET_INT_RATE | The loan gross interest rate less the service fee rate as reported by the Servicer. | 4 | Max length of 6 | 6 |
SERV_FEE_RATE | The servicer's fee rate for a loan as reported by the Servicer. | 4 | Max length of 6 | 6 |
SERV_FEE_AMT | The servicer's fee amount for a loan as reported by the Servicer. | 2 | No commas(,) or dollar signs ($) | 11 |
NEW_PAY_AMT | The new loan payment amount as reported by the Servicer. | 2 | No commas(,) or dollar signs ($) | 11 |
NEW_LOAN_RATE | The new loan rate as reported by the Servicer. | 4 | Max length of 6 | 6 |
ARM_INDEX_RATE | The index the Servicer is using to calculate a forecasted rate. | 4 | Max length of 6 | 6 |
ACTL_BEG_PRIN_BAL | The borrower's actual principal balance at the beginning of the processing cycle. | 2 | No commas(,) or dollar signs ($) | 11 |
ACTL_END_PRIN_BAL | The borrower's actual principal balance at the end of the processing cycle. | 2 | No commas(,) or dollar signs ($) | 11 |
BORR_NEXT_PAY_DUE_DATE | The date at the end of processing cycle that the borrower's next payment is due to the Servicer, as reported by Servicer. |
| MM/DD/YYYY | 10 |
SERV_CURT_AMT_1 | The first curtailment amount to be applied. | 2 | No commas(,) or dollar signs ($) | 11 |
SERV_CURT_DATE_1 | The curtailment date associated with the first curtailment amount. |
| MM/DD/YYYY | 10 |
CURT_ADJ_ AMT_1 | The curtailment interest on the first curtailment amount, if applicable. | 2 | No commas(,) or dollar signs ($) | 11 |
SERV_CURT_AMT_2 | The second curtailment amount to be applied. | 2 | No commas(,) or dollar signs ($) | 11 |
SERV_CURT_DATE_2 | The curtailment date associated with the second curtailment amount. |
| MM/DD/YYYY | 10 |
CURT_ADJ_ AMT_2 | The curtailment interest on the second curtailment amount, if applicable. | 2 | No commas(,) or dollar signs ($) | 11 |
SERV_CURT_AMT_3 | The third curtailment amount to be applied. | 2 | No commas(,) or dollar signs ($) | 11 |
SERV_CURT_DATE_3 | The curtailment date associated with the third curtailment amount. |
| MM/DD/YYYY | 10 |
CURT_ADJ_AMT_3 | The curtailment interest on the third curtailment amount, if applicable. | 2 | No commas(,) or dollar signs ($) | 11 |
PIF_AMT | The loan "paid in full" amount as reported by the Servicer. | 2 | No commas(,) or dollar signs ($) | 11 |
PIF_DATE | The paid in full date as reported by the Servicer. |
| MM/DD/YYYY | 10 |
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| Action Code Key: 15=Bankruptcy, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇, , ▇▇▇▇▇▇, 63=Substitution, 65=Repurchase,70=REO | 2 |
ACTION_CODE | The standard FNMA numeric code used to indicate the default/delinquent status of a particular loan. | |||
INT_ADJ_AMT | The amount of the interest adjustment as reported by the Servicer. | 2 | No commas(,) or dollar signs ($) | 11 |
SOLDIER_SAILOR_ADJ_AMT | The Soldier and Sailor Adjustment amount, if applicable. | 2 | No commas(,) or dollar signs ($) | 11 |
NON_ADV_LOAN_AMT | The Non Recoverable Loan Amount, if applicable. | 2 | No commas(,) or dollar signs ($) | 11 |
LOAN_LOSS_AMT | The amount the Servicer is passing as a loss, if applicable. | 2 | No commas(,) or dollar signs ($) | 11 |
SCHED_BEG_PRIN_BAL | The scheduled outstanding principal amount due at the beginning of the cycle date to be passed through to investors. | 2 | No commas(,) or dollar signs ($) | 11 |
SCHED_END_PRIN_BAL | The scheduled principal balance due to investors at the end of a processing cycle. | 2 | No commas(,) or dollar signs ($) | 11 |
SCHED_PRIN_AMT | The scheduled principal amount as reported by the Servicer for the current cycle -- only applicable for Scheduled/Scheduled Loans. | 2 | No commas(,) or dollar signs ($) | 11 |
SCHED_NET_INT | The scheduled gross interest amount less the service fee amount for the current cycle as reported by the Servicer -- only applicable for Scheduled/Scheduled Loans. | 2 | No commas(,) or dollar signs ($) | 11 |
ACTL_PRIN_AMT | The actual principal amount collected by the Servicer for the current reporting cycle -- only applicable for Actual/Actual Loans. | 2 | No commas(,) or dollar signs ($) | 11 |
ACTL_NET_INT | The actual gross interest amount less the service fee amount for the current reporting cycle as reported by the Servicer -- only applicable for Actual/Actual Loans. | 2 | No commas(,) or dollar signs ($) | 11 |
PREPAY_PENALTY_ AMT | The penalty amount received when a borrower prepays on his loan as reported by the Servicer. | 2 | No commas(,) or dollar signs ($) | 11 |
PREPAY_PENALTY_ WAIVED | The prepayment penalty amount for the loan waived by the servicer. | 2 | No commas(,) or dollar signs ($) | 11 |
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MOD_DATE | The Effective Payment Date of the Modification for the loan. |
| MM/DD/YYYY | 10 |
MOD_TYPE | The Modification Type. |
| Varchar - value can be alpha or numeric | 30 |
DELINQ_P&I_ADVANCE_AMT | The current outstanding principal and interest advances made by Servicer. | 2 | No commas(,) or dollar signs ($) | 11 |
EXHIBIT 15-2: REPORTING DATA FOR DEFAULTED LOANS
Data must be submitted to ▇▇▇▇▇ Fargo Bank in an Excel spreadsheet format with fixed field names and data type. The Excel spreadsheet should be used as a template consistently every month when submitting data.
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Table: Delinquency |
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Name | Type | Size |
Servicer Loan # | Number | 8 |
| (Double) |
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Investor Loan # | Number | 8 |
| (Double) |
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Borrower Name | Text | 20 |
Address | Text | 30 |
State | Text | 2 |
Due Date | Date/Time | 8 |
Action Code | Text | 2 |
FC Received | Date/Time | 8 |
File Referred to Atty | Date/Time | 8 |
NOD | Date/Time | 8 |
Complaint Filed | Date/Time | 8 |
Sale Published | Date/Time | 8 |
Target Sale Date | Date/Time | 8 |
Actual Sale Date | Date/Time | 8 |
Loss Mit Approval Date | Date/Time | 8 |
Loss Mit Type | Text | 5 |
Loss Mit Estimated Completion | Date/Time | 8 |
Date |
|
|
Loss Mit Actual Completion Date | Date/Time | 8 |
Loss Mit Broken Plan Date | Date/Time | 8 |
BK Chapter | Text | 6 |
BK Filed Date | Date/Time | 8 |
Post Petition Due | Date/Time | 8 |
Motion for Relief | Date/Time | 8 |
Lift of Stay | Date/Time | 8 |
RFD | Text | 10 |
Occupant Code | Text | 10 |
Eviction Start Date | Date/Time | 8 |
Eviction Completed Date | Date/Time | 8 |
List Price | Currency | 8 |
List Date | Date/Time | 8 |
Accepted Offer Price | Currency | 8 |
Accepted Offer Date | Date/Time | 8 |
Estimated REO Closing Date | Date/Time | 8 |
Actual REO Sale Date | Date/Time | 8 |
•
Items in bold are MANDATORY FIELDS. We must receive information in those fields every month in order for your file to be accepted.
The Action Code Field should show the applicable numeric code to indicate that a special action is being taken. The Action Codes are the following:
12-Relief Provisions 15-Bankruptcy/Litigation 20-Referred for Deed-in-Lieu 30-Referred fore Foreclosure ▇▇-▇▇▇▇▇▇ ▇▇-▇▇▇▇▇▇▇▇▇▇ ▇▇-▇▇▇-▇▇▇▇ for Sale 71-Third Party Sale/Condemnation 72-REO-Pending Conveyance-Pool Insurance claim filed
▇▇▇▇▇ Fargo Bank will accept alternative Action Codes to those above, provided that the Codes are consistent with industry standards. If Action Codes other than those above are used, the Servicer must supply ▇▇▇▇▇ Fargo Bank with a description of each of the Action Codes prior to sending the file.
Description of Action Codes:
Action Code 12 - To report a Mortgage Loan for which the Borrower has been granted relief for curing a delinquency. The Action Date is the date the relief is expected to end. For military indulgence, it will be three months after the Borrower’s discharge from military service.
Action Code 15 - To report the Borrower’s filing for bankruptcy or instituting some other type of litigation that will prevent or delay liquidation of the Mortgage Loan. The Action Date will be either the date that any repayment plan (or forbearance) instituted by the bankruptcy court will expire or an additional date by which the litigation should be resolved.
Action Code 20 - To report that the Borrower has agreed to a deed-in-lieu or an assignment of the property. The Action Date is the date the Servicer decided to pursue a deed-in-lieu or the assignment.
Action Code 30 - To report that the decision has been made to foreclose the Mortgage Loan. The Action Date is the date the Servicer referred the case to the foreclosure attorney.
Action Code 60 - To report that a Mortgage Loan has been paid in full either at, or prior to, maturity. The Action Date is the date the pay-off funds were remitted to the Master Servicer.
Action Code 65 - To report that the Servicer is repurchasing the Mortgage Loan. The Action Date is the date the repurchase proceeds were remitted to the Master Servicer.
Action Code 70 - To report that a Mortgage Loan has been foreclosed or a deed-in-lieu of foreclosure has been accepted, and the Servicer, on behalf of the owner of the Mortgage Loan, has acquired the property and may dispose of it. The Action Date is the date of the foreclosure sale or, for deeds-in-lieu, the date the deed is recorded on behalf of the owner of the Mortgage Loan.
Action Code 71 - To report that a Mortgage Loan has been foreclosed and a third party acquired the property, or a total condemnation of the property has occurred. The Action Date is the date of the foreclosure sale or the date the condemnation award was received.
Action Code 72 - To report that a Mortgage Loan has been foreclosed, or a deed-in-lieu has been accepted, and the property may be conveyed to the mortgage insurer and the pool insurance claim has been filed. The Action Date is the date of the foreclosure sale, or, for deeds-in-lieu, the date of the deed for conventional mortgages.
The Loss Mit Type field should show the approved Loss Mitigation arrangement. The following are acceptable:
ASUM-Approved Assumption BAP-Borrower Assistance Program CO-Charge Off DIL-Deed-in-Lieu FFA-Formal Forbearance Agreement MOD-Loan Modification PRE-Pre-Sale SS-Short Sale MISC-Anything else approved by the PMI or Pool Insurer
▇▇▇▇▇ 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. The acceptable codes are:
Mortgagor Tenant Unknown Vacant
EXHIBIT 15-3: REALIZED LOSS CALCULATION INFORMATION
▇▇▇▇▇ FARGO BANK, N.A. Form 332
Calculation of Realized Loss
Purpose
To provide the Servicer with a form for the calculation of any Realized Loss (or gain) as a result of a Mortgage Loan having been foreclosed and Liquidated.
Distribution
The Servicer will prepare the form in duplicate and send the original together with evidence of conveyance of title and appropriate supporting documentation to the Master Servicer with the Monthly Accounting Reports which supports the Mortgage Loan’s removal from the Mortgage Loan Activity Report. The Servicer will retain the duplicate for its own records.
Due Date
With respect to any liquidated Mortgage Loan, the form will be submitted to the Master Servicer no later than the date on which statements are due to the Master Servicer under Section 4.02 of this Agreement (the “Statement Date”) in the month following receipt of final liquidation proceeds and supporting documentation relating to such liquidated Mortgage Loan; provided, that if such Statement Date is not at least 30 days after receipt of final liquidation proceeds and supporting documentation relating to such liquidated Mortgage Loan, then the form will be submitted on the first Statement Date occurring after the 30th day following receipt of final liquidation proceeds and supporting documentation.
Preparation Instructions
The numbers on the form correspond with the numbers listed below.
1.
The actual Unpaid Principal Balance of the Mortgage Loan.
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.
3-7.
Complete as necessary. All line entries must be supported by copies of appropriate statements,
vouchers, receipts, canceled checks, etc., to document the expense. Entries not properly
documented will not be reimbursed to the Servicer.
8.
Accrued Servicing Fees based upon the Scheduled Principal Balance of the Mortgage Loan as calculated on a monthly basis.
10.
The total of lines 1 through 9.
Credits
11-17.
Complete as necessary. All line entries must be supported by copies of the appropriate claims forms, 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 16.
18.
The total of lines 11 through 17.
Total Realized Loss (or Amount of Any Gain)
19.
The total derived from subtracting line 18 from 10. If the amount represents a realized gain, show the amount in parenthesis ( ).
▇▇▇▇▇ FARGO BANK, N.A. CALCULATION OF REALIZED LOSS
▇▇▇▇▇ FARGO BANK, N.A. Trust: ___________________________
Prepared by: __________________ Date: _______________
Phone: ______________________
Servicer Loan No.
Servicer Name
Servicer Address
▇▇▇▇▇ FARGO BANK, N.A. Loan No._____________________________ Borrower’s Name:________________________________________________________ Property Address:________________________________________________________________
Liquidation and Acquisition Expenses: |
|
Actual Unpaid Principal Balance of Mortgage Loan | $ _______________(1) |
Interest accrued at Net Rate | ________________(2) |
Attorney’s Fees | ________________(3) |
Taxes | ________________(4) |
Property Maintenance | ________________(5) |
MI/Hazard Insurance Premiums | ________________(6) |
Hazard Loss Expenses | ________________(7) |
Accrued Servicing Fees | ________________(8) |
Other (itemize) | ________________(9) |
| $ _________________ |
|
|
|
|
|
|
Total Expenses | $ ______________(10) |
Credits: |
|
Escrow Balance | $ ______________(11) |
HIP Refund | ________________(12) |
Rental Receipts | ________________(13) |
Hazard Loss Proceeds | ________________(14) |
Primary Mortgage Insurance Proceeds | ________________(15) |
Proceeds from Sale of Acquired Property | ________________(16) |
Other (itemize) | ________________(17) |
| ___________________ |
| ___________________ |
Total Credits | $________________(18) |
Total Realized Loss (or Amount of Gain) $________________
SCHEDULE I
Schedule of All CHL Serviced Mortgage Loans
(On File)
SCHEDULE II
Schedule of All CHL Serviced Mortgage Loans
(On File)