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Title: |
Correspondent Servicing Agreement |
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Entities: |
Aurora Loan Services Inc.; Freddie Mac; LaSalle Bank, NA; Lehman Brothers Bank; Federal National Mortgage Association |
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Date: |
2004 |
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Size: |
Preview shows 19KB of 223KB total |
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Price: |
$54 |
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ID: |
#189989 |
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--------------------------------------------------------------------------------
CORRESPONDENT SERVICING AGREEMENT
between
LEHMAN BROTHERS BANK, FSB, Owner
AURORA LOAN SERVICES INC., Master Servicer
and
COLONIAL SAVINGS, F.A., Servicer
--------------------------------------------------------------------------------
Residential Fixed and Adjustable Rate Mortgage Loans
{PAGE}
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
ARTICLE II
POSSESSION OF MORTGAGE FILES;
BOOKS AND RECORDS; DELIVERY OF DOCUMENTS
{TABLE}
{CAPTION}
Page
{S} {C} {C}
Section 2.01 Contract for Servicing; Maintenance of Servicing Files.......................................11
Section 2.02 Books and Records............................................................................11
Section 2.03 Commencement of Servicing Responsibilities...................................................12
Section 2.04 Delivery of Documents........................................................................12
Section 2.05 Record Title.................................................................................13
ARTICLE III
REPRESENTATIONS AND WARRANTIES;
REMEDIES AND BREACH
Section 3.01 Servicer Representations and Warranties......................................................14
Section 3.02 Remedies for Breach of Representations and Warranties........................................16
ARTICLE IV
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 4.01 Servicer to Act as Servicer..................................................................17
Section 4.02 Liquidation of Mortgage Loans................................................................18
Section 4.03 Collection of Mortgage Loan Payments.........................................................19
Section 4.04 Establishment of and Deposits to Custodial Account...........................................20
Section 4.05 Permitted Withdrawals From Custodial Account.................................................21
Section 4.06 Establishment of and Deposits to Escrow Account..............................................22
Section 4.07 Permitted Withdrawals From Escrow Account....................................................23
Section 4.08 Payment of Taxes, Insurance and Other Charges................................................24
Section 4.09 Protection of Accounts.......................................................................24
Section 4.10 Maintenance of Hazard Insurance..............................................................25
Section 4.11 Maintenance of Mortgage Impairment Insurance.................................................26
Section 4.12 Maintenance of Fidelity Bond and Errors and Omissions Insurance..............................27
Section 4.13 Inspections..................................................................................27
Section 4.14 Restoration of Mortgaged Property............................................................28
Section 4.15 Servicing and Administration of Mortgage Insurance Policies..................................28
Section 4.16 Title, Management and Disposition of REO Property............................................30
Section 4.17 Real Estate Owned Reports....................................................................31
Section 4.18 Liquidation Reports..........................................................................31
Section 4.19 Notification of Adjustments..................................................................31
Section 4.20 Reports of Foreclosures and Abandonments of Mortgaged Property...............................32
Section 4.21 MERS.........................................................................................32
Section 4.22 Waiver of Prepayment Charges.................................................................32
Section 4.23 Compliance With REMIC Provisions.............................................................33
ARTICLE V
PAYMENTS TO THE OWNER
Section 5.01 Remittances..................................................................................33
Section 5.02 Statements to Master Servicer................................................................35
Section 5.03 Monthly Advances by Servicer.................................................................35
Section 5.04 Failure to Provide Timely Reports............................................................36
Section 5.05 Credit Reporting.............................................................................36
{/TABLE}
-i-
{PAGE}
ARTICLE VI
GENERAL SERVICING PROCEDURES
{TABLE}
{CAPTION}
{S} {C} {C}
Section 6.01 Transfers of Mortgaged Property..............................................................36
Section 6.02 Satisfaction of Mortgages and Release of Mortgage Files......................................37
Section 6.03 Servicing Compensation.......................................................................38
Section 6.04 Annual Statement as to Compliance............................................................38
Section 6.05 Annual Independent Public Accountants' Servicing Report......................................38
Section 6.06 Right to Examine Servicer Records............................................................39
ARTICLE VII
RECONSTITUTION; MASTER SERVICER
Section 7.01 Reconstitution...............................................................................39
Section 7.02 Master Servicer; Servicer's Guide............................................................40
ARTICLE VIII
SERVICER TO COOPERATE
Section 8.01 Provision of Information.....................................................................42
Section 8.02 Financial Statements; Servicing Facility.....................................................42
ARTICLE IX
THE SERVICER
Section 9.01 Indemnification; Third Party Claims..........................................................43
Section 9.02 Merger or Consolidation of the Servicer......................................................43
Section 9.03 Limitation on Liability of Servicer and Others...............................................43
Section 9.04 Limitation on Resignation and Assignment by Servicer.........................................44
Section 9.05 Indemnification with Respect to Certain Taxes and Loss of REMIC Status.......................44
ARTICLE X
DEFAULT
Section 10.01 Events of Default............................................................................45
Section 10.02 Waiver of Defaults...........................................................................47
Section 10.03 Survival of Obligations and Liabilities of the Servicer......................................47
ARTICLE XI
TERMINATION
Section 11.01 Termination..................................................................................47
Section 11.02 Termination Without Cause....................................................................48
ARTICLE XII
MISCELLANEOUS PROVISIONS
Section 12.01 Successor to Servicer........................................................................48
Section 12.02 Amendment....................................................................................50
Section 12.03 Governing Law................................................................................50
Section 12.04 Duration of Agreement........................................................................50
Section 12.05 Notices......................................................................................50
Section 12.06 Severability of Provisions...................................................................50
Section 12.07 Relationship of Parties......................................................................51
Section 12.08 Execution; Successors and Assigns............................................................51
Section 12.09 Recordation of Assignments of Mortgage.......................................................51
Section 12.10 Assignment by Owner..........................................................................51
Section 12.11 No Personal Solicitation.....................................................................52
Section 12.12 Protection of Confidential Information.......................................................52
Section 12.13 Further Agreements...........................................................................52
Section 12.14 Counterparts.................................................................................52
Section 12.15 Exhibits.....................................................................................52
Section 12.16 General Interpretive Principles..............................................................52
{/TABLE}
-ii-
{PAGE}
EXHIBITS
EXHIBIT A-1 FORM OF CUSTODIAL ACCOUNT
CERTIFICATION
EXHIBIT A-2 FORM OF CUSTODIAL ACCOUNT
LETTER AGREEMENT
EXHIBIT B-1 FORM OF ESCROW ACCOUNT CERTIFICATION
EXHIBIT B-2 FORM OF ESCROW ACCOUNT
LETTER AGREEMENT
EXHIBIT C-1 FORM OF MONTHLY REMITTANCE ADVICE
EXHIBIT C-2 FORM OF MONTHLY DELINQUENT LOAN REPORT
EXHIBIT D FORM OF OFFICER'S CERTIFICATE
EXHIBIT E FORM OF OPINION OF COUNSEL
EXHIBIT F FORM OF TRANSFER NOTICE
EXHIBIT G FORM OF REQUEST FOR RELEASE
EXHIBIT H AUTHORIZED REPRESENTATIVES OF THE SERVICER
-iii-
{PAGE}
This Correspondent Servicing Agreement, dated as of June 26,
2002 (this "Agreement"), is entered into among LEHMAN BROTHERS BANK, FSB, a
federal savings bank, as owner (in such capacity, the "Owner"), AURORA LOAN
SERVICES INC., a Delaware corporation, as master servicer (in such capacity, the
"Master Servicer") and COLONIAL SAVINGS, F.A., as servicer (the "Servicer").
W I T N E S S E T H:
WHEREAS, the Servicer, pursuant to the Loan Purchase Agreement
by and between the Owner and the Servicer, dated as of the date hereof (the
"Loan Purchase Agreement"), from time to time sells to the Owner certain
adjustable and/or fixed rate residential mortgage loans on a servicing retained
basis;
WHEREAS, the Servicer and the Owner desire to set forth the
terms and conditions of the servicing responsibilities of the Servicer with
respect to all loans transferred from the Servicer to the Owner pursuant to the
Loan Purchase Agreement (each a "Mortgage Loan" and collectively, the "Mortgage
Loans");
WHEREAS, the Master Servicer shall serve as a master servicer
on behalf of the Owner with respect to the Mortgage Loans to supervise, manage
and coordinate the servicing activities of the Servicer hereunder; and
WHEREAS, the Owner may sell, transfer and assign some or all
of the Mortgage Loans from time to time (a) to Fannie Mae under its Cash
Purchase Program or MBS SWAP Program (Special Servicing Option); or (b) to
Freddie Mac under its Freddie Mac Cash Program or Gold PC Program; or (c) to one
or more third party purchasers in one or more whole loan pools; or (d) directly
or indirectly, to certain trusts to be formed as part of publicly-issued or
privately placed, rated or unrated, mortgage pass-through transactions, in any
or all cases (subject to the terms of this Agreement) retaining the Servicer to
service the Mortgage Loans;
NOW, THEREFORE, in consideration of the mutual agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the Owner and the Servicer
agree as follows:
ARTICLE I
DEFINITIONS
Whenever used herein, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:
Accepted Servicing Practices: With respect to any Mortgage
Loan, those mortgage servicing practices of prudent mortgage servicing
institutions that service mortgage loans of the same type and quality as such
Mortgage Loan in the jurisdiction where the related Mortgaged Property is
located, but without regard to: (i) any relationship that the Servicer or any
affiliate of the Servicer may have with the related Mortgagor; (ii) the
Servicer's obligation to make Monthly Advances or Servicing Advances; or (iii)
the servicer's right to receive compensation for its services hereunder with
respect to any particular transaction.
{PAGE}
Agency Transfer: The sale or transfer by Owner of some or all
of the Mortgage Loans to Fannie Mae under its Cash Purchase Program or its MBS
Swap Program (Special Servicing Option) or to Freddie Mac under its Freddie Mac
Cash Program or Gold PC Program, retaining the Servicer as "servicer
thereunder".
Agreement: This Correspondent Servicing Agreement and all
amendments hereof and supplements hereto.
Appraised Value: The value set forth in an appraisal made in
connection with the origination of the related Mortgage Loan as the value of the
Mortgaged Property.
Appropriate Federal Banking Agency: Appropriate Federal
Banking Agency shall have the meaning ascribed to such term by Section 1813(q)
of Title 12 of the United States Code, as amended from time to time.
ARM Mortgage Loan: A Mortgage Loan pursuant to which the
interest rate shall be adjusted from time to time in accordance with the related
Mortgage Note.
Assignment of Mortgage: An assignment of the Mortgage, notice
of transfer or equivalent instrument in recordable form, sufficient under the
laws of the jurisdiction wherein the related Mortgaged Property is located to
reflect the sale of the Mortgage to the Owner or, in the case of a MERS Mortgage
Loan, a confirmed electronic transmission to MERS, identifying a transfer of
ownership of the related Mortgage to the Owner or its designee.
Best's: The meaning ascribed thereto in Section 4.10.
BIF: The Bank Insurance Fund, or any successor thereto.
Breach: The meaning ascribed thereto in Section 3.02.
Business Day: Any day other than (i) a Saturday or Sunday, or
(ii) a day on which banking and savings and loan institutions in the State of
New York and the states in which the principal servicing offices of the Servicer
and the Master Servicer are located are authorized or obligated by law or
executive order to be closed.
Code: The Internal Revenue Code of 1986, as it may be amended
from time to time or any successor statute thereto, and applicable U.S.
Department of the Treasury regulations issued pursuant thereto.
Commencement Date: With respect to each Mortgage Loan, the
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