Sequoia Mortgage Trust 2012-2 - FORM 10-K - EX-35.3 - EXHIBIT 35.3 - March 30, 2015

Attached files

file filename
10-K - FORM 10-K - Sequoia Mortgage Trust 2012-2d891572d10k.htm
EX-31 - EXHIBIT 31 - Sequoia Mortgage Trust 2012-2d891572dex31.htm
EX-35.2 - EXHIBIT 35.2 - Sequoia Mortgage Trust 2012-2d891572dex352.htm
EX-35.5 - EXHIBIT 35.5 - Sequoia Mortgage Trust 2012-2d891572dex355.htm
EX-33.1 - EXHIBIT 33.1 - Sequoia Mortgage Trust 2012-2d891572dex331.htm
EX-34.6 - EXHIBIT 34.6 - Sequoia Mortgage Trust 2012-2d891572dex346.htm
EX-33.2 - EXHIBIT 33.2 - Sequoia Mortgage Trust 2012-2d891572dex332.htm
EX-34.2 - EXHIBIT 34.2 - Sequoia Mortgage Trust 2012-2d891572dex342.htm
EX-33.3 - EXHIBIT 33.3 - Sequoia Mortgage Trust 2012-2d891572dex333.htm
EX-33.5 - EXHIBIT 33.5 - Sequoia Mortgage Trust 2012-2d891572dex335.htm
EX-35.1 - EXHIBIT 35.1 - Sequoia Mortgage Trust 2012-2d891572dex351.htm
EX-34.5 - EXHIBIT 34.5 - Sequoia Mortgage Trust 2012-2d891572dex345.htm
EX-34.7 - EXHIBIT 34.7 - Sequoia Mortgage Trust 2012-2d891572dex347.htm
EX-33.6 - EXHIBIT 33.6 - Sequoia Mortgage Trust 2012-2d891572dex336.htm
EX-35.6 - EXHIBIT 35.6 - Sequoia Mortgage Trust 2012-2d891572dex356.htm
EX-33.7 - EXHIBIT 33.7 - Sequoia Mortgage Trust 2012-2d891572dex337.htm
EX-34.4 - EXHIBIT 34.3 - Sequoia Mortgage Trust 2012-2d891572dex344.htm
EX-34.4 - EXHIBIT 34.4 - Sequoia Mortgage Trust 2012-2d891572dex3441.htm
EX-33.4 - EXHIBIT 33.4 - Sequoia Mortgage Trust 2012-2d891572dex334.htm
EX-35.4 - EXHIBIT 35.4 - Sequoia Mortgage Trust 2012-2d891572dex354.htm
EX-34.1 - EXHIBIT 34.1 - Sequoia Mortgage Trust 2012-2d891572dex341.htm

Exhibit 35.3

 

[PHH Mortgage Corporation Logo]    Martin L. Foster
   Senior Vice President
   Loan Servicing and Post Closing
2001 Bishops Gate Boulevard    T: (856) 917-8222
Mt. Laurel, NJ 08054    F: (856) 917-8280

FORM 1123 CERTIFICATION

ANNUAL STATEMENT OF COMPLIANCE

I, Martin L. Foster, the undersigned, an authorized officer of PHH Mortgage Corporation (the “Servicer”), do certify the following for the calendar year ended December 31, 2014:

1. A review of the Servicer’s activities during the reporting period and of its performance under the servicing agreement[s] listed on Schedule 1 hereto (the “Agreement(s)”) has been made under such officer’s supervision.

2. To the best of such officer’s knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreement(s) in all material respects throughout the reporting period. I note that Schedule 2 hereto discloses an instance of the Servicer’s failure to fulfill an obligation under the Agreement(s), which was confirmed after the end of the calendar year ended December 31, 2014, specifying such fialure and the nature and status thereof. I further note that the Servicer does not believe this failure to fulfill an obligation is material.

 

Certified by: PHH Mortgage Corporation
By:  

/s/ Martin L. Foster

Name:   Martin L. Foster
Title:   Senior Vice President
Date:   February 26, 2015

SCHEDULE 1

[List of applicable contracts]

Citibank As Securities Administrator

 

PHH Investor Number    PHH Category    Deal Name/Agreement Name     
G90    001    SEMT 2011-1   
G90    003    SEMT 2011-2   
R87    All    SEMT 2012-1   
S24    All    SEMT 2012-3   
S40    All    SEMT 2012-4   
S42    All    SEMT 2012-5   
S47    All    SEMT 2012-6   
S52    All    SEMT 2013-1   
S54    All    SEMT 2013-2   
S67    All    SEMT 2013-7   
R97    All    SEMT 2012-2   

SCHEDULE 2

Last year, the Servicer disclosed that its mortgage servicing platform used funds held for future distribution to reimburse itself for historical principal and interest advances (i.e., pool-level reimbursement) even when the Agreement(s) did not contemplate such a use of funds. Consistent with pool-level reimbursement, such funds were replaced by the Servicer for remittance in connection with the applicable collection period. At no point in time did the trust fund under the Agreement(s) ever fail to receive a complete and correct remittance when due. The above statements still applied to calendar year 2014 as the Servicer has been in discussions with its platform vendor and other vendors about revising the functionality of the platfonn as well as other opportunities to resolve this issue. The Servicer has developed a process to prevent the reimbursement of the P&I advance to the Servicer from funds held for future distribution and has engaged a vendor to implement. The Servicer plans to have the solution implemented thereby resolving this issue by the end of the third calendar quarter in 2015, subject to vendor implementation processes.