|
|
|
|
Document Preview Servicing Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Servicing Agreement |
|||
|
Entities: |
||||
|
Date: |
2007 |
|||
|
Size: |
Preview shows 17KB of 165KB total |
|||
|
Price: |
$52 |
|||
|
ID: |
#2861011 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
SERVICING AGREEMENT
(AMENDED AND RESTATED)
BY AND BETWEEN
WASHINGTON MUTUAL BANK, FA
(SERVICER)
BANC OF AMERICA MORTGAGE CAPITAL CORPORATION
(OWNER)
AND
BANK OF AMERICA, N.A.
(AS SUCCESSOR IN INTEREST TO THE OWNER WITH RESPECT TO CERTAIN MORTGAGE LOANS
PURCHASED PRIOR TO THE DATE HEREOF)
DATED AS OF JULY 1, 2003,
AMENDING AND RESTATING THE SERVICING AGREEMENT DATED AS OF JANUARY 1, 2002
RESIDENTIAL FIRST LIEN MORTGAGE LOANS
FLOW DELIVERY PROGRAM
================================================================================
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
----
{S} {C}
ARTICLE 1. DEFINITIONS.................................................................. 2
ARTICLE 2. ADMINISTRATION AND SERVICING OF MORTGAGE LOANS............................... 8
Section 2.1 Identification of Mortgage Loans; Servicer to Act
as Servicer................................................... 8
Section 2.2 Liquidation of Mortgage Loans................................. 10
Section 2.3 Collection of Mortgage Loan Payments.......................... 11
Section 2.4 Establishment of Account; Deposits in Account................. 11
Section 2.5 Permitted Withdrawals from the Account........................ 13
Section 2.6 Establishment of Escrow Account; Deposits in Escrow Account;
Escrow Analysis............................................... 14
Section 2.7 Permitted Withdrawals from the Escrow Account................. 14
Section 2.8 Payment of Taxes, Insurance and Other Charges................. 15
Section 2.9 Transfer of Accounts.......................................... 15
Section 2.10 Maintenance of Hazard Insurance............................... 15
Section 2.11 Fidelity Bond; Errors and Omissions Insurance................. 16
Section 2.12 Title, Management and Disposition of Real Estate Owned........ 17
Section 2.13 Application of Proceeds of Insurance to Repair
or Restoration................................................ 19
Section 2.14 Inspections................................................... 19
Section 2.15 Maintenance of Primary Mortgage Insurance Policies;
Collections Thereunder........................................ 19
Section 2.16 Monthly Advances by the Servicer.............................. 20
Section 2.17 Compliance With REMIC Provisions.............................. 20
Section 2.18 Owner to Cooperate; Release of Collateral Files............... 21
ARTICLE 3. PAYMENTS TO THE OWNER........................................................ 21
Section 3.1 Distributions................................................. 21
Section 3.2 Reports....................................................... 22
Section 3.3 Liquidation Reports........................................... 22
ARTICLE 4. GENERAL SERVICING PROCEDURE; COVENANTS; REPRESENTATIONS AND WARRANTIES....... 23
Section 4.1 Assumption Agreements......................................... 23
Section 4.2 Satisfaction of Mortgages and Release of Collateral Files..... 23
Section 4.3 Servicing Compensation........................................ 24
Section 4.4 Statements as to Compliance................................... 25
Section 4.5 Annual Independent Public Accountants' Servicing Report....... 26
Section 4.6 Owner's Right to Examine Servicer Records, etc................ 26
Section 4.7 Cooperation................................................... 27
Section 4.8 Consents and Approvals........................................ 27
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
ARTICLE 5. THE SERVICER................................................................. 27
Section 5.1 Indemnification; Third Party Claims........................... 27
Section 5.2 Servicer Covenants; Merger or Consolidation of
the Servicer.................................................. 28
Section 5.3 Limitation on Liability of the Servicer and Others............ 28
Section 5.4 Servicer Not to Resign........................................ 29
Section 5.5 Transfer of Servicing......................................... 29
Section 5.6 Transfer of Mortgage Loans.................................... 29
Section 5.7 Representations and Warranties of the Servicer................ 30
Section 5.8 Security Measures; Availability of Information................ 31
ARTICLE 6. DEFAULT...................................................................... 31
Section 6.1 Events of Default............................................. 31
Section 6.2 Waiver of Defaults............................................ 33
Section 6.3 Survival of Certain Obligations and Liabilities of the
Defaulted Servicer............................................ 33
ARTICLE 7. TERMINATION.................................................................. 33
Section 7.1 Termination of Agreement...................................... 33
Section 7.2 Termination of the Servicer Upon Unremedied Event
of Default.................................................... 34
ARTICLE 8. PASS-THROUGH AND WHOLE LOAN TRANSFERS........................................ 34
Section 8.1 Pass-Through Transfers or Whole Loan Transfers................ 34
Section 8.2 Designation of a Master Servicer.............................. 36
Section 8.3 Servicer's Purchase Right..................................... 37
ARTICLE 9. MISCELLANEOUS PROVISIONS..................................................... 37
Section 9.1 Successor to the Servicer..................................... 37
Section 9.2 Amendment..................................................... 38
Section 9.3 Recordation of Agreement; Perfection of Security Interest;
Further Assurances............................................ 38
Section 9.4 Duration of Agreement......................................... 38
Section 9.5 Governing Law................................................. 39
Section 9.6 General Interpretive Principles............................... 39
Section 9.7 Reproduction of Documents..................................... 40
Section 9.8 Notices....................................................... 40
Section 9.9 Severability of Provisions.................................... 41
Section 9.10 Exhibits and Schedules........................................ 41
Section 9.11 Counterparts; Successors and Assigns.......................... 41
Section 9.12 Effect of Headings............................................ 41
Section 9.13 Other Agreements Superseded................................... 41
Section 9.14 Attorneys' Fees............................................... 41
{/TABLE}
ii
{PAGE}
DESCRIPTION OF ATTACHMENTS
Exhibit A FORM OF REQUEST FOR RELEASE OF DOCUMENTS AND RECEIPT
Exhibit B ACCOUNT LETTER AGREEMENT
Exhibit C ESCROW ACCOUNT LETTER AGREEMENT
Exhibit D SERVICER REQUIREMENTS
Exhibit E FORM OF OFFICER'S CERTIFICATE
{PAGE}
SERVICING AGREEMENT
(AMENDED AND RESTATED)
This SERVICING AGREEMENT (AMENDED AND RESTATED) (this "Agreement") dated as
of July 1, 2003, which amends and restates the Servicing Agreement dated as of
January 1, 2002 (the "Original Servicing Agreement"), is between Washington
Mutual Bank, FA, a savings association organized under the laws of the United
States, in its capacity as servicer (the "Servicer"), Banc of America Mortgage
Capital Corporation, a North Carolina corporation, and its successors and
assigns, in its capacity as owner (the "Owner") and Bank of America, N.A.
("BANA"), a national banking association, as a successor and assign of the Owner
with respect to certain mortgage loans sold to the Owner prior to the date
hereof.
PRELIMINARY STATEMENT
WHEREAS, pursuant to that certain Mortgage Loan Purchase and Sale Agreement
(Amended and Restated) of even date herewith among the Servicer, Washington
Mutual Bank fsb and Washington Mutual Bank, each as a seller (the "Sellers"),
the Owner as purchaser and BANA (the "Purchase Agreement"), and in reliance upon
the representations, warranties and covenants of the Servicer contained herein
and of the Sellers contained in the Purchase Agreement, the Owner has agreed to
purchase from the Sellers, and the Sellers have agreed to sell to the Owner,
without recourse and on a servicing-retained basis, certain residential, first
lien mortgage loans on or after the date hereof;
WHEREAS, pursuant to that certain Mortgage loan Purchase and Sale Agreement
(the "Original Purchase Agreement"), dated January 1, 2002, among Washington
Mutual Bank, FA, Washington Mutual Bank fsb and Washington Mutual Bank, each as
a seller (the "Sellers") and the Owner as purchaser, the Owner has purchased
from the Sellers, and the Sellers have sold to the Owner, without recourse and
on a servicing-retained basis, certain residential, first lien mortgage loans
prior to the date hereof;
WHEREAS, the Servicer agreed to act as Servicer and, on behalf of each of
the Sellers as agent and subservicer, to service such mortgage loans under the
Original Servicing Agreement for the Owner from and after the purchase by the
Owner of such mortgage loans;
WHEREAS, pursuant to various Assignment, Assumption and Recognition
Agreements executed from time to time prior to the date hereof, the Owner has
assigned its interest in such mortgage loans and the Original Purchase Agreement
and the Original Servicing Agreement as each relates to such mortgage loans to
BANA;
WHEREAS, the Servicer and the Owner desire to revise and prescribe the
terms and conditions regarding the management, servicing, and control of all
mortgage loans purchased by the Owner from the Sellers before, on or after the
date hereof;
1
{PAGE}
NOW, THEREFORE, in consideration of the mutual agreements and covenants
herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Servicer, BANA and the Owner
agree as follows:
ARTICLE 1.
DEFINITIONS
Capitalized terms used in this Agreement shall have the meanings specified
in the Purchase Agreement, except that, whenever used herein, the following
words and phrases, unless the context otherwise requires, shall have the
following meanings:
Acceptable Servicing Procedures: The procedures, including prudent
collection and loan administration procedures, and the standard of care employed
by prudent mortgage servicers which service mortgage loans of the same type as
the Mortgage Loans in the jurisdictions in which the related Mortgaged
Properties are located. Such standard of care shall not be lower than that the
Servicer customarily employs and exercises in servicing and administering
similar mortgage loans for its own account and shall be in full compliance with
all federal, state and local laws, ordinances, rules and regulations.
Account: The account or accounts created and maintained pursuant to Section
2.4 of this Agreement.
Agreement: This Servicing Agreement (Amended and Restated), including all
exhibits and schedules hereto, and all amendments hereof and supplements hereto.
Applicable Requirements: With respect to each Mortgage Loan, (i) the terms
of the related Mortgage and Mortgage Note, (ii) the federal, state, local and
foreign laws, statutes, rules, regulations, ordinances, standards, requirements,
administrative rulings, orders and processes pertaining to such Mortgage Loan,
including but not limited to those pertaining to the processing, origination and
servicing of the Mortgage Loan, (iii) the requirements of the Owner as set forth
in this Agreement, and (iv) Acceptable Servicing Procedures.
BANA: Bank of America, N.A., as successor in interest to the Owner with
respect to certain Mortgage Loans purchased prior to the date of this Agreement.
Bank of America: As used in EXHIBIT D to this Agreement, the Owner of the
relevant Mortgage Loans, which may for this purpose include Banc of America
Mortgage Capital Corporation and BANA, based on their interests in the relevant
Mortgage Loans.
BIF: The Bank Insurance Fund.
Business Day: Any day other than (i) a Saturday or Sunday or (ii) a day on
which banking or savings and loan institutions in the States of Washington,
California or New York are authorized or obligated by law or executive order to
be closed.
2
{PAGE}
Code: The Internal Revenue Code of 1986, as amended from time to time, or
any successor statute thereto.
Condemnation Proceeds: All awards or settlements in respect of a taking of
all or part of a Mortgaged Property by exercise of the power of eminent domain
or condemnation.
Customer Information: All personal, nonpublic information about the
Mortgagors that is supplied on behalf of the Mortgagors and is maintained by a
party hereto.
Cut-off Date: With respect to any Mortgage Loan purchased on a Closing
Date, the cut-off date specified in the Commitment Letter relating to the
purchase and sale of the related Loan Pool.
Defaulted Servicer: As defined in Section 6.1.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us