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Servicer Guide
Last Update: 08/29/09
101.03 Corporate Resolution The amount of coverage required for a direct surety bond
may be based on the total servicing portfolio the Servicer
Upon approval, the Servicer must supply the Buyer with is servicing on behalf of the Buyer, provided that such
an original, certified copy of the Corporate Resolution. surety bond relates solely to such portfolio.
If, at any time, there is a change to the authority provided
by the Corporate Resolution or changes to the persons B. Scope
provided with such authority, the Servicer must The fidelity bond, errors and omissions, and directors
immediately submit either an amended original, certified and officer liability coverage must insure the Servicer
copy of the Corporate Resolution reflecting the current against losses resulting from dishonest, negligent or
information, or an original Corporate Certificate of fraudulent acts committed by employees of the Servicer,
Authority reflecting new authorities granted. The Buyer including, but not limited to, any person employed under
will not recognize any change to the Servicer’s a permanent or temporary employment agreement, any
Corporate Resolution until the original, certified copy of person acting as an agent or representative of the
the Corporate Resolution or an original Corporate Servicer, any employees of outside firms that provide
Certificate of Authority is received. data processing services for the Servicer, each director
101.04 Fidelity Bond, Direct Bond, and officer who has control over or access to cash,
securities or other property of the association, and
and Errors and Omissions Coverage persons employed as student interns. The coverage must
The Servicer is responsible for maintaining in effect, at also protect against dishonest, negligent or fraudulent
all times and at its expense, blanket fidelity bond, errors acts by the Servicer’s principal owner, if the Servicer’s
and omissions, and directors and officers liability insurance writer provides that type of coverage.
insurance coverage. Specific insurance requirements are Servicers must obtain errors and omissions coverage that
indicated below. Insurance coverage which does not under the terms of the policy or by separate rider; (i)
meet the minimum amount required or an insurance provides that the insurer will name the Buyer, as an
deductible which exceeds the limit allowed must be investor, as loss payee on payment drafts issued by the
approved by the Buyer. Servicers must request a waiver insurer for losses to the Buyer resulting from acts or
of these requirements in writing and provide evidence omissions covered by the insurance and (ii) gives the
satisfactory to the Buyer of FNMA’s or FHLMC’s Buyer, as an investor, the right to file a claim directly
approval, as applicable, of the Servicer’s insurance with the insurer, should the Servicer fail to do so, for
coverage. losses to the Buyer resulting from acts covered by the
If, at any time, there is a change in coverage, or if insurance.
coverage has expired, the Servicer must immediately
submit evidence of the amended or renewed insurance C. Deductible
coverage to Relationship Management Operations. The deductible for fidelity bond, directors and officer’s
Refer to Appendix B for the current address. liability, and direct surety coverage may be no more than
102-2
(Rev. 05/16/08) Servicing Guide: Loan Administration
Section 102. Compensation and Subcontracting
and all of the Seller’s representations, warranties and change in the ownership of the Servicer’s parent, any
obligations as set forth in the Seller Guide, and will require owner of the parent, or any beneficial owner of the
the transferee to enter agreements which evidence the Servicer that does not own a direct interest in the
assumption of such representations, warranties and Servicer;
obligations. 3. any change in corporate name;
The Servicer and the transferee will also be obligated, 4. any change from a federal charter to a state charter (or
jointly and severally, to indemnify and hold harmless, the vice versa) if the Servicer is a savings and loan
Buyer, its successors and assigns against all losses, claims, association or a bank;
costs and expenses (including reasonable attorney’s fees)
that may arise against the Buyer, its successors and assigns, 5. a material adverse change in financial condition; and
from the failure to comply with applicable laws and 6. the sale of all, or substantially all, of the Servicer’s
regulations related to the transfer of servicing. assets or a line of business.
102.03 Pledge or Transfer of Servicing
Income
The pledge, sale, transfer, or encumbrance of any servicing
fee income or rights without the prior written consent of the
Buyer is prohibited. Any purported sale, transfer or pledge
is grounds for an immediate termination of servicing rights
for cause pursuant to Section 101.08 and shall be
ineffective to confer upon any purported transferee, pledge
or other right, title or interest in such income or servicing.
102.04 Merger or Consolidation of
Servicer
Any entity into which the Servicer is merged or
consolidated, or any corporation resulting from any merger,
consolidation or conversion to which the Servicer is a party
shall be deemed the successor to the Servicer and shall
succeed to all of the Servicer’s rights and obligations under
the Selling and Servicing Contract, provided that the
successor meets the eligibility criteria set forth in Section
101.01 and complies with the transfer of servicing
requirements, as specified in Section 102.02 of this
Servicing Guide. The Buyer, in its sole discretion, may
reject any such successor and may terminate the Servicer’s
servicing privileges hereunder as of the effective date of
such merger or consolidation. Such termination shall be
deemed a termination for cause under Section 101.08 A
hereof, and the Buyer shall not be obligated to compensate
the Servicer or its successor for such termination.
102.05 Notification of Significant Changes
The Servicer must send the Buyer written notice of any
contemplated major changes in its organization, including
with such notice copies of any filings with, or approvals
from, its regulators. The Buyer requires notice of, among
other things, the following significant changes relating to
the Servicer:
1. any mergers, consolidations or reorganizations;
2. any direct or indirect substantial change in ownership.
An “indirect change in ownership” includes any
For any mortgage loan which has amortized down so that F. Analysis of the Account
the LTV is 80% or less, the Servicer may waive the If an escrow account is established, the Servicer must
borrower’s future obligation to deposit amounts in the determine the amount of the monthly deposit to be
tax and insurance reserve provided: made by the borrower and provide him or her with an
• The unpaid principal balance of the note divided by analysis of this account at least annually. If a surplus
the lesser of the original appraised value of the exists in a borrower’s escrow account, such excess may
property or the sales price is 80% or less; be taken into consideration in fixing the amount to be
collected for the account for the following year or a
• The mortgage is at least 12 months old; and
refund to the borrower may be made if the loan is
• The mortgage has not been more than 30 days current. If the surplus is sufficient or is supplemented by
delinquent during the preceding 12 months. an additional collection, it may be used to pay one or
more full installments of principal and interest or an
additional principal payment, provided such actions are
consistent with the terms of the loan documents and the
wishes of the borrower.
Servicing Guide: Loan Servicing 202-1
(Rev. 8/03)
(Last Reviewed 05/16/08)
Section 202. Tax and Insurance Escrows
The Servicer may retain a surplus in the borrower’s been paid by the borrower and, if not, should require the
escrow account to the extent permitted by the loan borrower to make the payment. If the borrower does not
documents and all applicable laws. An average escrow make the payment, however, the Servicer must advance
balance must be reflected on the annual analysis and the necessary funds and may create an escrow
provided to the borrower upon request. requirement for future installments. In the event a stock
certificate is lost, the Servicer must take whatever action
G. Annual Statement to the Borrower is necessary to obtain a replacement certificate. All fees
At the end of the calendar year, the Servicer must send and expenses will be the sole responsibility of the
the borrower an annual statement of the borrower’s Servicer.
account, including the following:
202.04 Insurance Reserves
• The balance of the escrow account at the beginning
of the year, If the borrower fails to maintain the required hazard
• The total amount deposited into the escrow account insurance coverage, the Servicer must obtain the required
by the borrower during the year, coverage and must cause the policy to remain in force as
• The total amount applied to the principal, long as the Servicer services the loan.
• The total amount applied to interest, If the Servicer acted as a broker or agent in placing
• The amount and nature of disbursements made insurance coverage not required by the Buyer, the Buyer
during the year (including all taxes paid on the will not be responsible for any attorney’s fees and costs
borrower’s behalf), and; resulting from disputes with carriers of such insurance.
• The final balance of all accounts at year-end.
Upon the borrower’s request, the Servicer must also
provide a detailed ledger analysis of all transactions
affecting the borrower’s mortgage payment record and
deposit account, showing individual dates, amount and
purposes of each debit and credit to the accounts,
including the beginning and ending balances.
202.02 Taxes, Ground Rents,
Assessments, and Related
Charges
The Servicer must maintain accurate records on taxes,
ground rents, assessments and other charges which are or
could become a lien on properties securing loans
serviced for the Buyer. The Servicer should pay such
charges before any penalty date and in time to secure
the maximum discounts available. The Servicer is
responsible for the timely payment of all such bills and
must pay all penalties, losses, or damages resulting
from it failure to discharge this responsibility. Similarly,
penalties for the late payment of taxes cannot be passed
on to the borrower unless the borrower directly
contributed to the imposition of the penalty.
202.03 Water or Irrigation Stock
Certificates
If a property is dependent on a supply of water furnished
by a water or irrigation company to its stockholders, the
stock certificate must be endorsed by the borrower and
retained by the Servicer. The Servicer should pay the
assessments or charges for services furnished to the
property from the borrower’s escrow account if this
practice is customary in the locality. Otherwise, the
Servicer must annually determine whether the items have
202-2 Servicing Guide: Loan Servicing
(Rev. 8/03)
(Last Reviewed 05/16/08)
Section 202. Tax and Insurance Escrows
This page left intentionally blank.
C. Fidelity Insurance
The PUD corporation, homeowners’ association, or
trust must have fidelity insurance covering losses re-
sulting from dishonest or fraudulent acts on the part of
the directors, managers, trustees, employees or
volunteers responsible for handling funds collected and
held for the benefit of the PUD unit owners. The fidelity
bond or insurance must name the PUD corporation,
homeowners’ association, or trust as the insured. The
coverage must equal the maximum amount of funds held
by the homeowners’ association at any one time and
must total at least three (3) months of assessments on the
entire project, plus reserves. An appropriate
endorsement to the policy to cover any persons who
serve without compensation must be added if the policy
would not otherwise cover volunteers.
NOTE: This section does not apply to deminimus PUDs.
E. Mortgagee Clause
Each policy must contain the standard mortgagee clause
endorsed to provide that any proceeds will be paid to the
[Name of PUD corporation, association, or trust] for the
use and benefit of mortgagees as their interest may
appear, or otherwise endorsed to fully protect the interest
of the Buyer.
When a mortgagee clause is not applicable, a certificate
of insurance must be obtained by the Servicer. This
C. FHA/VA Mortgages
Any FHA or VA mortgage owned in whole or in part by
the Buyer may be assumed provided the Federal Housing
Administration or Veterans Administration approves of
such transfer and the appropriate guaranty or insurance is
maintained.
The Servicer must comply with the appropriate agency’s
application and notification requirements and may
charge fees for the assumption as indicated by that
agency’s regulations. The Servicer may retain the entire
fee, unless otherwise indicated by government
regulations. The Servicer may not, however, change the
interest rate, except as required in the original mortgage
note of an ARM.
1 Interest Rate Cap: The Act caps interest at six (6%) Example of the Act Monthly Interest Rate
percent per year on a servicemember’s Mortgage Differential Credit
obligations. Escrows for insurance, property taxes and This example illustrates the calculation of Servicer
other assessments are not affected and must be paid in monthly interest rate differential credit for a Borrower’s
accordance with contractual terms. The difference payment that was reported by Servicer in January, 2004.
between the contractual rate of interest and six (6%)
percent is forgiven, not deferred. Example Loan Level Detail
2 Eligible Mortgages: a) The Mortgage must be the Unpaid Principal Balance (UPB) of a 30 year Mortgage
contractual obligation of the servicemember as Borrower (as of 01/04 cycle): $50,000
or co-Borrower under the Note or as obligor under a Original Rate: 10.375%
written agreement by which the servicemember assumes Adjusted Interest Rate under the Act: 6.000%
the Borrower’s liability under the Note and the Borrower Loan Status Active
is released from such liability. Monthly remittance (draft) cycle: 20th of the month
P&I $452.70
b) The servicemember must have executed the Note or
the assumption agreement before the reporting date or
effective date of the servicemember’s active service as
shown in the military orders.
3 Request Submission: The rate cap request may be
made by the servicemember or a representative, such as:
• The spouse of the servicemember
• The co-Borrower of the servicemember
• An attorney of the servicemember
205-4 Servicing Guide: Loan Servicing
(Rev. 8/28/09)
Section 205. Delinquencies
Calculation law.
1. Interest at original rate = UPB X Original Rate / 12 Late Charges: All late charges resulting from Mortgage
= $50,000 X 10.375% / 12 = 432.29 payments deferred, restructured or rate-capped under the
2. Principal applied to loan = P&I – Interest at Original Act or applicable State law must be waived.
Rate Credit Reporting: All servicemembers who are
= $452.70 – 432.29 = $20.41 receiving protection under the Act or applicable state law
3. Interest at the Act Rate = UPB X the Act Rate / 12 must be reported as “paying as agreed” to the credit
= $50,000 X 6% / 12 = $250 repositories.
4. Amount due to servicer (Interest Subsidy) – Interest Documentation: All communications, correspondence,
at Original Rate – Interest at the Act Rate and documentation to or from servicemembers seeking
= $432.29 – 250 = $182.29 Mortgage relief for hardship caused by active service
For this Example, Servicer would receive a wire in the must be maintained.
amounts of $182.29 from the Buyer. Transfers of Servicing: When a Transfer of Servicing to
a Special Servicer includes Mortgages whose interest
rates are capped under the Act, the Transferor must
If the servicemember’s active military service exceeds identify each such Mortgage to the Transferee before
the timeframe outlined in the original orders provided by transferring the Mortgage files to the Transferee.
the Servicer, the Servicer shall request a copy of the new
orders and shall provide them to the Buyer. 205.03 Advancing Responsibility
Reimbursement will be made for only that portion of The Servicer is obligated to advance its own funds for
time the servicemember is recalled to active duty and is the loans serviced on the Buyer’s behalf. Such advances
supported by the servicemember’s military orders. The are intended to provide a regular flow of funds on the
Servicer should contact the borrower at least semi- loans and to protect the value of the loan and the un-
annually during the period of active military service to derlying property. If an advance for principal and in-
determine the borrower’s current status and the terest or for approved expenses cannot be recovered from
anticipated duration of military service. related borrower payment, liquidation or insurance
D. Forbearance, Relief from Foreclosure payments, the Buyer will reimburse the Servicer,
ensuring that such advances do not become expenses to
Under the Act or State statutes, servicemembers who are the Servicer. It is the Servicer’s responsibility to
serving or have served on active duty may be entitled to continue to advance its own funds until the loan is fully
additional and varied forms of protection from creditors’ liquidated by payment-in-full, foreclosure sale to a third
enforcement of contractual terms. party or the REO disposition sale.
Such protection is usually based on hardship caused by
military service and may remain in effect even after a 205.04 Servicing Bankrupt Accounts
protected servicemember is released from active duty. A
The Servicer must treat all loans of bankrupt borrowers it
court order may be required to activate such protection
services for the Buyer in the same manner it treats loans
or to deny it. This protection may include:
that it owns, unless otherwise indicated in this section.
1. Deferral and/or restructuring of payments The Servicer must always comply with the terms and
2. Restrictions on foreclosure action conditions set forth by the mortgage insurer. The
3. Extension of redemption periods for completed Servicer should act with the advice of legal counsel with
foreclosures a thorough knowledge of bankruptcy law.
The Servicer must be familiar with applicable law as it The Servicer must complete and forward a claim on each
relates to the particular circumstances of a bankruptcy within the time limitation placed by the
servicemember. bankruptcy court and in the manner normal for the
district in which the bankruptcy is filed.
If foreclosure is allowed to proceed and Mortgage
Insurance claim is eventually filed, you must notify the If the borrower wishes to reconfirm the debt, the Servicer
mortgage insurer (MI) that the Mortgage was subject to must proceed with this action immediately and may do
military relief so that: so without the Buyer’s prior approval. The Servicer
must obtain the Buyer’s approval before refusing to
1. Interest for the Act-capped payments due but unpaid reaffirm a debt for any loan which the Buyer owns in
by the servicemember is claimable at the Note rate, whole or in part.
not at the Act-capped rate.
2. Claimable interest will not be curtailed by the (MI) If any loan involved in a bankruptcy becomes
for a delay which was caused solely by the delinquent, the Servicer must report the delinquency and
Servicers’ compliance with applicable military relief bankruptcy information as provided in Section 205.01 B.
Servicing Guide: Loan Servicing 205-5
(Rev. 8/28/09)
Section 205. Delinquencies
The following information should be included in the If no acceptable arrangement or action occurs within 30
report: case number, date of filing, confirmation hearing days of the demand letter, the Servicer must immediately
date, 1st meeting of the creditors, confirmation of the seek relief from the automatic stay. If the loan is in
plan, pre and post petition due dates, motion for relief foreclosure at the time of filing of the bankruptcy action,
filed, consent order enters, bk type, and the Servicer must immediately seek relief from the
discharge/dismissal date. If the loan is not delinquent automatic stay and must report the status of the loan as
and does not become delinquent during the term of the provided in Section 205.01B. If the loan is not in
bankruptcy, it is not necessary to notify the Buyer of the foreclosure status at the time of the filing of the
bankruptcy filing unless some situation occurs which bankruptcy action, the Servicer must submit a completed
might place the Buyer’s interest in the property in Foreclosure Recommendation/Individual Delinquency
jeopardy. Report (WAMU 3003) for notification purposes.
A. Chapter 7 and Chapter 11 B. Chapter 13
If a borrower files for bankruptcy under Chapter 7 or If a borrower files bankruptcy under Chapter 13, the
Chapter 11 of the Bankruptcy Reform Act of 1978, Title Servicer must review the repayment plan and must reject
11 of the United States Code, and the loan becomes two the plan if the Servicer can substantiate that the plan is
months delinquent, the Servicer must forward not reasonable. If the Servicer determines the
correspondence to the attorney, or to the bankruptcy bankruptcy repayment plan is unreasonable, counsel
trustee if there is no attorney involved in the case, retained by the Servicer should file an objection to the
demanding that the loan be brought to a current status plan. If the plan is reasonable, the Servicer must approve
and maintained current on a monthly basis. The Servicer the repayment plan.
must make a drive-by inspection of the property to verify
occupancy at this time and every month thereafter until If the loan becomes two months delinquent outside of the
plan or the borrower fails to make payments as agreed
the loan is again current. If no acceptable action or
arrangement occurs in the 30 days following the demand within the plan, the Servicer must forward
letter and the loan becomes three months delinquent, the correspondence to the borrower’s attorney, or to the
bankruptcy trustee requesting the loan be brought to
Servicer must immediately seek relief from the
automatic stay and reporting must occur as provided in current status under the Chapter 13 repayment plan and
Section 205.01B. maintained there throughout the term of the plan. The
Servicer must make a drive-by inspection of the property
Once the stay is lifted on the Chapter 7 or Chapter 11 to verify occupancy at this time and every month
bankruptcy, the Servicer must comply with all state and thereafter until the loan is brought to a current status
local laws and regulations, and insuring and guaranty under the plan. Refer to Section 205.01 for further
agency regulations before commencing foreclosure. The details. If no acceptable action or arrangement occurs in
Servicer must immediately forward a letter to the the 30 days following the demand letter, the Servicer
borrower’s attorney or to the bankruptcy trustee, if there must immediately seek relief from the automatic stay.
is no attorney involved in the case, demanding that the Each month, the Servicer must report its actions on the
loan be brought current immediately and maintained Monthly Delinquency Report provided in Section 205.01
current. Upon obtaining relief from the automatic stay (B).
from the bankruptcy court, the Servicer must initiate or
continue with foreclosure action and property disposition Once the stay is lifted on the Chapter 13 bankruptcy, the
Servicer must comply with all state, local, and insuring
as provided in Sections 206 and 207 within sixty days of
the filing of the order to lift the stay. The Servicer must and guaranty agency regulations before commencing
continue to report the status of the loan as provided in foreclosure. Upon obtaining relief from the automatic
stay through the applicable court action, the Servicer
Section 205.01B.
must initiate or continue with foreclosure action and
If the borrower files under Chapter 7 or Chapter 11 when property disposition as provided in Section 206 and 207
the loan is already 60 or more days delinquent or in within sixty days of the filing of the order. If the loan is
foreclosure status, the Servicer must cease all collection in a foreclosure status at the time of the filing of the
or foreclosure activity immediately. If the loan is 60 bankruptcy action, the Servicer must continue to report
days or more delinquent, but not in foreclosure, the the status of the loan as provided in Section 205.01B. If
Servicer must immediately forward a letter to the the loan is not in a foreclosure status at the time of filing
borrower’s attorney or to the bankruptcy trustee if there of the bankruptcy action, the Servicer should send the
is no attorney involved in the case, requesting that the required breach letters to the mortgagor and refer to they
loan be brought current immediately. A drive-by attorney for Foreclosure action once the demand expires.
inspection of the property should be conducted Servicer should notify Buyer with referral date
immediately and every month thereafter. information. Refer to Section 205.B for further details..
205-6 Servicing Guide: Loan Servicing
(Rev. 8/28/09)
Section 205. Delinquencies
If the loan is in foreclosure, the Servicer must report the
status of the loan as provided in Section 205.01B.
C. Compliance with Laws and Regulations
In all cases where a bankruptcy is involved, the Servicer
shall comply with all state, local, and insuring and
guaranty agency regulations, as well as with all laws set
forth under the existing bankruptcy code and any
revisions thereto. Should the Servicer have any
difficulty in adhering to these regulations and laws, as
well as to the servicing requirements set forth above, the
Servicer must contact the Buyer.
205.05 Adjustable Rate Mortgage
Delinquencies
It is the Servicer’s responsibility to enforce each ARM
according to its terms. This includes making accurate
changes to the interest rate, the monthly payment amount
and communicating these changes to the borrower
regardless of delinquency status. If the Servicer fails to
make either timely or accurate interest rate or payment
changes, the Servicer must use its own funds to satisfy
any shortage until the next scheduled change date. The
amounts advanced must reflect any changes in the
interest rate and monthly payment amount. Any overage
must be returned to the borrower.
If an ARM is delinquent, in foreclosure or in REO status
and is scheduled for an interest rate change or payment
change, the Servicer must track any change on its
accounting records and report this information to the
Buyer on the ARM Adjustments Report (WAMU 4013).
The Servicer must notify the borrower on any payment
change according to the terms of the Note even when the
loan is delinquent or in foreclosure, following the same
procedures as for a current loan. However, if the loan is
in REO status, no such notification is required.
• Such action is in the Buyer’s best interest. • Loss Analysis sheet showing benefit of approving
short sale offer versus REO sale.
• Full benefits of any mortgage insurance will be
received. The following documentation must be submitted to the
• Marketable title, free from any liens, will be Buyer after the preforeclosure sale:
obtained. • Copy of proceeds check or wire confirmation
• The property will be vacant at the time of • Copy of HUD-I settlement statement
conveyance.
• Copy of primary claim, if applicable
The following documentation is required when • Copy of explanation of benefits form once MI has
requesting the Buyer’s approval of the acceptance of a settled
deed-in-lieu of foreclosure:
1. Hardship letter
2. Loss Analysis sheet showing benefit of approving
deed in lieu versus foreclosure sale
3. Broker’s price opinion
For adjustable rate mortgages (ARMs) with conversion 208.03 Conversion Fee
options, the borrower may, in accordance with the terms At the time of a conversion request, the borrower must
of the applicable note, convert the loan to a fixed rate, pay a non-refundable conversion fee, as stated in the
level payment, fully amortizing loan for the remainder of mortgage documents, as of the effective conversion date.
the original 30-year term. In most cases, the borrower The Servicer should retain its portion of the conversion
may exercise the option to convert at any time during the fee (25%, or as contracted).
first five years of the loan term or at such time during the
second, third, fourth or fifth year of the loan term, 208.04 New Mortgage Interest Rate
according to the loan documents, which result in the The new fixed mortgage interest rate will be calculated;
effective conversion date occurring prior to the fifth i) according to the mortgage loan documents, ii) as the
anniversary date of the loan’s origination. rate effective as of the registration date, and iii) the sum
It is the Servicer’s responsibility to make any necessary of the required yield, plus the Servicer’s servicing fee.
disclosure to the borrower regarding the terms and The servicing fee must be no greater than the servicing
conditions of the 30-year loan to which the borrower is fee charged on the ARM but no less than .25%.
converting the ARM and to ensure all of the procedures
and requirements set forth in the loan documents and 208.05 Effective Conversion Date
applicable federal, state, and local law are strictly The effective conversion date is the date on which the
followed. It is also the Servicer’s responsibility to new fixed interest rate becomes effective. This date
ensure any converted loan retains its first lien status. occurs on the first day of the second month following the
conversion registration date. For example, if the
208.01 Variations in Loan Documents conversion is registered any time in January, the new
The Servicer must service each ARM according to the mortgage interest rate will become effective on March 1,
terms of the note, security instrument, disclosures and the “effective conversion date,” and the new payment
any riders and addenda to those documents. Except for amount will become effective on April 1, the new “first
the security instrument, which must be the standard fixed rate payment date.”
FNMA/FHLMC security instrument for the state in
which the property is located, the Buyer may change the
208.06 First Fixed Rate Payment Date
loan documentation requirements in accordance with The first fixed rate payment date is the date on which the
program changes. first payment based on the new fixed mortgage interest
Should the borrower wish to convert to a fixed rate loan rate is due. This date will always occur one month after
using a lower, unpaid principal balance, the curtailment the effective conversion date, on the first day of the
must be remitted, reported and passed through before the month.
conversion is registered.
The Servicer is responsible for enforcing each ARM 208.07 Mortgage Insurance
according to its terms and should ensure that the note, Requirements
security instrument, program disclosure, and any When an insured ARM is converted to a fixed rate loan,
addenda or riders meet the requirements listed in Section the Servicer must ensure the appropriate mortgage
II of the Seller’s Guide. insurance coverage is maintained. The Servicer must
notify the mortgage insurer of the conversion of any
208.02 Eligibility insured loan, must obtain any required amendment or
In order to exercise the conversion option, the Servicer endorsement (if it is the insurer’s policy to convert from
must comply with the terms of the mortgage documents. ARM to fixed rate coverage), and must forward this
For conversion eligibility purposes, a delinquent amendment or a copy of the notification to the mortgage
payment is defined as any payment not made within the insurance company to the Loan Purchase Center.
month it was due. The conversion does not require any
requalification of the borrower.
301.01 Mortgage Payment Records Because sale proceeds include an adjustment for interest
and servicing fees from the first day of the month of
The Servicer must maintain permanent loan account purchase to the purchase date, full servicing fees are
records for each loan. These records may be in the form deducted from the first installment due the Buyer. On
of hard copy (paper) or microfiche and must be the purchase date, the Buyer will pay accrued interest at
maintained for six (6) years after the loan is liquidated. the net rate from the first day of the month of purchase to
Each loan’s account record must identify it as a pooled the purchase date. Therefore, the Servicer remits a full
loan. The Buyer does not mandate the particular system month’s interest at the net rate with the first installment
or forms to be used for the mortgage account records, but due the Buyer. For a full discussion of the loan sale
requires the system be capable of producing an account transaction, refer to Section 504 of the Seller’s Guide.
transcript itemizing the following in chronological order:
The Servicer may deduct servicing fees before
• The date, amount, distribution, installment due date depositing daily collections in the P&I Custodial
or other transactions affecting the amounts due from Account. If the Servicer decides to deposit gross interest
or to the borrower; and at the mortgage interest rate to the P&I Custodial
• The latest outstanding balances of principal, Account, servicing fees may be withdrawn daily by the
deposits, advances, and unapplied payments. Servicer.
The system must also provide for the prompt disclosure If necessary, the Servicer may estimate servicing fees
of any overdraft in the account balance of deposits for before the calendar month-end. Servicing fees deducted
the payment of taxes and insurance. or withdrawn by the Servicer should be reported to the
Buyer in the monthly accounting reports.
The accounts and records on loans should be maintained
according to sound and generally accepted accounting After each calendar month-end, the Buyer will
practices and in a way which will permit the Buyer recompute the servicing fees due to the Servicer and
representatives to examine and audit the accounts and confirm the net interest at the net rate due to the Buyer
records upon request. on the next automatic withdrawal date. The Servicer
may have to make a cash adjustment to the P&I
Custodial Account for any over or under deduction of
servicing fees in the preceding month.
D. Notices to Borrowers
The Servicer must notify the borrower before the
effective date of any change in the principal and interest
constant. The notice of payment change should always
be mailed, in compliance with the mortgage documents,
before the new principal and interest payment becomes
effective. All notices must include the name, title and
telephone number of a person who will be able to answer
any inquiries the borrower may have about the notice
and must conform to accepted servicing practices and all
applicable laws.
E. Prepaid Installments
Prepaid installments should not be accepted prior to the
interest rate or payment change of an adjustable rate
loan. The Servicer is required to suspend prepaid
installments until the new interest rate and/or P&I
constant is known. Once the new P&I constant is
determined, the Servicer should apply the prepaid
installment. Any excess should be refunded to the
borrower or deposited to the escrow account. Any
shortages must be collected from the borrower or
advanced by the Servicer before the prepaid installment
is applied, and reported.
F. Delinquent Installments
If an adjustable rate loan is delinquent, in foreclosure, or
in REO status and is scheduled for an interest change or
payment change, the Servicer must track any change on
The Servicer must submit monthly consolidated The Servicer is also required to disclose any instances of
accounting reports for all loans serviced in the WMMSC material default under Regulation AB 17 CFR 229.1100-
assigned servicer number. 1123, with respect to the servicing of any mortgage
loans. The Servicer must disclose any instance of
The monthly accounting package must be received by material default in the month such default has been
the Buyer no later than 5:00 PM EDT on the fifth deemed to be material, along with a recommendation to
business day of each month, beginning the month the Buyer for correcting the material default.
following the purchase of the loans.
A. Penalties for Late Submission of Reports
The monthly accounting cycle is a calendar month and
begins with the month of purchase. A Servicer that fails to provide accurate accounting and
servicing reports within the time frame required violates
The monthly collection activity is reported on an actual
its responsibilities and is subject to the following
loan detail basis with remittances made on a scheduled
remedies:
basis. The monthly accounting package must contain the
following types of reports or be in an automated format: 1. For the first late reporting offense in any
consecutive 12-month period, a warning letter is
1. Remittance Reconciliation (WAMU 4010). This
sent to the managing officer of the institution, with a
report reconciles all P&I Custodial Account activity
copy to the accounting department;
for the previous month at Servicer level.
2. For the second late reporting offense in any
2. Analysis of Custodial Accounts (WAMU 4011).
consecutive 12-month period, the Servicer is
This report reconciles all T&I Custodial Account
charged a $250 late reporting fee, per report;
activity at Servicer level.
3. For the third late reporting offense in any
3. Curtailments and Prepaid Installments Report
consecutive 12-month period, the Servicer is
(WAMU 4007). This report must be completed and
charged a $500 late reporting fee, per report;
submitted whenever additional principal is ap-
plied to a loan. Prepaid installments must be 4. For the fourth late reporting offense in any
reported separately from curtailments. A curtailment consecutive 12-month period, the Servicer will be
is any application of additional principal which does terminated for cause.
not reduce the unpaid principal balance to zero.
Inaccurate or incomplete reports will be considered the
Curtailments are permitted only when the loan is
same as late reporting for the purpose of assessing
current. Prepaid installments are payments received
penalties.
prior to the scheduled due date.
305.02 Reporting Liquidations If the Servicer does not receive a Notice of Automatic
Withdrawal, the Servicer must contact the Buyer to
A Liquidation Schedule (WAMU 4009) must be obtain the information. The Servicer is responsible for
submitted whenever the principal balance of a loan is assuring that sufficient funds are available for
reduced to zero. One form is submitted for each loan withdrawal.
liquidated. The original form must be received by the
Buyer within 48 hours of payoff and be immediately For each Servicer, the Notice of Automatic Withdrawal
followed by: and the actual debit will consist of:
1. Statement of Loan Paid-in-Full/Request for Release • The total of (1) the aggregate scheduled interest
of Mortgage Documents (WAMU 4019) portions (whether or not collected) of the monthly
installments due on the first day of the month in
2. Legal document conveying, releasing or satisfying which the withdrawal date occurs (this amount is
lien equal to one month’s interest calculated at the net
If circumstances prevent the Servicer from providing the rate) and the total of any adjustments affecting the
conveyance document within five (5) business days, the aggregate schedule of principal, and (2) the
“liquidation package” should not be held up. At the time aggregate unscheduled interest collected on loans in
the release document is submitted, the Servicer must the pool during the month before the month in which
have a cover letter attached advising the date the a withdrawal date occurs.
“liquidation package” was sent and provide the Buyer • The total of (1) the aggregate scheduled principal
loan number. portions (whether or not collected) of the monthly
installments due on the first day of the month in
Each time a loan is paid in full, or otherwise liquidated,
which the withdrawal date occurs and the total of
the funds must be deposited to the P&I Custodial
any adjustments affecting the aggregate schedule of
Account within 24 hours after they are received. The
interest, and (2) the aggregate unscheduled principal
Servicer must remit liquidation funds within 48 hours of
collected on loans in the pool the month before the
receipt to the Buyer’s account. The remittance amount
month in which a withdrawal date occurs.
must agree to the Liquidation Schedule (WAMU 4009).
Refer to Appendix B for wire instructions when • Less the aggregate funds previously wire transferred
remitting liquidation funds. to the Buyer on liquidations and interim remittances.
Failure to remit funds to the Buyer within these time
frames will result in a penalty assessed to the Servicer at
a daily rate equal to the greater of 1) the highest prime
rate quoted in the Wall Street Journal regular column
entitled “Money Rate” on the first business day of each
month, plus two (2.0%) percent, or 2) the note rate of the
liquidating loan. If the prime rate is not published, the
rate to be charged will be determined by the Buyer.
There is a minimum charge of $50.00 on all penalties
assessed.
D. Recast Modification
The Interim Servicer must get prior approval from the
Buyer for a recast of the monthly principal and interest
payment following the borrower’s payment of a
substantial curtailment. Neither the interest rate nor the
maturity date may be altered. At the time of approval the
Interim Servicer should provide the Buyer with
additional information such as: loan number, borrower’s
name and address of property, amount of curtailment,
new principal and interest payment and the effective date
of payment.
Servicing Administration:
The following is the Washington Mutual Mortgage Securities Corp. 2009 holiday schedule:
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. C-1
(Rev. 12/9/08)
Appendix C. Holiday Schedule
NOTES
VII. C-2 Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices
(Rev. 12/9/08)
Appendix D. Wiring Instructions
The following information must be included in the “Remark” section of your wire, exactly as documented
below and without abbreviation:
INTERIM REMITTANCE (If Not Payoff Funds – Co Name INV – your investor #)
Table of Contents
Section Name Page
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-1
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedules
Letter Name Page
A. Servicing Reports 26
B. Data File 33
C. Form of Transfer of Servicing Notice 34
D. Reporting: Payoff, Actual/Actual, and Scheduled/Scheduled 37
E. Documents Required for Servicing File 38
F. Condominium Notice Letter 39
G. Fee Table of Tax Vendors and Systems Support Providers by State 40
H. ARM Loan History Template 42
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-2
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Servicing Transfer Instructions
These Servicing Transfer Instructions (STI) are a part of the Memorandum of Sale and are
incorporated into the Mortgage Loan Purchase Agreement (MLPA) to facilitate the transfer of
servicing of Mortgage Loans purchased pursuant to the terms of the MLPA. Unless otherwise
specified herein, capitalized terms used herein shall have the meanings specified in the MLPA.
1. General Seller Requirements During the Interim Servicing Period
A. Processing Payments and Payoffs
1. The Seller must report and remit principal and interest and Payoff funds
to Washington Mutual Mortgage Securities Corp (WMMSC) during the
interim servicing period. (Reference Section XII. Monthly Reporting to
WMMSC).
2. Data Files
A. Automated Transfers
1. Sellers Using Fidelity MSP
i. File Format
(1) The Standard ELI conversion file is required.
ii. Timing of data file deliveries
(1) The first data file must delivered to WMB n o later
than thirty (30) days prior to the applicable Servicing
Transfer Date.
(2) The second data file, containing data as of one (1)
Business Day prior to the Servicing Transfer Date, must
be delivered to WMB no later than two (2) Business
Days after the applicable Servicing Transfer Date.
2. Sellers Not Using Fidelity MSP
i. File Format
(1) Seller must provide all of the data listed in Schedule B
(Data File).
ii. Data must be provided in an electronic format, as a txt file, or
Excel spreadsheet sent to WMB by e-mail or sent in on a CD.
(1) Instructions for a .txt (text) file:
(a) Text file must be tab delimited, not fixed length.
(b) Must include a “data dictionary” (cross
reference) of the values Seller is sending to
WMB.
iii. Do not include any zero principal balance loans.
3. The data files must be complete and accurate and reflect the same
balances as in the Loan Balance Report. Reference Section V. hereto.
B. Manual Transfers
1. Seller must provide data files and data dictionaries to WMB
2. Reference to Section V. Loan Balance Report and Section SVI. Servicing
Files of this STI for instructions regarding the data to be delivered.
3. Goodbye Letters:
A. Content of Goodbye Letters
1. Seller must prepare “goodbye letters” that are in full compliance with all
applicable state and federal requirements, including without limitation,
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-3
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
the requirements of the Real Estate Settlement Procedures Act, as
amended (RESPA) and Reg. X, its implementing regulation.
2. Attached is WMB’s sample of a “goodbye letter.” Reference Schedule C
(Form of Transfer of Servicing Notice) hereto. Sellers’ goodbye letters
must be substantially similar to the form contained in Schedule C.
3. Goodbye letters must include WMB’s telephone number, business hours,
and mailing addresses for payments and correspondence exactly as
provided in Schedule C.
B. WMB Approval
1. No later than five (5) Business Days prior to the date on which Seller
must mail the “goodbye letters”, Seller must provide a sample “goodbye
letter” to WMB by e-mail for its approval, to the attention of Seller’s
designated WMB conversion coordinator.
C. Timing and Notification of Mailing
1. Seller must mail the final, WMB approved “goodbye letters” to the
borrowers in compliance with the RESPa requirements.
2. Seller must provide verification to WMB that the “goodbye letters” were
mailed in accordance with RESPa and Reg X. Verification should be
received by the WMB conversion coordinator no later than ten (10)
Business Days prior to the applicable Servicing Transfer Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-4
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-5
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
ii. The final Loan Balance Report must be delivered to WMB no
later than two (2) Business Days after the applicable Servicing
Transfer Date.
iii. The Loan Balance Report must be delivered to Seller’s WMB
designated conversion coordinator.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-6
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
ii. The Loan Reconciliation Reports must be in an Excel electronic
format.
iii. The Loan Reconciliation Reports must include the following
data:
(1) Seller’s Mortgage Loan number
(2) WMB’s Mortgage Loan number;
(3) Due Date;
(4) Actual Unpaid Principal Balance;
(5) Delinquent payments;
(6) Prepaid payments;
(7) Principal curtailment payments (collected in the
final month prior to the applicable Servicing
Transfer Date); and
(8) Ending scheduled balance last reports to
WMMSC. Note: Note required for
actual/actual interim serviced portfolios.
B. Timing of Loan Reconciliation Report Deliveries
1. The Loan Reconciliation Report must be delivered to WMB no later than
two (2) Business Days after the applicable Servicing Transfer Date.
2. The Loan Reconciliation Reports must be delivered by e-mail to
gmwmmscinvestoraccounting@wamu.net
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-7
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
D. Timing of Delivery
1. Seller must send all Mortgage Loan payments by wire transfer or
overnight mail to WMB on the same day that such payments are received
by the Seller.
E. Wire and Check Delivery Instructions
1. For payments to be sent by wire transfer:
i. Seller must wire funds for prime Mortgage Loan and Alt-A
Mortgage Loans to WMB as follows:
Bank Name: Washington Mutual Bank
ABA No.: 322271627
Account No.: 1791720064
Beneficiary: Washington Mutual Bank
ii. Seller must wire funds for non-prime Mortgage Loans to WMB
as follows:
Bank Name: Washington Mutual Bank
ABA No.: 322271627
Account No.: 1791720973
Beneficiary: Washington Mutual Bank
iii. Seller must include all information described in Section VIII. B.
1 above.
2. For payments sent by overnight courier or regular mail:
i. Seller must send all funds for the Mortgage Loans to WMB as
follows:
Washington Mutual Bank
Attn: Cash Operations – Payment Processing
7255 Baymeadows Way
Jacksonsville, FL 32256
ii. Seller must include all information described in Section VIII.
B.1 above.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-8
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
iii. Mortgage Loan property address;
iv. Amount of returned item;
v. Payee bank and check number;
vi. Date the returned item was received by Seller;
vii. Source of payment i.e. AutoPay, check, etc.;
viii.Reason the item was returned; and
ix. Name of overnight courier and tracking number.
4. All transmittals must be submitted by Seller by an encrypted, preferably
PGP, electronic file to WMB by 3:00 p.m. Eastern time at
gm.cash.acquisition.returned.items@wamu.net.
C. WMB Requirements for Return of NSF Funds
1. WMB will return funds to the Seller within two (2) Business Days of
receipt of the returned items.
11. Mortgage Loan Payoff Funds Received on or After the Applicable Servicing
Transfer Date
A. Payoff Funds Received by Seller on or After the Applicable Servicing Transfer
Date
1. Endorsement Requirements
i. The WMB loan number must be indicated on all payoff checks
received by the Seller.
ii. Seller must endorse all checks as follows:
Pay to the order of:
Washington Mutual Bank
Without Recourse
Company Name
By: (Signature)
Name and Title of Signer
B. Delivery Requirements
1. Each Mortgage Loan Payoff must be accompanied by a copy of a current
Payoff statement.
2. Each Mortgage Loan Payoff must be accompanied by a detailed
transmittal containing the following items:
i. Seller Loan Number;
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-9
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
ii. WMB loan number;
iii. Mortgagor’s Name;
iv. Check amount;
v. Check number;
vi. Date payment was received by Seller;
vii. Any special Borrower application instructions;
viii. Date sent to WMB; and
ix. Name of overnight courier and tracking number.
3. Blanket Check or Wire
i. If the Seller chooses to remit funds for more than one Payoff in
the same check or wire, in addition to a detailed transmittal with
the information above for all Payoffs on a Mortgage Loan, the
Seller also must include a grand total balancing to the total
amount of the wire or check.
4. Seller must send an encrypted, preferably PGP, electronic copy of the
detailed transmittal to WMB at gm.cash.acquisition.Payoffs@wamu.net
each Business Day by 3:00 p.m. Easter time. Seller must specify in the
e-mail if the item(s) in the transmittal were sent by wire transfer or
overnight courier.
C. Timing of Delivery
1. Seller must deliver all Payoff funds to WMB by wire transfer or
overnight courier on the same day they are received by the Seller.
2. All Payoff checks and wires received by the Seller before 3:00 p.m.
Eastern time are considered same day activity.
3. Any Payoff checks and wire received by the Seller after 3:00 p.m.
Eastern time are considered next day activity and seller must include
interest at the note rate to the next Business Day.
D. Wire and Check Delivery Instructions
1. For Payoffs to be sent by wire:
i. Seller must wire Payoff funds for prime Mortgage Loans and
Alt-A Mortgage Loans to WMB as follows:
Bank Name: Washington Mutual Bank
ABA No.: 322271627
Account No.: 0950151383
Beneficiary: Washington Mutual Bank
ii. Seller must wire Payoff funds for non-prime Mortgage Loans to
WMB as follows:
Bank Name: Washington Mutual Bank
ABA No.: 322271627
Account No.: 0950151375
Beneficiary: Washington Mutual Bank
iii. Seller must include all information described in Section
XI.B.2.ii. above, for each Mortgage Loan.
2. For Payoff funds sent by overnight courier:
i. Seller must send Payoff funds to WMB as follows:
Washington Mutual Bank
Attn: Cash Operations – Payoff Unit
7255 Baymeadows Way
Jacksonsville, FL 32256
ii. Seller must include all information described in Section
XI.B.2.ii.above.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-10
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
12. Monthly Reporting to Washington Mutual Mortgage Securities Corp.
A. For interim service Sellers only, Seller must provide month end reports to
WMMSC beginning with the month of the purchase until the month of transfer.
Example: Purchase Date (2/20) and Servicing Transfer Date (4/1), Seller must
provide the 2/28 and 3/31 month end reports to WMMSC.
B. the seller must use the Payoff Schedule (Refer to Schedule D. Reporting: Payoff,
Actual/Acutal and Scheduled/Scheduled in STI) and Payoff calculations as set
forth in the WMMSC Seller/Servicer Guide located at www.wamumsc.com or in
the MLPA.
C. Reporting and remittance of funds requirements
1. Note: Cut-off Date is equal to the last Business Day of the month.
2. Sellers using a scheduled/scheduled reporting method:
i. Cut-off reports are due five (5) Business Days after the Cut-of
Date.
ii. Principal and interest funds received by the Seller prior to the
applicable Servicing Transfer Date are due to WMMSC by the
eighteenth (18th) calendar day (or the preceding Business Day if
the 18th is not a Business Day).
iii. Payoff reporting is due twenty-four (24) hours after Payoff. If a
Payoff occurs on a Friday afternoon, reporting is due the
following Monday.
iv. Payoff remittance of any Payoff received by the Seller prior to
the applicable Servicing Transfer Date is due to WMMSC within
twenty-four (24) hours after Payoff. If a Payoff occurs on a
Friday afternoon, funds are due the following Monday.
3. Sellers using an actual/actual reporting method:
i. Cut-off reports are due five (5) Business Days after the Cut-off
Date.
ii. Principal and interest funds received by the Seller prior to the
applicable Servicing Transfer Date are due to WMMSC within
five (5) Business Days after the Cut-off Date.
iii. Payoff reporting is due twenty-four (24) hours after Payoff. If a
Payoff occurs on a Friday afternoon, reporting is due the
following Monday.
iv. Payoff remittance for any Payoff received by the Seller prior to
the applicable Servicing Transfer Date is due to WMMSC within
twenty-four (24) hours after Payoff. If a Payoff occurs on a
Friday afternoon, funds are due the following Monday.
D. Delivery of reports
1. Reports are due five (5) Business Days after the Cut-off Date must be
sent by e-mail to masterservicing@wamu.net or by facsimile to 972-906-
6592.
2. A completed Payoff Schedule together with a coy of the Mortgage Note
and any Payoff addendums must be sent by e-mail to
msdPayoffs@wamu.net or sent via facsimile to WMMSC at 972-906-
6592 within one (1) Business Day of receipt of the Payoff funds.
E. Delivery of monthly remittance and Payoff funds
1. Seller must wire the monthly remittance and Payoff funds to WMMSC
as follows:
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-11
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Bank Name: JP Morgan Chase Bank
ABA No.: 021000021
Account No.: 304-652601
Bank City/State: New York, NY
Credit: Washington Mutual Mortgage Securities Corp
2210 Enterprise Drive
Florence, SC 29501
2. Seller must include the following items in the remark section of the wire:
i. Indicate if the funds are for a monthly remittance or to Payoff a
Mortgage Loan.
ii. Include the Seller’s name and investor number.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-12
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
By: (Signature)
Name and Title of signer
C. Seller must end any such checks to the following address:
Washington Mutual Bank
Attention: Loss Draft Department
2210 Enterprise Drive
Post Office Box 100562
Florence, SC 29501
D. Timing of Delivery
1. Seller must send all loss draft checks received on or after the applicable
Servicing Transfer Date to WMB by overnight courier on the same day
that such payments were received by the Seller.
15. Assumptions
A. Seller must remit to WMB all assumption related fees collected from Mortgagors
on assumptions that are in process on the applicable Servicing Transfer Date.
B. Seller must remit fees by check accompanied by a transmittal indicating WMB
loan number, amount and current status. Funds must be delivered to WMB by
the fifth (5th) Business Day following the applicable Servicing Transfer Date.
C. If Seller is sending Mortgagor(s) checks directly to WMB, all checks must be
endorsed as follows:
Pay to the order of:
Washington Mutual Bank
Without Recourse
Company Name
By: (Signature)
Name and Title of signer
D. Delivery Address
1. Seller must send all checks to WMB at the following address:
Washington Mutual Bank
Attention: Assumptions Department
Post Office Box 100512
2210 Enterprise Drive
Mail Stop: FSC 0155
Florence, SC 29501
E. Timing of Checks Received After the Servicing Transfer Date
1. Seller must send all assumption checks received on or after the
applicable Servicing Transfer Date to WMB by overnight courier on the same
day that such payments were received by the Seller.
F. Seller must deliver all assumption documentation in process on the applicable
Servicing Transfer date to WMB. Seller must deliver this by overnight tracked
carrier to WMB at the address in Section XV. D. above. Seller must deliver all
such assumption documentation to WMB no later than two (2) Business Days
after the applicable Servicing Transfer Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-13
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Date indicating which taxing authorities were paid and the tax contract numbers
if TRETS is the tax servicer provider) and closing escrow instructions.
B. Delivery Requirements
1. Seller must identify the files (document the number on the file) with the
applicable WMB loan number.
2. Seller must sort files in each box by the ascending WMB loan number.
3. Seller must include in each box, a WMB loan number list of the files in
that box.
C. Delivery Address
1. Seller must deliver, by overnight tracked courier, all such files to the
account of WMB to the following address:
Affiliated Computer Services, Inc.
Attn: WMB Processing
6 Founders Boulevard
Suite H
El Paso, Texas 79906
Telephone No.: 915-775-8761
D. Timing of Delivery
1. Automated Transfers
i. Seller must deliver Servicing Files no later than four (4)
Business Days after the applicable Servicing Transfer Date.
ii. Seller must NOT SHIP files for Mortgage Loans that have been
paid in full between the Closing Date and the applicable
Servicing Transfer Date.
2. Manual Transfers
i. Seller must deliver Servicing Files no later than two (2) Business
Days after the closing date.
ii. Seller must NOT SHIP files prior to the Closing Date.
iii. WMB will return any Mortgage Loan files that have been paid in
full between the Closing Date and the applicable Servicing
Transfer Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-14
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
(5) Determination date;
(6) NFIP flood panel;
(7) NFIP flood panel effective date;
(8) NFIP community number; and
(9) Map
ii. If Seller used LandAmeica a loan number cross reference and the
flood certificate number must be provided.
2. Final Flood Tape
i. Seller must have its flood service provider provide the
information listed below on data file or tape to LandAmerica
(same as initial flood tape):
(1) Flood insurance required indicator, i.e. yes or
no;
(2) Flood zone determination provider;
(3) Flood certificate number;
(4) Flood zone;
(5) Determination date;
(6) NFIP flood panel;
(7) NFIP flood panel effective date;
(8) NFIP community number; and
(9) Map
ii. If Seller used LandAmeica a loan number cross reference and the
flood certificate number must be provided.
iii. The final flood tape should only include the loans that
transferred to WMB.
D. Delivery Address
1. Seller must have its flood service provider deliver all flood tapes to the
following LandAmerica address:
LandAmerica
Attn: WMB Processing – Aleisha Martinez (Telephone No.:
626-339-5221 x 230)
Paul Candalaria (Telephone No.: 626-339-5221 x 246)
1123 S. Parkview Drive
Covina, CA 91724
E. Timing of Delivery
1. Initial Flood tape
i. Seller must have its flood servicer provider deliver the initial
flood tape to LandAmerica no later than thirty (30) days prior to
the applicable Servicing Transfer Date.
2. Final Flood tape
i. Seller must have its flood provider deliver the final flood tape to
LandAmerica no later than five (5) Business Days after the
applicable Servicing Transfer Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-15
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
B. Upon receipt of data tapes, LandAmerica will notify WMB which contracts are
transferable and will bill WMB with in sixty (60) days after the applicable
Servicing Transfer Date. WMB will then bill the Seller accordingly within sixty
(60) days after receipt of the bill from LandAmerica.
C. Costs to be paid by Sellers are as follows:
1. $8.00 fee per loan for new life of loan certification contract.
LandAmerica charges this fee if Seller does not have a life of loan
certification contract or if they have invalid certificate information (no
transferable contract with a vendor).
2. $3.50 fee per loan for the conversion of an existing life of loan
certification contract from a flood service provider other than
LandAmerica. If a life of loan flood certification contract is not
transferable, the life of loan flood certification contact must be cancelled
by Seller once a reconciliation is completed by LandAmerica.
3. $0.00 – There is no additional charge for any Mortgage Loan that has a
fully paid, fully transferable life of loan certification contact with
LandAmerica.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-16
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Washington Mutual Bank
Mail Stop: FSC 0220
2210 Enterprise Drive
Florence, SC 29501
B. Delivery Requirements
1. Seller must include the following fields:
i. Policy number;
ii. Mortgagor’s Name
iii. Expiration Date;
iv. Coverage amount;
v. Premium amount; and
vi. Lender place company name and address.
C. Timing of Delivery
1. Seller must deliver the list of Mortgage Loans to WMB no later than
three (3) Business Days after the applicable Servicing Transfer Date.
22. Hazard - Insurance Premiums Due Prior to the Servicing Transfer Date
A. Seller must pay to the insurance company/agent all hazard, flood, earthquake,
wind, etc. insurance premiums that are due within thirty (30) days after the
Servicing Transfer Date. Seller must receive the premium notice prior to paying
the premiums to the insurance company/agent.
B. Timing of Payment:
1. Seller must pay the premiums to the insurance company/agent at least
one (1) Business Day prior to the applicable Servicing Transfer Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-17
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
24. Private Mortgage Insurance (PMI)
A. Requirements to Ensure Correct Data Transfers
1. All PMI data points must be on the Seller’s servicing system, and they
must be current and accurate. This information must include, without
limitation:
i. The month and year of the next premium due date;
ii. The amount of the last premium paid to the PMI company;
iii. The name of the PMI company;
iv. The PMI policy certification n umber;
v. The renewal frequency of the PMI policy (i.e. monthly, annual,
or single);
vi. The percentage of PMI coverage; and
vii. The PMI rate.
2. The Seller must validate this data on any Mortgage Loan with PMI no
later than fifteen (15) Business Days prior to the applicable Servicing
Transfer Date.
B. Notice to Mortgage Insurance Companies
1. Seller to Send Notification
i. The Seller must inform by written notice all mortgage insurance
companies providing any Primary Mortgage Insurance Policy of
the change in the insured’s name on each such policy.
ii. The notification must instruct the mortgage insurance company
to change the insured’s name to Washington Mutual Bank on
applicable Primary Mortgage Insurance Policies no later than the
applicable Servicing Transfer Date.
C. Timing of Notice
1. The Seller must send the notice no later than fifteen (15) Business Days
prior to the applicable Servicing Transfer Date.
D. Copy of Notice and Certification to WMB
1. Seller must provide WMB with a sample copy of the notification letter
and an officer’s written certification that all such mortgage insurance
companies have been notified by an identical letter within five (5)
Business Days of the mailing of such notices to the foregoing entities.
E. Seller must deliver this sample letter and certification to WMB as follows:
Washington Mutual Bank
Attn: PMI Department
MailStop: FSC 0220
PO Box 100575
Florence, SC 29501
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-18
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
B. Seller must deliver this sample letter and certification to WMB as follows:
Washington Mutual Bank
Attn: Optional Insurance
PO Box 100574
2210 Enterprise Drive
Florence, SC 29501
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-19
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
2210 Enterprise Dr.
P.O. Box 100563
Florence, SC 29501-0563
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-20
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
C. Seller must forward all real estate tax bills received after the applicable Servicing
Transfer Date to WMB at the following address:
Washington Mutual Bank
Attn: Tax Department
2210 Enterprise Dr.
P.O. Box 100563
Florence, SC 29501-0563
D. Timing of real estate tax bill delivery
1. Seller must send all real estate tax bills received on or after the
applicable Servicing Transfer Date, to WMB by overnight courier on the
same day that such items were received by the Seller.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-21
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
32. New York Consolidation, Extension and Modification Agreements
(NYCEMAs/MECAs)
A. The NYCEMA/MECA combines into one set of rights and obligations all of the
promises and agreements stated in the existing notes and mortgages secured by
the mortgaged premises; if new funds are advanced to the Mortgagor at the time
of the consolidation, a new note and mortgage are executed.
B. Seller must remit to WMB all NYCEMA related fees collected from Mortgagors
on NYCEMAs that are in process on the applicable Servicing Transfer Date.
C. Seller must remit fees by check accompanied by a transmittal indicating the
WMB loan number, amount and current status. Funds must be delivered to
WMB by the fifth (5th) Business Day following the applicable Servicing Transfer
Date.
D. If Seller is sending Mortgagor(s) checks directly to WMB each check must be
endorsed as follows:
Pay to the order of:
Washington Mutual Bank
Without Recourse
Company Name
By: (Signature)
Name and Title of signer
E. Delivery Address
Washington Mutual Bank
Attn: Modifications Department
2210 Enterprise Drive
Mail Stop: FSC 0155
P.O. Box 100512
Florence, SC 29501-0512
F. Timing of Delivery
1. Seller must send all NYCEMA/MECA checks by overnight courier to
WMB on the same day that such payments were received by the Seller.
G. Seller must deliver all NYCEMA/MECA documentation in process on the
applicable Servicing Transfer Date to WMB. This includes, without limitation,
all required collateral documents, NYCEMA requests, and all correspondence.
Seller must deliver these documents by overnight tracked carrier to WMB at the
address in XXXII E above. Seller must deliver these documents to WMB within
two (2) Business Days after the applicable Servicing Transfer Date.
H. Seller must deliver to WMB a list of all pending NYCEMA transactions
involving the Mortgage Loans to the above address, no later than thirty (30)
calendar days prior to the applicable Servicing Transfer Date. If the applicable
Servicing Transfer Date is less than thirty (30) days, the Seller must deliver the
list no later than one (1) Business Day prior to the applicable Servicing Transfer
Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-22
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
delivered to WMB by the fifth (5th) Business Day following the applicable
Servicing Transfer Date.
C. If Seller is sending Mortgagor(s) check directly to WMB, each check must be
endorsed as follows:
Pay to the order of:
Washington Mutual Bank
Without Recourse
Company Name
By: (Signature)
Name and Title of signer
D. Delivery Address
Washington Mutual Bank
Attn: Assumptions/Modifications Department
2210 Enterprise Drive
Mail Stop: FSC 0155
P.O. Box 100512
Florence, SC 29501-0512
E. Timing of Delivery Checks Received After the Applicable Servicing Transfer
Date
1. Seller must send all non-qualifying/simple assumption/title transfer
transaction checks by overnight courier to WMB on the same day that
such payments were received by the Seller.
F. Seller must deliver to WMB, all documentation for all non-qualifying / simple
assumptions (name changes) / title transfers / escrow holdbacks that are pending
on the applicable Servicing Transfer Date. Seller must deliver this
documentation by overnight tracked carrier to WMB at the address in XXXIII D
above. Seller must deliver the documentation no later than two (2) Business
Days after the applicable Servicing Transfer Date.
1. For name changes, Seller must include the following documentation for
each Mortgage Loan with a pending name change:
i. Marriage and adding spouse: marriage certificate, recorded
deed, transfer agreement, Application Identification Verification
(AIV) and a Form W-9.
ii. Divorce: divorce decree w/property settlement, recorded deed,
transfer agreement, decree/court order changing a party’s name
and their Form W-9.
iii. Death: certified copy of death certificate and last will, letter of
administration or equivalent documents.
iv. Death and adding someone: certified copy of death certificate,
recorded deed, transfer agreement, AIV, and Form W-9.
v. Adding a child or children: birth certificate, marriage
certificate, recorded deed, transfer agreement, AIV and Form W-
9.
vi. Immediate family member other than child or children; transfer
agreement, AIV, Form W-9, proof of relationship, recorded
deed, and proof of name change if different.
vii. Trust: trust agreement (if permissible under applicable law),
recorded deed, certificate of trust form, and Form W-9. Also
needed is a current certificate of insurance indicating the insured
is the trust.
viii. Other name change: petition for name change/court order.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-23
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
2. For Escrow Holdbacks, Seller must include the following
documentation:
i. A copy of the Escrow Holdback Agreement signed by the buyer.
Seller signatures are needed only if funds to be delivered by
Sellers.
(1) The agreement must state the amount of the holdback
funds, what work/repairs are needed for the property,
and a completion date for the work/repairs.
ii. A HUD-1 or Settlement Statement or equivalent form.
iii. A copy of the current appraisal.
iv. If the holdback funds are for repairs according to a termite
inspection report, then a certificate or invoice of completion
from the termite company is required.
v. Appliances: an invoice from the company that installed heater,
air conditioner, garage door opener etc.
vi. Roof:
(1) a certificate with warranty of workmanship for a
minimum of 2-5 years from the roofing company. A
certificate of occupancy (New York state) issued by the
city once the work is completed;
(2) a final inspection report;
(3) a work completion agreement, evidenced that funds have
been released (copy of check), if the title company has
already released funds to buyer/seller completed the
work, copies of paid receipts for materials purchased or
copies of cancelled checks for payment of the work to
contractor/persons involved; and
(4) all lien waivers.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-24
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
3. Seller must provide an electronic list of MERS Mortgage Loans to WMB
no later than three (3) Business Days after the applicable Servicing
Transfer Date. The list must be sent o WMB as follows:
MERS.inquiries@WaMu.net. This list must include the following fields:
i. Seller loan number;
ii. WMB loan number;
iii. Settlement Date:
iv. Servicing Transfer Date;
v. MIN; and
vi. MERS as original mortgagee (MOM) indicator.
C. For Washington Muutal Bank purchased loans; the Seller must perform the
following necessary transactions on MERS.
1. On the Settlement Date the Seller must complete the Transfer of
Beneficial Rights (TOBR) transaction using the MERS organizational
identification number of 1000124.
2. On the applicable Servicing Transfer Date the Seller must complete the
Transfer of Servicer Rights (TOSR) transaction using the MERS
organization identification number of 1000124.
3. Seller must provide an electronic list of MERS Mortgage Loans to WMB
no later than three (3) Business Days after the applicable Servicing
Transfer Date. The list must be sent to WMB at
MERS.inquiries@WaMu.net. This list must include the following
fields:
i. Seller loan number;
ii. WMB loan number;
iii. Settlement Date:
iv. Servicing Transfer Date;
v. MIN; and
vi. MERS as original mortgagee (MOM) indicator
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-25
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule A
Servicing Reports
All servicing reports must be provided in an encrypted, preferably PGP, tab delimited text (.txt)
file or other such format mutually agreeable between Seller and WMB. The servicing reports
need to be provided at the time frame identified below or at least fifteen (15) Business Days prior
to the applicable Servicing Transfer Date and two (2) Business Days after the applicable Transfer
Date with data effective as of the Servicing Transfer Date. The reports need to be e-mailed in a
compressed or zipped file no larger than five (5) megabytes. If the compressed or zipped file is
larger than five (5) megabytes then multiple files need to be e-mailed. The reports need to be e-
mailed to conversionops@wamu.net.
I. Conversion Reports
A. Servicer release and servicing transfer reconciliation report
1. For Fidelity MSP clients only, provide reports 10N and 4CZ.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-26
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
(5) Effective date of application
(6) Specific instructions as to how the funds need to be applied
D. A report listing all Mortgage Loans that have had Payoff statements produced.
1. Fidelity MSP report 4TN
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Quoted Payoff amount
(5) Expiration date of the Payoff quite
E. A report listing all Mortgage Loans that have prepayment fees
1. Report requirements (Fidelity MSP and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Prepayment fee term
(5) Prepayment fee calculation method
(6) Commencement of the prepayment fee period
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-27
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
(9) Coverage type
B. Seller’s “open items” report containing all Mortgage Loans for which: (a) hazard
insurance premiums were due and payable on or before the applicable Servicing
Transfer Date and will remain unpaid as of the applicable Servicing Transfer
Date; and (b) hazard insurance premiums will be due and payable at any time
after the applicable Servicing Transfer Date including the last day of the month
immediately following the month during which the applicable Servicing Transfer
Date occurred, and remain unpaid as of the applicable Servicing Transfer Date.
1. Fidelity MSP report 1AT
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMS loan number
(3) Mortgagor’s Name
(4) Payee Code
(5) Policy number
(6) Expiration date
(7) Coverage amount
C. A report listing all Mortgage Loans with lender placed insurance coverage
1. Fidelity MSP report 4CV
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMS loan number
(3) Mortgagor’s Name
(4) Payee Code
(5) Policy number
(6) Expiration date
(7) Coverage type
(8) Coverage amount
(9) Premium
(10) State of the property address
(11) Principal balance
D. A report listing all Mortgage Loans with flood insurance
1. Fidelity MSP report 1LF
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMS loan number
(3) Mortgagor’s Name
(4) Payee Code
(5) Loan type
(6) Flood zone
(7) Flood program
(8) LOMA/LOMR designation
(9) Required zone flag
(10) Type of coverage
(11) Indicator if the Mortgage Loan is escrowed or non-escrowed for
flood insurance
(12) Coverage amount
(13) Expiration date
(14) Principal balance
(15) State of the property address
(16) County code of the property address
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-28
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
(17) Origination ate
(18) Maturity date
E. A report listing all Mortgage Loans with earthquake and/or windstorm insurance
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Sellers loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Payee code
(5) Policy number
(6) Expiration date
(7) Coverage type
(8) Coverage amount
(9) Premium
F. A report listing all Mortgage Loans with Private Mortgage Insurance (PMI)
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Payee code
(5) Company Name
(6) Certificate Number
(7) Premium amount
(8) Next PMI premium due date
(9) PMI rate
(10) PMI percentage of coverage
(11) Indicator of renewal frequency (monthly, annual, upfront, etc)
G. Seller’s “open items” report containing all Mortgage Loans for which: (9)
Mortgage insurance premiums were due and payable on or before the applicable
Servicing Transfer Date and will remain unpaid as of the applicable Servicing
Transfer Date; and (b) Mortgage insurance premiums will be due and payable at
any time after the applicable Servicing Transfer Date to include the last day of
the month immediately following the month during which the applicable
Servicing Transfer Date occurred, and remain unpaid as of the applicable
Servicing Transfer Date.
1. Fidelty MSP report 1AT
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Payee code
(5) Policy Number
(6) Expiration date
(7) Coverage amount
H. A report listing all Mortgage Loans that have had PMI policies that have been
canceled or expired.
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s name
(4) Property address
(5) Reason for cancellation
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-29
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
I. A report listing all Mortgage Loans with a current, property loan-to-value ration
that is greater than 80.0% without PMI
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s name
(4) Current loan-to-value
J. A report listing all Mortgage Loans that are self-insured
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s name
(4) Amount and location of self insurance funds
K. A report listing all Mortgage Loans with lender paid PMI
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s name
(4) Payee code
(5) Company name
(6) Certificate number
(7) Premium amount
(8) Next PMI premium due date
(9) PMI rate
(10) PMI percent of coverage
(11) Indicator for renewal frequency (monthly, annual, upfront, etc)
(12) Amount and location of lender paid funds
V. Tax Reports
A. A report listing all applicable tax lines on al Mortgage loans
1. Fidelity MSP report 10P-2
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Payee code
(5) Tax type; school, county, city, etc.
(6) Tax disbursement amount
(7) Tax due date
(8) Sequence
(9) Term
(10) Identification of all associated parcels
(11) Property address
(12) State alpha code
B. Seller’s “open items” report containing all Mortgage Loans for which: (a) taxes
were due and payable on or before the applicable Servicing Transfer Date and
will remain unpaid as of the applicable Servicing Transfer Date; and (b) taxes
will be due and payable at any time after the applicable Servicing Transfer Date
to include the last day of the month immediately following the month during
which the applicable Servicing Transfer Date occurred, and remain unpaid as of
the Servicing Transfer Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-30
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
1. Fidelity MSP report 1AT
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Payee code
(5) Tax due date
(6) Tax type; school, county, city, etc
(7) Sequence
(8) Last tax amount disbursed
C. A report listing all Mortgage Loans without a tax service contract
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s name
(4) Property address
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-31
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
(3) Mortgagor’s Name
(4) Property address
(5) Expiration dates of the current UCC filings.
E. A report listing all Mortgage Loans pending a New York Consolidation,
Extension or Modification (NYCEM)
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Property address
(5) Status of the pending NYCEM
F. A report listing all Mortgage Loans which are in the process of being switched
from an adjustable rate mortgage to a fixed rate loan.
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s name
(4) Property address
G. A report listing all Balloon Loans
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s name
(4) Property Address
H. A report listing all Mortgage Loans that have a buy down feature or are secured
by graduated payment mortgage
1. Fidelity MSP reports 4BS and 4GR
2. Non-Fidelity MSP report requirements
(1) Seller’s loan number
(2) WMB loan number
(3) Mortgagor’s Name
(4) Property address
(5) Buy down amount
(6) Buy down term
I. A report listing all Mortgage Loans that are subject to the Servicemembers Civil
Relief Act of 1940.
1. Report requirements (Fidelity and non-Fidelity MSP clients)
(1) subsidy method, buydown/subsidy or interest reduction
(2) calculation method of the reduced p ayment
(3) complete copy of the military orders
(4) loan history from the active duty orders date to the applicable
Servicing Transfer Date.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-32
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule B
Data File
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-33
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule C
Form of Transfer of Servicing Notice
[Date]
[Borrower Name]
[Co-Borrower Name]
[Address]
[City, State, Zip]
We are writing to notify you that the servicing of your mortgage home loans, that is, the right to
collect payments from you, is being assigned, sold or transferred from [Insert Seller’s Name] to
Washington Mutual Bank, effective [Insert Servicing Transfer Date]. The assignment, sale or
transfer of the servicing of your mortgage loan does not affect any term of condition of your
mortgage documents, other than terms directly related to the servicing of your loan.
Except in limited circumstances, the law requires that your present servicer send you this notice at
least 15 days before the effective date of transfer, or at closing. Your new servicer must also send
you a notice no later than 15 days after this effective date of transfer or at closing.
Your present servicer is [Insert Seller’s Name]. If you have any questions relating to the transfer
of servicing from [Insert Seller’s Name] on or before [Insert Servicing Transfer Date], please call
[Insert Seller’s Name] and [the applicable Department of Seller] at the following toll-free
telephone number:
Your new servicer will be Washington Mutual Bank (Washington Mutual). If you have any
question relating to the transfer of servicing to Washington Mutual on or after [Insert Servicing
Transfer Date], please call Washington Mutual’s Enterprise Customer Care Department at the
following toll-free telephone number.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-34
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
The date that [Insert Seller’s Name] will stop accepting payments from you is [Insert Day Before
Servicing Transfer Date]. The date that Washington Mutual will start accepting payments from
you is [Insert Servicing Transfer Date]. Please send all payments due on or after that date to
Washington Mutual. Your checks should be made payable to Washington Mutual. The address
listed below should be used for making payments or sending correspondence to Washington
Mutual:
If your payments are automatically drafted from one of your accounts by your current servicer or
you are using the Western Union Equity Accelerator program, you will not need to make any
changes as this service will continue as a part of the transfer. However, if you are using another
third party bi-weekly drafting program, you will need to contact your current servicer and/or
provider to determine whether your automatic drafting will continue to occur. Also, if your
payments are made through a military allotment process or a third-party bill payment servicer
(e.g. by telephone or an online bill pay service), you must inform your vendor or financial
institution of the following, otherwise your payment may not be applied to your loan:
The transfer of servicing rights will affect the terms of or the continued availability of all
mortgage life or disability insurance or any other type of optional insurance or other optional
product. These products will not be available to your through Washington Mutual as of the
effective date of the transfer of servicing. If you currently have one or more of these products, it
is possible that you may be able to maintain coverage by making arrangements directly through
the companies offering the products in question. If you wish to pursue continuation of any of
these affected products, you must contact the companies directly.
Please note that in January [Insert Year Following Year of Servicing Transfer], you should be
sent two annual statements – one from [Insert Seller’s Name] reflecting mortgage interest and real
estate taxes paid for the period during which it serviced your loan, and one from Washington
Mutual reflecting mortgage interest and real estate taxes paid for the period during which it
serviced your loan.
You should also be aware of the following information, which is set out in more detail in Section
6 of Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2605):
During the 60-day period following the effective date of transfer of the loan servicing, a loan
payment received by your old servicer before its due-date may not be treated by the new loan
servicer as late, and a late fee may not be imposed on you.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-35
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Section 6 of RESPA (12 U.S.C 2605) gives you certain consumer rights. If you send a “qualified
written request” to your loan servicer concerning the servicing of your loan, your servicer must
provide you with a written acknowledgment within 20 Business Days of receipt of your request.
A “qualified written request” is a written correspondence, other than notice on a payment coupon
or other payment medium supplied by the servicer, which includes your name and account
number, and your reasons for the request.
Not later than 60 Business Days after received your request, your servicer must make any
appropriate corrections to your account, and must provide you with a written clarification
regarding any dispute. During this 60-Business Day period, your servicer may not provide
information to a consumer reporting agency concerning any overdue payment related to such
period or qualified written request. However, this does not prevent the servicer from initiating
foreclosure if proper grounds exist under the mortgage documents.
A Business Day is a day on which the offices of the business entity are open to the public for
carrying on substantially all of its business functions.
Section 6 of RESPA also provides for damages and costs for individuals or classes of individuals
in circumstances where servicers are shown to have violated the requirements of that Section.
You should seek legal advice if you believe your rights have been violated.
Welcome to Washington Mutual. We look forward to the opportunity to service your home loan.
Sincerely,
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-36
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule D
Reporting:
Payoff, Actual/Actual and Scheduled/Scheduled
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-37
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule E
Documents Required for Servicing File
Refer to all items in Exhibit A-2 of MLPA which includes copies of all documents Exhibit A-1.
In addition to a coy of the tax information sheet (complete with account numbers, taxing
authorities, addresses, Monthly Payments, and next Due Date indicating which taxing authorities
were paid and the tax contract number if TRETS is the tax service provider) and closing escrow
instructions.
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-38
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule F
Condominium Notice Letter
Date:
Condominium Name
Attention: Condominium Association
Street Address
City, State, Zip
Please amend your records to reflect Washington Mutual Bank as servicer on the Mortgage Loan
described above.
Any notices regarding default of the association fees should be mailed to the following address:
Please be sure to include the property address, current owner and the Mortgage loan number
shown above on all notifications.
Sincerely,
[Seller’s name]
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-39
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule G
Fee Table for Tax Vendors and Systems Support Providers by State
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-40
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Rhode Island First American $17.50 $50.00
South Carolina First American $17.50 $50.00
South Dakota LandAmerica $17.50 $43.00
Tennessee ZCERTS $10.00 $10.00
Texas LandAmerica $17.50 $43.00
Utah ZCERTS $10.00 $10.00
Vermont First American $17.50 $50.00
Virgin Islands First American $17.50 $50.00
Virginia First American $17.50 $50.00
Washington ZCERTS $10.00 $10.00
West Virginia First American $17.50 $50.00
Wisconsin First American $17.50 $50.00
Wyoming LandAmerica $17.50 $43.00
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-41
(Rev. 05/04/07)
Appendix F. Servicing Transfer Instructions
Schedule H
ARM Loan History Template
Washington Mutual Mortgage Securities Corp. Servicing Guide: Appendices VII. F-42
(Rev. 05/04/07)