Attached files
| file | filename |
|---|---|
| S-1/A - S-1/A - Nationstar Mortgage Holdings Inc. | y04863a3sv1za.htm |
| EX-10.43 - EX-10.43 - Nationstar Mortgage Holdings Inc. | y04863a3exv10w43.htm |
| EX-10.45 - EX-10.45 - Nationstar Mortgage Holdings Inc. | y04863a3exv10w45.htm |
| EX-10.44 - EX-10.44 - Nationstar Mortgage Holdings Inc. | y04863a3exv10w44.htm |
| EX-10.46 - EX-10.46 - Nationstar Mortgage Holdings Inc. | y04863a3exv10w46.htm |
| EX-10.48 - EX-10.48 - Nationstar Mortgage Holdings Inc. | y04863a3exv10w48.htm |
| EX-10.42 - EX-10.42 - Nationstar Mortgage Holdings Inc. | y04863a3exv10w42.htm |
| EX-10.47 - EX-10.47 - Nationstar Mortgage Holdings Inc. | y04863a3exv10w47.htm |
Exhibit 10.41
CONFIDENTIAL TREATMENT REQUESTED
Title (Version Date):
|
Further Amended and Restated Servicer Advance Early Reimbursement Mechanics Addendum dated May 1, 2011 (the “Addendum). | |
| This variance supersedes the previous five versions of the Servicer Advance Early Reimbursement Mechanics Addendum. | ||
Description:
|
Fannie Mae will provide Servicer with early reimbursement of certain underlying servicing advances, and Fannie Mae will recoup such early reimbursement amounts from future recoveries. | |
| Following a transfer to the Servicer of the servicing on underlying loans, Fannie Mae will provide Servicer with early reimbursement for 100% of outstanding Schedule 1 Legacy Advances, provided Fannie Mae is able to identify and segregate such advances in a manner it deems satisfactory in its sole and absolute discretion, exercised in good faith. |
Indicative Terms
|
See Summary of Indicative terms attached as Exhibit 1. | |
Termination
|
• After the Early Reimbursement Period (See Exhibit
1 for definition) is completed and the Aggregate Early
Reimbursement Amount (See Exhibit 1 for definition) is
zero. |
| Nationstar Mortgage LLC |
||||
| By: | /s/ Gregory A. Oniu | |||
| Title: SVP | ||||
| Date: 5/23/11 | ||||
| Fannie Mae |
||||
| By: | /s/ Leslie Peeler | |||
| Title: Vice President | ||||
| Date: 8/17/10 | ||||
Exhibit 1 (as further amended and restated as of 05/01/2011)
This Exhibit shall supersede all previous versions
EARLY REIMBURSEMENT PERIOD: |
The period, during which Fannie Mae will make payments of Periodic Early Reimbursement Amounts (as defined below) in respect of Eligible Advances (as defined below), which will commence on the Closing Date and end on the earlier of: | |
1. Disbursement of the Periodic Early Reimbursement
Amount in December, 2011 (or mutually agreed upon
termination); provided, however Fannie Mae shall
provide at least 120 calendar days advance notice
prior to the completion of the one year period of
its decision to extend or terminate this Addendum;
provided, however, that if such notice is not given
at least 120 days prior to completion of any one
year period, the Early Reimbursement Period shall
automatically extend for an additional one year
period; or |
||
2. A Stop Event that is not waived by Fannie Mae. |
||
| During the Early Reimbursement Period, Fannie Mae will make payments of Periodic Early Reimbursement Amounts at the direction of the Servicer and in compliance with this Addendum. Following the termination of the Early Reimbursement Period, Fannie Mae will no longer be required to make payments of Periodic Early Reimbursement Amounts. | ||
ELIGIBLE ADVANCES FOR EARLY REIMBURSEMENT: |
Unless otherwise noted (none so noted) by specifying participating Servicer branch IDs, “Eligible Advance” shall include outstanding P&I Delinquency Advances (“P&I Delinquency Advance”), T&I Servicing Advances (“T&I Servicing Advance”), and other advances deemed to be Corporate Advances (“Corporate Advance”) (each, a “Servicing Advance”) made or required to be made by the Servicer pursuant to the Fannie Mae Servicing Guide (the “Guide”). T&I Servicing Advances on current mortgage loans serviced by the Servicer (“Mortgage Loans”) shall also be considered to be Eligible Advances. | |
| “Other Advances” shall mean T&I Servicing Advances and Corporate Advances. Other Advances must have been actually incurred by the Servicer. | ||
| Servicing Advances may relate to loans held in MBS trusts (“MBS Servicing Advances”) or in Fannie Mae’s portfolio (“MRS Servicing Advances”) Funds relating to MBS Servicing Advances may not be commingled with those relating to MRS Servicing Advances. | ||
| In addition to the Servicing Advances made by the Servicer, Other Advances and P&I Delinquency Advances shall also include (unless stated otherwise) any outstanding Servicing Advances made by Flagstar Capital Markets Corporation (the “Flagstar Legacy Advances”) or by any other servicer as listed on Schedule 1 (the “Schedule 1 Legacy Advances”) in connection with a servicing transfer to the Servicer. Each such advance shall be deemed a “Legacy Servicing Advance”. The parties by written agreement may add Legacy Advances to Schedule 1 from time to time, which Legacy Advances shall be deemed incorporated into this Addendum. |
| For purposes of this Exhibit, a Servicing Advance will remain outstanding until finally reimbursed, rejected or ineligible under the Guide, notwithstanding any interim financing assistance provided by Fannie Mae. | ||
PERIODIC EARLY REIMBURSEMENT AMOUNT: |
For any reporting cycle, an amount equal to the Funding Value of Eligible Advances, subject to the Early Reimbursement Amount Limit. | |
| If the Early Reimbursement Amount Limit is reached in a particular reporting cycle, Fannie Mae shall first fund P&I Delinquency Advances. | ||
| Any Early Reimbursement Amounts received by the Servicer pursuant to this Addendum, if such amounts relate to MBS Servicing Advances, shall first be used by the Servicer to repay any and all amounts the Servicer may have previously borrowed from extra collections (i.e. funds that were not due in the cycle in which they were collected) held by the Servicer on behalf of an MBS trust (such term to mean any outstanding Fannie Mae mortgage-related security that the Servicer is servicing or sub-servicing underlying Mortgage Loans for). |
AGGREGATE EARLY REIMBURSEMENT AMOUNT: |
As of any date of determination, the excess, if any, of (i) the total Periodic Early Reimbursement Amounts previously paid at the direction of the Servicer by Fannie Mae prior to such date over (ii) the aggregate, cumulative amount of Collections (as defined below) recouped by, Fannie Mae prior to such date. | |
FUNDING VALUE:
|
With respect to any Eligible Advance as of any date of determination, the product of (x) the outstanding balance of such Eligible Advance as of such date and (y) the applicable Early Reimbursement Rate. | |
EARLY REIMBURSEMENT RATE:
|
[***] of P&I Delinquency Advances. | |
| Other Advances: | ||
| [***] of T&I Servicing Advances | ||
| [***] of Corporate Advances | ||
| T&I Servicing Advances Early Reimbursement Rate and the Corporate Advances Early Reimbursement Rate: | ||
| T&I Servicing Advances Early Reimbursement Rate and the Corporate Advances Early Reimbursement Rate will be subject to review by Fannie Mae on a quarterly basis. The first such quarterly review shall take place in March 2010 and any new value (either higher or lower than the current Early Reimbursement Rate) shall become effective for April 2010. As of the date of this Variance (“Variance”), such review has already occurred. In no event shall such Early Reimbursement Rates be less than [***] or greater than [***]. | ||
| Legacy Servicing Advances shall have an early reimbursement rate of 100% disbursed as set forth below under Ongoing Reconciliation Period. |
| *** | Note: Confidential treatment has been requested with respect to the information contained within the [***] marking. Such portions have been omitted from this filing and have been filed separately with the Securities and Exchange Commission. |
EARLY REIMBURSEMENT AMOUNT LIMIT: |
Fannie Mae’s obligation to make payment of Period Early Reimbursement Amounts will not exceed a maximum Aggregate Early Reimbursement Amount of $275,000,000 (two hundred seventy five million). | |
DEFICIENCY AMOUNT:
|
A Deficiency Amount shall exist on any date if, and to the extent that, on such date, the Aggregate Early Reimbursement Amount exceeds the Funding Value of all Eligible Advances. If a Deficiency Amount exists, the party that becomes aware of such event shall immediately notify the other party of the existence of any Deficiency Amount. Any such Deficiency Amount shall be cured by the Servicer within three business days from the Servicer becoming aware of the existence of a Deficiency Amount. | |
TRUST ACCOUNT:
|
“Trust Account” shall mean a trust account created by Fannie Mae in its name and under its control at U. S. Bank or another financial institution of Fannie Mae’s choosing. A Trust Account may relate to either MBS Servicing Advances or MRS Servicing Advances but not both. | |
| The Servicer hereby acknowledges and agrees that it has no right, title, interest or claim in or to any Trust Account or any funds or other assets therein (whether or not deposited by the Servicer), or any interest earned or accrued on the foregoing (notwithstanding anything to the contrary contained in the Guide or in any other agreement), all of which shall be the exclusive property of Fannie Mae, as Trustee for the respective MBS trusts or as Trustee for Single-Family Cash P&I Deposits, whichever are applicable. | ||
INITIAL RECONCILIATION PERIOD: |
In the first month of the Early Reimbursement Period, the Servicer will provide Fannie Mae the necessary information describing all outstanding Eligible Advances. Fannie Mae will conduct Due Diligence (Due Diligence”) to determine the initial Early Reimbursement Amount and will distribute such Early Reimbursement Amount on September 10, 2009. As of the date of this Variance (“Variance”), such period has already occurred. | |
ONGOING RECONCILIATION PERIOD: |
Anytime an Advance is requested by Servicer hereunder, Servicer shall provide Fannie Mae via e-mail, an Advance Request Form, a sample of which is attached hereto as Attachment B, and shall deliver such request form via e-mail to advance_facilities_data@fanniemae.com. | |
| Beginning in the month of the Closing Date, the Servicer shall deliver reports to Fannie Mae no later than the close of business on the following date (the “Report Date”); | ||
(i) In the event the Servicer is requesting P&I Delinquency
Advances, the fifth business day prior to the Draft Date (as
defined below) for such month, aggregating and describing all
P&I Delinquency Advances required under the Guide for which it
is requesting Periodic Early Reimbursement Amount; or |
||
(ii) In the event the Servicer is requesting reimbursement for
Other Advances, on the fifth business day of the month, and
five business days prior to the last business day of the
calendar month. |
||
| No later than the second business day following the Report Date, Fannie Mae will notify the Servicer of any discrepancies listed below: | ||
(iii) between the sum of (i) Required P&I (as defined below)
and (ii) any amounts deposited by Fannie Mae as Periodic Early
Reimbursement Amounts over or under the total amount required
by the Servicer to be remitted on the Draft Date; and |
||
(iv) between the (i) the sum of all reported loan-level P&I
Delinquency Advances and (ii) the aggregate P&I Delinquency
Advances requested by the Servicer. |
||
| No later than the second business day following the Report Date, Fannie Mae will notify the Servicer of any discrepancy regarding requested Other Advances. | ||
| On the business day each month prior to the first MBS P&I Draft Date (the “Draft Date”) published in Fannie Mae’s Master Servicing Reporting and Remitting Calendar, the following actions shall occur in parallel for MBS Servicing Advances and MRS Servicing Advances: | ||
(i) to the extent a Periodic Early Reimbursement Amount is
required to be distributed, Fannie Mae shall deposit (such,
deposit shall be contingent on the fact that no discrepancy
regarding the requested P&I Delinquency Advances remains
outstanding, and further provided that no Stop Event has
occurred, as set forth below) into the related Trust Account
the Periodic Early Reimbursement Amount relating to the P&I
Delinquency Advances for the related reporting.
cycle; and |
||
(ii) by 10:00 AM (Eastern Time) on such date, the Servicer
shall deposit into the related Trust Account all remaining
principal and interest required to be remitted on the Draft
Date for all Fannie Mae MBS Mortgage Loans or
portfolio-(MRS) Mortgage Loans serviced by the
Servicer, as the case may be, after deducting the Periodic
Early Reimbursement Amount for P&I Delinquency Advances (such
remaining amount being the “Required P&I” for each Trust
Account). |
||
| On the business day immediately preceding the Draft Date and on the last business day of the calendar month-(“Wire Dates”), Fannie Mae shall wire (to the extent a Periodic Early Reimbursement Amount required to be distributed) at the direction of the Servicer, the Periodic Early Reimbursement Amount for Other Advances (as reported by the Servicer on the Report and as reconciled by Fannie Mae subsequent to the Report Date) to the Servicer (to an account specified by the Servicer). Such wire shall be contingent on the fact that: | ||
• no discrepancy regarding the requested Other
Advances or P&I Delinquency .Advances remains
outstanding, |
||
• the required reports are received five (5) business
days prior to the Wire Dates, and |
||
• further provided that no Stop Event has occurred, as
set forth below. |
| Fannie Mae will provide the Funding Summary, in substantially the same format as attached as Attachment C on each Wire Date. | ||
| On the Draft Date, Fannie Mae shall draft from the respective Trust Accounts, in lieu of the Servicer’s custodial account or accounts, the Required P&1 and any amounts deposited by Fannie Mae as Periodic Early Reimbursement Amounts. | ||
| The Servicer shall deposit into the Collections Account on the Draft Date any principal and interest reported as “uncollected” on the Report, and received between the business day immediately preceding the Report Date and the Draft Date. | ||
| During and for one month after the Ongoing Reconciliation Period, Servicer shall also submit a report, no later than the 5th business day of the month, listing all loans that had been submitted for early reimbursement of P&I advances in the prior month and had become current by month’s end. | ||
| No later than the 7th business day of the following month, Fannie Mae will notify the Servicer of any material discrepancy between the P&T Delinquency Advances (as previously reported by the Servicer) and the amounts reflected in Fannie Mae’s internal systems of record. Such material discrepancies shall constitute a material Due Diligence issue and the Servicer and Fannie Mae will work in good faith to resolve any such material discrepancies. | ||
| Legacy Servicing Advances Disbursement Timing: | ||
| Flagstar Legacy Advances: | ||
| 100% of P&I Delinquency Advances, 70% of T&I Servicing Advances, and 70% of Corporate Advances in October 2009 cycle of the Ongoing Reconciliation Period. | ||
| 30% of T&I Servicing Advances and 30% of Corporate Advances during the immediately subsequent monthly cycle in the Ongoing Reconciliation Period, upon the completion of a Due Diligence period as described below. | ||
| To the extent, Legacy Servicing Advances have not been disbursed as contemplated above; such Legacy Servicing Advances shall be disbursed during subsequent reporting cycles occurring in the Ongoing Reconciliation Period. | ||
| Schedule 1 Legacy Advances: | ||
| 100% following the addition of a Schedule 1 Legacy Advance, which may include any or all of P&I Delinquency Advances, T&I Servicing Advances and Corporate Servicing Advances, as specified in Schedule I, provided: | ||
(i) Data available to Fannie Mae and the Servicer allow Fannie
Mae to identify and segregate the Legacy Advances in a manner
it deems satisfactory in its sole and absolute discretion,
exercised in good faith; and |
(ii) The Legacy Advance consist entirely of Servicing Advances
of the type or types specified in the Fannie Mae EAF Data
Dictionary. |
||
REPORTS:
|
The Servicer shall provide separate reports during the Ongoing Reconciliation Period for MBS and portfolio (MRS) Mortgage Loans. The reports will aggregate data at the Servicer level for all branches and include the following (such information to be provided as of the business day immediately preceding the Report Date): | |
• Loan-level and total amount requested for scheduled monthly
P&I as yet uncollected, including amounts relating to scheduled
P&I previously remitted through a Rapid Payment Method (as such
term is defined in the Guide); |
||
• Amount to be deposited by the Servicer as Required P&I; and |
||
• Loan-level and total funding requested for all T&I Servicing
Advances and Corporate Advances since the prior Report. |
||
| As soon as feasible, the Servicer will endeavor to provide the report using the data formats described in the existing version of the Fannie Mae EAF Data Dictionary provided to the Servicer by Fannie Mae. After November 30, 2010, no Periodic Early Reimbursement Amount will be available unless and until the Servicer has submitted an acceptable report using such formats. In the future, Fannie Mae may revise the EAF Dictionary from time to time in a commercially reasonable manner. | ||
| For the duration of the Variance, the Servicer shall also provide a daily report of all transactions for which a Collection occurs and the related deposits to the Collection Account. | ||
| Not later than the twenty-fifth (25th) day of each calendar month (or the next Business Day if the twenty-fifth (25th) day is not a Business Day), Servicer shall deliver to Fannie Mae or its designee, as directed by Fannie Mae, (i) electronic and hard copies of bank reconciliations applicable to T&I Custodial Accounts for the prior month and applicable to P&I Custodial Accounts for the second prior month, (ii) a report from the entity providing tax monitoring services with penalty and interest information applicable to the Mortgage Loans for the prior month, (iii) electronic and hard copies of P&I Custodial Account Analysis (Form 496) for the second prior month, and (iv) electronic and hard copies of T&I Custodial Account Analysis (Form 496a) for the prior month. | ||
COLLECTIONS ACCOUNT
OVER
COLLECTION:
|
All collections and reimbursements related to outstanding Eligible Advances received on the related mortgage loans by the Servicer from Fannie Mae, from mortgagors, or as liquidation proceeds or other recoveries (in the aggregate, the “Collections”) must be deposited by the Servicer within 48 hours of receipt into a Collections Account established by Fannie Mae and under Fannie Mae’s control, subject to the following: | |
(i) During the Early Reimbursement Period, the Servicer may retain any Collections in excess of the Periodic Early Reimbursement
Amount outstanding on the related loan; and |
(ii) During the (i) period between December 31, 2010
and June 30, 2012 or (ii) the completion of the
eighteen month period after the occurrence of a Stop
Event (as applicable), the Servicer may retain any
Collections in excess of the Aggregate Early
Reimbursement Amount. |
||
| However, following the occurrence of, and during the continuance of, a Stop Event that has not been waived by Fannie Mae, clauses (i) and (ii) above shall not apply and further, all reimbursements of Eligible Advances due from Fannie Mae shall be deposited directly into the Collections Account by Fannie Mae. | ||
| Servicer shall notify Fannie Mae in the event it determines that any Periodic Early Reimbursement Amount relates to an advance other than an Eligible Advance. In addition, Fannie Mae shall provide Servicer with a monthly report listing any Periodic Early Reimbursement Amounts outstanding on advances it has determined to be ineligible, any relating to loans more than 90 days past their final liquidation date, real estate owned (“REO”) more than 90 days past their disposition date, and/or loans reported with a zero UPB. Servicer shall deposit any such amounts into the Collections Account within 15 calendar days after the date of such determination or report, regardless of whether recoveries have actually been collected. | ||
| If the amount in the Collections Account exceeds the Aggregate Early Reimbursement Amount (“Over Collection”), then simultaneously with the payment of the Periodic Early Reimbursement Amount, the Over Collection amount shall be applied to reduce the aggregate Early Reimbursement Amount outstanding. Any amount by which the Over Collection exceeds the Aggregate Early Reimbursement Amount will be returned to the Servicer. | ||
MONTHLY SETTLEMENTS / SETTLEMENT DATES: |
On the 3rd business day of each calendar month, Fannie Mae will draft, from an account designated by the Servicer, the Early Reimbursement Compensation and any Deficiency Amount. Fannie Mae shall, by e-mail, inform the Servicer of the amount of such draft. Such date, each month, shall be deemed a “Settlement Date”. | |
| In the event that insufficient amounts are available to pay the Early Reimbursement Compensation, then Fannie Mae shall withdraw an amount equal to such outstanding Early Reimbursement Compensation directly from the Collections Account prior to the calculation of the Periodic Early Reimbursement Amount for that month. Such withdrawal will not void the occurrence of a Stop Event. |
| Following the occurrence of, and during the continuance of, a Stop Event that has not been waived by Fannie Mae, Settlement Dates shall occur with such frequency (i.e., weekly or daily) as Fannie Mae shall direct. | ||
EARLY REIMBURSEMENT COMPENSATION: |
In consideration for receiving P&I Delinquency Advances and early reimbursement of Other Advances, the Servicer will pay Fannie Mae a monthly compensation amount equal to, with respect to the Aggregate Early Reimbursement Amount and any Settlement Date, the aggregate amount obtained by daily application of the Compensation Rate to the amount of the Aggregate Early Reimbursement Amount on a 360 day per year basis for the actual number of days elapsed since the prior Settlement Date. The Servicer will pay the Early Reimbursement Compensation to Fannie Mae on each Settlement Date from its corporate funds. | |
COMPENSATION RATE:
|
[***] basis points over one-Month LIBOR. LIBOR will be set as of the last business day of the second month preceding the month in which the Settlement Date occurs. (For example, if the Settlement Date is August 3rd, LIBOR will be as of the last business day in June.) | |
ADMENDMENT FEE:
|
0.500% of the Early Reimbursement Amount Limit payable on the Closing Date and on the next business day after the Early Reimbursement Amount Limit is increased. The Amendment Fee shall be pro-rated on a monthly basis for any contract period less than 12 months. In the event this Addendum is extended before its scheduled expiration, any unused portion of the Amendment Fee will be credited against any future Amendment Fee due from the Servicer. | |
CLOSING DATE:
|
December 22, 2010 | |
RECOUPMENT:
|
Periodic Early Reimbursement Amounts shall be recouped by Fannie Mae primarily through Collections, however the Servicer can pay any or all outstanding amounts due at any time with corporate funds, and is obligated to pay, if applicable, the outstanding Aggregate Early Reimbursement Amount on or prior to the completion of the .eighteen month period after the Early Reimbursement Period ends, whether by the passage of time or the occurrence of a Stop Event. | |
STOP EVENTS:
|
Unless otherwise waived by Fannie Mae, Stop Events are as follows: | |
1. Failure of the Servicer to pay any Early Reimbursement
Compensation amount or any Deficiency Amount when due |
||
2. Servicer ceases to be an approved Fannie Mae Servicer. |
||
3. Occurrence of a change of the Servicer’s Organization as set
forth in the Fannie Mae Servicing Guide Part 1, Chapter 2,
Section 204. |
| *** | Note: Confidential treatment has been requested with respect to the information contained within the [***] marking. Such portions have been omitted from this filing and have been filed separately with the Securities and Exchange Commission. |
4. Failure to resolve a material Due
Diligence issue within 30 business
days of notification, unless the
parties mutually agree to extend
such cure period (e.g. Due Diligence
issues may include, but are not
limited to, issues with the funds in
the Collections Account or the
making of non-permissible servicing
advances). In addition. Fannie Mae
has the option to suspend funding of
Periodic Early Reimbursement Amounts
while a material Due Diligence issue
remains unresolved, even if no Stop
Event has occurred. Fannie Mae will
work in good faith to determine
materiality of Due Diligence issues. |
||
5. Insolvency, Receivership or
Bankruptcy of the Servicer, as
established by a court of competent
jurisdiction. |
||
6. Failure of Servicer to submit the
required reporting (and not cured
within 5 business days). |
||
7. Breaches of representations,
warranties, covenants (not cured
after a period of time). |
||
8. Event of Default under the Master
Agreement or the Mortgage Selling
and Servicing Contract, as
applicable, which has not been cured
as may be allowed under such
agreement or contract, if applicable |
||
9. Failure by the Servicer to
deposit into the Trust Account,
Required P&I on the business day
immediately prior to the Draft Date;
provided, however, that such failure
shall be subject to a cure period of
one business day; provided, further,
however, that such cure period shall
be unavailable if such failure
occurs more than once in any
four-month period or more than twice
in any twelve-month period. |
||
| If a Stop Event occurs and is not waived by Fannie Mae, the Early Reimbursement Period is terminated. | ||
DUE DILIGENCE REQUIREMENTS:
|
Fannie Mae has the right to perform Due Diligence activities related to Eligible Advances and Periodic Early Reimbursement Amounts prior to the Closing Date and at any such time thereafter. Within 10 business days of Fannie Mae’s (or its agent’s) request, the Servicer is required to provide reasonable accommodations including documentation, system access, the results of Servicer’s own internal review and assessments, and on site review. Failure of the Servicer to provide such accommodations would be considered a material Due Diligence issue and will be a Stop Event | |
| Unless otherwise waived by Fannie Mae, Fannie Mae has the option to suspend funding of Early Reimbursement Amounts while any material Due Diligence issue remains unresolved. | ||
| In the event non-material issues are discovered during the Due Diligence process, the Servicer will be notified in writing by Fannie Mae or its agent and will have a reasonable amount of time to cure such issues. | ||
| The Servicer shall pay for all amounts for initial Due Diligence (as billed by a third party due diligence provider) and Fannie Mae shall pay for any other additional due diligence. | ||
| As part of the funding of Flagstar Legacy Servicing Advances, Fannie Mae shall have the opportunity to conduct any additional Due Diligence it deems necessary. 30% of the funding for such Legacy Servicing Advances shall occur subsequent to the Due Diligence on such advances. |
11
SERVICING TRANSFER:
|
Unless consented to in writing by Fannie Mae, no loan serviced on behalf of Fannie Mae with respect to any outstanding Eligible Advance shall be transferred to another Service unless such Eligible Advance is collected and the related Periodic Early Reimbursement Amounts deposited into the Collections Account or the Servicer makes a payment equal to such outstanding amounts. | |
FANNIE MAE SERVICING REQUIREMENTS:
|
Except as specifically set forth in this Variance, entering into this Variance does not alter or diminish any obligations or duties required of the Servicer according to the Fannie Mae and Service Guides or the Mortgage Selling and Servicing Contract. | |
ASSIGNMENT:
|
Neither Fannie Mae nor the Servicer may assign, transfer or participate its rights under this Variance. | |
TERMINATION:
|
After the Early Reimbursement Period is completed and the Aggregate Reimbursement Amount is zero, this Variance shall terminate. |
12
SCHEDULE 1: LEGACY ADVANCES
| Original Advancing Servicer | Nature of Advances Added | Date Added | ||
Dovenmuehle Mortgage Inc.
|
T&I Servicing Advances Corporate Advances |
August 16, 2010 | ||
NHSA
|
T&I Servicing Advances Corporate Advances |
July 31, 2010 | ||
NHSA
|
T&I Servicing Advances Corporate Advances |
August 31, 2010 | ||
NHSA
|
T&I Servicing Advances Corporate Advances |
September 30, 2010 | ||
Construction Company
|
T&I Servicing Advances Corporate Advances |
July 31, 2010 (trailing loans to follow) | ||
Independence Federal Saving Bank
|
T&I Servicing Advances Corporate Advances |
August 31, 2010 | ||
First Florida Funding Corp
|
T&I Servicing Advances Corporate Advances |
August 31, 2010 | ||
AmTrust
|
P&I Servicing Advances T&I Servicing Advances Corporate Advances |
December 10, 2010 (For funding effective December 2010) |
13
ATTACHMENT A
See attached EAF Data Dictionary
14
ATTACHMENT B
Advance Request Form
Advance Request Form
For the [month/date/year] EAF funding, Nationstar submitted the following files:
| Number of Files | Total FNMA Advance | |||||||
| File Name | Submitted | Amount | ||||||
P&I Advance Detail |
[$xxx.xx] | |||||||
Corp/Escrow Advance Detail |
[$xxx.xx] | |||||||
Total |
[$xxx.xx] | |||||||
15
ATTACHMENT C
FUNDING SUMMARY (SAMPLE)
(See attached)
16