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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 1, 1999
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP. (as company under a Pooling
and Servicing Agreement dated as of December 1, 1999 providing for, inter alia,
the issuance of Mortgage-Backed Pass-Through Certificates, Series 1999-WM3)
Credit Suisse First Boston Mortgage Securities Corp.
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(Exact name of registrant as specified in its charter)
DELAWARE 333-53115 13-3320910
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(State or other jurisdiction (Commission) (I.R.S. employer
of incorporation) file number) identification no.)
11 Madison Avenue, 5th Floor New York, New York 10010
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 325-2000
(Former name or former address, if changed since last report)
Exhibit Index located on Page 2
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Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies): The following execution copies of
Exhibits to the Form S-3 Registration Statement of the Registrant are hereby
filed:
Sequentially
Exhibit Numbered
Number Exhibit Page
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10.1 Pooling and Servicing Agreement, dated as of December 1, 1999 among Credit
Suisse First Boston Mortgage Securities Corp., as depositor, Washington Mutual
Bank, F.A., as seller and servicer, and Bank One, National Association, as
trustee.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP.
By:_____________________________________
Name: Kari Skilbred
Title: Vice President
Dated: December 23, 1999
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CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
Depositor,
WASHINGTON MUTUAL BANK, FA
Seller and Servicer,
BANK ONE, NATIONAL ASSOCIATION
TRUSTEE,
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POOLING AND SERVICING AGREEMENT
Dated as of December 1, 1999
relating to
WASHINGTON MUTUAL BANK, FA
MORTGAGE-BACKED PASS-THROUGH CERTIFICATES, SERIES 1999-WM3
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TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS...................................................2
ARTICLE II CONVEYANCE OF TRUST FUND; REPRESENTATIONS AND WARRANTIES.....38
SECTION 2.01 Conveyance of Trust Fund...............................38
SECTION 2.02 Acceptance by Trustee..................................40
SECTION 2.03 Representations, Warranties and Covenants of the
Servicer and Seller ...................................40
SECTION 2.04 Representations, Warranties and Covenants of the Seller
with respect to the Mortgage Loans.....................42
SECTION 2.05 Issuance of Certificates...............................48
SECTION 2.06 REMIC Provisions.......................................49
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...............53
SECTION 3.01 Servicing Standard.....................................53
SECTION 3.02 Enforcement of the Obligations of Sub-Servicers........54
SECTION 3.03 Termination of the Rights of Sub-Servicers.............54
SECTION 3.04 Liability of the Servicer..............................55
SECTION 3.05 Rights of the Depositor and the Trustee in Respect of
the Servicer ..........................................55
SECTION 3.06 Trustee to Act as Servicer.............................55
SECTION 3.07 Collection of Mortgage Loan Payments...................55
SECTION 3.08 Collection of Taxes, Assessments and Similar Items;
Escrow Accounts .......................................57
SECTION 3.09 Permitted Withdrawals from the Custodial Account.......58
SECTION 3.10 Maintenance of Primary Mortgage Insurance Policies;
Collections Thereunder.................................59
SECTION 3.11 Maintenance of Hazard Insurance and Other Insurance....60
SECTION 3.12 Enforcement of Due-On-Sale Clauses; Assumption
Agreements ............................................61
SECTION 3.13 Realization Upon Defaulted Mortgage Loans..............62
SECTION 3.14 Trustee to Cooperate; Release of Trustee Mortgage
Files .................................................63
SECTION 3.15 Documents, Records and Funds in Possession of Servicer
to be Held for the Trustee for the Benefit of the
Certificateholders.....................................64
SECTION 3.16 Servicing Compensation; Compensating Interest..........65
SECTION 3.17 Reports to the Depositor; Account Statements...........65
SECTION 3.18 Annual Statement as to Compliance......................65
SECTION 3.19 Annual Independent Public Accountants' Servicing
Report ................................................66
SECTION 3.20 Reports to Trustee.....................................66
ARTICLE IV PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS................66
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TABLE OF CONTENTS
(continued)
Page
SECTION 4.01 Certificate Account....................................66
SECTION 4.02 Distributions..........................................67
SECTION 4.03 Allocation of Realized Losses..........................74
SECTION 4.04 Monthly Statements to Certificateholders...............76
SECTION 4.05 Prepayment Interest Shortfalls and Relief Act
Shortfalls ............................................77
ARTICLE V ADVANCES.....................................................78
SECTION 5.01 Monthly Advances by the Servicer.......................78
SECTION 5.02 Advances for Attorneys' Fees...........................79
SECTION 5.03 Nonrecoverable Advances................................79
SECTION 5.04 Advance Procedures.....................................79
ARTICLE VI THE CERTIFICATES.............................................79
SECTION 6.01 The Certificates.......................................79
SECTION 6.02 Registration of Transfer and Exchange of Certificates..80
SECTION 6.03 Mutilated, Destroyed, Lost or Stolen Certificates......84
SECTION 6.04 Persons Deemed Owners..................................85
SECTION 6.05 Access to List of Certificateholders' Names and
Addresses .............................................85
SECTION 6.06 Maintenance of Office or Agency........................85
SECTION 6.07 Book-Entry Certificates................................85
SECTION 6.08 Notices to Clearing Agency.............................86
SECTION 6.09 Definitive Certificates................................86
ARTICLE VII THE DEPOSITOR, SELLER AND THE SERVICER.......................87
SECTION 7.01 Liabilities of the Depositor, Seller and the Servicer..87
SECTION 7.02 Merger or Consolidation of the Depositor, the Seller or
the Servicer ..........................................88
SECTION 7.03 Limitation on Liability of the Depositor, the Servicer
and Others ............................................88
SECTION 7.04 Servicer Not to Resign.................................89
SECTION 7.05 Errors and Omissions Insurance; Fidelity Bonds.........89
SECTION 7.06 Seller and Servicer May Own Certificates...............89
ARTICLE VIII DEFAULT......................................................89
SECTION 8.01 Events of Default......................................89
SECTION 8.02 Trustee to Act; Appointment of Successor...............91
SECTION 8.03 Notification to Certificateholders.....................92
SECTION 8.04 Waiver of Events of Default............................92
ARTICLE IX CONCERNING THE TRUSTEE.......................................92
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TABLE OF CONTENTS
(continued)
Page
SECTION 9.01 Duties of Trustee......................................92
SECTION 9.02 Certain Matters Affecting the Trustee..................94
SECTION 9.03 Trustee Not Liable for Certificates or Mortgage Loans..95
SECTION 9.04 Trustee May Own Certificates...........................95
SECTION 9.05 Trustee's Compensation and Expenses....................95
SECTION 9.06 Eligibility Requirements for Trustee...................96
SECTION 9.07 Resignation and Removal of Trustee.....................96
SECTION 9.08 Successor Trustee......................................97
SECTION 9.09 Merger or Consolidation of Trustee.....................97
SECTION 9.10 Appointment of Co-Trustee or Separate Trustee..........97
SECTION 9.11 Office of the Trustee..................................98
SECTION 9.12 Tax Returns, 1934 Act Reporting, Other Data............98
ARTICLE X TERMINATION..................................................99
SECTION 10.01 Termination upon Liquidation or Repurchase of all
Mortgage Loans ........................................99
SECTION 10.02 Procedure Upon Optional or Other Final Termination....100
SECTION 10.03 Additional Termination Requirements...................100
ARTICLE XI MISCELLANEOUS PROVISIONS....................................101
SECTION 11.01 Amendment.............................................101
SECTION 11.02 Recordation of Agreement; Counterparts................102
SECTION 11.03 Governing Law.........................................102
SECTION 11.04 Intention of Parties..................................103
SECTION 11.05 Notices...............................................104
SECTION 11.06 Severability of Provisions............................104
SECTION 11.07 Limitation on Rights of Certificateholders............104
SECTION 11.08 Certificates Nonassessable and Fully Paid.............105
EXHIBIT A FORM OF CLASS A CERTIFICATE.......................................1
EXHIBIT B FORM OF CLASS M CERTIFICATE.......................................1
EXHIBIT C FORM OF CLASS B CERTIFICATE.......................................1
EXHIBIT D FORM OF CLASS [R-1][R-2] CERTIFICATE..............................1
EXHIBIT E SCHEDULE OF MORTGAGE LOANS........................................1
EXHIBIT F-1 FORM OF INITIAL CERTIFICATION OF TRUSTEE........................1
EXHIBIT F-2 FORM OF CERTIFICATION OF TRUSTEE................................1
EXHIBIT G FORM OF REQUEST FOR RELEASE.......................................1
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TABLE OF CONTENTS
(continued)
Page
EXHIBIT H-1 FORM OF INVESTOR REPRESENTATION LETTER..........................1
EXHIBIT H-2 FORM OF TRANSFEROR REPRESENTATION LETTER........................1
EXHIBIT I FORM OF RULE 144A INVESTMENT REPRESENTATION........................1
EXHIBIT J FORM OF INVESTOR TRANSFER AFFIDAVIT AND AGREEMENT.................1
EXHIBIT K FORM OF TRANSFER CERTIFICATE......................................1
EXHIBIT L FORM OF ALLONGE ...................................................1
EXHIBIT M SCHEDULE OF DISCOUNT FRACTIONS.....................................1
ANNEX Y CLASS Y PRINCIPAL DISTRIBUTION.....................................Y-1
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THIS POOLING AND SERVICING AGREEMENT, dated as of December 1, 1999,
is hereby executed by and between CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORP., depositor (the "Depositor"), WASHINGTON MUTUAL BANK, FA. ("Washington
Mutual"), in its capacity as seller (the "Seller") and in its capacity as
servicer (the "Servicer") and BANK ONE, NATIONAL ASSOCIATION, a national banking
association, as trustee (the "Trustee"). Capitalized terms used in this
Agreement and not otherwise defined will have the meanings assigned to them in
Article I below.
PRELIMINARY STATEMENT
The Depositor is the owner of the Mortgage Loans and the other
property being conveyed by it to the Trustee in its capacity as trustee of the
Trust Fund, in accordance with this Agreement, and the Depositor has duly
authorized the execution and delivery of this Agreement to provide for the
conveyance to the Trustee of the Trust Fund.
As provided herein, the Trustee will elect to treat the assets
consisting of the Mortgage Loans and certain other assets as described herein as
a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes, and such segregated pool of assets will be designated as the "Trust
REMIC I" and the Depositor will elect to treat the assets consisting of the
Class Y and Class Z interests as a REMIC for federal income tax purposes, and
such segregated pool of assets will be designated as the "Trust REMIC II." The
Class R-1 Certificates will represent the sole class of "residual interests" in
the Trust REMIC I for purposes of the REMIC Provisions (as defined herein) under
federal income tax law and the Class R-2 Certificates will represent the sole
class of "residual interests" in the Trust REMIC II for purposes of the REMIC
Provisions under federal income tax law. The following table irrevocably sets
forth the designation, aggregate Initial Certificate Principal Balance and
Maturity Date for each Class of Certificates comprising the interests
representing "regular interests" in the Trust REMIC I and the Trust REMIC II
(collectively, the "REMIC Regular Certificates"). The "latest possible maturity
date" (determined solely for purposes of satisfying Treasury Regulation Section
1.860G-1(a)(4)(iii)) for each Class of REMIC Regular Certificates shall be the
first Distribution Date that follows the stated maturity date for the Mortgage
Loan included in the Trust Fund as of the Closing Date with the longest
remaining term to stated maturity.
Trust REMIC I
Aggregate Initial
Certificate
Designation Type Principal Balances Maturity Date
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P-1 Regular $349,878.20 November 19, 2029
P-2 Regular $202,701.41 November 19, 2029
Y-1 Regular $508,400.03 November 19, 2029
Y-2 Regular $142,147.26 November 19, 2029
Z-1 Regular $1,016,999,468.10 November 19, 2029
Z-2 Regular $284,152,362.94 November 19, 2029
R-1 Residual $100.00 n/a
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Trust REMIC II
<TABLE>
<CAPTION>
Aggregate
Initial
Certificate Pass-
Principal Through Duff and
Designation Type Balances Rate Maturity Date Moody's Phelps
----------- ---- -------- ---- ------------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Class 1 A-1 Senior $ 661,924,000.00 7.00% November 19, 2029 Aaa AAA
Class 1 A-2 Senior $ 28,400,000.00 7.00% November 19, 2029 Aaa AAA
Class 1 A-3 Senior $ 174,506,000.00 7.00% November 19, 2029 Aaa AAA
Class 1 A-4 Senior/Lockout $ 101,785,000.00 7.00% November 19, 2029 Aaa AAA
Class 1 A-P Senior/Principal Only $ 349,878.20 0.00% November 19, 2029 Aaa AAA
Class 1 M-1 Mezzanine $ 34,607,000.00 7.00% November 19, 2029 n/a AA
Class 1 M-2 Mezzanine $ 6,107,000.00 7.00% November 19, 2029 n/a A
Class 1 M-3 Mezzanine $ 3,562,000.00 7.00% November 19, 2029 n/a BBB
Class 1 B-1 Subordinate $ 2,036,000.00 7.00% November 19, 2029 n/a BB
Class 1 B-2 Subordinate $ 2,036,000.00 7.00% November 19, 2029 n/a B
Class 2 A-1 Senior $ 100,000,000.00 7.50% November 19, 2029 Aaa AAA
Class 2 A-2 Senior $ 100,400,000.00 7.50% November 19, 2029 Aaa AAA
Class 2 A-3 Senior $ 17,580,000.00 7.50% November 19, 2029 Aaa AAA
Class 2 A-4 Senior $ 23,592,000.00 7.50% November 19, 2029 Aaa AAA
Class 2 A-5 Senior/Lockout $ 28,497,000.00 7.50% November 19, 2029 Aaa AAA
Class 2 A-P Senior/Principal Only $ 202,701.41 0.00% November 19, 2029 Aaa AAA
Class R-1 Residual $ 100.00 7.00% November 19, 2029 n/a AAA
Class R-2 Residual $ 100.00 7.00% November 19, 2029 n/a AAA
Class 2 M-1 Mezzanine $ 9,673,000.00 7.50% November 19, 2029 n/a AA
Class 2 M-2 Mezzanine $ 1,707,000.00 7.50% November 19, 2029 n/a A
Class 2 M-3 Mezzanine $ 996,000.00 7.50% November 19, 2029 n/a BBB
Class 2 B-1 Subordinate $ 569,000.00 7.50% November 19, 2029 n/a BB
Class 2 B-2 Subordinate $ 569,000.00 7.50% November 19, 2029 n/a B
Class B-3 Subordinate $ 3,256,278.33 Variable November 19, 2029 n/a n/a
</TABLE>
All covenants and agreements made by the Depositor herein are for
the benefit and security of the Certificateholders. The Depositor is entering
into this Agreement, and the Trustee is accepting the trusts created hereby and
thereby, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged. The aggregate Principal Balance of the Mortgage
Loans as of the Cut-off Date is $1,302,355,057.94.
The parties hereto intend to effect an absolute sale and assignment
of the Mortgage Loans to the Trustee for the benefit of Certificateholders under
the Mortgage Loan Purchase Agreement and this Agreement. However, the Seller and
the Depositor will hereunder absolutely assign, and as a precautionary matter
grant a security interest in and to, its rights, if any, in the Trust Fund and
the Mortgage Loans to the Trustee on behalf of Certificateholders to ensure that
the interest of the Certificateholders hereunder in the Mortgage Loans is fully
protected.
W I T N E S S E T H T H A T:
In consideration of the mutual agreements herein contained, the
Depositor, the Servicer, the Seller and the Trustee agree as follows:
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ARTICLE I
DEFINITIONS
Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:
Adverse REMIC Event: As defined in Section 2.06(f).
Aggregate Subordinate Percentage: As of any date of determination,
an amount equal to the aggregate Certificate Principal Balance of the Class M
Certificates and Class B Certificates, divided by the aggregate Principal
Balances of the Mortgage Loans (other than the Discount Fraction of the Discount
Mortgage Loans) immediately prior to such date.
Agreement: This Pooling and Servicing Agreement and any and all
exhibits, amendments or supplements hereto.
Appraised Value: The appraised value of the Mortgaged Property based
upon the appraisal made for the originator at the time of the origination of the
related Mortgage Loan or the sales price of the Mortgaged Property at the time
of such origination, whichever is less, or with respect to any Mortgage Loan
that represents a refinancing, the lower of the appraised value at origination
or the appraised value of the Mortgaged Property based upon the appraisal made
at the time of such refinancing.
Assignment: An assignment from the Seller, in blank, of the
Mortgage, in recordable form, sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property is located to reflect, if recorded, of
record the absolute sale and assignment of the Mortgage Loan to the Trustee for
the benefit of Certificateholders, which assignment, may be in the form of one
or more blanket assignments covering Mortgages secured by Mortgaged Properties
located in the same county, if permitted by law and accompanied by an Opinion of
Counsel to that effect.
Available Distribution Amount: With respect to any Distribution Date
and each Loan Group, the excess of
(1) the sum of (i) the aggregate amount of payments and collections
received by the Servicer in respect of each Mortgage Loan on or prior to the
related Determination Date and not previously remitted, from any source,
including amounts received from the related Mortgagor, Insurance Proceeds,
Liquidation Proceeds (net of related Liquidation Expenses) and condemnation
awards, and amounts received in connection with the purchase of any Mortgage
Loans by the Seller or Servicer and the substitution of Replacement Mortgage
Loans, and excluding interest and other earnings on amounts on deposit in or
credited to the Custodial Account and the Certificate Account, and (ii) the
aggregate amount of Monthly Advances and Compensating Interest allocated to such
Loan Group required to be remitted by the Servicer relating to such Distribution
Date;
minus
(2) the sum of (i) the aggregate amount of the servicing
compensation to be paid to the Servicer pursuant to the terms hereof (including,
without limitation, Servicing Fees, prepayment penalties, fees or premiums, late
payment charges and assumption fees and any excess interest charges payable by
the Mortgagor by virtue of any default or other non-compliance by the Mortgagor
with the terms of the Mortgage Loan or any other instrument or document executed
in connection therewith or otherwise), (ii) any amount included therein
representing late payments or other recoveries of principal or
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interest (including Liquidation Proceeds (net of Liquidation Expenses),
Insurance Proceeds and condemnation awards) with respect to any Mortgage Loans
in respect of which the Servicer has made a previously unreimbursed Monthly
Advance to the extent of such Monthly Advance, (iii) amounts included therein
representing reimbursement of Nonrecoverable Advances and other amounts
permitted to be withdrawn from the Custodial Account or the Certificate Account,
(iv) all Monthly Payments or portions thereof (other than Principal Prepayments
and other unscheduled collections of principal) received in respect of scheduled
principal and interest on any Mortgage Loan due after the related Due Period and
included therein, (v) all payments due on any Mortgage Loan on or prior to the
Cut-off Date and included therein, and (vi) Principal Prepayments and other
unscheduled collections of principal received after the related Prepayment
Period and included therein.
Bankruptcy Code: The United States Bankruptcy Code, as amended from
time to time (11 U.S.C.).
Beneficial Holder: A Person holding a beneficial interest in any
Certificate through a Participant or an Indirect Participant or a Person holding
a beneficial interest in any Definitive Certificate, as defined in Section 6.07.
Book-Entry Certificates: Certificates evidencing a beneficial
interest in the Trust Fund, ownership and transfers of which shall be made
through book entries, as described in Section 6.07.
Business Day: Any day other than (i) a Saturday or a Sunday, or (ii)
a day on which banking institutions in New York or the state in which the
Servicer or the Corporate Trust Office are located are authorized or obligated
by law or executive order to be closed.
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds and
other payments or cash recoveries which the Servicer reasonably and in good
faith expects to be finally recoverable with respect to such Mortgage Loan.
Certificate: Any Class 1 A, Class 1 A-P, Class 1 M-1, Class 1 M-2,
Class 1 M-3, Class 1 B-1, Class 1 B-2, Class 2 A, Class 2 A-P, Class 2 M-1,
Class 2 M-2, Class 2 M-3, Class 2 B-1, Class 2 B-2, Class B-3, Class R-1 or
Class R-2 Certificate executed and authenticated by the Trustee for the benefit
of the Certificateholders in substantially the form or forms attached as
Exhibits hereto.
Certificate Account: The separate account or accounts created and
maintained by the Trustee pursuant to Section 4.01, in the name of the Trustee
for the benefit of the Certificateholders for deposit of payments and
collections in respect of the Mortgage Loans pursuant to Section 4.01 hereof,
which account or accounts must be an Eligible Account or Accounts.
Certificate Principal Balance: On any date and with respect to each
Class A and Class R Certificate, the Initial Certificate Principal Balance of
such Certificate as specified on the face thereof less the sum of (i) all
amounts previously distributed to the Holder of such Class A or Class R
Certificate (or any predecessor Certificate) with respect to principal pursuant
to Section 4.02 and (ii) all amounts of Realized Losses previously allocated to
such Certificate (or any predecessor Certificate) pursuant to Section 4.03. On
any date and with respect to each Class M Certificate, the Initial Certificate
Principal Balance of such Class M Certificate less the sum of (i) all amounts
previously distributed to the Holder of such Class M Certificate (or any
predecessor Certificate) with respect to principal pursuant to Section 4.02 and
(ii) all amounts of Realized Losses previously allocated to such Certificate (or
any predecessor Certificate) pursuant to Section 4.03. On any date and with
respect to each Class B Certificate, the Initial Certificate Principal Balance
of such Class B Certificate, less the sum of (i) all
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amounts previously distributed to Holder of such Class B Certificate (or any
predecessor Certificate) with respect to principal pursuant to Section 4.02 and
(ii) all amounts of Realized Losses previously allocated to such Certificate (or
any predecessor Certificate) pursuant to Section 4.03, provided that the
Certificate Principal Balance of each Class B-3 Certificate outstanding shall be
equal to the Percentage Interest evidenced by such Certificate multiplied by the
excess, if any, of (a) the then aggregate Principal Balance of the Mortgage
Loans, over (b) the then aggregate Certificate Principal Balance of all other
Classes of Certificates then outstanding. On any date and with respect to each
Class of the Class Y and Class Z interests, the Initial Certificate Principal
Balance of such interest as indicated in the table in Preliminary Statement
hereto less the sum of (i) all amounts previously distributed to Holders of such
interests with respect to principal pursuant to Section 4.02 and (ii) all
amounts of Realized Losses previously allocated to such interest pursuant to
Section 4.03.
Certificate Register: The register maintained pursuant to Section
6.02(a) hereof.
Certificateholder or Holder: The Person in whose name a Certificate
is registered in the Certificate Register; provided that, the
"Certificateholder" or "Holder" with respect to the Class Y and Class Z
interests shall be the Trustee.
Class: Collectively, all of the Certificates or Class Y or Class Z
interests bearing the same designation.
Class A Certificate: Any one of the Class 1 A, Class 1 A-P, Class 2
A and Class 2 A-P Certificates executed by the Trustee and authenticated by the
Certificate Registrar substantially in the form annexed hereto as Exhibit A and
evidencing an interest designated as a "regular interest" in the Trust REMIC II
for purposes of the REMIC Provisions.
Class A Cumulative Interest Shortfall Amount: On any Distribution
Date and with respect to any Class of Class A Certificates (other than Class A-P
Certificates), an amount equal to (i) any portion of the related Class A
Interest Distribution Amount that was not distributed to the Holders of such
Class A Certificates on any preceding Distribution Date less (ii) any amount
described in clause (i) hereof that is included in a Realized Loss that has been
allocated to the Holders of such Class A Certificates on or prior to such
Distribution Date.
Class A Interest Distribution Amount: On any Distribution Date and
with respect to any Class of Class A Certificates (other than Class A-P
Certificates), (a) one-twelfth of the product of (i) the aggregate Certificate
Principal Balance of such Class of Class A Certificates as of the last day of
the related Interest Accrual Period and (ii) the related Pass-Through Rate,
minus (b) the aggregate amount of Prepayment Interest Shortfalls and Relief Act
Shortfalls allocated to such Class of Class A Certificates pursuant to Section
4.05 on such Distribution Date.
Class A-P Certificate: Any of the Class 1 A-P Certificates or Class
2 A-P Certificates.
Class A-P Collection Shortfall: With respect to the Cash Liquidation
or REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in clause (C)(1) over the amount described in
clause (C)(2) of the definition of Class A-P Principal Distribution Amount.
Class A-P Principal Distribution Amount: As to any Distribution Date
prior to the Credit Support Depletion Date and with respect to any Class of
Class A-P Certificates, the aggregate of the following:
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(A) the related Discount Fraction of the principal portion of each
Monthly Payment on each Discount Mortgage Loan in the related Loan Group due
during the related Due Period, whether or not received on or prior to the
related Determination Date;
(B) the related Discount Fraction of the principal portion of all
unscheduled collections on each Discount Mortgage Loan in the related Loan Group
received during the related Prepayment Period (other than amounts received in
connection with a Cash Liquidation or REO Disposition of a Discount Mortgage
Loan described in clause (C) below), including Principal Prepayments in Full,
Curtailments and repurchases of Discount Mortgage Loans (or, in the case of a
substitution of a Deleted Mortgage Loan, the Discount Fraction of the amount of
any shortfall deposited in the Custodial Account in connection with such
substitution);
(C) in connection with the Cash Liquidation or REO Disposition of a
Discount Mortgage Loan in the related Loan Group, an amount equal to the lesser
of (1) the applicable Discount Fraction of the Principal Balance of such
Discount Mortgage Loan immediately prior to such Distribution Date and (2) the
aggregate amount of the collections on such Mortgage Loan to the extent applied
as recoveries of principal;
(D) any amounts allocable to principal for any previous Distribution
Date (calculated pursuant to clauses (A) through (C) above) for such Class of
Class A-P Certificates that remain undistributed; and
(E) with respect to such Class of Class A-P Certificates, the amount
of any Class A-P Collection Shortfalls for such Distribution Date and the amount
of any Class A-P Collection Shortfalls remaining unpaid for all previous
Distribution Dates, but only to the extent of the Eligible Funds from the
related Loan Group for such Distribution Date.
As to any Distribution Date on or after the Credit Support Depletion Date and
with respect to any Class of Class A-P Certificates, the amount set forth in
Section 4.02 (d).
Class A Principal Distribution Amount: As to any Distribution Date
and with respect to the Class A Certificates (other than the Class A-P
Certificates) relating to any Loan Group, the lesser of (a) the balance of the
Available Distribution Amount relating to such Loan Group remaining after the
distribution of all amounts required to be distributed pursuant to Section
4.02(a)(y)(i) and Section 4.02(a)(y)(ii)(X) and (b) the sum of the amounts
required to be distributed to such Class A Certificateholders on such
Distribution Date pursuant to Section 4.02(a)(y)(ii)(Y).
Class B Certificate: Any one of the Class 1 B-1, Class 2 B-1, Class
1 B-2, Class 2 B-2 or Class B-3 Certificates executed by the Trustee and
authenticated by the Certificate Registrar substantially in the form annexed
hereto as Exhibit C and evidencing an interest designated as a "regular
interest" in the Trust REMIC II for purposes of the REMIC Provisions.
Class B Percentage: The Class B-1 Percentage, Class B-2 Percentage
or Class B-3 Percentage, as applicable.
Class B-1 Certificate: Any one of the Class 1 B-1 or Class 2 B-1
Certificates.
Class B-1 Percentage: The Class 1 B-1 Percentage or Class 2 B-1
Percentage, as applicable.
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Class B-1 Principal Distribution Amount: With respect to any
Distribution Date and any Class of Class B-1 Certificates, (a) the sum of (i)
the product of (x) the related Class B-1 Percentage and (y) the amounts
described in Section 4.02(a)(y)(ii)(Y)(A) and Section 4.02(a)(y)(ii)(Y)(B),
without application of the Senior Percentage or the Senior Accelerated
Prepayment Percentage, for the related Loan Group; (ii) the product of (x) the
related Prepayment Distribution Percentage and (y) the sum for the related Loan
Group of the amounts described in Section 4.02(a)(y)(ii)(Y)(C), without
application of the Senior Accelerated Prepayment Percentage, and not distributed
to the related Class of Class A Certificates (other than the Class A-P
Certificates) on such Distribution Date; (iii) if the related Class of Class A
Certificates (other than the Class A-P Certificates) is no longer outstanding,
the product of (x) the Certificate Principal Balance of such Class of Class B-1
Certificates divided by the aggregate Certificate Principal Balance of the Class
1 B-1 Certificates and Class 2 B-1 Certificates, and (y), any Excess Subordinate
Principal Amount due to Realized Losses for such Distribution Date; and (iv) any
amounts described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date that remain undistributed, to the extent that such amounts are
not attributable to Realized Losses which have been allocated to such Class of
Certificates; minus (b) any Excess Subordinate Principal Amount not payable to
such Class on such Distribution Date pursuant to the definition thereof;
provided, however, that such amount shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
Class B-2 Certificate: Any one of the Class 1 B-2 or Class 2 B-2
Certificates.
Class B-2 Percentage: The Class 1 B-2 Percentage in Class 2 B-2
Percentage, as applicable.
Class B-2 Principal Distribution Amount: With respect to any
Distribution Date and any Class of Class B-2 Certificates, (a) the sum of (i)
the product of (x) the related Class B-2 Percentage and (y) the amounts
described in Section 4.02(a)(y)(ii)(Y)(A) and Section 4.02(a)(y)(ii)(Y)(B),
without application of the Senior Percentage or the Senior Accelerated
Prepayment Percentage, for the related Loan Group; (ii) the product of (x) the
related Prepayment Distribution Percentage and (y) the sum for the related Loan
Group of the amounts described in Section 4.02(a)(y)(ii)(Y)(C), without
application of the Senior Accelerated Prepayment Percentage, and not distributed
to the related Class of Class A Certificates (other than the Class A-P
Certificates) on such Distribution Date; (iii) if the related Class of Class A
Certificates (other than the Class A-P Certificates) is no longer outstanding,
the product of (x) the Certificate Principal Balance of such Class of Class B-2
Certificates divided by the aggregate Certificate Principal Balance of the Class
1 B-2 Certificates and Class 2 B-2 Certificates, and (y), any Excess Subordinate
Principal Amount due to Realized Losses for such Distribution Date; and (iv) any
amounts described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date that remain undistributed, to the extent that such amounts are
not attributable to Realized Losses which have been allocated to such Class of
Certificates; minus (b) any Excess Subordinate Principal Amount not payable to
such Class on such Distribution Date pursuant to the definition thereof;
provided, however, that such amount shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
Class B-3 Cumulative Interest Shortfall Amount: On any Distribution
Date, an amount equal to (i) any portion of a Class B-3 Interest Distribution
Amount that was not distributed to the Holders of the Class B-3 Certificates on
any preceding Distribution Date less (ii) any amount described in clause (i)
hereof that is included in a Realized Loss that has been allocated to the Class
B-3 Certificates on or prior to such Distribution Date.
Class B-3 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class B-3 Certificates as of the last day of
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the related Interest Accrual Period and (ii) the related Pass-Through Rate,
minus (b) the aggregate amount of Prepayment Interest Shortfalls and Relief Act
Shortfalls allocated to such Certificates pursuant to Section 4.05 on such
Distribution Date.
Class B-3 Percentage: With respect to any Distribution Date, a
fraction expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class B-3 Certificates immediately prior to
such date and the denominator of which is the aggregate Principal Balance of all
Mortgage Loans (other than the Discount Fraction of the Discount Mortgage Loans)
immediately prior to such Distribution Date.
Class B-3 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-3 Certificates immediately prior to such Distribution Date divided by
the aggregate Principal Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to 0.25%.
Class M Certificate: Any one of the Class 1 M-1, Class 1 M-2, Class
2 M-1, Class 2 M-2, Class 1 M-3 or Class 2 M-3 Certificates executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed hereto as Exhibit B and evidencing an interest designated as a "regular
interest" in the Trust REMIC II for purposes of the REMIC Provisions.
Class M Percentage: The Class 1 M-1 Percentage, Class 1 M-2
Percentage, Class 1 M-3 Percentage, Class 2 M-1 Percentage, Class 2 M-2
Percentage or Class 2 M-3 Percentage, as applicable.
Class M-1 Certificate: Any one of the Class 1 M-1 Certificates or
Class 2 M-1 Certificates.
Class M-1 Percentage: The Class 1 M-1 Percentage or Class 2 M-1
Percentage, as applicable.
Class M-1 Principal Distribution Amount: With respect to any
Distribution Date and any Class of Class M-1 Certificates, (a) the sum of (i)
the product of (x) the related Class M-1 Percentage and (y) the amounts
described in Section 4.02(a)(y)(ii)(Y)(A) and Section 4.02(a)(y)(ii)(Y)(B),
without application of the Senior Percentage or the Senior Accelerated
Prepayment Percentage, for the related Loan Group; (ii) the product of (x) the
related Prepayment Distribution Percentage and (y) the sum for the related Loan
Group of the amounts described in Section 4.02(a)(y)(ii)(Y)(C), without
application of the Senior Accelerated Prepayment Percentage, and not distributed
to the related Class of Class A Certificates (other than the Class A-P
Certificates) on such Distribution Date; (iii) if the related Class of Class A
Certificates (other than the Class A-P Certificates) is no longer outstanding,
the product of (x) the Certificate Principal Balance of such Class of Class M-1
Certificates divided by the aggregate Certificate Principal Balance of the Class
1 M-1 and Class 2 M-1 Certificates, and (y) any Excess Subordinate Principal
Amount due to Realized Losses for such Distribution Date; and (iv) any amounts
described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date that remain undistributed, to the extent that such amounts are
not attributable to Realized Losses which have been allocated to such Class of
Certificates; minus (b) any Excess Subordinate Principal Amount not payable to
such Class on such Distribution Date pursuant to the definition thereof;
provided, however, that such amount shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
Class M-2 Certificate: Any one of the Class 1 M-2 Certificates or
Class 2 M-2 Certificates.
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Class M-2 Percentage: The Class 1 M-2 Percentage or Class 2 M-2
Percentage, as applicable.
Class M-2 Principal Distribution Amount: With respect to any
Distribution Date and any Class of Class M-2 Certificates, (a) the sum of (i)
the product of (x) the related Class M-2 Percentage and (y) the amounts
described in Section 4.02(a)(y)(ii)(Y)(A) and Section 4.02(a)(y)(ii)(Y)(B),
without application of the Senior Percentage or the Senior Accelerated
Prepayment Percentage, for the related Loan Group; (ii) the product of (x) the
related Prepayment Distribution Percentage and (y) the sum for the related Loan
Group of the amounts described in Section 4.02(a)(y)(ii)(Y)(C), without
application of the Senior Accelerated Prepayment Percentage, and not distributed
to the related Class of Class A Certificates (other than the Class A-P
Certificates) on such Distribution Date; (iii) if the related Class of Class A
Certificates (other than the Class A-P Certificates) is no longer outstanding,
the product of (x) the Certificate Principal Balance of such Class of Class M-2
Certificates divided by the aggregate Certificate Principal Balance of the Class
1 M-2 Certificates and Class 2 M-2 Certificates, and (y), any Excess Subordinate
Principal Amount due to Realized Losses for such Distribution Date; and (iv) any
amounts described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date that remain undistributed, to the extent that such amounts are
not attributable to Realized Losses which have been allocated to such Class of
Certificates; minus (b) any Excess Subordinate Principal Amount not payable to
such Class on such Distribution Date pursuant to the definition thereof;
provided, however, that such amount shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
Class M-3 Certificate: Any one of the Class 1 M-3 or Class 2 M-3
Certificates.
Class M-3 Percentage: The Class 1 M-3 Percentage or the Class 2 M-3
Percentage, as applicable.
Class M-3 Principal Distribution Amount: With respect to any
Distribution Date and any Class of Class M-3 Certificates, (a) the sum of (i)
the product of (x) the related Class M-3 Percentage and (y) the amounts
described in Section 4.02(a)(y)(ii)(Y)(A) and Section 4.02(a)(y)(ii)(Y)(B),
without application of the Senior Percentage or the Senior Accelerated
Prepayment Percentage, for the related Loan Group; (ii) the product of (x) the
related Prepayment Distribution Percentage and (y) the sum for the related Loan
Group of the amounts described in Section 4.02(a)(y)(ii)(Y)(C), without
application of the Senior Accelerated Prepayment Percentage, and not distributed
to the related Class of Class A Certificates (other than the Class A-P
Certificates) on such Distribution Date; (iii) if the related Class of Class A
Certificates (other than the Class A-P Certificates) is no longer outstanding,
the product of (x) the Certificate Principal Balance of such Class of Class M-3
Certificates divided by the aggregate Certificate Principal Balance of the Class
1 M-3 Certificates and Class 2 M-3 Certificates, and (y), any Excess Subordinate
Principal Amount due to Realized Losses for such Distribution Date; and (iv) any
amounts described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date that remain undistributed, to the extent that such amounts are
not attributable to Realized Losses which have been allocated to such Class of
Certificates; minus (b) any Excess Subordinate Principal Amount not payable to
such Class on such Distribution Date pursuant to the definition thereof;
provided, however, that such amount shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
Class 1 A Certificate: Any one of the Class 1 A-1, Class 1 A-2,
Class 1 A-3, and Class 1 A-4 Certificates.
Class 1 B-1 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 1 B-1 Interest
Distribution Amount that was not distributed to the
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Holders of the Class 1 B-1 Certificates on any preceding Distribution Date less
(ii) any amount described in clause (i) hereof that is included in a Realized
Loss that has been allocated to the Class 1 B-1 Certificates on or prior to such
Distribution Date.
Class 1 B-1 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 1 B-1 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 1 B-1 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 1 B-1 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 1 B-1 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of (i) the Certificate Principal Balance of the
Class 1 B-1 and Class 1 B-2 Certificates and (ii) the Loan Group Percentage for
Loan Group 1 multiplied by the aggregate Certificate Principal Balance of the
Class B-3 Certificates, in each case immediately prior to such Distribution
Date, divided by the aggregate Principal Balance of all of the Mortgage Loans
(or related REO Properties) immediately prior to such Distribution Date is
greater than or equal to 0.65%.
Class 1 B-2 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 1 B-2 Interest
Distribution Amount that was not distributed to the Holders of the Class 1 B-2
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 1 B-2 Certificates on or prior to such Distribution Date.
Class 1 B-2 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 1 B-2 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 1 B-2 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 1 B-2 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 1 B-2 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of (i) the Certificate Principal Balance of the
Class 1 B-2 Certificates and (ii) the Loan Group Percentage for Loan Group 1
multiplied by the aggregate Certificate Principal Balance of the Class B-3
Certificates, in each case immediately prior to such Distribution Date, divided
by the aggregate Principal Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to 0.45%.
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Class 1 M-1 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 1 M-1 Interest
Distribution Amount that was not distributed to the Holders of the Class 1 M-1
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 1 M-1 Certificates on or prior to such Distribution Date.
Class 1 M-1 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 1 M-1 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 1 M-1 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 1 M-1 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 1 M-2 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 1 M-2 Interest
Distribution Amount that was not distributed to the Holders of the Class 1 M-2
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 1 M-2 Certificates on or prior to such Distribution Date.
Class 1 M-2 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 1 M-2 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 1 M-2 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 1 M-2 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 1 M-2 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of (i) the Certificate Principal Balances of the
Class 1 M-2, Class 1 M-3, Class 1 B-1 and Class 1 B-2 Certificates and (ii) the
Loan Group Percentage for Loan Group 1 multiplied by the Certificate Principal
Balance of the Class B-3 Certificates, in each case immediately prior to such
Distribution Date, divided by the aggregate Principal Balance of all of the
Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date, is greater than or equal to 1.60%.
Class 1 M-3 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 1 M-3 Interest
Distribution Amount that was not distributed to the Holders of the Class 1 M-3
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 1 M-3 Certificates on or prior to such Distribution Date.
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Class 1 M-3 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 1 M-3 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 1 M-3 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 1 M-3 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 1 M-3 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of (i) the Certificate Principal Balances of the
Class 1 M-3, Class 1 B-1 and Class 1 B-2 Certificates and (ii) the Loan Group
Percentage for Loan Group 1 multiplied by the aggregate Certificate Principal
Balance of the Class B-3 Certificates, in each case immediately prior to such
Distribution Date, divided by the aggregate Principal Balance of all of the
Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date is greater than or equal to 1.00%.
Class P Interest: Any one of the Class P-1 Interest or Class P-2
Interest which shall be in uncertificated form and shall each evidence an
ownership interest designated as a "regular interest" in Trust REMIC I for
purposes of the REMIC Provisions. The Class P-1 Interest shall have an initial
principal balance equal to the initial principal balance of the Class 1A-P
Certificates, shall be entitled to no distributions of interest and shall be
entitled to principal distributions and subject to the allocation of realized
losses in the same amount and at the same time as the Class 1A-P Certificates.
The Class P-2 Interest shall have an initial principal balance equal to the
initial principal balance of the Class 2A-P Certificates, shall be entitled to
no distributions of interest and shall be entitled to principal distributions
and subject to the allocation of realized losses in the same amount and at the
same time as the Class 2A-P Certificates.
Class R Certificates: The Class R-1 Certificates and Class R-2
Certificates executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit D and evidencing
an interest designated as a "residual interest" in the Trust REMIC I and Trust
REMIC II, respectively, for purposes of the REMIC Provisions.
Class R Interest Distribution Amount: On any Distribution Date, (a)
one-twelfth of the product of (i) the aggregate Certificate Principal Balance of
the Class R Certificates as of the last day of the related Interest Accrual
Period and (ii) the related Pass-Through Rate, minus (b) the aggregate amount of
Prepayment Interest Shortfalls and Relief Act Shortfalls relating to Group 1
Loans and allocated to such Certificates pursuant to Section 4.05 on such
Distribution Date.
Class 2 A Certificate: Any one of the Class 2 A-1, Class 2 A-2,
Class 2 A-3, Class 2 A-4 and Class 2 A-5 Certificates.
Class 2 B-1 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 2 B-1 Interest
Distribution Amount that was not distributed to the Holders of the Class 2 B-1
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 2 B-1 Certificates on or prior to such Distribution Date.
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Class 2 B-1 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 2 B-1 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 2 B-1 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 2 B-1 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date..
Class 2 B-1 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class 2 B-1 and Class 2 B-2 Certificates and (ii) the Loan Group Percentage for
Loan Group 2 multiplied by the aggregate Certificate Principal Balance of the
Class B-3 Certificates, in each case immediately prior to such Distribution
Date, divided by the aggregate Principal Balance of all of the Mortgage Loans
(or related REO Properties) immediately prior to such Distribution Date is
greater than or equal to 0.65%.
Class 2 B-2 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 2 B-2 Interest
Distribution Amount that was not distributed to the Holders of the Class 2 B-2
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 2 B-2 Certificates on or prior to such Distribution Date.
Class 2 B-2 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 2 B-2 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 2 B-2 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 2 B-2 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 2 B-2 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of (i) the Certificate Principal Balance of the
Class 2 B-2 Certificates and (ii) the Loan Group Percentage for Loan Group 2
multiplied by the aggregate Certificate Principal Balance of the Class B-3
Certificates, in each case immediately prior to such Distribution Date, divided
by the aggregate Principal Balance of all of the Mortgage Loans (or related REO
Properties) immediately prior to such Distribution Date is greater than or equal
to 0.45%.
Class 2 M-1 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 2 M-1 Interest
Distribution Amount that was not distributed to the Holders of the Class 2 M-1
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 2 M-1 Certificates on or prior to such Distribution Date.
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Class 2 M-1 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 2 M-1 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 2 M-1 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 2 M-1 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 2 M-2 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 2 M-2 Interest
Distribution Amount that was not distributed to the Holders of the Class 2 M-2
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 2 M-2 Certificates on or prior to such Distribution Date.
Class 2 M-2 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 2 M-2 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
Class 2 M-2 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 2 M-2 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 2 M-2 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of (i) the Certificate Principal Balances of the
Class 2 M-2, Class 2 M-3, Class 2 B-1 and Class 2 B-2 Certificates and (ii) the
Loan Group Percentage for Loan Group 2 multiplied by the Certificate Principal
Balance of the Class B-3 Certificates, in each case immediately prior to such
Distribution Date, divided by the aggregate Principal Balance of all of the
Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date, is greater than or equal to 1.60%.
Class 2 M-3 Cumulative Interest Shortfall Amount: On any
Distribution Date, an amount equal to (i) any portion of a Class 2 M-3 Interest
Distribution Amount that was not distributed to the Holders of the Class 2 M-3
Certificates on any preceding Distribution Date less (ii) any amount described
in clause (i) hereof that is included in a Realized Loss that has been allocated
to the Class 2 M-3 Certificates on or prior to such Distribution Date.
Class 2 M-3 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the aggregate Certificate Principal
Balance of the Class 2 M-3 Certificates as of the last day of the related
Interest Accrual Period and (ii) the related Pass-Through Rate, minus (b) the
aggregate amount of Prepayment Interest Shortfalls and Relief Act Shortfalls
allocated to such Certificates pursuant to Section 4.05 on such Distribution
Date.
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Class 2 M-3 Percentage: With respect to any Distribution Date, a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class 2 M-3 Certificates immediately prior
to such date and the denominator of which is the aggregate Principal Balance of
all Mortgage Loans in the related Loan Group (other than the Discount Fraction
of the Discount Mortgage Loans) immediately prior to such Distribution Date.
Class 2 M-3 Prepayment Distribution Trigger: With respect to any
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of (i) the Certificate Principal Balances of the
Class 2 M-3, Class 2 B-1 and Class 2 B-2 Certificates and (ii) the Loan Group
Percentage for Loan Group 2 multiplied by the aggregate Certificate Principal
Balance of the Class B-3 Certificates, in each case immediately prior to such
Distribution Date divided by the aggregate Principal Balance of all of the
Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date is greater than or equal to 1.00%.
Class Y: Any one of the Class Y-1 or Class Y-2 ownership interests
which shall be in uncertificated form and shall each evidence an ownership
interest designated as a "regular interest" in Trust REMIC I for purposes of the
REMIC Provisions.
Class Y Interest: Any one of the Class Y-1 Interest or Class Y-2
Interest which shall be in uncertificated form and shall each evidence an
ownership interest designated as a "regular interest" in Trust REMIC I for
purposes of the REMIC Provisions.
Class Y-1 Cumulative Interest Shortfall Amount: On any Distribution
Date, an amount equal to (i) any portion of a Class Y-1 Interest Distribution
Amount that was not distributed to the Holders of the Class Y-1 interests on any
preceding Distribution Date less (ii) any amount described in clause (i) hereof
that is included in a Realized Loss that has been allocated to the Class Y-1
interests on or prior to such Distribution Date.
Class Y-1 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the Certificate Principal Balance of the
Class Y-1 interests immediately prior to such Distribution Date and (ii) the
related Pass-Through Rate, minus (b) the aggregate amount of Prepayment Interest
Shortfalls and Relief Act Shortfalls relating to Group 1 Loans and allocated to
such interests pursuant to Section 4.05 on such Distribution Date.
Class Y-1 Principal Distribution Amount: For any Distribution Date,
the excess, if any, of the Class Y Principal Reduction Amount allocable to the
Class Y-1 interest for such Distribution Date over the principal portion of
Realized Losses allocated to the Class Y-1 interest on such Distribution Date.
Class Y-2 Cumulative Interest Shortfall Amount: On any Distribution
Date, an amount equal to (i) any portion of a Class Y-2 Interest Distribution
Amount that was not distributed to the Holders of the Class Y-2 interests on any
preceding Distribution Date less (ii) any amount described in clause (i) hereof
that is included in a Realized Loss that has been allocated to the Class Y-2
interests on or prior to such Distribution Date.
Class Y-2 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the Certificate Principal Balance of the
Class Y-2 interests immediately prior to such Distribution Date and (ii) the
related Pass-Through Rate, minus (b) the aggregate amount of Prepayment Interest
Shortfalls and Relief Act Shortfalls relating to Group 2 Loans and allocated to
such interests pursuant to Section 4.05 on such Distribution Date.
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Class Y-2 Principal Distribution Amount: For any Distribution Date,
the excess, if any, of the Class Y Principal Reduction Amount allocable to the
Class Y-2 interest for such Distribution Date over the principal portion of
Realized Losses allocated to the Class Y-2 interest on such Distribution Date.
Class Y Principal Reduction Amounts: For any Distribution Date, the
amounts by which the Certificate Principal Balances of the Class Y-1 and Class
Y-2 interests, respectively, will be reduced on such Distribution Date by the
allocation of Realized Losses and the distribution of principal as set forth on
Annex Y.
Class Z: Any one of the Class Z-1 or Class Z-2 ownership interests
which shall be in uncertificated form and shall each evidence an ownership
interest designated as a "regular interest" in Trust REMIC I for purposes of the
REMIC Provisions.
Class Z Interest: Any one of the Class Z-1 Interest or Class Z-2
Interest which shall be in uncertificated form and shall each evidence an
ownership interest designated as a "regular interest" in Trust REMIC I for
purposes of the REMIC Provisions.
Class Z Principal Reduction Amounts: For any Distribution Date, the
amounts by which the Certificate Principal Balances of the Class Z-1 and Class
Z-2 interests, respectively, will be reduced on such Distribution Date by the
allocation of Realized Losses and the distribution of principal, which shall be
in each case the excess of (A) the sum of (x) the excess of the Available
Distribution Amount for the related Loan Group over the amount thereof
distributable in respect of interest on the related Class Y interests and (y)
the amount of Realized Losses allocable to principal for the related Loan Group
over (B) the Class Y Principal Reduction Amount for the related Loan Group.
Class Z-1 Cumulative Interest Shortfall Amount: On any Distribution
Date, an amount equal to (i) any portion of a Class Z-1 Interest Distribution
Amount that was not distributed to the Holders of the Class Z-1 interests on any
preceding Distribution Date less (ii) any amount described in clause (i) hereof
that is included in a Realized Loss that has been allocated to the Class Z-1
interests on or prior to such Distribution Date.
Class Z-1 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the Certificate Principal Balance of the
Class Z-1 interests immediately prior to such Distribution Date and (ii) the
related Pass-Through Rate, minus (b) the aggregate amount of Prepayment Interest
Shortfalls and Relief Act Shortfalls relating to Group 1 Loans and allocated to
such interests pursuant to Section 4.05 on such Distribution Date.
Class Z-1 Principal Distribution Amount: For any Distribution Date,
the excess, if any, of the Class Z-1 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class Z-1 interest on such Distribution Date.
Class Z-2 Cumulative Interest Shortfall Amount: On any Distribution
Date, an amount equal to (i) any portion of a Class Z-2 Interest Distribution
Amount that was not distributed to the Holders of the Class Z-2 interests on any
preceding Distribution Date less (ii) any amount described in clause (i) hereof
that is included in a Realized Loss that has been allocated to the Class Z-2
interests on or prior to such Distribution Date.
Class Z-2 Interest Distribution Amount: On any Distribution Date,
(a) one-twelfth of the product of (i) the Certificate Principal Balance of the
Class Z-2 interests immediately prior to such Distribution Date and (ii) the
related Pass-Through Rate, minus (b) the aggregate amount of Prepayment
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Interest Shortfalls and Relief Act Shortfalls relating to Group 2 Loans and
allocated to such interests pursuant to Section 4.05 on such Distribution Date.
Class Z-2 Principal Distribution Amount: For any Distribution Date,
the excess, if any, of the Class Z-2 Principal Reduction Amount for such
Distribution Date over the principal portion of Realized Losses allocated to the
Class Z-2 interest on such Distribution Date.
Clearing Agency: An organization registered as a "clearing agency"
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended,
which initially shall be DTC.
Code: The Internal Revenue Code of 1986.
Compensating Interest: With respect to any Distribution Date, an
amount equal to interest shortfalls resulting from Principal Prepayments in Full
by a Mortgagor during the related Prepayment Period, but not more than the
lesser of (a) one-twelfth of 0.125% of the aggregate Principal Balance of the
Mortgage Loans immediately preceding such Distribution Date and (b) the sum of
the Servicing Fee to which the Servicer is entitled on such Distribution Date,
all income and gain on amounts held in the Custodial Account that are payable to
the Certificateholders with respect to such Distribution Date and any other
servicing compensation to which the Servicer may be entitled on such
Distribution Date pursuant to the terms hereof.
Corporate Trust Office: The designated office of the Trustee in the
State of Illinois at which at any particular time its corporate trust business
shall be administered, which office at the date of the execution of this
Agreement is located at 1 Bank One Plaza, Suite IL1-0126, Chicago, Illinois
60670-0126.
Credit Support Depletion Date: The first Distribution Date on which
the Certificate Principal Balances of the Class M Certificates and Class B
Certificates have been reduced to zero.
Cumulative Interest Shortfall Amount: The Class A Cumulative
Interest Shortfall Amount, the Class 1 M-1 Cumulative Interest Shortfall Amount,
the Class 1 M-2 Cumulative Interest Shortfall Amount, the Class 1 M-3 Cumulative
Interest Shortfall Amount, the Class 2 M-1 Cumulative Interest Shortfall Amount,
the Class 2 M-2 Cumulative Interest Shortfall Amount, the Class 2 M-3 Cumulative
Interest Shortfall Amount, the Class 1 B-1 Cumulative Interest Shortfall Amount,
the Class 1 B-2 Cumulative Interest Shortfall Amount, the Class 2 B-1 Cumulative
Interest Shortfall Amount, the Class 2 B-2 Cumulative Interest Shortfall Amount
or the Class B-3 Cumulative Interest Shortfall Amount, as applicable.
Curtailment: Any Principal Prepayment made by a Mortgagor which is
not a Principal Prepayment in Full.
Custodial Account: The deposit account or accounts created and
maintained by the Servicer pursuant to Section 3.07 hereof in a depository
institution which may be the Servicer for the benefit of the Certificateholders,
which account or accounts must be Eligible Accounts.
Cut-off Date: December 1, 1999.
Debt Service Reduction: With respect to any Mortgage Loan, a
reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of
competent jurisdiction in a proceeding under the Bankruptcy Code, except such a
reduction constituting a Deficient Valuation or any reduction that results in a
permanent forgiveness of principal.
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Deficient Valuation: With respect to any Mortgage Loan, a valuation
by a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, or that results
in a permanent forgiveness of principal, which valuation in either case results
from a proceeding under the Bankruptcy Code.
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by
a Replacement Mortgage Loan.
Delivered: With respect to any Eligible Investment, when the steps
applicable to such item as specified below are completed:
(i) if such item is an instrument, delivering such instrument
to the Trustee endorsed to the Trustee or its nominee or custodian or endorsed
in blank;
(ii) if such item is a certificated security, delivering such
certificated security to the Trustee in bearer form or in registered form issued
to the Trustee or endorsed to the Trustee or its nominee or custodian or
endorsed in blank by an effective endorsement;
(iii) if such item is a security entitlement other than a
United States Security Entitlement, causing a securities intermediary (who shall
maintain the related financial asset in a quantity corresponding to the
aggregate of all security entitlements it has established with respect to such
financial asset) to indicate by book entry that such security entitlement has
been credited to a securities account of the Trustee or its nominee or custodian
with such securities intermediary;
(iv) if such item is a United States Security Entitlement,
causing a securities intermediary (who shall maintain the related financial
asset in a quantity corresponding to the aggregate of all security entitlements
it has established with respect to such financial asset) to indicate by book
entry that such United States Security Entitlement has been credited to a
securities account of the Trustee or its nominee or custodian with such
securities intermediary;
(v) if such item is a securities account, causing the
securities intermediary to indicate by book entry that all security entitlements
carried in the securities account have been credited to such securities account;
and
(vi) if such item is an uncertificated security, causing the
issuer of such uncertificated security to register the Trustee or its nominee or
custodian as the registered owner of such uncertificated security.
Delivery Date: December 23, 1999.
Depositor: Credit Suisse First Boston Mortgage Securities Corp., a
Delaware corporation, or its successor in interest.
Depository Agreement: The Letter of Representation dated as of
December 23, 1999 by and among DTC, the Depositor and the Trustee.
Determination Date: The 15th day (or if such 15th day is not a
Business Day, the Business Day immediately preceding such 15th day) of the month
of the related Distribution Date.
Discount Fraction: With respect to each Discount Mortgage Loan, the
fraction expressed as a percentage, the numerator of which is the Discount Net
Mortgage Rate for such Mortgage Loan
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minus the Net Mortgage Rate for such Mortgage Loan and the denominator of which
is the Discount Net Mortgage Rate. The Discount Fraction with respect to each
Discount Mortgage Loan is set forth as Exhibit M hereto.
Discount Mortgage Loan: Any Mortgage Loan for which the Net Mortgage
Rate is less than the Discount Net Mortgage Rate and any Mortgage Loan deemed to
be a Discount Mortgage Loan pursuant to the definition of Replacement Mortgage
Loan.
Discount Net Mortgage Rate: 7.00% per annum, in the case of Mortgage
Loans in Loan Group 1, and 7.50% per annum, in the case of Mortgage Loans in
Loan Group 2.
Disqualified Organization: Any organization defined as a
"disqualified organization" under Section 860E(e)(5) of the Code, which includes
any of the following: (i) the United States, any State or political subdivision
thereof, any possession of the United States, or any agency or instrumentality
of any of the foregoing (other than an instrumentality which is a corporation if
all of its activities are subject to tax and, except for Freddie Mac, a majority
of its board of directors is not selected by such governmental unit), (ii) a
foreign government, any international organization, or any agency or
instrumentality of any of the foregoing, (iii) any organization (other than
certain farmers' cooperatives described in Section 521 of the Code) which is
exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed
by Section 511 of the Code on unrelated business taxable income), and(iv) rural
electric and telephone cooperatives described in Section 1381(a)(2)(C) of the
Code. A Disqualified Organization also includes any "electing large partnership"
as defined in Section 775(a) of the Code and any other Person so designated by
the Trustee based upon an Opinion of Counsel that the holding of an ownership
interest in a Class R Certificate by such Person may cause either Trust REMIC or
any Person having an ownership interest in any Class of Certificates (other than
such Person) to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the transfer of an ownership
interest in a Class R Certificate to such Person. The terms "United States",
"State" and "international organization" shall have the meanings set forth in
Section 7701 of the Code or successor provisions.
Distribution Date: The 19th day of each month or, if such 19th day
is not a Business Day the next succeeding Business Day, commencing in January
2000.
Downgrade Event: The date upon which the long-term unsecured debt
rating of Washington Mutual is downgraded by Moody's below A2.
DTC: The Depository Trust Company.
Due Date: The first day of the calendar month in which the related
Distribution Date occurs.
Due Period: The period from and including the second day of the
calendar month preceding the calendar month in which any Distribution Date
occurs to and including the first day of the calendar month in which such
Distribution Date occurs.
Duff & Phelps: Duff & Phelps Credit Rating Co., or any successor
thereto.
Eligible Account: Either (i) an account or accounts maintained with
a federal or state-chartered depository institution or trust company (which may
be the Servicer or an affiliate of the Servicer or which may be the Trustee or
an affiliate of the Trustee) the short-term unsecured debt obligations of which
(or, in the case of a depository institution or trust company that is the
principal subsidiary of a
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holding company, the short-term unsecured debt obligations of such holding
company) are rated by each Rating Agency not lower than P-1 in the case of
Moody's and A-1+ in the case of Duff and Phelps, provided that so long as
Washington Mutual is the Servicer, any account maintained with the Servicer
shall be an Eligible Account if the long-term unsecured debt obligations of
Washington Mutual are rated A2 by Moody's, (ii) an account or accounts the
deposits in which are fully insured by the FDIC, provided that any such deposits
not so insured shall be otherwise maintained such that (as evidenced by an
Opinion of Counsel delivered to the Trustee and the Rating Agencies) the
applicable Certificateholders have a claim with respect to the funds in such
account or a perfected first priority security interest against any collateral
(which shall be limited to Eligible Investments) securing such funds that is
superior to claims of any other depositors or creditors of the depository
institution or trust company with which such account is maintained, (iii) a
trust account or accounts maintained with the Trustee or the trust department of
a federal or state chartered depository institution or trust company acting in
its fiduciary capacity, provided that any such state chartered depository
institution is subject to regulation regarding funds on deposit substantially
similar to the regulations set forth in 12 C.F.R. ss. 9.10(b) or (iv) any
account maintained at any Federal Home Loan Bank.
Eligible Funds: On any Distribution Date, the portion, if any, of
the Available Distribution Amount for the related Loan Group remaining after
reduction by the sum of (i) the Class A Interest Distribution Amount, (ii) the
Class A Principal Distribution Amount (determined without regard to Section
4.02(a)(y)(ii)(Y)(D) hereof), (iii) the Class A-P Principal Distribution Amount
(determined without regard to clause (E) of the definition of Class A-P
Principal Distribution Amount) and (iv) the aggregate of the Interest
Distribution Amounts for the Class M, Class B-1 and Class B-2 Certificates.
Eligible Funds shall be allocated between the Loan Groups on a pro rata basis in
accordance with the Class A-P Collection Shortfalls on such Distribution Date
for each Loan Group.
Eligible Investments: At any time, any one or more of the following
obligations, instruments and securities:
(i) obligations of the United States or any agency thereof,
provided such obligations are backed by the full faith and credit of the United
States;
(ii) general obligations of or obligations guaranteed by any
state of the United States or the District of Columbia receiving the highest
long-term rating of Moody's and Duff and Phelps, and will not result in the
downgrading or withdrawal of the rating, if any, then assigned to the Class A
Certificates by each applicable Rating Agency;
(iii) commercial paper (having original maturities of not more
than 270 days) which is then rated in the highest commercial paper rating
category of Moody's and Duff and Phelps, and will not result in the downgrading
or withdrawal of the rating then assigned to the Class A Certificates by each
applicable Rating Agency;
(iv) certificates of deposit, demand or time deposits, federal
funds or bankers' acceptances (in each case having maturities of not more than
365 days) issued by any depository institution or trust company incorporated
under the laws of the United States or of any state thereof and subject to
supervision and examination by federal and/or state banking authorities,
provided that the commercial paper and/or long-term debt obligations of such
depository institution or trust company (or in the case of a depository
institution or trust company that is the principal subsidiary of a holding
company, the commercial paper or long-term debt obligations of such holding
company) are then rated in the highest rating category of Moody's and Duff and
Phelps, in the case of commercial paper, and in the highest category in the case
of long-term debt obligations, and will not result in the downgrading or
withdrawal of the rating then assigned to the Class A Certificates by each
applicable Rating Agency, and,
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in the case of short-term debt obligations which have maturities of 30 days or
less, a rating of P-1 by Moody's, and a rating of A-1+ by Duff and Phelps;
(v) demand or time deposits or certificates of deposit issued
by (a) any Federal Home Loan Bank or (b) any bank or trust company or savings
association which is rated at least "A" by Duff and Phelps which has combined
capital, surplus and undistributed profits of not less than $50 million and
fully insured by the FDIC;
(vi) repurchase obligations with respect to any security
described in (i) and (ii) above or any other security issued or guaranteed by an
agency or instrumentality of the United States, in either case entered into with
a depository institution or trust company (acting as principal) described in
(iv) above;
(vii) securities bearing interest or sold at a discount issued
by any corporation incorporated under the laws of the United States or any state
thereof which, at the time of such investment or contractual commitment
providing for such investments are then rated in the highest rating category of
Moody's and Duff and Phelps or in such lower rating category as will not result
in the downgrading or withdrawal of the rating, if any, then assigned to the
Class A Certificates by each applicable Rating Agency; and
(viii) units of taxable money-market portfolios rated in the
highest rating category by Moody's and Duff and Phelps and not restricted to
obligations issued or guaranteed by any agency or instrumentality of the United
States or entities whose obligations are backed by the full faith and credit of
the United States and repurchase agreements collateralized by such obligations.
provided that (A) such obligation or security is held for a temporary period
pursuant to Treasury Regulations Section 1.860G-2(g)(1), and (B) Eligible
Investments shall include only such obligations or securities that are payable
on demand or mature on or before the (i) Business Day immediately preceding the
next Distribution Date with respect to amounts on deposit in the Certificate
Account and (ii) the second Business Day immediately preceding the next
Distribution Date with respect to amounts on deposit in the Custodial Account.
In addition, no Eligible Investment which incorporates a penalty for early
withdrawal will be used unless the maturity of such Eligible Investment is on or
before the Business Day immediately preceding the next Distribution Date.
Escrow Account: As defined in Section 3.08.
Event of Default: As defined in Section 8.01 hereof.
Excess Subordinate Principal Amount: With respect to any
Distribution Date on which the Certificate Principal Balance of the most
subordinate Class or Classes of Certificates (as established in Section 4.02
hereof) then outstanding or, in the case of the Class M, Class B-1 or Class B-2
Certificates, the most subordinate Class of Certificates related to any Loan
Group, is to be reduced to zero and on which Realized Losses are to be allocated
to such Class or Classes, the excess, if any, of (i) the amount that would
otherwise be distributable in respect of principal on such Class or Classes of
Certificates on such Distribution Date over (ii) the excess, if any, of the
Certificate Principal Balance of such Class or Classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such Classes of Certificates on such
Distribution pursuant to Section 4.03.
Fannie Mae: The Federal National Mortgage Association, a federally
chartered and privately owned corporation organized and existing under the
Federal National Mortgage Association Charter Act, or any successor thereto.
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FDIC: The Federal Deposit Insurance Corporation, or any successor
thereto.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
10.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 10.03.
Freddie Mac: The Federal Home Loan Mortgage Corporation, a corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.
Group 1 Loans: The Mortgage Loans so designated on the Mortgage Loan
Schedule attached hereto as Exhibit E. The Group 1 Loans relate to the Class 1
A, Class 1 A-P, Class R-1, Class R-2, Class 1 M-1, Class 1 M-2 , Class 1 M-3,
Class 1 B-1 and Class 1 B-2 Certificates and they also relate to the Class Y-1
and Class Z-1 interests.
Group 2 Loans: The Mortgage Loans so designated on the Mortgage Loan
Schedule attached hereto as Exhibit E. The Group 2 Loans relate to the Class 2
A, Class 2 A-P, Class 2 M-1, Class 2 M-2, Class 2 M-3, Class 2 B-1 and Class 2
B-2 Certificates and they also relate to the Class Y-2 and Class Z-2 interests.
Group 1 Subordinate Amount: For any date of determination, an amount
equal to the then outstanding aggregate Principal Balance of the Group 1 Loans
reduced by the sum of the Certificate Principal Balances of those Classes of
Certificates related solely to Loan Group 1.
Group 2 Subordinate Amount: For any date of determination, an amount
equal to the then outstanding aggregate Principal Balance of the Group 2 Loans
reduced by the sum of the Certificate Principal Balances of those Classes of
Certificates related solely to Loan Group 2.
Indirect Participants: Entities, such as banks, brokers, dealers and
trust companies, that clear through or maintain a custodial relationship with a
Participant, either directly or indirectly.
Initial Certificate Principal Balance: With respect to each Class of
Certificates and with respect to each Class of the Class Y and Class Z
interests, the Certificate Principal Balance of such Class of Certificates or
interests as of the Cut-off Date as set forth in the Preliminary Statement
hereto.
Insurance Proceeds: Amounts paid pursuant to any insurance policy
with respect to a Mortgage Loan that have not been used to restore the related
property.
Interest Accrual Period: With respect to any Distribution Date, the
calendar month preceding such Distribution Date.
Interest Distribution Amount: The Class A Interest Distribution
Amount, the Class R Interest Distribution Amount, the Class 1 M-1 Interest
Distribution Amount, the Class 1 M-2 Interest Distribution Amount, the Class 2
M-1 Interest Distribution Amount, the Class 2 M-2 Interest Distribution Amount,
the Class 1 M-3 Interest Distribution Amount, the Class 2 M-3 Interest
Distribution Amount, the Class 1 B-1 Interest Distribution Amount, the Class 2
B-1 Interest Distribution Amount, the Class 1 B-2 Interest Distribution Amount,
the Class 2 B-2 Interest Distribution Amount, the Class B-3 Interest
Distribution Amount, the Class Y-1 Interest Distribution Amount, the Class Y-2
Interest Distribution Amount, the Class Z-1 Interest Distribution Amount or the
Class Z-2 Interest Distribution Amount, as applicable.
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Liquidated Loan: With respect to any Distribution Date, a Mortgage
Loan which, as of the close of business on the Business Day next preceding the
related Determination Date, (a) has been liquidated through deed in lieu of
foreclosure, sale in foreclosure, trustee's sale or other realization as
provided by applicable law of real property subject to the related Mortgage and
any security agreements or (b) with respect to which payment under related
private mortgage insurance or hazard insurance and/or from any public or
governmental authority on account of a taking or condemnation of any such
property has been received; provided, however, that any REO Property shall not
be treated as a Liquidated Loan until such property has been finally liquidated.
Liquidation Expenses: Customary and reasonable "out of pocket"
expenses incurred by the Servicer (or the related Sub-Servicer) in connection
with the liquidation of any defaulted Mortgage Loan and not recovered by the
Servicer (or the related Sub-Servicer) under a Primary Mortgage Insurance Policy
for reasons other than the Servicer's failure to comply with Section 3.10
hereof, such expenses including, without limitation, legal fees and expenses,
any unreimbursed amount expended by the Servicer pursuant to Section 3.11 hereof
respecting the related Mortgage and any related and unreimbursed expenditures
for real estate property taxes or for property restoration or preservation to
the extent not previously reimbursed under any hazard insurance policy for
reasons other than the Servicer's failure to comply with Section 3.11 hereof.
Liquidation Proceeds: Amounts other than Insurance Proceeds received
in connection with the liquidation of a defaulted Mortgage Loan, whether through
trustee's sale, foreclosure sale or otherwise or amounts received in connection
with any condemnation or partial release of a Mortgaged Property.
Loan Group: Any or all of Loan Group 1 or Loan Group 2.
Loan Group 1: The group of Mortgage Loans comprised of the Group 1
Loans.
Loan Group 2: The group of Mortgage Loans comprised of the Group 2
Loans.
Loan Group Percentage: On any Distribution Date and with respect to
any Loan Group, a fraction, expressed as a percentage, equal to the aggregate
Principal Balance of the Mortgage Loans in the related Loan Group (other than
the Discount Fraction of each Discount Mortgage Loan in such Loan Group),
divided by the aggregate Principal Balance of the Mortgage Loans in both Loan
Groups (other than the Discount Fraction of each Discount Mortgage Loan).
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the Principal Balance of the related
Mortgage Loan at the date of determination and the denominator of which is the
Appraised Value of the related Mortgaged Property or, in the case of a
Replacement Mortgage Loan, the appraised value of the related Mortgaged Property
as of the date of its origination.
Lockout Percentage: For any Distribution Date occurring prior to the
Distribution Date in January 2005: 0%; for any Distribution Date occurring on or
after the Distribution Date in January 2005 but prior to the Distribution Date
in January 2006: 30%; for any Distribution Date occurring on or after the
Distribution Date in January 2006 but prior to the Distribution Date in January
2007: 40%; for any Distribution Date occurring on or after the Distribution Date
in January 2007 but prior to the Distribution Date in January 2008: 60%; for any
Distribution Date occurring on or after the Distribution Date in January 2008
but prior to the Distribution Date in January 2009: 80%; and for any
Distribution Date thereafter, 100%.
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Maturity Date: The latest possible maturity date, solely for
purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, by which
the Certificate Principal Balance, if any, of each Class of Regular Certificates
would be reduced to zero as determined under a hypothetical scenario which
assumes that such date is the Distribution Date in the month of the maturity
date of the Mortgage Loan with the latest scheduled maturity date. The Maturity
Date for each Class of Regular Certificates is the Distribution Date occurring
in November 2029.
Monthly Advance: The aggregate of the advances made by or on behalf
of the Servicer with respect to any Distribution Date pursuant to Section 5.01
hereof, the amount of any such advances being equal to the regular monthly
installments of principal and interest on the Mortgage Loans that were due on
the related Due Date and delinquent as of the close of business on the related
Determination Date, after adjustment of any delinquent interest payment to be
equal to interest at a rate equal to the Net Mortgage Rate on the Principal
Balance of the Mortgage Loans, less the aggregate amount of any such delinquent
payments that the Servicer has determined would constitute a Nonrecoverable
Advance if made.
Monthly Payment: The scheduled monthly payment of principal and
interest on a Mortgage Loan.
Moody's: Moody's Investors Service, Inc. or any successor thereto.
Mortgage: The mortgage, deed of trust or other instrument creating a
first lien on a fee simple or leasehold estate in real property securing a
Mortgage Note.
Mortgage File: For each Mortgage Loan, the Trustee Mortgage File and
the Servicer Mortgage File.
Mortgage Loan: Each of the mortgage loans transferred and assigned
to the Trustee pursuant to the provisions hereof as from time to time are held
as a part of the Trust Fund, evidenced by a Mortgage Note and secured by a
Mortgage, the mortgage loans so held being identified in the Mortgage Loan
Schedule, as amended from time to time.
Mortgage Loan Purchase Agreement: The Mortgage Loan Purchase
Agreement dated as of December 1, 1999 between the Depositor, Credit Suisse
First Boston Corporation and the Seller, pursuant to which the Depositor
purchased the Mortgage Loans from the Seller.
Mortgage Loan Repurchase Price: The price, calculated as set forth
in Section 10.01, to be paid in connection with the repurchase of the Mortgage
Loans pursuant to an Optional Termination of the Trust Fund.
Mortgage Loan Schedule: The list of Mortgage Loans transferred to
the Trustee as part of the Trust Fund for the Certificates and from time to time
subject to this Agreement (as from time to time amended by the Servicer to
reflect the addition of Replacement Mortgage Loans and the deletion of Deleted
Mortgage Loans pursuant to the provisions of this Agreement), attached hereto as
Exhibit E, setting forth the following information with respect to each Mortgage
Loan:
(i) whether such Mortgage Loan is in Group 1 or Group 2;
(ii) the loan number;
(iii) the city, state and zip code for each Mortgaged
Property;
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(iv) the original term to maturity;
(v) the remaining term to maturity as of the Cut-off Date;
(vi) the original principal balance;
(vii) the Principal Balance as of the Cut-off Date;
(viii) the Mortgage Rate;
(ix) the Servicing Fee Rate;
(x) the first Due Date;
(xi) the Monthly Payment in effect as of the Cut-off Date;
(xii) the Loan-to-Value Ratio at origination;
(xiii) the Appraised Value of the Mortgaged Property;
(xiv) a code indicating whether the Mortgaged Property is
either (a) a detached single-family dwelling or a de
minimis planned unit development, (b) a condominium unit
or a dwelling in a planned unit development, or (c) a
two- to four-family residential property;
(xv) a code indicating whether the Mortgaged Property at the
time of origination was represented to be
owner-occupied; and
(xvi) the purpose for which the financing was made.
Such schedule shall also set forth the total of the amounts described under (vi)
above for all of the Mortgage Loans. Such schedule may be in the form of more
than one list collectively setting forth all of the information required and
shall also be in a computer-readable format acceptable to the Trustee.
Mortgage Note: The original executed note or other evidence of the
indebtedness of a Mortgagor under a Mortgage Loan, including a lost note
affidavit with a copy of the related note.
Mortgage Rate: The annual rate of interest borne by a Mortgage Note,
which is set forth in the related Mortgage Note.
Mortgaged Property: The underlying property securing a Mortgage
Loan.
Mortgagor: Each obligor on a Mortgage Note.
Mortgagor Prepayments: Prepayments in Full or Curtailments.
Net Mortgage Rate: As to each Mortgage Loan, a rate per annum equal
to the Mortgage Rate minus the Servicing Fee Rate.
1933 Act: The Securities Act of 1933, as amended.
1934 Act: The Securities Exchange Act of 1934, as amended.
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Nonrecoverable Advance: The portion of any Monthly Advance or any
other advance previously made or proposed to be made by the Servicer that, in
the good faith judgment of the Servicer, will not or, in the case of a current
delinquency, would not be, ultimately recoverable by the Servicer from Insurance
Proceeds or Liquidation Proceeds (net of Liquidation Expenses) with respect to
the related Mortgage Loan.
Officers' Certificate: A certificate signed by the Chairman of the
Board, any Vice Chairman of the Board, the President, a Group President, an
Executive Vice President, a Senior Executive Vice President, Senior Vice
President, a Vice President, or other authorized officer, and by the Treasurer,
the Secretary, or one of the Assistant Vice Presidents, Assistant Treasurers or
Assistant Secretaries of the Depositor, the Seller, the Servicer or the Trustee,
as the case may be, and delivered to the Depositor, the Seller, the Servicer or
the Trustee, as required by this Agreement.
Opinion of Counsel: A written opinion of counsel, who may be counsel
for the Depositor or the Servicer, reasonably acceptable to the Trustee. With
respect to any opinion dealing with the definition of Eligible Account in this
Article I, Sections 2.04 or 7.04 hereof or with the qualification of a REMIC or
compliance with the REMIC Provisions, such counsel must (i) in fact be
independent of the Depositor and the Servicer, (ii) not have any direct
financial interest in the Depositor or the Servicer or in any affiliate of
either of them and (iii) not be connected with the Depositor or the Servicer as
an officer, employee, promoter, underwriter, trustee, partner, director or
Person performing similar functions.
Optional Termination: The purchase of the Mortgage Loans pursuant to
Section 10.01(a).
Optional Termination Date: The date fixed by the Servicer for the
purchase of the Mortgage Loans pursuant to Section 10.01.
Outstanding Mortgage Loan: As to any date of determination, a
Mortgage Loan (including an REO Property) which was not the subject of a
Principal Prepayment in Full, Cash Liquidation or REO Disposition and which was
not purchased, deleted or substituted for prior to such date of determination
pursuant to Section 2.02 or 2.04.
Participant: A broker, dealer, bank, other financial institution or
other Person for whom DTC effects book-entry transfers and pledges of securities
deposited with DTC.
Pass-Through Entity: (a) a regulated investment company described in
Section 851 of the Code, a real estate investment trust described in Section 856
of the Code, a common trust fund or an organization described in Section 1381(a)
of the Code, (b) any partnership, trust or estate or (c) any person holding a
Class A Certificate as nominee for another person.
Pass-Through Rate: In the case of each Class of Class A, Class R and
Class M Certificates (other than the Class B-3 Certificates), for any
Distribution Date, the per annum rate set forth in the Preliminary Statement
hereto. In the case of the Class B-3 Certificates, for any Distribution Date,
the Subordinate Pass-Through Rate as of such Distribution Date. In the case of
each Class of the Class Y and Class Z interests and any Distribution Date, a per
annum rate equal to the Discount Net Mortgage Rate for the related Loan Group.
Interest on the Certificates and the Class Y and Class Z interests will be
computed on the basis of a 360-day year comprised of twelve 30-day months.
Percentage Interest: The percentage interest (which may be expressed
as a fraction) evidenced by any Certificate, which (a) in the case of each Class
of the Class A, Class M and Class B
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Certificates, is equal to a fraction, the numerator of which is the Initial
Certificate Principal Balance of such Certificate, and the denominator of which
is equal to the aggregate Initial Certificate Principal Balances of all
Certificates of the same Class and (b) in the case of each Class of the Class R
Certificates, is set forth on the face thereof.
Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government, or any agency or political subdivision thereof.
Prepayment Distribution Percentage: With respect to any Distribution
Date and Loan Group, and each Class of Class M Certificates and Class B
Certificates, the respective percentages as follows: in the case of the Class of
Class M Certificates related to a Loan Group with the lowest numerical
designation then outstanding) or in the event such Class M Certificates are no
longer outstanding, the Class of Class B Certificates related to such Loan Group
then outstanding with the lowest numerical designation, and each other Class of
Class M Certificates and Class B Certificates related to such Loan Group for
which the related Prepayment Distribution Trigger has been satisfied, a
fraction, expressed as a percentage, the numerator of which is the Certificate
Principal Balance of such Class immediately prior to such date (or, in the case
of the Class B-3 Certificates, the related Loan Group Percentage of such
Certificate Principal Balance) and the denominator of which is the sum of the
Certificate Principal Balances (or, in the case of the Class B-3 Certificates,
the related Loan Group Percentage of such Certificate Principal Balance)
immediately prior to such date of (1) the Class of Class M Certificates related
to such Loan Group then outstanding with the lowest numerical designation or in
the event such Class M Certificates are no longer outstanding, the Class of
Class B Certificates related to a Loan Group then outstanding with the lowest
numerical designation and (2) all other Classes of Class M Certificates and
Class B Certificates related to such Loan Group for which the respective
Prepayment Distribution Triggers have been satisfied. Notwithstanding the
foregoing, if the application of the foregoing percentages on any Distribution
Date as provided in Section 4.02 (determined without regard to the proviso to
the definition of "Subordinate Principal Distribution Amount") would result in a
distribution in respect of principal of any Class or Classes of Class M
Certificates and Class B Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such class, a "Maturing Class"),
then: (a) the Prepayment Distribution Percentage of each Maturing Class shall be
reduced to a level that, when applied as described above, would exactly reduce
the Certificate Principal Balance of such Class to zero; (b) the Prepayment
Distribution Percentage of each other Class of Class M Certificates and Class B
Certificates related to such Loan Group (any such Class, a "Non-Maturing Class")
shall be recalculated in accordance with the provisions of the first sentence of
this definition, as if the Certificate Principal Balance of each Maturing Class
had been reduced to zero (such percentage as recalculated, the "Recalculated
Percentage"); (c) the total amount of the reductions in the Prepayment
Distribution Percentages of the Maturing Class or Classes pursuant to clause (a)
of this sentence, expressed as an aggregate percentage, shall be allocated among
such Non-Maturing Classes in proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction so allocated to any
Non-Maturing Class, the "Adjustment Percentage"); and (d) for purposes of such
Distribution Date, the Prepayment Distribution Percentage of each Non-Maturing
Class shall be equal to the sum of (1) the Prepayment Distribution Percentage
thereof, calculated in accordance with the provisions of the first sentence of
this definition as if the Certificate Principal Balance of each Maturing Class
had not been reduced to zero, plus (2) the related Adjustment Percentage.
Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan secured by an REO Property) that was
the subject of a Principal Prepayment during the related Prepayment Period by
the Mortgagor, an amount equal to the excess of (a) one month's interest at the
Mortgage Rate on the Principal Balance of such Mortgage Loan before taking into
account such Principal Prepayment over (b) the sum of (i) the amount of interest
paid by the Mortgagor for such
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Prepayment Period to the date of such Principal and (ii) the Compensating
Interest payable by the Servicer on such Distribution Date.
Prepayment Period: With respect to any Distribution Date, the
calendar month prior to the month in which such Distribution Date occurs.
Prepayment Distribution Trigger: The Class 1 M-2 Prepayment
Distribution Trigger, Class 1 M-3 Prepayment Distribution Trigger, Class 1 B-1
Prepayment Distribution Trigger, Class 1 B-2 Prepayment Distribution Trigger,
Class 2 M-2 Prepayment Distribution Trigger, Class 2 M-3 Prepayment Distribution
Trigger, Class 2 B-1 Prepayment Distribution Trigger, Class 2 B-2 Prepayment
Distribution Trigger or Class B-3 Prepayment Distribution Trigger.
Primary Mortgage Insurance Policy: Each primary policy of mortgage
guaranty insurance with respect to the Mortgage Loans or any replacement policy
therefor.
Principal Balance: With respect to any Mortgage Loan, as of the date
of any determination, the principal balance of such Mortgage Loan remaining to
be paid by the Mortgagor as of the Cut-off Date after deduction of all payments
due on or before the Cut-off Date, reduced (but not below zero) by the sum of
(i) all amounts previously received or collected by the Servicer in respect of
principal of such Mortgage Loan subsequent to the Cut-off Date, other than
amounts representing payments due on such Mortgage Loan on or prior to the
Cut-off Date; (ii) all Liquidation Proceeds (net of Liquidation Expenses) and
Insurance Proceeds allocated to principal; (iii) all amounts allocable to the
principal of such Mortgage Loan previously paid by the Servicer as part of a
Monthly Advance, in each case which were distributed to Certificateholders
pursuant to Section 4.02; and (iv) all Realized Losses allocated to
Certificateholders with respect thereto on any previous Distribution Date. In
the case of a Replacement Mortgage Loan, "Principal Balance" shall mean, at the
time of any determination, the principal balance of such Replacement Mortgage
Loan on the date of substitution after deduction of all payments due on or
before the Due Date in the month of substitution, reduced by the sums described
in (i) through (iv), above, after such Due Date.
Principal Prepayment: Any Mortgagor payment or other recovery of
principal on a Mortgage Loan, including a recovery that takes the form of
Liquidation Proceeds or Insurance Proceeds, that is received in advance of its
scheduled Due Date and is not accompanied by an amount as to interest
representing scheduled interest due on any date or dates in any month or months
subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment made by a
Mortgagor of the Principal Balance of a Mortgage Loan.
Purchase Price: With respect to any Mortgage Loan required to be
purchased by the Seller or Servicer pursuant to Section 2.01, 2.02, 2.04 or 3.12
the sum of (i) 100% of the Principal Balance of the Mortgage Loan on the date of
such purchase, (ii) accrued and unpaid interest to the next Due Date on the
Mortgage Loan at a rate equal to the Net Mortgage Rate and (iii) the amount of
any unreimbursed Monthly Advances and other advances made by the Servicer with
respect to such Mortgage Loan and reimbursable to the Servicer hereunder;
provided, however, that if the Servicer shall so choose, the Purchase Price with
respect to any Mortgage Loan purchased by the Servicer may be net of advances
that would otherwise be reimbursable to the Servicer and the Servicer shall have
no further entitlement to reimbursement for such advances. With respect to any
Mortgage Loan required or allowed to be purchased, the Servicer or Seller, as
applicable, shall deliver to the Trustee an Officers' Certificate as to the
calculation of the Purchase Price.
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Qualified Insurer: A mortgage guaranty insurance company duly
qualified as such under the laws of the state of its principal place of business
and each other state having jurisdiction over such insurer in connection with
the insurance policy issued by such insurer, duly authorized and licensed by the
insurance regulatory authority of the state of its principal place of business
and, to the extent required by applicable law, each such other state, to
transact a mortgage guaranty insurance business in such state and each such
other state and to write the insurance provided by the insurance policy issued
by it and approved as an insurer by Freddie Mac or Fannie Mae and whose
claims-paying ability will not adversely affect the rating on the Certificates.
Rating Agency: Moody's and Duff and Phelps or any successor thereto.
Realized Loss: An amount determined by the Servicer and evidenced by
an Officers' Certificate delivered to the Trustee, in connection with any
Mortgage Loan equal to (a) with respect to any Liquidated Loan, the excess of
the Principal Balance of such Liquidated Loan plus interest thereon at a rate
equal to the applicable Net Mortgage Rate from the Due Date as to which interest
was last paid up to the Due Date next succeeding such liquidation over proceeds,
if any, received in connection with such liquidation, after application of all
withdrawals permitted to be made by the Servicer from the related Custodial
Account with respect to such Mortgage Loan, (b) with respect to any Mortgage
Loan which has become the subject of a Deficient Valuation, the excess of the
Principal Balance of the Mortgage Loan over the principal amount as reduced in
connection with the proceedings resulting in the Deficient Valuation, (c) with
respect to any Mortgage Loan which has become the subject of a Debt Service
Reduction, the present value of all monthly Debt Service Reductions on such
Mortgage Loan, assuming that the Mortgagor pays each Monthly Payment on the
applicable Due Date and that no Principal Prepayments are received with respect
to such Mortgage Loan, discounted monthly at the applicable Mortgage Rate or (d)
the amount of any reduction by the Servicer to the principal balance of such
Mortgage Loan pursuant to Section 3.01 hereof.
Record Date: With respect to any Distribution Date, the close of
business on the last Business Day of the month preceding the month in which the
applicable Distribution Date occurs.
Regular Certificates: All of the Certificates other than the Class R
Certificates.
Relief Act: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended.
Relief Act Shortfalls: With respect to any Distribution Date and any
Mortgage Loan, the amount of any interest that is not collectible from the
Mortgagor during the related Due Period pursuant to the Relief Act or similar
legislation or regulations as in effect from time to time.
REMIC: A "real estate mortgage investment conduit", within the
meaning of Section 860D of the Code.
REMIC Election: An election, for federal income tax purposes, to
treat certain assets as a REMIC.
REMIC Regular Interest: Any of the Class A, Class M and Class B
Certificates and any one of the Class Y and Class Z interests.
REMIC Provisions: Provisions of the federal income tax law relating
to REMICs, which appear at Section 860A through 860G of the Subchapter M of
Chapter 1 of the Code and related provisions, and regulations promulgated
thereunder, as the foregoing may be in effect from time to time.
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REO Acquisition: The acquisition by the Servicer on behalf of the
Trustee for the benefit of the Certificateholders of any REO Property pursuant
to Section 3.13.
REO Disposition: As to any REO Property, a determination by the
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds, REO
Proceeds and other payments and recoveries (including proceeds of a final sale)
which the Servicer expects to be finally recoverable from the sale or other
disposition of the REO Property.
REO Property: Any Mortgaged Property acquired by or in the name of
the Trustee for the benefit of the Certificateholders in foreclosure or by
deed-in-lieu of foreclosure.
REO Proceeds: Proceeds, net of expenses, received in respect of any
REO Property (including, without limitation, proceeds from the rental of the
related Mortgaged Property).
Replacement Mortgage Loan: A Mortgage Loan substituted by the
Servicer or Seller for a Deleted Mortgage Loan which must, on the date of such
substitution, as confirmed in an Officers' Certificate delivered to the Trustee,
(i) have an outstanding Principal Balance, after deduction of the principal
portion of the Monthly Payment due in the month of substitution (or in the case
of a substitution of more than one Mortgage Loan for a Deleted Mortgage Loan, an
aggregate Principal Balance, after such deduction), not in excess of the
Principal Balance of the Deleted Mortgage Loan (the amount of any shortage to be
deposited by the Seller in the Certificate Account in the month of substitution
as set forth in Section 2.04 of this Agreement); (ii) at the time of
substitution have a Net Mortgage Rate equal to or exceeding the Net Mortgage
Rate of the Deleted Mortgage Loan; (iii) have a Loan-to-Value Ratio no higher
than the Loan-to-Value Ratio of the Deleted Mortgage Loan; (iv) have a remaining
term to maturity no greater than (and not more than one year less than) the
Deleted Mortgage Loan; (v) be of the same or better credit quality
classification as that of the Deleted Mortgage Loan; and (vi) comply with each
representation and warranty relating to the Mortgage Loans set forth in Section
2.04 hereof. Notwithstanding any other provisions herein, with respect to any
Replacement Mortgage Loan substituted for a Deleted Mortgage Loan which was a
Discount Mortgage Loan, such Replacement Mortgage Loan shall be deemed to be a
Discount Mortgage Loan and to have a Discount Fraction equal to the Discount
Fraction of the Deleted Mortgage Loan.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy that is required to be maintained from time to time under this
Agreement in respect of such Mortgage Loan, including each standard hazard and,
if applicable, flood insurance policy.
Responsible Officer: When used with respect to the Trustee, the
Chairman or Vice Chairman of the Board of Directors or Trustees, the Chairman or
Vice Chairman of the Executive or Standing Committee of the Board of Directors
or Trustees, the President, the Chairman of the Committee on Trust Matters, any
Vice President, any Assistant Vice President, the Secretary, any Assistant
Secretary, the Treasurer, any Assistant Treasurer, the Cashier, any Assistant
Cashier, any Trust Officer or Assistant Trust Officer, the Controller and any
Assistant Controller or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.
Rule 144A: Rule 144A promulgated under the rules of the 1933 Act, as
in effect from time to time.
Scheduled Final Distribution Date: The Distribution Date occurring
in November 2029.
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Seller: Washington Mutual Bank, FA or its successor in interest.
Senior Accelerated Prepayment Percentage: With respect to any
Distribution Date and any Loan Group, the percentage indicated below:
Senior Accelerated
Distribution Date Distribution Percentage
- --------------------------------------------------------------------------------
January 2000 through
December 2004......................... 100% (except as provided below)
Senior Percentage for such Loan Group,
January 2005 through plus 70% of the applicable Subordinate
December 2005......................... Percentage
Senior Percentage for such Loan Group,
January 2006 through plus 60% of the applicable Subordinate
December 2006......................... Percentage
Senior Percentage for such Loan Group,
January 2007 through plus 40% of the applicable Subordinate
December 2007......................... Percentage
Senior Percentage for such Loan Group,
January 2008 through plus 20% of the applicable Subordinate
December 2008......................... Percentage
December 2008 and
thereafter............................ Senior Percentage for such Loan Group
provided, however, (i) that any reduction to the Senior Accelerated
Prepayment Percentage described above shall not occur as of any Distribution
Date unless either (a)(1) the outstanding principal balance of Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a percentage of
the aggregate outstanding principal balance of all Mortgage Loans averaged over
the last six months, does not exceed 2% and (2) Realized Losses on the Mortgage
Loans to date for such Distribution Date if occurring during the sixth, seventh,
eighth, ninth or tenth year (or any year thereafter) after the Closing Date are
less than 30%, 35%, 40%, 45% or 50%, respectively, of the sum of the Initial
Certificate Principal Balances of the Class M Certificates and Class B
Certificates or (b)(1) the outstanding principal balance of Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a percentage of
the aggregate outstanding principal balance of all Mortgage Loans averaged over
the last six months, does not exceed 4% and (2) Realized Losses on the Mortgage
Loans to date for such Distribution Date, if occurring during the sixth,
seventh, eighth, ninth or tenth year (or any year thereafter) are less than 10%,
15%, 20%, 25% or 30%, respectively, of the sum of the Initial Certificate
Principal Balances of the Class M Certificates and Class B Certificates and (ii)
that for any Distribution Date on which the Aggregate Subordinate Percentage is
less than the Aggregate Subordinate Percentage as of the Closing Date, the
Senior Accelerated Prepayment Percentage for both Loan Groups for such
Distribution Date shall be 100%. Notwithstanding the foregoing, upon the
reduction of the Certificate Principal Balances of the Class A Certificates to
zero, the Senior Accelerated Prepayment Percentage shall thereafter be 0%.
Senior Percentage: With respect to any date of determination and any
Loan Group, a fraction, expressed as a percentage, equal to the lesser of (a)
100% and (b) the aggregate Certificate Principal Balance of the Class 1 A
Certificates and Class R Certificates, or the Class 2 A Certificates, as the
case may be, immediately prior to such date divided by the aggregate Principal
Balance of all of the Mortgage Loans in the related Loan Group (other than the
Discount Fraction of each Discount Mortgage Loan) immediately prior to such
date.
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Servicer: Washington Mutual Bank, FA or any successor under the
terms of this Agreement.
Servicer Advance Date: The date on which the Servicer is required to
make a Monthly Advance pursuant to Section 5.04 hereof.
Servicer Mortgage File: All documents pertaining to a Mortgage Loan
not required to be included in the Trustee Mortgage File and held by the
Servicer or any Sub-Servicer.
Servicing Fee: For each calendar month, as to each Mortgage Loan,
(i) an amount equal to one month's interest (or in the event of any payment of
interest which accompanies a Principal Prepayment in Full, interest for the
number of days covered by such payment of interest) at a rate equal to the
Servicing Fee Rate and (ii) increased by any late payment charges, assumption
fees and other usual and customary fees collected from the Mortgagor and by any
net income on Eligible Investments held in the Custodial Account.
Servicing Fee Rate: For each Mortgage Loan, the rate set forth on
the Mortgage Loan Schedule as the Servicing Fee Rate.
Servicing Officer: Any officer of the Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name appears on a list of servicing officers furnished to the Trustee on the
Delivery Date by the Servicer pursuant to this Agreement, as such list may from
time to time be amended.
Subordinate Pass-Through Rate: As of any Distribution Date, the
weighted average of the Pass-Through Rates on the Class 1 A Certificates and
Class 2 A Certificates, weighted by the excess, if any, of (a) the aggregate
Principal Balance of the Mortgage Loans in the related Loan Group over (b) the
aggregate Certificate Principal Balance of the Class A Certificates, Class M
Certificates, Class B-1 Certificates and Class B-2 Certificates.
Subordinate Percentage: With respect to each Loan Group and as of
any Distribution Date, 100% minus the applicable Senior Percentage as of such
Distribution Date prior to any distributions on the Class A Certificates.
Subordinate Principal Distribution Amount: With respect to any
Distribution Date and Loan Group, and the Class B-3 Certificates, (a) the sum of
(i) the product of (x) the related Class B Percentage for such Class and (y) the
amounts described in Section 4.02(a)(y)(ii)(Y)(A) and Section
4.02(a)(y)(ii)(Y)(B), without application of the related Senior Percentage or
the Senior Accelerated Prepayment Percentage, (ii) the product of (x) the
related Prepayment Distribution Percentage and (y) the sum of the amounts
described in Section 4.02(a)(y)(ii)(Y)(C), without application of the Senior
Accelerated Prepayment Percentage, and not distributed to the Class A
Certificates for such Distribution Date pursuant to Section
4.02(a)(y)(ii)(Y)(C); (iii) if such Class is the most senior Class of
Certificates then outstanding (as established in Section 4.03 hereof), any
Excess Subordinate Principal Amount for such Distribution Date; and (iv) any
amounts described in clauses (i), (ii) and (iii) as determined for any previous
Distribution Date, that remain undistributed to the extent that such amounts are
not attributable to Realized Losses which have been allocated to such Class of
Certificates minus (b) any Excess Subordinate Principal Amount not payable to
such Class on such Distribution Date pursuant to the definition thereof;
provided, however, that such amount shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
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Sub-Servicer: Any other entity with respect to any Mortgage Loan
under any Sub-Servicing Agreement, either currently or in the future, applicable
to such Mortgage Loan and any successors and assigns under such Sub-Servicing
Agreement.
Sub-Servicing Agreement: Any servicing agreement between the
Servicer and a Sub-Servicer pursuant to which the Servicer delegates any of its
servicing responsibilities with respect to any of the Mortgage Loans.
Transferee Affidavit and Agreement: As defined in Section
6.02(g)(i)(B).
Trust Fund: Collectively, the assets of the Trust Fund I and Trust
Fund II.
Trust Fund I: Collectively, the assets of the Trust REMIC I and all
amounts deposited therein pursuant to the provisions of this Agreement.
Trust Fund II: Collectively, the assets of the Trust REMIC II and
all amounts deposited therein pursuant to the provisions of this Agreement.
Trust REMIC: Trust REMIC I and Trust REMIC II.
Trust REMIC I: The corpus of the Trust Fund I created by this
Agreement consisting of (a) the Mortgage Loans listed in the Mortgage Loan
Schedule, including all interest and principal received or receivable by the
Depositor on or with respect to the Mortgage Loans after the Cut-off Date, but
not including payments of principal and interest due and payable on the Mortgage
Loans on or before the Cut-off Date, together with the Mortgage Files relating
to the Mortgage Loans, (b) REO Property, (c) the Custodial Account and the
Certificate Account and all amounts deposited therein pursuant to the applicable
provisions of this Agreement, (d) any insurance policies with respect to the
Mortgage Loans, (e) all proceeds of the conversion, voluntary or involuntary, of
any of the foregoing into cash or other liquid property and (f) the Depositor's
rights under the Mortgage Loan Purchase Agreement.
Trust REMIC II: The segregated pool of assets consisting of the
Class Y and Class Z interests conveyed in trust to the Trustee for the benefit
of the Certificateholders (other than the Holders of the Class R-1 Certificates)
pursuant to Section 2.01(a), with respect to which a separate REMIC election is
to be made
Trustee: Bank One, National Association, a national banking
association, not in its individual capacity, but solely in its capacity as
trustee for the benefit of the Certificateholders under this Agreement, and any
successor thereto, as provided herein.
Trustee Float: With respect to each Distribution Date, the value of
balances on deposit in the Certificate Account (which shall not be invested) to
be held by the Trustee for the period beginning one Business Day prior to such
Distribution Date and ending on such Distribution Date.
Trustee Mortgage File: The mortgage documents listed in Section
2.01(i)-(v) hereof pertaining to a particular Mortgage Loan and any additional
documents required to be added to the Trustee Mortgage File pursuant to this
Agreement.
United States Regulations: 31 C.F.R. Part 357; 12 C.F.R. Part 615,
Subpart O; 12 C.F.R. Part 912; 12 C.F.R. Part 1511; 24 C.F.R. Part 81; 31 C.F.R.
Part 354; and 18 C.F.R. Part 1314.
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United States Securities Entitlement: A "Security Entitlement" as
defined in a United States Regulation.
U.S. Person: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any state (including the District of Columbia)
thereof, or an estate or trust whose income from sources without the United
States is includable in gross income for United States federal income tax
purposes regardless of its connection with the conduct of a trade or business
within the United States.
Voting Rights: The portion of the aggregate voting rights of all the
Certificates evidenced by a Certificate. 99% of all Voting Rights will be
allocated to the Certificates (other than the Class R Certificates) in
proportion to their Certificate Principal Balances, 0.5% of all Voting Rights
will be allocated to the Class R-1 Certificates and 0.5% of all Voting Rights
will be allocated to the Class R-2 Certificates.
Washington Mutual: Washington Mutual Bank, F.A.
ARTICLE II
CONVEYANCE OF TRUST FUND;
REPRESENTATIONS AND WARRANTIES
SECTION 2.01 Conveyance of Trust Fund.
The Depositor hereby sells, transfers, assigns, delivers, sets over
and otherwise conveys to the Trustee for the benefit of the Holders of the Class
Y and Class Z interests and the Class R-1 Certificateholders, without recourse,
the Depositor's right, title and interest in and to the Trust REMIC I in
exchange for the Class Y and Class Z interests and the Class R-1 Certificates.
The Depositor hereby sells, transfers, assigns, delivers, sets over and
otherwise conveys to the Trustee for the benefit of the Certificateholders
(other than the Class R-1 Certificateholders) without recourse, the Depositor's
right, title and interest in and to the Trust REMIC II in exchange for
Certificates (other than the Class R-1 Certificates).
The Seller hereby sells, transfers, assigns, delivers, sets over and
otherwise conveys to the Trustee, without recourse, any and all right, title and
interest of the Seller, if any, in and to the Trust REMIC I.
In connection with any such transfer and assignment, the Seller does
hereby deliver to, and deposit with, the Trustee or its agents, the following
documents or instruments with respect to each Mortgage Loan so assigned:
(i) the Mortgage Note, endorsed, in blank (which such endorsement
may be pursuant to the use of an allonge in the form attached as Exhibit
L), with all intervening endorsements showing a complete chain of
endorsement from the originator to the last endorser (or an original lost
note affidavit from the Seller stating that the Mortgage Note was lost,
misplaced or destroyed, with respect to such Mortgage Loans identified in
the Trustee's Certification referenced in Section 2.02), and if the
Mortgage Note or Mortgage or any other material document or instrument
relating to the Mortgage Loan has been signed on behalf of the Mortgagor
by another person, the original power of attorney or other instrument that
authorized and empowered such person to sign, or a copy of the original
power of attorney or other instrument;
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(ii) the original Mortgage, as recorded, with evidence of recording
indicated thereon establishing the Seller as mortgagee thereof;
(iii) an original assignment or assignments of Mortgage (other than
an Assignment) showing an unbroken chain of title from the originator to
the Seller with evidence of recording indicated thereon or a duplicate
original of the copy thereof certified by the applicable recording office;
(iv) the original copy of each assumption, modification, written
assurance or substitution agreement, if any, with respect to such Mortgage
Loan, as identified on the Mortgage Loan Schedule; and
(v) an Assignment.
Notwithstanding the foregoing, in the event that in connection with
any Mortgage Loan the Seller cannot deliver an original recorded counterpart of
any of the documents required to be delivered pursuant to clauses (ii) or (iii)
above with evidence of recording thereon concurrently with the execution and
delivery hereof, the Seller shall deliver to the Trustee a duplicate original or
true copy of such document certified by the Seller or the applicable public
recording office to be a true and complete duplicate original or copy of the
original thereof submitted for recording, or a copy of the Mortgage certified by
a title insurance or escrow company or companies, evidencing that such Mortgage
or assignment of Mortgage has been delivered to the appropriate public recording
office for recordation. In the event that the Seller cannot deliver a duplicate
original or true copy certified as stated above of such document required to be
delivered pursuant to clauses (ii) or (iii) above, within 45 days of the
Delivery Date, the Seller shall purchase the related Mortgage Loan at the
Purchase Price therefor or, replace the Mortgage Loan with a Replacement
Mortgage Loan if such substitution occurs within the time periods for
substitution set forth in Section 2.04.
The Seller shall promptly deliver to the Trustee (A) the original
recorded documents referred to in clauses (ii) and (iii) above with evidence of
recording indicated thereon or a photocopy thereof certified by the appropriate
county recorder's office to be a true and complete copy of the original thereof,
upon receipt thereof from the public recording office, and (B) upon discovery of
any defect or omission in the deliveries of any of items (ii) through (iv) above
with respect to any Mortgage Loan, a correct and complete document or instrument
meeting the requirements of such item, but in no event shall any such delivery
be made later than 90 days following the Delivery Date (unless, in the case of
the foregoing clause (A), such document has not been returned from the relevant
recording office at such time, in which case the Servicer shall make such
delivery within 270 days of the Delivery Date; provided, however, that such 270
day period shall be extended to 360 days upon presentation of an officer's
certificate of the Seller to the effect that such document has not yet been
returned from the relevant recording office, and shall be extended for
additional thirty-day periods). In the event the Seller cannot deliver such
original document with evidence of recording indicated thereon within the time
period set forth in the preceding sentence, the Seller shall purchase the
related Mortgage Loan at the Purchase Price therefor or replace the Mortgage
Loan with a Replacement Mortgage Loan if such substitution occurs within the
time periods for substitution set forth in Section 2.04.
From time to time the Seller or the Servicer may forward or cause to
be forwarded to the Trustee for the benefit of the Certificateholders additional
original documents evidencing an assumption or modification of a Mortgage Loan.
The Seller will promptly notify, in writing, the Depositor, the
Servicer and the Trustee of the occurrence of a Downgrade Event.
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Within 60 days following the receipt of the notice of a Downgrade
Event, the Trustee shall (a) complete each endorsement referred to in clause (i)
above and each Assignment referred to in (v) above by inserting "to the Trustee
for the benefit of the Holders of the Washington Mutual Bank, FA Mortgage-Backed
Pass-Through Certificates, Series 1999-WM3" and (b) cause the Servicer to record
(and the Servicer hereby agrees to record), at the expense of the Servicer, in
the appropriate public office for real property records each original assignment
referred to in (v) above with respect to each Mortgaged Property, and the
Trustee shall release any such Assignment to the Servicer for such purpose. The
Servicer shall promptly deliver to the Trustee each original Assignment with
evidence of recording indicated thereon or a photocopy thereof certified by the
appropriate county recorder's office to be a true and complete copy of the
original thereof, upon receipt thereof from the public recording official. If
any Assignment is returned unrecorded to the Servicer because of any defect
therein, the Seller or the Servicer shall cure or correct such defect and cause
such Assignment to be recorded in accordance with this paragraph and if such
defect is not cured within 60 days the Seller shall purchase the Mortgage Loan
at the Purchase Price therefor or replace the Mortgage Loan with a Replacement
Mortgage Loan if such substitution occurs within the time periods for
substitution set forth in Sections 2.04.
SECTION 2.02 Acceptance by Trustee.
The Trustee will hold the documents referred to in Section
2.01(i)-(v) above and the other documents constituting a part of the Trustee
Mortgage Files delivered to it pursuant to Section 2.01 in trust for the use and
benefit of all present and future Certificateholders. Upon execution and
delivery of this Agreement and within 45 days after the execution and delivery
of this Agreement, the Trustee shall ascertain whether all documents required to
be delivered to it pursuant to Section 2.01 hereof are in its possession, and
shall deliver to the Depositor, the Seller and the Servicer a certification
(upon execution and delivery of this Agreement, the "Initial Certification" and
within 45 days thereof, the "Final Certification", respectively) in the forms
set forth as Exhibits F-1 and F-2 hereto to the effect that, as to each Mortgage
Loan listed in the Mortgage Loan Schedule: (a) all documents required to be
delivered to the Trustee pursuant to this Agreement are in its possession, (b)
such documents have been reviewed by it and have not been mutilated, damaged,
defaced, torn or otherwise physically altered, and such documents relate to such
Mortgage Loan and (c) each Mortgage Note has been endorsed and each assignment
of Mortgage has been delivered as provided in Section 2.01 hereof. The Trustee
shall deliver to the Depositor, the Seller and the Servicer a copy of such Final
Certification. If, in the course of such review, the Trustee finds any document
or documents constituting a part of a Mortgage File which do not meet the
requirements of the foregoing clauses (a)-(c), the Trustee shall promptly notify
the Seller, the Servicer and the Depositor in writing, and request that the
Seller correct or cure such defect. The Trustee shall promptly notify the
Depositor, the Seller and the Servicer in writing if any original assignment
referred to in clause (iii) of Section 2.01 or duplicate original or the copy
thereof certified by the Seller or the applicable recording office has not been
received by it prior to March 31, 2000. In the event the Seller shall fail to
cure any document deficiency or defect reflected in the Final Certification
within 60 days of such Final Certification, or such longer period of time as may
be permitted in the fifth paragraph of Section 2.01, it shall not be the
obligation of the Trustee hereunder to cure the same, and the Seller shall
purchase the Mortgage Loan at the Purchase Price therefor or replace the
Mortgage Loan with a Replacement Mortgage Loan if such substitution occurs
within the time periods for substitution set forth in Section 2.04.
The Depositor agrees that at any time and from time to time upon
written request of the Trustee, the Depositor shall promptly and duly execute
and deliver any and all such further documents and assurances, and take such
further actions as the Trustee reasonably may request in order to obtain or more
fully vest the benefits of the assignment intended hereunder (as set forth
hereinabove in Section 2.01 and hereinbelow in Section 2.03) and of the rights
and powers herein granted.
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The Trustee shall retain possession and custody of each Trustee
Mortgage File in accordance with and subject to the terms and conditions set
forth herein.
SECTION 2.03 Representations, Warranties and Covenants of the Servicer and
Seller.
Washington Mutual, as Seller and Servicer, hereby represents and
warrants to, and covenants with, the Depositor and the Trustee that, as of the
date hereof:
(i) Washington Mutual is a federally chartered savings association,
validly existing and in good standing under the laws of the United States
of America and is duly authorized and qualified to transact any and all
business contemplated by this Agreement in any state in which a Mortgaged
Property is located or is otherwise not required under applicable law to
effect such qualification and, in any event, is in compliance with the
doing business laws of any such state, to the extent necessary to ensure
the enforceability of each Mortgage Loan and the servicing of the Mortgage
Loans in accordance with the terms of this Agreement;
(ii) Washington Mutual has the full corporate power and authority to
service each Mortgage Loan, and to execute, deliver and perform, and to
enter into and consummate the transactions contemplated by this Agreement
and has duly authorized by all necessary corporate action on the part of
Washington Mutual the execution, delivery and performance of this
Agreement; and this Agreement, assuming the due authorization, execution
and delivery thereof by the Depositor and the Trustee, constitutes a
legal, valid and binding obligation of Washington Mutual, enforceable
against Washington Mutual in accordance with its terms, except that (A)
the enforceability thereof may be limited to bankruptcy, insolvency,
moratorium, receivership and other similar laws relating to creditors'
rights generally and (B) the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable
defenses and to the discretion of the court before which any proceeding
therefor may be brought;
(iii) the execution and delivery of this Agreement by Washington
Mutual, the servicing of the Mortgage Loans by Washington Mutual
hereunder, the consummation of any other of the transactions herein
contemplated, and the fulfillment of or compliance with the terms hereof
are in the ordinary course of business of Washington Mutual and will not
(A) result in a material breach of any term or provision of the charter or
by-laws of Washington Mutual or (B) materially conflict with, result in a
material breach, violation or acceleration of, or result in a material
default under, the terms of any other material agreement or instrument to
which Washington Mutual is a party or by which it may be bound, or any
statute, order or regulation applicable to Washington Mutual of any court,
regulatory body, administrative agency or governmental body having
jurisdiction over Washington Mutual; and Washington Mutual is not a party
to, bound by, or in breach or violation of any material indenture or other
material agreement or instrument, or subject to or in violation of any
statute, order or regulation of any court, regulatory body, administrative
agency or governmental body having jurisdiction over it, which materially
and adversely affects, (1) the ability of Washington Mutual to perform its
obligations under this Agreement or (2) the business, operations,
financial condition, properties or assets of the Servicer taken as a
whole;
(iv) Washington Mutual is, and will remain, subject to supervision
and examination by any state or federal authority as may be applicable and
will remain in good standing and qualified to do business where so
required by applicable law and is, and will remain an approved servicer of
conventional mortgage loans for Fannie Mae or Freddie Mac;
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(v) no litigation is pending or threatened against Washington Mutual
that would materially and adversely affect the execution, delivery or
enforceability of this Agreement or the ability of Washington Mutual to
service the Mortgage Loans or to perform any of its other obligations
hereunder in accordance with the terms hereof;
(vi) Washington Mutual will at all times comply in the performance
of its obligations under this Agreement with all reasonable rules and
requirements of the insurer under each Required Insurance Policy;
(vii) no written information, certificate of an officer, statement
furnished in writing or written report delivered to the Depositor, any
affiliate of the Depositor or the Trustee and prepared by Washington
Mutual pursuant to this Agreement will contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
information, certificate, statement or report not misleading;
(viii) except for permits and similar authorizations required under
the securities or "blue sky" laws no consent, approval, authorization or
order of any court or governmental agency or body is required for the
execution, delivery and performance by Washington Mutual of, or compliance
by Washington Mutual with, this Agreement or the consummation of the
transactions contemplated hereby, or if any such consent, approval,
authorization or order is required, Washington Mutual has obtained the
same;
(ix) Washington Mutual will service the Mortgage Loans in accordance
with the standards set forth in this Agreement; and
(x) this Agreement and all other documents related hereto to which
Washington Mutual is a party have been approved by the Washington Mutual's
board of directors, which approval is reflected in the minutes of such
board, and shall continuously from the time of each such document's
execution, be maintained as an official record of the Washington Mutual.
SECTION 2.04 Representations, Warranties and Covenants of the Seller with
respect to the Mortgage Loans.
The Seller hereby represents and warrants to, and covenants with,
the Depositor and the Trustee for the benefit of the Certificateholders that, as
to each Mortgage Loan, as of the Cut-off Date or such other date specifically
set forth herein, and with respect to representation (i) listed below, as of the
Delivery Date:
(i) The information set forth in the Mortgage Loan Schedule is
complete, true and correct.
(ii) None of the Mortgage Loans is more than 30 days delinquent; not
more than 0.77% of the Mortgage Loans were 30 days delinquent more than
once in the past twelve months; Washington Mutual has not advanced funds
to, or induced, solicited or knowingly received any advance of funds from
a party other than the owner of the Mortgaged Property subject to the
Mortgage, directly or indirectly, for the payment of any amount required
by the Mortgage Loan.
(iii) There are no delinquent taxes, ground rents, water charges,
sewer rents, assessments, insurance premiums, leasehold payments,
including assessments
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payable in future installments or other outstanding charges affecting the
related Mortgaged Property.
(iv) The terms of the Mortgage Note and the Mortgage have not been
impaired, waived, altered or modified in any respect, except by written
instruments which have been recorded, if necessary to protect the
interests of the Trustee, and which are included in the Trustee Mortgage
File, the substance of which waiver, alteration or modification has been
approved by the primary mortgage guaranty insurer, if any, and by the
title insurer, to the extent required by the related policy and is
reflected on the Mortgage Loan Schedule. No instrument of waiver,
alteration or modification has been executed, and no Mortgagor has been
released, in whole or in part, except in connection with an assumption
agreement approved by the primary mortgage insurer, if any, and title
insurer, to the extent required by the policy, and which assumption
agreement is part of the Mortgage File.
(v) The Mortgage Note and the Mortgage are not subject to any right
of rescission, set-off, counterclaim or defense, including the defense of
usury, nor will the operation of any of the terms of the Mortgage Note and
Mortgage, or the exercise of any right thereunder, render the Mortgage
unenforceable, in whole or in part, or subject to any right of rescission,
set-off, counterclaim or defense, including the defense of usury and no
such right of rescission, set-off, counterclaim or defense has been
asserted with respect thereto.
(vi) All buildings upon the Mortgaged Property are insured by a
generally acceptable insurer against loss by fire, hazards of extended
coverage and such other hazards as are customary in the area where the
Mortgaged Property is located. All such insurance policies contain a
standard mortgagee clause naming the Servicer, its successors and assigns
as mortgagee and all premiums thereon have been paid. If upon origination
of the Mortgage Loan, the Mortgaged Property was in an area identified in
the Federal Register by the Federal Emergency Management Agency as having
special flood hazards (and such flood insurance has been made available) a
flood insurance policy meeting the requirements of the current guidelines
of the Federal Insurance Administration is in effect which policy conforms
to the requirements of Fannie Mae or Freddie Mac. The Mortgage obligates
the Mortgagor thereunder to maintain all such insurance at Mortgagor's
cost and expense, and on the Mortgagor's failure to do so, authorizes the
holder of the Mortgage to maintain such insurance at Mortgagor's cost and
expense and to seek reimbursement therefor from the Mortgagor.
(vii) Any and all requirements of any federal, state or local law
including, without limitation, environmental, usury, truth in lending,
real estate settlement procedures, consumer credit protection, equal
credit opportunity or disclosure laws applicable to the Mortgage Loan and
the related Mortgaged Property have been complied with.
(viii) The Mortgage has not been satisfied, canceled or
subordinated, or rescinded, in whole or in part, and the Mortgaged
Property has not been released from the lien of the Mortgage, in whole or
in part, nor has any instrument been executed that would effect any such
release, cancellation, subordination or rescission.
(ix) The Mortgage is a valid, existing and enforceable first lien on
the Mortgaged Property, including all improvements on the Mortgaged
Property subject only to (A) the lien of current real property taxes and
assessments not yet due and payable, (B) covenants, conditions and
restrictions, rights of way, easements and other matters of the public
record as of the date of recording being acceptable to mortgage lending
institutions generally and specifically referred to in lender's title
insurance policy delivered to the originator
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of the Mortgage Loan and which do not adversely affect the Appraised Value
of the Mortgaged Property, and (C) other matters to which like properties
are commonly subject which do not materially interfere with the benefits
of the security intended to be provided by the Mortgage or the use,
enjoyment, value or marketability of the related Mortgaged Property. Any
security agreement, chattel mortgage or equivalent document related to and
delivered in connection with the Mortgage establishes and creates a valid,
existing and enforceable first lien and first priority security interest
on the property described therein and the Seller has full right to sell
and assign the same to the Depositor. The Mortgaged Property was not, as
of the date of origination of the Mortgage Loan, subject to a mortgage,
deed of trust, deed to secure debt or other security instrument creating a
lien subordinate to the lien of the Mortgage.
(x) The Mortgage Note and the related Mortgage are genuine and each
is the legal, valid and binding obligation of the maker thereof,
enforceable in accordance with its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency, or reorganization.
(xi) All parties to the Mortgage Note and the Mortgage had legal
capacity to enter into the Mortgage Loan and to execute and deliver the
Mortgage Note and the Mortgage, and the Mortgage Note and the Mortgage
have been duly and properly executed by such parties.
(xii) The proceeds of the Mortgage Loan have been fully disbursed
and there is no requirement for future advances thereunder and any and all
requirements as to completion of any on-site or off-site improvement and
as to disbursements of any escrow funds therefor have been complied with.
All costs, fees and expenses incurred in making or closing the Mortgage
Loan and the recording of the Mortgage were paid, and the Mortgagor is not
entitled to any refund of any amounts paid or due under the Mortgage Note
or Mortgage.
(xiii) As of the Delivery Date, the Mortgage Note and the Mortgage
are not assigned or pledged, and immediately prior to the sale of the
Mortgage Loan to the Depositor the Seller was the sole owner of record and
holder thereof and with full right to transfer and sell the Mortgage Loan
to the Depositor free and clear of any encumbrance, equity, lien, pledge,
charge, claim or security interest and with full right and authority
subject to no interest or participation of, or agreement with, any other
party, to sell and assign each Mortgage Loan pursuant to the Mortgage Loan
Purchase Agreement.
(xiv) All parties which have had any interest in the Mortgage,
whether as mortgagee, assignee, pledgee or otherwise, are (or, during the
period in which they held and disposed of such interest, were) (A) in
compliance with any and all applicable licensing requirements of the laws
of the state wherein the Mortgaged Property is located, and (B) either (i)
organized under the laws of such state, or (ii) qualified to do business
in such state, or (iii) federal savings and loan associations or national
banks having principal offices in such state, or (iv) not doing business
in such state.
(xv) The Mortgage Loan is covered by an ALTA lender's title
insurance policy acceptable to Fannie Mae or Freddie Mac, issued by a
title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do
business in the jurisdiction where the Mortgaged Property is located,
insuring (subject to the exceptions contained in (ix)(A) through (C)
above) the Seller, its successors and assigns as to the first priority
lien of the Mortgage in the original principal amount of the Mortgage
Loan. The original title policy (or a copy thereof sufficient to entitle
the insured to make a claim thereunder) and all riders thereto are in the
Mortgage File.
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Additionally, such lender's title insurance policy affirmatively insures
ingress and egress, and against encroachments by or upon the Mortgaged
Property or any interest therein. The Seller is the sole insured of such
lender's title insurance policy, and such lender's title insurance policy
is in full force and effect and will be in full force and effect upon the
consummation of the transactions contemplated by this Agreement. No claims
have been made under such lender's title insurance policy, and no prior
holder of the related Mortgage, including the Seller, has done, by act or
omission, anything which would impair the coverage of such lender's title
insurance policy.
(xvi) There is no default, breach, violation or event of
acceleration existing under the Mortgage or the Mortgage Note and no event
which, with the passage of time or with notice and the expiration of any
grace or cure period, would constitute a default, breach, violation or
event of acceleration, and the Seller has not waived any default, breach,
violation or event of acceleration.
(xvii) There are no mechanics' or similar liens or claims which have
been filed for work, labor or material (and no rights are outstanding that
under law could give rise to such lien) affecting the related Mortgaged
Property which are or may be liens prior to, or equal or on parity with,
the lien of the related Mortgage.
(xviii) All improvements which were considered in determining the
Appraised Value of the related Mortgaged Property lay wholly within the
boundaries and building restriction lines of the Mortgaged Property, and
no improvements on adjoining properties encroach upon the Mortgaged
Property.
(xix) The Mortgage Loan was originated by the Seller or a subsidiary
of the Seller or was purchased by the Seller from a third party, each of
which was, at the time of origination, (A) a Fannie Mae-approved or
Freddie Mac-approved seller/servicer and (B) a HUD-approved mortgage
banker, or a savings and loan association, a savings bank, a commercial
bank or similar banking institution which is supervised and examined by a
federal or state authority. Principal payments on the Mortgage Loan
commenced no more than sixty days after funds were disbursed in connection
with the Mortgage Loan. The Mortgage Note is payable on the first day of
each month in monthly installments of principal and interest, with
interest in arrears, and requires Monthly Payments sufficient to amortize
the original principal balance of the Mortgage Loan over a term of not
more than 30 years. Each Mortgage Note has a Mortgage Rate that is fixed.
No Mortgage Loan has a provision which will require negative amortization.
No Mortgage Loan requires a balloon payment at the end of its term.
(xx) The origination practices used by the Seller and the collection
practices used by the Servicer with respect to each Mortgage Note and
Mortgage have been in all respects legal, proper, prudent and customary in
the mortgage origination and servicing business. With respect to escrow
deposits and escrow payments, if any, all such payments are in the
possession of, or under the control of, the Servicer and there exist no
deficiencies in connection therewith for which customary arrangements for
repayment thereof have not been made. No escrow deposits or escrow
payments or other charges or payments due the Seller have been capitalized
under any Mortgage or the related Mortgage Note.
(xxi) The Mortgaged Property is free of damage and waste and there
is no proceeding pending for the total or partial condemnation thereof.
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(xxii) The Mortgage contains customary and enforceable provisions
such as to render the rights and remedies of the holder thereof adequate
for the realization against the Mortgaged Property of the benefits of the
security provided thereby, including, (A) in the case of a Mortgage
designated as a deed of trust, by trustee's sale, and (B) otherwise by
judicial foreclosure. There is no other exemption available to the
Mortgagor which would interfere with the right to sell the Mortgaged
Property at a trustee's sale or the right to foreclose the Mortgage. The
Mortgagor has not notified the Servicer and the Servicer has no knowledge
of any relief requested or allowed to the Mortgagor under the Relief Act.
(xxiii) The Mortgage Loan was underwritten generally in accordance
with the Seller's underwriting standards in effect at the time the
Mortgage Loan was originated.
(xxiv) The Mortgage Note is not secured by any collateral except the
lien of the corresponding Mortgage and the security interest of any
applicable security agreement or chattel mortgage referred to in (ix)
above.
(xxv) The Mortgage File contains an appraisal of the related
Mortgaged Property signed prior to the approval of the Mortgage Loan
application by a qualified appraiser, duly appointed by the originator of
the Mortgage Loan, who had no interest, direct or indirect in the
Mortgaged Property or in any loan made on the security thereof, and whose
compensation is not affected by the approval or disapproval of the
Mortgage Loan.
(xxvi) In the event the Mortgage constitutes a deed of trust, a
trustee, duly qualified under applicable law to serve as such, has been
properly designated and currently so serves and is named in the Mortgage,
and no fees or expenses are or will become payable by the Depositor to the
trustee under the deed of trust, except, in connection with a trustee's
sale after default by the Mortgagor.
(xxvii) No Mortgage Loan contains provisions pursuant to which
Monthly Payments are (A) paid or partially paid with funds deposited in
any separate account established by the Seller, the Mortgagor, or anyone
on behalf of the Mortgagor, (B) paid by any source other than the
Mortgagor or (C) contains any other similar provisions which may
constitute a "buydown" provision. No Mortgage Loan was a graduated payment
mortgage loan as of the date of its origination. No Mortgage Loan has a
shared appreciation or other contingent interest feature.
(xxviii) The Seller has no knowledge of any circumstances or
condition existing on the Cut-off Date with respect to the Mortgage, the
Mortgaged Property, the Mortgagor or the Mortgagor's credit standing that
can reasonably be expected to cause the Mortgage Loan to be an
unacceptable investment, cause the Mortgage Loan to become delinquent, or
adversely affect the value of the Mortgage Loan.
(xxix) Each such Mortgage Loan with a Loan-to-Value Ratio at
origination in excess of 80% is and will be subject either to (x) a
Primary Mortgage Insurance Policy, issued by a Fannie Mae or Freddie Mac
approved insurer, which provided private mortgage insurance in an amount
meeting Fannie Mae and Freddie Mac requirements or (y) a higher interest
rate in lieu of obtaining private mortgage insurance. All provisions of
such Primary Mortgage Insurance Policy have been and are being complied
with, such policy is in full force and effect, and all premiums due
thereunder have been paid. Any Mortgage subject to any such Primary
Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain
such insurance and to pay all premiums and charges in connection
therewith.
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(xxx) The Mortgaged Property is lawfully occupied under applicable
law. All inspections, licenses and certificates required to be made or
issued with respect to all occupied portions of the related Mortgaged
Property and, with respect to the use and occupancy of the same, including
but not limited to certificates of occupancy, had been made or obtained
from the appropriate authorities.
(xxxi) No action has been taken or failed to be taken, no event has
occurred and no state of facts exists or has existed on or prior to the
Cut-off Date (whether or not known to the Seller on or prior to such date)
which has resulted or will result in an exclusion from, denial of, or
defense coverage under any private mortgage insurance (including, without
limitation, any exclusions, denials or defenses which would limit or
reduce the availability of the timely payment of the full amount of the
loss otherwise due thereunder to the insured) whether arising out of
actions, representations, errors, omissions, negligence, or fraud of the
Seller, the related Mortgagor or any party involved in the application for
such coverage, including the appraisal, plans and specifications and other
exhibits or documents submitted therewith to the insurer under such
insurance policy, or for any other reason under such coverage, but not
including the failure of such insurer to pay by reason of such insurer's
breach of such insurance policy or such insurer's financial inability to
pay.
(xxxii) The Assignment is in recordable form and is acceptable for
recording under the laws of the jurisdiction in which the Mortgaged
Property is located.
(xxxiii) Any advances made to the Mortgagor prior to the Cut-off
Date have been consolidated with the outstanding principal amount secured
by the Mortgage, and the secured principal amount, as consolidated, bears
a single interest rate and single repayment term. The lien of the Mortgage
securing the consolidated principal amount is expressly insured as having
first lien priority by a title insurance policy, an endorsement to the
policy insuring the mortgagee's consolidated interest or by other title
evidence acceptable to Fannie Mae or Freddie Mac. The consolidated
principal amount does not exceed the original principal amount of the
Mortgage Loan.
(xxxiv) If the Mortgaged Property is a condominium unit or a planned
unit development (other than a de minimis planned unit development) such
condominium or planned unit development project meets Fannie Mae or
Freddie Mac eligibility requirements.
(xxxv) Each Mortgage is a "qualified mortgage" for purposes of the
REMIC Provisions.
(xxxvi) No fraud was committed by the originator of the Mortgage
Loan and the Seller is not aware of any fact that would reasonably lead
the Seller to believe that any Mortgagor had committed fraud in connection
with the origination of such Mortgage Loan.
Upon the discovery by the Depositor, the Seller, the Servicer or the
Trustee (or upon notice thereof in writing from a Certificateholder) of a breach
or breaches of any of the representations and warranties of the Seller made in
this Section 2.04 in respect of any Mortgage Loan, or any breach of a
representation or warranty of the Seller or Servicer set forth in Section 2.03
or any breach of representation or warranty of the Seller in Section 2 of the
Mortgage Loan Purchase Agreement, which breach or breaches, individually or in
the aggregate, materially and adversely affect the interests of the
Certificateholders, the party discovering such breach shall give prompt written
notice to the other parties. The Trustee shall promptly notify the Seller and
Servicer of such breach and request that the Seller or Servicer, as the case may
be, cure such breach within 60 days (or if such breach is not capable of being
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cured within 60 days and provided the Seller or the Servicer, as the case may be
is diligently pursuing the cure thereof, within 120 days) from the date of such
notice, and if the Seller or Servicer does not cure such breach in all material
respects, the Seller or Servicer, as the case may be, shall either (i)
substitute a Replacement Mortgage Loan or Loans for the related Mortgage Loan,
which substitution must be made as specified in this Section or (ii) purchase
such Mortgage Loan held for the benefit of the Certificateholders from the
Trustee at the Purchase Price therefor.
The Seller or Servicer shall not have any right to substitute a
Replacement Mortgage Loan or Loans for the affected Mortgage Loan more than
three months after the Delivery Date (or more than two years after the Delivery
Date if the related Mortgage Loan is a "defective obligation" within the meaning
of Section 860G(a)(4)(B)(ii) of the Code), and any substitution must be
accompanied by an Officers' Certificate delivered to the Trustee, certifying
that such Replacement Mortgage Loan conforms to the requirements of this
Agreement, and by an Opinion of Counsel to the effect that such substitution
will not cause either Trust REMIC to fail to qualify as a REMIC and will not
result in a prohibited transaction tax, which Opinion of Counsel shall be paid
for by the Seller or Servicer, as the case may be. Notwithstanding the
foregoing, if any such breach would cause a Mortgage Loan to be other than a
"qualified mortgage loan" as described in Section 860G(a)(3) of the Code, any
substitution or purchase shall occur within 90 days of the discovery of the
breach.
As to any Replacement Mortgage Loan or Loans, the Seller or Servicer
shall deliver to the Trustee or its agent for such Replacement Mortgage Loan or
Loans, the Mortgage Note, the Mortgage, and such other documents and agreements
as are required by Section 2.01, with the Mortgage Note (i) endorsed in blank if
no Downgrade Event has occurred or (ii) if a Downgrade Event has occurred,
endorsed to the Trustee for the benefit of the Holders of the Washington Mutual
Bank, FA Mortgage-Backed Certificates, Series 1999-WM3 (which endorsement, in
either case, may be in the form of an allonge). As to any Replacement Mortgage
Loan or Loans, the Seller or Servicer shall deliver to the Trustee the related
Assignment (i) in blank in recordable form or (ii) if a Downgrade Event has
occurred, assigned to the Trustee for the benefit of the Holders of the
Washington Mutual Bank, FA Mortgage-Backed Certificates, Series 1999-WM3. No
substitution will be made in any calendar month after the Determination Date for
such month. Monthly Payments due with respect to Replacement Mortgage Loans in
the month of substitution shall not be part of the Trust Fund and will be
remitted by the Servicer to the Seller on the next succeeding Distribution Date.
For the month of substitution, distributions to Certificateholders will include
the Monthly Payment due on such Deleted Mortgage Loan for such month and
thereafter the Seller or Servicer, as the case may be, shall be entitled to
retain all amounts received in respect of such Deleted Mortgage Loan.
Upon such substitution, the Servicer shall amend or cause to be
amended the Mortgage Loan Schedule to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Replacement Mortgage Loan or Loans and
shall deliver such amended Mortgage Loan Schedule to the Depositor, the Seller
and the Trustee. Upon such substitution, the Replacement Mortgage Loan or Loans
shall be subject to the terms of this Agreement in all respects and the Seller
shall be deemed to have made, as of the date of substitution, with respect to
the Replacement Mortgage Loan or Loans, the representations and warranties
pertaining to the Mortgage Loans contained in Section 2.04 hereof. Upon receipt
of the Trustee Mortgage File pertaining to any Replacement Mortgage Loans, the
Trustee shall release, or cause to be released, the Trustee Mortgage File held
for the benefit of the Certificateholders relating to such Deleted Mortgage Loan
to the Seller or Servicer as applicable and shall execute and deliver such
instruments of transfer or assignment, in each case without recourse, as shall
be necessary to vest title (to the extent that such title was transferred to the
Trustee) in the Seller or Servicer as applicable, or its designee, to any
Deleted Mortgage Loan substituted for pursuant to this Section 2.04.
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In any month in which the Seller or Servicer substitutes one or more
Replacement Mortgage Loans for one or more Deleted Mortgage Loans, the Servicer
will determine the amount (if any) by which the aggregate Principal Balance of
all such Replacement Mortgage Loans as of the date of substitution is less than
the aggregate Principal Balance of all such Deleted Mortgage Loans (in each case
after application of scheduled principal portion of the monthly payments
received in the month of substitution). The amount of such shortage shall be
deposited into the Custodial Account by the Seller or Servicer in the month of
substitution pursuant to Section 3.07, without any reimbursement thereof. The
Servicer shall give notice in writing to the Trustee of such event, which notice
shall be accompanied by a Certificate of a Servicing Officer as to the
calculation of such shortage.
In the event that the Seller or Servicer shall have repurchased a
Mortgage Loan, upon receipt by the Trustee of written notification of the
deposit of the Purchase Price, the Trustee shall release, or cause to be
released, the related Trustee Mortgage File held for the benefit of the
Certificateholders to the Seller or Servicer as applicable and the Trustee shall
execute and deliver the related instruments of transfer or assignment, in each
case without recourse, as shall be necessary to transfer title (to the extent
that such title was transferred to the Trustee) from the Trustee for the benefit
of the Certificateholders and vest title in the Seller or Servicer, or the
designee thereof, as the case may be, to any Mortgage Loan purchased pursuant to
this Section 2.04. It is understood and agreed that the obligation under this
Agreement of any Person to repurchase or substitute any Mortgage Loan as to
which such breach has occurred and is continuing shall constitute the sole and
exclusive remedy respecting such breach available to Certificateholders or the
Trustee on their behalf.
SECTION 2.05 Issuance of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans
together with the assignment to it of all other assets included in the Trust
Fund, receipt of which is hereby acknowledged. Concurrently with such assignment
and delivery, the Trustee, pursuant to the written request of the Depositor
executed by an officer of the Depositor, has executed (i) the Class A, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2 Class B-3 and Class R-2
Certificates and caused them to be authenticated and delivered to or upon the
order of the Depositor in authorized denominations which evidence ownership of
the Trust Fund II and (ii) the R-1 Certificates and caused them to be
authenticated and delivered to or upon the order of the Depositor in authorized
denominations which evidence ownership of the Trust Fund I. The rights of the
Holders of such Certificates to receive distributions from the Trust REMIC II
and all ownership interests of the Holders of the Class A, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2 Class B-3 and Class R-2 Certificates in such
distributions (along with the rights of the Holders of the Class Y and Class Z
interests and the Class R-1 Certificates to receive distributions from the Trust
REMIC I and all ownership interests of such Holders) shall be as set forth in
this Agreement.
SECTION 2.06 REMIC Provisions.
(a) The Depositor hereby elects and authorizes the Trustee to treat
each Trust REMIC as a real estate mortgage investment conduit under the Code
and, if necessary, under applicable state law. The Trustee shall make such
election on Form 1066 or other appropriate federal tax or information return
(including Form 8811) or any appropriate state return (x) for the taxable year
ending on the last day of the calendar year in which the Certificates are issued
and (y) by an attachment making such election and stating that such election is
being made as a protective matter, for the taxable year ending on the last day
of the calendar year in which all or a portion of the Certificates are first
sold by Washington Mutual to any party other than an affiliate. The Delivery
Date is hereby designated as the "startup day" (the "Startup Day") of each Trust
REMIC within the meaning of Section 860G(a)(9) of the Code for purposes of the
election made under clause (x) of the preceding sentence and the date of the
first
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sale of Certificates by Washington Mutual to any party other than an affiliate
is hereby designated as the "startup day" for purposes of the protective
election to be made pursuant to clause (y) of the preceding sentence. The
"regular interests" (within the meaning of Section 860G of the Code) in the
Trust REMIC I shall consist of the Class Y and Class Z interests and the
"residual interest" in the Trust REMIC I shall consist of the Class R-1
Certificates. The "regular interests" (within the meaning of Section 860G of the
Code) in the Trust REMIC II shall consist of the Class A, Class M and Class B
Certificates and the "residual interest" in the Trust REMIC II shall consist of
the Class R-2 Certificates. The Depositor and the Trustee shall not permit the
creation of any "interests" (within the meaning of Section 860G of the Code) in
the Trust REMIC I other than the Class Y and Class Z interests and the Class R-1
Certificates. The Depositor and the Trustee shall not permit the creation of any
"interests" (within the meaning of Section 860G of the Code) in the Trust REMIC
II other than the Class A, Class M, Class B and Class R-2 Certificates.
(b) The Seller, on behalf of the Holders of the Class R-1
Certificates, shall act as agent for the Class R-1 Certificateholder as the "tax
matters person" (within the meaning of the REMIC Provisions) for the Trust REMIC
I in the manner provided under Treasury regulations section 1.860F-4(d) and
temporary Treasury regulations section 301.6231(a)(7)-1T. The Seller, on behalf
of the Holders of the Class R-2 Certificates, shall act as agent for the Class
R-2 Certificateholder as the "tax matters person" (within the meaning of the
REMIC Provisions) for the Trust REMIC II in the manner provided under Treasury
regulations section 1.860F-4(d) and temporary Treasury regulations section
301.6231(a)(7)-1T. By its acceptance of a Class R Certificate, each Holder
thereof shall have agreed to such appointment and shall have consented to the
appointment of the Trustee as its agent to act on behalf of the applicable Trust
REMIC pursuant to the specific duties outlined herein.
(c) A Holder of either Class of the Class R Certificates, by the
purchase of such Certificates, shall be deemed to have agreed to timely pay,
upon demand by the Trustee, the amount of any minimum California state franchise
taxes due with respect to the Trust REMICs under Sections 23151(a) and 23153(a)
of the California Revenue and Taxation Code. Notwithstanding the foregoing, the
Trustee shall be authorized to retain the amount of such tax from amounts
otherwise distributable to such Holder in the event such Holder does not
promptly pay such amount upon demand by the Trustee. In the event that any other
federal, state or local tax is imposed, including without limitation taxes
imposed on a "prohibited transaction" of a REMIC as defined in Section 860F of
the Code, such tax shall be charged against amounts otherwise available for
distribution to the applicable Holder of a Class R-1 and Class R-2 Certificate
and then against amounts otherwise available for distribution to the Holders of
Regular Certificates in accordance with the provisions set forth in Sections
4.02 and 4.03, respectively. The Trustee shall promptly deposit in the
Certificate Account any amount of "prohibited transaction" tax that results from
a breach of the Trustee's duties under this Agreement. The Servicer shall
promptly deposit in the Certificate Account any amount of "prohibited
transaction" tax that results from a breach of the Servicer's duties under this
Agreement.
(d) The Trustee shall act as attorney-in-fact and as agent on behalf
of the tax matters person of each Trust REMIC and in such capacity the Trustee
shall: (i) prepare, sign and file, or cause to be prepared, signed and filed,
federal and state tax returns using a calendar year as the taxable year for each
Trust REMIC when and as required by the REMIC Provisions and other applicable
federal income tax laws as the direct representative of each Trust REMIC in
compliance with the Code and shall provide copies of such returns as required by
the Code; (ii) make an election, on behalf of each Trust REMIC, to be treated as
a REMIC on the federal tax return of each Trust REMIC for its first taxable
year, in accordance with the REMIC Provisions; and (iii) prepare and forward, or
cause to be prepared and forwarded, to the Certificateholders and to any
governmental taxing authority all information reports as and when required to be
provided to them in accordance with the REMIC Provisions and the Code. The
expenses of preparing and filing such returns shall be borne by the Trustee. The
Depositor and Servicer
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shall provide on a prompt and timely basis to the Trustee or its designee such
information with respect to each Trust REMIC as is in their possession and
reasonably required or requested by the Trustee to enable it to perform its
obligations under this subsection.
In its capacity as attorney-in-fact and as agent on behalf of the
tax matters person, the Trustee shall also: (A) act on behalf of each Trust
REMIC in relation to any tax matter or controversy involving the Trust Fund, (B)
represent the Trust Funds in any administrative or judicial proceeding relating
to an examination or audit by any governmental taxing authority with respect
thereto and (C) cause to be paid solely from the sources provided herein the
amount of any taxes imposed on each Trust REMIC when and as the same shall be
due and payable (but such obligation shall not prevent the Trustee or any other
appropriate Person from contesting any such tax in appropriate proceedings and
shall not prevent the Trustee from withholding payment of such tax, if permitted
by law, pending the outcome of such proceedings). The expense of any such
representation shall be borne by the Holders of the Class R Certificates unless
such expense is caused by a breach of the Trustee's duties or the Servicer's
duties hereunder, in which case such expenses shall be borne by the Trustee or
the Servicer, as the case may be.
(e) The Trustee shall provide (i) to any transferor of a Class R
Certificate such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
permitted transferee, (ii) to the Certificateholders such information or reports
as are required by the Code or the REMIC Provisions including reports relating
to interest, original issue discount and market discount or premium and (iii) to
the Internal Revenue Service the name, title, address and telephone number of
the person who will serve as the representative of each Trust REMIC.
(f) The Trustee, the Depositor and the Holder of the Class R
Certificates shall take any action or cause the Trust Fund to take any action
necessary to create or maintain the status of the Trust REMICs as REMICs under
the REMIC Provisions and shall assist each other as necessary to create or
maintain such status. Neither the Trustee nor the Holder of the Class R
Certificates shall take any action, cause the Trust Fund to take any action or
fail to take (or fail to cause the Trust Fund to take) any action that, under
the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger the status of the Trust REMICs as REMICs or (ii) result in the
imposition of a tax upon the Trust REMICs (including, but not limited to, the
tax on prohibited transactions as defined in Code Section 860F(a)(2) and the tax
on prohibited contributions set forth in Section 860G(d) of the Code) (either
such event, an "Adverse REMIC Event") unless the Trustee has received an Opinion
of Counsel (at the expense of the party seeking to take such action) to the
effect that the contemplated action will not endanger such status or result in
the imposition of such a tax.
The Trustee shall not take or fail to take any action (whether or
not authorized hereunder) as to which the Servicer or Depositor has advised it
in writing that it has received an Opinion of Counsel to the effect that an
Adverse REMIC Event could occur with respect to such action. In addition, prior
to taking any action with respect to either Trust REMIC or its respective
assets, or causing either Trust REMIC to take any action, which is not expressly
permitted under the terms of this Agreement, the Trustee will consult with the
Servicer and Depositor or their designees, in writing, with respect to whether
such action could cause an Adverse REMIC Event to occur with respect to either
Trust REMIC, and the Trustee shall not take any such action or cause either
Trust REMIC to take any such action as to which the Servicer or Depositor has
advised it in writing that an Adverse REMIC Event could occur.
In addition, prior to taking any action with respect to either Trust
REMIC or the assets therein, or causing either Trust REMIC to take any action,
which is not expressly permitted under the terms of this Agreement, the Holders
of the Class R Certificates will consult with the Trustee or its designee, in
writing, with respect to whether such action could cause an Adverse REMIC Event
to occur
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with respect to either Trust REMIC, and no such Person shall take any action or
cause the Trust Fund to take any such action as to which the Trustee has advised
it in writing that an Adverse REMIC Event could occur. The Trustee may consult
with counsel to make such written advice, and the cost of same shall be borne by
the party seeking to take action not permitted by this Agreement.
At all times as may be required by the Code, the Servicer will to
the extent within its control and the scope of its duties more specifically set
forth herein, maintain substantially all of the assets of each Trust REMIC as
"qualified mortgages" as defined in Section 860G(a)(3) of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited
transactions" of either Trust REMIC, as defined in Section 860F(a)(2) of the
Code, on "net income from foreclosure property" of either Trust REMIC, as
defined in Section 860G(c) of the Code, on any contributions to either Trust
REMIC after the Startup Day therefor pursuant to Section 860G(d) of the Code, or
any other tax is imposed by the Code or any applicable provisions of state or
local tax laws, such tax shall be charged (i) to the Servicer, if such tax
arises out of or results from a breach by the Servicer of any of its obligations
under this Agreement or if the Servicer has in its sole discretion determined to
indemnify the Trust Fund against such tax, (ii) to the Trustee, if such tax
arises out of or results from a breach by the Trustee of any of its obligations
under this Article II, or (iii) otherwise against amounts on deposit in the
Custodial Account as provided by Section 3.09 and on the Distribution Date(s)
following such reimbursement the aggregate of such taxes shall be allocated in
reduction of the Interest Distribution Amount on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.
(h) The Trustee and the Servicer shall, for federal income tax
purposes, maintain books and records with respect to each Trust REMIC on a
calendar year and on an accrual basis or as otherwise may be required by the
REMIC Provisions.
(i) Following the Startup Day, neither the Servicer nor the Trustee
shall accept any contributions of assets to either Trust REMIC (other than a
Replacement Mortgage Loan subject to the terms and conditions herein) unless the
Servicer and the Trustee shall have received an Opinion of Counsel (at the
expense of the party seeking to make such contribution) to the effect that the
inclusion of such assets in the Trust REMICs will not cause either Trust REMIC
to fail to qualify as a REMIC at any time that any Certificates are outstanding,
or subject either Trust REMIC to any tax under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.
(j) Neither the Servicer nor the Trustee shall enter into any
arrangement by which either Trust REMIC will receive a fee or other compensation
for services nor permit either Trust REMIC to receive any income from assets
other than "qualified mortgages" as defined in Section 860G(a)(3) of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.
(k) Within 30 days after the Delivery Date, the Trustee shall
prepare and file with the Internal Revenue Service Form 8811, "Information
Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of
Collateralized Debt Obligations" for each Trust REMIC.
(l) Neither the Trustee nor the Servicer shall sell, dispose of or
substitute for any of the Mortgage Loans (except in connection with (i) the
default, imminent default or foreclosure of a Mortgage Loan, including but not
limited to, the acquisition or sale of a Mortgaged Property acquired by deed in
lieu of foreclosure, (ii) the bankruptcy of the Trust REMICs, (iii) the
termination of the Trust REMICs pursuant to Article X of this Agreement or (iv)
a purchase of Mortgage Loans pursuant to Article II or III of this Agreement)
nor acquire any assets for the Trust REMICs, nor sell or dispose of any
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investments in the Custodial Account or the Certificate Account for gain nor
accept any contributions to the Trust REMICs after the Closing Date (a) unless
it has received an Opinion of Counsel that such sale, disposition, substitution
or acquisition will not affect adversely the status of each Trust REMIC as a
REMIC or (b) unless the Servicer has determined in its sole discretion to
indemnify the Trust Fund against such tax.
(m) In order to enable the Trustee to perform its duties as set
forth herein, the Depositor shall provide, or cause to be provided to the
Trustee, within ten days after the Delivery Date, all information or data that
the Trustee determines to be relevant for tax purposes to the valuations and
offering prices of the Certificates, including, without limitation, the price,
yield, prepayment assumption and projected cash flows of the Certificates and
the Mortgage Loans and the Trustee shall be entitled to rely upon any and all
such information and data in the performance of its duties set forth herein.
Thereafter, the Servicer shall provide, promptly upon request therefor, any such
additional information or data that the Trustee may from time to time reasonably
request in order to enable the Trustee to perform its duties as set forth herein
and the Trustee shall be entitled to rely upon any and all such information and
data in the performance of its duties set forth herein. The Depositor shall
indemnify the Trustee and hold it harmless for any loss, liability, damage,
claim or expense of the Trustee arising from any failure of the Depositor to
provide, or to cause to be provided, accurate information or data to the Trustee
on a timely basis. The Servicer shall indemnify the Trustee and hold it harmless
for any loss, liability, damage, claim or expense of the Trustee arising from
any failure of the Servicer to provide, or to cause to be provided, accurate
information or data to the Trustee on a timely basis. The indemnification
provisions hereunder shall survive the termination of this Agreement and shall
extend to any co-trustee appointed pursuant to this Agreement.
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
SECTION 3.01 Servicing Standard.
For and on behalf of the Trustee and the Certificateholders, the
Servicer shall service and administer the Mortgage Loans in accordance with
prudent mortgage loan servicing standards and procedures generally accepted in
the mortgage banking industry and generally in a manner consistent with Fannie
Mae guidelines except as otherwise expressly provided in this Agreement. In
connection with such servicing and administration, the Servicer shall have full
power and authority, acting alone and/or through any Sub-Servicer as provided in
Section 3.02 hereof, to do or cause to be done any and all things that it may
deem necessary or desirable in connection with such servicing and
administration, including but not limited to, the power and authority, subject
to the terms hereof (a) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents (including, without limitation, estoppel
certificates), (b) to consent to transfers of any Mortgaged Property and
assumptions of the Mortgage Notes and related Mortgages (but only in the manner
provided in this Agreement), (c) to collect any Insurance Proceeds and
Liquidation Proceeds, (d) to consent to any subordinate financings to be secured
by any Mortgaged Property to the extent that such consent is required pursuant
to the terms of the related Mortgage, (e) to consent to the application of any
proceeds of insurance policies or condemnation awards to the restoration of the
applicable Mortgaged Property or otherwise, and (f) subject to the provisions of
Section 3.07 and 3.13, to effectuate foreclosure or other conversion of the
ownership of the Mortgage Property securing any Mortgage Loan; provided,
however, that the Servicer shall take no action that is materially inconsistent
with or materially prejudices the interest of the Trustee or the
Certificateholders in any Mortgage Loan or the rights and interest of the
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Depositor, the Trustee and the Certificateholders under the terms of this
Agreement unless such action is specifically called for by the terms hereof.
Without limiting the generality of the foregoing, but subject to the
terms hereof, the Servicer, in its own name or in the name of the Trustee, is
hereby authorized and empowered by the Depositor and the Trustee, when the
Servicer believes it appropriate in its best judgment, to execute and deliver,
on behalf of the Trustee, the Certificateholders or any of them, any and all
instruments of modification, satisfaction, cancellation or assignment, or of
partial or full release or discharge and all other comparable instruments, with
respect to the Mortgage Loans, and with respect to the Mortgaged Properties held
for the benefit of the Certificateholders. The Servicer shall promptly notify
the Trustee of any such execution and delivery. The Trustee for the benefit of
the Certificateholders shall furnish the Servicer with any powers of attorney
and other documents necessary or appropriate to enable the Servicer to service
and administer the Mortgage Loans.
Notwithstanding anything in this Agreement to the contrary, the
Servicer shall not (unless the Mortgagor is in default with respect to the
Mortgage Loan or such default is, in the judgment of the Servicer, imminent)
permit any modification with respect to any Mortgage Loan (i) that would change
the Net Mortgage Rate or, reduce or increase the principal balance (except for
reductions resulting from actual payments of principal) or (ii) that would both
constitute a sale or exchange of such Mortgage Loan within the meaning of
Section 1001 of the Code (including any proposed, temporary or final regulations
promulgated thereunder) (other than in connection with a proposed conveyance or
assumption of such Mortgage Loan that is a Principal Prepayment made (or treated
as made) by the Mortgagor of the entire principal balance of a Mortgage Loan)
and cause either Trust REMIC to fail to qualify as a REMIC under the Code.
SECTION 3.02 Enforcement of the Obligations of Sub-Servicers.
(a) For purposes of this Agreement, the Servicer shall be deemed to
have received the payments on the Mortgage Loans referred to in Sections 3.07
and 3.08 hereof when the related Sub-Servicer, if any, has received such
payments and shall remain obligated to deposit such payments in accordance with
Sections 3.07 and 3.08 hereof, regardless of whether such payments are remitted
by the Sub-Servicer to the Servicer. The Servicer and the related Sub-Servicer
may enter into amendments to any applicable Sub-Servicing Agreement; provided,
however, that any such amendments shall be consistent with and shall not violate
the provisions of this Agreement.
(b) As part of its servicing activities hereunder, the Servicer, for
the benefit of the Depositor, the Trustee and the Certificateholders, shall
supervise, administer, monitor and oversee the servicing of the Mortgage Loans
that are not serviced by it directly, and shall enforce the obligations of each
Sub-Servicer, if any, under the related Sub-Servicing Agreement. Such
enforcement shall include, without limitation, the legal prosecution of claims,
termination of Sub-Servicing Agreements, as appropriate, and the pursuit of
other appropriate remedies, and shall be in such form and carried out to such an
extent and at such time as the Servicer, in its good faith business judgment,
would require were it the owner of the related Mortgage Loans. The Servicer
shall pay the costs of such enforcement at its own expense, but shall be
reimbursed therefor only (i) from a general recovery resulting from such
enforcement only to the extent, if any, that such recovery exceeds all amounts
due in respect of the related Mortgage Loans or (ii) from a specific recovery of
costs, expenses or attorneys fees against the party against whom such
enforcement is directed. The Servicer shall not waive any event of default by a
Sub-Servicer under a Sub-Servicing Agreement which is a failure to remit any
payment required to be made by such Sub-Servicer that would result in an Event
of Default under this Agreement.
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(c) During the term of this Agreement, the Servicer shall consult
fully with each of the Sub-Servicers as may be necessary from time to time to
perform and carry out the Servicer's obligations hereunder and receive, review
and evaluate all reports, information and other data that are provided to the
Servicer by each Sub-Servicer and otherwise exercise reasonable efforts to cause
each Sub-Servicer to perform and observe the covenants, obligations and
conditions to be performed or observed by it under its Sub-Servicing Agreement.
SECTION 3.03 Termination of the Rights of Sub-Servicers.
If the Servicer terminates the rights of a Sub-Servicer under any
Sub-Servicing Agreement, the Servicer shall service the Mortgage Loans directly
pursuant to and in accordance with the terms of this Agreement, or at the
Servicer's election, enter into a substitute servicing agreement with another
mortgage loan servicing company reasonably acceptable to the Servicer under
which such mortgage loan servicing company shall assume, satisfy, perform and
carry out all liabilities, duties, responsibilities and obligations that are to
be, or otherwise were to have been, satisfied, performed and carried out by the
terminated Sub-Servicer, regardless of whether such liabilities, duties,
responsibilities or obligations shall have accrued before or after the
termination of the rights of such Sub-Servicer; provided, however, that any such
substitute servicer and any such substitute servicing shall satisfy the
requirements of Sections 3.01 and 3.02. If the Servicer does not elect to enter
into a substitute servicing agreement with a successor servicer, the Servicer
shall nevertheless service the Mortgage Loans directly pursuant to and in
accordance with the terms of this Agreement, until a substitute Sub-Servicer has
been appointed and designated and a substitute servicing agreement has been
entered into by the Servicer and such substitute Sub-Servicer.
SECTION 3.04 Liability of the Servicer.
Notwithstanding the provisions of any Sub-Servicing Agreement, any
of the provisions of this Agreement relating to agreements or arrangements
between the Servicer or a Sub-Servicer or reference to actions taken through a
Sub-Servicer or otherwise, the Servicer shall remain obligated and liable to the
Depositor, the Trustee and the Certificateholders for the servicing and
administering of the Mortgage Loans included in the Trust Fund in accordance
with (and subject to the limitations contained within) the provisions of this
Agreement without diminution of such obligation or liability by virtue of such
Sub-Servicing Agreements or agreements or arrangements or by virtue of
indemnification from the Sub-Servicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering
the Mortgage Loans. The Servicer shall be entitled to enter into any agreement
with a Sub-Servicer for indemnification of the Servicer and nothing contained in
this Agreement shall be deemed to limit or modify such indemnification.
SECTION 3.05 Rights of the Depositor and the Trustee in Respect of the
Servicer.
The Servicer shall afford the Depositor and the Trustee, without
charge but only upon reasonable notice and during normal business hours, access
to all records and documentation in the Servicer's possession regarding the
Mortgage Loans and to all accounts, insurance policies and other matters in the
Servicer's possession relating to this Agreement and access to officers of the
Servicer responsible for its obligations hereunder. The Depositor may, but is
not obligated to, enforce the obligations of the Servicer hereunder. The
Depositor shall not have any responsibility or liability for any action or
failure to act by the Servicer and is not obligated to supervise the performance
of the Servicer hereunder or otherwise.
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SECTION 3.06 Trustee to Act as Servicer.
In the event that the Servicer shall for any reason no longer be the
Servicer hereunder (including by reason of an Event of Default), the Trustee
shall thereupon assume all of the rights and obligations of the Servicer
hereunder arising thereafter (except that the Trustee shall not be liable for
losses in connection with Eligible Investments required to be paid by the
Servicer pursuant to Section 3.07 or 4.01 hereof, obligated to make Monthly
Advances if prohibited by applicable law, nor to effectuate repurchases or
substitutions of Mortgage Loans hereunder as substitute Servicer, including
pursuant to Section 2.04 hereof and except that the Trustee makes no
representations and warranties hereunder, including pursuant to Section 2.04
hereof). If the Servicer shall for any reason no longer be the Servicer
(including by reason of any Event of Default), the Trustee (or any other
successor servicer) shall succeed to any rights and obligations of the Servicer
under any Sub-Servicing Agreement and shall be deemed to have assumed the
Servicer's interest therein; provided, however, that the Servicer shall not
thereby be relieved of any liability or obligations under this Agreement, any
Sub-Servicing or substitute servicing agreement arising prior to the date of
such succession.
The Servicer shall, upon request of the Trustee, but at the expense
of the Servicer, deliver to the assuming party all documents and records
relating to the Mortgage Loans then being serviced thereunder and an accounting
of amounts collected and held by it and otherwise use its best efforts to effect
the orderly and efficient transfer of servicing to the assuming party.
SECTION 3.07 Collection of Mortgage Loan Payments.
The Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Mortgage Loans and shall, to
the extent such procedures shall be consistent with this Agreement, follow such
collection procedures as it follows with respect to mortgage loans comparable to
the Mortgage Loans held in its own portfolio and serviced by the Servicer.
Consistent with the foregoing, the Servicer may in its discretion (a) waive any
late payment charge or any prepayment charge or penalty interest in connection
with the prepayment of a Mortgage Loan and (b) subject to Section 3.01, only
upon determining that the coverage of such Mortgage Loan by any related Primary
Mortgage Insurance Policy will not be affected, extend the due dates for
payments due on a Mortgage Note for a period not greater than 365 days, but in
no event beyond the maturity date of any Mortgage Loan. In the event of any such
arrangement described in clause (b) of the preceding sentence, the Servicer
shall continue to make timely Monthly Advances on the related Mortgage Loan,
pursuant to and in accordance with Section 5.01 of this Agreement (but subject
to any limitations contained therein), during the scheduled period in accordance
with the amortization schedule of such Mortgage Loan without modification
thereof by reason of such arrangements.
The Servicer shall establish and maintain, in its name on behalf of
the Certificateholders, the Custodial Account. The Servicer shall deposit into
the Custodial Account within two Business Days of receipt by the Servicer, or
receipt from the Sub-Servicers except as otherwise specifically provided herein,
the following payments and collections received or made by it subsequent to the
Cut-off Date (other than in respect of principal of and interest and any other
payments on the Mortgage Loans due on or before the Cut-off Date):
(i) all payments on account of principal, including Principal
Prepayments, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans less
the Servicing Fee;
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(iii) all Insurance Proceeds and Liquidation Proceeds, other than
proceeds to be applied to the restoration or repair of the Mortgaged
Property or released to the Mortgagor in accordance with the Servicer's
normal servicing procedures, net of Liquidation Expenses, unpaid servicing
compensation and unreimbursed Monthly Advances;
(iv) any amount of any losses required to be deposited by the
Servicer pursuant to the second succeeding paragraph of this Section 3.07
in connection with any losses on Eligible Investments;
(v) any amounts required to be deposited by the Servicer pursuant to
Section 3.11 hereof;
(vi) all proceeds of any purchase by the Seller or the Servicer, as
the case may be, of any Mortgage Loans or property acquired in respect of
the Mortgage Loans pursuant to Sections 2.01, 2.02, 2.03, 2.04, 3.12 or
10.01 hereof and all amounts required to be deposited in connection with
the substitution of Replacement Mortgage Loans pursuant to Sections 2.01,
2.02, 2.03, 2.04 or 3.12 hereof; and
(vii) any other amounts required to be deposited in the Custodial
Account pursuant to this Agreement including, without limitation, the
amounts required to be deposited therein pursuant to Section 3.13 hereof.
The foregoing requirements for remittance by the Servicer shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, the Servicing Fee, payments in the nature of prepayment
penalties, fees or premiums, late payment charges and assumption fees and any
excess interest charges payable by the Mortgagor by virtue of any default or
other non-compliance by the Mortgagor with the terms of the Mortgage or any
other instrument or document executed in connection therewith or otherwise, if
collected, need not be remitted or deposited into the Custodial Account by the
Servicer. In the event that the Servicer shall remit or deposit any amount not
required to be remitted or deposited and not otherwise subject to withdrawal
pursuant to Section 3.09 hereof, it may at any time withdraw such amount from
the Custodial Account on the following Distribution Date, any provision herein
to the contrary notwithstanding. Such direction may be accomplished by
delivering a Certificate of a Servicing Officer to the Trustee which describes
the amounts deposited in error in the Custodial Account. All funds deposited in
the Custodial Account shall be held by the Servicer in trust for the
Certificateholders until disbursed in accordance with this Agreement or
withdrawn in accordance with Section 3.09. In no event shall the Trustee incur
liability for withdrawals from the Custodial Account at the direction of the
Servicer.
Any investments of amounts on deposit in the Custodial Account shall
be made by the Servicer in Eligible Investments, which shall mature not later
than the second Business Day preceding the Distribution Date following the date
of such investment (except that if such Eligible Investment is an obligation of
the institution that maintains the Custodial Account, then such Eligible
Investment shall mature not later than such Distribution Date). All such
Eligible Investments shall be made in the name of the Trustee for the benefit of
the Certificateholders. All income and gain net of any losses realized from any
such investment shall be for the benefit of the Servicer and shall be subject to
withdrawal at its direction from time to time. The amount of any losses net of
any gains incurred by the Servicer in respect of any such investments shall be
remitted to the Trustee or deposited in the Custodial Account out of the
Servicer's own funds promptly following the date the same are realized.
The Servicer shall promptly give notice to the Trustee, the Rating
Agencies and the Depositor of the location of the Custodial Account and of any
change thereof.
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SECTION 3.08 Collection of Taxes, Assessments and Similar Items; Escrow
Accounts.
In addition to the Custodial Account, the Servicer shall establish
and maintain one or more custodial accounts (each, an "Escrow Account") and
deposit and retain therein all collections from the Mortgagors (or advances by
the Servicer) for the payment of taxes, assessments and hazard insurance
premiums or comparable items for the account of the Mortgagors. Escrow Accounts
shall be Eligible Accounts. All costs incurred by the Servicer or by the related
Sub-Servicer in effecting the timely payments of taxes and assessments on the
Mortgaged Properties and related insurance premiums shall not, for the purpose
of calculating monthly distributions to the Certificateholders, be added to the
Principal Balance under the related Mortgage Loans, notwithstanding that the
terms of such Mortgage Loans so permit.
Withdrawals of amounts so collected from the Escrow Accounts may be
made only to effect timely payment of taxes, assessments, hazard insurance
premiums or Primary Mortgage Insurance Policy premiums, condominium or PUD
association dues, or comparable items, to reimburse the Servicer pursuant to
Sections 3.10 hereof (with respect to the Primary Mortgage Insurance Policy) and
3.08 hereof (with respect to taxes and assessments) and 3.11 hereof (with
respect to hazard insurance), to refund to any Mortgagors any sums as may be
determined to be overages, to pay interest, if required, to Mortgagors on
balances in the Escrow Account or to clear and terminate the Escrow Account at
the termination of this Agreement in accordance with Section 10.01 hereof. As
part of its servicing duties, the Servicer shall, and the Sub-Servicers shall,
pursuant to any Sub-Servicing Agreement, be required to, pay to the Mortgagors
interest on funds in the Escrow Account, to the extent required by law.
The Servicer shall, with respect to each Mortgage Loan, to the
extent any related Sub-Servicer does not do so, advance the payments referred to
in the preceding paragraph that are not timely paid by the Mortgagors; provided,
however, that the Servicer shall be required to so advance only to the extent
that such advances, in the good faith judgment of the Servicer, will be
recoverable by the Servicer out of Insurance Proceeds, Liquidation Proceeds or
otherwise out of the related Mortgage Loan; and provided further, that such
payments shall be advanced when the tax, premium or other cost for which such
payment is intended is due.
SECTION 3.09 Permitted Withdrawals from the Custodial Account.
The Servicer may (and, with respect to clauses (e) and (g) below,
shall), from time to time, direct the Trustee to make, and the Trustee shall
make, to the extent required or authorized hereunder, withdrawals from the
Custodial Account for the following purposes:
(a) to pay to the Servicer from funds on deposit in the Custodial
Account earnings on or investment income with respect to funds in the Custodial
Account less losses referred to in Section 3.07(iv);
(b) to reimburse the Servicer for advances made pursuant to Sections
3.01, 3.08, 3.10, 3.11, 3.13, 5.01 and 5.02 hereof, such right of reimbursement
pursuant to this subclause (b) being limited to amounts received in respect of
the particular Mortgage Loan (including, for this purpose, Insurance Proceeds,
Liquidation Proceeds, amounts representing proceeds of other insurance policies,
if any, covering the related Mortgaged Property, rental and other income from
REO Property and proceeds of any purchase or repurchase of the related Mortgage
Loan);
(c) to reimburse the Servicer for any Nonrecoverable Advances made
in respect of any Mortgage Loan;
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(d) to reimburse the Servicer from Liquidation Proceeds for
Liquidation Expenses and, to the extent that Liquidation Proceeds after such
reimbursement are in excess of the Principal Balance of the related Mortgage
Loan together with accrued and unpaid interest thereon at a rate equal to the
Net Mortgage Rate, to pay out of such excess the amount of any unpaid servicing
compensation to the Servicer with respect to any Mortgage Loan, which may
include any unpaid servicing compensation to a Sub-Servicer (for disbursement in
accordance with Section 3.16 hereof);
(e) to pay to the Seller or the Servicer, as the case may be, with
respect to each Mortgage Loan or property acquired in respect thereof that has
been purchased pursuant to Sections 2.01, 2.02, 2.04 or 3.12 hereof all amounts
received thereon and not taken into account in determining the Purchase Price of
such repurchased Mortgage Loan;
(f) to reimburse the Servicer or the Depositor for expenses incurred
by and reimbursable to the Servicer or the Depositor pursuant to Section 7.03
hereof;
(g) to withdraw any amount deposited in the Custodial Account
pursuant to Section 3.07 and not required to be deposited therein; and
(h) to clear and terminate the Custodial Account upon termination of
this Agreement pursuant to Section 10.01 hereof.
The Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Custodial Account pursuant to such subclauses (b), (c), (d)
and (e).
On or prior to the Business Day preceding each Distribution Date
after payment of items (a) through (h) above, the Servicer shall withdraw from
the Custodial Account and remit to the Trustee, in immediately available funds,
and the Trustee, upon receipt thereof, shall deposit in the Certificate Account,
an amount equal to the Available Distribution Amount for such Distribution Date.
SECTION 3.10 Maintenance of Primary Mortgage Insurance Policies;
Collections Thereunder.
The Servicer shall not take, or permit any Sub-Servicer to take, any
action that would result in loss of coverage under any applicable Primary
Mortgage Insurance Policy for any loss which, but for the actions of the
Servicer or Sub-Servicer, would have been covered thereunder.
The Servicer shall keep in full force and effect each Primary
Mortgage Insurance Policy applicable to a Mortgage Loan being serviced by it
until the principal balance of the related Mortgage Loan, in the case of a
Mortgage Loan having a Loan-to-Value Ratio at origination in excess of 80%, is
reduced to (a) 80% or less of the Appraised Value or (b) 80% or less of its
current value based on a new appraisal. The Servicer agrees to pay to the extent
the related Mortgagor does not do so, the premiums for each Primary Mortgage
Insurance Policy on a timely basis and shall use its best reasonable efforts to
cause itself or the Sub-Servicer to be named as loss payee, provided, however,
that the Servicer shall be required to pay such premiums only to the extent that
such advances, in the good faith judgment of the Servicer, will be recoverable
by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise out
of the related Mortgage Loan. In the event that the insurer under any Primary
Mortgage Insurance Policy shall cease to be qualified to transact a mortgage
guaranty insurance business under the laws of the state of its organization or
any other state that has jurisdiction over such insurer (or if such insurer's
claims-paying ability shall adversely affect the rating on the Class A
Certificates) or such Primary Mortgage Insurance Policy is cancelled or
terminated for any reason, the Servicer shall exercise
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its best reasonable efforts to obtain, or to cause the related Sub-Servicer to
obtain, from another Qualified Insurer, a replacement policy comparable to such
Primary Mortgage Insurance Policy at the expense of the Mortgagor. The Servicer
shall not consent to the cancellation or refusal to renew any such Primary
Mortgage Insurance Policy applicable to any Mortgage Loan, which is in effect at
the date of the initial issuance of the Certificates and is required to be kept
in force hereunder unless the replacement Primary Mortgage Insurance Policy for
such cancelled or non-renewed policy is maintained with an insurer with a rating
not lower than the insurer issuing the Primary Mortgage Insurance Policy in
effect at the date of the initial issuance of the Certificates or whose
claims-paying will not adversely affect the rating on the Certificates or unless
any such cancellation or refusal, or consent thereto, will not adversely affect
the rating on the Certificates. In connection with any assumption and
modification agreement entered into by the Servicer or a Sub-Servicer pursuant
to Section 3.12, the Servicer shall obtain a replacement Primary Mortgage
Insurance Policy, as provided above.
In connection with its activities as administrator and servicer of
the Mortgage Loans, the Servicer agrees to present, on behalf of itself, the
Trustee for the benefit of the Certificateholders, claims to the insurer under
any Primary Mortgage Insurance Policies and, in this regard, to take such
reasonable action as shall be necessary to permit recovery under any Primary
Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to
Section 3.07 hereof, any amounts collected by the Servicer under any Primary
Mortgage Insurance Policy shall be deposited in the Custodial Account, subject
to withdrawal pursuant to Section 3.09 hereof.
SECTION 3.11 Maintenance of Hazard Insurance and Other Insurance.
The Servicer shall cause to be maintained for each Mortgage Loan,
hazard insurance with extended coverage in an amount that is at least equal to
the maximum insurable value of improvements securing such Mortgage Loan or its
Principal Balance, whichever is less.
Each policy of standard hazard insurance shall contain, or have an
accompanying endorsement that contains, a standard mortgagee clause complying in
all material respects in form and substance to applicable Fannie Mae guidelines.
The Servicer shall cause to be maintained on property acquired upon foreclosure
or deed in lieu of foreclosure of any Mortgage Loan, liability insurance and, to
the extent described below, flood insurance. Pursuant to Section 3.07 hereof,
any amounts collected by the Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the terms of the applicable Mortgage or the Servicer's normal
servicing procedures) shall be deposited in the Custodial Account, subject to
withdrawal pursuant to Section 3.09 hereof.
Any cost incurred by the Servicer or the related Sub-Servicer in
maintaining any such insurance shall not, for the purpose of calculating monthly
distributions to the Certificateholders or remittances to the Trustee for their
benefit, be added to the Principal Balance of the Mortgage Loan, notwithstanding
that the terms of the Mortgage Loan so permit. Such costs shall be recoverable
by the Servicer out of payments by the related Mortgagor or out of Insurance
Proceeds or Liquidation Proceeds to the extent permitted by Section 3.09 hereof.
If the Mortgaged Property is located at the time of origination of the Mortgage
Loan in a federally designated special flood hazard area, the Servicer shall
cause flood insurance to be maintained. Such flood insurance shall be in an
amount equal to the lesser of (i) the unpaid Principal Balance of the related
Mortgage Loan or (ii) the maximum amount of such insurance available for the
related Mortgaged Property under the national flood insurance program, if the
area in which such Mortgaged Property is located is participating in such
program. Notwithstanding anything in this paragraph to the contrary, the
Servicer shall be required to pay the costs of maintain any insurance
contemplated by this Section 3.11 only to the extent that such advances, in the
good faith
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judgment of the Servicer, will be recoverable by the Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise out of the related Mortgage Loan.
In the event that the Servicer shall obtain and maintain a blanket
policy insuring against hazard losses on all of the Mortgage Loans, it shall
conclusively be deemed to have satisfied its obligations as set forth in the
first sentence of this Section 3.11, it being understood and agreed that such
policy may contain a deductible clause on terms substantially equivalent to
those commercially available and maintained by comparable servicers, and
provided that the provider of such blanket policy is rated by A.M. Best Company
A:V or higher and the claims-paying ability of such provider is rated in one of
the three highest rating categories by at least one nationally recognized
statistical rating organization. If such policy contains a deductible clause,
the Servicer shall, to the extent that there shall not have been maintained on
the related Mortgaged Property a policy complying with the first sentence of
this Section 3.11 and there shall have been a loss that would have been covered
by such policy, remit to the Trustee for deposit in the Custodial Account the
amount not otherwise payable under the blanket policy because of such deductible
clause, accompanied by a certificate of a Servicing Officer describing the
calculation of such amount. In connection with its activities as administrator
and servicer of the Mortgage Loans, the Servicer agrees to present, on behalf of
itself, the Depositor, the Trustee or its agent for the benefit of the
Certificateholders, claims under any such blanket policy.
SECTION 3.12 Enforcement of Due-On-Sale Clauses; Assumption Agreements.
(a) Except as otherwise provided in this Section 3.12(a), when any
property subject to a Mortgage has been conveyed by the Mortgagor, the Servicer
shall, to the extent that it has knowledge of such conveyance, enforce any
due-on-sale clause contained in any Mortgage Note or Mortgage, to the extent
permitted under applicable law and governmental regulations, but only to the
extent that such enforcement will not adversely affect or jeopardize coverage
under any Required Insurance Policy. In the event that the Servicer or the
related Sub-Servicer is prohibited by law from enforcing any such due-on-sale
clause, or if coverage under any Required Insurance Policy would be adversely
affected, the Servicer is authorized, subject to Section 3.12(b), to take or
enter into an assumption and modification agreement from or with the person to
whom such property has been or is about to be conveyed, pursuant to which such
person becomes liable under the Mortgage Note and, unless prohibited by
applicable state law, the Mortgagor remains liable thereon, provided that the
Mortgage Loan shall continue to be covered (if so covered before the Servicer
enters such agreement) by the applicable Required Insurance Policies. The
Servicer, subject to Section 3.12(b), is also authorized with the prior approval
of the insurers under any Required Insurance Policies to enter into a
substitution of liability agreement with such person, pursuant to which the
original Mortgagor is released from liability and such person is substituted as
Mortgagor and becomes liable under the Mortgage Note. Notwithstanding the
foregoing, the Servicer shall not be deemed to be in default under this Section
3.12(a) by reason of any transfer or assumption which the Servicer is restricted
by law from preventing, for any reason whatsoever.
(b) Subject to the Servicer's duty to enforce any due-on-sale clause
to the extent set forth in Section 3.12(a) hereof, in any case in which a
Mortgaged Property has been conveyed to a Person by a Mortgagor, if an
assumption is permitted under Section 3.12(a) and such Person is to enter into
an assumption agreement or modification agreement or supplement to the Mortgage
Note or Mortgage held for the benefit of the Certificateholders that requires
the signature of the Trustee, or if an instrument of release signed by the
Trustee is required releasing the Mortgagor from liability on the Mortgage Loan,
the Servicer shall deliver or cause to be delivered to the Trustee for signature
the assumption agreement with the Person to whom the Mortgaged Property is to be
conveyed and such modification agreement or supplement to the Mortgage Note or
Mortgage or other instruments as are reasonable or necessary to carry out the
terms of the Mortgage Note or Mortgage or otherwise to comply with any
applicable laws regarding assumptions or the transfer of the Mortgaged Property
to such Person. The Servicer shall also
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deliver or cause to be delivered to the Trustee with the foregoing documents a
letter explaining the nature of such documents and the reason or reasons why the
Trustee's signature is required.
With such letter, the Servicer shall deliver to the Trustee a
certificate of a Servicing Officer certifying that: (i) a Servicing Officer has
examined and approved such documents as to form and substance, (ii) the
Trustee's execution and delivery thereof will not conflict with or violate any
terms of this Agreement or cause the unpaid balance and interest on the Mortgage
Loan to be uncollectible in whole or in part, (iii) any required consents of
insurers under any Required Insurance Policies have been obtained and (iv)
subsequent to the closing of the transaction involving the assumption or
transfer (A) the Mortgage Loan will continue to be secured by a first mortgage
lien pursuant to the terms of the Mortgage, (B) such transaction will not
adversely affect the coverage under any Required Insurance Policies, (C) the
Mortgage Loan will fully amortize over the remaining term thereof or, if the
Mortgage Loan provided that the amortization period on which the Monthly
Payments were based was a longer period, such period has not been extended, (D)
the interest rate on the Mortgage Loan will not be altered nor will the term of
the Mortgage Loan be increased as a result of such assumption or transfer and
(E) if the seller/transferor of the Mortgaged Property is to be released from
liability on the Mortgage Loan, the Servicer used the same underwriting
standards in evaluating the creditworthiness of the purchaser/transferee as were
used in making the original Mortgage Loan, and such release will not (based on
the Servicer's good faith determination) adversely affect the collectibility of
the Mortgage Loan. Upon receipt of such certificate, the Trustee for the benefit
of the Certificateholders shall execute any necessary instruments for such
assumption or substitution of liability. Upon the closing of the transactions
contemplated by such documents, the Servicer shall cause the originals of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage Note or Mortgage to be delivered to the Trustee or its agent for
the benefit of the Certificateholders and deposited with the Trustee Mortgage
File for such Mortgage Loan. Any fee collected by the Servicer for entering into
an assumption or substitution of liability agreement will be retained by the
Servicer as additional servicing compensation.
In the event that the Servicer, in connection with any such
assumption or modification agreement or supplement to the Mortgage Note, is
unable to deliver the certificate of the Servicing Officer set forth above, the
Servicer shall purchase, or cause the related Sub-Servicer to purchase the
related Mortgage Loan in the manner, and at the Purchase Price, set forth in
Section 2.04 hereof.
SECTION 3.13 Realization Upon Defaulted Mortgage Loans.
The Servicer shall foreclose upon or otherwise comparably convert
the ownership of properties securing such of the Mortgage Loans as come into and
continue in default and as to which, in the reasonable judgment of the Servicer,
no satisfactory arrangements can, in accordance with prudent lending practices,
be made for collection of delinquent payments pursuant to Section 3.01 hereof.
In connection with such foreclosure or other conversion, the Servicer shall
follow such practices and procedures as it shall deem necessary or advisable, as
shall be normal and usual in its general mortgage servicing activities and for
its own portfolio and as are in accordance with the requirements of the insurer
under any Required Insurance Policy and shall deliver to the Trustee a
liquidation report with respect to the related Mortgage Loan on the form of
report customarily prepared by the Servicer. In particular, the Servicer will
service each Mortgage Loan in a manner that preserves the right to proceed
against all collateral securing such Mortgage Loan (e.g., in accordance with any
applicable "single action" rule). The Servicer shall not be required to expend
its own funds in connection with any foreclosure or towards the restoration,
repair, protection or maintenance of any property unless it shall determine in
its sole discretion that such expenses will be recoverable to it as Liquidation
Expenses either through Liquidation Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Custodial Account pursuant to
Section 3.09 hereof) or through Insurance Proceeds (respecting which it shall
have similar priority). The Servicer shall be responsible for all other costs
and expenses incurred by it in any such
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proceedings; provided, however, that it shall be entitled to reimbursement
thereof from the proceeds of liquidation of the related Mortgaged Property, as
contemplated in Section 3.09 hereof.
In the event that any Mortgaged Property becomes an REO Property,
the deed or certificate of sale shall be taken in the name of the Trustee for
the benefit of the Certificateholders, or its nominee, on behalf of the
Certificateholders. Pursuant to its efforts to sell such REO Property, the
Servicer shall either itself or through an agent selected by the Servicer
protect and conserve such REO Property in the same manner and to such extent as
is customary in the locality where such REO Property is located and may,
incident to its conservation and protection of the interests of the
Certificateholders, rent the same, or any part thereof, as the Servicer deems to
be in the best interest of the Servicer and the Certificateholders for the
period prior to the sale of such REO Property on such terms and conditions and
for such periods as the Servicer deems to be in the best interest of the
Servicer and the Certificateholders. Notwithstanding anything herein to the
contrary, in the event that the Trust REMIC I acquires any REO Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Servicer, on behalf of the Trust REMIC I, shall dispose of
such REO Property within three full years after the taxable year of its
acquisition by the Trust REMIC I for purposes of Section 860G(a)(8) of the Code
(or such shorter period as may be necessary under applicable state (including
any state in which such property is located) law to maintain the status of each
Trust REMIC as a REMIC under applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of each Trust REMIC, request, more than 60 days before the day on
which such grace period would otherwise expire, an extension of such grace
period unless the Servicer obtains for the Trustee an Opinion of Counsel,
addressed to the Trustee and the Servicer, to the effect that the holding by the
Trust REMIC I of such REO Property subsequent to such period will not result in
the imposition of taxes on "prohibited transactions" as defined in Section 860F
of the Code, or cause either Trust REMIC to fail to qualify as a REMIC under the
Code at any time that any Certificates are outstanding, in which case the Trust
REMIC I may continue to hold such REO Property (subject to any conditions
contained in such Opinion of Counsel). The Servicer shall be entitled to be
reimbursed from the Custodial Account for any costs incurred in obtaining such
Opinion of Counsel. Notwithstanding any other provision of this Agreement, no
REO Property acquired by the Trust REMIC I shall be rented (or allowed to
continue to be rented) or otherwise used by or on behalf of the Trust REMIC I in
such circumstances or manner or pursuant to any terms that would (i) cause such
REO Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code or (ii) subject either Trust REMIC to the
imposition of any federal income taxes on the income earned from such REO
Property, including any taxes imposed by reason of Section 860G(c) of the Code,
unless the Servicer has agreed to indemnify and hold harmless each Trust REMIC
with respect to the imposition of any such taxes.
The decision of the Servicer to foreclose on a defaulted Mortgage
Loan shall be subject to a determination by the Servicer that the proceeds of
such foreclosure would exceed the costs and expenses of bringing such a
proceeding. The income earned from the management of any Mortgaged Properties
acquired through foreclosure or other judicial proceeding on behalf of the
Certificateholders, net of reimbursement to the Servicer for expenses incurred
(including any taxes) in connection with such management, advances made by the
Servicer pursuant to Sections 3.01, 3.08, 3.10, 3.11, 3.13, 5.01 or 5.02 in
connection with the related Mortgage Loan or REO Property and Liquidation
Expenses incurred by the Servicer in connection with the related Mortgage Loan,
shall be applied to the payment of principal of and interest on the related
defaulted Mortgage Loans (with interest accruing and principal amortizing as
though such Mortgage Loans were still current) and all such income shall be
deemed, for all purposes in this Agreement, to be payments on account of
principal of and interest on the related Mortgage Notes and shall be deposited
into the Custodial Account.
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Prior to obtaining or causing the Trustee to obtain a deed as a
result of or in lieu of foreclosure, or otherwise acquiring (or causing the
Trustee to acquire) possession of or title to any Mortgaged Property, if the
Servicer determines that obtaining a deed or otherwise acquiring title or
possession of such Mortgaged Property would likely subject the Servicer, the
Trustee or the Trust Fund to substantial liability in respect of environmental
conditions concerning the Mortgaged Property, (a) the Servicer shall (i) notify
the Trustee and the Depositor of such determination and (ii) refrain from
obtaining or directing the Trustee to obtain a deed as a result of or in lieu of
foreclosure or otherwise acquiring title or possession to such Mortgaged
Property and (b) the obligations of the Servicer to make advances, including,
without limitation, Monthly Advances, in connection with the Mortgage Loan in
question shall cease as of the date that the Servicer makes such determination.
SECTION 3.14 Trustee to Cooperate; Release of Trustee Mortgage Files.
Upon the payment in full of any Mortgage Loan, or the receipt by the
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, and upon notification by the Servicer in the form
of a certification (which certification shall include a statement to the effect
that all amounts received or to be received in connection with such payment
which are required to be deposited in the Custodial Account have been or will be
so deposited) of a Servicing Officer and a Request for Release of the Trustee
Mortgage File in the form of Exhibit G hereto the Trustee shall promptly release
the related Trustee Mortgage File to the Servicer, and the Trustee shall execute
and deliver to the Servicer the request for reconveyance, deed of reconveyance
or release, satisfaction or assignment of mortgage or such instrument releasing
the lien of the Mortgage, and, in each case, such other documents or instruments
as may be reasonably required in connection therewith, as directed by the
Servicer, together with the Mortgage Note with written evidence of cancellation
thereon. The provisions of the immediately preceding sentence shall not, in any
manner, limit or impair the right of the Servicer to execute and deliver, on
behalf of the Trustee, the Certificateholders or any of them, any and all
instruments of satisfaction, cancellation or assignment, or of partial or full
release or discharge and all other comparable instruments, with respect to the
Mortgage Loans, and with respect to the Mortgaged Properties held for the
benefit of the Certificateholders. No expenses incurred in connection with any
instrument of satisfaction or deed of reconveyance shall be chargeable to the
Certificate Account but shall be paid by the Servicer. From time to time and as
shall be appropriate for the servicing or foreclosure of any Mortgage Loan,
including, without limitation, for such purpose, collection under any policy of
flood insurance, any fidelity bond or errors or omissions policy, or for the
purposes of effecting a partial or total release of any Mortgaged Property from
the lien of the Mortgage or the making of any corrections to the Mortgage Note
or the Mortgage or any of the other documents included in the Trustee Mortgage
File, the Trustee shall, upon request of the Servicer and the delivery to the
Trustee of a Request for Release signed by a Servicing Officer, in the form of
Exhibit G hereto, release the Trustee Mortgage File to the Servicer. If the
Servicer at any time seeks to initiate a foreclosure proceeding in respect of
any Mortgaged Property, the Servicer shall deliver to the Trustee, for signature
as appropriate, any court pleadings, requests for trustee's sale or other
documents necessary to effectuate such foreclosure or any legal action brought
to obtain judgment against the Mortgagor on the Mortgage Note or the Mortgage or
to obtain a deficiency judgment or to enforce any other remedies or rights
provided by the Mortgage Note or the Mortgage or otherwise available at law or
in equity, together with a certificate of a Servicing Officer requesting that
such pleadings or documents be executed by the Trustee. A Servicing Officer
shall certify as to the reason such documents or pleadings are required and that
the execution and delivery thereof by the Trustee will not invalidate the
insurance coverage under any Required Insurance Policy or invalidate or
otherwise affect the lien of the Mortgage except for the termination of such
lien upon completion of the foreclosure.
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SECTION 3.15 Documents, Records and Funds in Possession of Servicer to be
Held for the Trustee for the Benefit of the Certificateholders.
Notwithstanding any other provisions of this Agreement, the Servicer
shall transmit to the Trustee to the extent required by this Agreement all
documents and instruments coming into the possession of the Servicer from time
to time and shall account fully to the Trustee for the benefit of the
Certificateholders for any funds received by the Servicer or which otherwise are
collected by the Servicer as Liquidation Proceeds or Insurance Proceeds in
respect of any Mortgage Loan. All Servicer Mortgage Files or Trustee Mortgage
Files and funds collected or held by, or under the control of, the Servicer in
respect of any Mortgage Loans, whether from the collection of principal and
interest payments or from Liquidation Proceeds or Insurance Proceeds, including
but not limited to, any funds on deposit in the Custodial Account, shall be held
by the Servicer for and on behalf of the Trustee for the benefit of the
Certificateholders and shall be and remain the sole and exclusive property of
the Trustee, subject to the applicable provisions of this Agreement. The
Servicer also agrees that it shall not create, incur or subject any Servicer
Mortgage File or Trustee Mortgage File or any funds that are deposited in the
Custodial Account or any Servicing or Escrow Account, or any funds that
otherwise are or may become due or payable to the Trustee for the benefit of the
Certificateholders, to any claim, lien, security interest, judgment, levy, writ
of attachment or other encumbrance, or assert by legal action or otherwise any
claim or right of setoff against any Servicer Mortgage File or Trustee Mortgage
File or any funds collected on, or in connection with, a Mortgage Loan, except,
however, that the Servicer shall be entitled to set off against and deduct from
any such funds any amounts that are properly due and payable to the Servicer
under this Agreement subject to the terms of this Agreement.
SECTION 3.16 Servicing Compensation; Compensating Interest.
As compensation for its activities hereunder, the Servicer shall be
entitled to (a) retain from the Monthly Payments the Servicing Fee for each
Mortgage Loan and (b) retain from the Custodial Account or withdraw from the
Custodial Account the amounts specified in subclause (a) of Section 3.09 hereof
as payable to it.
Additional servicing compensation in the form of prepayment
penalties, fees or premiums, assumption fees, modification fees, late payment
charges or otherwise or any excess interest charges payable by the Mortgagor by
virtue of any default or other non-compliance by the Mortgagor with the terms of
the Mortgage or any other instrument or document executed in connection
therewith or otherwise shall be retained by the Servicer to the extent not
required to be deposited in the Custodial Account pursuant to Section 3.07
hereof. To the extent provided in this Agreement, the Servicer shall be required
to pay all expenses incurred by it in connection with its servicing activities
hereunder (including the payment of premiums for Primary Mortgage Insurance
Policies, to the extent such premiums are not required to be paid or have not
been paid by the related Mortgagor or the related Sub-Servicer, payment of any
premiums for hazard insurance, as required by Section 3.11 hereof and
maintenance of the other forms of insurance coverage required by Section 3.11
hereof, the payment of servicing compensation to any Sub-Servicers pursuant to
any Sub-Servicing Agreement and the payment of the expenses of the Trustee to
the extent provided in Section 9.05), and shall not be entitled to reimbursement
therefor except as specifically provided in Sections 3.09, 3.13, 4.01 and 5.03
hereof.
Notwithstanding any other provision herein, the amount of servicing
compensation that the Servicer shall be entitled to receive for its activities
hereunder for the period ending on each Distribution Date shall be reduced (but
not below zero) by an amount equal to Compensating Interest (if any) for such
Distribution Date. The Servicer shall, within one Business Day of each
Distribution Date, remit to the Trustee the Compensating Interest due on such
Distribution Date. In the event that more than one Loan Group is entitled to
Compensating Interest and the amount of the aggregate Compensating
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Interest is less than interest that should have been remitted on Principal
Prepayments in Full by Mortgagors during the related Due Period, such
Compensating Interest shall be distributed pro rata among each Loan Group.
SECTION 3.17 Reports to the Depositor; Account Statements.
Within five Business Days following each Distribution Date, the
Servicer shall deliver to the Trustee a statement setting forth the status of
the Custodial Account, if any, as of the close of business on such Distribution
Date showing, for the period covered by such statement, the aggregate of
deposits in or withdrawals from the Custodial Account, if any, for each category
of deposit specified in Section 3.07 hereof and each category of withdrawal
specified in Section 3.09 hereof. The Servicer shall forward a copy of such
statement to the Rating Agencies.
SECTION 3.18 Annual Statement as to Compliance.
The Servicer shall deliver to the Depositor and the Trustee on or
before March 31 of each year, commencing March 31, 2001, an Officers'
Certificate stating, as to each signer thereof, that (a) a review of the
activities of the Servicer during the year ended on the preceding December 31
and of the performance of the Servicer under this Agreement has been made under
such officer's supervision, (b) to the best of such officer's knowledge, based
on such review, the Servicer has fulfilled all its obligations under this
Agreement in all material respects throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to such officer and the nature and status thereof, (c) a Servicing Officer
has conducted an examination of the activities of each Sub-Servicer during the
immediately preceding year and its performance under any Sub-Servicing
Agreement, and (d) to the best of such Servicing Officer's knowledge, based on
such examination, each Sub-Servicer has performed and fulfilled its duties,
responsibilities and obligations under such Sub-Servicing Agreement in all
material respects throughout such year, or if there has been a default in the
performance or fulfillment of any such duties, responsibilities or obligations,
specifying each such default known to such Servicing Officer and the nature and
status thereof. The Servicer shall forward a copy of each such statement to the
Rating Agencies.
SECTION 3.19 Annual Independent Public Accountants' Servicing Report.
On or before March 31 of each year, beginning with the first March
31 that occurs at least eleven months after the Cut-off Date, the Servicer, at
its expense, shall cause a firm of independent public accountants that is a
member of the American Institute of Certified Public Accountants to furnish a
statement to the Depositor and the Trustee for the benefit of the
Certificateholders to the effect that such firm has examined certain documents
substantially similar to this Agreement and records relating to the servicing of
mortgage loans serviced by the Servicer or any successor servicer that are
substantially similar to the Mortgage Loans and that, on the basis of an
examination conducted substantially in compliance with the Uniform Single Audit
Program for Mortgage Bankers or the Audit Program for Mortgages serviced for
Freddie Mac, such servicing has been conducted in compliance with such
agreements except for such significant exceptions or errors in records that, in
the opinion of such firm, the Uniform Single Audit Program for Mortgage Bankers
or the Audit Program for Mortgages serviced for Freddie Mac requires it to
report. In rendering such statement such firm may rely, as to matters relating
to direct servicing of Mortgage Loans by Sub-Servicers, if any, upon comparable
statements for examinations conducted substantially in compliance with the
Uniform Single Audit Program for Mortgage Bankers or the Audit Program for
Mortgages serviced for Freddie Mac (rendered within one year of such statement)
of independent public accounts with respect to the related Sub-Servicer. The
Servicer shall forward a copy of each such report to the Rating Agencies.
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SECTION 3.20 Reports to Trustee.
On or prior to each Determination Date, the Servicer shall cause to
be delivered to the Trustee a monthly servicing report in electronic format
containing the information necessary to enable the Trustee to make the
distribution required by Section 4.02 and prepare the information set forth in
Section 4.04(a). The Trustee may conclusively rely on information provided by
the Servicer and shall have no obligation to recompute, recalculate, or verify
the accuracy of such information.
ARTICLE IV
PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS
SECTION 4.01 Certificate Account.
The Trustee shall establish, prior to the Delivery Date, and shall
maintain, in the name of the Trustee on behalf of the Holders of interests in
the Trust Fund, the Certificate Account, which shall be an Eligible Account,
into which the Trustee upon receipt from the Servicer shall deposit all payments
remitted by the Servicer and any amounts required to be remitted by the
Depositor pursuant to the terms hereof. All distributions to be made from time
to time to Holders of interests in the Trust Fund out of funds in the
Certificate Account shall be made by or on behalf of the Trustee. The Trustee
will give notice to the Servicer, the Rating Agencies and the Depositor of the
location of the Certificate Account and of any change thereof, prior to the use
thereof. Funds held in the Certificate Account and delivered to the Trustee
earlier than one Business Day prior to the next Distribution Date shall be
invested by the Trustee in Eligible Investments as directed by the Servicer or
shall remain uninvested. The Trustee shall cause each such Eligible Investment
to be Delivered to it or its nominee (including a securities intermediary). All
income and gain net of any losses realized from any such investment shall be for
the benefit of the Servicer and shall be subject to withdrawal at the Servicer's
direction from time to time. The amount of any losses net of any gains incurred
by the Servicer in respect of any such investments shall be deposited in the
Certificate Account out of the Servicer's own funds immediately as realized.
Funds on deposit in the Certificate Account on the Business Day prior to the
next Distribution Date shall be uninvested.
The Trustee shall make, to the extent required or authorized
hereunder, withdrawals from the Certificate Account for the following purposes:
(i) to withdraw any amount deposited in the Certificate Account and
not required to be deposited therein;
(ii) to reimburse the Servicer for any unreimbursed Nonrecoverable
Advance;
(iii) to make required distributions pursuant to Section 4.02; and
(iv) to pay to the Depositor or the Servicer any amount to which it
is entitled pursuant to Section 7.03.
SECTION 4.02 Distributions.
(a) On each Distribution Date the Trustee shall distribute the
following amounts from the Certificate Account, in the following order of
priority, in each case to the extent of the Available
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Distribution Amount for the related Loan Group in the case of clause (y) and to
the extent of the Available Distribution Amount for both Loan Groups in the case
of clause (z):
(y) from the Available Distribution Amount for the related Loan Group (or,
in the case of Section 4.02(a)(y)(i)(Y), the other Loan Group), in the following
order of priority:
(i) (X) to the holders of the Class A Certificates (other than Class
A-P Certificates) or Class R Certificates the related Class A Interest
Distribution Amount and the Class A Cumulative Interest Shortfall Amount
or Class R Interest Distribution Amount, as applicable; provided that with
respect to Loan Group 1 such amount shall be first paid to the holders of
the Class R Certificates in respect of the Class R Interest Distribution
Amount; and
(Y) if the aggregate Certificate Principal Balance of the Class 1 A
or Class 2 A Certificates is greater than the aggregate Principal Balance
of the Mortgage Loans in the related Loan Group (other than the related
Discount Fraction of each Discount Mortgage Loan in the related Loan
Group) and the Class M Certificates or Class B Certificates are still
outstanding, in each case after giving effect to distributions to be made
on such Distribution Date, to the Holders of such Class or Classes of
Class 1 A or Class 2 A Certificates, an amount equal to one month's
interest at a rate of 7.00% per annum in the case of Loan Group 1 and
7.50% per annum in the case of Loan Group 2 on the amount of the
difference between the aggregate Certificate Principal Balance of such
Class or Classes of Class 1 A or Class 2 A Certificates, as applicable,
and the aggregate Principal Balance of the related Loan Group (other than
the Discount Fraction of each Discount Mortgage Loan in such Loan Group),
from the Available Distribution Amount for the other Loan Group, applied
first to pay Interest Distribution Amount on such Class or Classes of
Class 1 A Certificates or Class 2 A Certificates to the extent not paid on
such Distribution Date pursuant to Section 4.02(a)(y)(i)(X), and then to
pay principal on such Class of Certificates in accordance with the
priorities set forth in Section 4.02(b), until the Certificate Principal
Balance of such Class 1 A Certificates or Class 2 A Certificates is equal
to the aggregate Principal Balance of the Mortgage Loans in the related
Loan Group (other than the related Discount Fraction of each Discount
Mortgage Loan in the related Loan Group);
(ii) (X) to the Class 1 A-P Certificates and Class 2 A-P
Certificates, the respective Class A-P Principal Distribution Amount,
applied in reduction of the Certificate Principal Balances thereof;
(Y) to the Class A Certificates (other than Class A-P Certificates)
related to such Loan Group (and, with respect to Loan Group 1, the Class R
Certificates) until the Certificate Principal Balance of the Class A
Certificates has been reduced to zero, in the priority set forth in
Section 4.02(b), applied in reduction of the Certificate Principal
Balances thereof, the sum of the following:
(A) the Senior Percentage for such Loan Group for such Distribution
Date times the sum of the following:
(1) the principal portion of each Monthly Payment due
during the related Due Period on each Outstanding Mortgage
Loan in such Loan Group, whether or not received on or prior
to the related Determination Date;
(2) the Principal Balance of any Mortgage Loan in such
Loan Group repurchased during the related Prepayment Period
pursuant to Section 2.01, 2.02, 2.03, 2.04 or 3.12 and the
amount of any shortfall deposited in
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the Custodial Account in connection with the substitution of a
Deleted Mortgage Loan in such Loan Group pursuant to Section
2.01, 2.02, 2.03, 2.04 or 3.12 during the related Prepayment
Period; and
(3) the principal portion of all other unscheduled
collections (other than Principal Prepayments in Full and
Curtailments and amounts received in connection with a Cash
Liquidation or REO Disposition of a Mortgage Loan in such Loan
Group described in Section 4.02(a)(y)(ii)(B), including
without limitation Insurance Proceeds, Liquidation Proceeds
and REO Proceeds) received during the related Prepayment
Period to the extent applied by the Servicer as recoveries of
principal of the related Mortgage Loan in such Loan Group
pursuant to Section 3.13;
(B) with respect to each Mortgage Loan in such Loan Group for
which a Cash Liquidation or a REO Disposition occurred during the
related Prepayment Period, an amount equal to the lesser of (a) the
applicable Senior Percentage for such Distribution Date times the
Principal Balance of such Mortgage Loan and (b) the applicable
Senior Accelerated Prepayment Percentage for such Distribution Date
and such Loan Group times the related unscheduled collections
(including without limitation Insurance Proceeds, Liquidation
Proceeds and REO Proceeds) to the extent applied by the Servicer as
recoveries of principal of the related Mortgage Loan pursuant to
Section 3.13;
(C) the applicable Senior Accelerated Prepayment Percentage
for such Distribution Date times the aggregate of all Principal
Prepayments in Full and Curtailments received in respect of a such
Loan Group during the related Prepayment Period;
(D) the product of (x) aggregate Certificate Principal
Balances of the related Class A Certificates and, in the case of
Loan Group 1, the aggregate Certificate Principal Balances of the
Class R Certificates, as applicable, divided by the sum of (i) the
aggregate Class A Certificate Principal Balance and (ii) the
aggregate Certificate Principal Balances of the Class R Certificates
and (y) any Excess Subordinate Principal Amount due to Realized
Losses on the related Loan Group for such Distribution Date; and
(E) any amounts described in clauses (A), (B) and (C) of this
Section 4.02(a)(y)(ii)(Y), as determined for any previous
Distribution Date, which remain unpaid after application of amounts
previously distributed pursuant to this clause (E) to the extent
that such amounts are not attributable to Realized Losses which have
been allocated to the Class M Certificates or Class B Certificates;
and
(Z) to the Holders of the Class 1 A or Class 2 A Certificates,
as applicable, amounts required to be distributed pursuant to
Section 4.02(c).
(iii) to the Holders of the Class M-1 Certificates related to such
Loan Group, the Interest Distribution Amount for such Class for such
Distribution Date, plus any Cumulative Interest Shortfall Amount for such
Class of Class M-1 remaining unpaid from any previous Distribution Date;
(iv) to the Holders of the Class M-1 Certificates (x) the related
Class M-1 Principal Distribution Amount for such Distribution Date, minus
(y) the amount of any Class A-P Collection Shortfalls for such Loan Group
for such Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available pursuant to clause
(x) of Sections
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4.02(a)(y)(vi), (viii), (x) and (xii) and Sections 4.02(a)(z)(i) and (ii)
are insufficient therefor, applied in reduction of the Certificate
Principal Balance of such Certificates;
(v) to the Holders of the Class M-2 Certificates related to such
Loan Group, the Interest Distribution Amount for such Class for such
Distribution Date, plus any Cumulative Interest Shortfall Amount for such
Class remaining unpaid from any previous Distribution Date;
(vi) to the Holders of each Class of Class M-2 Certificates (x) the
related Class M-2 Principal Distribution Amount for such Distribution
Date, minus (y) the amount of any Class A-P Collection Shortfalls for such
Loan Group for such Distribution Date or remaining unpaid for all previous
Distribution Dates, to the extent the amounts available pursuant to clause
(x) of Sections 4.02 (a)(y)(viii), (x) and (xii) and Sections
4.02(a)(z)(i) and (ii) are insufficient therefor, applied in reduction of
the Certificate Principal Balance of such Certificates;
(vii) to the holders of the Class M-3 Certificates related to such
Loan Group, the Interest Distribution Amount for such Class for such
Distribution Date, plus any Cumulative Interest Shortfall Amount for such
Class remaining unpaid from any previous Distribution Date;
(viii) to the Holders of the Class M-3 Certificates, an amount equal
to (x) the related Class M-3 Principal Distribution Amount for such
Distribution Date, minus (y) the amount of any Class A-P Collection
Shortfalls for such Loan Group for such Distribution Date or remaining
unpaid for all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections 4.02(a)(y)(x) and (xii) and
Sections 4.02(a)(z)(i) and (ii) are insufficient therefor, applied in
reduction of the Certificate Principal Balance of such Certificates;
(ix) to the holders of the Class B-1 Certificates, the Interest
Distribution Amount for such Class for such Distribution Date, plus any
Cumulative Interest Shortfall Amount for such Class remaining unpaid from
any previous Distribution Date;
(x) to the Holders of the Class B-1 Certificates, an amount equal to
(x) the related Class B-1 Principal Distribution Amount for such
Distribution Date, minus (y) the amount of any Class A-P Collection
Shortfalls for such Loan Group for such Distribution Date or remaining
unpaid for all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Section 4.02(a)(y)(xii) and Sections
4.02(a)(z)(i) and (ii) are insufficient therefor, applied in reduction of
the Certificate Principal Balance of such Certificates;
(xi) to the holders of the Class B-2 Certificates related to such
Loan Group, the Interest Distribution Amount for such Class for such
Distribution Date, plus any Cumulative Interest Shortfall Amount for such
Class remaining unpaid from any previous Distribution Date;
(xii) to the Holders of the Class B-2 Certificates, an amount equal
to (x) the related Class B-2 Principal Distribution Amount for such
Distribution Date, minus (y) the amount of any Class A-P Collection
Shortfalls for such Loan Group for such Distribution Date or remaining
unpaid for all previous Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections 4.02(a)(z)(i) and (ii) are
insufficient therefor, applied in reduction of the Certificate Principal
Balance of such Certificates; and
(z) the remaining Available Distribution Amounts with respect to both Loan
Groups in the following order of priority:
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(i) to the holders of the Class B-3 Certificates, an amount equal to
(x) the Class B-3 Interest Distribution Amount and the Class B-3
Cumulative Interest Shortfall Amount, minus (y) the amount of any Class
A-P Collection Shortfalls for each Loan Group for such Distribution Date
or remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Section 4.02(a)(z)(ii) are
insufficient therefor, applied in reduction of the Certificate Principal
Balance of such Certificates;
(ii) to the Holders of the Class B-3 Certificates, an amount equal
to the (x) Subordinate Principal Distribution Amount for such Class of
Certificates and each Loan Group for such Distribution Date, minus (y) the
amount of any Class A-P Collection Shortfalls for such Distribution Date
or remaining unpaid for all previous Distribution Dates; and
(iii) to the Class R-1 Certificates, the balance, if any, of the
Available Distribution Amounts.
(b) (X) prior to the Credit Support Depletion Date the Class A
Principal Distribution Amount relating to Loan Group 1 will be distributed as
follows:
(i) first, to the Class 1 A-4 Certificates, an amount equal to the
Lockout Percentage of the Class 1 A-4 Certificates' pro rata share (based
on the Certificate Principal Balance thereof relative to the aggregate
Certificate Principal Balance of the Class 1 A Certificates) of the Class
A Principal Distribution Amount, until the Certificate Principal Balance
thereof is reduced to zero;
(ii) second, to the Class R-1 Certificates, until the Certificate
Principal Balance thereof is reduced to zero;
(iii) third, to the Class R-2 Certificates, until the Certificate
Principal Balance thereof is reduced to zero;
(iv) fourth, to the Class 1 A-1 Certificates, until the Certificate
Principal Balance thereof is reduced to zero;
(v) fifth, to the Class 1 A-2 Certificates, until the Certificate
Principal Balance thereof is reduced to zero;
(vi) sixth, to the Class 1 A-3 Certificates, until the Certificate
Principal Balance thereof is reduced to zero; and
(vii) seventh, to the Class 1 A-4 Certificates, until the
Certificate Principal Balance thereof is reduced to zero.
(Y) Prior to the Credit Support Depletion Date, the Class A Principal
Distribution Amount relating to Loan Group 2 will be distributed as follows:
(i) first, to the Class 2 A-5 Certificates, an amount equal to the
Lockout Percentage of the Class 2 A-5 Certificates' pro rata share (based
on the Certificate Principal Balance thereof relative to the aggregate
Certificate Principal Balance of the Class 2 A Certificates) of the Class
A Principal Distribution Amount, until the Certificate Principal Balance
thereof is reduced to zero;
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(ii) second, concurrently as follows:
(A) 52.4105289476% sequentially to the Class 2 A-1
Certificates and Class 2 A-3 Certificates, in that
order, and in each case until the Certificate Principal
Balance thereof is reduced to zero; and
(B) 47.5894710524% sequentially to the Class 2 A-2
Certificates and Class 2 A-3 Certificates, in that
order, and in each case until the Certificate Principal
Balance thereof is reduced to zero;
(iii) second, to the Class 2 A-4 Certificates, until the Certificate
Principal Balance thereof is reduced to zero; and
(iv) third, to the Class 2 A-5 Certificates, until the Certificate
Principal Balance thereof is reduced to zero.
(c) Prior to the occurrence of the Credit Support Depletion Date but
after the reduction of the Certificate Principal Balances of either of the Class
1 A Certificates or Class 2 A Certificates to zero, the other such Class of
Certificates will be entitled to receive, in addition to any Mortgagor
Prepayments related to such Certificates' respective Loan Group, 100% of the
Mortgagor Prepayments on the Mortgage Loans in the other Loan Group, in
reduction of the Certificate Principal Balances thereof, on any Distribution
Date unless (i) the Aggregate Subordinate Percentage is at least two times the
initial Aggregate Subordinate Percentage and (ii) the outstanding Principal
Balance of the Mortgage Loans in both Loan Groups delinquent 60 days or more
averaged over the last six months, as a percentage of the aggregate outstanding
Certificate Principal Balance of the Class M and Class B Certificates, is less
than 50%. In addition, on any Distribution Date prior to the Credit Support
Depletion Date on which the aggregate Certificate Principal Balance of the Class
1 A Certificates or Class 2 A Certificates, as applicable, is greater than the
aggregate Principal Balance of the Mortgage Loans in the related Loan Group
(other than the related Discount Fraction of each Discount Mortgage Loan in the
related Loan Group), in each case after giving effect to distributions to be
made on such Distribution Date, 100% of the Mortgagor Prepayments allocable to
the Class M and Class B Certificates on the Mortgage Loans in the other Loan
Group will be distributed to such Class or Classes of Class 1 A Certificates or
Class 2 A Certificates, as applicable, and in reduction of the Certificate
Principal Balances thereof, until the aggregate Certificate Principal Balance of
such Class or Classes of Certificates is equal to or less than the aggregate
Principal Balance of the Mortgage Loans in the related Loan Group (other than
the related Discount Fraction of each Discount Mortgage Loan in the related Loan
Group).
(d) On or after the Credit Support Depletion Date, all priorities
relating to distributions as described in Section 4.02(b) above in respect of
principal among the various classes of Class A Certificates (other than the
Class A-P Certificates) will be disregarded, and (i) an amount equal to the
Discount Fraction of the principal portion of scheduled payments and unscheduled
collections received or advanced in respect of Discount Mortgage Loans will be
distributed to the related Class A-P Certificates, (ii) the remaining Class A
Principal Distribution Amount relating to Loan Group 1 will be distributed to
the Class 1 A Certificates and Class R Certificates on a pro rata basis in
accordance with their respective outstanding Certificate Principal Balances, and
(iii) the remaining Class A Principal Distribution Amount relating to Loan Group
2 will be distributed to the Class 2 A Certificates on a pro rata basis in
accordance with their respective outstanding Certificate Principal Balances.
(e) The Trustee shall be responsible for the calculations with
respect to distributions from the Certificate Account so long as the Trust Fund
has not been terminated in accordance with this Agreement. All distributions
made to Certificateholders of any Class on such Distribution Date will be
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made to the Certificateholders of the respective Class of record on the
immediately preceding Record Date, except for the final distribution, which
shall be made as provided in the form of Certificate. All distributions made to
the Certificateholders shall be based upon the Percentage Interest represented
by their respective Certificates. If on any Determination Date, the Trustee
determines that there are no Mortgage Loans outstanding and no other funds or
assets in the Trust Fund other than the funds in the Certificate Account, the
Trustee shall promptly send the final distribution notice to each
Certificateholder specifying the manner in which the final distribution will be
made.
(f) Any Certificateholder shall be entitled to receive distributions
hereunder on a Distribution Date (other than as provided in Section 10.02
respecting the final distribution) by wire transfer to the account specified in
writing by the Certificateholder to the Trustee if the Initial Certificate
Principal Balance evidenced by such Holder's Certificate is at least equal to
$2,500,000 or the Percentage Interest thereof is 100%; provided, however, that
any distribution in respect of any Certificate that is held by the Seller or the
Servicer (regardless of Initial Certificate Balance) shall be paid by wire
transfer if the Seller or Servicer, as applicable, has provided to the Trustee,
in writing, the account for such wire transfer. In each case, the account must
be specified in writing at least five Business Days prior to the Record Date for
the Distribution Date on which wire transfers will commence. All other
distributions shall be made by check payable to the Certificateholder mailed by
first class mail to the address of such Certificateholder reflected in the
Certificate Register.
(g) On each Distribution Date the Trustee shall be deemed to
withdraw from the Certificate Account (other than the amounts pursuant to clause
(A) and (B) below), which the Trustee shall withdraw and remit as provided
therein) and remit:
(A) an amount equal to the Available Distribution Amount for Loan Group 1
and pay such amount in the following order of priority:
(i) to the holders of the Class Y-1 and Class Z-1 interests, the
Class Y-1 and Class Z-1 Interest Distribution Amounts respectively and the
Class Y-1 and Class Z-1 Cumulative Interest Shortfall Amounts
respectively; provided that if the Available Distribution Amount is
insufficient to make the full distributions of interest referred to in
this clause, the Available Distribution Amount shall be distributed to the
Class Y-1 and Class Z-1 interests pro rata based on such full amounts
allocable to such Classes;
(ii) to the Class Y-1 and Class Z-1 interests, the Class Y-1
Principal Distribution Amount and the Class Z-1 Principal Distribution
Amount, respectively; and
(iii) to the Class R-1 Certificates, the balance, if any, of the
Available Distribution Amount for Loan Group 1.
(B) an amount equal to the Available Distribution Amount for Loan Group 2
and pay such amount in the following order of priority:
(i) to the holders of the Class Y-2 and Class Z-2 interests, the
Class Y-2 and Class Z-2 Interest Distribution Amounts respectively and the
Class Y-2 and Class Z-2 Cumulative Interest Shortfall Amounts
respectively; provided that if the Available Distribution Amount is
insufficient to make the full distributions of interest referred to in
this clause, the Available Distribution Amount shall be distributed to the
Class Y-2 and Class Z-2 interests pro rata based on such full amounts
allocable to such Classes;
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(ii) to the Class Y-2 and Class Z-2 interests, the Class Y-2
Principal Distribution Amount and the Class Z-2 Principal Distribution
Amount, respectively; and
(iii) to the Class R-1 Certificates, the balance, if any, of the
Available Distribution Amount for Loan Group 2.
SECTION 4.03 Allocation of Realized Losses.
Prior to each Distribution Date, based on the information provided
by the Servicer in its monthly report, the Trustee shall determine the total of
Realized Losses, if any, incurred with respect to the Mortgage Loans in each
Loan Group during the previous Prepayment Period. On each Distribution Date,
Realized Losses will be allocated after the distribution of principal and
interest on such Distribution Date; provided, however, that if the Certificate
Principal Balance of any Class of Certificates would be reduced to zero as a
result of Realized Losses to be allocated on such Distribution Date if no funds
were available for distributions on the Certificates, then Realized Losses will
be allocated to such Class prior to the distribution of principal and interest.
In every case, such Realized Losses shall be allocated (i) first, to the Class
B-3 Certificates until the Certificate Principal Balance thereof has been
reduced to zero; and (ii) the remaining Realized Losses (a) for Loan Group 1
will be allocated in the following order of priority: to the Class 1 B-2
Certificates, to the Class 1 B-1 Certificates, to the Class 1 M-3 Certificates,
to the Class 1 M-2 Certificates, to the Class 1 M-1 Certificates, to the Class 2
B-2 Certificates, to the Class 2 B-1 Certificates, to the Class 2 M-3
Certificates, to the Class 2 M-2 Certificates, and to the Class 2 M-1
Certificates in each such case until the Certificate Principal Balance of such
Class of Certificates is reduced to zero, and then to the Class 1 A-P
Certificates, in an amount equal to the Discount Fraction of such Realized Loss
if such Realized Loss was on a Discount Mortgage Loan, and finally, to the Class
1 A Certificates, on a pro rata basis in accordance with their respective
Certificate Principal Balances; and (b) for Loan Group 2 will be allocated, in
the following order of priority: to the Class 2 B-2 Certificates, to the Class 2
B-1 Certificates, to the Class 2 M-3 Certificates, to the Class 2 M-2
Certificates, to the Class 2 M-1 Certificates, to the Class 1 B-2 Certificates,
to the Class 1 B-1 Certificates, to the Class 1 M-3 Certificates, to the Class 1
M-2 Certificates and to the Class 1 M-1 Certificates, in each such case until
the Certificate Principal Balance of such Class of Certificates is reduced to
zero, and then to the Class 2 A-P Certificates in an amount equal to the
Discount Fraction of such Realized Loss if such Realized Loss was on a Discount
Mortgage Loan, and finally to the Class 2 A Certificates on a pro rata basis in
accordance with their respective Certificate Principal Balances; provided that
on the Distribution Date on which the Certificate Principal Balance of the Class
B-3 Certificates is reduced to zero, the Realized Losses not allocated to such
Class will be allocated on a pro rata basis between the Class 1 B-2 Certificates
and Class 2 B-2 Certificates in accordance with the respective amounts of
Realized Losses for each Loan Group allocated to the Certificates on such
Distribution Date.
Realized Losses shall be allocated to the Class Y and Class Z
interests as follows:
(i) Realized Losses on Group 1 Loans shall be allocated, first, to
the Class Y-1 interest to the extent of the Class Y-1 Principal Reduction
Amount in reduction of the Certificate Principal Balance of such interest
and, second, the remainder, if any, of such Realized Losses shall be
allocated to the Class Z-1 interest in reduction of the Certificate
Principal Balance thereof;
(ii) Realized Losses on Group 2 Loans shall be allocated, first, to
the Class Y-2 interest to the extent of the Class Y-2 Principal Reduction
Amount in reduction of the Certificate Principal Balance of such interest
and, second, the remainder, if any, of such Realized Losses shall be
allocated to the Class Z-2 interest in reduction of the Certificate
Principal Balance thereof.
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Except as provided in the following sentence, any allocation of the
principal portion of Realized Losses to a Class of Certificates (or a Class of
Class Y or Class Z interests) shall be made by reducing the Certificate
Principal Balance thereof by the amount so allocated, which allocation shall be
deemed to have occurred on such Distribution Date. Any allocation of the
principal portion of Realized Losses to the Class B-3 Certificates shall also be
made by operation of the definition of "Certificate Principal Balance."
Allocations of the interest portions of Realized Losses shall be made by
operation of the provisions of Section 4.02(a). All Realized Losses and all
other losses allocated to a Class of Certificates hereunder will be allocated
among the Certificates of such Class in proportion to the Percentage Interests
evidenced thereby.
SECTION 4.04 Monthly Statements to Certificateholders.
(a) Not later than each Distribution Date, the Trustee shall prepare
and the Trustee shall cause to be forwarded by mail to each Certificateholder,
the Servicer, the Depositor, Bloomberg, and the Rating Agencies a statement
setting forth the following information as to each Class of Certificates to the
extent applicable
(i) the amount of such distribution representing principal,
separately identifying (1) the aggregate amount of any Mortgagor
Prepayments included therein, (2) the portion of such distribution, if
any, representing a Monthly Advance of principal, (3) the aggregate
Certificate Principal Balance of each Class of Certificates, and (4) each
Senior Percentage, Class M Percentage and Class B Percentage after giving
effect to such distributions, separately identifying any reduction thereof
due to Realized Losses other than pursuant to an actual distribution of
principal;
(ii) the amount of such distribution representing interest and the
portion of such distribution, if any, representing a Monthly Advance of
interest;
(iii) the aggregate Principal Balances of the Mortgage Loans as of
the close of business on such Distribution Date and the amount of
Principal Prepayments and the aggregate Principal Balances of the Mortgage
Loans repurchased by the Seller during the immediately preceding
Prepayment Periods;
(iv) the Servicing Fees retained by the Servicer;
(v) the amount of Monthly Advances paid by the Servicer;
(vi) the number and aggregate principal amounts of Mortgage Loans
(A) delinquent (1) one month, (2) two months, (3) three months or more and
(B) in foreclosure and (C) in bankruptcy;
(vii) the book value (within the meaning of 12 C.F.R.ss. 571.13 or
comparable provision) of any REO Property;
(viii) the respective amounts, if any, of Realized Losses allocated
to the respective Classes of Certificates with respect to such
Distribution Date;
(ix) all Monthly Advances recovered during the related Due Period
and the extent of Monthly Advances remaining unreimbursed;
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(x) the amount of any tax imposed on a "prohibited transaction" of
the Trust Fund as defined in Section 860F of the Code during the related
Due Period;
(xi) the amount of any reduction in Certificate Principal Balance,
Cumulative Interest Shortfall Amount or Interest Distribution Amount for
any Class attributable to the application of Realized Losses thereto on
such Distribution Date;
(xii) the Senior Accelerated Prepayment Percentage and the Senior
Percentage applicable to such distribution;
(xiii) the Subordinate Pass-Through Rate applicable for such
Distribution Date;
(xiv) the related Subordinate Principal Distribution Amount, if
applicable;
(xv) the aggregate principal balance of all Mortgage Loans which are
the subject of substitution or purchase by the Seller pursuant to Section
2.01. 2.02. 2.03, 2.04 or 3.12, during the month of such Distribution
Date, together with the number of such Mortgage Loans removed and the
amount of any resulting shortage deposited into the Custodial Account by
the Seller or Servicer in such month;
(xvi) the Cumulative Interest Shortfall Amount for each Class, as
applicable; and
(xvii) cumulative Realized Losses since the Delivery Date and for
the three year period commencing on the Delivery Date.
(b) Upon reasonable advance notice in writing, if required by
federal regulation, the Trustee will provide to each Certificateholder that is a
savings association, bank or insurance company certain reports and access to
information and documentation regarding the Mortgage Loans sufficient to permit
such Certificateholder to comply with applicable regulations of the Office of
Thrift Supervision or other regulatory authorities with respect to investment in
the Certificates and the Servicer shall cooperate with the Trustee in providing
such information; provided, however, that the Trustee shall be entitled to be
reimbursed by each such Certificateholder for the Trustee's actual expenses
incurred in providing such reports and access. The Trustee will provide to any
Certificateholder upon request the outstanding Certificate Principal Balances as
of the date requested and, if then known by the Trustee, the outstanding
Certificate Principal Balances after giving effect to any distribution to be
made on the next following Distribution Date.
(c) Upon the written request of any Certificateholder, the Trustee,
as soon as reasonably practicable, shall provide the Certificateholder with such
information as has been provided by the Depositor to the Trustee, for purposes
of satisfying applicable information reporting requirements under Rule 144A.
SECTION 4.05 Prepayment Interest Shortfalls and Relief Act Shortfalls.
Prepayment Interest Shortfalls resulting in any Loan Group from a
Principal Prepayment of a Mortgage Loan during any Prepayment Period and Relief
Act Shortfalls occurring during the related Interest Accrual Period will be
applied on the related Distribution Date to reduce the Interest Distribution
Amount of (a) the Class 1 A, Class 1 M-1, Class 1 M-2, Class 1 M-3, Class 1 B-1
and Class 1 B-2
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Certificates in the case of Loan Group 1, and (b) the Class 2 A, Class 2-M-1,
Class 2 M-2, Class 2 M-3, Class 2 B-1 and Class 2 B-2 Certificates in the case
of Loan Group 2, in proportion to the related Senior Percentage, Class M-1
Percentage or Class M-2 Percentage, Class M-3 Percentage, Class B-1 Percentage
and Class B-2 Percentage for such Distribution Date of such shortfalls (and
among the Class 1 A or Class 2 A Certificates on a pro rata basis in accordance
with the amount of interest accrued during such Interest Accrual Period). The
remainder of such shortfalls will be allocated to reduce the Interest
Distribution Amount for the Class B-3 Certificates. Prepayment Interest
Shortfalls resulting from a Principal Prepayment of a Mortgage Loan during any
Prepayment Period and Relief Act Shortfalls will be applied to the Class Y and
Class Z interests in the same manner as Realized Losses are applied.
ARTICLE V
ADVANCES
SECTION 5.01 Monthly Advances by the Servicer.
Subject to the conditions of this Article V, the Servicer, as
required below, shall make a Monthly Advance to the Certificate Account, in the
amount, if any, of the aggregate Monthly Payments less Prepayment Interest
Shortfalls and Relief Act Shortfalls, after adjustment of the interest portion
of each such Monthly Payment to the Net Mortgage Rate, on the Mortgage Loans
that were due on the Due Date but that were not received and remitted to the
Certificate Account on or prior to the Servicer Advance Date. The Servicer shall
be obligated to make any such Monthly Advance only to the extent that such
advance, in the good faith judgment of the Servicer, will not be a
Nonrecoverable Advance.
On the Determination Date immediately preceding the related
Distribution Date, the Servicer shall determine whether and to what extent any
Mortgagor has failed to make any Monthly Payment due on the Due Date and whether
such deficiencies, if advanced by the Servicer, would be a Nonrecoverable
Advance. If the Servicer shall have determined that it is not obligated to make
the entire Monthly Advance because all or a lesser portion of such Monthly
Advance would not be recoverable by the Servicer from related Insurance Proceeds
or Liquidation Proceeds (net of Liquidation Expenses), the Servicer shall
deliver to the Trustee, not less than two Business Days prior to the related
Distribution Date, for the benefit of the Certificateholders, a certificate of a
Servicing Officer setting forth the reasons for such determination.
In lieu of making all or a portion of any Monthly Advance, the
Servicer may cause to be made an appropriate entry in its records relating to
the Custodial Account that funds in such account, including but not limited to
any amounts received in respect of scheduled principal and interest on any
Mortgage due after the related Due Period, in excess of the Available
Distribution Amount (less the amount of such Monthly Advance) for the related
Distribution Date have been used by the Servicer in discharge of its obligation
to make any such Monthly Advance. Any funds so applied shall be replaced by the
Servicer by deposit, in the manner set forth above, in the Custodial Account no
later than the Servicer Advance Date to the extent that funds in the Custodial
Account on such date are less than the amounts required to be distributed on the
related Distribution Date. The Servicer shall be entitled to be reimbursed from
the Custodial Account and the Certificate Account for all Monthly Advances of
its own funds made pursuant to this Section as provided in Section 3.09 and
4.01.
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SECTION 5.02 Advances for Attorneys' Fees.
The Servicer shall make advances from time to time for attorneys'
fees and court costs incurred, or which reasonably can be expected to be
incurred, for the foreclosure of any Mortgage Loan or for any transaction in
which the Trustee for the benefit of the Certificateholders is expected to
receive a deed-in-lieu of foreclosure, unless the Servicer has made a good faith
determination that such advances would be Nonrecoverable Advances. If the
Servicer shall make a good faith determination that such advances would not be
so recoverable, the Servicer shall promptly deliver to the Trustee a Certificate
of a Servicing Officer setting forth the reasons for such determination. The
Servicer shall be entitled to reimbursement for any such advance as provided in
Section 3.09 hereof.
SECTION 5.03 Nonrecoverable Advances.
The determination by the Servicer that it has made a Nonrecoverable
Advance shall be evidenced by a certificate of a Servicing Officer promptly
delivered to the Trustee setting forth the reasons for such determination.
Following the Trustee's receipt of such certificate, the Servicer shall be
entitled to reimbursement for such Nonrecoverable Advance as provided in Section
3.09 and 4.01 hereof.
SECTION 5.04 Advance Procedures.
(a) If, on any Determination Date, the Servicer determines to make a
Monthly Advance in accordance with Section 5.01, it shall make such Monthly
Advance on or before noon, New York time, on the Business Day prior to the
related Distribution Date (the "Servicer Advance Date"). The Servicer shall
notify the Trustee of the aggregate amount of Monthly Advances for a
Distribution Date on or before three Business Days prior to such Distribution
Date. Any such Monthly Advance shall be included with the distribution on the
related Distribution Date pursuant to Section 4.02.
(b) In the event that the Servicer fails to make a Monthly Advance
required to be made pursuant to Section 5.01 on or before the close of business,
on the Servicer Advance Date, the Trustee shall on or before 12 noon, New York
time on the next Business Day provide notice to the Servicer, by telephone and
by writing (which may be by telecopy) of such failure and the amount of such
failure and that continuance of such failure for a period of one Business Day
thereafter will be an Event of Default.
ARTICLE VI
THE CERTIFICATES
SECTION 6.01 The Certificates.
The Certificates shall be in substantially the forms set forth in
Exhibits A, B, C and D hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Agreement or as may in the reasonable judgment of the Trustee or the Depositor
be necessary, appropriate or convenient to comply, or facilitate compliance,
with applicable laws, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange on which any of the
Certificates may be listed, or as may, consistently herewith, be determined by
the officers executing such Certificates, as evidenced by their execution
thereof.
The definitive Certificates shall be printed, typewritten,
lithographed or engraved or produced by any combination of these methods or may
be produced in any other manner permitted by the
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rules of any securities exchange on which any of the Certificates may be listed,
all as determined by the officers executing such Certificates, as evidenced by
their execution thereof.
Each Class of Class A and Class M Certificates will be in
fully-registered form only in minimum denominations of a $25,000 Certificate
Principal Balance (or, in the case of the Class 2 A-3 Certificates and Class 2
A-4 Certificates, denominations of a $1,000 Certificate Principal Balance) and
integral multiples of $1 in excess thereof. The Class B Certificates will be in
fully-registered form only in minimum denominations of $100,000 Certificate
Principal Balance and integral multiples of $1 in excess thereof. Each Class of
the Class R Certificates will be in minimum denominations of 20% percentage
interest. Each Class of the Class Y and Class Z interests will be
uncertificated.
The Certificates shall be executed by manual or facsimile signature
on behalf of the Trust Fund by the Trustee by a Responsible Officer.
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures were affixed, authorized to sign on behalf of
the Trustee shall bind the Trust Fund, notwithstanding that such individuals or
any of them have ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
Certificate. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of authentication executed by the Trustee by manual signature, and
such certificate of authentication upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date
of their authentication.
SECTION 6.02 Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall maintain, or cause to be maintained, a
Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided. Upon surrender for
registration of transfer of any Certificate, the Trustee shall execute,
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates in like aggregate interest and of the
same Class.
(b) At the option of a Certificateholder, Certificates may be
exchanged for other Certificates of authorized denominations and the same
aggregate interest in the Trust Fund and of the same Class, upon surrender of
the Certificates to be exchanged at the office or agency of the Trustee in the
City of New York where Certificates may be surrendered for registration of
transfer or exchange. The Trustee will give prompt written notice to
Certificateholders of any change in the location of the any such office or
agency. The Trustee initially designates First Chicago Trust Company of New
York, located at 14 Wall Street, New York, New York, for such purpose. The
Certificate Register will be kept in Chicago, Illinois at the offices of the
Trustee located at the Corporate Trust Office and may be kept in an electronic
form capable of printing out a hard copy of the Certificate Register. Whenever
any Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate and deliver the Certificates which the Certificateholder making the
exchange is entitled to receive. Every Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by the
Holder thereof or his attorney duly authorized in writing.
(c) No service charge to the Certificateholders shall be made for
any registration of transfer or exchange of Certificates, but payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates may be required.
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(d) All Certificates surrendered for registration of transfer and
exchange shall be canceled and subsequently destroyed by the Trustee in
accordance with the Trustee's customary procedures.
(e) No transfer of any Class B Certificate shall be made unless that
transfer is made pursuant to an effective registration statement under the 1933
Act and effective registration or qualification under applicable state
securities laws, or is made in a transaction which does not require such
registration or qualification. In the event that a transfer is to be made
without registration or qualification, either (i)(A) the Trustee shall require,
in order to assure compliance with such laws, that the Certificateholder's
prospective transferee and the Certificateholder desiring to effect the transfer
each certify to the Trustee in writing in the forms set forth in Exhibit H-1 and
Exhibit H-2, respectively, the facts surrounding the transfer and (B) the
Depositor or the Trustee may require an Opinion of Counsel reasonably
satisfactory to the requesting party that such transfer may be made without such
registration or qualification, which Opinion of Counsel shall not be required to
be an expense of the Depositor or the Trustee or (ii) the prospective transferee
of such a Certificate shall be required to provide the Trustee and the Depositor
with an investment letter substantially in the form of Exhibit I attached hereto
(or such other form as the Depositor in its sole discretion deems acceptable),
which investment letter shall not be an expense of the Trustee or the Depositor,
and which investment letter states that, among other things, such transferee (A)
is a "qualified institutional buyer" as defined under Rule 144A, acting for its
own account or the accounts of other "qualified institutional buyers" as defined
under Rule 144A, and (B) is aware that the proposed transferor intends to rely
on the exemption from registration requirements under the 1933 Act provided by
Rule 144A. Neither the Depositor nor the Trustee is obligated to register or
qualify any Class B Certificate under the 1933 Act or any other securities law
or to take any action not otherwise required under this Agreement to permit the
transfer of such Certificate or interest without registration or qualification.
Any such Holder desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee and the Depositor against any liability that may
result if the transfer is not so exempt, or is not made in accordance with
federal and state laws.
(f) No transfer of a Class M, Class B or Class R Certificate shall
be made to any employee benefit or other plan that is subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of
the Code, to a trustee or other person acting on behalf of any such plan, or to
any other person using "plan assets" to effect such acquisition, unless the
prospective transferee of a Certificateholder desiring to transfer its
Certificate provides the Trustee and the Depositor with a certification to the
effect set forth in paragraph six of Exhibit H-1, which the Trustee may rely
upon without further inquiry or investigation, or such other certifications as
the Trustee may deem desirable or necessary in order to establish that such
transferee or the Person in whose name such registration is requested either (a)
is not an employee benefit plan or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code, or any Person
(including an investment manager, a named fiduciary or a trustee of any such
plan) who is using "plan assets" of any such plan to effect such acquisition
(each, a "Plan Investor") or (b) in the case of any Class M Certificate or Class
B Certificate, the following conditions are satisfied: (i) such transferee is an
insurance company, (ii) the source of funds used to purchase or hold such
Certificate (or interest therein) is an "insurance company general account" (as
defined in U.S. Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60, and (iii) the conditions set forth in Sections I and III of PTCE
95-60 have been satisfied (each entity that satisfies this clause (b), a
"Complying Insurance Company"). Notwithstanding the foregoing, a certification
will not be required with respect to the transfer of any Class M Certificate to
DTC, or for any subsequent transfer of any interest in a Class M Certificate for
so long as such Certificate is a Book-Entry Certificate (each such Class M
Certificate, a "Book-Entry Class M Certificate"). Any transferee of a Book-Entry
Class M Certificate will be deemed to have represented by virtue of its purchase
or holding of such Certificate (or interest therein) that either (a) such
transferee is not a Plan Investor or (b) such transferee is a Complying
Insurance Company. If any Class M Certificate (or any
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interest therein) is acquired or held in violation of the provisions of the
preceding clause (b) of this Section 6.02(f), then the last preceding transferee
that either (i) is not a Plan Investor or (ii) is a Complying Insurance Company
shall be restored, to the extent permitted by law, to all rights and obligations
as Certificateholder thereof retroactive to the date of such transfer of such
Class M Certificate. Any purported Certificateholder whose acquisition or
holding of any Book-Entry Class M Certificate (or interest therein) was effected
in violation of the restrictions in this Section 6.02(f) shall indemnify and
hold harmless the Depositor, the Trustee, the Seller, the Servicer, and the
REMIC Trust from and against any and all liabilities, claims, costs or expenses
incurred by such parties as a result of such acquisition or holding. The Trustee
shall be under no liability to any Person for making any payments due on any
Certificate to such preceding transferee that is not a Plan Investor or a
Complying Insurance Company).
(g) Additional restrictions on transfers of the Class R Certificates
to Disqualified Organizations are set forth below:
(i) Each Person who has or who acquires any ownership interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of
such ownership interest to have agreed to be bound by the following
provisions and to have irrevocably authorized the Trustee or its designee
under clause (iii)(A) below to deliver payments to a Person other than
such Person and to negotiate the terms of any mandatory sale under clause
(iii)(B) below and to execute all instruments of transfer and to do all
other things necessary in connection with any such sale. The rights of
each Person acquiring any ownership interest in a Class R Certificate are
expressly subject to the following provisions:
(A) Each Person holding or acquiring any ownership interest in
a Class R Certificate shall be other than a Disqualified
Organization and shall promptly notify the Trustee of any change or
impending change in its status as other than a Disqualified
Organization.
(B) In connection with any proposed transfer of any ownership
interest in a Class R Certificate to a U.S. Person, the Trustee
shall require delivery to it, and shall not register the transfer of
a Class R Certificate until its receipt of (1) an affidavit and
agreement (a "Transferee Affidavit and Agreement" attached hereto as
Exhibit J) from the proposed transferee, in form and substance
satisfactory to the Servicer, representing and warranting, among
other things, that it is not a non-U.S. Person, that such transferee
is other than a Disqualified Organization, that it is not acquiring
its ownership interest in a Class R Certificate that is the subject
of the proposed transfer as a nominee, trustee or agent for any
Person who is not other than a Disqualified Organization, that for
so long as it retains its ownership interest in a Class R
Certificate, it will endeavor to remain other than a Disqualified
Organization, and that it has reviewed the provisions of this
Section 6.02(g) and agrees to be bound by them, and (2) a
certificate, attached hereto as Exhibit K, from the Holder wishing
to transfer a Class R Certificate, in form and substance
satisfactory to the Servicer, representing and warranting, among
other things, that no purpose of the proposed transfer is to allow
such Holder to impede the assessment or collection of tax.
(C) Notwithstanding the delivery of a Transferee Affidavit and
Agreement by a proposed transferee under clause (B) above, if the
Trustee has actual knowledge that the proposed transferee is not
other than a Disqualified Organization, no transfer of an ownership
interest in a Class R Certificate to such proposed transferee shall
be effected.
(D) Each Person holding or acquiring any ownership interest in
a Class R Certificate agrees, by holding or acquiring such ownership
interest, (1) to require a Transferee Affidavit and Agreement from
the other Person to whom such Person attempts to
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transfer its ownership interest and to provide a certificate to the
Trustee in the form attached hereto as Exhibit K, and (2) to obtain
the express written consent of the Servicer prior to any transfer of
such ownership interest, which consent may be withheld in the
Servicer's sole discretion.
(ii) The Trustee shall register the transfer of any Class R
Certificate only if it shall have received the Transferee Affidavit and
Agreement, a certificate of the Holder requesting such transfer in the
form attached hereto as Exhibit J and all of such other documents as shall
have been reasonably required by the Trustee as a condition to such
registration.
(iii) (A) If any Disqualified Organization shall become a Holder of
a Class R Certificate, then the last preceding Holder that was other than
a Disqualified Organization shall be restored, to the extent permitted by
law, to all rights and obligations as Holder thereof retroactive to the
date of registration of such transfer of such Class R Certificate. If any
non-U.S. Person shall become a Holder of a Class R Certificate, then the
last preceding Holder that is a U.S. Person shall be restored, to the
extent permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of the transfer to such non-U.S.
Person of such Class R Certificate. If a transfer of a Class R Certificate
is disregarded pursuant to the provisions of Treasury Regulations Section
1.860E-1 or Section 1.860G-3, then the last preceding Holder that was
other than a Disqualified Organization shall be restored, to the extent
permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such transfer of such Class R
Certificate. The Trustee shall be under no liability to any Person for any
registration of transfer of a Class R Certificate that is in fact not
permitted by this Section 6.02(g) or for making any payments due on such
Certificate to the Holder thereof or for taking any other action with
respect to such Holder under the provisions of this Agreement.
(B) If any purported transferee of a Class R Certificate shall
become a Holder of a Class R Certificate in violation of the restrictions in
this Section 6.02(g) and to the extent that the retroactive restoration of the
rights of the Holder of such Class R Certificate as described in clause (iii)(A)
above shall be invalid, illegal or unenforceable, then the Servicer shall have
the right, without notice to the preceding Holder or any prior Holder of such
Class R Certificate, to sell such Class R Certificate to a purchaser selected by
the Servicer on such terms as the Servicer may choose. Such purported transferee
shall promptly endorse and deliver a Class R Certificate in accordance with the
instructions of the Servicer. Such purchaser may be the Servicer itself or any
affiliate of the Servicer. The proceeds of such sale, net of the commissions
(which may include commissions payable to the Servicer or its affiliates),
expenses and taxes due, if any, shall be remitted by the Servicer to such
purported transferee. The terms and conditions of any sale under this clause
(iii)(B) shall be determined in the sole discretion of the Servicer, and the
Servicer shall not be liable to any Person having an ownership interest or a
purported ownership interest in a Class R Certificate as a result of its
exercise of such discretion.
(iv) The Servicer, on behalf of the Trustee, shall make available,
upon written request from the Trustee, all information reasonably
available to it that is necessary to compute any tax imposed (A) as a
result of the transfer of an ownership interest in a Class R Certificate
to any Person who is not other than a Disqualified Organization, including
the information regarding "excess inclusions" of such Residual Certificate
required to be provided to the Internal Revenue Service and certain
Persons as described in Treasury Regulation Sections 1.860E-2(a)(5) or
1.860D-1(b)(5), and (B) as a result of any regulated investment company,
real estate investment trust, common trust fund, partnership, trust,
estate or organizations described in Section 1381 of the Code having as
among its record holders at any
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time any Person who is not other than a Disqualified Organization.
Reasonable compensation for providing such information may be required by
the Servicer from such Person.
(v) The provisions of this Section 6.02(g) set forth prior to this
Section (v) may be modified, added to or eliminated by the Servicer,
provided that there shall have been delivered to the Trustee the
following:
(A) written notification from each Rating Agency to the effect
that the modification, addition to or elimination of such provisions
will not cause such Rating Agency to downgrade its then-current
rating of the Certificates; and
(B) a certificate of the Servicer stating that the Servicer
has received an Opinion of Counsel, in form and substance
satisfactory to the Servicer, to the effect that such modification,
addition to or elimination of such provisions will not cause either
Trust REMIC to cease to qualify as a REMIC and will not create a
risk that (i) either Trust REMIC may be subject to an entity-level
tax caused by the transfer of a Class R Certificate to a Person
which is not other than a Disqualified Organization or (2) a
Certificateholder or another Person will be subject to a
REMIC-related tax caused by the transfer of applicable Class R
Certificate to a Person which is not other than a Disqualified
Organization.
(vi) The following legend shall appear on each Class R Certificate:
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT
TO THE SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A)
THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY
FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR
INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER
THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS
EXEMPT FROM THE TAXES IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
OR (C) BEING HEREINAFTER REFERRED TO AS A "DISQUALIFIED
ORGANIZATION"), OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION AND
(2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFEROR TO
IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL
INCLUDE CERTAIN REPRESENTATIONS AS TO THE FINANCIAL CONDITION OF THE
PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE
CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION OF
THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT
OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO
BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT
BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER,
INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE. EACH HOLDER OF THE CLASS R CERTIFICATE BY ACCEPTANCE OF
THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS
OF THIS PARAGRAPH.
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(h) The Trustee shall have no liability to the Trust Fund arising
from a transfer of any such Certificate in reliance upon a certification, ruling
or Opinion of Counsel described in this Section 6.02; provided, however, that
the Trustee shall not register the transfer of any Class R Certificate if it has
actual knowledge that the proposed transferee does not meet the qualifications
of a permitted Holder of a Class R Certificate as set forth in this Section
6.02.
SECTION 6.03 Mutilated, Destroyed, Lost or Stolen Certificates.
If (a) any mutilated Certificate is surrendered to the Trustee, or
the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Certificate and (b) there is delivered to the Servicer and the
Trustee such security or indemnity as may be required by them to save each of
them harmless, then, in the absence of notice to the Trustee that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and interest in the Trust Fund. In connection with the issuance of any new
Certificate under this Section 6.03, the Trustee may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith. Any replacement Certificate issued pursuant to
this Section 6.03 shall constitute complete and indefeasible evidence of
ownership in the Trust Fund, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.
SECTION 6.04 Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of
transfer, the Servicer, the Trustee, and any agent of the Servicer or the
Trustee may treat the person in whose name any Certificate is registered as the
owner of such Certificate for the purpose of receiving distributions as provided
in this Agreement and for all other purposes whatsoever, and neither the
Servicer, the Trustee nor any agent of the Servicer or the Trustee shall be
affected by any notice to the contrary.
SECTION 6.05 Access to List of Certificateholders' Names and Addresses.
(a) If three or more Certificateholders (i) request in writing from
the Trustee a list of the names and addresses of Certificateholders, (ii) state
that such Certificateholders desire to communicate with other Certificateholders
with respect to their rights under this Agreement or under the Certificates and
(iii) provide a copy of the communication which such Certificateholders propose
to transmit, then the Trustee shall, within ten Business Days after the receipt
of such request, afford such Certificateholders access during normal business
hours to a current list of the Certificateholders. The expense of providing any
such information requested by a Certificateholder shall be borne by the
Certificateholders requesting such information and shall not be borne by the
Trustee. Every Certificateholder, by receiving and holding a Certificate, agrees
that the Trustee shall not be held accountable by reason of the disclosure of
any such information as to the list of the Certificateholders hereunder,
regardless of the source from which such information was derived.
(b) The Servicer, so long as it is the Servicer hereunder, shall
have unlimited access to a list of the names and addresses of the
Certificateholders which list shall be provided by the Trustee promptly upon the
request of the Servicer.
SECTION 6.06 Maintenance of Office or Agency.
The Trustee will maintain or cause to be maintained at its expense
an office or offices or agency or agencies where Certificates may be surrendered
for registration of transfer or exchange and
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where notices and demands to or upon the Trustee in respect of the Certificates
and this Agreement may be served. The Trustee initially designates the office
described in Section 9.11 as its office for such purpose. The Trustee will give
prompt written notice to the Certificateholders of any change in the location of
any such office or agency.
SECTION 6.07 Book-Entry Certificates.
Notwithstanding the foregoing, each class of the Class A and Class M
Certificates, upon original issuance, shall be issued in the form of one or more
typewritten Certificates representing the Book-Entry Certificates, to be
delivered to DTC, the initial Clearing Agency, by, or on behalf of, the
Depositor. Such Class A and Class M Certificates shall initially be registered
on the Certificate Register in the name of Cede & Co., the nominee of DTC, as
the initial Clearing Agency, and no Beneficial Holder will receive a definitive
certificate representing such Beneficial Holder's interest in the Certificates,
except as provided in Section 6.09. Unless and until definitive, fully
registered Certificates ("Definitive Certificates") have been issued to the
Beneficial Holders pursuant to Section 6.09:
(a) the provisions of this Section 6.07 shall be in full force and
effect with respect to such Class A and Class M Certificates;
(b) the Depositor and the Trustee may deal with the Clearing Agency
for all purposes with respect to such Class A and Class M Certificates
(including the making of distributions on such Certificates) as the sole Holder
of such Certificates;
(c) to the extent that the provisions of this Section 6.07 conflict
with any other provisions of this Agreement, the provisions of this Section 6.07
shall control; and
(d) the rights of the Beneficial Holders of such Class A and Class M
Certificates shall be exercised only through the Clearing Agency and the
Participants and shall be limited to those established by law and agreements
between such Beneficial Holders and the Clearing Agency and/or the Participants.
Pursuant to the Depository Agreement, unless and until Definitive Certificates
are issued pursuant to Section 6.09, the initial Clearing Agency will make
book-entry transfers among the Participants and receive and transmit
distributions of principal and interest on the related Certificates to such
Participants.
For purposes of any provision of this Agreement requiring or
permitting actions with the consent of, or at the direction of, Holders of each
Class of such Class A and Class M Certificates evidencing a specified percentage
of the aggregate unpaid principal amount of such Certificates, such direction or
consent may be given by the Clearing Agency at the direction of Beneficial
Holders owning such Certificates evidencing the requisite percentage of
principal amount of such Certificates. The Clearing Agency may take conflicting
actions with respect to each Class of such Class A and Class M Certificates to
the extent that such actions are taken on behalf of the Beneficial Holders.
SECTION 6.08 Notices to Clearing Agency.
Whenever notice or other communication to the Holders of each Class
of Class A and Class M Certificates is required under this Agreement, unless and
until Definitive Certificates shall have been issued to the related
Certificateholders pursuant to Section 6.09, the Trustee shall give all such
notices and communications specified herein to be given to Holders of each Class
of the Class A and Class M Certificates to the Clearing Agency which shall give
such notices and communications to the related Participants in accordance with
its applicable rules, regulations and procedures.
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SECTION 6.09 Definitive Certificates.
If (a) the Depositor advises the Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its
responsibilities under the Depository Agreement with respect to the Certificates
and the Trustee or the Depositor is unable to locate a qualified successor, (b)
the Depositor, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system with respect to any or all of the Class A or
Class M Certificates through the Clearing Agency or (c) after the occurrence of
an Event of Default, Holders of each Class of Class A and Class M Certificates
evidencing not less than 66-2/3% of the aggregate Certificate Principal Balance
of such Class of the Class A and Class M Certificates advise the Trustee in
writing that the continuation of a book-entry system with respect to the such
Certificates through the Clearing Agency is no longer in the best interests of
the Holders of such Certificates with respect to such Class of the Class A and
Class M Certificates, the Trustee shall notify all Holders of such Certificates
of the occurrence of any such event and the availability of Definitive
Certificates. Upon surrender to the Trustee of the such Certificates by the
Clearing Agency, accompanied by registration instructions from the Clearing
Agency for registration, the Trustee shall authenticate and deliver the
Definitive Certificates. Neither the Depositor nor the Trustee shall be liable
for any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions. Upon the issuance of
Definitive Certificates all references herein to obligations imposed upon or to
be performed by the Clearing Agency shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates, and the Trustee shall recognize the Holders of
Definitive Certificates as Certificateholders hereunder.
ARTICLE VII
THE DEPOSITOR, SELLER AND THE SERVICER
SECTION 7.01 Liabilities of the Depositor, Seller and the Servicer.
The Depositor, Seller and the Servicer shall each be liable in
accordance herewith only to the extent of the obligations specifically and
respectively imposed upon and undertaken by them herein.
It is understood and agreed that the obligation under this Agreement
of the Seller or the Servicer to repurchase or substitute any Mortgage Loan as
to which any breach of representation or warranty made in Section 2.01, 2.02,
2.03 or 2.04 of this Agreement or in Section 2 of the Mortgage Loan Purchase
Agreement has occurred and is continuing shall constitute the sole and exclusive
remedy respecting such breach available to the Depositor, the Certificateholders
or the Trustee on their behalf so long as the Seller repurchases or substitutes
any such Mortgage Loan and such Certificateholders shall not be entitled to any
consequential damages.
Without limiting the effect of the preceding paragraph, the Servicer
shall defend and indemnify the Trust Fund, the Trustee, the Depositor, the
Certificate Registrar, the Seller and the Certificateholders against any and all
costs, expenses, losses, damages, claims or liabilities, including reasonable
fees and expenses of counsel and expenses of litigation, arising from third
party claims or actions (including penalties or fees imposed by any governmental
or regulatory body or agency) in respect of any breach of the Servicer's
covenants, representations or warranties set forth herein or in respect of any
action taken or omitted by the Servicer with respect to any Mortgage Loan
constituting a failure by the Servicer to perform its obligations under this
Agreement. This indemnity shall survive any Event of Default (but a Servicer's
obligations under this Section 7.01 shall not relate to any actions of any
predecessor or subsequent Servicer after an Event of Default) and any payment of
the amount owing under, or any repurchase by the Servicer of, any such Mortgage
Loan.
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Without limiting the effect of the second preceding paragraph, the
Seller shall defend and indemnify the Trust Fund, the Trustee, the Depositor,
the Certificate Registrar, the Servicer and the Certificateholders against any
and all costs, expenses, losses, damages, claims or liabilities, including
reasonable fees and expenses of counsel and expenses of litigation, arising from
third party claims or actions (including penalties or fees imposed by any
governmental or regulatory body or agency) in respect of any breach of the
Seller's covenants, representations or warranties set forth herein or in respect
of any action taken or omitted by the Seller with respect to any Mortgage Loan
constituting a failure by the Seller to perform its obligations under this
Agreement. This indemnity shall survive any payment of the amount owing under,
or any repurchase by the Seller of, any such Mortgage Loan.
Any amounts received by the Trustee from the Seller or Servicer on
behalf of the Trust Fund pursuant to this Article VII shall be deposited in the
Certificate Account and shall be distributed as part of the Available
Distribution Amount. If either the Seller or the Servicer has made any indemnity
payments to the Trustee pursuant to this Article VII and the Trustee thereafter
collects any of such amounts from others, the Trustee will repay such amounts
collected to the Seller or Servicer, as applicable, together with any interest
collected thereon.
SECTION 7.02 Merger or Consolidation of the Depositor, the Seller or the
Servicer.
Subject to the next succeeding paragraph, the Depositor, the Seller
and the Servicer will each do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights and franchises
(charter and statutory) and will each obtain and preserve its qualification to
do business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, or any of the Mortgage Loans and to perform
its respective duties under this Agreement.
Any of the Seller, the Servicer or the Depositor may merge or
consolidate with any Person, and any Person into which the Seller, the Servicer
or the Depositor may be merged or consolidated, or any Person resulting from any
merger or consolidation to which the Seller or the Servicer shall be a party, or
any Person succeeding to the business of the Seller, Servicer or the Depositor,
shall be the successor of the Seller, the Servicer or the Depositor, as the case
may be, hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to
the Servicer shall be qualified to sell mortgage loans to, and to service
mortgage loans on behalf of, Fannie Mae or Freddie Mac.
Notwithstanding anything else in this Section 7.02 or in Section
7.04 hereof to the contrary, the Servicer may assign its rights and delegate its
duties and obligations under this Agreement (except for the obligation of the
Servicer or Seller to effectuate repurchases or substitutions of Mortgage Loans
hereunder, including pursuant to Section 2.01, 2.02 or 2.04 hereof, which shall
remain with Washington Mutual hereunder); provided, however, that the Servicer
gives the Depositor and the Trustee notice of such assignment; and provided
further, that such purchaser or transferee accepting such assignment and
delegation shall be an institution that is a Fannie Mae and Freddie Mac approved
seller/servicer in good standing, which has a net worth of at least $15,000,000,
and which is willing to service the Mortgage Loans and executes and delivers to
the Depositor and the Trustee an agreement accepting such delegation and
assignment, which contains an assumption by such Person of the rights, powers,
duties, responsibilities, obligations and liabilities of the Servicer, with like
effect as if originally named as a party to this Agreement. In the case of any
such assignment and delegation, the Servicer shall be released from its
obligations under this Agreement (except as provided above), except that the
Servicer shall remain liable for all liabilities and obligations incurred by it
as Servicer hereunder prior to the satisfaction of the conditions to such
assignment and delegation set forth in the preceding sentence.
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SECTION 7.03 Limitation on Liability of the Depositor, the Servicer and
Others.
Neither the Depositor nor the Servicer nor any of the directors,
officers, employees or agents of the Depositor or the Servicer shall be under
any liability to the Certificateholders for any action taken or for refraining
from the taking of any action in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not protect the
Depositor or the Servicer against any breach of representations or warranties
made by it herein or protect the Depositor or the Servicer or any such person
from any liability which would otherwise be imposed by reasons of willful
misfeasance, bad faith or negligence in the performance of duties or by reason
of reckless disregard of obligations and duties hereunder. The Depositor, the
Servicer and any director, officer, employee or agent of the Depositor or the
Servicer may rely in good faith on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising hereunder.
The Depositor, the Servicer and any director, officer, employee or agent of the
Depositor or the Servicer shall be indemnified by the Trust Fund and held
harmless against any loss, liability or expense incurred in connection with any
legal action relating to this Agreement or the Certificates, other than any
loss, liability or expense incurred by reason of willful misfeasance, bad faith
or negligence in the performance of duties hereunder or by reason of reckless
disregard of obligations and duties hereunder. Neither the Depositor nor the
Servicer shall be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to their respective duties hereunder and
which in its opinion may involve it in any expense or liability; provided,
however, that either the Depositor or the Servicer may in its discretion
undertake any such action that it may deem necessary or desirable in respect of
this Agreement and the rights and duties of the parties hereto and interests of
the Trustee and the Certificateholders hereunder.
SECTION 7.04 Servicer Not to Resign.
The Servicer shall not resign from the obligations and duties
imposed upon it hereunder except upon determination that such obligations and
duties hereunder are no longer permissible under applicable law or except in
connection with a permitted assignment pursuant to Section 7.02. Any such
determination that the Servicer's obligations are no longer permissible shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. The
Servicer shall give notice of any proposed resignation to the Trustee, the
Certificateholders and the Rating Agencies. No such resignation by the Servicer
shall become effective until the Trustee or a successor servicer shall have
assumed the Servicer's responsibilities and obligations in accordance with
Section 8.02 hereof or shall affect any obligation of the Seller hereunder.
SECTION 7.05 Errors and Omissions Insurance; Fidelity Bonds.
The Servicer shall, for so long as it acts as servicer under this
Agreement, obtain and maintain in force (a) a policy or policies of insurance
covering errors and omissions in the performance of its obligations as servicer
hereunder, and (b) a fidelity bond in respect of its officers, employees and
agents. Each such policy or policies and bond shall, together, comply with the
requirements from time to time of Fannie Mae or Freddie Mac for persons
performing servicing for mortgage loans purchased by Fannie Mae or Freddie Mac.
In the event that any such policy or bond ceases to be in effect, the Servicer
shall obtain a comparable replacement policy or bond from an insurer or issuer,
meeting the requirements set forth above as of the date of such replacement.
SECTION 7.06 Seller and Servicer May Own Certificates.
Each of the Seller and the Servicer in its individual or any other
capacity may become the owner or pledgee of Certificates with the same rights as
it would have if it were not the Seller or the Servicer, as the case may be.
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ARTICLE VIII
DEFAULT
SECTION 8.01 Events of Default.
"Event of Default", wherever used herein, means any one of the
following events (whatever reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body):
(a) any failure by the Servicer to remit to the Trustee any payment
other than a Monthly Advance required to be made by the Servicer under the terms
of this Agreement, which failure shall continue unremedied for a period of three
Business Days after the date upon which written notice of such failure shall
have been given to the Servicer by the Trustee or the Depositor or to the
Servicer and the Trustee by the Holders of Certificates having not less than 25%
of the Voting Rights evidenced by the Certificates; or
(b) any failure by the Servicer to observe or perform in any
material respect any other of the covenants or agreements on the part of the
Servicer contained in this Agreement (except as set forth in (c) below) which
failure (i) materially affects the rights of the Certificateholders and (ii)
shall continue unremedied for a period of 60 days after the date on which
written notice of such failure shall have been given to the Servicer by the
Trustee or the Depositor, or to the Servicer and the Trustee by the Holders of
Certificates evidencing not less than 25% of the Voting Rights evidenced by the
Certificates; or
(c) if a representation or warranty set forth in Section 2.03 hereof
shall prove to be materially incorrect as of the time made in any respect that
materially and adversely affects interests of the Certificateholders, and the
circumstances or condition in respect of which such representation or warranty
was incorrect shall not have been eliminated or cured, or the affected Mortgage
Loan shall not have been substituted for or repurchased, within 60 days (or, is
such breach is not capable of being cured within 60 days and is not subject to
the remedies set forth in Section 2.04 and provided that the Servicer believes
in good faith that such breach can be cured and is diligently pursuing the cure
thereof, within 120 days) after the date on which written notice thereof shall
have been given to the Servicer and Seller by the Trustee for the benefit of the
Certificateholders or by the Depositor; or
(d) a decree or order of a court or agency or supervisory authority
having jurisdiction in the premises for the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshalling of
assets and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Servicer and
such decree or order shall have remained in force undischarged or unstayed for a
period of 60 days; or
(e) the Servicer shall consent to the appointment of a conservator
or receiver or liquidator in any insolvency, readjustment of debt, marshalling
of assets and liabilities or similar proceedings of or relating to the Servicer
or all or substantially all of the property of the Servicer; or
(f) the Servicer shall admit in writing its inability to pay its
debts generally as they become due, file a petition to take advantage of, or
commence a voluntary case under, any applicable insolvency or reorganization
statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations; or
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(g) either Rating Agency shall lower or withdraw the outstanding
rating of the Certificates because the existing or prospective financial
condition or mortgage loan servicing capability of the Servicer is insufficient
to maintain such outstanding rating; or
(h) any failure of the Servicer to make any Monthly Advance in the
manner and at the time required to be made from its own funds pursuant to this
Agreement and after receipt of notice from the Trustee pursuant to Section 5.04,
which failure continues unremedied after the close of business on the Business
Day immediately preceding the Distribution Date.
If an Event of Default due to the actions or inaction of the
Servicer described in clauses (a) through (g) of this Section shall occur, then,
and in each and every such case, so long as such Event of Default shall not have
been remedied, the Trustee shall, if so directed by the Holders of Certificates
evidencing not less than 25% of the Voting Rights evidenced by the Certificates,
by notice in writing to the Servicer (with a copy to the Rating Agencies),
terminate all of the rights and obligations of the Servicer under this Agreement
(other than rights to reimbursement for Monthly Advances or other advances
previously made, as provided in Section 3.09 or 4.01).
If an Event of Default described in clause (h) shall occur, the
Trustee shall, prior to the next Distribution Date, terminate the rights and
obligations of the Servicer hereunder (other than rights to reimbursement for
Monthly Advances or other advances previously made, as provided in Section 3.09
or 4.01) and succeed to the rights and obligations of the Servicer hereunder
pursuant to Section 8.02, including the obligation to make Monthly Advances on
such Distribution Date pursuant to the terms hereof.
SECTION 8.02 Trustee to Act; Appointment of Successor.
On and after the time the Servicer receives a notice of termination
pursuant to Section 8.01 hereof or resigns pursuant to Section 7.04 hereof,
subject to the provisions of Section 3.06 hereof, the Trustee shall be the
successor in all respects to the Servicer in its capacity as servicer under this
Agreement and with respect to the transactions set forth or provided for herein
and shall be subject to all the responsibilities, duties and liabilities
relating thereto placed on the Servicer by the terms and provisions hereof,
provided that neither the Trustee nor any other successor to the Servicer
pursuant to this Section 8.02 shall be deemed to have made any representation or
warranty made by the Servicer, shall be obligated to effect any repurchase or
substitute of any Mortgage Loan, or shall have any responsibility for an act or
omission of any predecessor Servicer. As compensation therefor, the Trustee
shall be entitled to all funds relating to the Mortgage Loans that the Servicer
would have been entitled to charge to the related Custodial Account if the
Servicer had continued to act hereunder (except that the terminated Servicer
shall retain the right to be reimbursed for advances (including, without
limitation, Monthly Advances) theretofore made by the Servicer with respect to
which it would be entitled to be reimbursed if it had not been so terminated as
Servicer). Notwithstanding the foregoing, if the Trustee has become the
successor to the Servicer in accordance with this Section 8.02, the Trustee may,
if it shall be unwilling to so act, or shall, if it is unable to so act
(exclusive of the obligations with respect to Monthly Advances), appoint, or
petition a court of competent jurisdiction to appoint, any established mortgage
loan servicing institution, the appointment of which does not adversely affect
the then current rating of the Certificates, as the successor to the Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of the Servicer. Pending appointment of a successor to the
Servicer hereunder, the Trustee, unless the Trustee is prohibited by law from so
acting, shall act in such capacity as provided herein. In connection with such
appointment and assumption, the Trustee may make such arrangements for the
compensation of such successor out of payments on Mortgage Loans as it and such
successor shall agree; provided, however, that no such compensation shall be in
excess of that
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permitted the Servicer hereunder. The Trustee and such successor shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession.
The Servicer that has been terminated shall, at the request of the
Trustee but at the expense of such Servicer, deliver to the assuming party all
documents and records relating to each Sub-Servicing Agreement and the related
Mortgage Loans and an accounting of amounts collected and held by it and
otherwise use its best efforts to effect the orderly and efficient transfer of
each Sub-Servicing Agreement to the assuming party.
The Servicer shall cooperate with the Trustee and any successor
servicer in effecting the termination of the Servicer's responsibilities and
rights hereunder, including without limitation, the transfer to such successor
for administration by it of all cash amounts which shall at the time be credited
by the Servicer to the Custodial Account or thereafter received with respect to
the Mortgage Loans and the Servicer Mortgage Files.
Neither the Trustee nor any other successor servicer shall be deemed
to be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof caused by (a) the
failure of the Servicer to (i) deliver, or any delay in delivering, cash,
documents or records to it, (ii) cooperate as required by this Agreement, or
(iii) deliver the Servicer Mortgage Files to the Trustee as required by this
Agreement, or (b) restrictions imposed by any regulatory authority having
jurisdiction over the Servicer.
Any successor to the Servicer as servicer shall during the term of
its service as servicer maintain in force the policy or policies that the
Servicer is required to maintain pursuant to Section 7.05 hereof. No termination
of the Servicer shall have any affect on the obligations of the Seller
hereunder.
SECTION 8.03 Notification to Certificateholders.
(a) Upon any termination or appointment of a successor to the
Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders at their respective addresses appearing in the Certificate
Register and to the Rating Agencies.
(b) Within 2 Business Days after its notice of the occurrence of any
Event of Default, the Trustee shall transmit by mail to all Certificateholders
and the Rating Agencies notice of each such Event of Default hereunder known to
the Trustee, unless such Event of Default shall have been cured or waived.
SECTION 8.04 Waiver of Events of Default.
The Holders representing at least 66-2/3% of the Voting Rights of
Certificates affected by a default or Event of Default hereunder may waive any
default or Event of Default, provided, however, that (a) a default or Event of
Default under clause (a) or (h) of Section 8.01 may be waived only by Holders of
Certificates of 66-2/3 of the Class affected by such default or Event of Default
and (b) no waiver pursuant to this Section 8.04 shall affect the Holders of
Certificates in the manner set forth in Section 11.01(b)(i), (ii) or (iii). Upon
any such waiver of a default or Event of Default by the Holders representing the
requisite percentage of Voting Rights of Certificates affected by such default
or Event of Default, such default or Event of Default shall cease to exist and
shall be deemed to have been remedied for every purpose hereunder. No such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon except to the extent expressly so waived.
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ARTICLE IX
CONCERNING THE TRUSTEE
SECTION 9.01 Duties of Trustee.
The Trustee, prior to the occurrence of an Event of Default and
after the curing or waiver of all Events of Default that may have occurred,
undertakes with respect to the Trust Fund to perform such duties and only such
duties as are specifically set forth in this Agreement. In case an Event of
Default has occurred and remains uncured and not waived, the Trustee shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person's own
affairs. Any permissive right of the Trustee set forth in this Agreement shall
not be construed as a duty.
The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that are specifically required to be furnished pursuant to any
provision of this Agreement shall examine them to determine whether they conform
to the requirements of this Agreement. The Trustee shall have no duty to
recompute, recalculate or verify the accuracy of any resolution, certificate,
statement, opinion, report, document, order or other instrument so furnished to
the Trustee.
No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own misconduct, its negligent failure to perform its obligations
in compliance with this Agreement, or any liability which would be imposed by
reason of its willful misfeasance or bad faith; provided, however, that:
(a) prior to the occurrence of an Event of Default, and after the
curing or waiver of all such Events of Default that may have occurred, the
duties and obligations of the Trustee shall be determined solely by the express
provisions of this Agreement, the Trustee shall not be personally liable except
for the performance of such duties and obligations as are specifically set forth
in this Agreement, no implied covenants or obligations shall be read into this
Agreement against the Trustee and the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Agreement which it reasonably believed in good faith to be
genuine and to have been duly executed by the proper authorities respecting any
matters arising hereunder;
(b) the Trustee shall not be personally liable for an error of
judgment made in good faith by a Responsible Officer or Responsible Officers of
the Trustee, unless the Trustee was negligent or acted in bad faith or with
willful misfeasance;
(c) the Trustee shall not be personally liable with respect to any
action taken, suffered or omitted to be taken by it in good faith in accordance
with the direction of Holders of Certificates evidencing not less than 25% of
the Voting Rights allocated to each Class of Certificates relating to the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this
Agreement; and
(d) no provision of this Agreement shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.
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Except with respect to an Event of Default described in clause (a)
of Section 8.01, the Trustee shall not be deemed to have knowledge of any Event
of Default or event which, with notice or lapse of time, or both, would become
an Event of Default, unless a Responsible Officer of the Trustee shall have
received written notice thereof from the Servicer, the Depositor or a
Certificateholder, or a Responsible Officer of the Trustee has actual notice
thereof, and in the absence of such notice no provision hereof requiring the
taking of any action or the assumption of any duties or responsibility by the
Trustee following the occurrence of any Event of Default or event which, with
notice or lapse of time or both, would become an Event of Default, shall be
effective as to the Trustee.
The Trustee shall have no duty hereunder with respect to any
complaint, claim, demand, notice or other document it may receive or which may
be alleged to have been delivered to or served upon it by the parties as a
consequence of the assignment of any Mortgage Loan hereunder; provided, however,
that the Trustee shall use its best efforts to remit to the Servicer, upon
receipt, any such complaint, claim, demand, notice or other document (i) which
is delivered to the Corporate Trust Office of the Trustee, (ii) of which a
Responsible Officer has actual knowledge, and (iii) which contains information
sufficient to permit the Trustee to make a determination that the real property
to which such document relates is a Mortgaged Property.
SECTION 9.02 Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 9.01:
(i) the Trustee may request and rely upon and shall be protected in
acting or refraining from acting upon any resolution, Officers'
Certificate, certificate of Servicing Officers, auditors or any other
certificate, statement, instrument, opinion, report, notice, request,
consent, order, appraisal, bond or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or
parties;
(ii) the Trustee may consult with counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any
action taken or suffered or omitted by it hereunder in good faith and in
accordance with such Opinion of Counsel;
(iii) the Trustee shall be under no obligation to exercise any of
the trusts or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Certificateholders, pursuant to
the provisions of this Agreement, unless such Certificateholders shall
have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default (which has not been
cured or waived), to exercise such of the rights and powers vested in it
by this Agreement, and to use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances
in the conduct of such person's own affairs;
(iv) the Trustee shall not be personally liable for any action
taken, suffered or omitted by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it
by this Agreement;
(v) prior to the occurrence of an Event of Default hereunder and
after the curing or waiving of all Events of Default that may have
occurred, the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval,
bond or other
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paper or document, unless requested in writing so to do by Holders of
Certificates evidencing not less than 25% of the Voting Rights allocated
to each Class of Certificates; provided, however, that if the payment
within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to
the Trustee by the security afforded to it by the terms of this Agreement,
the Trustee may require reasonable indemnity against such expense or
liability as a condition to taking any such action; the reasonable expense
of every such investigation shall be paid by the Servicer in the event
that such investigation relates to an Event of Default by the Servicer, if
an Event of Default by the Servicer shall have occurred and is continuing,
and otherwise by the Certificateholders requesting the investigation;
(vi) the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through
affiliates, agents or attorneys;
(vii) the Trustee shall not be required to expend its own funds or
otherwise incur any financial liability in the performance of any of its
duties hereunder if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such liability is
not assured to it; and
(viii) the Trustee shall not be liable for any loss on any
investment of funds pursuant to this Agreement.
(b) All rights of action under this Agreement or under any of the
Certificates, enforceable by the Trustee, may be enforced by it without the
possession of any of the Certificates, or the production thereof at the trial or
other proceeding relating thereto, and any such suit, action or proceeding
instituted by the Trustee shall be brought in its name for the benefit of all
the Holders of such Certificates, subject to the provisions of this Agreement.
SECTION 9.03 Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein shall be taken as the statements of
the Depositor or the Servicer, as the case may be, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to
the validity or sufficiency of this Agreement, the Certificates or of any
Mortgage Loan or related document. The Trustee shall not be accountable for the
use or application by the Depositor, the Seller or the Servicer of any funds
paid to the Depositor, the Seller or the Servicer in respect of the Mortgage
Loans or deposited in or withdrawn from the Certificate Account by the
Depositor, the Seller or the Servicer.
SECTION 9.04 Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become the
owner or pledgee of Certificates and may transact business with the other
parties with the same rights as it would have if it were not the Trustee.
SECTION 9.05 Trustee's Compensation and Expenses.
As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Float. In the event that the Servicer fails to remit
amounts that it is required to remit to the Certificate Account hereunder on the
Business Day prior to each Distribution Date hereunder, it shall pay to the
Trustee, from its own funds, an amount equal to the Trustee Float with respect
to such Distribution Date, as certified in writing by the Trustee to the
Servicer and agreed to by the Servicer. The Servicer shall also
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pay, from its own funds, the Trustee any additional amounts as may be agreed
upon between the Trustee and the Servicer from time to time. Any payment
hereunder made by the Servicer to the Trustee, other than any amount to be paid
from the Certificate Account pursuant to this Section 9.05, shall be paid from
the Servicer's own funds, without reimbursement from the Trust Fund therefor.
The Trustee and any director, officer, employee or agent of the
Trustee shall be indemnified by the Servicer and held harmless against any loss,
liability or expense (a) incurred in connection with any legal action relating
to this Agreement or the Certificates, or the performance of any of the
Trustee's duties hereunder, other than any loss, liability or expense incurred
by reason of willful misfeasance, bad faith or negligence in the performance of
any of the Trustee's duties hereunder or by reason of reckless disregard of the
Trustee's obligations and duties hereunder and (b) resulting from the exercise
of any power of attorney granted by the Trustee in accordance with this
Agreement. Such indemnity shall survive the termination of this Agreement or the
resignation or removal of the Trustee hereunder.
SECTION 9.06 Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or
association having its principal office in a state and city acceptable to the
Depositor and the Servicer and organized and doing business under the laws of
such state or the United States of America, authorized under such laws to
exercise corporate trust powers, having ratings on its long-term debt
obligations at the time of such appointment in at least the third highest rating
category by both Moody's and Duff and Phelps or such lower ratings as will not
cause Moody's or Duff and Phelps to lower their then-current ratings of the
Class A Certificates, having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state
authority. If such corporation or association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section 9.06
the combined capital and surplus of such corporation or association shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section 9.06, the Trustee
shall resign immediately in the manner and with the effect specified in Section
9.07 hereof.
SECTION 9.07 Resignation and Removal of Trustee.
The Trustee may at any time resign and be discharged from the trusts
hereby created by (a) giving written notice of resignation to the Depositor, the
Seller and the Servicer and by mailing notice of resignation by first class
mail, postage prepaid, to the Certificateholders at their addresses appearing on
the Certificate Register, and to the Rating Agencies, not less than 60 days
before the date specified in such notice when, subject to Section 9.08, such
resignation is to take effect, and (b) acceptance by a successor trustee in
accordance with Section 9.08 meeting the qualifications set forth in Section
9.06. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee.
If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 9.06 hereof and shall fail to resign after
written request thereto by the Servicer, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation or if the
Trustee breaches any of its obligations or representations hereunder, then the
Depositor, with the consent of the Servicer, may remove the Trustee and, with
the consent of the Servicer, appoint a successor trustee
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by written instrument, in duplicate, one copy of which instrument shall be
delivered to the Trustee and one copy to the successor trustee. The Trustee may
also be removed at any time by the Holders of Certificates evidencing not less
than 50% of the Voting Rights evidenced by the Certificates. Notice of any
removal of the Trustee and acceptance of appointment by the successor trustee
shall be given to the Rating Agencies by the Servicer.
Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 9.07 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 9.08 hereof.
SECTION 9.08 Successor Trustee.
If the Trustee resigns pursuant to Section 9.07, the Depositor, with
the consent of the Servicer, shall appoint a successor trustee that satisfies
the requirements of Section 9.06. Any successor trustee appointed as provided in
Section 9.07 hereof shall execute, acknowledge and deliver to the Depositor and
the Servicer and to its predecessor trustee an instrument accepting such
appointment hereunder and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The Depositor and the
predecessor trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for more fully and certainly vesting and
confirming in the successor trustee all such rights, powers, duties, and
obligations.
No successor trustee shall accept appointment as provided in this
Section 9.08 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 9.06 hereof and shall not adversely
affect the then current rating of the Certificates.
Upon acceptance of appointment by a successor trustee as provided in
this Section 9.08, the Servicer shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates at their addresses as shown in
the Certificate Register. If the Servicer fails to mail such notice within ten
days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be mailed at the expense of the Depositor.
SECTION 9.09 Merger or Consolidation of Trustee.
Any Person into which the Trustee may be merged or converted or with
which it may be consolidated or any Person resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any Person succeeding
to the business of the Trustee, shall be the successor of the Trustee hereunder,
provided that such Person shall be eligible under the provisions of Section 9.06
hereof without the execution or filing of any paper or further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding.
SECTION 9.10 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Fund or property securing any Mortgage Note may at the
time be located, the Servicer and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees jointly with
the Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity and for the
benefit of the applicable Certificateholders, such title to the Trust Fund, or
any part thereof, and,
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subject to the other provisions of this Section 9.10, such powers, duties,
obligations, rights and trusts as the Servicer and the Trustee may consider
necessary or desirable. If the Servicer shall not have joined in such
appointment within fifteen days after the receipt by it of a request to do so,
or in the case an Event of Default shall have occurred and be continuing, the
Trustee alone shall have the power to make such appointment. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 9.06 and no notice to Certificateholders of
the appointment of any co-trustee or separate trustee shall be required under
Section 9.08.
Every separate trustee and co-trustee shall, to the extent permitted
by law, be appointed and act subject to the following provisions and conditions:
(a) all rights, powers, duties and obligations conferred or imposed
upon the Trustee, except for any obligation of the Trustee under this Agreement
to advance funds on behalf of the Servicer, shall be conferred or imposed upon
and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or co-trustee
is not authorized to act separately without the Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed by the Trustee (whether as Trustee
hereunder or as successor to the Servicer), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed
singly by such separate trustee or co-trustee, but solely at the direction of
the Trustee;
(b) no trustee hereunder shall be held personally liable by reason
of any act or omission of any other trustee hereunder; and
(c) the Servicer and the Trustee acting jointly may at any time
accept the resignation of or remove any separate trustee or co-trustee.
Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article IX. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Trustee or separately, as
may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to the
Servicer and the Depositor.
Any separate trustee or co-trustee may, at any time, constitute the
Trustee its agent or attorney-in-fact, with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
SECTION 9.11 Office of the Trustee.
The office of the Trustee for purposes of receipt of notices and
demands is the Corporate Trust Office.
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SECTION 9.12 Tax Returns, 1934 Act Reporting, Other Data.
(a) The Servicer, upon request, will furnish the Trustee with all
such information in the possession of the Servicer as may be reasonably required
in connection with the preparation by the Trustee of all tax and information
returns of the Trust Fund, and the Trustee shall sign such returns. The Servicer
shall indemnify the Trustee for all reasonable costs, including legal fees,
related to errors in such tax returns due to errors in information provided by
the Servicer.
(b) The Trustee shall prepare all reports on behalf of the Trust
Fund, including, but not limited to, all Forms 8-K, Forms 10-K and, when
applicable, a Form 15 that are required under the 1934 Act. The Trustee shall
continue to file all Forms 8-K and Forms 10-K with respect to the Trust Fund
until directed by the Depositor in writing to discontinue such filings
(c) The Trustee will provide all information to Bloomberg that is
necessary to have the information regarding the Certificates and the transaction
posted on Bloomberg and the Trustee will provide Bloomberg with all necessary
information (including information regarding the Mortgage Loans) for Bloomberg
to update information necessary regarding the Certificates and the transaction
on Bloomberg.
ARTICLE X
TERMINATION
SECTION 10.01 Termination upon Liquidation or Repurchase of all Mortgage
Loans.
The obligations and responsibilities of the Servicer, the Seller,
the Depositor and the Trustee created hereby with respect to the Trust Fund
created hereby shall terminate upon the earlier of:
(a) the repurchase by the Servicer at its election, of all Mortgage
Loans and all property acquired in respect of any Mortgage Loan remaining in the
Trust Fund, which repurchase right the Servicer may exercise at its sole and
exclusive election as of any Distribution Date (such applicable Distribution
Date being herein referred to as the "Optional Termination Date") on or after
the date on which the aggregate Principal Balance of the Mortgage Loans at the
time of the repurchase is less than or equal to 10% of the aggregate Principal
Balance of the Mortgage Loans as of the Cut-off Date; and
(b) the later of (i) twelve months after the maturity of the last
Mortgage Loan remaining in the Trust Fund, (ii) the liquidation (or any advance
with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and
the disposition of all REO Property and (iii) the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to
this Agreement.
In no event shall the trust created hereby continue beyond the expiration of 21
years from the death of the last survivor of the descendants of Mr. Joseph P.
Kennedy, former Ambassador of the United States to Great Britain, living on the
date of execution of this Agreement.
The Mortgage Loan Repurchase Price for any such Optional Termination
of the Trust Fund shall be equal to the aggregate Principal Balance of the
Mortgage Loans as of the date of repurchase, together with accrued and unpaid
interest thereon from the date to which such interest was paid or advanced at
the sum of the applicable Net Mortgage Rate with respect to each Mortgage Loan
through the last day of the month of such repurchase, plus any sums on account
of such Mortgage Loan that have been advanced by the Servicer and are
reimbursable to the Servicer hereunder (including the Principal Balance of each
Mortgage Loan that was secured by any REO Property); provided, however,
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that if the Servicer shall so choose, the Servicer may remit the Mortgage Loan
Repurchase Price net of advances that would otherwise be reimbursable to the
Servicer and the Servicer would have no further entitlement to reimbursement for
such advances. The Trustee shall give notice to the Rating Agencies of the
Servicer's election to purchase the Mortgage Loans pursuant to this Section
10.01 and of the Optional Termination Date.
SECTION 10.02 Procedure Upon Optional or Other Final Termination.
(a) In case of any Optional Termination pursuant to Section 10.01,
the Servicer shall, at least twenty days prior to the date notice is to be
mailed to the affected Certificateholders notify the Trustee of such Optional
Termination Date and of the applicable repurchase price of the Mortgage Loans to
be repurchased.
(b) Any repurchase of the Mortgage Loans by the Servicer shall be
made on an Optional Termination Date by deposit of the applicable repurchase
price into the Certificate Account, as applicable, before the Distribution Date
on which such repurchase is effected. Upon receipt by the Trustee of an
Officers' Certificate of the Servicer certifying as to the deposit of such
repurchase price into the Certificate Account, the Servicer shall prepare and
the Trustee and each co-trustee and separate trustee, if any, then acting as
such under this Agreement, shall, upon request and at the expense of the
Servicer execute and deliver all such instruments of transfer or assignment, in
each case without recourse, as shall be necessary, to vest title in the Servicer
in the Mortgage Loans so repurchased and shall transfer or deliver to the
Servicer the repurchased Mortgage Loans. Any distributions on the Mortgage Loans
received by the Trustee subsequent to (or with respect to any period subsequent
to) the Optional Termination Date shall be promptly remitted by it to the
Servicer.
(c) Notice of the Distribution Date on which the Servicer
anticipates that the final distribution shall be made (whether upon Optional
Termination or otherwise), shall be given promptly by the Servicer to the
Trustee and by the Trustee by first class mail to Holders of the affected
Certificates. Such notice shall be mailed no earlier than the 15th day and not
later than the 10th day preceding the Optional Termination Date or date of final
distribution, as the case may be. Such notice shall specify (i) the Distribution
Date upon which final distribution on the affected Certificates will be made
upon presentation and surrender of such Certificates at the office or agency
therein designated, (ii) the amount of such final distribution and (iii) that
the Record Date otherwise applicable to such Distribution Date is not
applicable, such distribution being made only upon presentation and surrender of
such Certificates at the office or agency maintained for such purposes (the
address of which shall be set forth in such notice).
(d) In the event that any Certificateholders shall not surrender
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Trustee shall give a second written notice
to the remaining such Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice all the Certificates shall not have been
surrendered for cancellation, the Trustee may take appropriate steps, or may
appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets which remain subject to
the Trust Fund.
SECTION 10.03 Additional Termination Requirements.
(a) In the event the Servicer exercises its purchase option pursuant
to Section 10.01, each Trust REMIC shall be terminated in accordance with the
following additional requirements, unless the Trustee has received an Opinion of
Counsel to the effect that the failure of the Trust REMICs to comply with the
requirements of this Section will not (i) result in the imposition of taxes on a
"prohibited
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transaction" of the Trust REMICs, as described in Section 860F of the Code, or
(ii) cause the Trust REMICs to fail to qualify as a REMIC at any time that any
Certificates are outstanding:
(A) within 90 days prior to the final Distribution Date set forth in
the notice given by the Servicer under Section 10.02, the Holder of the
Class R-1 and Class R-2 Certificates shall adopt a plan of complete
liquidation of the Trust REMICs and specify the first day of the
applicable 90-day liquidation period in a statement attached to the Trust
Fund's final tax return pursuant to Treasury Regulations Section 1.860F-1,
and satisfy (or cause to be satisfied) all of the requirements of a
qualified liquidation under the REMIC Provisions; and
(B) at or after the time of adoption of any such plan of complete
liquidation for the Trust REMICs at or prior to the final Distribution
Date, the Trustee shall sell all of the assets of the Trust Fund to the
Servicer for cash; provided, however, that in the event that a calendar
quarter ends after the time of adoption of such a plan of complete
liquidation but prior to the final Distribution Date, the Trustee shall
not sell any of the assets of the Trust Fund prior to the close of that
calendar quarter.
(b) By its acceptance of a Class R-1 and Class R-2 Certificate, the
Holders thereof hereby agree to adopt such a plan of complete liquidation and to
take such other action in connection therewith as may be reasonably required to
liquidate and otherwise terminate the Trust REMICs.
ARTICLE XI
MISCELLANEOUS PROVISIONS
SECTION 11.01 Amendment.
(a) This Agreement may be amended from time to time by the
Depositor, the Servicer, the Seller and the Trustee without the consent of any
of the Certificateholders,
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein that may be
inconsistent with any other provisions herein,
(iii) to modify, eliminate or add to any of its provisions to such
extent as shall be necessary or desirable to maintain the qualification of
the Trust REMICs as REMICs at all times that any Certificate is
outstanding or to avoid or minimize the risk of the imposition of any tax
on the Trust Fund pursuant to the Code that would be a claim against the
Trust Fund, provided that the Trustee has received an Opinion of Counsel
to the effect that (A) such action is necessary or desirable to maintain
such qualification or to avoid or minimize the risk of the imposition of
any such tax and (B) such action will not adversely affect the status of
the Trust REMICs as REMICs or adversely affect in any material respect the
interests of any Certificateholder,
(iv) to make any other provisions with respect to matters or
questions arising under this Agreement that are not materially
inconsistent with the provisions of this Agreement, provided that such
action shall not adversely affect in any material respect the interests of
any Certificateholder or cause an Adverse REMIC Event, or
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(v) To add appropriate restrictions and legends to any of the Class
A or Class M Certificates that are no longer registered under the 1933
Act.
(b) This Agreement may be amended from time to time by the
Depositor, the Servicer, the Seller and the Trustee with the consent of the
Holders of Certificates evidencing, in the aggregate, not less than 66-2/3% of
the Voting Rights of all the Certificates for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Holders of the
Certificates; provided, however, that no such amendment may (i) reduce in any
manner the amount of, delay the timing of or change the manner in which payments
received on or with respect to Mortgage Loans are required to be distributed
with respect to any Certificate without the consent of the Holder of such
Certificate, (ii) adversely affect in any material respect the interests of the
Holders of a Class of Certificates in a manner other than as set forth in (i)
above without the consent of the Holders of Certificates evidencing not less
than 66-2/3% of the Voting Rights of such Class, (iii) reduce the aforesaid
percentages of Voting Rights, the holders of which are required to consent to
any such amendment without the consent of 100% of the Holders of Certificates of
the Class affected thereby, (iv) change the percentage of the Principal Balance
of the Mortgage Loans specified in Section 10.01(a) relating to optional
termination of the Trust Fund without the consent of 100% of the Holders of
Certificates, (v) modify the provisions of this Section 11.01 amendment without
the consent of 100% of the Holders of Certificates, or (vi) terminate this
Agreement or the Trust Fund created hereunder other than as provided in Article
X hereof without the consent of 100% of the Holders of Certificates.
It shall not be necessary for the consent of Certificateholders
under this Section to approve the particular form of any proposed amendment, but
it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.
(c) Promptly after the execution of any amendment to this Agreement,
the Trustee shall furnish written notification of the substance of such
amendment to each Certificateholder and the Rating Agencies.
(d) Prior to the execution of any amendment to this Agreement, the
Trustee shall receive an Opinion of Counsel that any such amendment is
authorized by and permitted hereunder and that it will not cause an Adverse
REMIC Event.
SECTION 11.02 Recordation of Agreement; Counterparts.
(a) This Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the Mortgaged Properties are situated, and
in any other appropriate public recording office or elsewhere. Such recordation,
if any, shall be effected by the Servicer at its expense on direction of the
Trustee, but only upon direction of the Trustee accompanied by an Opinion of
Counsel to the effect that such recordation materially and beneficially affects
the interests of the Certificateholders of the Trust Fund.
(b) For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.
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SECTION 11.03 Governing Law.
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND
TO BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
SECTION 11.04 Intention of Parties.
(a) It is the express intent of the Depositor, the Seller, the
Servicer and the Trustee that the conveyance by the Seller to the Depositor
pursuant to the Mortgage Loan Purchase Agreement and the conveyance by the
Depositor to the Trustee and by the Seller to the Trustee as provided for in
Section 2.01 of each of the Seller's and Depositor's right, title and interest
in and to the Mortgage Loans be, and be construed as, an absolute sale and
assignment by the Seller to the Depositor and by the Depositor to the Trustee of
the Mortgage Loans for the benefit of the Certificateholders. Further, it is not
intended that either conveyance be deemed to be a pledge of the Mortgage by the
Seller to the Depositor or by the Depositor to the Trustee to secure a debt or
other obligation. However, in the event that the Mortgage Loans are held to be
property of the Seller or the Depositor, or if for any reason the Mortgage Loan
Purchase Agreement or this Agreement is held or deemed to create a security
interest in the Mortgage Loans, then it is intended that (i) this Agreement
shall also be deemed to be a security agreement within the meaning of Articles 8
and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of
any other applicable jurisdiction; (ii) the conveyances provided for in Section
2.01 shall be deemed to be a grant by the Seller and the Depositor to the
Trustee on behalf of the Certificateholders, to secure payment in full of the
Secured Obligations (as defined below), of a security interest in all of the
Seller's and the Depositor's right (including the power to convey title
thereto), title and interest, whether now owned or hereafter acquired, in and to
the Mortgage Loans, including the Mortgage Notes, the Mortgages, any related
insurance policies and all other documents in the related Mortgage Files, and
all accounts, general intangibles, chattel paper, instruments, documents, money,
deposit accounts, certificates of deposit, goods, letters of credit, advices of
credit and investment property consisting of the Trust Fund, arising from or
relating to (A) the Mortgage Loans, including with respect to each Mortgage
Loan, the Mortgage Note and related Mortgage, and all other documents in the
related Mortgage Files, and including any Replacement Mortgage Loans; (B) pool
insurance policies, hazard insurance policies and any bankruptcy bond relating
to the foregoing, if applicable; (C) the Certificate Account; (D) the Custodial
Account; (E) all amounts payable after the Cut-off Date to the holders of the
Mortgage Loans in accordance with the terms thereof; (F) all income, payments,
proceeds and products of the conversion, voluntary or involuntary, of the
foregoing into cash, instruments, securities or other property, including
without limitation all amounts from time to time held or invested in the
Certificate Account, whether in the form of cash, instruments, securities or
other property; and (G) all cash and non-cash proceeds of any of the foregoing;
(iii) the possession or control by the Trustee or any other agent of the Trustee
of Mortgage Notes or such other items of property as constitute instruments,
money, documents, advices of credit, letters of credit, goods, certificated
securities or chattel paper shall be deemed to be possession or control by the
secured party, or possession or control by a purchaser, for purposes of
perfecting the security interest pursuant to the Uniform Commercial Code
(including, without limitation, Sections 9-305 or 9-115 thereof); and (iv)
notifications to persons holding such property, and acknowledgments, receipts or
confirmations from persons holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, securities
intermediaries, bailees or agents of, or persons holding for, the Trustee, as
applicable, for the purpose of perfecting such security interest under
applicable law. "Secured Obligations" means (i) the rights of each
Certificateholder to be paid any amount owed to it under this Agreement, (ii)
all other obligations of the Seller and the Depositor
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under this Agreement and the Mortgage Loan Purchase Agreement and (iii) the
right of the Certificateholders to the Mortgage Loans.
(b) The Seller and the Depositor, and, at the Depositor's direction,
the Servicer and the Trustee, shall, to the extent consistent with this
Agreement, take such reasonable actions as may be necessary to ensure that, if
this Agreement were deemed to create a security interest in the Mortgage Loans
and the other Trust Fund property described above, such security interest would
be deemed to be a perfected security interest of first priority as applicable.
The Servicer shall file, at its expense, all filings necessary to maintain the
effectiveness of any original filings necessary under the Uniform Commercial
Code as in effect in any jurisdiction to perfect the Trustee's security interest
in or lien on the Mortgage Loans, including without limitation (i) continuation
statements, (ii) such other statements as may be occasioned by any transfer of
any interest of the Servicer or the Depositor in any Mortgage Loan; and filings
necessary as a result in any change in the UCC.
SECTION 11.05 Notices.
In addition to other notices provided under this Agreement, the
Trustee shall notify the Rating Agencies in writing: (a) of any substitution of
any Mortgage Loan; (b) of the final payment of any amounts owing to a Class of
Certificates; (c) any Event of Default under this Agreement; and (d) in the
event any Mortgage Loan is repurchased in accordance with this Agreement.
All directions, demands and notices hereunder shall be in writing
(except where also required to be given telephonically) and shall be deemed to
have been duly given when received (i) in the case of the Depositor, Credit
Suisse First Boston Mortgage Securities Corp., 11 Madison Avenue, New York, New
York 10010, Attention: President; (ii) in the case of the Trustee, Bank One,
National Association, 1 Bank One Plaza, Suite IL1-0126, Chicago, Illinois
60670-0126, Attention: Global trust Services or such other address as may
hereafter be furnished to the Depositor, the Seller and the Servicer in writing
by the Trustee; (iv) in the case of the Seller or Servicer, Washington Mutual
Bank, FA, 540 E. Main Street, Stockton, California 95290, Attention: Jess G.
Almanza and to 9451 Corbin Avenue, Northridge, California 91324, Attention:
Gabriel V. Barroso (with a copy to 9200 Oakdale Avenue, Chatsworth, California
91311, Attention: Fay L. Chapman, General Counsel); and (iv) in the case of the
Rating Agencies, Moody's Investors Service, 99 Church Street, New York, New York
10007, Attention: Mortgage-Backed Securities Rating Group and Duff & Phelps
Credit Rating Co. 17 State Street, New York, New York 10004, Attention: Mortgage
Backed Securities Ratings Group. Notices given by telecopy shall be deemed
received when request is confirmed by telephone. Notices of default are also
required to be given by registered mail. Notices to Certificateholders shall be
deemed given when mailed, first class postage prepaid.
SECTION 11.06 Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.
SECTION 11.07 Limitation on Rights of Certificateholders.
The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representative or heirs to claim an accounting or to
take any action or commence any proceeding in any court for a petition or
winding up of
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the Trust Fund, or otherwise affect the rights, obligations and liabilities of
the parties hereto or any of them.
No Certificateholder shall have any right to vote (except as
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth or contained in the terms of the Certificates be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third party by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.
No Certificateholder shall have any right by virtue or by availing
itself of any provisions of this Agreement to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee a written notice
of an Event of Default and of the continuance thereof, as provided herein, and
unless the Holders of Certificates evidencing not less than 25% of the Voting
Rights evidenced by the Certificates shall also have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses, and liabilities to be
incurred therein or thereby shall have given its written consent, and the
Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity, shall have neglected or refused to institute any such action, suit or
proceeding; it being understood and intended, and being expressly covenanted by
each Certificateholder with every other Certificateholder and the Trustee, that
no one or more Holders of Certificates shall have any right in any manner
whatever by virtue or by availing itself or themselves of any provisions of this
Agreement to affect, disturb or prejudice the rights of the Holders of any other
of the Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder or to enforce any right under this Agreement, except in
the manner herein provided and for the common benefit of all Certificateholders.
For the protection and enforcement of the provisions of this Section 11.07, each
and every Certificateholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.
SECTION 11.08 Certificates Nonassessable and Fully Paid.
It is the intention of the Depositor that Certificateholders shall
not be personally liable for obligations of the Trust Fund, that the interests
in the Trust Fund represented by the Certificates shall be nonassessable for any
reason whatsoever, and that the Certificates, upon due authentication thereof by
the Trustee pursuant to this Agreement, are and shall be deemed fully paid.
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IN WITNESS WHEREOF, the Depositor, the Servicer and the Trustee have
caused their names to be signed hereto by their respective officers thereunto
duly authorized all as of the th day of December, 1999.
CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP., as Depositor
By:_____________________________________
Name: Kari A. Skilbred
Title: Vice President
WASHINGTON MUTUAL BANK, FA,
as Seller and Servicer
By:_____________________________________
Name:
Title: Vice President
BANK ONE, NATIONAL ASSOCIATION,
not in its individual capacity, but
solely as Trustee
By:_____________________________________
Name:
Title: Vice President
<PAGE>
STATE OF ILLINOIS )
: ss.:
COUNTY OF [ ] )
On this ___th day of December, 1999, before me, personally appeared
[ ], known to me to be a Vice President of Bank One, National Association, the
national association that executed the within instrument, and also known to me
to be the person who executed it on behalf of said national association, and
acknowledged to me that such national association executed the within
instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
________________________________________
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
On the ___th day of December 1999, before me, personally appeared
Kari A. Skilbred, known to me to be a Vice President of Credit Suisse First
Boston Mortgage Securities Corp., one of the corporations that executed the
within instrument and also known to me to be the person who executed it on
behalf of said corporation, and acknowledged to me that such corporation
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
________________________________________
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF WASHINGTON )
: ss.:
COUNTY OF [ ] )
On the ___th day of December, 1999, before me, a Notary Public in
and for said State, personally appeared [ ], known to me to be a the [ ] of
Washington Mutual Bank, FA, the federally chartered savings association, that
executed the within instrument and also known to me to be the person who
executed it on behalf of said bank, and acknowledged to me that such bank
executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
________________________________________
Notary Public
[NOTARIAL SEAL]
<PAGE>
EXHIBIT A
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WASHINGTON MUTUAL BANK, FA OR THE
TRUSTEE REFERRED TO BELOW, OR OF ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS
NOT GUARANTEED OR INSURED BY ANY GOVERNMENT AGENCY OR INSTRUMENTALITY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS DECEMBER 23, 1999. ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT ___% CPR (AS DESCRIBED IN THE PROSPECTUS
SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $___ OF OID PER
$1,000 OF INITIAL NOTIONAL AMOUNT, THE YIELD TO MATURITY IS _________% AND THE
AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $0.__
PER $1,000 OF INITIAL NOTIONAL AMOUNT, COMPUTED USING THE APPROXIMATE METHOD. NO
REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.
NOTWITHSTANDING THE ABOVE, WITH RESPECT TO THE TRANSFER OF THIS
CERTIFICATE TO A DEPOSITORY OR ANY SUBSEQUENT TRANSFER OF ANY INTEREST IN THIS
CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY A DEPOSITORY, (I) NEITHER
AN OPINION OF COUNSEL NOR A CERTIFICATION, EACH AS DESCRIBED IN THE FOREGOING
PARAGRAPH, SHALL BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:
1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE
REPRESENTED BY VIRTUE OF ITS PURCHASE OR HOLDING OF THIS CERTIFICATE (OR
INTEREST HEREIN) THAT EITHER (A) SUCH TRANSFEREE IS NOT A PLAN INVESTOR OR
(B) SUCH TRANSFEREE IS A COMPLYING INSURANCE COMPANY; AND
A-1
<PAGE>
2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD
IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST
PRECEDING TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR OR (II) IS A
COMPLYING INSURANCE COMPANY SHALL BE RESTORED, TO THE EXTENT PERMITTED BY
LAW, TO ALL RIGHTS AND OBLIGATIONS AS CERTIFICATE OWNER THEREOF
RETROACTIVE TO THE DATE OF SUCH TRANSFER OF THIS CERTIFICATE. THE TRUSTEE
SHALL BE UNDER NO LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON
THIS CERTIFICATE TO SUCH PRECEDING TRANSFEREE.
ANY PURPORTED CERTIFICATE OWNER WHOSE ACQUISITION OR HOLDING OF THIS CERTIFICATE
(OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS IN SECTION
6.02(F) OF THE POOLING AND SERVICING AGREEMENT SHALL INDEMNIFY AND HOLD HARMLESS
THE DEPOSITOR, THE TRUSTEE, THE SERVICER, THE SELLER AND THE REMIC TRUST FROM
AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES INCURRED BY SUCH
PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.]
A-2
<PAGE>
WASHINGTON MUTUAL BANK, FA. MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
SERIES 1999-WM3, CLASS [1 A-1] [1 A-2] [1 A-3] [1 A-4] [1 A-P] [2 A-1] [2 A-2]
[2 A-3] [2 A-4] [2 A-5] [2 A-P]
Evidencing an undivided interest in a Trust Fund whose assets consist of a pool
of fixed-rate mortgage loans secured by first liens on one- to four-family
residential real properties and certain other property held in trust transferred
by
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
CUSIP ______ $______________ INITIAL AGGREGATE CLASS
[1 A-1] [1 A-2] [1 A-3]
[1 A-4] [1 A-P] [2 A-1]
[2 A-2] [2 A-3] [2 A-4]
[2 A-5] [2 A-P]
CERTIFICATE PRINCIPAL
BALANCE
Certificate No. [1 A-1] [1 $______________ INITIAL CERTIFICATE
A-2] [1 A-3] [1 A-4] [1 PRINCIPAL BALANCE OF
A-P] [2 A-1] [2 A-2] [2 THIS CERTIFICATE
A-3] [2 A-4] [2 A-5] [2
A-P]-____
First Distribution Date: Scheduled Final
January 19, 2000 Distribution Date:
November 19, 2029
THIS CERTIFIES THAT CEDE & CO. is the registered owner of a
beneficial interest in the Trust Fund referred to below consisting of a pool of
fixed-rate mortgage loans secured by first liens on one- to four-family
residential real properties (the "Mortgage Loans") and certain other property
held in trust transferred to the Trust Fund by Credit Suisse First Boston
Mortgage Securities Corp. (the "Depositor"), and certain related property. The
Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as
of December 1, 1999 (the "Agreement"), among the Depositor, Bank One, National
Association, as trustee (the "Trustee", which term includes any successor entity
under the Agreement) and Washington Mutual Bank, FA., as seller and servicer, a
summary of certain of the pertinent provisions of which is set forth herein.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
This Certificate is one of a duly authorized issue of certificates
by Credit Suisse First Boston Mortgage Securities Corp. designated as the
Washington Mutual Bank, FA Mortgage-Backed Pass-Through Certificates, Series
1999-WM3 (the "Certificates"), which is comprised of the following twenty-four
Classes: Class 1 A-1, Class 1 A-2, Class 1 A-3, Class 1 A-4, Class 1 A-P, Class
2 A-1, Class 2 A-2, Class 2 A-3, Class 2 A-4, Class 2 A-5, Class 2 A-P, Class 1
M-1, Class 1 M-2, Class 1 M-3, Class 2 M-1, Class 2 M-2, Class 2 M-3, Class 1
B-1, Class 1 B-2, Class 2 B-1, Class 2 B-2, Class B-3, Class R-1 and Class R-2.
Reference is hereby made to the Agreement for a statement of the respective
rights thereunder of the Depositor and the Trustee and the Holders of the
Certificates and the terms upon which the Certificates are authenticated and
delivered. This Certificate represents an interest in the Trust Fund, which
Trust Fund consists of, among other things, (i) the Mortgage Loans and all
distributions thereon payable after the Cut-off Date, net of certain amounts in
accordance with the provisions of the
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Agreement, (ii) REO Property, (iii) the Certificate Account and the Custodial
Account and all amounts deposited therein pursuant to the applicable provisions
of the Agreement, net of any investment earnings thereon, (iv) the interest of
the Trust Fund in any insurance policies with respect to the Mortgage Loans, (v)
the rights of the Depositor assigned to the Trustee pursuant to Section 2.01 of
the Agreement, and (vi) all proceeds of the conversion, voluntary or
involuntary, of any of the foregoing into cash or other liquid property.
This Class A Certificate represents a Percentage Interest equal to
the Initial Certificate Principal Balance of this Certificate divided by the
Initial Certificate Principal Balance of the Class [1 A-1] [1 A-2] [1 A-3] [1
A-4] [1 A-P] [2 A-1] [2 A-2] [2 A-3] [2 A-4] [2 A-5] [2 A-P] Certificates, both
as set forth above.
The Trustee shall distribute from the Certificate Account, to the
extent of available funds, on the 19th day of each month (each, a "Distribution
Date"), or if such day is not a Business Day, the next succeeding Business Day,
to the Person in whose name this Certificate is registered at the close of
business on the last Business Day of the month immediately preceding the month
of such distribution (each, a "Record Date"), from the Available Distribution
Amount in an amount equal to the product of the Percentage Interest evidenced by
this Certificate and the amount of interest and principal, if any required to be
distributed to the Class [1 A-1] [1 A-2] [1 A-3] [1 A-4] [1 A-P] [2 A-1] [2 A-2]
[2 A-3] [2 A-4] [2 A-5] [2 A-P] Certificates on such Distribution Date.
Not later than each Distribution Date, the Trustee will send to each
Certificateholder a statement containing information relating to the Mortgage
Loans and payments made to Certificateholders.
Distributions on this Certificate will be made by the Trustee by
check mailed to the address of the Holder hereof entitled thereto at the address
appearing in the Certificate Register or, if such Holder holds one or more of
this Class of Certificates with an aggregate initial Certificate Principal
Balance of at least $2,500,000 or all of the Certificates of this Class, by wire
transfer in immediately available funds to the account of such Certificateholder
designated in writing to the Trustee at least five Business Days prior to the
applicable Record Date. Notwithstanding the above, the final distribution on
this Certificate will be made after due notice of the pendency of such final
distribution and only upon presentation and surrender of this Certificate at the
office or agency designated in such notice.
The Agreement permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Seller, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the
Servicer, the Seller and the Trustee with the consent of the Holders of
Certificates evidencing Voting Rights aggregating not less than 66-2/3% of the
Voting Rights of all the Certificates; provided, however, that no such amendment
may (i) reduce in any manner the amount of, delay the timing of or change the
manner in which payments received on Mortgage Loans are required to be
distributed in respect of any Certificate without the consent of the Holder of
such Certificate, (ii) adversely affect in any material respect the interests of
the Holders of a Class of Certificates in a manner other than in (i) above
without the consent of the Holders of Certificates evidencing not less than
66-2/3% of the Voting Rights of such Class, (iii) reduce the aforesaid
percentages of Voting Rights, the holders of which are required to consent to
any such amendment, without the consent of 100% of the Holders of Certificates
of the Class affected thereby, (iv) change the percentage of the Principal
Balance of the Mortgage Loans specified in Section 10.01(a) of the Agreement
relating to optional termination of the Trust Fund without the consent of 100%
of the Holders of Certificates, (v) modify the provisions of Section 11.01 of
the Agreement without the consent of 100% of the Holders of Certificates, or
(vi) terminate the Agreement or the Trust Fund created hereunder other than as
provided in Article X of the Agreement without the consent of
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100% of the Holders of Certificates. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
Holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Agreement also permits the Depositor,
the Servicer, the Seller and the Trustee to amend certain terms and conditions
set forth in the Agreement without the consent of Holders of the Certificates.
At any time that any of the Class of Certificates are outstanding, 99% of all
Voting Rights will be allocated to the Holders of the Certificates (other than
the Class R Certificates), in proportion to their then outstanding Certificate
Principal Balances and 0.5% of all Voting Rights will be allocated to the
Holders of the Class R-1 Certificates and 0.5% of all Voting Rights will be
allocated to the Holders of the Class R-2 Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable on the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency of the Trustee designated therefor, duly
endorsed by, or accompanied by a written instrument of transfer in a form
satisfactory to the Trustee duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class and of authorized denominations, and for the same aggregate
interest in the Trust Fund will be issued to the designated transferee or
transferees.
The Class [1 A-1] [1 A-2] [1 A-3] [1 A-4] [1 A-P] [2 A-1] [2 A-2] [2
A-3] [2 A-4] [2 A-5] [2 A-P] Certificates will be issued in fully registered
form in minimum denominations of [$25,000] [$1,000] Certificate Principal
Balance and in integral multiples of $1 in excess of such amount. As provided in
the Agreement and subject to certain limitations therein set forth, this
Certificate is exchangeable for one or more new Certificates of the same Class
and of authorized denominations evidencing a like aggregate Certificate
Principal Balance, as requested by the Holder surrendering the same.
No service charge will be made for such registrations of transfers
or exchanges, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. The
Trustee and any agent of the Trustee may treat the person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Trustee nor any such agent thereof shall be affected by notice to the contrary.
The obligations and responsibilities of the Servicer, the Seller,
Depositor and the Trustee created by the Agreement will terminate upon the
earlier of (a) the purchase by the Servicer from the Trust Fund of all remaining
Mortgage Loans and all property acquired in respect of such Mortgage Loans,
thereby effecting early retirement of the Certificates, or (b) the later of (i)
twelve months after the maturity of the last Mortgage Loan remaining in the
Trust Fund, (ii) the liquidation (or any advance with respect thereto) of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all
property acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, and (iii) the distributions to Certificateholders of all amounts
required to be distributed pursuant to the Agreement. As provided in the
Agreement, the right to purchase all Mortgage Loans pursuant to clause (a) above
shall be conditioned upon the unpaid Principal Balances of such Mortgage Loans,
at the time of any such repurchase, aggregating less than or equal to 10% of the
aggregate Principal Balances thereof as of the Cut-off Date.
Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning. If the terms hereof are inconsistent with the
Agreement, the Agreement shall control.
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Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid or obligatory for any
purpose.
The recitals contained herein shall be taken as statements of the
Depositor and not of the Trustee. The Trustee assumes no responsibility for the
correctness of the statements contained in this Certificate and makes no
representation as to the validity or sufficiency of the Agreement, this
Certificate, any Mortgage Loan or any related document.
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IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed under its corporate seal.
BANK ONE, NATIONAL ASSOCIATION
solely as Trustee and not individually
By:_____________________________________
Authorized Officer
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned Agreement.
Date: _____________________________
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By:________________________________
Authorized Officer
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ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, or
assignee) the undivided interest in the Trust Fund evidenced by the within
Certificate and hereby authorize(s) the transfer of registration of such
interest to the assignee on the Certificate Register.
I (we) further direct the Trustee to issue a new Certificate of the
same Class and of a like Initial Certificate Principal Balance and undivided
interest in the Trust Fund to the above-named assignee and to deliver such
Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
Dated:_____________________________
___________________________________ ________________________________________
Social Security or other Signature by or on behalf of
Tax Identification No. of assignor (signature must be signed
Assignee as registered)
________________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for the information of the
Servicer:
Distribution shall be made by check mailed to ______________________
___________________________________________________________, or if the aggregate
Initial Certificate Principal Balance of Certificates of this Class held by the
Holder is at least $2,500,000 or the Percentage Interest within such Class is
100%, and the Trustee shall have received appropriate wiring instructions in
accordance with the Agreement, by wire transfer in immediately available funds
to _________________________________________________________________________ the
account of , account number _______________. This information is provided by the
assignee named above, or its agent.
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EXHIBIT B
FORM OF CLASS M CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS DECEMBER 23, 1999. ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT ___% CPR (AS DESCRIBED IN THE PROSPECTUS
SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $___ OF OID PER
$1,000 OF INITIAL NOTIONAL AMOUNT, THE YIELD TO MATURITY IS _________% AND THE
AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $0.__
PER $1,000 OF INITIAL NOTIONAL AMOUNT, COMPUTED USING THE APPROXIMATE METHOD. NO
REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.
THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WASHINGTON MUTUAL BANK, FA OR THE
TRUSTEE REFERRED TO BELOW, OR OF ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS
NOT GUARANTEED OR INSURED BY ANY GOVERNMENT AGENCY OR INSTRUMENTALITY.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE UNLESS THE TRANSFEREE PROVIDES EITHER A
CERTIFICATION PURSUANT TO SECTION 6.02(f) OF THE AGREEMENT OR AN OPINION OF
COUNSEL SATISFACTORY TO THE DEPOSITOR AND THE TRUSTEE THAT THE PURCHASE OF THIS
CERTIFICATE BY OR ON BEHALF OF SUCH PLAN IS PERMISSIBLE UNDER APPLICABLE LAW AND
WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA AND SECTION 4975 OF THE CODE.
NOTWITHSTANDING THE ABOVE, WITH RESPECT TO THE TRANSFER OF THIS
CERTIFICATE TO A DEPOSITORY OR ANY SUBSEQUENT TRANSFER OF ANY INTEREST IN THIS
CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY A DEPOSITORY, (I) NEITHER
AN OPINION OF COUNSEL NOR A CERTIFICATION,
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EACH AS DESCRIBED IN THE FOREGOING PARAGRAPH, SHALL BE REQUIRED, AND (II) THE
FOLLOWING CONDITIONS SHALL APPLY:
1. ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE
REPRESENTED BY VIRTUE OF ITS PURCHASE OR HOLDING OF THIS CERTIFICATE (OR
INTEREST HEREIN) THAT EITHER (A) SUCH TRANSFEREE IS NOT A PLAN INVESTOR OR
(B) SUCH TRANSFEREE IS A COMPLYING INSURANCE COMPANY; AND
2. IF THIS CERTIFICATE (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD
IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, THEN THE LAST
PRECEDING TRANSFEREE THAT EITHER (I) IS NOT A PLAN INVESTOR OR (II) IS A
COMPLYING INSURANCE COMPANY SHALL BE RESTORED, TO THE EXTENT PERMITTED BY
LAW, TO ALL RIGHTS AND OBLIGATIONS AS CERTIFICATE OWNER THEREOF
RETROACTIVE TO THE DATE OF SUCH TRANSFER OF THIS CERTIFICATE. THE TRUSTEE
SHALL BE UNDER NO LIABILITY TO ANY PERSON FOR MAKING ANY PAYMENTS DUE ON
THIS CERTIFICATE TO SUCH PRECEDING TRANSFEREE.
ANY PURPORTED CERTIFICATE OWNER WHOSE ACQUISITION OR HOLDING OF THIS
CERTIFICATE (OR INTEREST HEREIN) WAS EFFECTED IN VIOLATION OF THE RESTRICTIONS
IN SECTION 6.02(F) OF THE POOLING AND SERVICING AGREEMENT SHALL INDEMNIFY AND
HOLD HARMLESS THE DEPOSITOR, THE TRUSTEE, THE SERVICER, THE SELLER AND THE REMIC
TRUST FROM AND AGAINST ANY AND ALL LIABILITIES, CLAIMS, COSTS OR EXPENSES
INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.
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WASHINGTON MUTUAL BANK, FA MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
SERIES 1999-WM3, CLASS [1 M-1] [1 M-2] [1 M-3] [2 M-1] [2 M-2] [2 M-3]
Evidencing an undivided interest in the interest portion of a Trust Fund whose
assets consist of a pool of fixed-rate mortgage loans secured by first liens on
one- to four-family, residential real properties and certain other property held
in trust transferred by
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
$_________ INITIAL AGGREGATE CLASS
[1 M-1] [1 M-2] [1 M-3]
[2 M-1] [2 M-2] [2 M-3]
CERTIFICATE PRINCIPAL
BALANCE
Certificate No. [1 M-1] 100% INITIAL CERTIFICATE
[1 M-2] [1 M-3] [2 M-1] PRINCIPAL BALANCE OF
[2 M-2] [2 M-3]-____ THIS CERTIFICATE
First Distribution Date: Scheduled Final
January 19, 2000 Distribution Date:
November 19, 2029
THIS CERTIFIES THAT CEDE & CO. is the registered owner of a
beneficial interest in the Trust Fund referred to below consisting of a pool of
fixed-rate mortgage loans secured by first liens on one- to four-family
residential real properties (the "Mortgage Loans") and certain other property
held in trust transferred to the Trust Fund by Credit Suisse First Boston
Mortgage Securities Corp. (the "Depositor"), and certain related property. The
Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as
of December 1, 1999 (the "Agreement"), among the Depositor, Bank One, National
Association, as trustee (the "Trustee", which term includes any successor entity
under the Agreement) and Washington Mutual Bank, FA., as seller and servicer, a
summary of certain of the pertinent provisions of which is set forth herein.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
This Certificate is one of a duly authorized issue of certificates
by Credit Suisse First Boston Mortgage Securities Corp. designated as the
Washington Mutual Bank, FA Mortgage-Backed Pass-Through Certificates, Series
1999-WM3 (the "Certificates"), which is comprised of the following twenty-four
Classes: Class 1 A-1, Class 1 A-2, Class 1 A-3, Class 1 A-4, Class 1 A-P, Class
2 A-1, Class 2 A-2, Class 2 A-3, Class 2 A-4, Class 2 A-5, Class 2 A-P, Class 1
M-1, Class 1 M-2, Class 1 M-3, Class 2 M-1, Class 2 M-2, Class 2 M-3, Class 1
B-1, Class 1 B-2, Class 2 B-1, Class 2 B-2, Class B-3, Class R-1 and Class R-2.
Reference is hereby made to the Agreement for a statement of the respective
rights thereunder of the Depositor and the Trustee and the Holders of the
Certificates and the terms upon which the Certificates are authenticated and
delivered. This Certificate represents an interest in the Trust Fund, which
Trust Fund consists of, among other things, (i) the Mortgage Loans and all
distributions thereon payable after the Cut-off Date, net of certain amounts in
accordance with the provisions of the Agreement, (ii) REO Property, (iii) the
Certificate Account and the Custodial Account and all amounts deposited therein
pursuant to the applicable provisions of the Agreement, net of any investment
earnings
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thereon, (iv) the interest of the Trust Fund in any insurance policies with
respect to the Mortgage Loans, (v) the rights of the Depositor assigned to the
Trustee pursuant to Section 2.01 of the Agreement, and (vi) all proceeds of the
conversion, voluntary or involuntary, of any of the foregoing into cash or other
liquid property.
This Class M Certificate represents a Percentage Interest equal to
the Initial Certificate Principal Balance of this Certificate divided by the
Initial Certificate Principal Balance of the Class [1 M-1] [1 M-2] [1 M-3]
[2 M-1] [2 M-2] [2 M-3] Certificates, both as set forth above.
The Trustee shall distribute from the Certificate Account, to the
extent of available funds, on the 19th day of each month (each, a "Distribution
Date"), or if such day is not a Business Day, the next succeeding Business Day,
to the Person in whose name this Certificate is registered at the close of
business on the last Business Day of the month immediately preceding the month
of such distribution (each, a "Record Date"), from the Available Distribution
Amount in an amount equal to the product of the Percentage Interest evidenced by
this Certificate and the amount of interest and principal, if any required to be
distributed to the Class [1 M-1] [1 M-2] [1 M-3] [2 M-1] [2 M-2] [2 M-3]
Certificates on such Distribution Date.
Not later than each Distribution Date, the Trustee will send to each
Certificateholder a statement containing information relating to the Mortgage
Loans and payments made to Certificateholders.
Distributions on this Certificate will be made by the Trustee by
check mailed to the address of the Holder hereof entitled thereto at the address
appearing in the Certificate Register or, if such Holder holds all of the
Certificates of this Class, by wire transfer in immediately available funds to
the account of such Certificateholder designated in writing to the Trustee at
least five Business Days prior to the applicable Record Date. Notwithstanding
the above, the final distribution on this Certificate will be made after due
notice of the pendency of such final distribution and only upon presentation and
surrender of this Certificate at the office or agency designated in such notice.
The Agreement permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Seller, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the
Servicer, the Seller and the Trustee with the consent of the Holders of
Certificates evidencing Voting Rights aggregating not less than 66-2/3% of the
Voting Rights of all the Certificates; provided, however, that no such amendment
may (i) reduce in any manner the amount of, delay the timing of or change the
manner in which payments received on Mortgage Loans are required to be
distributed in respect of any Certificate without the consent of the Holder of
such Certificate, (ii) adversely affect in any material respect the interests of
the Holders of a Class of Certificates in a manner other than in (i) above
without the consent of the Holders of Certificates evidencing not less than
66-2/3% of the Voting Rights of such Class, (iii) reduce the aforesaid
percentages of Voting Rights, the holders of which are required to consent to
any such amendment, without the consent of 100% of the Holders of Certificates
of the Class affected thereby, (iv) change the percentage of the Principal
Balance of the Mortgage Loans specified in Section 10.01(a) of the Agreement
relating to optional termination of the Trust Fund without the consent of 100%
of the Holders of Certificates, (v) modify the provisions of Section 11.01 of
the Agreement without the consent of 100% of the Holders of Certificates, or
(vi) terminate the Agreement or the Trust Fund created hereunder other than as
provided in Article X of the Agreement without the consent of 100% of the
Holders of Certificates. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the Depositor, the
Servicer,
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the Seller and the Trustee to amend certain terms and conditions set forth in
the Agreement without the consent of Holders of the Certificates. At any time
that any of the Class of Certificates are outstanding, 99% of all Voting Rights
will be allocated to the Holders of the Certificates (other than the Class R
Certificates), in proportion to their then outstanding Certificate Principal
Balances and 0.5% of all Voting Rights will be allocated to the Holders of the
Class R-1 Certificates and 0.5% of all Voting Rights will be allocated to the
Holders of the Class R-2 Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable on the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency of the Trustee designated therefor, duly
endorsed by, or accompanied by a written instrument of transfer in a form
satisfactory to the Trustee duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class and of authorized denominations, and for the same aggregate
interest in the Trust Fund will be issued to the designated transferee or
transferees.
The Class M Certificates will be issued in fully registered form in
minimum denominations of 25,000 Certificate Principal Balance and in integral
multiples of $1 in excess of such amount. As provided in the Agreement and
subject to certain limitations therein set forth, this Certificate is
exchangeable for one or more new Certificates of the same Class and of
authorized denominations evidencing a like aggregate Certificate Principal
Balance, as requested by the Holder surrendering the same.
No service charge will be made for such registrations of transfers
or exchanges, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. The
Trustee and any agent of the Trustee may treat the person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Trustee nor any such agent thereof shall be affected by notice to the contrary.
The obligations and responsibilities of the Servicer, the Seller,
Depositor and the Trustee created by the Agreement will terminate upon the
earlier of (a) the purchase by the Servicer from the Trust Fund of all remaining
Mortgage Loans and all property acquired in respect of such Mortgage Loans,
thereby effecting early retirement of the Certificates, or (b) the later of (i)
twelve months after the maturity of the last Mortgage Loan remaining in the
Trust Fund, (ii) the liquidation (or any advance with respect thereto) of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all
property acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, and (iii) the distributions to Certificateholders of all amounts
required to be distributed pursuant to the Agreement. As provided in the
Agreement, the right to purchase all Mortgage Loans pursuant to clause (a) above
shall be conditioned upon the unpaid Principal Balances of such Mortgage Loans,
at the time of any such repurchase, aggregating less than or equal to 10% of the
aggregate Principal Balances thereof as of the Cut-off Date.
Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning. If the terms hereof are inconsistent with the
Agreement, the Agreement shall control.
Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid or obligatory for any
purpose.
The recitals contained herein shall be taken as statements of the
Depositor and not of the Trustee. The Trustee assumes no responsibility for the
correctness of the statements contained in this
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Certificate and makes no representation as to the validity or sufficiency of the
Agreement, this Certificate, any Mortgage Loan or any related document.
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<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed under its corporate seal.
BANK ONE, NATIONAL ASSOCIATION,
solely as Trustee and not individually
By:_____________________________________
Authorized Officer
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned Agreement.
Date: _____________________________
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By:________________________________
Authorized Officer
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ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto________________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, or
assignee) the undivided interest in the Trust Fund evidenced by the within
Certificate and hereby authorize(s) the transfer of registration of such
interest to the assignee on the Certificate Register.
I (we) further direct the Trustee to issue a new Certificate of the
same Class and of a like Initial Certificate Principal Balance and undivided
interest in the Trust Fund to the above-named assignee and to deliver such
Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
Dated: ____________________________
___________________________________ ________________________________________
Social Security or other Signature by or on behalf of
Tax Identification No. of assignor (signature must be signed
Assignee as registered)
________________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for the information of the
Servicer:
Distribution shall be made by check mailed to ______________________
_________________________________________________________________________, or if
the Percentage Interest within such Class is 100%, and the Trustee shall have
received appropriate wiring instructions in accordance with the Agreement, by
wire transfer in immediately available funds to ________________________________
the account of , account number ____________________. This information is
provided by the assignee named above, or its agent.
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EXHIBIT C
FORM OF CLASS B CERTIFICATE
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS THAT ARE EXEMPT FROM REGISTRATION
UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 6.02 OF THE AGREEMENT REFERRED TO HEREIN.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WASHINGTON MUTUAL BANK, FA OR THE
TRUSTEE REFERRED TO BELOW, OR OF ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS
NOT GUARANTEED OR INSURED BY ANY GOVERNMENT AGENCY OR INSTRUMENTALITY.
THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS DECEMBER 23, 1999. ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT ___% CPR (AS DESCRIBED IN THE PROSPECTUS
SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $___ OF OID PER
$1,000 OF INITIAL NOTIONAL AMOUNT, THE YIELD TO MATURITY IS _________% AND THE
AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $0.__
PER $1,000 OF INITIAL NOTIONAL AMOUNT, COMPUTED USING THE APPROXIMATE METHOD. NO
REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE UNLESS THE TRANSFEREE PROVIDES A
CERTIFICATION PURSUANT TO SECTION 6.02(f) OF THE AGREEMENT THAT THE PURCHASE OF
THIS CERTIFICATE BY OR ON BEHALF OF SUCH PLAN IS PERMISSIBLE UNDER APPLICABLE
LAW AND WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA AND SECTION 4975 OF THE CODE.
C-1
<PAGE>
WASHINGTON MUTUAL BANK, FA MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
SERIES 1999-WM3, CLASS [1 B-1] [1 B-2] [2 B-1] [2 B-2] [B-3]
Evidencing an undivided interest in the interest portion of a Trust Fund whose
assets consist of a pool of fixed-rate mortgage loans secured by first liens on
one- to four-family, residential real properties and certain other property held
in trust transferred by
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
$______ INITIAL AGGREGATE CLASS
[1 B-1] [1 B-2] [2 B-1]
[2 B-2] [B-3]
CERTIFICATE PRINCIPAL
BALANCE
Certificate No. [1 B-1] 100% INITIAL CERTIFICATE
[1 B-2] [2 B-1] [2 B-2] PRINCIPAL BALANCE OF
[B-3]-___ THIS CERTIFICATE
First Distribution Date: Scheduled Final
January 19, 2000 Distribution Date:
November 19, 2029
THIS CERTIFIES THAT __________________________________________is the
registered owner of a beneficial interest in the Trust Fund referred to below
consisting of a pool of fixed-rate mortgage loans secured by first liens on one-
to four-family residential real properties (the "Mortgage Loans") and certain
other property held in trust transferred to the Trust Fund by Credit Suisse
First Boston Mortgage Securities Corp. (the "Depositor"), and certain related
property. The Trust Fund was created pursuant to the Pooling and Servicing
Agreement, dated as of December 1, 1999 (the "Agreement"), among the Depositor,
Bank One, National Association, as trustee (the "Trustee", which term includes
any successor entity under the Agreement) and Washington Mutual Bank, FA., as
seller and servicer, a summary of certain of the pertinent provisions of which
is set forth herein. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement, to which Agreement the Holder
of this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
This Certificate is one of a duly authorized issue of certificates
by Credit Suisse First Boston Mortgage Securities Corp. designated as the
Washington Mutual Bank, FA Mortgage-Backed Pass-Through Certificates, Series
1999-WM3 (the "Certificates"), which is comprised of the following twenty-four
Classes: Class 1 A-1, Class 1 A-2, Class 1 A-3, Class 1 A-4, Class 1 A-P, Class
2 A-1, Class 2 A-2, Class 2 A-3, Class 2 A-4, Class 2 A-5, Class 2 A-P, Class 1
M-1, Class 1 M-2, Class 1 M-3, Class 2 M-1, Class 2 M-2, Class 2 M-3, Class 1
B-1, Class 1 B-2, Class 2 B-1, Class 2 B-2, Class B-3, Class R-1 and Class R-2.
Reference is hereby made to the Agreement for a statement of the respective
rights thereunder of the Depositor and the Trustee and the Holders of the
Certificates and the terms upon which the Certificates are authenticated and
delivered. This Certificate represents an interest in the Trust Fund, which
Trust Fund consists of, among other things, (i) the Mortgage Loans and all
distributions thereon payable after the Cut-off Date, net of certain amounts in
accordance with the provisions of the Agreement, (ii) REO Property, (iii) the
Certificate Account and the Custodial Account and all amounts
C-2
<PAGE>
deposited therein pursuant to the applicable provisions of the Agreement, net of
any investment earnings thereon, (iv) the interest of the Trust Fund in any
insurance policies with respect to the Mortgage Loans, (v) the rights of the
Depositor assigned to the Trustee pursuant to Section 2.01 of the Agreement, and
(vi) all proceeds of the conversion, voluntary or involuntary, of any of the
foregoing into cash or other liquid property.
This Class B Certificate represents a Percentage Interest equal to
the Initial Certificate Principal Balance of this Certificate divided by the
Initial Certificate Principal Balance of the Class [1 B-1] [1 B-2] [2 B-1] [2
B-2] [B-3] Certificates, both as set forth above.
The Trustee shall distribute from the Certificate Account, to the
extent of available funds, on the 19th day of each month (each, a Distribution
Date"), or if such day is not a Business Day, the next succeeding Business Day,
to the Person in whose name this Certificate is registered at the close of
business on the last Business Day of the month immediately preceding the month
of such distribution (each, a "Record Date"), from the Available Distribution
Amount in an amount equal to the product of the Percentage Interest evidenced by
this Certificate and the amount of interest and principal, if any required to be
distributed to the [1 B-1] [1 B-2] [2 B-1] [2 B-2] [B-3] Certificates on such
Distribution Date.
Not later than each Distribution Date, the Trustee will send to each
Certificateholder a statement containing information relating to the Mortgage
Loans and payments made to Certificateholders.
Distributions on this Certificate will be made by the Trustee by
check mailed to the address of the Holder hereof entitled thereto at the address
appearing in the Certificate Register or, if such Holder holds all of the
Certificates of this Class, by wire transfer in immediately available funds to
the account of such Certificateholder designated in writing to the Trustee at
least five Business Days prior to the applicable Record Date. Notwithstanding
the above, the final distribution on this Certificate will be made after due
notice of the pendency of such final distribution and only upon presentation and
surrender of this Certificate at the office or agency designated in such notice.
The Agreement permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Seller, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the
Servicer, the Seller and the Trustee with the consent of the Holders of
Certificates evidencing Voting Rights aggregating not less than 66-2/3% of the
Voting Rights of all the Certificates; provided, however, that no such amendment
may (i) reduce in any manner the amount of, delay the timing of or change the
manner in which payments received on Mortgage Loans are required to be
distributed in respect of any Certificate without the consent of the Holder of
such Certificate, (ii) adversely affect in any material respect the interests of
the Holders of a Class of Certificates in a manner other than in (i) above
without the consent of the Holders of Certificates evidencing not less than
66-2/3% of the Voting Rights of such Class, (iii) reduce the aforesaid
percentages of Voting Rights, the holders of which are required to consent to
any such amendment, without the consent of 100% of the Holders of Certificates
of the Class affected thereby, (iv) change the percentage of the Principal
Balance of the Mortgage Loans specified in Section 10.01(a) of the Agreement
relating to optional termination of the Trust Fund without the consent of 100%
of the Holders of Certificates, (v) modify the provisions of Section 11.01 of
the Agreement without the consent of 100% of the Holders of Certificates, or
(vi) terminate the Agreement or the Trust Fund created hereunder other than as
provided in Article X of the Agreement without the consent of 100% of the
Holders of Certificates. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the Depositor, the
Servicer,
C-3
<PAGE>
the Seller and the Trustee to amend certain terms and conditions set forth in
the Agreement without the consent of Holders of the Certificates. At any time
that any of the Class of Certificates are outstanding, 99% of all Voting Rights
will be allocated to the Holders of the Certificates (other than the Class R
Certificates), in proportion to their then outstanding Certificate Principal
Balances and 0.5% of all Voting Rights will be allocated to the Holders of the
Class R-1 Certificates and 0.5% of all Voting Rights will be allocated to the
Holders of the Class R-2 Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable on the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency of the Trustee designated therefor, duly
endorsed by, or accompanied by a written instrument of transfer in a form
satisfactory to the Trustee duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class and of authorized denominations, and for the same aggregate
interest in the Trust Fund will be issued to the designated transferee or
transferees.
The Class B Certificates will be issued in fully registered form in
minimum denominations of $100,000 Certificate Principal Balance and in integral
multiples of $1 in excess of such amount; provided, however, that one
Certificate of the Class B-3 Certificates may be issued in such other amount as
is required so that the aggregate of such Class of Certificates equals its
respective aggregate Certificate Principal Balance. As provided in the Agreement
and subject to certain limitations therein set forth, this Certificate is
exchangeable for one or more new Certificates of the same Class and of
authorized denominations evidencing a like aggregate Certificate Principal
Balance, as requested by the Holder surrendering the same.
No service charge will be made for such registrations of transfers
or exchanges, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. The
Trustee and any agent of the Trustee may treat the person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Trustee nor any such agent thereof shall be affected by notice to the contrary.
The obligations and responsibilities of the Servicer, the Seller,
Depositor and the Trustee created by the Agreement will terminate upon the
earlier of (a) the purchase by the Servicer from the Trust Fund of all remaining
Mortgage Loans and all property acquired in respect of such Mortgage Loans,
thereby effecting early retirement of the Certificates, or (b) the later of (i)
twelve months after the maturity of the last Mortgage Loan remaining in the
Trust Fund, (ii) the liquidation (or any advance with respect thereto) of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all
property acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, and (iii) the distributions to Certificateholders of all amounts
required to be distributed pursuant to the Agreement. As provided in the
Agreement, the right to purchase all Mortgage Loans pursuant to clause (a) above
shall be conditioned upon the unpaid Principal Balances of such Mortgage Loans,
at the time of any such repurchase, aggregating less than or equal to 10% of the
aggregate Principal Balances thereof as of the Cut-off Date.
Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning. If the terms hereof are inconsistent with the
Agreement, the Agreement shall control.
Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid or obligatory for any
purpose.
C-4
<PAGE>
The recitals contained herein shall be taken as statements of the
Depositor and not of the Trustee. The Trustee assumes no responsibility for the
correctness of the statements contained in this Certificate and makes no
representation as to the validity or sufficiency of the Agreement, this
Certificate, any Mortgage Loan or any related document.
C-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed under its corporate seal.
BANK ONE, NATIONAL ASSOCIATION,
solely as Trustee and not individually
By:_____________________________________
Authorized Officer
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned Agreement.
Date:______________________________
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By:________________________________
Authorized Officer
C-6
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto _______________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, or
assignee) the undivided interest in the Trust Fund evidenced by the within
Certificate and hereby authorize(s) the transfer of registration of such
interest to the assignee on the Certificate Register.
I (we) further direct the Trustee to issue a new Certificate of the
same Class and of a like Initial Certificate Principal Balance and undivided
interest in the Trust Fund to the above-named assignee and to deliver such
Certificate to the following address:
________________________________________________________________________________
________________________________________________________________________________
Dated: ____________________________
___________________________________ ________________________________________
Social Security or other Signature by or on behalf of
Tax Identification No. of assignor (signature must be signed
Assignee as registered)
________________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for the information of the
Servicer:
Distribution shall be made by check mailed to ______________________
_________________________________________________________________________, or if
the Percentage Interest within such Class is 100%, and the Trustee shall have
received appropriate wiring instructions in accordance with the Agreement, by
wire transfer in immediately available funds to ________________________________
the account of , account number ___________. This information is provided by the
assignee named above, or its agent.
C-7
<PAGE>
EXHIBIT D
FORM OF CLASS [R-1][R-2] CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE"). THIS CERTIFICATE MAY NOT BE TRANSFERRED TO A NON-UNITED
STATES PERSON.
THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF CREDIT
SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., WASHINGTON MUTUAL BANK, FA OR THE
TRUSTEE REFERRED TO BELOW, OR OF ANY OF THEIR AFFILIATES. THIS CERTIFICATE IS
NOT GUARANTEED OR INSURED BY ANY GOVERNMENT AGENCY OR INSTRUMENTALITY.
ANY SALE, TRANSFER OR OTHER DISPOSITION OF THIS CLASS [R-1][R-2] CERTIFICATE MAY
BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE
TRUSTEE TO THE EFFECT THAT (1) SUCH TRANSFEREE AGREES TO BE BOUND BY THE TERMS
OF THE AGREEMENT AND ALL RESTRICTIONS SET FORTH ON THE FACE HEREOF, (2) SUCH
TRANSFEREE IS NOT EITHER (A) THE UNITED STATES, ANY STATE OR POLITICAL
SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION
(OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT
FROM THE TAXES IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH ORGANIZATION IS
SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) AN ELECTING LARGE
PARTNERSHIP UNDER SECTION 775 OF THE CODE OR ANY ORGANIZATION DESCRIBED IN
SECTION 1381(a)(2)(C) OF THE CODE, (ANY SUCH PERSON DESCRIBED IN THE FOREGOING
CLAUSES (A), (B) OR (C) BEING HEREINAFTER REFERRED TO AS A "DISQUALIFIED
ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, AND (3) NO
PURPOSE OF SUCH TRANSFER IS TO ENABLE THE TRANSFEROR TO IMPEDE THE ASSESSMENT OR
COLLECTION OF TAX. SUCH AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS TO
THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE
REGISTRATION IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER
DISPOSITION OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN
AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF
NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A
CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THE CLASS R
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.
D-1
<PAGE>
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO AN EMPLOYEE BENEFIT OR OTHER PLAN
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE.
WASHINGTON MUTUAL BANK, FA
MORTGAGE-BACKED PASS-THROUGH CERTIFICATE
SERIES 1999-WM3, CLASS [R-1][R-2]
Evidencing an undivided interest in a Trust Fund whose assets consist of a pool
of fixed-rate mortgage loans secured by first liens on one- to four-family,
residential real properties and certain other property held in trust transferred
by
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
CUSIP ______________ 100% PERCENTAGE INTEREST
REPRESENTED BY THIS
CERTIFICATE
Certificate No. [R-1][R-2]-___ Scheduled Final
First Distribution Date: Distribution Date:
January 19, 2000 November 19, 2029
THIS CERTIFIES THAT _________________________________________ is the
registered owner of a beneficial interest in the Trust Fund referred to below
consisting of a pool of fixed-rate mortgage loans secured by first liens on one-
to four-family residential real properties (the "Mortgage Loans") and certain
other property held in trust transferred to the Trust Fund by Credit Suisse
First Boston Mortgage Securities Corp. (the "Depositor"), and certain related
property. The Trust Fund was created pursuant to the Pooling and Servicing
Agreement, dated as of December 1, 1999 (the "Agreement"), among the Depositor,
Bank One, National Association, as trustee (the "Trustee", which term includes
any successor entity under the Agreement) and Washington Mutual Bank, FA., as
seller and servicer, a summary of certain of the pertinent provisions of which
is set forth herein. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement, to which Agreement the Holder
of this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
This Certificate is one of a duly authorized issue of certificates
by Credit Suisse First Boston Mortgage Securities Corp. designated as the
Washington Mutual Bank, FA Mortgage-Backed Pass-Through Certificates, Series
1999-WM3 (the "Certificates"), which is comprised of the following twenty-four
Classes: Class 1 A-1, Class 1 A-2, Class 1 A-3, Class 1 A-4, Class 1 A-P, Class
2 A-1, Class 2 A-2, Class 2 A-3, Class 2 A-4, Class 2 A-5, Class 2 A-P, Class 1
M-1, Class 1 M-2, Class 1 M-3, Class 2 M-1, Class 2 M-2, Class 2 M-3, Class 1
B-1, Class 1 B-2, Class 2 B-1, Class 2 B-2, Class B-3, Class R-1 and Class R-2.
Reference is hereby made to the Agreement for a statement of the respective
rights thereunder of the Depositor and the Trustee and the Holders of the
Certificates and the terms upon which the Certificates are authenticated and
delivered. This Certificate represents an interest in the Trust Fund, which
Trust Fund consists of, among other things, (i) the Mortgage Loans and all
distributions thereon payable after the Cut-off Date, net of certain amounts in
accordance with the provisions of the Agreement, (ii) REO Property, (iii) the
Certificate Account and the Custodial Account and all amounts deposited therein
pursuant to the applicable provisions of the Agreement, net of any investment
earnings thereon, (iv) the interest of the Trust Fund in any insurance policies
with respect to the Mortgage Loans,
D-2
<PAGE>
(v) the rights of the Depositor assigned to the Trustee pursuant to Section 2.01
of the Agreement, and (vi) all proceeds of the conversion, voluntary or
involuntary, of any of the foregoing into cash or other liquid property.
The Trustee shall distribute from the Certificate Account, to the
extent of available funds, on the 19th day of each month (each, a "Distribution
Date"), or it such day is not a Business Day, the next succeeding Business Day,
to the Person in whose name this Certificate is registered at the close of
business on the last Business Day of the month immediately preceding the month
of such distribution (each, a "Record Date"), from the Available Distribution
Amount in an amount equal to the product of the Percentage Interest evidenced by
this Certificate and the amount of interest and principal, if any required to be
distributed to the Class [R-1][R-2] Certificates on such Distribution Date.
Not later than each Distribution Date, the Trustee will send to each
Certificateholder a statement containing information relating to the Mortgage
Loans and payments made to Certificateholders.
The Agreement permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor, the Seller, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Depositor, the
Servicer, the Seller and the Trustee with the consent of the Holders of
Certificates evidencing Voting Rights aggregating not less than 66-2/3% of the
Voting Rights of all the Certificates; provided, however, that no such amendment
may (i) reduce in any manner the amount of, delay the timing of or change the
manner in which payments received on Mortgage Loans are required to be
distributed in respect of any Certificate without the consent of the Holder of
such Certificate, (ii) adversely affect in any material respect the interests of
the Holders of a Class of Certificates in a manner other than in (i) above
without the consent of the Holders of Certificates evidencing not less than
66-2/3% of the Voting Rights of such Class, (iii) reduce the aforesaid
percentages of Voting Rights, the holders of which are required to consent to
any such amendment, without the consent of 100% of the Holders of Certificates
of the Class affected thereby, (iv) change the percentage of the Principal
Balance of the Mortgage Loans specified in Section 10.01(a) of the Agreement
relating to optional termination of the Trust Fund without the consent of 100%
of the Holders of Certificates, (v) modify the provisions of Section 11.01 of
the Agreement without the consent of 100% of the Holders of Certificates, or
(vi) terminate the Agreement or the Trust Fund created hereunder other than as
provided in Article X of the Agreement without the consent of 100% of the
Holders of Certificates. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the Depositor, the
Servicer, the Seller and the Trustee to amend certain terms and conditions set
forth in the Agreement without the consent of Holders of the Certificates. At
any time that any of the Class of Certificates are outstanding, 99% of all
Voting Rights will be allocated to the Holders of the Certificates (other than
the Class R Certificates), in proportion to their then outstanding Certificate
Principal Balances and 0.5% of all Voting Rights will be allocated to the
Holders of the Class R-1 Certificates and 0.5% of all Voting Rights will be
allocated to the Holders of the Class R-2 Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable on the
Certificate Register upon surrender of this Certificate for registration of
transfer at the office or agency of the Trustee designated therefor, duly
endorsed by, or accompanied by a written instrument of transfer in a form
satisfactory to the Trustee duly executed by the Holder hereof or such Holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of the same Class and of authorized denominations, and for the same aggregate
interest in the Trust Fund will be issued to the designated transferee or
transferees.
D-3
<PAGE>
The Class [R-1][R-2] Certificates will be issued in fully registered
form in minimum Percentage Interests of 20% and integral multiples thereof. As
provided in the Agreement and subject to certain limitations therein set forth,
this Certificate is exchangeable for one or more new Certificates of the same
Class and of authorized Percentage Interests evidencing a like aggregate
Percentage Interest, as requested by the Holder surrendering the same.
No service charge will be made for such registrations of transfers
or exchanges, but the Trustee may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith. The
Trustee and any agent of the Trustee may treat the person in whose name this
Certificate is registered as the owner hereof for all purposes, and neither the
Trustee nor any such agent thereof shall be affected by notice to the contrary.
Pursuant to the Agreement, the Depositor will make an election to
treat each Trust REMIC as a real estate mortgage investment conduit (a "REMIC")
for federal income tax purposes. The Class R-1 Certificates will be the
"residual interest" in the Trust REMIC I, the Class R-2 Certificates will be the
"residual interest" in the Trust REMIC II and all other Classes of Certificates
will constitute the "regular interests" in the Trust REMIC II.
The obligations and responsibilities of the Servicer, the Seller,
Depositor and the Trustee created by the Agreement will terminate upon the
earlier of (a) the purchase by the Servicer from the Trust Fund of all remaining
Mortgage Loans and all property acquired in respect of such Mortgage Loans,
thereby effecting early retirement of the Certificates, or (b) the later of (i)
twelve months after the maturity of the last Mortgage Loan remaining in the
Trust Fund, (ii) the liquidation (or any advance with respect thereto) of the
last Mortgage Loan remaining in the Trust Fund and the disposition of all
property acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, and (iii) the distributions to Certificateholders of all amounts
required to be distributed pursuant to the Agreement. As provided in the
Agreement, the right to purchase all Mortgage Loans pursuant to clause (a) above
shall be conditioned upon the unpaid Principal Balances of such Mortgage Loans,
at the time of any such repurchase, aggregating less than or equal to 10% of the
aggregate Principal Balances thereof as of the Cut-off Date.
Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning. If the terms hereof are inconsistent with the
Agreement, the Agreement shall control.
Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid or obligatory for any
purpose.
The recitals contained herein shall be taken as statements of the
Depositor and not of the Trustee. The Trustee assumes no responsibility for the
correctness of the statements contained in this Certificate and makes no
representation as to the validity or sufficiency of the Agreement, this
Certificate, any Mortgage Loan or any related document.
D-4
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed under its corporate seal.
BANK ONE, NATIONAL ASSOCIATION,
solely as Trustee and not individually
By:_____________________________________
Authorized Officer
CERTIFICATE OF AUTHENTICATION
This is one of the Certificates referred to in the within-mentioned Agreement.
Date: _____________________________
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By:________________________________
Authorized Officer
D-5
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and
transfer(s) unto________________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address, including postal zip code, or
assignee) the undivided interest in the Trust Fund evidenced by the within
Certificate and hereby authorize(s) the transfer of registration of such
interest to the assignee on the Certificate Register.
I (we) further direct the Trustee to issue a new Certificate of the
same Class and of a like Percentage Interest and undivided interest in the Trust
Fund to the above-named assignee and to deliver such Certificate to the
following address:
________________________________________________________________________________
________________________________________________________________________________
Dated: ____________________________
___________________________________ ________________________________________
Social Security or other Signature by or on behalf of
Tax Identification No. of assignor (signature must be signed
Assignee as registered)
________________________________________
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for the information of the
Servicer:
Distribution shall be made by check mailed to ______________________
_________________________________________________________________________, or if
the aggregate Initial Certificate Principal Balance of Certificates of this
Class held by the Holder is at least $2,500,000 or the Percentage Interest
within such Class is 100%, and the Trustee shall have received appropriate
wiring instructions in accordance with the Agreement, by wire transfer in
immediately available funds to _______________________________________________
the account of , account number ______________. This information is provided by
the assignee named above, or its agent.
D-6
<PAGE>
EXHIBIT E
SCHEDULE OF MORTGAGE LOANS
E-1
<PAGE>
<TABLE>
<CAPTION>
Group Loan ID Street City State Zip Code Original Remaining Original Current
Term Term Balance Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 12213732 66 CORAL LAKE IRVINE CA 92614 360 339 332000.00 317382.76
1 12226429 333 15TH ST BOULDER CO 80302 360 349 428000.00 424212.93
1 12235206 711 SPRING ST SANTA CRUZ CA 95030 360 341 389500.00 383814.72
1 12238416 655 REBECCA DR BOULDER CREEK CA 95006 360 350 418000.00 413874.57
1 12238986 240 PACIFIC AVE BROOKDALE CA 95007 360 350 414900.00 411654.19
1 12239620 1426 GLACIER DR SAN JOSE CA 95118 360 349 275764.00 273383.60
1 12239794 613 COAST RANGE DR SCOTTS VALLEY CA 95066 360 349 262500.00 260091.51
1 12239877 144 MONTCLAIR DR SANTA CRUZ CA 95060 360 349 300000.00 297324.12
1 12252854 7601 N MONTE FRESNO CA 93711 360 348 450000.00 445644.69
1 12256806 23235 W PALOMA BLANCA DR MALIBU CA 90265 360 340 495000.00 487199.75
1 12261319 7563 CAMINITO AVOLA LA JOLLA CA 92037 360 341 436500.00 429986.25
1 12262127 1844 SEA VISTA PL SAN MARCOS CA 92069 360 348 318727.00 315859.95
1 12297750 5 CONSTITUTION DR CORTE MADERA CA 94925 360 351 300000.00 297995.41
1 12297776 10 STIRRUP LN NOVATO CA 94947 360 351 315000.00 312709.11
1 12298154 11 SAN CARLOS WAY NOVATO CA 94945 360 351 264000.00 262101.01
1 12298303 299 BOLINAS RD FAIRFAX CA 94930 360 352 275000.00 273170.74
1 12298352 126 WILD HORSE VALLEY DR NOVATO CA 94947 360 352 480000.00 476871.43
1 12298360 137 HILLSIDE DR FAIRFAX CA 94930 360 352 304000.00 301934.12
1 12298964 268 RICARDO RD MILL VALLEY CA 94941 360 352 374000.00 371673.70
1 12298998 99 CLEVELAND LN PETALUMA CA 94952 360 353 280000.00 278443.05
1 12299491 10 ST JOHN CT NOVATO CA 94947 360 353 258000.00 256565.37
1 12318150 25516 ARIA DR MISSION VIEJO CA 92692 360 343 290000.00 286058.43
1 12340527 5821 HALLECK SAN JOSE CA 95123 360 341 278350.00 274196.33
1 12358453 120 25TH ST & B UNIT A NEWPORT BEACH CA 92663 360 343 325000.00 318913.02
1 12843967 74 MOUNTAIN VIEW AVE MILL VALLEY CA 94941 360 344 475000.00 468794.85
1 12845848 816 N MARIA REDONDO BEACH CA 90277 360 341 424000.00 417672.73
1 12854618 78800 CABRILLO WAY LA QUINTA CA 92253 360 349 313200.00 305857.85
1 12974226 23363 CAMFORD PL VALENCIA CA 91354 360 343 500000.00 493219.20
1 12975488 5319 W GOLDENWOOD DR INGLEWOOD CA 90302 360 350 287000.00 284754.74
1 13046701 326 PARSONS LANDING LONG BEACH CA 90803 360 342 450500.00 443996.79
1 13053137 533 COMSTOCK DR TIBURON CA 94920 360 340 356500.00 350606.75
1 13059100 16834 JENNIFER DR OCCIDENTAL CA 95465 360 348 400000.00 394717.22
<CAPTION>
Group Loan ID Gross Servicing Fee First pay Current Original Appraisal Property Type Occupancy
Rate Rate Date P&I LTV Amount Code
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 12213732 7.25000 0.25000 4/1/1998 2264.83 80.00 415000.00 Condominium Primary
1 12226429 7.25000 0.25000 2/1/1999 2919.71 62.94 680000.00 Single Family Residence Primary
1 12235206 7.62500 0.62500 6/1/1998 2756.86 95.00 410000.00 Single Family Residence Primary
1 12238416 7.25000 0.25000 3/1/1999 2851.50 69.67 600000.00 Single Family Residence Primary
1 12238986 7.37500 0.37500 3/1/1999 2865.61 68.02 610000.00 Single Family Residence Primary
1 12239620 7.37500 0.37500 2/1/1999 1904.63 72.19 382000.00 Single Family Residence Primary
1 12239794 7.25000 0.25000 2/1/1999 1790.71 73.94 355000.00 Single Family Residence Primary
1 12239877 7.25000 0.25000 2/1/1999 2046.53 67.42 445000.00 Single Family Residence Primary
1 12252854 7.25000 0.25000 1/1/1999 3069.79 90.00 500000.00 Single Family Residence Primary
1 12256806 7.50000 0.50000 5/1/1998 3461.11 86.84 570000.00 Single Family Residence Primary
1 12261319 7.50000 0.50000 6/1/1998 3052.07 87.30 500000.00 Single Family Residence Primary
1 12262127 7.62500 0.62500 1/1/1999 2255.93 94.86 336000.00 Single Family Residence Primary
1 12297750 7.62500 0.62500 4/1/1999 2123.38 66.67 450000.00 Single Family Residence Primary
1 12297776 7.25000 0.25000 4/1/1999 2148.86 51.22 615000.00 Single Family Residence Primary
1 12298154 7.25000 0.25000 4/1/1999 1800.95 78.81 335000.00 Single Family Residence Primary
1 12298303 7.25000 0.25000 5/1/1999 1875.98 73.33 375000.00 Single Family Residence Primary
1 12298352 7.37500 0.37500 5/1/1999 3315.24 78.69 610000.00 Single Family Residence Primary
1 12298360 7.25000 0.25000 5/1/1999 2073.82 80.00 380000.00 Single Family Residence Primary
1 12298964 7.37500 0.37500 5/1/1999 2583.13 68.00 550000.00 Single Family Residence Primary
1 12298998 7.25000 0.25000 6/1/1999 1910.09 89.89 311500.00 Single Family Residence Primary
1 12299491 7.25000 0.25000 6/1/1999 1760.01 75.00 344000.00 Single Family Residence Primary
1 12318150 7.37500 0.37500 8/1/1998 2002.96 63.74 455000.00 Single Family Residence Primary
1 12340527 7.50000 0.50000 6/1/1998 1946.26 95.00 293000.00 Single Family Residence Primary
1 12358453 7.37500 0.37500 8/1/1998 2244.69 72.22 450000.00 2-Family Primary
1 12843967 7.25000 0.25000 9/1/1998 3240.34 67.86 700000.00 Single Family Residence Primary
1 12845848 7.50000 0.50000 6/1/1998 2964.67 89.83 472000.00 Single Family Residence Primary
1 12854618 7.37500 0.37500 2/1/1999 2163.19 80.00 391500.00 Single Family Residence Second
1 12974226 7.50000 0.50000 8/1/1998 3496.07 86.21 580000.00 Single Family Residence Primary
1 12975488 7.37500 0.37500 3/1/1999 1982.24 77.57 370000.00 Single Family Residence Primary
1 13046701 7.37500 0.37500 7/1/1998 3111.48 85.00 530000.00 Single Family Residence Primary
1 13053137 7.25000 0.25000 5/1/1998 2431.96 41.94 850000.00 Single Family Residence Primary
1 13059100 7.50000 0.50000 1/1/1999 2796.86 78.43 510000.00 Single Family Residence Primary
<CAPTION>
Group Loan ID Purpose
Code
<C> <C> <C>
1 12213732 Purpose
1 12226429 Rate/Term Refinance
1 12235206 Purpose
1 12238416 Rate/Term Refinance
1 12238986 Cash-Out Refinance
1 12239620 Rate/Term Refinance
1 12239794 Cash-Out Refinance
1 12239877 Cash-Out Refinance
1 12252854 Purpose
1 12256806 Rate/Term Refinance
1 12261319 Purpose
1 12262127 Purpose
1 12297750 Cash-Out Refinance
1 12297776 Cash-Out Refinance
1 12298154 Cash-Out Refinance
1 12298303 Cash-Out Refinance
1 12298352 Cash-Out Refinance
1 12298360 Rate/Term Refinance
1 12298964 Rate/Term Refinance
1 12298998 Purpose
1 12299491 Cash-Out Refinance
1 12318150 Cash-Out Refinance
1 12340527 Purpose
1 12358453 Cash-Out Refinance
1 12843967 Cash-Out Refinance
1 12845848 Purpose
1 12854618 Purpose
1 12974226 Purpose
1 12975488 Rate/Term Refinance
1 13046701 Rate/Term Refinance
1 13053137 Rate/Term Refinance
1 13059100 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 13059779 1183 LOS ROBLES SANTA PAULA CA 93060 360 350 280000.00 277809.54
1 13060835 2795 AVENIDA DE CAMARILLO CA 93010 360 352 472000.00 469064.26
1 13062039 669 HOLLY RD OJAI CA 93023 360 353 257600.00 256202.34
1 13062708 2437 KENTIA ST OXNARD CA 93030 360 355 296000.00 294859.91
1 13148705 23034 EDENTON PL VALENCIA CA 91354 360 348 252000.00 246913.03
1 13152897 5440 FIG AVE MANTECA CA 95337 360 344 284000.00 276456.18
1 13158613 196 HIDDEN LAKE LN OLYMPIC VALLEY CA 96146 360 348 600000.00 594468.96
1 13174925 13 HALSEY LAGUNA NIGUEL CA 92677 360 347 413000.00 408760.63
1 13187844 17620 VINELAND CT MONTE SERENO CA 95030 360 343 600000.00 592039.48
1 13194931 2821 PALOS VERDES DR W PALOS VERDES ESTATES CA 90274 360 342 480000.00 471484.18
1 13219480 947 ELIZABETH DR SANTA CLARA CA 95050 360 344 247500.00 244419.19
1 13339320 1 COURSAN LAGUNA NIGUEL CA 92677 360 348 314000.00 310960.96
1 13340658 530 CASCADE DR MILL VALLEY CA 94941 360 345 315000.00 311245.73
1 13345285 25231 AZALEA CT SALINAS CA 93908 360 348 251750.00 249371.69
1 13395918 2060 ELISE WAY SANTA BARBARA CA 93109 360 341 346500.00 341075.41
1 13407044 4698 PASEO DE LA VISTA BONITA CA 91902 360 349 388000.00 384650.74
1 13414867 400 HICKORY HILL DR ENCINITAS CA 92024 360 349 409360.00 405826.34
1 13434915 1015 E MOUNTAIN DR SANTA BARBARA CA 93108 360 344 1300000.00 1283818.21
1 13438908 19 FLAXWOOD IRVINE CA 92614 360 345 250000.00 247089.17
1 13568654 1616 PASEO DEL MAR PALOS VERDES ESTATES CA 90274 360 348 830000.00 801314.52
1 13582432 20741 DEVONSHIRE ST LOS ANGELES CA 91311 360 344 298000.00 293415.22
1 13598909 3531 WESTFALL DR LOS ANGELES CA 91436 360 345 460000.00 454383.66
1 13658869 7970 NOBLE CT ARVADA CO 80007 360 352 383979.00 381648.74
1 13659222 4171 S HAMPTON CIRCLE BOULDER CO 80301 360 349 397500.00 391170.63
1 13668512 63 MANCHESTER ST SAN FRANCISCO CA 94110 360 344 335000.00 319727.98
1 13669163 887 DOUGLAS ST SAN FRANCISCO CA 94114 360 350 350000.00 347122.47
1 13681762 1325 CRESTHAVEN DR PASADENA CA 91105 360 348 359000.00 355525.43
1 13682455 17820 ORNA DR GRANADA HILLS CA 91344 360 349 432000.00 428178.97
1 13689518 9528 BROADMOOR DR SAN RAMON CA 94583 360 348 288750.00 285727.01
1 13689997 5734 FELICIA AVE LIVERMORE CA 94550 360 349 320800.00 318030.76
1 13690706 4207 DIAVILA AVE PLEASANTON CA 94588 360 350 274000.00 271803.51
1 13808696 TORRES E SIDE OF TORRES ST CARMEL CA 93921 360 349 380000.00 376719.75
1 13809058 2721 POINT DEL MAR AVE CORONA DEL MAR CA 92625 360 348 440000.00 435843.75
1 13809165 19672 TORRES WAY TRABUCO CANYON CA 92679 360 350 284500.00 282169.87
1 13809223 2231 MESA DR NEWPORT BEACH CA 92660 360 349 258000.00 255604.30
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 13059779 7.37500 0.37500 3/1/1999 1933.89 94.92 295000.00 Single Family Residence Primary
1 13060835 7.37500 0.37500 5/1/1999 3259.98 89.31 528500.00 Single Family Residence Primary
1 13062039 7.37500 0.37500 6/1/1999 1779.18 80.00 322000.00 Single Family Residence Primary
1 13062708 7.37500 0.37500 8/1/1999 2044.40 80.00 370000.00 Single Family Residence Primary
1 13148705 7.25000 0.25000 1/1/1999 1719.08 66.32 380000.00 Single Family Residence Primary
1 13152897 7.25000 0.25000 9/1/1998 1937.38 80.00 355000.00 Single Family Residence Primary
1 13158613 7.50000 0.50000 1/1/1999 4195.29 57.14 1050000.00 Single Family Residence Primary
1 13174925 7.37500 0.37500 12/1/1998 2852.48 70.00 590000.00 Single Family Residence Primary
1 13187844 7.50000 0.50000 8/1/1998 4195.29 68.57 875000.00 Single Family Residence Primary
1 13194931 7.25000 0.25000 7/1/1998 3274.45 80.00 600000.00 Single Family Residence Primary
1 13219480 7.50000 0.50000 9/1/1998 1730.56 78.57 315000.00 Single Family Residence Primary
1 13339320 7.25000 0.25000 1/1/1999 2142.03 73.02 430000.00 Single Family Residence Primary
1 13340658 7.37500 0.37500 10/1/1998 2175.63 68.48 460000.00 Single Family Residence Investor
1 13345285 7.37500 0.37500 1/1/1999 1738.77 95.00 265000.00 Single Family Residence Primary
1 13395918 7.25000 0.25000 6/1/1998 2363.73 90.00 385000.00 2-Family Primary
1 13407044 7.37500 0.37500 2/1/1999 2679.82 80.00 485000.00 Single Family Residence Primary
1 13414867 7.37500 0.37500 2/1/1999 2827.35 79.95 512000.00 Single Family Residence Primary
1 13434915 7.50000 0.50000 9/1/1998 9089.79 47.99 2708750.00 Single Family Residence Primary
1 13438908 7.50000 0.50000 10/1/1998 1748.04 78.13 320000.00 Single Family Residence Primary
1 13568654 7.50000 0.50000 1/1/1999 5803.47 59.29 1400000.00 Single Family Residence Primary
1 13582432 7.50000 0.50000 9/1/1998 2083.66 66.97 445000.00 Single Family Residence Primary
1 13598909 7.25000 0.25000 10/1/1998 3138.01 73.02 630000.00 Single Family Residence Primary
1 13658869 7.50000 0.50000 5/1/1999 2684.84 80.00 480000.00 Single Family Residence Primary
1 13659222 7.37500 0.37500 2/1/1999 2745.43 75.00 530000.00 Single Family Residence Primary
1 13668512 7.37500 0.37500 9/1/1998 2313.76 73.63 455000.00 2-Family Primary
1 13669163 7.25000 0.25000 3/1/1999 2387.62 72.92 480000.00 Single Family Residence Primary
1 13681762 7.25000 0.25000 1/1/1999 2449.01 89.97 399000.00 Single Family Residence Primary
1 13682455 7.25000 0.25000 2/1/1999 2947.00 80.00 540000.00 Single Family Residence Primary
1 13689518 7.25000 0.25000 1/1/1999 1969.78 75.00 385000.00 Single Family Residence Primary
1 13689997 7.37500 0.37500 2/1/1999 2215.69 80.00 401000.00 Single Family Residence Primary
1 13690706 7.25000 0.25000 3/1/1999 1869.16 75.07 365000.00 Single Family Residence Primary
1 13808696 7.37500 0.37500 2/1/1999 2624.57 66.67 570000.00 Single Family Residence Primary
1 13809058 7.37500 0.37500 1/1/1999 3038.97 74.58 590000.00 Single Family Residence Primary
1 13809165 7.25000 0.25000 3/1/1999 1940.79 66.94 425000.00 Single Family Residence Primary
1 13809223 7.37500 0.37500 2/1/1999 1781.94 79.38 325000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 13059779 Rate/Term Refinance
1 13060835 Purpose
1 13062039 Purpose
1 13062708 Purpose
1 13148705 Rate/Term Refinance
1 13152897 Rate/Term Refinance
1 13158613 Cash-Out Refinance
1 13174925 Purpose
1 13187844 Cash-Out Refinance
1 13194931 Rate/Term Refinance
1 13219480 Purpose
1 13339320 Cash-Out Refinance
1 13340658 Cash-Out Refinance
1 13345285 Purpose
1 13395918 Purpose
1 13407044 Rate/Term Refinance
1 13414867 Purpose
1 13434915 Purpose
1 13438908 Cash-Out Refinance
1 13568654 Rate/Term Refinance
1 13582432 Rate/Term Refinance
1 13598909 Cash-Out Refinance
1 13658869 Purpose
1 13659222 Cash-Out Refinance
1 13668512 Rate/Term Refinance
1 13669163 Cash-Out Refinance
1 13681762 Purpose
1 13682455 Purpose
1 13689518 Cash-Out Refinance
1 13689997 Purpose
1 13690706 Rate/Term Refinance
1 13808696 Cash-Out Refinance
1 13809058 Rate/Term Refinance
1 13809165 Rate/Term Refinance
1 13809223 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 13809397 2996 W SNEAD PL TUSTIN CA 92782 360 348 315000.00 312096.18
1 13809470 27 AUGUSTA LN NEWPORT BEACH CA 92660 360 348 500000.00 494587.98
1 13809611 2 CHAPARRAL CT LAS FLORES CA 92688 360 350 365000.00 362022.49
1 13809660 159 CYPRESS DR LAKE ARROWHEAD CA 92352 360 348 348000.00 344791.97
1 13825492 9698 ORTANO LN CYPRESS CA 90603 360 350 401250.00 396436.44
1 13825534 24953 HACIENDA LN NEWHALL CA 91321 360 348 390000.00 386316.06
1 13829890 36 GINGHAM ST TRABUCO CANYON CA 92679 360 349 262000.00 259682.63
1 13830708 522 BOULEVARD WAY PIEDMONT CA 94610 360 349 340000.00 335307.27
1 13842638 15353 IRON CANYON SANTA CLARITA CA 91351 360 349 245000.00 242832.97
1 13867312 3720 S DOLPHIN ST SAN PEDRO CA 90731 360 349 374000.00 370849.63
1 13867882 5949 SHORT ST YORBA LINDA CA 92886 360 348 323000.00 320022.49
1 13938618 2112 CALIFORNIA ST SAN FRANCISCO CA 94122 360 349 446850.00 442992.77
1 13938972 557 SAN MARIO DR SOLANA BEACH CA 92705 360 344 453750.00 448237.51
1 13953310 9846 N 50TH ST PARADISE VALLEY AZ 85253 360 351 294000.00 291885.26
1 13955281 775 EL MEDIO AVE PACIFIC PALISADES CA 90272 360 348 340000.00 336819.70
1 13956230 3455 WADE ST LOS ANGELES CA 90066 360 349 420000.00 416285.10
1 13969274 2931 BREAKWATER WAY LONGMONT CO 80503 360 349 480000.00 475127.11
1 13970181 2450 WILLOW CREEK DR BOULDER CO 80301 360 350 300000.00 297595.03
1 13983341 164 DEWITT CT EL CAJON CA 92020 360 348 288000.00 285345.10
1 13986401 24315 DELTA DR DIAMOND BAR CA 91765 360 348 302000.00 299056.16
1 14056063 4120 NAGLE AVE SHERMAN OAKS CA 91423 360 346 284000.00 280850.67
1 14061733 5644 SPINNAKER BAY DR LONG BEACH CA 90803 360 349 443800.00 439601.16
1 14070536 929 NORTHWOOD UNIT 5 INCLINE VILLAGE NV 89451 360 355 280000.00 278894.61
1 14070577 2192 SLAUGHTERHOUSE CRK GLENBROOK NV 89413 360 354 480000.00 477719.09
1 14070593 1491 HAMILTON AVE PALO ALTO CA 94301 360 354 520000.00 517529.03
1 14086706 10701 CULL CANYON RD CASTRO VALLEY CA 94552 360 344 450000.00 443768.22
1 14095368 710 BALTUSROL DR APTOS CA 95003 360 350 376000.00 373058.49
1 14095731 2170 AMBER AVE SANTA CRUZ CA 95062 360 352 344850.00 342705.07
1 14176655 2210 WESTWIND RD LAS VEGAS NV 89102 360 347 288000.00 284971.02
1 14490395 17825 OSAGE AVE TORRANCE CA 90504 360 348 308000.00 303998.85
1 14549653 1061-1 S OGDEN DR LOS ANGELES CA 90019 360 348 324000.00 320864.16
1 14559702 19081 CALLAWAY CIRCLE HUNTINGTON BEACH CA 92648 360 350 364700.00 361776.37
1 14559942 4167 WARNER AVE UNIT 105 HUNTINGTON BEACH CA 92649 360 351 284000.00 281957.20
1 14560213 2824 VIA PACHECO PALOS VERDES ESTATES CA 90274 360 348 500000.00 495160.74
1 14561674 14 DEL REY CT SAN CARLOS CA 94070 360 344 435000.00 428458.54
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 13809397 7.50000 0.50000 1/1/1999 2202.53 78.75 400000.00 Condominium Primary
1 13809470 7.37500 0.37500 1/1/1999 3453.38 40.00 1250000.00 Single Family Residence Primary
1 13809611 7.25000 0.25000 3/1/1999 2489.94 56.15 650000.00 Single Family Residence Primary
1 13809660 7.50000 0.50000 1/1/1999 2433.27 80.00 435000.00 Single Family Residence Second
1 13825492 7.25000 0.25000 3/1/1999 2737.23 75.00 535000.00 Single Family Residence Primary
1 13825534 7.37500 0.37500 1/1/1999 2693.63 75.00 520000.00 Single Family Residence Primary
1 13829890 7.25000 0.25000 2/1/1999 1787.30 74.86 350000.00 Single Family Residence Primary
1 13830708 7.25000 0.25000 2/1/1999 2319.40 56.67 600000.00 Single Family Residence Primary
1 13842638 7.25000 0.25000 2/1/1999 1671.33 65.33 375000.00 Single Family Residence Primary
1 13867312 7.50000 0.50000 2/1/1999 2615.06 74.80 500000.00 Single Family Residence Second
1 13867882 7.50000 0.50000 1/1/1999 2258.46 54.29 595000.00 Single Family Residence Primary
1 13938618 7.37500 0.37500 2/1/1999 3086.28 90.00 496500.00 Condominium Primary
1 13938972 7.62500 0.62500 9/1/1998 3211.61 75.00 605000.00 Single Family Residence Primary
1 13953310 7.25000 0.25000 4/1/1999 2005.60 79.46 370000.00 Single Family Residence Primary
1 13955281 7.50000 0.50000 1/1/1999 2377.33 42.50 800000.00 Single Family Residence Primary
1 13956230 7.25000 0.25000 2/1/1999 2865.14 70.00 600000.00 Single Family Residence Primary
1 13969274 7.50000 0.50000 2/1/1999 3356.23 80.00 600000.00 Single Family Residence Primary
1 13970181 7.25000 0.25000 3/1/1999 2046.53 35.29 850000.00 Single Family Residence Primary
1 13983341 7.50000 0.50000 1/1/1999 2013.74 80.00 360000.00 Single Family Residence Primary
1 13986401 7.50000 0.50000 1/1/1999 2111.63 74.57 405000.00 Single Family Residence Primary
1 14056063 7.37500 0.37500 11/1/1998 1961.52 80.00 355000.00 Single Family Residence Investor
1 14061733 7.37500 0.37500 2/1/1999 3065.22 72.16 615000.00 Single Family Residence Primary
1 14070536 7.25000 0.25000 8/1/1999 1910.09 74.67 375000.00 Condominium Primary
1 14070577 7.25000 0.25000 7/1/1999 3274.45 80.00 600000.00 Single Family Residence Second
1 14070593 7.25000 0.25000 7/1/1999 3547.32 36.62 1420000.00 Single Family Residence Primary
1 14086706 7.37500 0.37500 9/1/1998 3108.04 75.00 600000.00 Single Family Residence Primary
1 14095368 7.37500 0.37500 3/1/1999 2596.94 78.33 480000.00 Single Family Residence Primary
1 14095731 7.37500 0.37500 5/1/1999 2381.79 95.00 363000.00 Single Family Residence Primary
1 14176655 7.25000 0.25000 12/1/1998 1964.67 90.00 320000.00 Single Family Residence Primary
1 14490395 7.50000 0.50000 1/1/1999 2153.58 80.00 385000.00 Single Family Residence Primary
1 14549653 7.25000 0.25000 1/1/1999 2210.25 79.02 410000.00 2-Family Primary
1 14559702 7.25000 0.25000 3/1/1999 2487.90 70.00 521000.00 Single Family Residence Primary
1 14559942 7.25000 0.25000 4/1/1999 1937.38 80.00 355000.00 Condominium Primary
1 14560213 7.25000 0.25000 1/1/1999 3410.88 71.43 700000.00 Single Family Residence Primary
1 14561674 7.25000 0.25000 9/1/1998 2967.47 75.00 580000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 13809397 Cash-Out Refinance
1 13809470 Cash-Out Refinance
1 13809611 Cash-Out Refinance
1 13809660 Purpose
1 13825492 Cash-Out Refinance
1 13825534 Cash-Out Refinance
1 13829890 Cash-Out Refinance
1 13830708 Cash-Out Refinance
1 13842638 Rate/Term Refinance
1 13867312 Rate/Term Refinance
1 13867882 Cash-Out Refinance
1 13938618 Purpose
1 13938972 Cash-Out Refinance
1 13953310 Purpose
1 13955281 Cash-Out Refinance
1 13956230 Cash-Out Refinance
1 13969274 Rate/Term Refinance
1 13970181 Cash-Out Refinance
1 13983341 Rate/Term Refinance
1 13986401 Rate/Term Refinance
1 14056063 Purpose
1 14061733 Rate/Term Refinance
1 14070536 Purpose
1 14070577 Purpose
1 14070593 Cash-Out Refinance
1 14086706 Cash-Out Refinance
1 14095368 Rate/Term Refinance
1 14095731 Purpose
1 14176655 Rate/Term Refinance
1 14490395 Rate/Term Refinance
1 14549653 Purpose
1 14559702 Purpose
1 14559942 Rate/Term Refinance
1 14560213 Cash-Out Refinance
1 14561674 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1 14562987 70810 TAMARISK LN RANCHO MIRAGE CA 92270 360 353 534600.00 531627.32
1 14586291 1134 E PALM ST ALTADENA CA 91001 360 344 500000.00 493925.51
1 14587422 5104 PESTO WAY AGOURA CA 91301 360 351 313200.00 309106.83
1 14998991 1654 TAHOE DR MILPITAS CA 95035 360 348 272650.00 270136.59
1 14999106 1432 HOLLENBECK AVE SUNNYVALE CA 94087 360 348 288000.00 285240.63
1 15001555 2384 REDLANDS DR NEWPORT BEACH CA 92660 360 349 503500.00 499361.71
1 15011620 25 EMPEROR WAY NAPA CA 94558 360 348 375000.00 362354.69
1 15019177 29802 VISTA DEL ARROYO AGOURA HILLS CA 91301 360 344 520000.00 513368.82
1 15023674 3676 WOODSIDE TERRACE FREMONT CA 94539 360 345 605000.00 597962.09
1 15027204 3022 LUEDKE PL SAN JOSE CA 95111 360 347 269990.00 264775.88
1 15034697 3570 CRESTMOOR DR SAN BRUNO CA 94066 360 344 374250.00 369348.91
1 15035454 1255 KENWOOD RD SANTA BARBARA CA 93109 360 349 250000.00 247841.94
1 15035892 925 VERONICA SPRINGS RD SANTA BARBARA CA 93105 360 349 277500.00 275061.68
1 15036189 222 MEIGS RD UNIT 15 SANTA BARBARA CA 93109 360 349 330000.00 325947.25
1 15043912 7207 SEASHORE DR NEWPORT BEACH CA 92663 360 350 572000.00 567414.55
1 15044142 12742 BARRETT LN SANTA ANA CA 92705 360 353 260000.00 258589.31
1 15044365 1212 CERCA SAN CLEMENTE CA 92673 360 351 282400.00 280368.68
1 15044423 1 SMOKETHORN DOVE CANYON CA 92679 360 349 435000.00 431152.38
1 15044662 2132 ASHINGTON DR GLENDALE CA 91206 360 350 355000.00 352222.77
1 15049182 9940 TOPEKA DR LOS ANGELES CA 91324 360 350 259000.00 256678.35
1 15049448 5011 CARTHAGE WAY AGOURA CA 91301 360 349 316000.00 305638.61
1 15056708 17 VISTA AVE PIEDMONT CA 94611 360 348 400000.00 396128.51
1 15060437 33775 E CARMEL VALLEY RD CARMEL VALLEY CA 93924 360 350 479000.00 475168.61
1 15144926 1374 WILLOW BUD DR DIAMOND BAR CA 91789 240 229 245000.00 239978.07
1 15161300 5362 EAST RR RIDGE CIRCLE ANAHEIM CA 92807 360 351 250000.00 248201.77
1 15161664 21068 VIA FRANCISCO YORBA CA 92887 360 351 324750.00 318774.99
1 15170202 477 S COUNTRY HILL RD ANAHEIM CA 92808 360 353 329000.00 323694.39
1 15170335 3425 FAIRMONT BLVD YORBA LINDA CA 92886 360 355 370000.00 368609.78
1 15170913 310 N MANSFIELD AVE+ LOS ANGELES CA 90036 360 353 498000.00 495298.04
1 15171390 605 LOYOLA AVE CARSON CA 90746 360 353 253000.00 251627.29
1 15171481 2425 E WILDWOOD CANYON DR GLENDORA CA 91740 360 352 280000.00 278214.77
1 15171556 3327 KNOXVILLE AVE LONG BEACH CA 90808 360 352 250100.00 247480.17
1 15171887 1832 ANITA CREST DR ARCADIA CA 91006 360 352 500000.00 496812.84
1 15173271 1090 SUMMITRIDGE DR DIAMOND BAR CA 91765 360 353 283000.00 281464.56
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 14562722 7.25000 0.25000 4/1/1999 4393.22 60.75 1060000.00 Single Family Residence Primary
1 14562987 7.25000 0.25000 6/1/1999 3646.91 78.04 685000.00 Single Family Residence Primary
1 14586291 7.62500 0.62500 9/1/1998 3538.97 58.82 850000.00 Single Family Residence Primary
1 14587422 7.25000 0.25000 4/1/1999 2136.58 77.91 402000.00 Single Family Residence Primary
1 14998991 7.50000 0.50000 1/1/1999 1906.41 95.00 287000.00 Single Family Residence Primary
1 14999106 7.37500 0.37500 1/1/1999 1989.14 49.40 583000.00 Single Family Residence Primary
1 15001555 7.62500 0.62500 2/1/1999 3563.73 69.93 720000.00 Single Family Residence Primary
1 15011620 7.25000 0.25000 1/1/1999 2558.16 75.76 495000.00 Single Family Residence Primary
1 15019177 7.37500 0.37500 9/1/1998 3591.51 64.20 810000.00 Single Family Residence Primary
1 15023674 7.50000 0.50000 10/1/1998 4230.25 67.22 900000.00 Single Family Residence Primary
1 15027204 7.37500 0.37500 12/1/1998 1864.75 80.00 337500.00 Single Family Residence Primary
1 15034697 7.25000 0.25000 9/1/1998 2553.04 75.00 499000.00 2-Family Primary
1 15035454 7.37500 0.37500 2/1/1999 1726.69 74.63 335000.00 Single Family Residence Primary
1 15035892 7.37500 0.37500 2/1/1999 1916.62 75.00 370000.00 Single Family Residence Primary
1 15036189 7.25000 0.25000 2/1/1999 2251.18 67.76 487000.00 Condominium Primary
1 15043912 7.25000 0.25000 3/1/1999 3902.05 80.00 715000.00 Single Family Residence Primary
1 15044142 7.37500 0.37500 6/1/1999 1795.76 68.42 380000.00 Single Family Residence Primary
1 15044365 7.25000 0.25000 4/1/1999 1926.47 80.00 353000.00 Single Family Residence Primary
1 15044423 7.25000 0.25000 2/1/1999 2967.47 70.16 620000.00 Single Family Residence Primary
1 15044662 7.37500 0.37500 3/1/1999 2451.90 72.45 490000.00 Single Family Residence Primary
1 15049182 7.25000 0.25000 3/1/1999 1766.84 60.23 430000.00 Single Family Residence Primary
1 15049448 7.37500 0.37500 2/1/1999 2182.53 74.35 425000.00 Single Family Residence Primary
1 15056708 7.25000 0.25000 1/1/1999 2728.71 72.07 555000.00 Single Family Residence Primary
1 15060437 7.50000 0.50000 3/1/1999 3349.23 59.14 810000.00 2-Family Primary
1 15144926 7.50000 0.50000 2/1/1999 1973.70 74.24 330000.00 Single Family Residence Primary
1 15161300 7.25000 0.25000 4/1/1999 1705.44 72.25 346000.00 Single Family Residence Primary
1 15161664 7.25000 0.25000 4/1/1999 2215.37 75.00 433000.00 Single Family Residence Primary
1 15170202 7.50000 0.50000 6/1/1999 2300.42 70.00 470000.00 Single Family Residence Primary
1 15170335 7.50000 0.50000 8/1/1999 2587.09 74.00 500000.00 Single Family Residence Primary
1 15170913 7.37500 0.37500 6/1/1999 3439.56 74.89 665000.00 2-Family Primary
1 15171390 7.37500 0.37500 6/1/1999 1747.41 93.70 270000.00 Single Family Residence Primary
1 15171481 7.25000 0.25000 5/1/1999 1910.09 47.86 585000.00 Single Family Residence Primary
1 15171556 7.25000 0.25000 5/1/1999 1706.12 89.32 280000.00 Single Family Residence Primary
1 15171887 7.25000 0.25000 5/1/1999 3410.88 80.00 625000.00 Single Family Residence Primary
1 15173271 7.37500 0.37500 6/1/1999 1954.61 76.49 370000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 14562722 Rate/Term Refinance
1 14562987 Rate/Term Refinance
1 14586291 Cash-Out Refinance
1 14587422 Rate/Term Refinance
1 14998991 Purpose
1 14999106 Cash-Out Refinance
1 15001555 Rate/Term Refinance
1 15011620 Purpose
1 15019177 Cash-Out Refinance
1 15023674 Cash-Out Refinance
1 15027204 Purpose
1 15034697 Purpose
1 15035454 Cash-Out Refinance
1 15035892 Cash-Out Refinance
1 15036189 Purpose
1 15043912 Rate/Term Refinance
1 15044142 Cash-Out Refinance
1 15044365 Rate/Term Refinance
1 15044423 Cash-Out Refinance
1 15044662 Rate/Term Refinance
1 15049182 Cash-Out Refinance
1 15049448 Cash-Out Refinance
1 15056708 Cash-Out Refinance
1 15060437 Rate/Term Refinance
1 15144926 Cash-Out Refinance
1 15161300 Cash-Out Refinance
1 15161664 Cash-Out Refinance
1 15170202 Cash-Out Refinance
1 15170335 Purpose
1 15170913 Cash-Out Refinance
1 15171390 Rate/Term Refinance
1 15171481 Cash-Out Refinance
1 15171556 Rate/Term Refinance
1 15171887 Rate/Term Refinance
1 15173271 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1 15174576 510 CAPUCHINO DR MILLBRAE CA 94030 360 354 396000.00 390453.34
1 15181985 8550 S WARHAWK RD CONIFER CO 80433 360 349 376000.00 372194.88
1 15184757 3405 FELA LONG BEACH CA 90803 360 355 288000.00 286917.86
1 15199490 44 CAMINO ALTO MILLBRAE CA 94030 360 350 255000.00 252645.21
1 15199706 818 INTREPID LN REDWOOD CITY CA 94065 360 348 360000.00 356313.50
1 15199946 690 CHESTNUT ST UNIT 305 SAN FRANCISCO CA 94133 360 350 248000.00 243532.39
1 15199953 127 ATHERWOOD AVE REDWOOD CITY CA 94061 360 349 258000.00 255685.02
1 15200066 6020 6022 FULTON SAN FRANCISCO CA 94121 360 348 396000.00 392259.40
1 15200082 45-47 GRAND VIEW TERRACE SAN FRANCISCO CA 94114 360 349 420000.00 415235.78
1 15297088 1229 DUTCH MILL DR DANVILLE CA 94526 360 349 357000.00 347259.59
1 15299795 8838 RAYFORD DR LOS ANGELES CA 90045 360 354 341100.00 339479.16
1 15302581 2813 RIACHUELO SAN CLEMENTE CA 92673 360 348 283500.00 280545.61
1 15303209 128 CARLOS AVE UNIT A REDWOOD CITY CA 94061 360 350 268000.00 265540.18
1 15305253 7883 PINEVILLE CIRCLE CASTRO VALLEY CA 94552 360 352 250000.00 248445.01
1 15307663 4515 WHITE OAK PL ENCINO CA 91316 360 350 380551.00 377500.30
1 15308323 11554 ACAMA ST STUDIO CITY CA 91604 360 349 415000.00 410181.61
1 15312028 1695 MENDENHALL DR SAN JOSE CA 95130 360 349 274000.00 271547.12
1 15312051 1469 TYLER PARK WAY MOUNTAIN VIEW CA 94040 360 349 266250.00 258996.70
1 15312473 10475 ALBERTSWORTH LN LOS ALTOS CA 94022 360 350 900000.00 893296.66
1 15312671 2030 CRIST DR LOS ALTOS CA 94024 360 349 302000.00 299393.09
1 15312770 1604 MARIANI DR SUNNYVALE CA 94087 360 351 435000.00 429733.30
1 15312820 1720 PARK HILLS AVE LOS ALTOS CA 94024 360 349 300000.00 297410.33
1 15312937 3445 SHADYSPRING LN MOUNTAIN VIEW CA 94040 360 350 535000.00 530711.19
1 15313257 7613 ERIN WAY CUPERTINO CA 95014 360 351 394372.00 391535.32
1 15313794 129 EVANDALE AVE MOUNTAIN VIEW CA 94043 360 350 340000.00 337404.54
1 15313844 800 E CHARLESTON RD PALO ALTO CA 94303 360 351 350000.00 347482.43
1 15314073 1623 DUVALL DR SAN JOSE CA 95130 360 351 292800.00 290693.92
1 15315062 7870 MCCLELLAN RD CUPERTINO CA 95014 360 353 315000.00 313248.36
1 15315104 1164 MEREDITH AVE SAN JOSE CA 95125 360 353 488000.00 485286.40
1 15315203 467 TILLER LN REDWOOD CITY CA 94065 360 353 367500.00 365456.44
1 15315492 1820 MARK TWAIN PALO ALTO CA 94303 360 353 595000.00 591691.41
1 15317787 13103 MCKINLEY AVE CHINO CA 91710 360 348 270000.00 267449.57
1 15320245 2210 SCENIC RIDGE DR POMONA CA 91709 360 352 460000.00 347633.94
1 15323470 24236 CROSS ST SANTA CLARITA CA 91321 360 350 325000.00 321711.89
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 15174113 7.25000 0.25000 7/1/1999 1712.26 69.72 360000.00 Single Family Residence Primary
1 15174576 7.25000 0.25000 7/1/1999 2701.42 75.43 525000.00 Single Family Residence Primary
1 15181985 7.37500 0.37500 2/1/1999 2596.94 80.00 470000.00 Single Family Residence Primary
1 15184757 7.50000 0.50000 8/1/1999 2013.74 90.00 320000.00 Single Family Residence Primary
1 15199490 7.37500 0.37500 3/1/1999 1761.22 51.52 495000.00 Single Family Residence Primary
1 15199706 7.50000 0.50000 1/1/1999 2517.17 80.00 450000.00 Condominium Primary
1 15199946 7.25000 0.25000 3/1/1999 1691.80 80.00 310000.00 Condominium Primary
1 15199953 7.37500 0.37500 2/1/1999 1781.94 79.88 323000.00 Single Family Residence Primary
1 15200066 7.37500 0.37500 1/1/1999 2735.07 80.00 495000.00 2-Family Primary
1 15200082 7.25000 0.25000 2/1/1999 2865.14 70.00 600000.00 2-Family Primary
1 15297088 7.25000 0.25000 2/1/1999 2435.37 70.00 510000.00 Single Family Residence Primary
1 15299795 7.25000 0.25000 7/1/1999 2326.90 88.37 386000.00 Single Family Residence Primary
1 15302581 7.25000 0.25000 1/1/1999 1933.97 88.59 320000.00 Single Family Residence Primary
1 15303209 7.25000 0.25000 3/1/1999 1828.23 80.00 335000.00 Condominium Primary
1 15305253 7.37500 0.37500 5/1/1999 1726.69 76.92 325000.00 Single Family Residence Primary
1 15307663 7.25000 0.25000 3/1/1999 2596.03 56.38 675000.00 Single Family Residence Primary
1 15308323 7.25000 0.25000 2/1/1999 2831.03 63.85 650000.00 Single Family Residence Primary
1 15312028 7.18800 0.25000 2/1/1999 1857.65 70.26 390000.00 Single Family Residence Second
1 15312051 7.18800 0.25000 2/1/1999 1805.11 75.00 355000.00 Condominium Primary
1 15312473 7.62500 0.62500 3/1/1999 6370.14 67.67 1330000.00 Single Family Residence Primary
1 15312671 7.37500 0.37500 2/1/1999 2085.84 46.39 651000.00 Single Family Residence Primary
1 15312770 7.25000 0.25000 4/1/1999 2967.47 76.99 565000.00 Single Family Residence Primary
1 15312820 7.37500 0.37500 2/1/1999 2072.03 42.55 705000.00 Single Family Residence Primary
1 15312937 7.25000 0.25000 3/1/1999 3649.64 75.89 705000.00 Single Family Residence Primary
1 15313257 7.25000 0.25000 4/1/1999 2690.31 78.87 500000.00 Single Family Residence Primary
1 15313794 7.50000 0.50000 3/1/1999 2377.33 80.00 425000.00 Single Family Residence Primary
1 15313844 7.25000 0.25000 4/1/1999 2387.62 71.43 490000.00 Condominium Primary
1 15314073 7.25000 0.25000 4/1/1999 1997.41 80.00 366000.00 Single Family Residence Primary
1 15315062 7.25000 0.25000 6/1/1999 2148.86 75.00 420000.00 Single Family Residence Primary
1 15315104 7.25000 0.25000 6/1/1999 3329.02 80.00 610000.00 Single Family Residence Primary
1 15315203 7.25000 0.25000 6/1/1999 2507.00 74.24 495000.00 Single Family Residence Primary
1 15315492 7.25000 0.25000 6/1/1999 4058.95 74.84 795000.00 Single Family Residence Primary
1 15317787 7.37500 0.37500 1/1/1999 1864.82 90.00 300000.00 Single Family Residence Primary
1 15320245 7.25000 0.25000 5/1/1999 2386.69 80.00 575000.00 Single Family Residence Primary
1 15323470 7.25000 0.25000 3/1/1999 2217.07 79.27 410000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 15174113 Rate/Term Refinance
1 15174576 Rate/Term Refinance
1 15181985 Rate/Term Refinance
1 15184757 Purpose
1 15199490 Rate/Term Refinance
1 15199706 Purpose
1 15199946 Rate/Term Refinance
1 15199953 Rate/Term Refinance
1 15200066 Purpose
1 15200082 Cash-Out Refinance
1 15297088 Rate/Term Refinance
1 15299795 Purpose
1 15302581 Purpose
1 15303209 Purpose
1 15305253 Rate/Term Refinance
1 15307663 Cash-Out Refinance
1 15308323 Cash-Out Refinance
1 15312028 Rate/Term Refinance
1 15312051 Cash-Out Refinance
1 15312473 Rate/Term Refinance
1 15312671 Rate/Term Refinance
1 15312770 Rate/Term Refinance
1 15312820 Cash-Out Refinance
1 15312937 Rate/Term Refinance
1 15313257 Rate/Term Refinance
1 15313794 Purpose
1 15313844 Cash-Out Refinance
1 15314073 Purpose
1 15315062 Cash-Out Refinance
1 15315104 Purpose
1 15315203 Cash-Out Refinance
1 15315492 Purpose
1 15317787 Purpose
1 15320245 Purpose
1 15323470 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 15329436 2338 ROBERT RD ROWLAND HEIGHTS CA 91748 360 345 258300.00 255295.32
1 15332620 191-19 PERALTA AVE SAN FRANCISCO CA 94110 360 344 440800.00 435178.71
1 15337850 11 NOVILLA LAGUNA NIGUEL CA 92677 360 350 345000.00 341331.42
1 15340599 6821 EDEN ST DUBLIN CA 94568 360 352 260550.00 259007.36
1 15340615 5987 ARLENE WAY LIVERMORE CA 94550 360 353 290000.00 288378.95
1 15350077 28629 VIA REGGIO LAGUNA NIGUEL CA 92677 360 345 248000.00 244971.99
1 15351109 1028 ARCHER ST SAN DIEGO CA 92109 360 348 331370.00 328162.78
1 15391931 196 SELBY LN ATHERTON CA 94027 360 344 1100000.00 1086636.19
1 15395981 3413 ELM AVE MANHATTAN BEACH CA 90266 360 349 300000.00 297346.47
1 15396179 12839 MARLBORO ST LOS ANGELES CA 90049 360 349 290000.00 287106.80
1 15483324 5703 W ABRAHAM LN GLENDALE AZ 85808 360 348 249600.00 245547.06
1 15483357 4055-8 N RECKER RD MESA AZ 85215 360 349 316000.00 313204.95
1 15485154 9286 S RAVINE LN FAIR OAKS CA 95628 360 348 265000.00 261932.20
1 15486343 11916 OTSEGO ST VALLEY VILLAGE CA 91607 360 349 282000.00 277639.20
1 15495526 712 HAVENFORD AVE LOS ANGELES CA 90272 360 345 480000.00 474550.55
1 15498835 22145 ROLLING RIDGE DR SANTA CLARITA CA 91350 360 352 400000.00 397512.03
1 15499007 28750 SHADOW VALLEY LN SAUGUS AREA CA 91350 360 353 275000.00 273470.86
1 15499072 23438 BERWICK PL VALENCIA CA 91354 360 352 320625.00 318630.72
1 15501653 27020 N LAMBERTON PL VALENCIA CA 91355 360 355 345000.00 342739.44
1 15502073 27442 WESTOVER WAY VALENCIA CA 91354 360 355 272000.00 270978.01
1 15505043 2701 PALOS VERDES DR N PALOS VERDES ESTATES CA 90274 360 350 400000.00 385387.18
1 15506504 1120 MANSIONES LN CHULA VISTA CA 91910 360 353 648000.00 644484.22
1 15563091 2409 BEACH BLVD PACIFICA CA 94044 360 347 255500.00 252877.21
1 15563109 305 ROOSEVELT AVE HALF MOON BAY CA 94019 360 347 266000.00 263269.44
1 15567274 331 HILLCREST BLVD MILLBRAE CA 94030 360 349 320000.00 317169.64
1 15567407 453 ELM AVE SAN BRUNO CA 94060 360 349 299000.00 296418.41
1 15574700 25142 PASEO CIPRES LAKE FOREST CA 92630 360 349 342000.00 339047.81
1 15576259 83 CAMELOT CT DALY CITY CA 94015 360 349 262500.00 260234.11
1 15578487 4626 MIRA LOMA ST CASTRO VALLEY CA 94546 360 348 264000.00 259567.70
1 15587397 1363 FAIRWAY DR SAN LUIS OBISPO CA 93405 360 350 282000.00 279739.29
1 15588015 2112 CORBETT CANYON ARROYO GRANDE CA 93420 360 349 500000.00 495634.34
1 15588478 129 ANACAPA CIRCLE SAN LUIS OBISPO CA 93405 360 349 576000.00 564081.44
1 15588734 635 VETTER LN ARROYO GRANDE CA 93420 360 349 330000.00 327151.37
1 15588940 2460 ALTURAS RD ATASCADERO CA 93442 360 349 250800.00 248581.64
1 15589013 3128 BEACHCOMBER DR MORRO BAY CA 93442 360 350 375000.00 372066.34
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 15329436 7.50000 0.50000 10/1/1998 1806.07 90.00 287000.00 Single Family Residence Primary
1 15332620 7.37500 0.37500 9/1/1998 3044.50 80.00 551000.00 2-Family Primary
1 15337850 7.37500 0.37500 3/1/1999 2382.83 75.00 460000.00 Single Family Residence Primary
1 15340599 7.62500 0.62500 5/1/1999 1844.16 89.84 290000.00 Single Family Residence Primary
1 15340615 7.37500 0.37500 6/1/1999 2002.96 74.65 388500.00 Single Family Residence Primary
1 15350077 7.25000 0.25000 10/1/1998 1691.80 80.00 310000.00 Single Family Residence Primary
1 15351109 7.25000 0.25000 1/1/1999 2260.53 75.31 440000.00 Single Family Residence Primary
1 15391931 7.62500 0.62500 9/1/1998 7785.73 62.86 1750000.00 Single Family Residence Primary
1 15395981 7.25000 0.25000 2/1/1999 2046.53 37.50 800000.00 Single Family Residence Primary
1 15396179 7.25000 0.25000 2/1/1999 1978.31 8.53 3400000.00 Single Family Residence Primary
1 15483324 7.50000 0.50000 1/1/1999 1745.24 78.00 320000.00 Single Family Residence Primary
1 15483357 7.25000 0.25000 2/1/1999 2155.68 80.00 395000.00 Single Family Residence Primary
1 15485154 7.25000 0.25000 1/1/1999 1807.77 77.94 340000.00 Single Family Residence Primary
1 15486343 7.25000 0.25000 2/1/1999 1923.74 73.25 385000.00 Single Family Residence Primary
1 15495526 7.62500 0.62500 10/1/1998 3397.41 60.00 800000.00 Single Family Residence Primary
1 15498835 7.37500 0.37500 5/1/1999 2762.70 73.39 545000.00 Single Family Residence Primary
1 15499007 7.25000 0.25000 6/1/1999 1875.98 89.29 308000.00 Single Family Residence Primary
1 15499072 7.37500 0.37500 5/1/1999 2214.48 95.00 337500.00 Single Family Residence Primary
1 15501653 7.50000 0.50000 8/1/1999 2412.29 75.00 460000.00 Single Family Residence Primary
1 15502073 7.50000 0.50000 8/1/1999 1901.86 75.98 358000.00 Single Family Residence Primary
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1 15576259 7.37500 0.37500 2/1/1999 1813.02 75.00 350000.00 Single Family Residence Primary
1 15578487 7.25000 0.25000 1/1/1999 1800.95 80.00 330000.00 Single Family Residence Primary
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1 15588734 7.37500 0.37500 2/1/1999 2279.23 55.00 600000.00 Single Family Residence Primary
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<CAPTION>
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1 15329436 Rate/Term Refinance
1 15332620 Purpose
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1 15485154 Rate/Term Refinance
1 15486343 Purpose
1 15495526 Cash-Out Refinance
1 15498835 Cash-Out Refinance
1 15499007 Purpose
1 15499072 Purpose
1 15501653 Cash-Out Refinance
1 15502073 Rate/Term Refinance
1 15505043 Cash-Out Refinance
1 15506504 Purpose
1 15563091 Cash-Out Refinance
1 15563109 Cash-Out Refinance
1 15567274 Rate/Term Refinance
1 15567407 Rate/Term Refinance
1 15574700 Rate/Term Refinance
1 15576259 Cash-Out Refinance
1 15578487 Purpose
1 15587397 Cash-Out Refinance
1 15588015 Rate/Term Refinance
1 15588478 Rate/Term Refinance
1 15588734 Cash-Out Refinance
1 15588940 Purpose
1 15589013 Cash-Out Refinance
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<PAGE>
<TABLE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 15589187 7.37500 0.37500 2/1/1999 3494.82 50.60 1000000.00 Single Family Residence Primary
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<CAPTION>
<S> <C> <C>
1 15589187 Cash-Out Refinance
1 15591076 Cash-Out Refinance
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1 15610173 Purpose
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1 15624620 Purpose
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1 15624851 Purpose
1 15624893 Cash-Out Refinance
1 15626914 Cash-Out Refinance
1 15640311 Rate/Term Refinance
1 15646425 Purpose
1 16360026 Rate/Term Refinance
1 16360307 Cash-Out Refinance
1 16360398 Rate/Term Refinance
1 16360455 Cash-Out Refinance
1 16361123 Cash-Out Refinance
1 16361529 Cash-Out Refinance
1 16361842 Rate/Term Refinance
1 16361891 Cash-Out Refinance
1 16362485 Rate/Term Refinance
1 16363202 Purpose
1 16363277 Cash-Out Refinance
1 16363343 Cash-Out Refinance
1 16363491 Rate/Term Refinance
1 16363889 Rate/Term Refinance
1 16363962 Cash-Out Refinance
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<PAGE>
<TABLE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16364291 7.25000 0.25000 7/1/1999 2810.57 78.48 525000.00 Single Family Residence Primary
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1 16455297 7.37500 0.37500 8/1/1999 1730.14 75.00 334000.00 Single Family Residence Primary
1 16463036 7.25000 0.25000 1/1/1999 3410.88 67.57 740000.00 Single Family Residence Primary
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1 16584526 7.50000 0.50000 1/1/1999 1693.50 61.47 394000.00 Condominium Primary
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<CAPTION>
<S> <C> <C>
1 16364291 Rate/Term Refinance
1 16371049 Cash-Out Refinance
1 16450835 Rate/Term Refinance
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1 16463036 Purpose
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1 16479115 Cash-Out Refinance
1 16480600 Cash-Out Refinance
1 16480907 Cash-Out Refinance
1 16481251 Rate/Term Refinance
1 16483851 Rate/Term Refinance
1 16483869 Rate/Term Refinance
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1 16484255 Purpose
1 16484404 Purpose
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1 16564171 Purpose
1 16579310 Rate/Term Refinance
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1 16584351 Rate/Term Refinance
1 16584385 Cash-Out Refinance
1 16584526 Cash-Out Refinance
1 16600215 Purpose
1 16600447 Rate/Term Refinance
1 16602047 Rate/Term Refinance
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<PAGE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16605750 7.62500 0.62500 1/1/1999 2877.18 72.59 560000.00 Single Family Residence Primary
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1 16607061 7.25000 0.25000 1/1/1999 2019.24 80.00 370000.00 Single Family Residence Primary
1 16641672 7.37500 0.37500 2/1/1999 4834.72 63.64 1100000.00 Single Family Residence Primary
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1 16642464 7.25000 0.25000 1/1/1999 2292.11 80.00 420000.00 Condominium Primary
1 16644239 7.25000 0.25000 12/1/1998 4775.22 70.00 1000000.00 Single Family Residence Primary
1 16644965 7.25000 0.25000 2/1/1999 2899.25 52.47 810000.00 Single Family Residence Primary
1 16645442 7.37500 0.37500 2/1/1999 1813.02 75.00 350000.00 Single Family Residence Primary
1 16645681 7.37500 0.37500 3/1/1999 1802.66 90.00 290000.00 Single Family Residence Primary
1 16647356 7.50000 0.50000 1/1/1999 2782.87 64.19 620000.00 Single Family Residence Primary
1 16647943 7.25000 0.25000 2/1/1999 1867.46 75.00 365000.00 Single Family Residence Primary
1 16649832 7.25000 0.25000 4/1/1999 1848.70 67.75 400000.00 Single Family Residence Primary
1 16656845 7.50000 0.50000 11/1/1998 1746.29 75.00 333000.00 Single Family Residence Primary
1 16657843 7.25000 0.25000 2/1/1999 2003.89 73.99 397000.00 Single Family Residence Primary
1 16658833 7.50000 0.50000 1/1/1999 6992.15 68.97 1450000.00 Single Family Residence Primary
1 16659575 7.62500 0.62500 4/1/1999 2264.94 80.00 400000.00 Single Family Residence Primary
1 16663601 7.50000 0.50000 1/1/1999 2422.78 89.53 387000.00 Single Family Residence Primary
1 16665143 7.50000 0.50000 3/1/1999 1767.61 84.27 300000.00 Condominium Primary
1 16665218 7.62500 0.62500 1/1/1999 2420.65 90.00 380000.00 Single Family Residence Primary
1 16667099 7.37500 0.37500 1/1/1999 3418.84 78.57 630000.00 Single Family Residence Primary
1 16669376 7.50000 0.50000 11/1/1998 1817.96 46.85 555000.00 Single Family Residence Primary
1 16677825 7.62500 0.62500 1/1/1999 1840.26 69.33 375000.00 Single Family Residence Primary
1 16678419 7.37500 0.37500 2/1/1999 1981.89 73.58 390000.00 Single Family Residence Primary
1 16678922 7.50000 0.50000 2/1/1999 3146.47 69.23 650000.00 Single Family Residence Primary
1 16705857 7.37500 0.37500 3/1/1999 2082.39 90.00 335000.00 Condominium Second
1 16718686 7.37500 0.37500 3/1/1999 1795.76 68.78 378000.00 Single Family Residence Primary
1 16719254 7.50000 0.50000 2/1/1999 2045.20 75.00 390000.00 Single Family Residence Primary
1 16719965 7.25000 0.25000 4/1/1999 1790.71 75.00 350000.00 Single Family Residence Primary
1 16721078 7.37500 0.37500 2/1/1999 2002.82 90.00 322200.00 Single Family Residence Primary
1 16721292 7.50000 0.50000 4/1/1999 2097.64 48.39 620000.00 Single Family Residence Primary
1 16722274 7.25000 0.25000 6/1/1999 1872.57 75.00 366000.00 Single Family Residence Primary
1 16730483 7.25000 0.25000 2/1/1999 2510.41 80.00 460000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 16605750 Cash-Out Refinance
1 16606311 Cash-Out Refinance
1 16606873 Rate/Term Refinance
1 16607061 Purpose
1 16641672 Cash-Out Refinance
1 16641938 Purpose
1 16642365 Cash-Out Refinance
1 16642464 Purpose
1 16644239 Purpose
1 16644965 Purpose
1 16645442 Cash-Out Refinance
1 16645681 Rate/Term Refinance
1 16647356 Rate/Term Refinance
1 16647943 Cash-Out Refinance
1 16649832 Rate/Term Refinance
1 16656845 Cash-Out Refinance
1 16657843 Rate/Term Refinance
1 16658833 Cash-Out Refinance
1 16659575 Purpose
1 16663601 Purpose
1 16665143 Purpose
1 16665218 Purpose
1 16667099 Purpose
1 16669376 Cash-Out Refinance
1 16677825 Purpose
1 16678419 Cash-Out Refinance
1 16678922 Cash-Out Refinance
1 16705857 Purpose
1 16718686 Cash-Out Refinance
1 16719254 Cash-Out Refinance
1 16719965 Cash-Out Refinance
1 16721078 Purpose
1 16721292 Cash-Out Refinance
1 16722274 Cash-Out Refinance
1 16730483 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16730897 3224 PATRICKS POINT DR TRINIDAD CA 95570 360 351 325000.00 322774.13
1 16739476 3768 COUNTRY CLUB DR LONG BEACH CA 90807 360 355 266000.00 262893.82
1 16744039 4904 INADALE AVE LOS ANGELES CA 90043 360 352 323000.00 320941.07
1 16745911 3313 GRAYBURN RD PASADENA CA 91107 360 352 385000.00 382545.88
1 16748113 15749 VARDEN ST ENCINO CA 91436 360 353 410000.00 407882.79
1 16748295 1063 W MCKINLEY AVE SUNNYVALE CA 94086 360 353 277000.00 275497.11
1 16748303 1231- 33 WILSON ST PALO ALTO CA 94301 360 353 450000.00 447184.92
1 16748600 1535 BYRON ST PALO ALTO CA 94303 360 354 550000.00 547386.48
1 16748907 1017 HEATHERSTONE WAY SUNNYVALE CA 94087 360 354 300000.00 298609.11
1 16748949 936 COEUR D ALENE WAY SUNNYVALE CA 94087 360 354 300000.00 298140.99
1 16749285 2304 GIANERA ST SANTA CLARA CA 95054 360 355 335000.00 333772.18
1 16753717 476 CANNON AVE SAN DIMAS CA 91773 360 353 340000.00 337032.60
1 16759029 625 PASEO LUNADO PALOS VERDES CA 90274 360 348 511200.00 501487.07
1 16768194 14408 HARVEST CT POWAY CA 92064 360 348 650000.00 643860.02
1 16777435 5741 STADIUM ST SAN DIEGO CA 92122 360 351 313500.00 309169.25
1 16786436 155 BRAEMOOR DR BONNY DOON CA 95060 360 354 375000.00 373218.07
1 16786493 23242 PELHAM PL VALENCIA CA 91354 360 353 305000.00 303385.54
1 16795015 5642 UPPER RIDGE WAY AUBURN CA 95603 360 353 448500.00 446183.98
1 16796450 22 6TH ST PETALUMA CA 94952 360 353 273750.00 272300.92
1 16809527 8810 CHATLAKE DR WEST HILLS CA 91304 360 354 261000.00 259759.78
1 16810335 139 FOXTAIL DR SANTA MONICA CA 90402 360 354 274000.00 272698.03
1 16829673 12464 SEMILLON BLVD SAN DIEGO CA 92131 360 349 346500.00 343508.97
1 16836827 4215 RIDGEWAY DR SAN DIEGO CA 92116 360 353 315000.00 313248.36
1 16839748 474 PATRICIAN WAY MONROVIA CA 91016 360 349 480000.00 475856.66
1 16840233 1630 SAN PASQUAL ST PASADENA CA 91106 360 348 337600.00 334410.99
1 16840589 8917 SERANATA DR WHITTIER CA 90603 360 349 337500.00 334263.97
1 16841231 1317 WESTERN AVE GLENDALE CA 91201 360 348 256800.00 254432.75
1 16841579 1335 LOGANRITA AVE ARCADIA CA 91006 360 349 305500.00 302464.61
1 16842726 9810 LA TUNA CANYON RD SUN VALLEY CA 91352 360 352 319200.00 317165.30
1 16842957 4723 SUNSET AVE LA CRESCENTA CA 91214 360 349 306700.00 303987.28
1 16857062 16211 LOS ARBOLES RANCHO SANTA FE CA 92067 360 349 551800.00 547151.80
1 16858672 3562 GOVERNOR DR SAN DIEGO CA 92122 360 348 300000.00 297096.41
1 16859381 1730 AVENIDA DEL MUNDO UN CORONADO CA 92118 360 349 600000.00 595068.45
1 16859548 4873 DIXIE DR SAN DIEGO CA 92109 360 351 487500.00 483993.43
1 16861072 15210 DEL PONIENTE CT POWAY CA 92064 360 349 308700.00 306099.60
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16730897 7.50000 0.50000 4/1/1999 2272.45 50.00 650000.00 Single Family Residence Primary
1 16739476 7.50000 0.50000 8/1/1999 1859.91 70.93 375000.00 Single Family Residence Primary
1 16744039 7.25000 0.25000 5/1/1999 2203.43 67.29 480000.00 Single Family Residence Primary
1 16745911 7.25000 0.25000 5/1/1999 2626.38 70.00 550000.00 Single Family Residence Primary
1 16748113 7.62500 0.62500 6/1/1999 2901.95 57.75 710000.00 Single Family Residence Primary
1 16748295 7.37500 0.37500 6/1/1999 1913.17 71.95 385000.00 Single Family Residence Primary
1 16748303 7.37500 0.37500 6/1/1999 3108.04 52.94 850000.00 2-Family Primary
1 16748600 7.25000 0.25000 7/1/1999 3751.97 79.25 694000.00 Single Family Residence Primary
1 16748907 7.37500 0.37500 7/1/1999 2072.03 73.17 410000.00 Single Family Residence Primary
1 16748949 7.37500 0.37500 7/1/1999 2072.03 56.60 530000.00 Single Family Residence Primary
1 16749285 7.62500 0.62500 8/1/1999 2371.11 67.95 493000.00 Single Family Residence Primary
1 16753717 7.25000 0.25000 6/1/1999 2319.40 59.65 570000.00 Single Family Residence Primary
1 16759029 7.37500 0.37500 1/1/1999 3530.73 78.65 650000.00 Single Family Residence Primary
1 16768194 7.37500 0.37500 1/1/1999 4489.39 65.00 1000000.00 Single Family Residence Primary
1 16777435 7.25000 0.25000 4/1/1999 2138.62 95.00 330000.00 Single Family Residence Primary
1 16786436 7.25000 0.25000 7/1/1999 2558.16 88.24 425000.00 Single Family Residence Primary
1 16786493 7.50000 0.50000 6/1/1999 2132.60 71.76 425000.00 Single Family Residence Primary
1 16795015 7.62500 0.62500 6/1/1999 3174.45 69.00 650000.00 Single Family Residence Primary
1 16796450 7.50000 0.50000 6/1/1999 1914.10 75.00 365000.00 Single Family Residence Primary
1 16809527 7.25000 0.25000 7/1/1999 1780.48 75.00 348000.00 Single Family Residence Primary
1 16810335 7.25000 0.25000 7/1/1999 1869.16 19.78 1385000.00 Single Family Residence Primary
1 16829673 7.37500 0.37500 2/1/1999 2393.19 90.00 385000.00 Single Family Residence Primary
1 16836827 7.25000 0.25000 6/1/1999 2148.86 75.00 420000.00 Single Family Residence Primary
1 16839748 7.37500 0.37500 2/1/1999 3315.24 80.00 600000.00 Single Family Residence Primary
1 16840233 7.37500 0.37500 1/1/1999 2331.72 67.52 500000.00 Single Family Residence Primary
1 16840589 7.25000 0.25000 2/1/1999 2302.34 75.00 450000.00 Single Family Residence Primary
1 16841231 7.50000 0.50000 1/1/1999 1795.58 79.02 325000.00 Single Family Residence Primary
1 16841579 7.50000 0.50000 2/1/1999 2136.10 94.00 325000.00 Single Family Residence Primary
1 16842726 7.25000 0.25000 5/1/1999 2177.51 79.80 400000.00 Single Family Residence Primary
1 16842957 7.25000 0.25000 2/1/1999 2092.23 79.66 385000.00 Single Family Residence Primary
1 16857062 7.50000 0.50000 2/1/1999 3858.27 40.42 1365000.00 Single Family Residence Primary
1 16858672 7.25000 0.25000 1/1/1999 2046.53 71.43 420000.00 Single Family Residence Primary
1 16859381 7.62500 0.62500 2/1/1999 4246.76 75.00 800000.00 Condominium Primary
1 16859548 7.25000 0.25000 4/1/1999 3325.61 75.00 650000.00 Single Family Residence Primary
1 16861072 7.50000 0.50000 2/1/1999 2158.48 51.45 600000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 16730897 Cash-Out Refinance
1 16739476 Cash-Out Refinance
1 16744039 Rate/Term Refinance
1 16745911 Rate/Term Refinance
1 16748113 Cash-Out Refinance
1 16748295 Rate/Term Refinance
1 16748303 Cash-Out Refinance
1 16748600 Purpose
1 16748907 Purpose
1 16748949 Purpose
1 16749285 Rate/Term Refinance
1 16753717 Rate/Term Refinance
1 16759029 Purpose
1 16768194 Cash-Out Refinance
1 16777435 Purpose
1 16786436 Purpose
1 16786493 Cash-Out Refinance
1 16795015 Rate/Term Refinance
1 16796450 Cash-Out Refinance
1 16809527 Cash-Out Refinance
1 16810335 Rate/Term Refinance
1 16829673 Purpose
1 16836827 Cash-Out Refinance
1 16839748 Purpose
1 16840233 Rate/Term Refinance
1 16840589 Cash-Out Refinance
1 16841231 Rate/Term Refinance
1 16841579 Rate/Term Refinance
1 16842726 Purpose
1 16842957 Rate/Term Refinance
1 16857062 Rate/Term Refinance
1 16858672 Cash-Out Refinance
1 16859381 Purpose
1 16859548 Cash-Out Refinance
1 16861072 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16861270 4282 CORDOBES COVE SAN DIEGO CA 92130 360 350 298000.00 295611.05
1 16861494 4411 WILLOWS RD ALPINE CA 91901 360 349 266250.00 264007.20
1 16861577 133 WALNUT LN SANTA BARBARA CA 93111 360 350 266480.00 264395.31
1 16863011 18752 SYLVAN ST TARZANA CA 91335 360 349 287100.00 284621.72
1 16863185 5224 DONNA AVE TARZANA CA 91356 360 349 485000.00 480813.22
1 16863623 1768 LA GRANADA DR THOUSAND OAKS CA 91362 360 354 331550.00 329974.49
1 16863946 673 CALLE DEL NORTE CAMARILLO CA 93010 360 349 416000.00 412409.01
1 16865172 3685 EL ENCANTO DR CALABASAS CA 91302 360 352 362690.00 360378.04
1 16866253 10812 ALYSHEBA DR MOORPARK CA 93021 360 353 317000.00 315280.07
1 16867442 2801 GLENDOWER AVE LOS ANGELES CA 90027 360 352 450000.00 447131.58
1 16867509 1844 VIRGINIA RD LOS ANGELES CA 90019 360 352 273000.00 271301.99
1 16871717 355 BRYANT ST UNIT 101 SAN FRANCISCO CA 94107 360 348 350000.00 346693.90
1 16873937 1200- 1202 21ST AVE SAN FRANCISCO CA 94122 360 347 373000.00 369353.49
1 16906935 95 CLEVELAND LN PRINCETON NJ 08540 360 346 393750.00 389488.44
1 16910804 RRT 32 BOX 4538 MISSION TX 78572 360 350 297000.00 294626.98
1 16910846 661 ALEXANDRITE DR OAK POINT TX 75068 360 347 260000.00 257331.05
1 16913246 907 MURPHY LN FRIENDSWOOD TX 77546 360 351 332500.00 330108.34
1 16914491 LOT #104 ISLAND ESTATES+ S SETAUKET NY 11733 360 353 320000.00 318220.63
1 16915100 140 LEAHY ST JERICHO NY 11753 360 349 254700.00 252501.39
1 16915324 35 THORN GROVE LN DIX HILLS NY 11746 360 348 345000.00 340646.99
1 16916405 95 JONES DR SAYVILLE NY 11782 360 351 330600.00 326507.68
1 16916785 132 ROGER CANOE HOLLOW RMILL NECK NY 11765 360 353 870000.00 864764.26
1 16916819 10 BEAVER HILL LN HUNTINGTON NY 11743 360 352 270000.00 268361.46
1 16917122 70 UPPER MOUNTAIN AVE MONTCLAIR NJ 07042 360 354 550000.00 547386.48
1 16917338 1 BAY LINK MASSAPEQUA NY 11758 360 352 300000.00 297870.88
1 16917429 17 TERRA MAR DR HUNTINGTON BAY NY 11743 360 353 360000.00 356962.61
1 16917544 44 SUNSET DR S SEARINGTOWN NY 11507 360 353 385600.00 383507.90
1 16920118 131 MAACK RD POTTSTOWN PA 19465 360 348 545000.00 540097.50
1 16920902 10 WYCKOFF DR PITTSTOWN NJ 08867 360 353 305250.00 303673.69
1 16921280 22 DEERFIELD RD SHORT HILLS NJ 07078 360 348 260000.00 257224.62
1 16921397 14 SKYLINE DR UPPER SADDLE RIVER NJ 07458 360 349 375750.00 372426.45
1 16921520 573 COLONIAL RD RIVER VALE NJ 07675 360 348 244500.00 242133.62
1 16922288 11 VREELAND AVE BLOOMINGDALE NJ 07403 360 350 283450.00 281286.25
1 16923419 28 FAIRVIEW AVE SUMMIT NJ 07901 360 351 316000.00 313888.49
1 16931750 12 RIDGEWOOD DR LIVINGSTON NJ 07039 360 349 328500.00 325552.55
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16861270 7.25000 0.25000 3/1/1999 2032.89 74.50 400000.00 Single Family Residence Primary
1 16861494 7.50000 0.50000 2/1/1999 1861.66 75.00 355000.00 Single Family Residence Primary
1 16861577 7.37500 0.37500 3/1/1999 1840.51 71.06 375000.00 Single Family Residence Primary
1 16863011 7.37500 0.37500 2/1/1999 1982.93 90.00 319000.00 Single Family Residence Primary
1 16863185 7.37500 0.37500 2/1/1999 3349.77 73.48 660000.00 Single Family Residence Primary
1 16863623 7.25000 0.25000 7/1/1999 2261.76 95.00 349000.00 Single Family Residence Primary
1 16863946 7.37500 0.37500 2/1/1999 2873.21 80.00 520000.00 Single Family Residence Primary
1 16865172 7.25000 0.25000 5/1/1999 2474.19 89.55 405000.00 Condominium Primary
1 16866253 7.37500 0.37500 6/1/1999 2189.44 55.61 570000.00 Single Family Residence Primary
1 16867442 7.25000 0.25000 5/1/1999 3069.79 52.94 850000.00 Single Family Residence Primary
1 16867509 7.37500 0.37500 5/1/1999 1885.54 70.91 385000.00 Single Family Residence Primary
1 16871717 7.37500 0.37500 1/1/1999 2417.36 57.38 610000.00 Condominium Primary
1 16873937 7.62500 0.62500 12/1/1998 2640.07 74.60 500000.00 2-Family Investor
1 16906935 7.50000 0.50000 11/1/1998 2753.16 75.00 525000.00 Single Family Residence Investor
1 16910804 7.50000 0.50000 3/1/1999 2076.67 90.00 330000.00 Single Family Residence Primary
1 16910846 7.37500 0.37500 12/1/1998 1795.76 71.37 364300.00 Single Family Residence Primary
1 16913246 7.25000 0.25000 4/1/1999 2268.24 93.66 355000.00 Single Family Residence Primary
1 16914491 7.25000 0.25000 6/1/1999 2182.96 79.01 405000.00 Single Family Residence Primary
1 16915100 7.37500 0.37500 2/1/1999 1759.15 87.83 290000.00 Single Family Residence Primary
1 16915324 7.37500 0.37500 1/1/1999 2382.83 75.00 460000.00 Single Family Residence Primary
1 16916405 7.50000 0.50000 4/1/1999 2311.60 94.46 350000.00 Single Family Residence Primary
1 16916785 7.37500 0.37500 6/1/1999 6008.87 58.00 1500000.00 Single Family Residence Primary
1 16916819 7.50000 0.50000 5/1/1999 1887.88 72.00 375000.00 Single Family Residence Primary
1 16917122 7.25000 0.25000 7/1/1999 3751.97 88.00 625000.00 Single Family Residence Primary
1 16917338 7.50000 0.50000 5/1/1999 2097.64 68.18 440000.00 Single Family Residence Primary
1 16917429 7.37500 0.37500 6/1/1999 2486.43 62.07 580000.00 Single Family Residence Primary
1 16917544 7.37500 0.37500 6/1/1999 2663.24 79.51 485000.00 Single Family Residence Primary
1 16920118 7.62500 0.62500 1/1/1999 3857.48 62.29 875000.00 Single Family Residence Primary
1 16920902 7.62500 0.62500 6/1/1999 2160.54 74.45 410000.00 Single Family Residence Primary
1 16921280 7.25000 0.25000 1/1/1999 1773.66 80.00 325000.00 Single Family Residence Primary
1 16921397 7.25000 0.25000 2/1/1999 2563.28 89.68 419000.00 Single Family Residence Primary
1 16921520 7.25000 0.25000 1/1/1999 1667.92 78.87 310000.00 Single Family Residence Primary
1 16922288 7.50000 0.50000 3/1/1999 1981.92 89.98 315000.00 Single Family Residence Primary
1 16923419 7.62500 0.62500 4/1/1999 2236.63 80.00 395000.00 2-Family Investor
1 16931750 7.25000 0.25000 2/1/1999 2240.95 90.00 365000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 16861270 Cash-Out Refinance
1 16861494 Cash-Out Refinance
1 16861577 Cash-Out Refinance
1 16863011 Purpose
1 16863185 Cash-Out Refinance
1 16863623 Purpose
1 16863946 Purpose
1 16865172 Purpose
1 16866253 Rate/Term Refinance
1 16867442 Cash-Out Refinance
1 16867509 Rate/Term Refinance
1 16871717 Cash-Out Refinance
1 16873937 Purpose
1 16906935 Purpose
1 16910804 Purpose
1 16910846 Rate/Term Refinance
1 16913246 Purpose
1 16914491 Purpose
1 16915100 Purpose
1 16915324 Purpose
1 16916405 Purpose
1 16916785 Rate/Term Refinance
1 16916819 Purpose
1 16917122 Purpose
1 16917338 Cash-Out Refinance
1 16917429 Cash-Out Refinance
1 16917544 Purpose
1 16920118 Rate/Term Refinance
1 16920902 Purpose
1 16921280 Rate/Term Refinance
1 16921397 Purpose
1 16921520 Rate/Term Refinance
1 16922288 Rate/Term Refinance
1 16923419 Purpose
1 16931750 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16931818 312 GARFIELD PL BROOKLYN NY 11215 360 348 875000.00 866734.64
1 16932139 737 CROTON FALLS RD CROTON FALLS NY 10519 360 348 650000.00 643708.89
1 16932238 332 ROCKAWAY VALLEY RD BOONTON NJ 07005 360 349 303750.00 301253.42
1 16932691 68-11 147TH ST FLUSHING NY 11367 360 351 300000.00 297894.05
1 16933020 44 FARMSTEAD RD CHESTER NJ 07930 360 348 519100.00 514075.83
1 16933079 42 LAWRENCE AVE LAWRENCE NY 11559 360 349 500000.00 495683.90
1 16933665 78 GOLTRA DR BASKING RIDGE NJ 07920 360 348 265000.00 261511.54
1 16934002 890 COLUMBUS RD TEANECK NJ 07666 360 350 250000.00 247087.74
1 16945404 6 ELIOT CRESCENT BROOKLINE MA 02146 360 349 360000.00 356892.45
1 16945487 26 CLINTON ST CAMBRIDGE MA 02139 360 348 425000.00 420886.60
1 16957524 52 N SUMMIT AVE CHATHAM NJ 07928 360 352 254400.00 252778.33
1 16960783 105 RODGER AVE WARREN NJ 07060 360 357 324000.00 323274.10
1 16968190 398 CLERMONT AVE BROOKLYN NY 11238 360 350 398600.00 395557.19
1 16968745 251 BEACH 140 ST BELLE HARBOR NY 11694 360 351 398400.00 395603.62
1 16969214 917 MANOR LN WEST BAY SHORE NY 11706 360 350 349600.00 346996.08
1 16969602 680 DEGRAW ST BROOKLYN NY 11217 360 352 387000.00 384708.75
1 16971335 213 SPOOK ROCK RD SUFFERN NY 10901 360 352 292000.00 290138.73
1 16971921 521 SHORE ACRES DR MAMARONECK NY 10543 360 353 260000.00 258554.22
1 16972077 12 MANOR DR GOLDENS BRIDGE NY 10526 360 353 326000.00 324274.34
1 16972630 16350 OLD GUEJITO RD ESCONDIDO CA 92027 360 352 280000.00 278012.18
1 16982662 5072 BAYONNE CIRCLE IRVINE CA 92604 360 349 250000.00 247821.65
1 16982696 26602 SIERRA VISTA MISSION VIEJO CA 92692 360 348 250600.00 248232.84
1 16982878 9 SILVER FIR IRVINE CA 92604 360 349 270000.00 267611.80
1 16983041 412 SANTA MARINA CT ESCONDIDO CA 92029 360 350 255000.00 252955.67
1 16983090 118 VIA QUITO NEWPORT BEACH CA 92663 360 349 460000.00 455982.11
1 16988719 1643 ADRIEN DR CAMPBELL CA 95008 360 348 297600.00 291763.21
1 17610403 8134 COACH DR OAKLAND CA 94605 360 350 259000.00 256547.06
1 17621715 30-30 149TH ST FLUSHING NY 11357 360 349 307800.00 305143.02
1 17623307 354 BROOME STREET UNIT 3 NEW YORK NY 10013 360 349 255000.00 252798.82
1 17625518 243-69 72ND AVE DOUGLASTON NY 11362 360 354 360000.00 358114.43
1 17625583 49 TOBIN AVE GREAT NECK NY 11021 360 352 321750.00 319748.73
1 17629494 1136 BEECHWOOD DR BREA CA 92821 360 349 275000.00 272626.11
1 17633660 51 INNER CIRCLE REDWOOD CITY CA 94062 360 350 270000.00 267835.51
1 17635319 197 KAVENISH WAY S RANCHO MIRAGE CA 92270 360 353 320000.00 318220.63
1 17638081 4 RONNY CIRCLE HASTINGS NY 10706 360 346 248900.00 245437.34
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 16931818 7.37500 0.37500 1/1/1999 6043.41 67.31 1300000.00 Single Family Residence Primary
1 16932139 7.25000 0.25000 1/1/1999 4434.15 54.17 1200000.00 Single Family Residence Primary
1 16932238 7.62500 0.62500 2/1/1999 2149.92 75.00 405000.00 Single Family Residence Primary
1 16932691 7.37500 0.37500 4/1/1999 2072.03 59.29 506000.00 Single Family Residence Primary
1 16933020 7.25000 0.25000 1/1/1999 3541.18 89.97 577000.00 Single Family Residence Primary
1 16933079 7.37500 0.37500 2/1/1999 3453.38 62.50 800000.00 Single Family Residence Primary
1 16933665 7.37500 0.37500 1/1/1999 1830.29 75.71 350000.00 Single Family Residence Primary
1 16934002 7.25000 0.25000 3/1/1999 1705.44 78.86 317000.00 Single Family Residence Primary
1 16945404 7.37500 0.37500 2/1/1999 2486.43 69.23 520000.00 2-Family Primary
1 16945487 7.25000 0.25000 1/1/1999 2899.25 52.47 810000.00 Single Family Residence Primary
1 16957524 7.25000 0.25000 5/1/1999 1735.46 79.75 319000.00 Single Family Residence Primary
1 16960783 7.50000 0.50000 10/1/1999 2265.46 90.00 360000.00 Single Family Residence Primary
1 16968190 7.50000 0.50000 3/1/1999 2787.07 90.00 442900.00 3-Family Primary
1 16968745 7.37500 0.37500 4/1/1999 2751.65 79.68 500000.00 Single Family Residence Primary
1 16969214 7.62500 0.62500 3/1/1999 2474.45 94.49 370000.00 Single Family Residence Primary
1 16969602 7.62500 0.62500 5/1/1999 2739.16 90.00 430000.00 3-Family Primary
1 16971335 7.25000 0.25000 5/1/1999 1991.95 80.00 365000.00 Single Family Residence Primary
1 16971921 7.25000 0.25000 6/1/1999 1773.66 50.49 515000.00 Single Family Residence Primary
1 16972077 7.50000 0.50000 6/1/1999 2279.44 78.74 414000.00 Single Family Residence Primary
1 16972630 7.25000 0.25000 5/1/1999 1910.09 74.67 375000.00 Single Family Residence Primary
1 16982662 7.37500 0.37500 2/1/1999 1726.69 79.37 315000.00 Single Family Residence Primary
1 16982696 7.37500 0.37500 1/1/1999 1730.83 60.75 412500.00 Single Family Residence Primary
1 16982878 7.25000 0.25000 2/1/1999 1841.88 75.00 360000.00 Single Family Residence Primary
1 16983041 7.25000 0.25000 3/1/1999 1739.55 56.67 450000.00 Single Family Residence Primary
1 16983090 7.37500 0.37500 2/1/1999 3177.11 47.92 960000.00 Single Family Residence Primary
1 16988719 7.37500 0.37500 1/1/1999 2055.45 80.00 372000.00 Single Family Residence Primary
1 17610403 7.25000 0.25000 3/1/1999 1766.84 79.69 325000.00 Single Family Residence Primary
1 17621715 7.37500 0.37500 2/1/1999 2125.90 95.00 324000.00 Single Family Residence Primary
1 17623307 7.37500 0.37500 2/1/1999 1761.22 75.00 340000.00 Condominium Primary
1 17625518 7.25000 0.25000 7/1/1999 2455.83 90.00 400000.00 2-Family Primary
1 17625583 7.37500 0.37500 5/1/1999 2222.25 90.00 357500.00 Single Family Residence Primary
1 17629494 7.37500 0.37500 2/1/1999 1899.36 79.94 344000.00 Single Family Residence Primary
1 17633660 7.25000 0.25000 3/1/1999 1841.88 65.85 410000.00 Single Family Residence Primary
1 17635319 7.25000 0.25000 6/1/1999 2182.96 78.43 408000.00 Condominium Second
1 17638081 7.37500 0.37500 11/1/1998 1719.09 95.00 262000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 16931818 Rate/Term Refinance
1 16932139 Cash-Out Refinance
1 16932238 Purpose
1 16932691 Cash-Out Refinance
1 16933020 Purpose
1 16933079 Cash-Out Refinance
1 16933665 Rate/Term Refinance
1 16934002 Rate/Term Refinance
1 16945404 Rate/Term Refinance
1 16945487 Cash-Out Refinance
1 16957524 Rate/Term Refinance
1 16960783 Purpose
1 16968190 Purpose
1 16968745 Purpose
1 16969214 Purpose
1 16969602 Purpose
1 16971335 Cash-Out Refinance
1 16971921 Rate/Term Refinance
1 16972077 Rate/Term Refinance
1 16972630 Rate/Term Refinance
1 16982662 Purpose
1 16982696 Rate/Term Refinance
1 16982878 Purpose
1 16983041 Rate/Term Refinance
1 16983090 Cash-Out Refinance
1 16988719 Purpose
1 17610403 Rate/Term Refinance
1 17621715 Purpose
1 17623307 Cash-Out Refinance
1 17625518 Purpose
1 17625583 Purpose
1 17629494 Rate/Term Refinance
1 17633660 Cash-Out Refinance
1 17635319 Purpose
1 17638081 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1 17638727 45 HIGHLAND ST THORNWOOD NY 10594 360 350 267500.00 265407.27
1 17639329 30 HARVARD CT WHITE PLAINS NY 10605 360 349 295200.00 292588.99
1 17639477 420 HARDSCRABBLE RD CHAPPAQUA NY 10514 360 349 335600.00 332631.65
1 17639808 161 GLENDALE RD SCARSDALE NY 10583 360 349 275000.00 272739.73
1 17641077 1304 OLD POST RD KATONAH NY 10536 360 352 256500.00 254943.35
1 17641150 81 E CEDAR DR BRIARCLIFF NY 10510 360 352 402300.00 396154.29
1 17641192 10 DEL REGO CT BLAUVELT NY 10913 360 353 309600.00 307878.41
1 17641713 20 HOMESIDE LN WHITE PLAINS NY 10605 360 355 388000.00 386468.25
1 17642067 14 MAGNOLIA RD SCARSDALE NY 10583 360 353 318500.00 316728.94
1 17642422 6 MAPLE HILL RD VALHALLA NY 10595 360 354 247000.00 245864.68
1 17642463 PUMPKIN LANE CLINTON CORNERS NY 12514 360 353 328000.00 324472.18
1 17642471 3670 MARCY ST MOHEGAN LAKE NY 10547 360 354 252000.00 250802.57
1 17648643 618 A S LAFLIN CHICAGO IL 60607 360 347 260000.00 256183.43
1 17655713 3740 NE 27TH TERRACE LIGHTHOUSE POINT FL 33064 360 350 376000.00 372985.81
1 17657636 42 KINSELLA ST DIX HILLS NY 11746 360 349 264000.00 260891.58
1 17658360 36 VALENTINE LN OLD BROOKVILLE NY 11545 360 350 900000.00 892785.11
1 17658535 185 SOUNDVIEW DR PORT WASHINGTON NY 11050 360 355 360000.00 358680.54
1 17659012 385 W NECK RD LLOYD HARBOR NY 11743 360 350 500000.00 456114.78
1 17659376 7 CEDARFIELD LN WEST HAMPTON NY 11978 360 349 252000.00 249571.12
1 17659467 289 PRINCETON RD ROCKVILLE CENTRE NY 11570 240 231 317500.00 312048.68
1 17659640 36 BLUEBIRD LN PLAINVIEW NY 11803 360 349 290000.00 287434.97
1 17659871 139 COUNTRY VILLAGE LN MANHASSET HILLS NY 11030 360 350 413250.00 409845.00
1 17660127 17 AVE B PORT WASHINGTON NY 11050 360 353 390000.00 387831.39
1 17660135 6 BAYSIDE AVE PORT WASHINGTON NY 11050 360 352 269500.00 267904.44
1 17660689 15-30 200TH ST BAYSIDE NY 11360 360 355 374250.00 372843.80
1 17660952 167 PLAINVIEW RD WOODBURY NY 11797 360 353 460800.00 458106.62
1 17661323 BUCK ISLAND LAKE PLACID NY 12946 360 354 293000.00 291641.57
1 17662305 24 MANOR RD SAG HARBOR NY 11963 360 354 250000.00 246247.95
1 17662487 7 REDWOOD CT GLEN HEAD NY 11542 360 355 250000.00 249060.63
1 17662503 158 HAROLD RD WOODMERE NY 11598 360 356 457600.00 456149.92
1 17666942 220 AUSTRALIAN AVE PALM BEACH FL 33480 360 350 476000.00 472276.23
1 17671587 2049 SW BRADFORD PL PALM CITY FL 34990 360 350 264800.00 262778.59
1 17676065 3121 MOSSVALE LN TAMPA FL 33618 360 349 347000.00 343930.80
1 17683871 23416 CANZONET ST LOS ANGELES CA 91367 360 348 275000.00 264794.14
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 17638719 7.50000 0.50000 2/1/1999 2192.04 95.00 330000.00 Condominium Primary
1 17638727 7.37500 0.37500 3/1/1999 1847.56 93.04 287500.00 Single Family Residence Primary
1 17639329 7.25000 0.25000 2/1/1999 2013.78 79.78 370000.00 Single Family Residence Primary
1 17639477 7.25000 0.25000 2/1/1999 2289.38 79.90 420000.00 Single Family Residence Primary
1 17639808 7.62500 0.62500 2/1/1999 1946.43 64.71 425000.00 Single Family Residence Primary
1 17641077 7.50000 0.50000 5/1/1999 1793.49 90.00 285000.00 Single Family Residence Primary
1 17641150 7.25000 0.25000 5/1/1999 2744.40 90.00 447000.00 Single Family Residence Primary
1 17641192 7.25000 0.25000 6/1/1999 2112.02 80.00 387000.00 Single Family Residence Primary
1 17641713 7.25000 0.25000 8/1/1999 2646.84 80.00 485000.00 Single Family Residence Primary
1 17642067 7.25000 0.25000 6/1/1999 2172.73 61.43 518500.00 Single Family Residence Primary
1 17642422 7.50000 0.50000 7/1/1999 1727.06 95.00 260000.00 Single Family Residence Primary
1 17642463 7.37500 0.37500 6/1/1999 2265.41 79.23 414000.00 Single Family Residence Second
1 17642471 7.25000 0.25000 7/1/1999 1719.08 73.04 345000.00 Single Family Residence Primary
1 17648643 7.37500 0.37500 12/1/1998 1795.76 79.75 326000.00 Single Family Residence Primary
1 17655713 7.25000 0.25000 3/1/1999 2564.98 80.00 470000.00 Single Family Residence Primary
1 17657636 7.25000 0.25000 2/1/1999 1800.95 80.00 330000.00 Single Family Residence Primary
1 17658360 7.25000 0.25000 3/1/1999 6139.59 65.93 1365000.00 Single Family Residence Primary
1 17658535 7.62500 0.62500 8/1/1999 2548.06 79.82 451000.00 Single Family Residence Primary
1 17659012 7.37500 0.37500 3/1/1999 3453.38 59.88 835000.00 Single Family Residence Primary
1 17659376 7.25000 0.25000 2/1/1999 1719.08 76.36 330000.00 Single Family Residence Second
1 17659467 7.25000 0.25000 4/1/1999 2509.44 71.03 447000.00 Single Family Residence Primary
1 17659640 7.25000 0.25000 2/1/1999 1978.31 77.33 375000.00 Single Family Residence Primary
1 17659871 7.25000 0.25000 3/1/1999 2819.09 95.00 435000.00 Single Family Residence Primary
1 17660127 7.25000 0.25000 6/1/1999 2660.48 79.92 488000.00 2-Family Primary
1 17660135 7.62500 0.62500 5/1/1999 1907.50 70.00 385000.00 Single Family Residence Primary
1 17660689 7.50000 0.50000 8/1/1999 2616.81 75.00 499000.00 2-Family Primary
1 17660952 7.25000 0.25000 6/1/1999 3143.47 90.00 512000.00 Single Family Residence Primary
1 17661323 7.37500 0.37500 7/1/1999 2023.68 73.25 400000.00 Single Family Residence Primary
1 17662305 7.25000 0.25000 7/1/1999 1705.44 47.62 525000.00 Single Family Residence Primary
1 17662487 7.50000 0.50000 8/1/1999 1748.04 71.43 350000.00 Single Family Residence Primary
1 17662503 7.25000 0.25000 9/1/1999 3121.64 79.58 575000.00 Single Family Residence Primary
1 17666942 7.37500 0.37500 3/1/1999 3287.61 70.00 680000.00 3-Family Primary
1 17671587 7.50000 0.50000 3/1/1999 1851.52 79.76 332000.00 Single Family Residence Primary
1 17676065 7.25000 0.25000 2/1/1999 2367.15 64.86 535000.00 Single Family Residence Primary
1 17683871 7.62500 0.62500 1/1/1999 1946.43 66.27 415000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 17638719 Purpose
1 17638727 Purpose
1 17639329 Purpose
1 17639477 Purpose
1 17639808 Purpose
1 17641077 Purpose
1 17641150 Purpose
1 17641192 Purpose
1 17641713 Purpose
1 17642067 Purpose
1 17642422 Purpose
1 17642463 Purpose
1 17642471 Rate/Term Refinance
1 17648643 Purpose
1 17655713 Purpose
1 17657636 Purpose
1 17658360 Purpose
1 17658535 Rate/Term Refinance
1 17659012 Purpose
1 17659376 Purpose
1 17659467 Rate/Term Refinance
1 17659640 Purpose
1 17659871 Purpose
1 17660127 Cash-Out Refinance
1 17660135 Cash-Out Refinance
1 17660689 Purpose
1 17660952 Purpose
1 17661323 Rate/Term Refinance
1 17662305 Purpose
1 17662487 Purpose
1 17662503 Purpose
1 17666942 Cash-Out Refinance
1 17671587 Purpose
1 17676065 Rate/Term Refinance
1 17683871 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 17686767 21312 CALLE BALSA LAKE FOREST CA 92631 360 349 269000.00 266620.74
1 17686866 513 B POPPY AVE CORONA DEL MAR CA 92625 360 348 246000.00 243021.72
1 17687021 22001 OAK GROVE MISSION VIEJO CA 92692 360 348 768750.00 761034.93
1 17687088 7 DUNLIN LN ALISO VIEJO CA 92656 360 348 255000.00 252531.94
1 17696972 5565 E LONNA LINDA DR LONG BEACH CA 90815 360 349 250000.00 247788.75
1 17702457 172 EDGEHILL RD SHARON MA 02067 360 349 347400.00 344066.31
1 17703083 21 SPARHAWK STREET UNIT BRIGHTON MA 02135 360 353 247200.00 245825.41
1 17703182 80 STEWART ST FRANKLIN MA 02038 360 354 333534.00 332025.40
1 17704396 30 ATLANTIC AVE COHASSET MA 02025 360 354 445000.00 442885.44
1 17704560 30 ROWE ST NEWTON MA 02466 360 354 326700.00 325185.32
1 17704834 1472 HIGHLAND AVE HOLLISTON MA 01746 360 354 271900.00 270670.21
1 17705286 21 CLEVELAND RD NEEDHAM MA 02492 360 355 467000.00 465201.29
1 17705476 11 GRAYSON RD WINCHESTER MA 01890 360 355 300000.00 298860.81
1 17707217 31-33 MILO ST NEWTON MA 02165 360 356 400000.00 398740.47
1 17722893 2318 DARTMOUTH PL EL DORADO HILLS CA 95762 360 349 581250.00 576232.58
1 17723719 297 EAGLE TRACE DR HALF MOON BAY CA 94019 360 349 345000.00 341552.81
1 17728932 17405 STARK AVE CERRITOS CA 90703 360 349 259000.00 255819.47
1 17730102 420 TIDEWAY DR ALAMEDA CA 94501 360 353 299200.00 297576.64
1 17730581 7640 FLAGSTONE DR PLEASANTON CA 94588 360 355 356575.00 355167.29
1 17731712 157 ROBBINS HILL RD BREWSTER MA 02631 360 350 319500.00 316933.05
1 17733122 3 MYRTLE ST UNIT 4 BOSTON MA 02114 360 350 291600.00 285655.07
1 17734732 1451 BRUSH HILL RD MILTON MA 02186 360 350 500000.00 496088.41
1 17737263 384 NEWTON ST BROOKLINE MA 02446 360 357 544000.00 542781.22
1 17747304 1025 GUIZOT ST SAN DIEGO CA 92107 360 348 637500.00 631329.97
1 17749516 2719 COASTAL OAK DR HOUSTON TX 77059 360 348 386250.00 382689.35
1 17751157 4416 SAM BASS RD ROUND ROCK TX 78681 360 354 315200.00 313738.65
1 17751785 3306 LOOKOUT LN AUSTIN TX 78746 360 354 270900.00 269612.70
1 17754672 5810 BENT TRAIL DALLAS TX 75248 360 349 337500.00 334586.64
1 17759135 334 PADRE BLVD BRIDGEPOI SOUTH PADRE ISLAND TX 78597 360 349 288000.00 285513.99
1 17765264 100 HUNTERS HILL CIRCLE COPPER CANYON TX 76226 360 353 267120.00 265670.70
1 17767039 406 LA ESPERANZA SAN CLEMENTE CA 92672 360 349 344000.00 340901.72
1 17767476 210 AGATE AVE NEWPORT BEACH CA 92662 360 349 440000.00 436293.68
1 17769647 262 LARKIN ST MONTEREY CA 93940 360 351 412502.00 409441.84
1 17773755 33 W 456 WOODMERE LN WAYNE IL 60184 360 352 465000.00 462035.93
1 17774696 1528 AMBLESIDE NAPERVILLE IL 60564 360 355 271800.00 270803.82
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 17686767 7.25000 0.25000 2/1/1999 1835.05 68.97 390000.00 Single Family Residence Primary
1 17686866 7.25000 0.25000 1/1/1999 1678.15 70.29 350000.00 Condominium Primary
1 17687021 7.25000 0.25000 1/1/1999 5244.23 76.88 1000000.00 Single Family Residence Primary
1 17687088 7.25000 0.25000 1/1/1999 1739.55 75.00 340000.00 Single Family Residence Primary
1 17696972 7.25000 0.25000 2/1/1999 1705.44 44.64 560000.00 Single Family Residence Primary
1 17702457 7.50000 0.50000 2/1/1999 2429.07 90.00 386000.00 Single Family Residence Primary
1 17703083 7.25000 0.25000 6/1/1999 1686.34 79.23 312000.00 Condominium Primary
1 17703182 7.50000 0.50000 7/1/1999 2332.12 94.75 352000.00 Single Family Residence Primary
1 17704396 7.25000 0.25000 7/1/1999 3035.68 62.94 707000.00 Single Family Residence Primary
1 17704560 7.37500 0.37500 7/1/1999 2256.44 89.51 365000.00 2-Family Primary
1 17704834 7.50000 0.50000 7/1/1999 1901.16 79.97 340000.00 Single Family Residence Primary
1 17705286 7.37500 0.37500 8/1/1999 3225.45 68.68 680000.00 Single Family Residence Primary
1 17705476 7.62500 0.62500 8/1/1999 2123.38 73.71 407000.00 Single Family Residence Primary
1 17707217 7.25000 0.25000 9/1/1999 2728.71 74.77 535000.00 2-Family Primary
1 17722893 7.37500 0.37500 2/1/1999 4014.55 75.00 775000.00 Single Family Residence Primary
1 17723719 7.62500 0.62500 2/1/1999 2441.89 51.34 672000.00 Single Family Residence Primary
1 17728932 7.37500 0.37500 2/1/1999 1788.85 78.48 330000.00 Single Family Residence Primary
1 17730102 7.37500 0.37500 6/1/1999 2066.50 80.00 374000.00 Single Family Residence Primary
1 17730581 7.25000 0.25000 8/1/1999 2432.47 85.00 419500.00 Single Family Residence Primary
1 17731712 7.37500 0.37500 3/1/1999 2206.71 90.00 355000.00 Single Family Residence Primary
1 17733122 7.25000 0.25000 3/1/1999 1989.23 89.72 325000.00 Condominium Primary
1 17734732 7.37500 0.37500 3/1/1999 3453.38 43.48 1150000.00 Single Family Residence Primary
1 17737263 7.50000 0.50000 10/1/1999 3803.73 79.42 685000.00 Single Family Residence Primary
1 17747304 7.25000 0.25000 1/1/1999 4348.87 75.00 850000.00 Single Family Residence Primary
1 17749516 7.50000 0.50000 1/1/1999 2700.72 75.00 515000.00 Single Family Residence Primary
1 17751157 7.37500 0.37500 7/1/1999 2177.01 80.00 394000.00 Single Family Residence Primary
1 17751785 7.25000 0.25000 7/1/1999 1848.02 38.70 700000.00 Single Family Residence Primary
1 17754672 7.37500 0.37500 2/1/1999 2331.03 75.00 450000.00 Single Family Residence Primary
1 17759135 7.37500 0.37500 2/1/1999 1989.14 78.90 365000.00 Condominium Primary
1 17765264 7.37500 0.37500 6/1/1999 1844.93 79.74 335000.00 Single Family Residence Primary
1 17767039 7.25000 0.25000 2/1/1999 2346.69 80.00 430000.00 Single Family Residence Primary
1 17767476 7.50000 0.50000 2/1/1999 3076.54 48.09 915000.00 2-Family Primary
1 17769647 7.25000 0.25000 4/1/1999 2813.99 76.74 537537.00 3-Family Primary
1 17773755 7.25000 0.25000 5/1/1999 3172.12 71.54 650000.00 Single Family Residence Primary
1 17774696 7.62500 0.62500 8/1/1999 1923.78 90.00 302000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 17686767 Cash-Out Refinance
1 17686866 Rate/Term Refinance
1 17687021 Purpose
1 17687088 Cash-Out Refinance
1 17696972 Cash-Out Refinance
1 17702457 Purpose
1 17703083 Purpose
1 17703182 Purpose
1 17704396 Cash-Out Refinance
1 17704560 Purpose
1 17704834 Purpose
1 17705286 Cash-Out Refinance
1 17705476 Cash-Out Refinance
1 17707217 Purpose
1 17722893 Cash-Out Refinance
1 17723719 Cash-Out Refinance
1 17728932 Rate/Term Refinance
1 17730102 Purpose
1 17730581 Purpose
1 17731712 Purpose
1 17733122 Purpose
1 17734732 Rate/Term Refinance
1 17737263 Purpose
1 17747304 Cash-Out Refinance
1 17749516 Cash-Out Refinance
1 17751157 Purpose
1 17751785 Rate/Term Refinance
1 17754672 Cash-Out Refinance
1 17759135 Purpose
1 17765264 Purpose
1 17767039 Purpose
1 17767476 Cash-Out Refinance
1 17769647 Purpose
1 17773755 Cash-Out Refinance
1 17774696 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 17775941 1045 MINERS RUN ROCHESTER MI 48306 360 348 372000.00 368570.74
1 17777996 LOT #11 HILLS LN HEBRON CT 06033 360 354 270000.00 268716.98
1 17783622 4277 BRYNWOOD DR NAPLES FL 34119 360 353 475000.00 472422.79
1 17787193 1158-1 W RIVER ST MILFORD CT 06460 360 347 308750.00 305580.67
1 17789892 20 CHESTNUT LN WOODBRIDGE CT 06525 360 348 250000.00 47518.03
1 17793308 1257 MARIOLA CT CORAL GABLES FL 33134 360 350 500000.00 493942.66
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1 17817818 12278 PICRUS ST SAN DIEGO CA 92129 360 350 300000.00 297653.04
1 17817859 26432 BODEGA LN MISSION VIEJO CA 92691 360 351 311250.00 309011.23
1 17817875 6015 PASEO VALENCIA RANCHO SANTA FE CA 92067 360 351 400000.00 397122.78
1 17820895 3623 GLENWOOD AVE REDWOOD CITY CA 94062 360 349 327750.00 325056.17
1 17865049 16510 REDCLIFF LN MORRISON CO 80465 360 347 280000.00 277055.26
1 17865221 22 CONNICK CT SAN RAMON CA 94583 360 348 424000.00 419896.26
1 17865700 11666 E MAPLEWOOD AVE ENGLEWOOD CO 80111 360 349 284500.00 281858.59
1 17875220 212 LUXAIRE CT LAS VEGAS NV 89134 360 353 509000.00 506169.63
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1 17880121 3827 PROMENADE WAY PLEASANTON CA 94566 360 346 279200.00 276028.00
1 17951849 30221 MARBELLA VISTA SAN JUAN CAPISTRANO CA 92675 360 350 912000.00 905038.03
1 17951963 12713 WILLINGDON RD HUNTERSVILLE NC 28078 360 347 246200.00 243610.66
1 17953159 10731 RICHLAND AVE LOS ANGELES CA 90064 360 349 265500.00 262641.86
1 17955725 4530 RUTHERFORD WAY DAYTON MD 21036 360 349 253000.00 250762.16
1 17956160 7011 CLUB HOUSE CIRCLE NEW MARKET MD 21774 360 348 279000.00 276344.15
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<CAPTION>
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<CAPTION>
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1 18203976 Purpose
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18204305 7.37500 0.37500 1/1/1999 2009.86 79.73 365000.00 Single Family Residence Primary
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1 18221374 7.37500 0.37500 7/1/1999 2530.63 80.00 458000.00 Single Family Residence Primary
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1 18359679 7.25000 0.25000 1/1/1999 2148.86 75.00 420000.00 Single Family Residence Primary
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1 18359869 7.62500 0.62500 1/1/1999 2406.50 80.00 425000.00 Single Family Residence Primary
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1 18363861 7.25000 0.25000 3/1/1999 4161.28 74.85 815000.00 Single Family Residence Primary
1 18363879 7.37500 0.37500 12/1/1998 3201.28 75.00 618000.00 2-Family Investor
1 18363895 7.37500 0.37500 12/1/1998 3177.11 74.43 618000.00 2-Family Investor
1 18363945 7.37500 0.37500 12/1/1998 3056.23 75.00 590000.00 2-Family Investor
1 18364109 7.37500 0.37500 2/1/1999 2417.36 58.43 599000.00 Single Family Residence Primary
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<CAPTION>
<S> <C> <C>
1 18204305 Rate/Term Refinance
1 18221127 Cash-Out Refinance
1 18221374 Purpose
1 18221564 Purpose
1 18228023 Cash-Out Refinance
1 18228437 Rate/Term Refinance
1 18228619 Cash-Out Refinance
1 18236463 Purpose
1 18236752 Purpose
1 18236919 Purpose
1 18236927 Purpose
1 18240226 Cash-Out Refinance
1 18240275 Purpose
1 18241224 Purpose
1 18242941 Cash-Out Refinance
1 18248674 Cash-Out Refinance
1 18252155 Rate/Term Refinance
1 18252296 Cash-Out Refinance
1 18252403 Rate/Term Refinance
1 18252460 Rate/Term Refinance
1 18252544 Cash-Out Refinance
1 18252783 Purpose
1 18258350 Rate/Term Refinance
1 18356014 Purpose
1 18359646 Rate/Term Refinance
1 18359679 Rate/Term Refinance
1 18359687 Rate/Term Refinance
1 18359869 Purpose
1 18360578 Rate/Term Refinance
1 18363861 Rate/Term Refinance
1 18363879 Rate/Term Refinance
1 18363895 Rate/Term Refinance
1 18363945 Rate/Term Refinance
1 18364109 Purpose
1 18364513 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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<CAPTION>
<S> <C> <C>
1 18364844 Rate/Term Refinance
1 18375121 Cash-Out Refinance
1 18386821 Rate/Term Refinance
1 18388561 Purpose
1 18388751 Purpose
1 18388900 Purpose
1 18389080 Purpose
1 18389189 Cash-Out Refinance
1 18389320 Purpose
1 18390500 Cash-Out Refinance
1 18390559 Cash-Out Refinance
1 18391631 Purpose
1 18391987 Cash-Out Refinance
1 18478081 Rate/Term Refinance
1 18480293 Purpose
1 18480525 Rate/Term Refinance
1 18530071 Cash-Out Refinance
1 18530451 Rate/Term Refinance
1 18530980 Purpose
1 18531095 Purpose
1 18531137 Cash-Out Refinance
1 18535245 Rate/Term Refinance
1 18535443 Cash-Out Refinance
1 18535518 Purpose
1 18546879 Purpose
1 18547992 Purpose
1 18548891 Cash-Out Refinance
1 18551101 Cash-Out Refinance
1 18551481 Purpose
1 18551820 Cash-Out Refinance
1 18555649 Cash-Out Refinance
1 18556407 Purpose
1 18566166 Rate/Term Refinance
1 18566687 Rate/Term Refinance
1 18566968 Cash-Out Refinance
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<PAGE>
<TABLE>
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1 18582296 1925 SAN ANSELINE AVENUJE LONG BEACH CA 90815 360 349 273750.00 271386.98
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1 18630905 1021 VISTA SIERRA DR EL CAJON CA 92019 360 350 371500.00 368296.81
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1 18632455 452 IVES TERRACE SUNNYVALE CA 94087 360 352 376000.00 373603.27
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18567149 7.37500 0.37500 1/1/1999 1933.89 74.67 375000.00 Single Family Residence Primary
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1 18570697 7.25000 0.25000 12/1/1998 3322.20 74.92 650000.00 Single Family Residence Primary
1 18571554 7.25000 0.25000 1/1/1999 1814.59 73.48 362000.00 Single Family Residence Primary
1 18576835 7.25000 0.25000 1/1/1999 1821.41 78.99 338000.00 Single Family Residence Primary
1 18577833 7.50000 0.50000 6/1/1999 1901.86 87.18 312000.00 Single Family Residence Primary
1 18578526 7.25000 0.25000 5/1/1999 1719.08 90.00 280000.00 Single Family Residence Primary
1 18579201 7.37500 0.37500 2/1/1999 4351.25 72.41 870000.00 Single Family Residence Primary
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1 18582296 7.37500 0.37500 2/1/1999 1890.72 75.00 365000.00 Single Family Residence Primary
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1 18601690 7.37500 0.37500 1/1/1999 2719.53 75.00 525000.00 Single Family Residence Primary
1 18601765 7.37500 0.37500 1/1/1999 1926.98 90.00 310000.00 Condominium Primary
1 18601799 7.50000 0.50000 1/1/1999 2936.70 75.00 560000.00 Single Family Residence Primary
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1 18628552 7.25000 0.25000 4/1/1999 1998.78 68.94 425000.00 Condominium Primary
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1 18632737 7.37500 0.37500 4/1/1999 2296.49 70.00 475000.00 2-Family Investor
<CAPTION>
<S> <C> <C>
1 18567149 Cash-Out Refinance
1 18567255 Cash-Out Refinance
1 18570697 Cash-Out Refinance
1 18571554 Cash-Out Refinance
1 18576835 Rate/Term Refinance
1 18577833 Rate/Term Refinance
1 18578526 Purpose
1 18579201 Cash-Out Refinance
1 18580258 Rate/Term Refinance
1 18582296 Purpose
1 18583385 Cash-Out Refinance
1 18591248 Purpose
1 18597252 Rate/Term Refinance
1 18601690 Cash-Out Refinance
1 18601765 Purpose
1 18601799 Cash-Out Refinance
1 18601856 Cash-Out Refinance
1 18602433 Cash-Out Refinance
1 18602623 Purpose
1 18602748 Cash-Out Refinance
1 18603001 Cash-Out Refinance
1 18603571 Rate/Term Refinance
1 18603803 Rate/Term Refinance
1 18603829 Cash-Out Refinance
1 18604017 Cash-Out Refinance
1 18613059 Cash-Out Refinance
1 18616227 Rate/Term Refinance
1 18617514 Purpose
1 18617712 Purpose
1 18617985 Purpose
1 18628552 Rate/Term Refinance
1 18630905 Rate/Term Refinance
1 18631994 Purpose
1 18632455 Purpose
1 18632737 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
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<CAPTION>
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<CAPTION>
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1 18721951 Purpose
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<CAPTION>
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1 18818112 Purpose
1 18818377 Rate/Term Refinance
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1 18821090 Rate/Term Refinance
1 18821900 Rate/Term Refinance
1 18825398 Cash-Out Refinance
1 18825471 Cash-Out Refinance
1 18825570 Rate/Term Refinance
1 18826743 Cash-Out Refinance
1 18826768 Cash-Out Refinance
1 18826883 Rate/Term Refinance
1 18826909 Rate/Term Refinance
1 18827097 Cash-Out Refinance
1 18827220 Purpose
1 18833194 Rate/Term Refinance
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<CAPTION>
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<CAPTION>
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1 18835181 Purpose
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1 18842773 Cash-Out Refinance
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1 18849018 Rate/Term Refinance
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1 18850396 Purpose
1 18850735 Rate/Term Refinance
1 18851436 Purpose
1 18851873 Cash-Out Refinance
1 18852111 Rate/Term Refinance
1 18852855 Cash-Out Refinance
1 18853077 Cash-Out Refinance
1 18853622 Cash-Out Refinance
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<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18853994 160 SAN LEANDRO WAY SAN FRANCISCO CA 94127 360 351 580000.00 575828.11
1 18856005 508 HIGHLAND AVE MANHATTAN BEACH CA 90266 360 352 252000.00 250508.01
1 18856120 912 MONTEREY BLVD N 1 HERMOSA BEACH CA 90254 360 352 275000.00 273331.11
1 18862615 15580 LOMA VISTA AVE LOS GATOS CA 95032 360 353 348000.00 346111.88
1 18865527 2493 EAGLEWATCH LN WESTON FL 33327 360 351 420000.00 416974.39
1 18866244 36 EL REY RD PORTOLA VALLEY CA 94028 360 353 310000.00 308276.19
1 18866426 675 NASH AVE MENLO PARK CA 94025 360 355 442000.00 440297.59
1 18866699 933 HOLLY RD BELMONT CA 94002 360 354 363750.00 362021.50
1 18867457 917-91 MINNESOTA ST SAN FRANCISCO CA 94107 360 349 338000.00 335082.36
1 18867572 318 DEL SOL AVE PLEASANTON CA 94566 360 348 270000.00 267449.57
1 18867721 3359 SPRINGHILL RD LAFAYETTE CA 94549 360 348 600000.00 594192.84
1 18867853 95 DEL ORO LAGOON NOVATO CA 94949 360 349 360000.00 356892.45
1 18867911 109 ALTURAS DR BURLINGAME CA 94010 360 349 550000.00 545135.23
1 18867937 12 BAYPOINT DR SAN RAFAEL CA 94901 360 348 294400.00 291550.59
1 18868133 1260 CHIANTI CT PLEASANTON CA 94566 360 348 245300.00 242982.83
1 18868372 59480 MINES RD LIVERMORE CA 94550 360 348 350000.00 346693.90
1 18868489 544 CLIPPER ST SAN FRANCISCO CA 94114 360 348 321750.00 315950.02
1 18868612 134 AUSTIN LN ALAMO CA 94507 360 349 310000.00 306462.42
1 18868653 618 LOCUST ST+ SAUSALITO CA 94965 360 350 318000.00 315450.76
1 18868810 1351 ALDERBROOK LN SAN JOSE CA 95129 360 348 326000.00 323067.50
1 18868919 101 PROSPECT AVE SAN FRANCISCO CA 94110 360 349 400000.00 396461.94
1 18869156 121 ST FRANCIS CT DANVILLE CA 94526 360 349 341500.00 338623.34
1 18869230 1348 CASTRO CT PACIFICA CA 94044 360 348 264000.00 259432.59
1 18869248 6068 W 75TH ST LOS ANGELES CA 90045 360 349 295000.00 292453.54
1 18869263 101 KINGSWOOD CIRCLE DANVILLE CA 94506 360 348 300000.00 297166.14
1 18869701 13 REDWOOD DR YOUNTVILLE CA 94599 360 348 318750.00 314624.84
1 18869768 1207 MASSELIN AVE LOS ANGELES CA 90019 360 348 273750.00 271164.16
1 18870576 1040 STONEGATE CT MORGAN HILL CA 95037 360 349 584000.00 578925.66
1 18870626 2240 MENZEL PL SANTA CLARA CA 95050 360 349 272000.00 269652.03
1 18871111 9 HOLLYWOOD AVE LOS GATOS CA 95032 360 349 650000.00 644250.69
1 18871897 54 JOSE FIGUERES AVE SAN JOSE CA 95116 360 351 255600.00 253761.50
1 18872333 1678 HYDRANGEA LN SAN JOSE CA 95124 360 352 250000.00 246778.63
1 18874560 2233 LAURELEI AVE SAN JOSE CA 95128 360 352 292000.00 290078.54
1 18874685 851 BREVINS LN SAN JOSE CA 95125 360 351 383200.00 380443.67
1 18875583 17895 WOODLAND AVE MORGAN HILL CA 95037 360 352 316000.00 314034.54
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18853994 7.25000 0.25000 4/1/1999 3956.62 63.04 920000.00 Single Family Residence Primary
1 18856005 7.62500 0.62500 5/1/1999 1783.64 44.60 565000.00 Single Family Residence Investor
1 18856120 7.50000 0.50000 5/1/1999 1922.84 72.37 380000.00 Condominium Investor
1 18862615 7.37500 0.37500 6/1/1999 2403.55 80.00 435000.00 Single Family Residence Primary
1 18865527 7.25000 0.25000 4/1/1999 2865.14 76.64 548000.00 Single Family Residence Primary
1 18866244 7.25000 0.25000 6/1/1999 2114.75 45.26 685000.00 Single Family Residence Primary
1 18866426 7.37500 0.37500 8/1/1999 3052.78 78.93 560000.00 Single Family Residence Primary
1 18866699 7.25000 0.25000 7/1/1999 2481.42 75.00 485000.00 Single Family Residence Primary
1 18867457 7.37500 0.37500 2/1/1999 2334.48 69.69 485000.00 2-Family Primary
1 18867572 7.37500 0.37500 1/1/1999 1864.82 75.00 360000.00 Single Family Residence Primary
1 18867721 7.25000 0.25000 1/1/1999 4093.06 75.00 800000.00 Single Family Residence Primary
1 18867853 7.37500 0.37500 2/1/1999 2486.43 68.57 525000.00 Single Family Residence Primary
1 18867911 7.25000 0.25000 2/1/1999 3751.97 45.83 1200000.00 Single Family Residence Primary
1 18867937 7.25000 0.25000 1/1/1999 2008.33 79.57 370000.00 Single Family Residence Primary
1 18868133 7.37500 0.37500 1/1/1999 1694.23 48.57 505000.00 Single Family Residence Primary
1 18868372 7.37500 0.37500 1/1/1999 2417.36 62.50 560000.00 Single Family Residence Primary
1 18868489 7.25000 0.25000 1/1/1999 2194.90 74.83 430000.00 Single Family Residence Primary
1 18868612 7.25000 0.25000 2/1/1999 2114.75 56.16 552000.00 Single Family Residence Primary
1 18868653 7.25000 0.25000 3/1/1999 2169.32 53.00 600000.00 2-Family Primary
1 18868810 7.62500 0.62500 1/1/1999 2307.41 79.51 410000.00 Single Family Residence Primary
1 18868919 7.25000 0.25000 2/1/1999 2728.71 64.00 625000.00 2-Family Investor
1 18869156 7.50000 0.50000 2/1/1999 2387.82 68.99 495000.00 Single Family Residence Primary
1 18869230 7.50000 0.50000 1/1/1999 1845.93 78.34 337000.00 Single Family Residence Primary
1 18869248 7.37500 0.37500 2/1/1999 2037.49 73.75 400000.00 Single Family Residence Primary
1 18869263 7.37500 0.37500 1/1/1999 2072.03 71.77 418000.00 Single Family Residence Primary
1 18869701 7.25000 0.25000 1/1/1999 2174.44 75.00 425000.00 Single Family Residence Primary
1 18869768 7.37500 0.37500 1/1/1999 1890.72 75.00 365000.00 Single Family Residence Primary
1 18870576 7.50000 0.50000 2/1/1999 4083.41 79.46 735000.00 Single Family Residence Primary
1 18870626 7.37500 0.37500 2/1/1999 1878.64 80.00 340000.00 Single Family Residence Primary
1 18871111 7.25000 0.25000 2/1/1999 4434.15 62.50 1040000.00 Single Family Residence Primary
1 18871897 7.25000 0.25000 4/1/1999 1743.64 90.00 284000.00 Single Family Residence Primary
1 18872333 7.25000 0.25000 5/1/1999 1705.44 61.73 405000.00 Single Family Residence Primary
1 18874560 7.37500 0.37500 5/1/1999 2016.77 80.00 365000.00 Single Family Residence Primary
1 18874685 7.25000 0.25000 4/1/1999 2614.10 80.00 479000.00 Single Family Residence Primary
1 18875583 7.37500 0.37500 5/1/1999 2182.53 77.07 410000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 18853994 Cash-Out Refinance
1 18856005 Purpose
1 18856120 Rate/Term Refinance
1 18862615 Purpose
1 18865527 Rate/Term Refinance
1 18866244 Cash-Out Refinance
1 18866426 Purpose
1 18866699 Cash-Out Refinance
1 18867457 Cash-Out Refinance
1 18867572 Cash-Out Refinance
1 18867721 Cash-Out Refinance
1 18867853 Cash-Out Refinance
1 18867911 Cash-Out Refinance
1 18867937 Purpose
1 18868133 Cash-Out Refinance
1 18868372 Rate/Term Refinance
1 18868489 Purpose
1 18868612 Cash-Out Refinance
1 18868653 Rate/Term Refinance
1 18868810 Purpose
1 18868919 Cash-Out Refinance
1 18869156 Cash-Out Refinance
1 18869230 Purpose
1 18869248 Cash-Out Refinance
1 18869263 Purpose
1 18869701 Cash-Out Refinance
1 18869768 Purpose
1 18870576 Purpose
1 18870626 Rate/Term Refinance
1 18871111 Cash-Out Refinance
1 18871897 Purpose
1 18872333 Cash-Out Refinance
1 18874560 Purpose
1 18874685 Purpose
1 18875583 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18875773 1902 QUEBEC WAY SAN JOSE CA 95124 360 352 290000.00 288196.22
1 18876268 310 SURBER DR SAN JOSE CA 95123 360 352 268000.00 266413.26
1 18876334 121 CASSWELL CT SAN JOSE CA 95138 360 352 280000.00 278258.43
1 18876474 15203 RANGER RD SAN LEANDRO CA 94579 360 353 326160.00 324346.39
1 18876482 2258 FAIRVALLEY CT SAN JOSE CA 95125 360 353 300000.00 298371.86
1 18892059 5611 STARBOARD DR BYRON CA 94514 360 353 325000.00 323279.61
1 18892075 634 WINDMILL LN PLEASANTON CA 94566 360 351 307300.00 305143.08
1 18892414 1031 HILL MEADOW PL DANVILLE CA 94526 360 352 409100.00 406677.92
1 18892455 3225 GLORIA TERRACE LAFAYETTE CA 94549 360 352 332000.00 327817.29
1 18892497 11762 MELONES CIRCLE GOLD RIVER CA 95670 360 352 345000.00 342957.38
1 18892919 41804 MISSION CIELO CT FREMONT CA 94539 360 354 485600.00 483290.08
1 18893735 645 BRIDGEWATER CIRCLE DANVILLE CA 94506 360 353 352000.00 350042.66
1 18894097 4000 GREENWICH DR SAN RAMON CA 94583 360 353 363750.00 361727.29
1 18894964 236 AUGUSTINE DR MARTINEZ CA 94553 360 354 305500.00 304048.30
1 18910653 611 LIDO PARK DR UNIT 2E NEWPORT BEACH CA 92663 360 354 270000.00 268778.78
1 18910703 2111 HIGHLAND DR NEWPORT BEACH CA 92660 360 353 328000.00 326176.10
1 18910745 8108 E SAN LUIS DR ORANGE CA 92869 360 353 292000.00 290376.33
1 18917286 800 SHORE DR NORTH PALM BEACH FL 33408 360 354 300000.00 298574.44
1 18917641 1525 MIMOSA LN SANTA BARBARA CA 93108 360 352 1100000.00 1093487.35
1 18917708 5372 OGAN RD CARPINTERIA CA 93013 360 352 307500.00 305587.34
1 18917898 825 LITCHFIELD LN SANTA BARBARA CA 93109 360 353 304000.00 302430.17
1 18918896 362 CINDERELLA LN SANTA BARBARA CA 93111 360 353 250000.00 248609.83
1 18919845 3324 COLORADO ST + LONG BEACH CA 90814 360 351 315000.00 312734.17
1 18920033 6241 S CORNING AVE LOS ANGELES CA 90056 360 352 300000.00 297937.32
1 18920488 209 CALLE MAYOR UNIT 12 REDONDO BEACH CA 90277 360 352 303862.00 301972.00
1 18921098 1414 B W WRIGHTWOOD CHICAGO IL 60614 360 348 270000.00 267571.32
1 18921833 26 CHATHAM OAKBROOK IL 60521 360 348 450000.00 443073.38
1 18943597 415 BUENA VISTA AVE SAN MATEO CA 94403 360 351 265000.00 263229.29
1 18943704 124 MCLELLAN AVE SAN MATEO CA 94403 360 351 259000.00 257182.04
1 18944314 785 27TH AVE SAN MATEO CA 94403 360 352 300000.00 298043.62
1 18944355 160 LOS PALMOS DR SAN FRANCISCO CA 94127 360 352 270750.00 269024.16
1 18949578 1807 FERNALD POINT SANTA BARBARA CA 93108 360 349 1488000.00 1474838.63
1 18949800 794 MESA GRANDE DR PALM DESERT CA 92211 360 349 400000.00 395077.60
1 18950071 451 N CLIFFWOOD AVE LOS ANGELES CA 90049 360 349 600000.00 595068.45
1 18950519 2291 SOLANO DR CAMARILLO CA 93010 360 348 356500.00 353132.42
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18875773 7.37500 0.37500 5/1/1999 2002.96 72.50 400000.00 Single Family Residence Primary
1 18876268 7.62500 0.62500 5/1/1999 1896.89 80.00 335000.00 Single Family Residence Primary
1 18876334 7.37500 0.37500 5/1/1999 1933.89 80.00 350000.00 Single Family Residence Primary
1 18876474 7.25000 0.25000 6/1/1999 2224.98 79.94 408000.00 Single Family Residence Primary
1 18876482 7.37500 0.37500 6/1/1999 2072.03 75.00 400000.00 Single Family Residence Primary
1 18892059 7.50000 0.50000 6/1/1999 2272.45 68.42 475000.00 Single Family Residence Primary
1 18892075 7.37500 0.37500 4/1/1999 2122.44 60.25 510000.00 Single Family Residence Primary
1 18892414 7.62500 0.62500 5/1/1999 2895.58 75.06 545000.00 Single Family Residence Primary
1 18892455 7.25000 0.25000 5/1/1999 2264.83 73.78 450000.00 Single Family Residence Primary
1 18892497 7.62500 0.62500 5/1/1999 2441.89 69.00 500000.00 Single Family Residence Second
1 18892919 7.25000 0.25000 7/1/1999 3312.65 80.00 607000.00 Single Family Residence Primary
1 18893735 7.25000 0.25000 6/1/1999 2401.26 80.00 440000.00 Single Family Residence Primary
1 18894097 7.25000 0.25000 6/1/1999 2481.42 75.00 485000.00 Single Family Residence Primary
1 18894964 7.25000 0.25000 7/1/1999 2084.05 79.97 382000.00 Single Family Residence Primary
1 18910653 7.50000 0.50000 7/1/1999 1887.88 69.23 390000.00 Condominium Primary
1 18910703 7.25000 0.25000 6/1/1999 2237.54 66.94 490000.00 Single Family Residence Primary
1 18910745 7.25000 0.25000 6/1/1999 1991.95 69.52 420000.00 Single Family Residence Primary
1 18917286 7.25000 0.25000 7/1/1999 2046.53 71.43 420000.00 Single Family Residence Primary
1 18917641 7.62500 0.62500 5/1/1999 7785.73 44.00 2500000.00 Single Family Residence Primary
1 18917708 7.37500 0.37500 5/1/1999 2123.83 71.85 428000.00 Single Family Residence Primary
1 18917898 7.62500 0.62500 6/1/1999 2151.69 71.36 426000.00 Single Family Residence Primary
1 18918896 7.25000 0.25000 6/1/1999 1705.44 71.43 350000.00 Single Family Residence Primary
1 18919845 7.25000 0.25000 4/1/1999 2148.86 73.26 430000.00 2-Family Primary
1 18920033 7.25000 0.25000 5/1/1999 2046.53 73.17 410000.00 Single Family Residence Primary
1 18920488 7.37500 0.37500 5/1/1999 2098.70 89.90 338000.00 Condominium Primary
1 18921098 7.62500 0.62500 1/1/1999 1911.04 62.79 430000.00 Condominium Primary
1 18921833 7.50000 0.50000 1/1/1999 3146.47 75.00 600000.00 Single Family Residence Primary
1 18943597 7.62500 0.62500 4/1/1999 1875.65 53.00 500000.00 Single Family Residence Primary
1 18943704 7.37500 0.37500 4/1/1999 1788.85 79.69 325000.00 Single Family Residence Primary
1 18944314 7.25000 0.25000 5/1/1999 2046.53 57.14 525000.00 Single Family Residence Primary
1 18944355 7.25000 0.25000 5/1/1999 1846.99 75.00 361000.00 Single Family Residence Primary
1 18949578 7.25000 0.25000 2/1/1999 10150.78 64.70 2300000.00 Single Family Residence Primary
1 18949800 7.25000 0.25000 2/1/1999 2728.71 70.42 568000.00 Single Family Residence Primary
1 18950071 7.62500 0.62500 2/1/1999 4246.76 35.29 1700000.00 Single Family Residence Primary
1 18950519 7.37500 0.37500 1/1/1999 2462.26 56.14 635000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 18875773 Cash-Out Refinance
1 18876268 Purpose
1 18876334 Purpose
1 18876474 Purpose
1 18876482 Cash-Out Refinance
1 18892059 Purpose
1 18892075 Cash-Out Refinance
1 18892414 Purpose
1 18892455 Cash-Out Refinance
1 18892497 Purpose
1 18892919 Purpose
1 18893735 Purpose
1 18894097 Cash-Out Refinance
1 18894964 Purpose
1 18910653 Cash-Out Refinance
1 18910703 Rate/Term Refinance
1 18910745 Rate/Term Refinance
1 18917286 Purpose
1 18917641 Cash-Out Refinance
1 18917708 Cash-Out Refinance
1 18917898 Rate/Term Refinance
1 18918896 Rate/Term Refinance
1 18919845 Cash-Out Refinance
1 18920033 Cash-Out Refinance
1 18920488 Purpose
1 18921098 Cash-Out Refinance
1 18921833 Rate/Term Refinance
1 18943597 Rate/Term Refinance
1 18943704 Rate/Term Refinance
1 18944314 Cash-Out Refinance
1 18944355 Cash-Out Refinance
1 18949578 Rate/Term Refinance
1 18949800 Purpose
1 18950071 Rate/Term Refinance
1 18950519 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18950840 14680 VALLEY VISTA BLVD SHERMAN OAKS CA 91403 360 349 543750.00 539056.25
1 18951350 1600 OAK GROVE GROVE SAN MARINO CA 91108 360 348 445000.00 440693.08
1 18951517 354 SHEFFIELD DR SANTA BARBARA CA 93108 360 348 1250000.00 1238755.89
1 18951913 2835 VIA DE LA GUERRA PALOS VERDES ESTATES CA 90274 360 349 432000.00 425748.73
1 18951996 274 VENUS CT THOUSAND OAKS CA 91360 360 348 268000.00 263821.98
1 18952275 4801 AZUCENA RD LOS ANGELES CA 91364 360 348 600000.00 583791.99
1 19015551 10417 ANSON AVE CUPERTINO CA 95014 360 350 431250.00 427876.23
1 19016831 985 DESOTO LN FOSTER CITY CA 94404 360 352 350000.00 347768.94
1 19016971 540 SOUTH RD BELMONT CA 94002 360 351 355000.00 352446.46
1 19021344 963 SUNLITE DR SANTA CLARA CA 95050 360 352 280800.00 279010.10
1 19021492 15 VIA MILPITAS CARMEL VALLEY CA 93924 360 352 491000.00 487870.17
1 19021740 800 KATIE LN CORRALITOS CA 95076 360 354 300000.00 298541.86
1 19022607 725 SARANAC DR SUNNYVALE CA 94087 360 353 400000.00 396495.17
1 19038892 12720 BRUBAKER CT SAN DIEGO CA 92130 360 351 359000.00 356417.76
1 19039502 SE OF 7TH AVE ON JUNIPERO+ CARMEL CA 93921 360 352 380000.00 376967.08
1 19040138 308 14TH ST PACIFIC GROVE CA 93950 360 353 254250.00 252870.54
1 19040203 55 17 MILE DR PACIFIC GROVE CA 93955 360 354 352000.00 350177.64
1 19042225 5625 E EXETER BLVD PHOENIX AZ 85018 360 349 525000.00 520468.19
1 19042332 6200 E HORSESHOE RD PARADISE VALLEY AZ 85253 360 350 581250.00 576590.40
1 19042647 13128 E VISTA VERDE DR CHANDLER AZ 85249 360 349 417300.00 413594.68
1 19042746 9384 CALLE DE LAS BRISAS SCOTTSDALE AZ 85255 360 349 465000.00 461083.01
1 19049378 105 NAPLES RD BROOKLINE MA 02461 360 352 438000.00 435208.06
1 19049469 39 STANDISH RD WELLESLEY MA 02481 360 353 400000.00 397775.71
1 19054428 9400 E MAPLEWOOD UNIT 4 ENGLEWOOD CO 80111 360 349 281250.00 278938.32
1 19054774 21969 PLATEAU CIRCLE MORRISON CO 80465 360 349 261000.00 258691.46
1 19055680 1900 S COFFMAN ST LONGMONT CO 80501 360 350 301500.00 298237.33
1 19056563 2058 MATTERHORN DR LAKE CITY CO 81235 360 350 288000.00 285691.21
1 19057272 1980 COUNTY RD 150 ELIZABETH CO 80107 360 349 286000.00 283649.27
1 19060482 95 WATERING POND RD GUILFORD CT 06437 360 355 353250.00 351214.28
1 19060839 338 BARBARA AVE SOLANA BEACH CA 92075 360 352 400000.00 397512.02
1 19060953 2449 NIDO AGUILA ALPINE CA 91901 360 352 281750.00 279997.52
1 19061332 3063 DALEN PL SAN DIEGO CA 92122 360 353 318000.00 316231.72
1 19061340 3025 IROQUOIS WAY SAN DIEGO CA 92117 360 353 311250.00 309519.28
1 19063403 7871 TALAVERA PL DELRAY BEACH FL 33446 360 349 540000.00 535451.26
1 19063551 3041 NE 45TH ST FORT LAUDERDALE FL 33308 360 349 392000.00 387565.94
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 18950840 7.37500 0.37500 2/1/1999 3755.55 75.00 725000.00 Single Family Residence Primary
1 18951350 7.25000 0.25000 1/1/1999 3035.68 50.00 890000.00 Single Family Residence Primary
1 18951517 7.62500 0.62500 1/1/1999 8847.42 50.00 2500000.00 Single Family Residence Primary
1 18951913 7.25000 0.25000 2/1/1999 2947.00 79.27 545000.00 Single Family Residence Primary
1 18951996 7.25000 0.25000 1/1/1999 1828.23 79.76 336000.00 Single Family Residence Primary
1 18952275 7.25000 0.25000 1/1/1999 4093.06 63.16 950000.00 Single Family Residence Second
1 19015551 7.37500 0.37500 3/1/1999 2978.54 75.00 575000.00 Single Family Residence Primary
1 19016831 7.25000 0.25000 5/1/1999 2387.62 56.36 621000.00 Single Family Residence Primary
1 19016971 7.25000 0.25000 4/1/1999 2421.73 40.57 875000.00 Single Family Residence Primary
1 19021344 7.25000 0.25000 5/1/1999 1915.55 80.00 351000.00 Single Family Residence Primary
1 19021492 7.25000 0.25000 5/1/1999 3349.49 77.32 635000.00 Single Family Residence Primary
1 19021740 7.50000 0.50000 7/1/1999 2097.64 30.00 1000000.00 Single Family Residence Primary
1 19022607 7.25000 0.25000 6/1/1999 2728.71 74.77 535000.00 Single Family Residence Primary
1 19038892 7.25000 0.25000 4/1/1999 2449.01 72.53 495000.00 Single Family Residence Primary
1 19039502 7.25000 0.25000 5/1/1999 2592.27 80.00 475000.00 Single Family Residence Second
1 19040138 7.37500 0.37500 6/1/1999 1756.04 75.00 339000.00 Single Family Residence Primary
1 19040203 7.37500 0.37500 7/1/1999 2431.18 80.00 440000.00 Single Family Residence Primary
1 19042225 7.37500 0.37500 2/1/1999 3626.04 75.00 700000.00 Single Family Residence Primary
1 19042332 7.25000 0.25000 3/1/1999 3965.15 75.00 775000.00 Single Family Residence Primary
1 19042647 7.37500 0.37500 2/1/1999 2882.19 83.46 500000.00 Single Family Residence Primary
1 19042746 7.50000 0.50000 2/1/1999 3251.35 73.23 635000.00 Single Family Residence Primary
1 19049378 7.25000 0.25000 5/1/1999 2987.93 75.00 584000.00 Single Family Residence Primary
1 19049469 7.25000 0.25000 6/1/1999 2728.71 79.21 505000.00 Single Family Residence Primary
1 19054428 7.62500 0.62500 2/1/1999 1990.67 75.00 375000.00 Condominium Primary
1 19054774 7.25000 0.25000 2/1/1999 1780.48 90.00 290000.00 Single Family Residence Primary
1 19055680 7.25000 0.25000 3/1/1999 2056.76 90.00 335000.00 Single Family Residence Primary
1 19056563 7.25000 0.25000 3/1/1999 1964.67 80.00 360000.00 Single Family Residence Second
1 19057272 7.62500 0.62500 2/1/1999 2024.29 72.77 393000.00 Single Family Residence Primary
1 19060482 7.62500 0.62500 8/1/1999 2500.28 89.43 395000.00 Single Family Residence Primary
1 19060839 7.37500 0.37500 5/1/1999 2762.70 93.68 427000.00 Single Family Residence Primary
1 19060953 7.37500 0.37500 5/1/1999 1945.98 78.26 360000.00 Single Family Residence Primary
1 19061332 7.25000 0.25000 6/1/1999 2169.32 78.33 406000.00 Single Family Residence Primary
1 19061340 7.25000 0.25000 6/1/1999 2123.27 75.00 415000.00 Single Family Residence Primary
1 19063403 7.50000 0.50000 2/1/1999 3775.76 79.65 678000.00 Single Family Residence Second
1 19063551 7.37500 0.37500 2/1/1999 2707.45 75.10 522000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 18950840 Cash-Out Refinance
1 18951350 Rate/Term Refinance
1 18951517 Cash-Out Refinance
1 18951913 Rate/Term Refinance
1 18951996 Purpose
1 18952275 Cash-Out Refinance
1 19015551 Cash-Out Refinance
1 19016831 Purpose
1 19016971 Cash-Out Refinance
1 19021344 Purpose
1 19021492 Rate/Term Refinance
1 19021740 Purpose
1 19022607 Rate/Term Refinance
1 19038892 Rate/Term Refinance
1 19039502 Purpose
1 19040138 Purpose
1 19040203 Purpose
1 19042225 Cash-Out Refinance
1 19042332 Purpose
1 19042647 Rate/Term Refinance
1 19042746 Cash-Out Refinance
1 19049378 Purpose
1 19049469 Purpose
1 19054428 Cash-Out Refinance
1 19054774 Rate/Term Refinance
1 19055680 Purpose
1 19056563 Purpose
1 19057272 Rate/Term Refinance
1 19060482 Purpose
1 19060839 Purpose
1 19060953 Rate/Term Refinance
1 19061332 Rate/Term Refinance
1 19061340 Cash-Out Refinance
1 19063403 Purpose
1 19063551 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19064203 805 DRIBURG COMMERCE TWP MI 48390 360 348 322200.00 319110.57
1 19065457 2406 LAFAYETTE RD MINNETONKA BEACH MN 55391 360 348 550000.00 544676.79
1 19065515 4720 W WICKFORD BLOOMFIELD HILLS MI 48302 360 348 934900.00 925851.48
1 19075654 25431 N HOPKINS PL STEVENSON RANCH CA 91381 360 352 259191.00 257618.05
1 19077783 2680 CASABELLA DR REDDING CA 96002 360 353 277440.00 275934.70
1 19104439 2073 ACACIA DR SAN MARCOS CA 92069 360 355 293550.00 292447.05
1 19104843 52 DWIGHT ST BOSTON MA 02118 360 349 455000.00 451260.25
1 19104850 26 MILFORD ST BOSTON MA 02118 360 349 445900.00 442235.03
1 19105592 77 LOWELL PL SANTA CRUZ CA 95060 360 355 348300.00 346991.32
1 19105907 115 CENTENNIAL ST SANTA CRUZ CA 95060 360 354 272000.00 270707.48
1 19106061 411 PLATEAU AVE SANTA CRUZ CA 95060 360 354 305000.00 303585.94
1 19106442 16 COLINA DR LA SELVA BEACH CA 95076 360 355 321600.00 320361.32
1 19106517 903 CHESTERTON AVE REDWOOD CITY CA 94061 360 355 482400.00 480587.44
1 19107325 2195 LORAIN RD SAN MARINO CA 91108 360 354 560000.00 557338.95
1 19109099 4875 HUNTERS WAY BOCA RATON FL 33434 360 350 410000.00 406870.18
1 19109651 4050 SW 128TH AVE MIAMI FL 33175 360 351 275000.00 273021.99
1 19117431 4 EASRBOURNE BAY LAGUNA NIGUEL CA 92677 360 349 400000.00 396461.94
1 19118447 862 MCELLEN WAY LAFAYETTE CA 94549 360 349 431000.00 427187.79
1 19118587 2130 JEFFERSON ST SAN FRANCISCO CA 94123 360 349 800000.00 793261.12
1 19118603 1599 S WHITE HALL LN ST HELENA CA 94574 360 348 425000.00 420159.73
1 19118736 345 CAMINO SOBRANTE ORINDA CA 94563 360 348 480000.00 475466.01
1 19119312 739 COLE ST SAN FRANCISCO CA 94117 360 348 530000.00 522200.62
1 19119403 205 KAANAPALI DR NAPA CA 94558 360 348 380000.00 376410.43
1 19119429 936 HEATHER DR SAN CARLOS CA 94070 360 348 579000.00 573395.10
1 19119775 69 AZTEC ST SAN FRANCISCO CA 94110 360 348 268000.00 265589.22
1 19119841 801 CASTRO ST SAN FRANCISCO CA 94114 360 350 330000.00 324469.74
1 19119908 201 SUTTON CIRCLE DANVILLE CA 94506 360 348 248000.00 245599.68
1 19120237 24301 & 24359 DUTCHER CRK CLOVERDALE CA 95425 360 348 650000.00 644008.16
1 19120401 8 MIDHILL DR MILL VALLEY CA 94941 360 348 584000.00 578686.11
1 19120468 1508 KELLEN CT CARMICHAEL CA 95608 360 348 375000.00 371370.56
1 19120799 1134 KEITH AVE BERKELEY CA 94708 360 349 282000.00 279505.67
1 19120930 852 MOUNTAIN BLVD OAKLAND CA 94611 360 349 620000.00 614648.05
1 19121003 1117 JENNIFER LN WINDSOR CA 95492 360 348 271500.00 268564.66
1 19121292 247 GREENBROOK DR DANVILLE CA 94526 360 349 303000.00 300384.41
1 19121433 2927 MOUNTAIN DR FREMONT CA 94555 360 349 303000.00 299594.35
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19064203 7.50000 0.50000 1/1/1999 2252.87 82.19 392000.00 Single Family Residence Primary
1 19065457 7.25000 0.25000 1/1/1999 3751.97 61.11 900000.00 Single Family Residence Primary
1 19065515 7.25000 0.25000 1/1/1999 6377.67 72.47 1290000.00 Single Family Residence Primary
1 19075654 7.50000 0.50000 5/1/1999 1812.30 89.38 290000.00 Single Family Residence Primary
1 19077783 7.37500 0.37500 6/1/1999 1916.21 79.84 347500.00 Single Family Residence Primary
1 19104439 7.50000 0.50000 8/1/1999 2052.54 95.00 309000.00 Single Family Residence Primary
1 19104843 7.62500 0.62500 2/1/1999 3220.46 70.00 650000.00 3-Family Primary
1 19104850 7.62500 0.62500 2/1/1999 3156.05 70.00 637000.00 3-Family Primary
1 19105592 7.50000 0.50000 8/1/1999 2435.36 90.00 387000.00 Single Family Residence Primary
1 19105907 7.25000 0.25000 7/1/1999 1855.52 80.00 340000.00 Single Family Residence Primary
1 19106061 7.37500 0.37500 7/1/1999 2106.56 60.40 505000.00 Single Family Residence Primary
1 19106442 7.37500 0.37500 8/1/1999 2221.21 80.00 402000.00 Single Family Residence Primary
1 19106517 7.50000 0.50000 8/1/1999 3373.01 80.00 603000.00 Single Family Residence Primary
1 19107325 7.25000 0.25000 7/1/1999 3820.19 80.00 700000.00 Single Family Residence Primary
1 19109099 7.50000 0.50000 3/1/1999 2866.78 74.55 550000.00 Single Family Residence Primary
1 19109651 7.25000 0.25000 4/1/1999 1875.98 68.75 400000.00 Single Family Residence Primary
1 19117431 7.25000 0.25000 2/1/1999 2728.71 68.97 580000.00 Single Family Residence Primary
1 19118447 7.25000 0.25000 2/1/1999 2940.18 62.92 685000.00 Single Family Residence Primary
1 19118587 7.50000 0.50000 2/1/1999 5593.72 64.00 1250000.00 Single Family Residence Primary
1 19118603 7.25000 0.25000 1/1/1999 2899.25 30.36 1400000.00 Single Family Residence Primary
1 19118736 7.37500 0.37500 1/1/1999 3315.23 78.69 610000.00 Single Family Residence Primary
1 19119312 7.62500 0.62500 1/1/1999 3751.31 69.74 760000.00 Single Family Residence Primary
1 19119403 7.37500 0.37500 1/1/1999 2624.57 68.22 557000.00 Single Family Residence Primary
1 19119429 7.25000 0.25000 1/1/1999 3949.80 68.12 850000.00 Single Family Residence Primary
1 19119775 7.62500 0.62500 1/1/1999 1896.89 69.97 383000.00 Single Family Residence Investor
1 19119841 7.25000 0.25000 3/1/1999 2251.18 73.01 452000.00 Condominium Primary
1 19119908 7.25000 0.25000 1/1/1999 1691.80 80.00 310000.00 Single Family Residence Primary
1 19120237 7.50000 0.50000 1/1/1999 4544.89 78.79 825000.00 Single Family Residence Second
1 19120401 7.62500 0.62500 1/1/1999 4133.52 71.66 815000.00 Single Family Residence Primary
1 19120468 7.25000 0.25000 1/1/1999 2558.16 75.00 500000.00 Single Family Residence Primary
1 19120799 7.25000 0.25000 2/1/1999 1923.74 75.00 376000.00 Single Family Residence Primary
1 19120930 7.37500 0.37500 2/1/1999 4282.19 80.00 775000.00 Single Family Residence Primary
1 19121003 7.25000 0.25000 1/1/1999 1852.11 75.42 360000.00 Single Family Residence Primary
1 19121292 7.37500 0.37500 2/1/1999 2092.75 73.90 410000.00 Single Family Residence Primary
1 19121433 7.25000 0.25000 2/1/1999 2066.98 65.87 460000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19064203 Rate/Term Refinance
1 19065457 Cash-Out Refinance
1 19065515 Rate/Term Refinance
1 19075654 Purpose
1 19077783 Rate/Term Refinance
1 19104439 Purpose
1 19104843 Cash-Out Refinance
1 19104850 Cash-Out Refinance
1 19105592 Purpose
1 19105907 Purpose
1 19106061 Purpose
1 19106442 Purpose
1 19106517 Purpose
1 19107325 Purpose
1 19109099 Cash-Out Refinance
1 19109651 Cash-Out Refinance
1 19117431 Cash-Out Refinance
1 19118447 Cash-Out Refinance
1 19118587 Cash-Out Refinance
1 19118603 Cash-Out Refinance
1 19118736 Purpose
1 19119312 Purpose
1 19119403 Purpose
1 19119429 Rate/Term Refinance
1 19119775 Cash-Out Refinance
1 19119841 Cash-Out Refinance
1 19119908 Purpose
1 19120237 Purpose
1 19120401 Cash-Out Refinance
1 19120468 Cash-Out Refinance
1 19120799 Rate/Term Refinance
1 19120930 Rate/Term Refinance
1 19121003 Rate/Term Refinance
1 19121292 Cash-Out Refinance
1 19121433 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19121458 565 CRINGLE DR REDWOOD CITY CA 94065 360 349 362500.00 359293.68
1 19128156 1128 ELDER CIRCLE AUSTIN TX 78733 360 351 675000.00 670489.64
1 19128271 7198 W CIRCLE DR DALLAS TX 75214 360 352 332500.00 330333.22
1 19131465 2951 JUNIPER MORRO BAY CA 93442 360 355 300000.00 298844.49
1 19131812 610 WILD OATS WAY TEMPLETON CA 93465 360 354 400000.00 398145.51
1 19131911 1305 SHANE LN TEMPLETON CA 93465 360 355 260910.00 259879.98
1 19132273 31759 ROCKING HORSE RD ESCONDIDO CA 92026 360 354 265500.00 263802.17
1 19132893 16439 BRIDLEWOOD RD POWAY CA 92064 360 353 337500.00 335623.31
1 19133479 3646 N MAGNOLIA CHICAGO IL 60613 360 348 415000.00 411266.99
1 19134402 12059 ADMIRALS POINTE CIRC INDIANAPOLIS IN 46236 360 348 460000.00 454775.24
1 19136183 11350 LEGACY CANYON PL SAN DIEGO CA 92139 360 351 256000.00 253734.70
1 19136522 687 E VEREDA SUR PALM SPRINGS CA 92262 360 352 542500.00 539288.09
1 19142215 2300 MAPLE AVE UNIT 225 TORRANCE CA 90503 360 351 257625.00 255404.89
1 19142546 12418 E CEDAR CREEK LN CERRITOS CA 90703 360 352 252000.00 250393.71
1 19144062 8100 BILLOWVISTA DR PLAYA DEL REY CA 90293 360 353 290000.00 287456.16
1 19155837 1390 BRISTOL PARK PL LAKE MARY FL 32746 360 353 243000.00 241745.14
1 19156280 611 NELSON POINT RD NICEVILLE FL 32578 360 354 376000.00 374299.33
1 19162734 14639 ROUND VALLEY DR LOS ANGELES CA 91403 360 354 450000.00 447861.70
1 19162742 2018 N JOLLEY DR BURBANK CA 91504 360 353 272000.00 270487.49
1 19163641 1167 CHESTER AVE PASADENA CA 91104 360 354 279200.00 277905.55
1 19164334 4801 HAMPTON RD LA CANADA FLINTRIDGE CA 91011 360 354 337500.00 335973.47
1 19164466 357 LUDEMAN LN MILLBRAE CA 94030 360 352 386250.00 383847.58
1 19164979 129 LANSBERRY CT LOS GATOS CA 95032 360 352 486000.00 482902.05
1 19176197 1621 S FAIRVIEW PARK RIDGE IL 60068 360 353 301600.00 299963.59
1 19176742 2554 AUDREY LN NORTHBROOK IL 60062 360 353 422000.00 419653.43
1 19190156 104 EMIGRANT CT FOLSOM CA 95630 360 351 259500.00 257633.40
1 19191782 430 W WINNIE WAY ARCADIA CA 91006 360 348 328000.00 324901.75
1 19192020 45 DARTMOUTH DR RANCHO MIRAGE CA 92270 360 348 250000.00 247638.45
1 19192798 24453 WAYMAN ST SANTA CLARITA CA 91321 360 350 292500.00 290145.48
1 19193036 1717 ELEVADO AVE ARCADIA CA 91006 360 349 364800.00 360123.19
1 19193531 2107 HOLMBY AVE LOS ANGELES CA 90024 360 349 525000.00 520356.32
1 19193697 39 LA SIERRA DR POMONA CA 91766 360 348 256000.00 253581.79
1 19193911 10901 CREEK RD OJAI CA 93023 360 349 941000.00 933047.30
1 19194240 1851 MIRA VALLE ST MONTEREY PARK CA 91754 360 349 260000.00 257700.27
1 19197631 728 MIDLAND WAY REDWOOD CITY CA 94062 360 350 370000.00 366983.99
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19121458 7.25000 0.25000 2/1/1999 2472.89 73.98 490000.00 Single Family Residence Primary
1 19128156 7.62500 0.62500 4/1/1999 4777.61 65.85 1025000.00 Single Family Residence Primary
1 19128271 7.25000 0.25000 5/1/1999 2268.24 95.00 350000.00 Single Family Residence Primary
1 19131465 7.37500 0.37500 8/1/1999 2072.03 79.79 376000.00 Single Family Residence Primary
1 19131812 7.37500 0.37500 7/1/1999 2762.70 72.73 550000.00 Single Family Residence Primary
1 19131911 7.25000 0.25000 8/1/1999 1779.86 89.97 290000.00 Single Family Residence Primary
1 19132273 7.50000 0.50000 7/1/1999 1856.41 90.00 295000.00 Single Family Residence Primary
1 19132893 7.25000 0.25000 6/1/1999 2302.34 75.00 450000.00 Single Family Residence Primary
1 19133479 7.62500 0.62500 1/1/1999 2937.34 66.94 620000.00 3-Family Investor
1 19134402 7.50000 0.50000 1/1/1999 3216.39 79.31 580000.00 Single Family Residence Primary
1 19136183 7.25000 0.25000 4/1/1999 1746.36 80.00 320000.00 Single Family Residence Primary
1 19136522 7.62500 0.62500 5/1/1999 3839.78 70.00 775000.00 Single Family Residence Primary
1 19142215 7.25000 0.25000 4/1/1999 1757.46 74.67 345000.00 Single Family Residence Primary
1 19142546 7.25000 0.25000 5/1/1999 1719.08 80.00 315000.00 Single Family Residence Primary
1 19144062 7.25000 0.25000 6/1/1999 1978.31 63.04 460000.00 Single Family Residence Primary
1 19155837 7.62500 0.62500 6/1/1999 1719.94 70.43 345000.00 Single Family Residence Primary
1 19156280 7.50000 0.50000 7/1/1999 2629.05 72.59 518000.00 Single Family Residence Primary
1 19162734 7.25000 0.25000 7/1/1999 3069.79 90.00 500000.00 Single Family Residence Primary
1 19162742 7.25000 0.25000 6/1/1999 1855.52 80.00 340000.00 Single Family Residence Primary
1 19163641 7.37500 0.37500 7/1/1999 1928.37 80.00 349000.00 Single Family Residence Primary
1 19164334 7.50000 0.50000 7/1/1999 2359.85 75.00 450000.00 Single Family Residence Primary
1 19164466 7.37500 0.37500 5/1/1999 2667.73 75.00 515000.00 Single Family Residence Primary
1 19164979 7.25000 0.25000 5/1/1999 3315.38 72.54 670000.00 Single Family Residence Primary
1 19176197 7.37500 0.37500 6/1/1999 2083.08 80.00 377000.00 Single Family Residence Primary
1 19176742 7.25000 0.25000 6/1/1999 2878.78 73.78 572000.00 Single Family Residence Primary
1 19190156 7.25000 0.25000 4/1/1999 1770.25 72.08 360000.00 Single Family Residence Primary
1 19191782 7.37500 0.37500 1/1/1999 2265.41 68.33 480000.00 Single Family Residence Primary
1 19192020 7.37500 0.37500 1/1/1999 1726.69 58.14 430000.00 Single Family Residence Primary
1 19192798 7.25000 0.25000 3/1/1999 1995.37 75.00 390000.00 Single Family Residence Primary
1 19193036 7.37500 0.37500 2/1/1999 2519.58 79.13 461000.00 Single Family Residence Primary
1 19193531 7.25000 0.25000 2/1/1999 3581.43 75.00 700000.00 Single Family Residence Primary
1 19193697 7.37500 0.37500 1/1/1999 1768.13 77.58 330000.00 Single Family Residence Primary
1 19193911 7.50000 0.50000 2/1/1999 6579.61 72.38 1300000.00 Single Family Residence Primary
1 19194240 7.25000 0.25000 2/1/1999 1773.66 80.00 325000.00 Single Family Residence Primary
1 19197631 7.50000 0.50000 3/1/1999 2587.09 66.07 560000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19121458 Rate/Term Refinance
1 19128156 Cash-Out Refinance
1 19128271 Purpose
1 19131465 Purpose
1 19131812 Cash-Out Refinance
1 19131911 Purpose
1 19132273 Purpose
1 19132893 Cash-Out Refinance
1 19133479 Rate/Term Refinance
1 19134402 Rate/Term Refinance
1 19136183 Purpose
1 19136522 Cash-Out Refinance
1 19142215 Purpose
1 19142546 Rate/Term Refinance
1 19144062 Rate/Term Refinance
1 19155837 Cash-Out Refinance
1 19156280 Rate/Term Refinance
1 19162734 Purpose
1 19162742 Purpose
1 19163641 Purpose
1 19164334 Purpose
1 19164466 Cash-Out Refinance
1 19164979 Cash-Out Refinance
1 19176197 Purpose
1 19176742 Rate/Term Refinance
1 19190156 Cash-Out Refinance
1 19191782 Rate/Term Refinance
1 19192020 Rate/Term Refinance
1 19192798 Cash-Out Refinance
1 19193036 Purpose
1 19193531 Cash-Out Refinance
1 19193697 Rate/Term Refinance
1 19193911 Rate/Term Refinance
1 19194240 Purpose
1 19197631 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19197789 206 VENETIAN RD APTOS CA 95003 360 348 275000.00 272464.95
1 19197870 6284 VIA DE ADRIANA SAN JOSE CA 95120 360 349 316000.00 312043.01
1 19198142 1130 GRAND ST REDWOOD CITY CA 94061 360 348 267000.00 264538.63
1 19198167 1989 SHOREVIEW AVE SAN MATEO CA 94401 360 349 300000.00 297472.99
1 19198399 143-14 ORD ST SAN FRANCISCO CA 94114 360 348 399200.00 395071.30
1 19198712 1540 PEREGRINE DR GILROY CA 95020 360 349 315000.00 312280.84
1 19199355 106 DANBURY LN REDWOOD CITY CA 94061 360 348 408000.00 404146.05
1 19199595 170 VALDEFLORES DR BURLINGAME CA 94010 360 348 375000.00 371626.69
1 19199777 1239 FREMONT ST SAN JOSE CA 95126 360 348 263000.00 259029.55
1 19200187 1624 MARCO POLO WAY BURLINGAME CA 94010 360 349 423750.00 420091.53
1 19200211 515 ENCINO DR MORGAN HILL CA 95037 360 348 300000.00 296158.78
1 19200294 645 CHAPMAN DR CAMPBELL CA 95008 360 349 320000.00 317169.64
1 19200310 233 BARBARA DR LOS GATOS CA 95030 360 348 327200.00 322027.65
1 19200393 3666 GLENWOOD AVE REDWOOD CITY CA 94062 360 348 295000.00 292280.61
1 19200757 15712 OAK KNOLL AVE LOS GATOS CA 95030 360 349 644000.00 638575.24
1 19201276 11 BLANCA DR NOVATO CA 94947 360 348 322000.00 318883.48
1 19202027 271 IRIS WAY PALO ALTO CA 94303 360 349 360000.00 356815.85
1 19202589 362 HUCKLEBERRY DR SAN JOSE CA 95132 360 349 380400.00 377035.33
1 19202746 993 HILLCREST BLVD MILLBRAE CA 94030 360 348 351750.00 348406.28
1 19203066 1951 AUTUMN GOLD DR SAN JOSE CA 95131 360 349 249000.00 246589.29
1 19203322 66 PLAZA QUINTA SAN JUAN CAPISTRA CA 92675 360 349 301000.00 298464.45
1 19203330 12254 TEPA WAY LOS ALTOS HILLS CA 94022 360 349 900000.00 892036.84
1 19203793 173 SPRING ST SANTA CRUZ CA 95060 360 349 356000.00 352851.13
1 19203835 1760 WILSHIRE DR APTOS CA 95003 360 349 410000.00 406546.34
1 19204346 918 JANE CT GLEN ELLEN CA 95442 360 352 295200.00 293318.33
1 19204569 95 MT TENAYA DR SAN RAFAEL CA 94903 360 352 346000.00 343794.49
1 19205814 138 WIRE MILL RD STAMFORD CT 06092 360 352 300000.00 298134.01
1 19207331 3451 N PAULINA AVE CHICAGO IL 60657 360 349 380000.00 376638.88
1 19275528 20 TAHOMA AVE TAHOE CITY CA 96145 360 353 360000.00 357998.20
1 19275627 3 JULIANNA CT MORAGA CA 94556 360 348 900000.00 888618.02
1 19275924 13 VALDIVIA CT BURLINGAME CA 94010 360 348 439000.00 434853.21
1 19276054 182 LOMITA AVE OJAI CA 93023 360 348 258000.00 250379.74
1 19276070 1225-1 OAK AVE REDWOOD CITY CA 94061 360 348 340500.00 337283.60
1 19276179 6717 SARONI DR OAKLAND CA 94609 360 348 337500.00 334311.92
1 19276260 2835 DIVISADERO ST SAN FRANCISCO CA 94123 360 348 280000.00 277355.11
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19197789 7.50000 0.50000 1/1/1999 1922.84 66.11 416000.00 Single Family Residence Primary
1 19197870 7.25000 0.25000 2/1/1999 2155.68 57.98 545000.00 Single Family Residence Primary
1 19198142 7.50000 0.50000 1/1/1999 1866.90 75.85 352000.00 Single Family Residence Primary
1 19198167 7.50000 0.50000 2/1/1999 2097.64 75.00 400000.00 Single Family Residence Primary
1 19198399 7.25000 0.25000 1/1/1999 2723.25 80.00 499000.00 2-Family Primary
1 19198712 7.37500 0.37500 2/1/1999 2175.63 77.78 405000.00 Single Family Residence Primary
1 19199355 7.37500 0.37500 1/1/1999 2817.95 80.00 510000.00 Single Family Residence Primary
1 19199595 7.62500 0.62500 1/1/1999 2654.23 45.18 830000.00 Single Family Residence Primary
1 19199777 7.37500 0.37500 1/1/1999 1816.48 50.58 520000.00 Single Family Residence Primary
1 19200187 7.37500 0.37500 2/1/1999 2926.73 75.00 565000.00 Single Family Residence Primary
1 19200211 7.25000 0.25000 1/1/1999 2046.53 75.00 400000.00 Single Family Residence Primary
1 19200294 7.25000 0.25000 2/1/1999 2182.96 69.26 462000.00 Single Family Residence Primary
1 19200310 7.37500 0.37500 1/1/1999 2259.89 80.00 409000.00 Single Family Residence Primary
1 19200393 7.50000 0.50000 1/1/1999 2062.68 60.82 485000.00 Single Family Residence Primary
1 19200757 7.50000 0.50000 2/1/1999 4502.94 51.36 1254000.00 Single Family Residence Primary
1 19201276 7.25000 0.25000 1/1/1999 2196.61 79.90 403000.00 Single Family Residence Primary
1 19202027 7.25000 0.25000 2/1/1999 2455.83 66.67 540000.00 Single Family Residence Primary
1 19202589 7.25000 0.25000 2/1/1999 2595.00 79.92 476000.00 Single Family Residence Primary
1 19202746 7.50000 0.50000 1/1/1999 2459.48 74.84 470000.00 Single Family Residence Primary
1 19203066 7.37500 0.37500 2/1/1999 1719.78 74.77 333000.00 Single Family Residence Primary
1 19203322 7.50000 0.50000 2/1/1999 2104.64 70.00 430000.00 Condominium Primary
1 19203330 7.25000 0.25000 2/1/1999 6139.59 42.86 2100000.00 Single Family Residence Primary
1 19203793 7.25000 0.25000 2/1/1999 2428.55 72.51 491000.00 Single Family Residence Primary
1 19203835 7.50000 0.50000 2/1/1999 2866.78 73.87 555000.00 Single Family Residence Primary
1 19204346 7.25000 0.25000 5/1/1999 2013.78 80.00 369000.00 Single Family Residence Primary
1 19204569 7.25000 0.25000 5/1/1999 2360.33 73.62 470000.00 Single Family Residence Primary
1 19205814 7.37500 0.37500 5/1/1999 2072.03 80.00 375000.00 Single Family Residence Primary
1 19207331 7.25000 0.25000 2/1/1999 2592.27 75.25 505000.00 Single Family Residence Primary
1 19275528 7.25000 0.25000 6/1/1999 2455.83 55.38 650000.00 Single Family Residence Second
1 19275627 7.50000 0.50000 1/1/1999 6292.93 69.23 1300000.00 Single Family Residence Primary
1 19275924 7.37500 0.37500 1/1/1999 3032.06 59.73 735000.00 Single Family Residence Primary
1 19276054 7.37500 0.37500 1/1/1999 1781.94 71.67 360000.00 Single Family Residence Second
1 19276070 7.37500 0.37500 1/1/1999 2351.75 65.48 520000.00 2-Family Primary
1 19276179 7.37500 0.37500 1/1/1999 2331.03 75.00 450000.00 Single Family Residence Primary
1 19276260 7.37500 0.37500 1/1/1999 1933.89 14.00 2000000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19197789 Cash-Out Refinance
1 19197870 Cash-Out Refinance
1 19198142 Rate/Term Refinance
1 19198167 Cash-Out Refinance
1 19198399 Purpose
1 19198712 Rate/Term Refinance
1 19199355 Purpose
1 19199595 Cash-Out Refinance
1 19199777 Rate/Term Refinance
1 19200187 Cash-Out Refinance
1 19200211 Cash-Out Refinance
1 19200294 Cash-Out Refinance
1 19200310 Purpose
1 19200393 Purpose
1 19200757 Cash-Out Refinance
1 19201276 Purpose
1 19202027 Cash-Out Refinance
1 19202589 Purpose
1 19202746 Purpose
1 19203066 Cash-Out Refinance
1 19203322 Cash-Out Refinance
1 19203330 Cash-Out Refinance
1 19203793 Cash-Out Refinance
1 19203835 Cash-Out Refinance
1 19204346 Purpose
1 19204569 Rate/Term Refinance
1 19205814 Purpose
1 19207331 Rate/Term Refinance
1 19275528 Cash-Out Refinance
1 19275627 Cash-Out Refinance
1 19275924 Rate/Term Refinance
1 19276054 Rate/Term Refinance
1 19276070 Cash-Out Refinance
1 19276179 Purpose
1 19276260 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19276278 985 VERNAL AVE N MILL VALLEY CA 94941 360 350 500000.00 495991.77
1 19276310 4825 MUIRWOOD DR PLEASANTON CA 94588 360 348 266000.00 263425.49
1 19276526 502 FERGUSON RD SEBASTOPOL CA 95472 360 348 315500.00 312446.37
1 19276575 106 LESLIE DR SAN CARLOS CA 94070 360 348 618750.00 612761.33
1 19276716 69 LA CAMPANA RD ORINDA CA 94563 360 349 541300.00 536512.18
1 19276963 31 BIRCH DR WALNUT CREEK CA 94596 360 348 312000.00 309052.78
1 19277102 224 VALLEJO ST EL GRANADA CA 94018 360 352 295000.00 293140.86
1 19277268 153 PINE DR FAIRFAX CA 94930 360 349 300000.00 297371.10
1 19277516 131 COLLINS ST SAN FRANCISCO CA 94118 360 349 336000.00 333028.09
1 19277540 40412 VALENCIA CT FREMONT CA 94539 360 349 352000.00 348886.56
1 19277557 130 LANDERS ST UNIT 130- SAN FRANCISCO CA 94114 360 349 267000.00 264638.41
1 19277888 851 EL CAPITAN DR DANVILLE CA 94526 360 349 320000.00 314826.35
1 19295898 4185 VIA CANGREJO SAN DIEGO CA 92130 360 356 650000.00 648052.28
1 19296623 18 BOARDWALK NEWPORT BEACH CA 92660 360 349 597200.00 591917.71
1 19296946 5838 E SANDSTONE CT ORANGE CA 92869 360 349 340000.00 337135.31
1 19297415 4062 LIVE OAK LN YORBA LINDA CA 92886 360 349 242500.00 240406.67
1 19297878 974 HEATHER LN SAN LORENZO CA 94580 360 349 273000.00 268883.99
1 19298736 22560 HIDDEN HILLS RD YORBA LINDA CA 92887 360 349 600000.00 594692.96
1 19299288 1000 LAS POSAS SAN CLEMENTE CA 92673 360 349 259000.00 256818.26
1 19299890 4826 BILOXI AVE NORTH HOLLYWOOD CA 91601 360 349 280000.00 277641.41
1 19302173 34 OUTLOOK DR LEXINGTON MA 02173 360 354 400000.00 398098.36
1 19315050 12872 GILBERT ST GARDEN GROVE CA 92643 360 354 300000.00 298609.11
1 19315266 5363 E RR RIDGE CR ANAHEIM CA 92807 360 353 312550.00 310774.54
1 19317056 26070 ADAMOR RD CALABASAS CA 91302 360 354 292000.00 290612.49
1 19317247 3211 CELINDA CARLSBAD CA 92008 360 352 300000.00 298087.68
1 19317262 3 DUQUESA DANA POINT CA 92677 360 352 351500.00 349259.42
1 19317270 16563 OWL TREE RD RIVERSIDE CA 92504 360 353 330676.00 328837.20
1 19319516 43 W N AVE LAKE FOREST IL 60045 360 349 284000.00 281488.01
1 19319557 222 COVENTRY WAY NOBLESVILLE IN 46060 360 348 257000.00 254233.91
1 19320019 1 PERTH CT WEST NYACK NY 10994 360 355 268500.00 267419.47
1 19320415 5 BUCKBEE PL KATONAH NY 10536 360 354 373300.00 371526.14
1 19320480 64 QUARRY LN BEDFORD NY 10506 360 354 593000.00 590182.12
1 19320555 71 HIX AVE RYE NY 10580 360 355 335000.00 333295.62
1 19322007 6 TICONDEROGA IRVINE CA 92760 360 353 354375.00 352029.07
1 19322155 104 AVENIDA MESITA SAN CLEMENTE CA 92673 360 352 269700.00 268063.29
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19276278 7.25000 0.25000 3/1/1999 3410.88 61.73 810000.00 Single Family Residence Primary
1 19276310 7.25000 0.25000 1/1/1999 1814.59 72.88 365000.00 Single Family Residence Primary
1 19276526 7.25000 0.25000 1/1/1999 2152.27 62.48 505000.00 Single Family Residence Primary
1 19276575 7.25000 0.25000 1/1/1999 4220.97 75.00 825000.00 Single Family Residence Primary
1 19276716 7.25000 0.25000 2/1/1999 3692.62 64.44 840000.00 Single Family Residence Primary
1 19276963 7.37500 0.37500 1/1/1999 2154.91 69.33 450000.00 Single Family Residence Primary
1 19277102 7.37500 0.37500 5/1/1999 2037.49 74.68 395000.00 Single Family Residence Primary
1 19277268 7.50000 0.50000 2/1/1999 2097.64 75.00 400000.00 Single Family Residence Primary
1 19277516 7.25000 0.25000 2/1/1999 2292.11 61.09 550000.00 Single Family Residence Primary
1 19277540 7.25000 0.25000 2/1/1999 2401.26 74.89 470000.00 Single Family Residence Primary
1 19277557 7.25000 0.25000 2/1/1999 1821.41 76.95 347000.00 Condominium Primary
1 19277888 7.37500 0.37500 2/1/1999 2210.16 74.42 430000.00 Single Family Residence Primary
1 19295898 7.50000 0.50000 9/1/1999 4544.89 79.27 820000.00 Single Family Residence Primary
1 19296623 7.25000 0.25000 2/1/1999 4073.96 66.36 900000.00 Single Family Residence Primary
1 19296946 7.50000 0.50000 2/1/1999 2377.33 75.56 450000.00 Single Family Residence Primary
1 19297415 7.37500 0.37500 2/1/1999 1674.89 30.31 800000.00 Single Family Residence Primary
1 19297878 7.62500 0.62500 2/1/1999 1932.28 93.17 293000.00 Single Family Residence Primary
1 19298736 7.25000 0.25000 2/1/1999 4093.06 75.00 800000.00 Single Family Residence Primary
1 19299288 7.50000 0.50000 2/1/1999 1810.97 74.00 350000.00 Condominium Primary
1 19299890 7.50000 0.50000 2/1/1999 1957.80 70.00 400000.00 Single Family Residence Primary
1 19302173 7.37500 0.37500 7/1/1999 2762.70 88.69 451000.00 Single Family Residence Primary
1 19315050 7.37500 0.37500 7/1/1999 2072.03 67.42 445000.00 Single Family Residence Primary
1 19315266 7.25000 0.25000 6/1/1999 2132.14 95.00 329000.00 Single Family Residence Primary
1 19317056 7.25000 0.25000 7/1/1999 1991.95 80.00 365000.00 Single Family Residence Primary
1 19317247 7.25000 0.25000 5/1/1999 2046.53 73.17 410000.00 Single Family Residence Primary
1 19317262 7.25000 0.25000 5/1/1999 2397.85 70.30 500000.00 Single Family Residence Primary
1 19317270 7.25000 0.25000 6/1/1999 2255.79 84.79 390000.00 Single Family Residence Primary
1 19319516 7.25000 0.25000 2/1/1999 1937.38 80.00 355000.00 Single Family Residence Primary
1 19319557 7.25000 0.25000 1/1/1999 1753.19 78.59 327000.00 Single Family Residence Primary
1 19320019 7.37500 0.37500 8/1/1999 1854.46 52.65 510000.00 Single Family Residence Primary
1 19320415 7.25000 0.25000 7/1/1999 2546.56 79.94 467000.00 Single Family Residence Primary
1 19320480 7.25000 0.25000 7/1/1999 4045.31 77.62 764000.00 Single Family Residence Primary
1 19320555 7.25000 0.25000 8/1/1999 2285.29 58.26 575000.00 Single Family Residence Primary
1 19322007 7.37500 0.37500 6/1/1999 2447.58 75.00 472500.00 Single Family Residence Primary
1 19322155 7.50000 0.50000 5/1/1999 1885.78 89.90 300000.00 Condominium Primary
<CAPTION>
<S> <C> <C>
1 19276278 Cash-Out Refinance
1 19276310 Cash-Out Refinance
1 19276526 Rate/Term Refinance
1 19276575 Cash-Out Refinance
1 19276716 Cash-Out Refinance
1 19276963 Cash-Out Refinance
1 19277102 Purpose
1 19277268 Cash-Out Refinance
1 19277516 Cash-Out Refinance
1 19277540 Cash-Out Refinance
1 19277557 Purpose
1 19277888 Cash-Out Refinance
1 19295898 Purpose
1 19296623 Purpose
1 19296946 Rate/Term Refinance
1 19297415 Cash-Out Refinance
1 19297878 Rate/Term Refinance
1 19298736 Cash-Out Refinance
1 19299288 Rate/Term Refinance
1 19299890 Cash-Out Refinance
1 19302173 Purpose
1 19315050 Purpose
1 19315266 Rate/Term Refinance
1 19317056 Purpose
1 19317247 Cash-Out Refinance
1 19317262 Rate/Term Refinance
1 19317270 Purpose
1 19319516 Rate/Term Refinance
1 19319557 Rate/Term Refinance
1 19320019 Cash-Out Refinance
1 19320415 Purpose
1 19320480 Rate/Term Refinance
1 19320555 Purpose
1 19322007 Purpose
1 19322155 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19322635 33971 NAUTICUS ISLE DANA POINT CA 92629 360 353 256800.00 255473.91
1 19322692 5362 BLINN LN IRVINE CA 92612 360 353 320000.00 318220.63
1 19322700 16200 BIMINI LN HUNTINGTON BEACH CA 92649 360 353 489000.00 486280.86
1 19322882 16495 NE 32 AVE NORTH MIAMI BEACH FL 33160 360 352 650000.00 645856.65
1 19324177 13593 57TH PL S LAKE WORTH FL 33467 360 355 579235.00 577112.02
1 19325489 843 SIGNORELLI CIRCLE ST HELENA CA 94574 360 350 292500.00 290211.79
1 19325620 1509 MAXWELL LN VISTA CA 92084 360 350 252000.00 250028.59
1 19341627 1051 UPPER VALLEY RD LAFAYETTE CA 94549 360 349 469000.00 465049.31
1 19341767 404 PLATA CT DANVILLE CA 94526 360 349 321000.00 313796.99
1 19341981 181 VIEW RD FELTON CA 95018 360 348 315000.00 312095.69
1 19342153 267 SUNSET WAY MUIR BEACH CA 94965 360 349 435000.00 431244.99
1 19342237 45 WILLOW AVE WALNUT CREEK CA 94595 360 349 268000.00 265629.55
1 19342377 959 ROCK CANYON CIRCLE SAN JOSE CA 95127 360 349 318750.00 315998.47
1 19342666 1753 MARIPOSA CIRCLE DAVIS CA 95616 360 349 291500.00 287705.24
1 19342963 4549 PLEASANT HILL RD E MARTINEZ CA 94553 360 349 280000.00 277583.03
1 19343011 6103 SHILOH RIDGE RD SANTA ROSA CA 95403 360 350 560000.00 555510.73
1 19343086 275 E BLITHEDALE AVE MILL VALLEY CA 94941 360 350 436500.00 432977.26
1 19343144 1580 MASONIC AVE SAN FRANCISCO CA 94117 360 349 533000.00 528285.61
1 19345289 4833 BANTA RD BARGERSVILLE IN 46106 360 349 464500.00 460287.24
1 19371681 123 PURE SKY PL COLUMBIA MD 21044 360 350 262850.00 260809.11
1 19371871 519 BRANDYWINE DR WEST CHESTER PA 19382 360 351 633750.00 629409.62
1 19376078 2025 BALMAR DR LOS ANGELES CA 90039 360 349 315000.00 312346.54
1 19376433 2212 S 4TH AVE ARCADIA CA 91006 360 349 411600.00 408216.93
1 19377407 22116 INDEPENDENCIA ST LOS ANGELES CA 91364 360 349 241000.00 238868.40
1 19378033 18822 LOS ALIMOS ST NORTHRIDGE CA 91326 360 350 285000.00 282715.32
1 19378066 1133 MANDEVILLA WAY CORONA CA 91719 360 352 278000.00 276154.85
1 19378264 222 S FORMOSA AVE LOS ANGELES CA 90036 360 349 378000.00 374893.12
1 19379940 23001 CANZONET ST LOS ANGELES CA 90403 360 350 300000.00 297595.03
1 19380856 5522 E OCEAN BLVD LONG BEACH CA 90803 360 349 305900.00 303323.21
1 19380922 808 3RD AVE LOS ANGELES CA 90005 360 350 353500.00 350734.49
1 19382639 5303 BAYRIDGE RD RANCHO PALOS VERDES CA 90275 360 351 770000.00 764726.48
1 19382860 7227 BERRY HILL DR RANCHO PALOS VERDES CA 90275 360 350 480000.00 476152.03
1 19382985 14 SEAHURST RD ROLLING HILLS ESTATE CA 90274 360 350 536000.00 529093.84
1 19383140 28857 GRAY FOX ST MALIBU CA 90265 360 351 380000.00 376062.85
1 19384957 16055 ROSE AVE LOS GATOS CA 95030 360 349 450000.00 446082.59
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19322635 7.62500 0.62500 6/1/1999 1817.61 40.44 635000.00 Single Family Residence Primary
1 19322692 7.25000 0.25000 6/1/1999 2182.96 79.50 402500.00 Single Family Residence Primary
1 19322700 7.25000 0.25000 6/1/1999 3335.84 79.51 615000.00 Single Family Residence Primary
1 19322882 7.25000 0.25000 5/1/1999 4434.15 77.38 840000.00 Single Family Residence Primary
1 19324177 7.62500 0.62500 8/1/1999 4099.79 62.62 925000.00 Single Family Residence Primary
1 19325489 7.37500 0.37500 3/1/1999 2020.22 75.00 390000.00 Single Family Residence Second
1 19325620 7.37500 0.37500 3/1/1999 1740.50 90.00 280000.00 Single Family Residence Primary
1 19341627 7.50000 0.50000 2/1/1999 3279.32 70.00 670000.00 Single Family Residence Primary
1 19341767 7.25000 0.25000 2/1/1999 2189.79 62.94 510000.00 Single Family Residence Primary
1 19341981 7.50000 0.50000 1/1/1999 2202.53 75.00 420000.00 Single Family Residence Primary
1 19342153 7.37500 0.37500 2/1/1999 3004.44 66.92 650000.00 Single Family Residence Primary
1 19342237 7.25000 0.25000 2/1/1999 1828.23 69.61 385000.00 Single Family Residence Primary
1 19342377 7.37500 0.37500 2/1/1999 2201.53 75.00 425000.00 Single Family Residence Primary
1 19342666 7.50000 0.50000 2/1/1999 2038.21 74.74 390000.00 Single Family Residence Primary
1 19342963 7.37500 0.37500 2/1/1999 1933.89 71.79 390000.00 Single Family Residence Primary
1 19343011 7.25000 0.25000 3/1/1999 3820.19 65.73 852000.00 Single Family Residence Primary
1 19343086 7.25000 0.25000 3/1/1999 2977.70 75.00 582000.00 Single Family Residence Primary
1 19343144 7.25000 0.25000 2/1/1999 3636.00 44.42 1200000.00 Single Family Residence Primary
1 19345289 7.37500 0.37500 2/1/1999 3208.19 88.31 526000.00 Single Family Residence Primary
1 19371681 7.62500 0.62500 3/1/1999 1860.44 94.55 278000.00 Single Family Residence Primary
1 19371871 7.50000 0.50000 4/1/1999 4431.27 75.00 845000.00 Single Family Residence Primary
1 19376078 7.50000 0.50000 2/1/1999 2202.53 78.55 401000.00 Single Family Residence Primary
1 19376433 7.62500 0.62500 2/1/1999 2913.28 70.00 588000.00 Single Family Residence Primary
1 19377407 7.25000 0.25000 2/1/1999 1644.04 77.74 310000.00 Single Family Residence Primary
1 19378033 7.25000 0.25000 3/1/1999 1944.20 78.95 361000.00 Single Family Residence Primary
1 19378066 7.50000 0.50000 5/1/1999 1943.82 89.68 310000.00 Single Family Residence Primary
1 19378264 7.62500 0.62500 2/1/1999 2675.46 70.00 540000.00 Single Family Residence Primary
1 19379940 7.25000 0.25000 3/1/1999 2046.53 71.43 420000.00 Single Family Residence Primary
1 19380856 7.50000 0.50000 2/1/1999 2138.90 95.00 322000.00 Town Home Primary
1 19380922 7.37500 0.37500 3/1/1999 2441.54 69.89 505800.00 Single Family Residence Primary
1 19382639 7.50000 0.50000 4/1/1999 5383.95 70.00 1100000.00 Single Family Residence Primary
1 19382860 7.25000 0.25000 3/1/1999 3274.45 80.00 600000.00 Single Family Residence Primary
1 19382985 7.50000 0.50000 3/1/1999 3747.79 69.16 775000.00 Single Family Residence Primary
1 19383140 7.62500 0.62500 4/1/1999 2689.62 35.35 1075000.00 Single Family Residence Primary
1 19384957 7.62500 0.62500 2/1/1999 3185.07 52.02 865000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19322635 Rate/Term Refinance
1 19322692 Rate/Term Refinance
1 19322700 Rate/Term Refinance
1 19322882 Rate/Term Refinance
1 19324177 Cash-Out Refinance
1 19325489 Purpose
1 19325620 Rate/Term Refinance
1 19341627 Cash-Out Refinance
1 19341767 Cash-Out Refinance
1 19341981 Cash-Out Refinance
1 19342153 Cash-Out Refinance
1 19342237 Rate/Term Refinance
1 19342377 Cash-Out Refinance
1 19342666 Cash-Out Refinance
1 19342963 Cash-Out Refinance
1 19343011 Cash-Out Refinance
1 19343086 Cash-Out Refinance
1 19343144 Cash-Out Refinance
1 19345289 Rate/Term Refinance
1 19371681 Purpose
1 19371871 Cash-Out Refinance
1 19376078 Rate/Term Refinance
1 19376433 Cash-Out Refinance
1 19377407 Rate/Term Refinance
1 19378033 Rate/Term Refinance
1 19378066 Rate/Term Refinance
1 19378264 Cash-Out Refinance
1 19379940 Cash-Out Refinance
1 19380856 Purpose
1 19380922 Cash-Out Refinance
1 19382639 Cash-Out Refinance
1 19382860 Rate/Term Refinance
1 19382985 Rate/Term Refinance
1 19383140 Rate/Term Refinance
1 19384957 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19385558 2947 FILBERT DR WALNUT CREEK CA 94598 360 349 333500.00 330550.15
1 19385764 3253 NEW JERSEY AVE SAN JOSE CA 95124 360 349 242600.00 240505.83
1 19385830 210 MADISON AVE SAN BRUNO CA 94066 360 349 265000.00 262327.83
1 19386754 770-77 TREAT AVE SAN FRANCISCO CA 94110 360 349 382500.00 379116.83
1 19387422 422 LUFF LN REDWOOD CITY CA 94065 360 349 388000.00 384731.68
1 19388529 1060 PAINTBRUSH DR SUNNYVALE CA 94086 360 350 489000.00 484868.95
1 19388768 11640 REGNART CANYON DR CUPERTINO CA 95014 360 352 737750.00 733272.80
1 19390780 701 BACON ST SAN FRANCISCO CA 94134 360 349 255000.00 252904.12
1 19390830 5633 LE FEVRE DR SAN JOSE CA 95118 360 349 265000.00 260384.01
1 19391234 914 SPRINGFIELD DR MILLBRAE CA 94030 360 350 300000.00 297595.03
1 19391523 3224 ORIOLE DR SAN JOSE CA 95117 360 349 245000.00 234480.80
1 19402031 80201 RIVIERA LA QUINTA CA 92253 360 357 400000.00 399125.96
1 19402254 13937 E GAIL DR SCOTTSDALE AZ 85259 360 349 355500.00 352355.56
1 19414879 1617 S MICHIGAN AVE CHICAGO IL 60605 360 349 270000.00 267118.08
1 19415041 3730 S DARLINGTON ST BLOOMFIELD HILLS MI 48301 360 350 280000.00 277809.54
1 19416098 34274 OLD TIMBER RD FARMINGTON HILLS MI 48331 360 348 278600.00 276031.78
1 19417096 38 BRIDLEWOOD LN NORTHBROOK IL 60062 360 349 650000.00 642828.84
1 19422427 5081 MESQUITE CAMARILLO CA 93012 360 354 296550.00 292762.19
1 19422674 1298 GENTILLY PL AGOURA CA 91301 360 354 456000.00 453885.87
1 19422682 1862 STRAND WAY OCEANO CA 93445 360 355 385500.00 384051.54
1 19422823 2236 VIA LOMA CAMARILLO CA 93012 360 354 401500.00 399592.12
1 19422922 20608 BLACKHAWK ST CHATSWORTH CA 91311 360 353 252900.00 251435.81
1 19423409 2513 CORTE OLMO CAMARILLO CA 93010 360 353 288000.00 286433.04
1 19433523 27451 MORRO DR MISSION VIEJO CA 92692 360 352 341000.00 338826.35
1 19434182 20609 CRAWFORD DR SUNNYVALE CA 94087 360 353 307500.00 305887.75
1 19434562 268 ACACIA AVE SAN BRUNO CA 94066 360 352 277500.00 275774.01
1 19438167 4034 HARDING WAY OAKLAND CA 94602 360 353 269990.00 268488.67
1 19438589 1780 POPLAR DR WALNUT CREEK CA 94595 360 354 335200.00 333607.22
1 19453539 3819 COOPERS LAKE RD JACKSONVILLE FL 32224 360 353 298125.00 296585.49
1 19461441 5262 EL MIRLO RANCHO SANTE FE CA 92067 360 353 750000.00 745930.80
1 19461763 7408 LUNA DE ORO RANCHO SANTA FEE CA 92067 360 353 470000.00 467449.97
1 19462241 2486 MANGO WAY DEL MAR CA 92014 360 353 345000.00 343081.57
1 19465418 1720 FERNSIDE ST WOODSIDE CA 94061 360 352 650000.00 645628.15
1 19465426 9806 ATLAS RD OAKDALE CA 95361 360 352 363375.00 360840.86
1 19465541 316 HOLLY AVE SOUTH SAN FRANCISCO CA 94080 360 352 256500.00 254943.35
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19385558 7.25000 0.25000 2/1/1999 2275.06 74.94 445000.00 Single Family Residence Primary
1 19385764 7.37500 0.37500 2/1/1999 1675.58 74.99 323500.00 Single Family Residence Primary
1 19385830 7.50000 0.50000 2/1/1999 1852.92 65.43 405000.00 Single Family Residence Primary
1 19386754 7.25000 0.25000 2/1/1999 2609.32 75.00 510000.00 2-Family Primary
1 19387422 7.50000 0.50000 2/1/1999 2712.95 74.62 520000.00 Single Family Residence Primary
1 19388529 7.37500 0.37500 3/1/1999 3377.40 75.00 652000.00 Single Family Residence Primary
1 19388768 7.50000 0.50000 5/1/1999 5158.46 65.00 1135000.00 Single Family Residence Primary
1 19390780 7.62500 0.62500 2/1/1999 1804.87 75.00 340000.00 Single Family Residence Primary
1 19390830 7.25000 0.25000 2/1/1999 1807.77 68.83 385000.00 Single Family Residence Primary
1 19391234 7.25000 0.25000 3/1/1999 2046.53 50.00 600000.00 Single Family Residence Primary
1 19391523 7.37500 0.37500 2/1/1999 1692.15 70.00 350000.00 Single Family Residence Primary
1 19402031 7.62500 0.62500 10/1/1999 2831.17 57.55 695000.00 Single Family Residence Primary
1 19402254 7.25000 0.25000 2/1/1999 2425.14 88.21 403000.00 Single Family Residence Primary
1 19414879 7.62500 0.62500 2/1/1999 1911.04 90.00 300000.00 Condominium Primary
1 19415041 7.37500 0.37500 3/1/1999 1933.89 68.29 410000.00 Single Family Residence Primary
1 19416098 7.50000 0.50000 1/1/1999 1948.01 79.60 350000.00 Single Family Residence Primary
1 19417096 7.37500 0.37500 2/1/1999 4489.39 56.52 1150000.00 Single Family Residence Primary
1 19422427 7.25000 0.25000 7/1/1999 2022.99 90.00 329500.00 Single Family Residence Primary
1 19422674 7.37500 0.37500 7/1/1999 3149.48 80.00 570000.00 Single Family Residence Primary
1 19422682 7.50000 0.50000 8/1/1999 2695.47 73.43 525000.00 Single Family Residence Second
1 19422823 7.25000 0.25000 7/1/1999 2738.94 78.57 511000.00 Single Family Residence Primary
1 19422922 7.25000 0.25000 6/1/1999 1725.22 90.00 281000.00 Single Family Residence Primary
1 19423409 7.37500 0.37500 6/1/1999 1989.14 80.00 360000.00 Single Family Residence Primary
1 19433523 7.25000 0.25000 5/1/1999 2326.22 74.13 460000.00 Single Family Residence Primary
1 19434182 7.62500 0.62500 6/1/1999 2176.47 75.00 410000.00 Single Family Residence Primary
1 19434562 7.37500 0.37500 5/1/1999 1916.62 75.00 370000.00 Single Family Residence Primary
1 19438167 7.25000 0.25000 6/1/1999 1841.81 60.00 450000.00 Single Family Residence Primary
1 19438589 7.25000 0.25000 7/1/1999 2286.65 80.00 419000.00 Single Family Residence Primary
1 19453539 7.62500 0.62500 6/1/1999 2110.11 74.91 398000.00 Single Family Residence Primary
1 19461441 7.37500 0.37500 6/1/1999 5180.06 39.47 1900000.00 Single Family Residence Primary
1 19461763 7.37500 0.37500 6/1/1999 3246.17 50.54 930000.00 Single Family Residence Primary
1 19462241 7.25000 0.25000 6/1/1999 2353.51 59.79 577000.00 Single Family Residence Primary
1 19465418 7.25000 0.25000 5/1/1999 4434.15 59.09 1100000.00 Single Family Residence Primary
1 19465426 7.37500 0.37500 5/1/1999 2509.74 95.00 382500.00 Single Family Residence Primary
1 19465541 7.50000 0.50000 5/1/1999 1793.49 90.00 285000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19385558 Cash-Out Refinance
1 19385764 Cash-Out Refinance
1 19385830 Purpose
1 19386754 Cash-Out Refinance
1 19387422 Cash-Out Refinance
1 19388529 Cash-Out Refinance
1 19388768 Cash-Out Refinance
1 19390780 Purpose
1 19390830 Rate/Term Refinance
1 19391234 Cash-Out Refinance
1 19391523 Cash-Out Refinance
1 19402031 Rate/Term Refinance
1 19402254 Purpose
1 19414879 Rate/Term Refinance
1 19415041 Cash-Out Refinance
1 19416098 Rate/Term Refinance
1 19417096 Rate/Term Refinance
1 19422427 Purpose
1 19422674 Rate/Term Refinance
1 19422682 Rate/Term Refinance
1 19422823 Rate/Term Refinance
1 19422922 Purpose
1 19423409 Rate/Term Refinance
1 19433523 Cash-Out Refinance
1 19434182 Cash-Out Refinance
1 19434562 Cash-Out Refinance
1 19438167 Cash-Out Refinance
1 19438589 Purpose
1 19453539 Purpose
1 19461441 Cash-Out Refinance
1 19461763 Rate/Term Refinance
1 19462241 Cash-Out Refinance
1 19465418 Cash-Out Refinance
1 19465426 Purpose
1 19465541 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19465699 26885 ORTEGA DR LOS ALTOS HILLS CA 94022 360 352 550000.00 546494.11
1 19465848 935 SAN MATEO DR MENLO PARK CA 94025 360 353 350000.00 348053.73
1 19466507 689 PORTOFINO LN FOSTER CITY CA 94063 360 353 311200.00 309511.54
1 19467836 12 TALBOT RD BRAINTREE MA 02184 360 352 254925.00 253415.72
1 19468412 42 ASPEN RD SHARON MA 02067 360 352 250000.00 248519.88
1 19468800 166 GLADES RD SCITUATE MA 02066 360 352 680000.00 675770.48
1 19468834 23 EVERGREEN PKWY WESTPORT CT 06880 360 353 517400.00 514592.79
1 19469956 2 PETRINI CT MILLBRAE CA 94030 360 349 444000.00 440167.31
1 19471697 239 CALIFORNIA AVE MILL VALLEY CA 94941 360 350 400000.00 390775.92
1 19471887 480 RIDGE RD TIBURON CA 94920 360 349 800000.00 792664.99
1 19472083 1371 DUTCH LN PENNGROVE CA 94951 360 349 257500.00 255277.23
1 19472299 709 YGNACIO WOODS CT CONCORD CA 94518 360 349 351900.00 347613.70
1 19472323 2233-2 LAKE ST SAN FRANCISCO CA 94121 360 349 850000.00 840956.13
1 19472356 138 WOODCREST DR SAN RAMON CA 94583 360 349 292500.00 289912.78
1 19472448 121 MARY PAIGE RD SANTA ROSA CA 95404 360 349 400000.00 395133.79
1 19473644 5377 BELARDO DR SAN DIEGO CA 92124 360 355 270000.00 269010.43
1 19477835 6819 S SALIDA ST AURORA CO 80016 360 350 324000.00 321586.79
1 19478171 2190 VASSAR DR BOULDER CO 80303 360 350 280000.00 277862.56
1 19479617 2541 LAKEVIEW DR SAN LEANDRO CA 94578 360 357 280000.00 279388.17
1 19483312 4352 LIVINGSTON AVE HIGHLAND PARK TX 75205 360 353 375000.00 372965.33
1 19543230 6779 AVENIDA ANDORRA SAN DIEGO CA 92037 360 354 805000.00 801358.95
1 19547538 27 MOONLIGHT SOUTH SAN FRANCISCO CA 94080 360 353 386500.00 384402.99
1 19547991 1221 PALM AVE SAN MATEO CA 94402 360 353 340000.00 338109.37
1 19548023 3409 ALLISON CT SAN MATEO CA 94403 360 353 383000.00 380870.24
1 19548080 188 ESCALONA AVE EL GRANADA CA 94018 360 352 300000.00 298087.68
1 19548288 413 W HILLSDALE BLVD SAN MATEO CA 94403 360 352 295000.00 293119.57
1 19548296 639 CANYON RD REDWOOD CITY CA 94062 360 354 408000.00 406061.25
1 19548510 840 VALENCIA AVE EL GRANDA CA 94018 360 353 355000.00 353073.87
1 19548627 600 ELM AVE SAN BRUNO CA 94066 360 354 272000.00 270707.48
1 19548692 3135 GOODWIN AVE REDWOOD CITY CA 94061 360 353 480000.00 477395.70
1 19549237 510 3RD ST MONTARA CA 94037 360 352 332000.00 329883.67
1 19549443 2211 EWEL RD BELMONT CA 94002 360 353 480000.00 376726.69
1 19549807 1657 MOLITOR RD BELMONT CA 94002 360 353 320000.00 318220.63
1 19549864 1447 ALAMEDA DE LAS + SAN CARLOS CA 94010 360 353 280000.00 278480.82
1 19550672 19621 DORADO DR TRABUCO CANYON CA 92679 360 354 275000.00 273693.28
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19465699 7.25000 0.25000 5/1/1999 3751.97 35.48 1550000.00 Single Family Residence Primary
1 19465848 7.25000 0.25000 6/1/1999 2387.62 32.56 1075000.00 Single Family Residence Primary
1 19466507 7.37500 0.37500 6/1/1999 2149.38 80.00 389000.00 Condominium Primary
1 19467836 7.62500 0.62500 5/1/1999 1804.34 74.98 340000.00 Single Family Residence Primary
1 19468412 7.62500 0.62500 5/1/1999 1769.48 62.81 398000.00 Single Family Residence Primary
1 19468800 7.37500 0.37500 5/1/1999 4696.59 80.00 850000.00 Single Family Residence Primary
1 19468834 7.37500 0.37500 6/1/1999 3573.55 74.99 690000.00 Single Family Residence Primary
1 19469956 7.37500 0.37500 2/1/1999 3066.60 58.81 755000.00 Single Family Residence Primary
1 19471697 7.37500 0.37500 3/1/1999 2762.70 66.12 605000.00 2-Family Primary
1 19471887 7.62500 0.62500 2/1/1999 5662.35 74.07 1080000.00 Single Family Residence Primary
1 19472083 7.37500 0.37500 2/1/1999 1778.49 68.85 374000.00 Single Family Residence Primary
1 19472299 7.50000 0.50000 2/1/1999 2460.54 79.98 440000.00 Single Family Residence Primary
1 19472323 7.37500 0.37500 2/1/1999 5870.74 32.37 2626000.00 3-Family Primary
1 19472356 7.25000 0.25000 2/1/1999 1995.37 75.00 390000.00 Single Family Residence Primary
1 19472448 7.62500 0.62500 2/1/1999 2831.17 50.00 800000.00 Single Family Residence Primary
1 19473644 7.62500 0.62500 8/1/1999 1911.04 63.53 425000.00 Single Family Residence Primary
1 19477835 7.62500 0.62500 3/1/1999 2293.25 66.12 490000.00 Single Family Residence Primary
1 19478171 7.50000 0.50000 3/1/1999 1957.80 71.61 391000.00 Single Family Residence Primary
1 19479617 7.62500 0.62500 10/1/1999 1981.82 80.00 350000.00 Single Family Residence Primary
1 19483312 7.37500 0.37500 6/1/1999 2590.04 64.43 582000.00 Single Family Residence Primary
1 19543230 7.50000 0.50000 7/1/1999 5628.68 70.00 1150000.00 Single Family Residence Primary
1 19547538 7.37500 0.37500 6/1/1999 2669.46 89.88 430000.00 Single Family Residence Primary
1 19547991 7.25000 0.25000 6/1/1999 2319.40 86.08 395000.00 Single Family Residence Primary
1 19548023 7.25000 0.25000 6/1/1999 2612.74 79.30 483000.00 Condominium Primary
1 19548080 7.25000 0.25000 5/1/1999 2046.53 73.17 410000.00 Single Family Residence Primary
1 19548288 7.25000 0.25000 5/1/1999 2012.42 60.20 490000.00 Single Family Residence Primary
1 19548296 7.25000 0.25000 7/1/1999 2783.28 80.00 510000.00 Single Family Residence Primary
1 19548510 7.37500 0.37500 6/1/1999 2451.90 71.00 500000.00 Single Family Residence Primary
1 19548627 7.25000 0.25000 7/1/1999 1855.52 80.00 340000.00 Single Family Residence Primary
1 19548692 7.37500 0.37500 6/1/1999 3315.24 75.00 640000.00 Single Family Residence Primary
1 19549237 7.25000 0.25000 5/1/1999 2264.83 80.00 415000.00 Single Family Residence Primary
1 19549443 7.25000 0.25000 6/1/1999 3274.45 80.00 600000.00 Single Family Residence Primary
1 19549807 7.25000 0.25000 6/1/1999 2182.96 68.09 470000.00 Single Family Residence Primary
1 19549864 7.37500 0.37500 6/1/1999 1933.89 74.07 378000.00 Single Family Residence Primary
1 19550672 7.25000 0.25000 7/1/1999 1875.98 56.70 485000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19465699 Purpose
1 19465848 Cash-Out Refinance
1 19466507 Purpose
1 19467836 Purpose
1 19468412 Rate/Term Refinance
1 19468800 Rate/Term Refinance
1 19468834 Cash-Out Refinance
1 19469956 Rate/Term Refinance
1 19471697 Cash-Out Refinance
1 19471887 Purpose
1 19472083 Cash-Out Refinance
1 19472299 Purpose
1 19472323 Cash-Out Refinance
1 19472356 Cash-Out Refinance
1 19472448 Cash-Out Refinance
1 19473644 Purpose
1 19477835 Cash-Out Refinance
1 19478171 Rate/Term Refinance
1 19479617 Purpose
1 19483312 Cash-Out Refinance
1 19543230 Cash-Out Refinance
1 19547538 Purpose
1 19547991 Purpose
1 19548023 Purpose
1 19548080 Cash-Out Refinance
1 19548288 Cash-Out Refinance
1 19548296 Purpose
1 19548510 Rate/Term Refinance
1 19548627 Purpose
1 19548692 Cash-Out Refinance
1 19549237 Purpose
1 19549443 Purpose
1 19549807 Purpose
1 19549864 Cash-Out Refinance
1 19550672 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19551647 2570 LANSFORD AVE SAN JOSE CA 95125 360 354 345000.00 343360.61
1 19554575 445 BEACON ST BOSTON MA 02115 360 354 335900.00 333241.95
1 19555937 157 W NEWTON ST BOSTON MA 02118 360 355 348000.00 346626.15
1 19556646 185- PRECITA AVE+ SAN FRANCISCO CA 94123 360 349 328000.00 325098.71
1 19556778 149- CHENERY ST+ SAN FRANCISCO CA 94131 360 350 350000.00 347194.18
1 19557776 575 GLASGOW CIRCLE DANVILLE CA 94526 360 349 321000.00 318160.70
1 19558121 7911 PHAETON DR OAKLAND CA 94605 360 349 300000.00 296979.15
1 19558535 180 BEECHWOOD DR OAKLAND CA 94611 360 350 550000.00 545590.93
1 19559046 4 PINE VIEW LN NOVATO CA 94945 360 349 531000.00 523311.25
1 19559087 1031 ROLLING WOODS WAY CONCORD CA 94521 360 351 326250.00 323903.30
1 19559509 48 7TH AVE SAN FRANCISCO CA 94118 360 350 416000.00 412488.37
1 19560408 654 29TH AVE SAN FRANCISCO CA 94121 360 350 303750.00 301373.70
1 19643394 4742 & 4742 1/2 ORCHARD AVESAN DIEGO CA 92107 360 352 382500.00 380178.70
1 19646785 2045 CHRISTOPHER CT WEST BLOOMFIELD MI 48324 360 349 291650.00 289252.84
1 19663434 32 WOODSONG RANCHO SANTA MARGARI CA 92688 360 349 280000.00 277523.43
1 19663459 1423 RANCHO HILLS DR CHINO HILLS CA 91709 360 349 258000.00 255718.02
1 19663715 532 S HELBERTA AVE REDONDO BEACH CA 90277 360 350 650000.00 644789.24
1 19663996 2400 CANYON DR LOS ANGELES CA 90068 360 351 250000.00 245744.04
1 19664325 1209 PARK ST HUNTINGTON BEACH CA 92648 360 351 429400.00 426459.12
1 19664770 35 LINDA ISLE NEWPORT BEACH CA 92660 360 352 990000.00 983992.05
1 19664945 834 LONGWOOD AVE LOS ANGELES CA 90005 360 351 610000.00 600330.46
1 19665108 1236 GRAND CANYON BREA CA 92821 360 351 278000.00 276000.34
1 19665405 2140 WESTMORELAND CT SAN JOSE CA 95124 360 350 297000.00 293446.07
1 19666312 533 IRVINE AVE NEWPORT BEACH CA 92663 360 350 328000.00 322627.75
1 19666478 1898 E LEMON HEIGHTS DR SANTA ANA CA 92705 360 350 407000.00 403737.25
1 19689629 520 CYPRESS AVE PACIFIC GROVE CA 93950 360 354 280000.00 278669.51
1 19689652 27565 VIA SERENO CARMEL CA 93923 360 354 400000.00 398190.77
1 19690114 MONTE VERDE ST 2ND SE 4TH CARMEL CA 93921 360 355 444000.00 442331.73
1 19690254 2028 4TH ST SAN RAFAEL CA 94901 360 351 311250.00 309065.27
1 19690262 1014 VISTA MADERA LN EL CAJON CA 92019 360 351 272000.00 270043.50
1 19690304 2379 TERRAZA PANGA CARLSBAD CA 92009 360 351 256000.00 254246.71
1 19690874 25147 JACK RABBIT ACRES ESCONDIDO CA 92026 360 351 325500.00 323215.26
1 19695006 5856 ANDERSON RD FORESTVILLE CA 95436 360 352 593000.00 589489.07
1 19695238 4780 PRESSLEY RD SANTA ROSA CA 95404 360 353 304000.00 301836.39
1 19695469 4311 HEMINGWAY CT ROHNERT PARK CA 94928 360 352 306500.00 304546.26
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19551647 7.25000 0.25000 7/1/1999 2353.51 71.88 480000.00 Single Family Residence Primary
1 19554575 7.25000 0.25000 7/1/1999 2291.43 79.98 420000.00 Condominium Primary
1 19555937 7.25000 0.25000 8/1/1999 2373.97 42.18 825000.00 2-Family Primary
1 19556646 7.25000 0.25000 2/1/1999 2237.54 80.00 410000.00 2-Family Primary
1 19556778 7.25000 0.25000 3/1/1999 2387.62 71.43 490000.00 2-Family Primary
1 19557776 7.25000 0.25000 2/1/1999 2189.79 70.70 454000.00 Single Family Residence Primary
1 19558121 7.25000 0.25000 2/1/1999 2046.53 80.00 375000.00 Single Family Residence Primary
1 19558535 7.25000 0.25000 3/1/1999 3751.97 61.11 900000.00 Single Family Residence Primary
1 19559046 7.37500 0.37500 2/1/1999 3667.49 73.75 720000.00 Single Family Residence Primary
1 19559087 7.25000 0.25000 4/1/1999 2225.60 75.35 433000.00 Single Family Residence Primary
1 19559509 7.25000 0.25000 3/1/1999 2837.85 53.96 771000.00 Condominium Primary
1 19560408 7.37500 0.37500 3/1/1999 2097.93 75.00 405000.00 Single Family Residence Primary
1 19643394 7.50000 0.50000 5/1/1999 2674.50 75.00 510000.00 2-Family Primary
1 19646785 7.62500 0.62500 2/1/1999 2064.28 95.00 307000.00 Single Family Residence Primary
1 19663434 7.25000 0.25000 2/1/1999 1910.09 73.88 379000.00 Single Family Residence Primary
1 19663459 7.25000 0.25000 2/1/1999 1760.01 79.88 323000.00 Single Family Residence Primary
1 19663715 7.25000 0.25000 3/1/1999 4434.15 66.67 975000.00 Single Family Residence Primary
1 19663996 7.25000 0.25000 4/1/1999 1705.44 60.98 410000.00 Single Family Residence Primary
1 19664325 7.50000 0.50000 4/1/1999 3002.43 68.70 625000.00 Single Family Residence Primary
1 19664770 7.50000 0.50000 5/1/1999 6922.22 30.00 3300000.00 Single Family Residence Second
1 19664945 7.25000 0.25000 4/1/1999 4161.28 77.71 785000.00 Single Family Residence Primary
1 19665108 7.25000 0.25000 4/1/1999 1896.45 79.43 350000.00 Single Family Residence Primary
1 19665405 7.37500 0.37500 3/1/1999 2051.31 48.29 615000.00 Single Family Residence Primary
1 19666312 7.25000 0.25000 3/1/1999 2237.54 79.04 415000.00 Single Family Residence Investor
1 19666478 7.25000 0.25000 3/1/1999 2776.46 70.78 575000.00 Single Family Residence Primary
1 19689629 7.25000 0.25000 7/1/1999 1910.09 66.67 420000.00 Single Family Residence Primary
1 19689652 7.50000 0.50000 7/1/1999 2796.86 66.67 600000.00 Single Family Residence Primary
1 19690114 7.50000 0.50000 8/1/1999 3104.51 80.00 555000.00 Single Family Residence Primary
1 19690254 7.37500 0.37500 4/1/1999 2149.73 75.00 415000.00 2-Family Primary
1 19690262 7.25000 0.25000 4/1/1999 1855.52 68.86 395000.00 Single Family Residence Primary
1 19690304 7.50000 0.50000 4/1/1999 1789.99 76.42 335000.00 Single Family Residence Primary
1 19690874 7.37500 0.37500 4/1/1999 2248.15 70.00 465000.00 Single Family Residence Primary
1 19695006 7.62500 0.62500 5/1/1999 4197.22 69.76 850000.00 Single Family Residence Primary
1 19695238 7.37500 0.37500 6/1/1999 2099.65 62.04 490000.00 Single Family Residence Primary
1 19695469 7.25000 0.25000 5/1/1999 2090.87 73.86 415000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19551647 Cash-Out Refinance
1 19554575 Purpose
1 19555937 Cash-Out Refinance
1 19556646 Purpose
1 19556778 Cash-Out Refinance
1 19557776 Cash-Out Refinance
1 19558121 Rate/Term Refinance
1 19558535 Cash-Out Refinance
1 19559046 Cash-Out Refinance
1 19559087 Purpose
1 19559509 Cash-Out Refinance
1 19560408 Cash-Out Refinance
1 19643394 Cash-Out Refinance
1 19646785 Purpose
1 19663434 Cash-Out Refinance
1 19663459 Rate/Term Refinance
1 19663715 Rate/Term Refinance
1 19663996 Cash-Out Refinance
1 19664325 Rate/Term Refinance
1 19664770 Rate/Term Refinance
1 19664945 Rate/Term Refinance
1 19665108 Rate/Term Refinance
1 19665405 Rate/Term Refinance
1 19666312 Purpose
1 19666478 Cash-Out Refinance
1 19689629 Cash-Out Refinance
1 19689652 Cash-Out Refinance
1 19690114 Purpose
1 19690254 Cash-Out Refinance
1 19690262 Cash-Out Refinance
1 19690304 Purpose
1 19690874 Cash-Out Refinance
1 19695006 Cash-Out Refinance
1 19695238 Rate/Term Refinance
1 19695469 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19695949 5291 RIVER OAK DR SAVAGE MN 55378 360 350 275000.00 272859.84
1 19696582 17 MEADOWLARK LN NORTH OAKS MN 55127 360 349 330000.00 327208.44
1 19709054 27 LINCOLN ST NEW HAVEN CT 06511 360 354 266950.00 265712.34
1 19709799 352 CUMBERLAND ST SAN FRANCISCO CA 94114 360 353 440000.00 437670.92
1 19710037 733 27TH ST SAN FRANCISCO CA 94131 360 353 375000.00 372700.45
1 19710466 759 33RD ST SAN FRANCISCO CA 94121 360 354 368000.00 366376.31
1 19710748 25602 AMBER LEAF RD TORRANCE CA 90505 360 352 290000.00 288151.46
1 19711639 4408 NEWMAN PL PLEASANTON CA 94588 360 353 278396.00 276885.54
1 19711969 6039 LINDA WAY CULVER CITY CA 90230 360 353 420000.00 414820.51
1 19712454 4025 OLYMPIAD DR LOS ANGELES CA 90043 360 353 337500.00 335623.31
1 19713536 773 LAKEMEAD WAY REDWOOD CITY CA 94062 360 354 580000.00 577243.94
1 19719335 95 FAIRBANKS AVE WELLESLEY MA 02481 360 353 320000.00 318220.61
1 19719863 26 DANA ST CAMBRIDGE MA 02138 360 354 328000.00 326441.39
1 19784354 13417 PARK DR CERRITOS CA 90701 360 355 258800.00 257827.57
1 19787027 1104 CORRALES LN CHULA VISTA CA 91910 360 353 296400.00 294751.82
1 19789726 7 HEATHERWOOD IRVINE CA 92620 360 350 318000.00 315572.51
1 19790088 4922 ALAMEDA DR OCEANSIDE CA 92056 360 351 280000.00 277589.88
1 19791896 2446 VALERIE DR FALLBROOK CA 92028 360 352 420000.00 417322.78
1 19793389 26 FINCA SAN CLEMENTE CA 92672 360 352 273750.00 271507.17
1 19795574 14425 EADBROOK DR HACIENDA HEIGHTS CA 91745 360 353 283500.00 279430.94
1 19797745 5363 APPIAN WAY LONG BEACH CA 90803 360 352 254250.00 250068.30
1 19798446 3661 TOLAND AVE LOS ALAMITOS CA 90720 360 356 300000.00 299101.06
1 19798842 4652 AMALFI ST CYPRESS CA 90630 360 353 300000.00 297612.45
1 19799667 7720 W BECKWITH RD MORTON GROVE IL 60053 360 350 246000.00 244167.78
1 19800432 4971 LILAC WAY N LAKE ELMO MN 55082 360 349 348650.00 343836.02
1 19800747 1234 N DEARBORN ST 3F CHICAGO IL 60610 360 349 356250.00 353249.13
1 19803618 18402 OLD LAMPLIGHTER CIR VILLA PARK CA 92861 360 355 350000.00 348618.21
1 19804004 6741 PIMLICO CIRCLE HUNTINGTON BEACH CA 92648 360 355 578000.00 575725.69
1 19804129 852 CANDLELIGHT PL SAN DIEGO CA 92037 360 355 400000.00 398497.03
1 19804145 5122 MIDDLETON RD SAN DIEGO CA 92109 360 355 300000.00 298872.80
1 19804764 26501 LOS ALAMITOS AVE LAGUNA HILLS CA 92653 360 355 330000.00 328790.51
1 19804897 1917 E BUFFALO AVE SANTA ANA CA 92705 360 355 283500.00 282380.77
1 19804939 26382 SANTA ROSA AVE LAGUNA HILLS CA 92653 360 356 337000.00 336015.03
1 19810084 26972 VIA BANDERAS SAN JUAN CAPISTRANO CA 92672 360 353 275500.00 273968.01
1 19810100 23602 VIA PALOMA COTO DE CAZA CA 92679 360 353 310000.00 308276.19
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19695949 7.50000 0.50000 3/1/1999 1922.84 90.16 305000.00 Single Family Residence Primary
1 19696582 7.62500 0.62500 2/1/1999 2335.72 88.00 375000.00 Single Family Residence Primary
1 19709054 7.37500 0.37500 7/1/1999 1843.76 95.00 281000.00 Single Family Residence Primary
1 19709799 7.50000 0.50000 6/1/1999 3076.54 58.67 750000.00 3-Family Primary
1 19710037 7.25000 0.25000 6/1/1999 2558.16 52.82 710000.00 Single Family Residence Primary
1 19710466 7.62500 0.62500 7/1/1999 2604.68 80.00 460000.00 Single Family Residence Primary
1 19710748 7.25000 0.25000 5/1/1999 1978.31 65.17 445000.00 Single Family Residence Primary
1 19711639 7.37500 0.37500 6/1/1999 1922.81 80.00 348000.00 Single Family Residence Primary
1 19711969 7.62500 0.62500 6/1/1999 2972.73 75.00 560000.00 Single Family Residence Primary
1 19712454 7.25000 0.25000 6/1/1999 2302.34 85.44 395000.00 Single Family Residence Primary
1 19713536 7.25000 0.25000 7/1/1999 3956.62 74.36 780000.00 Single Family Residence Primary
1 19719335 7.25000 0.25000 6/1/1999 2182.96 52.20 613000.00 Single Family Residence Primary
1 19719863 7.25000 0.25000 7/1/1999 2237.54 47.54 690000.00 Single Family Residence Primary
1 19784354 7.50000 0.50000 8/1/1999 1809.57 79.88 324000.00 Single Family Residence Primary
1 19787027 7.25000 0.25000 6/1/1999 2021.97 95.00 312000.00 Single Family Residence Primary
1 19789726 7.50000 0.50000 3/1/1999 2223.50 57.82 550000.00 Single Family Residence Primary
1 19790088 7.37500 0.37500 4/1/1999 1933.89 80.00 350000.00 Single Family Residence Primary
1 19791896 7.25000 0.25000 5/1/1999 2865.14 78.50 535000.00 Single Family Residence Primary
1 19793389 7.25000 0.25000 5/1/1999 1867.46 75.00 365000.00 Single Family Residence Primary
1 19795574 7.37500 0.37500 6/1/1999 1958.06 90.00 315000.00 Single Family Residence Primary
1 19797745 7.25000 0.25000 5/1/1999 1734.43 75.00 339000.00 Single Family Residence Primary
1 19798446 7.50000 0.50000 9/1/1999 2097.64 58.25 515000.00 Single Family Residence Primary
1 19798842 7.25000 0.25000 6/1/1999 2046.53 64.52 465000.00 Single Family Residence Primary
1 19799667 7.62500 0.62500 3/1/1999 1741.17 92.13 267000.00 Single Family Residence Primary
1 19800432 7.62500 0.62500 2/1/1999 2467.72 95.00 367000.00 Single Family Residence Primary
1 19800747 7.50000 0.50000 2/1/1999 2490.95 75.00 475000.00 Condominium Second
1 19803618 7.25000 0.25000 8/1/1999 2387.62 56.91 615000.00 Single Family Residence Primary
1 19804004 7.50000 0.50000 8/1/1999 4041.46 60.84 950000.00 Single Family Residence Primary
1 19804129 7.50000 0.50000 8/1/1999 2796.86 71.43 560000.00 Single Family Residence Primary
1 19804145 7.50000 0.50000 8/1/1999 2097.64 58.82 510000.00 Single Family Residence Second
1 19804764 7.62500 0.62500 8/1/1999 2335.72 75.00 440000.00 Single Family Residence Primary
1 19804897 7.25000 0.25000 8/1/1999 1933.97 90.00 315000.00 Single Family Residence Primary
1 19804939 7.62500 0.62500 9/1/1999 2385.26 79.29 425000.00 Single Family Residence Primary
1 19810084 7.25000 0.25000 6/1/1999 1879.40 95.00 290000.00 Single Family Residence Primary
1 19810100 7.25000 0.25000 6/1/1999 2114.75 71.26 435000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19695949 Rate/Term Refinance
1 19696582 Purpose
1 19709054 Purpose
1 19709799 Cash-Out Refinance
1 19710037 Cash-Out Refinance
1 19710466 Purpose
1 19710748 Rate/Term Refinance
1 19711639 Purpose
1 19711969 Purpose
1 19712454 Purpose
1 19713536 Cash-Out Refinance
1 19719335 Cash-Out Refinance
1 19719863 Rate/Term Refinance
1 19784354 Purpose
1 19787027 Rate/Term Refinance
1 19789726 Rate/Term Refinance
1 19790088 Purpose
1 19791896 Rate/Term Refinance
1 19793389 Cash-Out Refinance
1 19795574 Purpose
1 19797745 Purpose
1 19798446 Purpose
1 19798842 Cash-Out Refinance
1 19799667 Rate/Term Refinance
1 19800432 Purpose
1 19800747 Purpose
1 19803618 Cash-Out Refinance
1 19804004 Cash-Out Refinance
1 19804129 Cash-Out Refinance
1 19804145 Cash-Out Refinance
1 19804764 Cash-Out Refinance
1 19804897 Purpose
1 19804939 Rate/Term Refinance
1 19810084 Purpose
1 19810100 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19811280 2011 MALORY LN HIGHLAND PARK IL 60035 360 354 375000.00 372705.13
1 19813476 13 JOHNAR BLVD RANCHO MIRAGE CA 92270 360 353 410000.00 407775.46
1 19813898 2353 PACER DR NORCO CA 91760 360 353 270750.00 269281.01
1 19814045 13852 MARGENE CIRCLE IRVINE CA 92620 360 354 264000.00 262745.48
1 19814342 10 CLUB VIEW LN ROLLING HILLS ESTATE CA 90274 360 354 601485.00 594060.84
1 19814748 9 ARASTRADERO RD PORTOLA VALLEY CA 94028 360 351 835000.00 829139.07
1 19814839 711 BAYSWATER AVE BURLINGAME CA 94010 360 350 300000.00 297653.04
1 19815505 1260 TOURNAMENT DR HILLSBOROUGH CA 94010 360 351 610000.00 605612.26
1 19816461 144 11TH AVE SAN MATEO CA 94401 360 350 500000.00 496183.20
1 19819622 1327 FOOTHILL BLVD SAN LUIS OBISPO CA 91360 360 355 268000.00 267017.72
1 19819739 176 COUNTRY CLUB DR SAN LUIS OBISPO CA 93401 360 355 257300.00 256356.97
1 19819903 484 BLUEROCK DR SAN LUIS OBISPO CA 93401 360 355 292000.00 290929.77
1 19825314 10 CROWN AVE FALMOUTH MA 02540 360 351 292500.00 290446.97
1 19825686 11 REED ST MILTON MA 02186 360 354 392000.00 390182.57
1 19827757 14271 KIRBY AVE N MAY TWP MN 55082 360 351 431250.00 428368.40
1 19840453 1128 LILY AVE SUNNYVALE CA 94086 360 354 321600.00 320071.80
1 19840586 283 HANS AVE MOUNTAIN VIEW CA 94040 360 355 461200.00 459379.22
1 19843333 5860 HIGH LONESOME TRAIL PLACERVILLE CA 95667 360 353 286000.00 281521.17
1 19843366 3077 SIERRA BLVD SACRAMENTO CA 95864 360 352 350000.00 347768.94
1 19857879 8150 OLD CUTLER RD CORAL GABLES FL 33143 360 354 320000.00 318479.44
1 19860436 22422 BAYBERRY MISSION VIEJO CA 92692 360 354 358320.00 356739.01
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1 19964667 3328 BUMANN RD ENCINITAS CA 92024 360 352 515000.00 511541.91
1 19969468 877 S BLUEISTA CIRCLE ANAHEIM CA 92808 360 350 501000.00 496379.70
1 19969971 43 S LA SENDA DR LAGUNA BEACH CA 92677 360 350 975000.00 965538.52
1 19970292 25108 DORIA AVE LOMITA CA 90717 360 350 259000.00 255966.83
1 19970409 26036 LA CUESTA AVE LAGUNA HILLS CA 92653 360 351 277000.00 275007.53
1 19971654 10462 BRIGHTWOOD DR SANTA ANA CA 92705 360 350 343000.00 340316.63
1 19980549 11 LLANBERRIS RD BALA CYNWYD PA 19004 360 352 280000.00 278215.22
1 19982792 748 SAINT JOHN CIRCLE PLEASANTON CA 94566 360 353 411500.00 408816.31
1 19983030 55 CHADWICK CT MILLBRAE CA 94030 360 355 316000.00 314841.81
1 19983246 1184 SNOWCREST RD ALPINE MEADOWS CA 96146 360 354 280000.00 278701.85
1 19983428 16 ELLENWOOD AVE LOS GATOS CA 95030 360 355 252200.00 251275.62
1 19984319 145 PHILLIP RD WOODSIDE CA 94062 360 350 840000.00 833266.14
1 19984426 2617 TROUSDALE DR BURLINGAME CA 94010 360 350 412500.00 409273.02
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19811280 7.37500 0.37500 7/1/1999 2590.03 57.78 649000.00 Single Family Residence Primary
1 19813476 7.37500 0.37500 6/1/1999 2831.77 71.30 575000.00 Single Family Residence Primary
1 19813898 7.37500 0.37500 6/1/1999 1870.00 95.00 285000.00 Single Family Residence Primary
1 19814045 7.25000 0.25000 7/1/1999 1800.95 74.58 354000.00 Single Family Residence Primary
1 19814342 7.25000 0.25000 7/1/1999 4103.19 70.76 850000.00 Single Family Residence Primary
1 19814748 7.37500 0.37500 4/1/1999 5767.14 34.79 2400000.00 Single Family Residence Primary
1 19814839 7.37500 0.37500 3/1/1999 2072.03 58.82 510000.00 Single Family Residence Primary
1 19815505 7.25000 0.25000 4/1/1999 4161.28 48.03 1270000.00 Single Family Residence Primary
1 19816461 7.50000 0.50000 3/1/1999 3496.07 69.64 718000.00 Single Family Residence Primary
1 19819622 7.62500 0.62500 8/1/1999 1896.89 80.00 335000.00 Single Family Residence Second
1 19819739 7.62500 0.62500 8/1/1999 1821.15 75.23 342000.00 Single Family Residence Primary
1 19819903 7.62500 0.62500 8/1/1999 2066.76 80.00 365000.00 Single Family Residence Primary
1 19825314 7.37500 0.37500 4/1/1999 2020.22 90.00 325000.00 Single Family Residence Primary
1 19825686 7.37500 0.37500 7/1/1999 2707.45 78.87 497000.00 Single Family Residence Primary
1 19827757 7.62500 0.62500 4/1/1999 3052.36 75.00 575000.00 Single Family Residence Primary
1 19840453 7.25000 0.25000 7/1/1999 2193.88 80.00 402000.00 Single Family Residence Primary
1 19840586 7.25000 0.25000 8/1/1999 3146.20 80.00 576500.00 Single Family Residence Primary
1 19843333 7.25000 0.25000 6/1/1999 1951.02 89.80 318500.00 Single Family Residence Primary
1 19843366 7.25000 0.25000 5/1/1999 2387.62 79.55 440000.00 Single Family Residence Primary
1 19857879 7.25000 0.25000 7/1/1999 2182.96 79.01 405000.00 Single Family Residence Primary
1 19860436 7.62500 0.62500 7/1/1999 2536.17 79.98 448000.00 Single Family Residence Primary
1 19946979 7.25000 0.25000 7/1/1999 3410.88 57.14 875000.00 Single Family Residence Second
1 19964667 7.62500 0.62500 5/1/1999 3645.14 46.82 1100000.00 Single Family Residence Primary
1 19969468 7.25000 0.25000 3/1/1999 3417.70 75.00 668000.00 Single Family Residence Primary
1 19969971 7.50000 0.50000 3/1/1999 6817.34 75.00 1300000.00 Single Family Residence Primary
1 19970292 7.25000 0.25000 3/1/1999 1766.84 77.54 334000.00 Single Family Residence Primary
1 19970409 7.25000 0.25000 4/1/1999 1889.63 65.95 420000.00 Single Family Residence Primary
1 19971654 7.37500 0.37500 3/1/1999 2369.02 79.95 429000.00 Single Family Residence Primary
1 19980549 7.25000 0.25000 5/1/1999 1910.09 74.67 375000.00 Single Family Residence Primary
1 19982792 7.37500 0.37500 6/1/1999 2842.13 82.30 500000.00 Single Family Residence Primary
1 19983030 7.62500 0.62500 8/1/1999 2236.63 48.62 650000.00 Single Family Residence Primary
1 19983246 7.37500 0.37500 7/1/1999 1933.89 78.21 358000.00 Single Family Residence Second
1 19983428 7.62500 0.62500 8/1/1999 1785.06 16.27 1550000.00 Single Family Residence Primary
1 19984319 7.25000 0.25000 3/1/1999 5730.28 37.02 2269000.00 Single Family Residence Primary
1 19984426 7.37500 0.37500 3/1/1999 2849.03 75.00 550000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19811280 Rate/Term Refinance
1 19813476 Cash-Out Refinance
1 19813898 Purpose
1 19814045 Rate/Term Refinance
1 19814342 Rate/Term Refinance
1 19814748 Cash-Out Refinance
1 19814839 Cash-Out Refinance
1 19815505 Rate/Term Refinance
1 19816461 Purpose
1 19819622 Purpose
1 19819739 Rate/Term Refinance
1 19819903 Purpose
1 19825314 Purpose
1 19825686 Purpose
1 19827757 Purpose
1 19840453 Purpose
1 19840586 Purpose
1 19843333 Rate/Term Refinance
1 19843366 Purpose
1 19857879 Purpose
1 19860436 Purpose
1 19946979 Purpose
1 19964667 Rate/Term Refinance
1 19969468 Cash-Out Refinance
1 19969971 Rate/Term Refinance
1 19970292 Rate/Term Refinance
1 19970409 Rate/Term Refinance
1 19971654 Rate/Term Refinance
1 19980549 Cash-Out Refinance
1 19982792 Rate/Term Refinance
1 19983030 Cash-Out Refinance
1 19983246 Purpose
1 19983428 Rate/Term Refinance
1 19984319 Cash-Out Refinance
1 19984426 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19985241 230 HAWKS PEAK RD APTOS CA 95003 360 350 492000.00 487910.42
1 19985332 104 TIMBER CLOSE THE SEA RANCH CA 95497 360 350 437600.00 434176.66
1 19985548 771 OLIVE CT SAN BRUNO CA 94066 360 350 282000.00 279791.54
1 20045498 208 W SPRINGFIELD ST BOSTON MA 02118 360 353 623000.00 619619.79
1 20046231 262 W 25TH ST NEW YORK NY 10011 360 352 794000.00 789299.07
1 20049490 9243 LOVELL LN SAN DIEGO CA 92119 360 356 312000.00 311041.57
1 20051652 1462 21ST AVE SAN FRANCISCO CA 94122 360 350 252000.00 249979.89
1 20051827 531 EXETER WAY SAN CARLOS CA 94070 360 350 320000.00 315623.37
1 20052239 602 GALLAND ST PETALUMA CA 94952 360 350 246000.00 243840.12
1 20052304 2875 PRESTWICK CT FAIRFIELD CA 94533 360 350 314100.00 311702.29
1 20053104 160 CRESCENT AVE SAUSALITO CA 94965 360 350 600000.00 595306.12
1 20053393 6232 LAKEVIEW CIRCLE SAN RAMON CA 94583 360 350 268000.00 265851.59
1 20053468 907 EL CAPITAN DR DANVILLE CA 94526 360 350 380000.00 377027.17
1 20053690 1210 TOYON DR MILLBRAE CA 94030 360 350 275000.00 272900.73
1 20054722 121 LEONARD'S RD BOULDER CO 80302 360 351 562500.00 558551.75
1 20055349 67 DEERWWOD DR LITTLETON CO 80127 360 350 367500.00 364553.91
1 20055489 394 S VINE ST DENVER CO 80209 360 351 278250.00 276344.37
1 20056644 9249 S FOX FIRE DR LITTLETON CO 80126 360 353 244000.00 242216.82
1 20057014 277 HOOK LN BASALT CO 81627 360 353 550000.00 547159.77
1 20057691 30 WINDEMERE GROSSE POINTE FARMS MI 48236 360 350 315000.00 312535.67
1 20057923 130 STANLEY AVE PARK RIDGE IL 60068 360 350 350000.00 347328.22
1 20057972 2031 W WARNER AVE UNIT F CHICAGO IL 60618 360 353 295000.00 293359.61
1 20073821 8044 JOVENITA CANYON DR LOS ANGELES CA 90046 360 350 388800.00 385758.43
1 20074159 8500 FRANKLIN AVE LOS ANGELES CA 90069 360 350 956000.00 948702.19
1 20074605 2720 LAKEWOOD AVE LOS ANGELES CA 90039 360 351 330000.00 327486.39
1 20074712 2223 HILL DR LOS ANGELES CA 90041 360 350 870000.00 863165.76
1 20074894 20 MILL CANYON RD SAN MARINO CA 91108 360 351 880000.00 873670.23
1 20075065 1727 FOX SPRING CIRCLE THOUSAND OAKS CA 91320 360 350 280000.00 277914.54
1 20077491 139 E GREYSTONE AVE MONROVIA CA 91016 360 353 309600.00 307878.41
1 20090775 518 18TH AVE SAN FRANCISCO CA 94121 360 354 460000.00 457867.30
1 20094140 2600 N LAKEVIEW CHICAGO IL 60614 360 350 320000.00 317616.56
1 20095022 918 SUTTON DR NORTHBROOK IL 60062 360 353 335000.00 333137.19
1 20095345 722 REDWOOD LN GLENCOE IL 60022 360 350 312000.00 309535.87
1 20095683 33 KETTELING CT BARRINGTON IL 60010 360 351 617000.00 612877.18
1 20102976 15 TEMPLE ST NEWTON MA 02465 360 355 600000.00 597689.01
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 19985241 7.25000 0.25000 3/1/1999 3356.31 71.62 687000.00 Single Family Residence Primary
1 19985332 7.37500 0.37500 3/1/1999 3022.39 79.56 550000.00 Single Family Residence Second
1 19985548 7.37500 0.37500 3/1/1999 1947.70 72.31 390000.00 Single Family Residence Primary
1 20045498 7.37500 0.37500 6/1/1999 4302.91 70.00 890000.00 4-Family Primary
1 20046231 7.62500 0.62500 5/1/1999 5619.88 75.62 1050000.00 2-Family Primary
1 20049490 7.37500 0.37500 9/1/1999 2154.91 80.00 390000.00 Single Family Residence Primary
1 20051652 7.25000 0.25000 3/1/1999 1719.08 63.96 394000.00 Single Family Residence Primary
1 20051827 7.37500 0.37500 3/1/1999 2210.16 46.18 693000.00 Single Family Residence Primary
1 20052239 7.62500 0.62500 3/1/1999 1741.17 75.00 328000.00 Single Family Residence Primary
1 20052304 7.50000 0.50000 3/1/1999 2196.23 76.61 410000.00 Single Family Residence Primary
1 20053104 7.37500 0.37500 3/1/1999 4144.05 42.86 1400000.00 Single Family Residence Primary
1 20053393 7.25000 0.25000 3/1/1999 1828.23 80.00 335000.00 Condominium Primary
1 20053468 7.37500 0.37500 3/1/1999 2624.57 73.79 515000.00 Single Family Residence Primary
1 20053690 7.50000 0.50000 3/1/1999 1922.84 40.44 680000.00 Single Family Residence Primary
1 20054722 7.37500 0.37500 4/1/1999 3885.05 74.01 760000.00 Single Family Residence Primary
1 20055349 7.25000 0.25000 3/1/1999 2507.00 75.00 490000.00 Single Family Residence Primary
1 20055489 7.50000 0.50000 4/1/1999 1945.56 74.80 372000.00 Single Family Residence Primary
1 20056644 7.25000 0.25000 6/1/1999 1664.51 79.48 307000.00 Single Family Residence Primary
1 20057014 7.62500 0.62500 6/1/1999 3892.87 56.41 975000.00 Single Family Residence Primary
1 20057691 7.37500 0.37500 3/1/1999 2175.63 48.46 650000.00 Single Family Residence Primary
1 20057923 7.50000 0.50000 3/1/1999 2447.25 62.50 560000.00 Single Family Residence Primary
1 20057972 7.25000 0.25000 6/1/1999 2012.42 79.73 370000.00 Single Family Residence Primary
1 20073821 7.37500 0.37500 3/1/1999 2685.34 80.00 486000.00 Single Family Residence Primary
1 20074159 7.50000 0.50000 3/1/1999 6684.49 73.54 1300000.00 Single Family Residence Primary
1 20074605 7.37500 0.37500 4/1/1999 2279.23 71.74 460000.00 Single Family Residence Primary
1 20074712 7.37500 0.37500 3/1/1999 6008.87 75.00 1160000.00 Single Family Residence Primary
1 20074894 7.25000 0.25000 4/1/1999 6003.15 67.69 1300000.00 Single Family Residence Primary
1 20075065 7.62500 0.62500 3/1/1999 1981.82 70.00 400000.00 Single Family Residence Primary
1 20077491 7.25000 0.25000 6/1/1999 2112.02 80.00 387000.00 Single Family Residence Primary
1 20090775 7.37500 0.37500 7/1/1999 3177.11 80.00 575000.00 Single Family Residence Primary
1 20094140 7.62500 0.62500 3/1/1999 2264.94 67.37 475000.00 Condominium Primary
1 20095022 7.25000 0.25000 6/1/1999 2285.29 89.33 375000.00 Single Family Residence Primary
1 20095345 7.37500 0.37500 3/1/1999 2154.91 68.57 455000.00 Single Family Residence Primary
1 20095683 7.62500 0.62500 4/1/1999 4367.09 62.64 985000.00 Single Family Residence Primary
1 20102976 7.37500 0.37500 8/1/1999 4144.05 57.97 1035000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 19985241 Cash-Out Refinance
1 19985332 Purpose
1 19985548 Rate/Term Refinance
1 20045498 Cash-Out Refinance
1 20046231 Purpose
1 20049490 Purpose
1 20051652 Cash-Out Refinance
1 20051827 Rate/Term Refinance
1 20052239 Rate/Term Refinance
1 20052304 Rate/Term Refinance
1 20053104 Cash-Out Refinance
1 20053393 Purpose
1 20053468 Cash-Out Refinance
1 20053690 Cash-Out Refinance
1 20054722 Cash-Out Refinance
1 20055349 Purpose
1 20055489 Purpose
1 20056644 Purpose
1 20057014 Cash-Out Refinance
1 20057691 Cash-Out Refinance
1 20057923 Cash-Out Refinance
1 20057972 Purpose
1 20073821 Purpose
1 20074159 Rate/Term Refinance
1 20074605 Cash-Out Refinance
1 20074712 Purpose
1 20074894 Rate/Term Refinance
1 20075065 Cash-Out Refinance
1 20077491 Purpose
1 20090775 Purpose
1 20094140 Rate/Term Refinance
1 20095022 Purpose
1 20095345 Rate/Term Refinance
1 20095683 Rate/Term Refinance
1 20102976 Purpose
</TABLE>
<PAGE>
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1 20115796 4329 GRAYDON RD SAN DIEGO CA 92130 360 353 354000.00 352031.55
1 20117214 2918 SOMBROSA ST CARLSBAD CA 92009 360 354 273000.00 271702.75
1 20120754 5767 OWL HILL AVE SANTA ROSA CA 95409 360 353 271600.00 270089.74
1 20121521 14 BEAR CREEK CT PETALUMA CA 94952 360 354 333000.00 331417.63
1 20122735 10241 MILLER AVE CUPERTINO CA 95014 360 350 295000.00 292703.30
1 20122966 6588 BOSE LN SAN JOSE CA 95120 360 350 359200.00 356320.44
1 20123006 561 BISCAYNE DR SAN RAFAEL CA 94901 360 350 418000.00 414649.07
1 20123097 34 DIAS DORADOS ORINDA CA 94563 360 351 300000.00 297842.10
1 20124285 557 ALEXIS CIRCLE DALY CITY CA 94014 360 350 287500.00 284992.19
1 20124947 1605 GRETEL LN MOUNTAIN VIEW CA 94040 360 351 330000.00 327683.68
1 20151916 2307 OLIVE AVE FREMONT CA 94539 360 355 255000.00 253993.28
1 20151924 4330 CAMELLIA PLEASANTON CA 94588 360 354 327000.00 325483.94
1 20208914 113 HIGHCREST LN SO SAN FRANCISCO CA 94080 360 350 369200.00 366450.16
1 20209201 187 RESERVOIR RD SAN RAFAEL CA 94901 360 350 280000.00 277809.54
1 20210100 1229 CLAYFORD AVE THOUS OAKS(WSTLK VLG CA 91361 360 350 265000.00 262977.05
1 20210373 301 MAC GREGOR RD PLEASANT HILL CA 94523 360 350 299000.00 296603.04
1 20210498 436 EVERETT DR DANVILLE CA 94526 360 350 273750.00 268614.47
1 20210621 2075 SUTTER ST UNIT 529 SAN FRANCISCO CA 94115 360 351 320000.00 317698.30
1 20210894 2390 MAR EAST ST+ TIBURON CA 94920 360 350 365000.00 362213.72
1 20212395 640 MAPLE ST GRANT MN 55115 360 350 393700.00 390543.87
1 20217469 1582 CHAMBERS DR SAN JOSE CA 95118 360 354 315000.00 313539.56
1 20217543 917 BLUEBONNET DR SUNNYVALE CA 95046 360 353 420000.00 417664.53
1 20217691 147 SWEETBERRY CT SAN JOSE CA 95136 360 354 296800.00 295457.55
1 20218343 1558 GALENA DR SAN JOSE CA 95121 360 353 245000.00 243670.74
1 20218392 5379 LENORA AVE SAN JOSE CA 95124 360 354 351200.00 349306.48
1 20218715 481 VINE ST SUNNYVALE CA 94086 360 353 300000.00 298372.29
1 20219457 2355 AVE 404 KINGSBURG CA 93631 360 355 260000.00 259023.06
1 20225389 26 CHESTERFIELD RD STAMFORD CT 06902 360 350 330000.00 326279.44
1 20226593 111 JORDAN LN STAMFORD CT 06903 360 352 320000.00 317960.25
1 20227260 38 COS COB AVENUE & B U COS COB CT 06807 240 233 350000.00 345354.31
1 20227278 40 COS COB AVENUE COS COB CT 06807 240 233 375000.00 370022.52
1 20227369 12 MEEKER RD WESTPORT CT 06880 360 353 396500.00 201895.79
1 20228102 62 N PARK AVE EASTON CT 06612 360 354 562500.00 559050.96
1 20228326 6 DONATA LN STAMFORD CT 06905 360 354 324000.00 322497.84
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 20103032 7.50000 0.50000 7/1/1999 2377.33 80.00 425000.00 Single Family Residence Primary
1 20115796 7.25000 0.25000 6/1/1999 2414.90 70.10 505000.00 Single Family Residence Primary
1 20117214 7.25000 0.25000 7/1/1999 1862.34 75.00 364000.00 Single Family Residence Primary
1 20120754 7.25000 0.25000 6/1/1999 1852.79 80.00 339500.00 Single Family Residence Primary
1 20121521 7.25000 0.25000 7/1/1999 2271.65 67.27 495000.00 Single Family Residence Primary
1 20122735 7.62500 0.62500 3/1/1999 2087.98 66.29 445000.00 Single Family Residence Investor
1 20122966 7.25000 0.25000 3/1/1999 2450.38 80.00 449000.00 Single Family Residence Primary
1 20123006 7.25000 0.25000 3/1/1999 2851.50 69.21 604000.00 Condominium Primary
1 20123097 7.25000 0.25000 4/1/1999 2046.53 42.86 700000.00 Single Family Residence Primary
1 20124285 7.25000 0.25000 3/1/1999 1961.26 76.67 375000.00 Single Family Residence Primary
1 20124947 7.37500 0.37500 4/1/1999 2279.23 64.08 515000.00 Single Family Residence Primary
1 20151916 7.25000 0.25000 8/1/1999 1739.55 75.00 340000.00 Single Family Residence Primary
1 20151924 7.37500 0.37500 7/1/1999 2258.51 78.42 417000.00 Single Family Residence Primary
1 20208914 7.62500 0.62500 3/1/1999 2613.17 95.00 388645.00 Single Family Residence Primary
1 20209201 7.37500 0.37500 3/1/1999 1933.89 80.00 350000.00 Single Family Residence Primary
1 20210100 7.50000 0.50000 3/1/1999 1852.92 53.54 495000.00 Single Family Residence Primary
1 20210373 7.25000 0.25000 3/1/1999 2039.71 74.19 403000.00 Single Family Residence Primary
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<PAGE>
<TABLE>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<PAGE>
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<CAPTION>
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<PAGE>
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<CAPTION>
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<CAPTION>
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<PAGE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1 24626830 7.37500 0.37500 8/1/1999 2403.55 69.60 500000.00 Single Family Residence Primary
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<CAPTION>
<S> <C> <C>
1 24387128 Cash-Out Refinance
1 24387367 Rate/Term Refinance
1 24387458 Rate/Term Refinance
1 24394124 Purpose
1 24394371 Purpose
1 24394413 Cash-Out Refinance
1 24394611 Rate/Term Refinance
1 24395071 Rate/Term Refinance
1 24446890 Rate/Term Refinance
1 24447104 Purpose
1 24448797 Cash-Out Refinance
1 24448870 Purpose
1 24449043 Rate/Term Refinance
1 24451411 Purpose
1 24463044 Purpose
1 24474777 Cash-Out Refinance
1 24475048 Cash-Out Refinance
1 24492217 Cash-Out Refinance
1 24492241 Purpose
1 24492282 Rate/Term Refinance
1 24492548 Cash-Out Refinance
1 24503179 Cash-Out Refinance
1 24503302 Purpose
1 24504052 Rate/Term Refinance
1 24540742 Purpose
1 24543852 Purpose
1 24555062 Purpose
1 24599490 Rate/Term Refinance
1 24621286 Cash-Out Refinance
1 24623779 Cash-Out Refinance
1 24624066 Purpose
1 24626830 Cash-Out Refinance
1 24627366 Cash-Out Refinance
1 24706939 Purpose
1 24708810 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
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1 24720179 807 BUENA VISTA UNIT A SAN CLEMENTE CA 92672 360 352 360000.00 354622.69
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1 24783532 288 MESA RD BOLINAS CA 94924 360 353 455000.00 452319.20
1 24783888 1866 23RD AVE SAN FRANCISCO CA 94122 360 353 265000.00 263597.22
1 24783961 248 HILLCREST CT PLEASANT HILL CA 94523 360 352 253600.00 252005.16
1 24784068 127 HIGHCREST LN SOUTH SAN FRANCISCO CA 94080 360 352 346700.00 344489.98
1 24784506 1924 NEWELL AVE WALNUT CREEK CA 94595 360 354 365750.00 364095.69
1 24784829 19 CAMINO DE HERRERA SAN ANSELMO CA 94960 360 352 335000.00 331631.57
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1 24797227 12800 HWY 12 SONOMA CA 95476 360 355 599200.00 597003.85
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1 24801706 3629 BEVERLY DR HIGHLAND PARK TX 75205 360 354 1100000.00 1095024.67
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1 24809063 322 FRANKLIN ST SAN MATEO CA 94402 360 351 420000.00 416978.96
1 24809121 1771 BARCELONA AVE SAN JOSE CA 95124 360 352 252000.00 250432.59
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1 24809907 38317 LOGAN DR FREMONT CA 94536 360 353 499000.00 496225.22
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1 24883530 39 W 806 CARL SANDBURG SAINT CHARLES IL 60175 360 351 449800.00 446642.81
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1 24912602 920 W SHERIDAN RD CHICAGO IL 60613 360 354 357300.00 355643.49
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1 24933962 14 OAK RD SANTA CRUZ CA 95060 360 354 325000.00 323455.67
1 24953986 710 HILLCREST BLVD MILLBRAE CA 94030 360 353 300000.00 298331.79
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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<CAPTION>
<S> <C> <C>
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1 24709446 Cash-Out Refinance
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1 24719460 Purpose
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1 24720179 Purpose
1 24782948 Rate/Term Refinance
1 24783532 Cash-Out Refinance
1 24783888 Purpose
1 24783961 Purpose
1 24784068 Purpose
1 24784506 Purpose
1 24784829 Cash-Out Refinance
1 24795601 Rate/Term Refinance
1 24797227 Purpose
1 24799462 Purpose
1 24801706 Cash-Out Refinance
1 24802159 Cash-Out Refinance
1 24808404 Cash-Out Refinance
1 24809063 Cash-Out Refinance
1 24809121 Rate/Term Refinance
1 24809881 Rate/Term Refinance
1 24809907 Purpose
1 24827347 Cash-Out Refinance
1 24883530 Purpose
1 24912347 Rate/Term Refinance
1 24912602 Purpose
1 24932816 Cash-Out Refinance
1 24933962 Cash-Out Refinance
1 24953986 Purpose
1 24954026 Cash-Out Refinance
1 24954372 Purpose
</TABLE>
<PAGE>
<TABLE>
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1 24955049 774 WALNUT AVE BURLINGAME CA 94010 360 354 553000.00 550372.26
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1 24955239 454 W SUNNYOAKS AVE CAMPBELL CA 95008 360 354 300000.00 298574.44
1 24955247 2715 MONSERAT AVE BELMONT CA 94002 360 354 273000.00 271702.75
1 24955338 206 DAY ST+ SAN FRANCISCO CA 94131 360 354 385000.00 382461.24
1 24955478 227 WINDSOR DR SAN CARLOS CA 94070 360 354 425000.00 422980.46
1 24955486 6458 GUADALUPE MINES RD SAN JOSE CA 95120 360 354 610000.00 607134.60
1 24955700 441 FAIRWAY DR HALF MOON BAY CA 94019 360 354 370000.00 368241.83
1 24955783 963 LURLINE DR FOSTER CITY CA 94404 360 354 318000.00 316525.66
1 24955791 1951 ELIZABETH ST SAN CARLOS CA 94070 360 354 355000.00 353394.33
1 24955965 2349 SEACREST CT SAN LEANDRO CA 94579 360 354 295100.00 293731.87
1 24956518 283 POPLAR AVE SAN BRUNO CA 94066 360 355 276000.00 274962.97
1 24967366 4600 PANORAMA DR LA MESA CA 91941 360 353 257600.00 256167.55
1 24967697 808 MIDORI CT SOLANA BEACH CA 92075 360 353 650000.00 646385.55
1 24975195 538 SHADOW LN SIMI VALLEY CA 93065 360 354 265728.00 264465.33
1 24975328 27 BASSWOOD AVE OAK PARK CA 91377 240 234 270000.00 266937.45
1 24975872 537 SAVONA WAY OAK PARK CA 91377 360 354 283000.00 281687.96
1 24976037 839 CORTE PASTORAL CAMARILLO CA 93010 360 355 650000.00 647496.42
1 24977019 2430 TOPSAIL CIRCLE WESTLAKE VILLAGE CA 91361 360 355 275000.00 273992.11
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1 25007477 4101 PADDINGTON LN COLLEYVILLE TX 76034 360 355 256000.00 253789.21
1 25053158 4046 MURIETTA AVE SHERMAN OAKS CA 91423 360 352 310000.00 307468.83
1 25053646 14826 GREENLEAF ST SHERMAN OAKS CA 91403 360 353 250000.00 248609.84
1 25054263 23623 SPIRES ST WEST HILLS CA 91304 360 354 252000.00 250888.12
1 25054982 4640 DEL MORENO DR WOODLAND HILLS CA 91364 360 354 450000.00 444895.97
1 25060732 3107 SAN JOSE AVE SAN FRANCISCO CA 94112 360 352 265000.00 263431.06
1 25061227 34 36-38 1/2 LANDERS ST SAN FRANCISCO CA 94114 360 352 500000.00 496812.84
1 25061417 1090 ACACIA ST MONTARA CA 94037 360 352 436000.00 433220.77
1 25061433 439-41 HOFFMAN ST SAN FRANCISCO CA 94114 360 352 330000.00 327896.48
1 25061458 5034 BLACKBIRD WAY PLEASANTON CA 94566 360 352 293250.00 291426.05
1 25061789 2868 LANSFORD AVE SAN JOSE CA 95125 360 352 340000.00 337885.18
<CAPTION>
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1 25060732 7.62500 0.62500 5/1/1999 1875.65 94.98 279000.00 Single Family Residence Primary
1 25061227 7.25000 0.25000 5/1/1999 3410.88 67.57 740000.00 4-Family Primary
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<CAPTION>
<S> <C> <C>
1 24954414 Rate/Term Refinance
1 24954422 Cash-Out Refinance
1 24954703 Purpose
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1 24955247 Rate/Term Refinance
1 24955338 Cash-Out Refinance
1 24955478 Cash-Out Refinance
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1 24955700 Rate/Term Refinance
1 24955783 Cash-Out Refinance
1 24955791 Cash-Out Refinance
1 24955965 Purpose
1 24956518 Cash-Out Refinance
1 24967366 Purpose
1 24967697 Purpose
1 24975195 Purpose
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1 24975872 Cash-Out Refinance
1 24976037 Purpose
1 24977019 Cash-Out Refinance
1 25006388 Cash-Out Refinance
1 25007477 Purpose
1 25053158 Rate/Term Refinance
1 25053646 Rate/Term Refinance
1 25054263 Rate/Term Refinance
1 25054982 Cash-Out Refinance
1 25060732 Purpose
1 25061227 Cash-Out Refinance
1 25061417 Purpose
1 25061433 Cash-Out Refinance
1 25061458 Cash-Out Refinance
1 25061789 Purpose
</TABLE>
<PAGE>
<TABLE>
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1 25062068 125 KING ST LARKSPUR CA 94939 360 352 535000.00 528568.12
1 25073313 42250 CAMINO TIEMPO TEMECULA CA 92590 360 352 352000.00 349756.24
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1 26052985 8803 ALTIMONT LN CHEVY CHASE MD 20815 360 353 273000.00 271554.86
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1 26085555 16084 TUKWUT CT PAUMA VALLEY CA 92061 360 354 443000.00 440946.15
1 26095455 27 PRINCETON ST SAN FRANCISCO CA 94134 360 354 266000.00 264736.00
1 26095760 1025 LOMBARD ST UNIT 1 SAN FRANCISCO CA 94109 360 354 500000.00 497624.09
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1 26116541 4960 E PALOMINO DR PHOENIX AZ 85018 360 353 584000.00 580752.57
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1 26117689 617 N ALCALA DR LITCHFIELD PARK AZ 85340 360 353 300000.00 298411.99
1 26117739 6528 N 60TH ST PARADISE VALLEY AZ 85253 360 353 486000.00 483297.50
1 26117994 12813 W GEORGIA AVE LITCHFIELD PARK AZ 85340 360 353 256452.00 255060.58
1 26118562 6262 W LOUISE DR GLENDALE AZ 85308 360 352 281200.00 279493.50
1 26119487 1901 E LOCKWOOD MESA AZ 85203 360 354 299250.00 297929.66
1 26134288 763 SAN CARRIZO WAY MOUNTAIN VIEW CA 94043 360 353 300000.00 298331.79
1 26134445 24 MORSE LN WOODSIDE CA 94062 360 355 370000.00 368643.88
1 26154567 1117 W WELLINGTON AVE CHICAGO IL 60657 360 353 544000.00 541048.46
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 25061870 7.37500 0.37500 5/1/1999 2141.09 78.88 393000.00 Single Family Residence Primary
1 25062068 7.25000 0.25000 5/1/1999 3649.64 76.43 700000.00 Single Family Residence Primary
1 25073313 7.25000 0.25000 5/1/1999 2401.26 70.40 500000.00 Single Family Residence Primary
1 25091372 7.62500 0.62500 5/1/1999 4246.76 60.91 985000.00 Single Family Residence Primary
1 25092255 7.25000 0.25000 6/1/1999 2097.69 64.74 475000.00 Single Family Residence Primary
1 25092438 7.25000 0.25000 6/1/1999 2701.42 80.00 495000.00 Single Family Residence Primary
1 26052985 7.50000 0.50000 6/1/1999 1908.86 74.79 365000.00 Single Family Residence Primary
1 26053058 7.37500 0.37500 6/1/1999 1699.41 95.00 259000.00 Single Family Residence Primary
1 26059295 7.25000 0.25000 5/1/1999 2122.93 80.00 389000.00 Single Family Residence Primary
1 26059790 7.25000 0.25000 6/1/1999 2087.46 36.43 840000.00 Single Family Residence Primary
1 26060129 7.50000 0.50000 5/1/1999 1748.04 38.46 650000.00 Single Family Residence Primary
1 26060236 7.25000 0.25000 5/1/1999 2210.25 80.00 405000.00 Single Family Residence Second
1 26074336 7.25000 0.25000 5/1/1999 2046.53 75.00 400000.00 Single Family Residence Primary
1 26085555 7.37500 0.37500 7/1/1999 3059.69 79.11 560000.00 Single Family Residence Primary
1 26095455 7.25000 0.25000 7/1/1999 1814.59 79.64 334000.00 Single Family Residence Primary
1 26095760 7.25000 0.25000 7/1/1999 3410.88 73.53 680000.00 Condominium Primary
1 26095794 7.25000 0.25000 7/1/1999 1814.59 42.56 625000.00 Single Family Residence Primary
1 26095802 7.25000 0.25000 7/1/1999 1746.37 80.00 320000.00 Single Family Residence Primary
1 26113092 7.62500 0.62500 8/1/1999 2017.21 75.00 380000.00 Single Family Residence Primary
1 26113415 7.25000 0.25000 7/1/1999 2285.29 73.46 456000.00 Single Family Residence Primary
1 26113472 7.25000 0.25000 7/1/1999 4434.15 52.50 1238000.00 Single Family Residence Primary
1 26113522 7.37500 0.37500 7/1/1999 3011.34 75.83 575000.00 Single Family Residence Primary
1 26113670 7.25000 0.25000 7/1/1999 2401.26 80.00 440000.00 Single Family Residence Primary
1 26116541 7.25000 0.25000 6/1/1999 3983.91 77.87 750000.00 Single Family Residence Primary
1 26117507 7.25000 0.25000 6/1/1999 1969.78 75.00 385000.00 Single Family Residence Primary
1 26117572 7.62500 0.62500 6/1/1999 2184.61 94.97 325000.00 Single Family Residence Primary
1 26117580 7.37500 0.37500 6/1/1999 3177.11 61.33 750000.00 Single Family Residence Primary
1 26117689 7.50000 0.50000 6/1/1999 2097.64 75.00 400000.00 Single Family Residence Primary
1 26117739 7.25000 0.25000 6/1/1999 3315.38 89.17 545000.00 Single Family Residence Primary
1 26117994 7.37500 0.37500 6/1/1999 1771.25 94.98 270000.00 Single Family Residence Primary
1 26118562 7.50000 0.50000 5/1/1999 1966.19 94.36 298000.00 Single Family Residence Primary
1 26119487 7.62500 0.62500 7/1/1999 2118.07 95.00 315000.00 Single Family Residence Primary
1 26134288 7.25000 0.25000 6/1/1999 2046.53 73.17 410000.00 Single Family Residence Primary
1 26134445 7.62500 0.62500 8/1/1999 2618.84 41.81 885000.00 Single Family Residence Primary
1 26154567 7.37500 0.37500 6/1/1999 3757.27 80.00 680000.00 2-Family Primary
<CAPTION>
<S> <C> <C>
1 25061870 Rate/Term Refinance
1 25062068 Rate/Term Refinance
1 25073313 Cash-Out Refinance
1 25091372 Cash-Out Refinance
1 25092255 Cash-Out Refinance
1 25092438 Purpose
1 26052985 Rate/Term Refinance
1 26053058 Purpose
1 26059295 Purpose
1 26059790 Cash-Out Refinance
1 26060129 Cash-Out Refinance
1 26060236 Purpose
1 26074336 Cash-Out Refinance
1 26085555 Rate/Term Refinance
1 26095455 Rate/Term Refinance
1 26095760 Cash-Out Refinance
1 26095794 Cash-Out Refinance
1 26095802 Purpose
1 26113092 Cash-Out Refinance
1 26113415 Cash-Out Refinance
1 26113472 Cash-Out Refinance
1 26113522 Rate/Term Refinance
1 26113670 Purpose
1 26116541 Purpose
1 26117507 Cash-Out Refinance
1 26117572 Purpose
1 26117580 Cash-Out Refinance
1 26117689 Cash-Out Refinance
1 26117739 Purpose
1 26117994 Purpose
1 26118562 Purpose
1 26119487 Purpose
1 26134288 Cash-Out Refinance
1 26134445 Purpose
1 26154567 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1 26164459 12-14 WESTMINSTER ST SOMERVILLE MA 02144 360 355 396000.00 394299.96
1 26189688 1716 AVENIDA CRESCENTA SAN CLEMENTE CA 92672 360 352 318000.00 315972.97
1 26190280 2672 COPA DE ORO DR LOS ALAMITOS CA 90720 360 352 354000.00 351743.51
1 26190710 12 BURNING TREE RD NEWPORT BEACH CA 92660 360 352 765000.00 760470.78
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1 26190934 4588 LIVE OAK CANYON RD LA VERNE CA 91750 360 352 285000.00 283183.33
1 26191320 1319 E BALBOA BLVD UNIT C NEWPORT BEACH CA 92660 360 352 603750.00 600175.50
1 26192690 632 ST JAMES RD NEWPORT BEACH CA 92663 360 353 410000.00 407775.45
1 26215376 35 BROWN AVE SEEKONK MA 02771 360 356 242250.00 241505.86
1 26217992 2 EISENHOWER LN COTO DE CAZA CA 92679 360 353 505000.00 502124.91
1 26218404 8144 PASEO DEL OCASO LA JOLLA CA 92037 360 354 631200.00 628273.62
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1 26224840 432 BUCHANAN ST SAN FRANCISCO CA 94102 360 352 282000.00 280309.77
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1 26225391 249 LOS ANGELES BLVD SAN ANSELMO CA 94960 360 352 300000.00 298134.01
1 26225433 4721 LARKWOOD AVE L A (WOODLAND HILLS CA 91364 360 352 271200.00 268692.01
1 26225581 101 LIBERTY ST SAN FRANCISCO CA 94110 360 352 648000.00 641403.38
1 26225854 729 DOUGLASS ST SAN FRANCISCO CA 94114 360 352 475000.00 471972.16
1 26225953 310 SANCHEZ ST SAN FRANCISCO CA 94114 360 355 322000.00 320728.77
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1 26229534 97 RALPH AVE WHITE PLAINS NY 10606 360 355 342000.00 340712.88
1 26250712 317 S PATTON AVE LOS ANGELES CA 90732 360 352 274450.00 272698.70
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1 26253005 12556 ROSY CIRCLE LOS ANGELES CA 90066 360 352 248000.00 245532.60
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1 26254136 284 W LARCOM ST THOUSAND OAKS CA 91360 360 353 254300.00 252885.97
1 26254250 17 SEVEN KINGS PL ALISO VIEJO CA 92656 360 352 256400.00 254765.62
1 26254458 1444 N SPAULDING AVE LOS ANGELES CA 90046 360 353 336000.00 332141.85
1 26255059 5551 FREEDOM BLVD APTOS CA 95003 360 352 322500.00 318937.87
1 26255273 7023 ALMOND HILL CT ORANGEVALE CA 95662 360 353 301100.00 299319.88
1 26256560 5 ERIN LN HALF MOON BAY CA 94019 360 352 305550.00 303649.49
1 26257618 1586 HESTER AVE SAN JOSE CA 95126 360 352 325000.00 322928.36
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 26159491 7.62500 0.62500 7/1/1999 3071.82 70.00 620000.00 2-Family Primary
1 26164459 7.62500 0.62500 8/1/1999 2802.86 90.00 440000.00 3-Family Primary
1 26189688 7.25000 0.25000 5/1/1999 2169.32 74.82 425000.00 Single Family Residence Primary
1 26190280 7.25000 0.25000 5/1/1999 2414.90 79.73 444000.00 Single Family Residence Primary
1 26190710 7.62500 0.62500 5/1/1999 5414.62 58.85 1300000.00 Single Family Residence Primary
1 26190793 7.25000 0.25000 6/1/1999 1995.37 78.00 375000.00 Single Family Residence Primary
1 26190934 7.25000 0.25000 5/1/1999 1944.20 64.77 440000.00 Single Family Residence Primary
1 26191320 7.62500 0.62500 5/1/1999 4273.30 75.00 805000.00 Condominium Primary
1 26192690 7.37500 0.37500 6/1/1999 2831.77 73.87 555000.00 Single Family Residence Primary
1 26215376 7.37500 0.37500 9/1/1999 1673.16 95.00 255000.00 Single Family Residence Primary
1 26217992 7.25000 0.25000 6/1/1999 3444.98 72.14 700000.00 Single Family Residence Primary
1 26218404 7.37500 0.37500 7/1/1999 4359.54 79.90 790000.00 Single Family Residence Second
1 26218586 7.50000 0.50000 9/1/1999 2097.64 72.29 415000.00 Single Family Residence Primary
1 26224840 7.62500 0.62500 5/1/1999 1995.98 60.00 470000.00 Single Family Residence Investor
1 26225318 7.25000 0.25000 7/1/1999 2548.61 80.00 467000.00 Single Family Residence Primary
1 26225383 7.62500 0.62500 5/1/1999 2031.37 79.72 360000.00 Single Family Residence Primary
1 26225391 7.37500 0.37500 5/1/1999 2072.03 71.43 420000.00 Single Family Residence Primary
1 26225433 7.25000 0.25000 5/1/1999 1850.06 80.00 339000.00 Single Family Residence Primary
1 26225581 7.25000 0.25000 5/1/1999 4420.50 80.00 810000.00 Condominium Primary
1 26225854 7.25000 0.25000 5/1/1999 3240.34 65.52 725000.00 2-Family Primary
1 26225953 7.25000 0.25000 8/1/1999 2196.61 70.00 460000.00 Single Family Residence Primary
1 26226498 7.62500 0.62500 5/1/1999 2654.23 75.00 500000.00 2-Family Primary
1 26229534 7.50000 0.50000 8/1/1999 2391.31 90.00 380000.00 Single Family Residence Primary
1 26250712 7.25000 0.25000 5/1/1999 1872.23 89.98 305000.00 Single Family Residence Primary
1 26251553 7.25000 0.25000 5/1/1999 3369.95 74.85 660000.00 Single Family Residence Primary
1 26252700 7.37500 0.37500 5/1/1999 2512.33 75.00 485000.00 Single Family Residence Primary
1 26253005 7.50000 0.50000 5/1/1999 1734.05 66.13 375000.00 Single Family Residence Primary
1 26253542 7.25000 0.25000 5/1/1999 1684.98 89.82 275000.00 Single Family Residence Primary
1 26254136 7.25000 0.25000 6/1/1999 1734.77 87.39 291000.00 Single Family Residence Primary
1 26254250 7.25000 0.25000 5/1/1999 1749.10 89.99 284933.00 Condominium Primary
1 26254458 7.37500 0.37500 6/1/1999 2320.67 68.57 490000.00 Single Family Residence Primary
1 26255059 7.37500 0.37500 5/1/1999 2227.43 75.00 430000.00 Single Family Residence Primary
1 26255273 7.25000 0.25000 6/1/1999 2054.03 89.88 335000.00 Single Family Residence Primary
1 26256560 7.37500 0.37500 5/1/1999 2110.36 89.87 340000.00 Condominium Primary
1 26257618 7.25000 0.25000 5/1/1999 2217.07 61.90 525000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 26159491 Purpose
1 26164459 Purpose
1 26189688 Cash-Out Refinance
1 26190280 Purpose
1 26190710 Cash-Out Refinance
1 26190793 Cash-Out Refinance
1 26190934 Cash-Out Refinance
1 26191320 Purpose
1 26192690 Cash-Out Refinance
1 26215376 Purpose
1 26217992 Cash-Out Refinance
1 26218404 Purpose
1 26218586 Purpose
1 26224840 Rate/Term Refinance
1 26225318 Purpose
1 26225383 Rate/Term Refinance
1 26225391 Cash-Out Refinance
1 26225433 Purpose
1 26225581 Purpose
1 26225854 Cash-Out Refinance
1 26225953 Purpose
1 26226498 Purpose
1 26229534 Rate/Term Refinance
1 26250712 Purpose
1 26251553 Cash-Out Refinance
1 26252700 Rate/Term Refinance
1 26253005 Rate/Term Refinance
1 26253542 Purpose
1 26254136 Purpose
1 26254250 Purpose
1 26254458 Rate/Term Refinance
1 26255059 Cash-Out Refinance
1 26255273 Rate/Term Refinance
1 26256560 Purpose
1 26257618 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 26257634 350 BUNDY AVE SAN JOSE CA 95117 360 353 348000.00 346111.88
1 26263004 83 TENNYSON ST WEST ROXBURY MA 02132 360 353 274550.00 273096.71
1 26263038 58 SPORT HILL REDDING CT 06896 360 354 375250.00 373594.30
1 26263053 152 PYTHIAN AVE HAWTHORNE NY 10532 360 354 319200.00 317720.09
1 26264184 10708 WENTWORTH NAPERVILLE IL 60564 360 354 388800.00 387084.55
1 26275164 7342 BASSANO DR GOLETA CA 93117 360 355 287750.00 286695.34
1 26289520 7847 YORKTOWN AVE LOS ANGELES CA 90045 360 354 247500.00 246323.89
1 26289546 150 OCEAN PARK BLVD SANTA MONICA CA 90405 360 354 320000.00 318479.44
1 26290387 1348 PINE ST SANTA MONICA CA 90404 360 355 428850.00 427278.22
1 26290569 1319 HARVARD ST UNIT B SANTA MONICA CA 90404 360 354 291200.00 289849.90
1 26291815 129 ALTA AVE UNIT 2 SANTA MONICA CA 90402 360 356 425000.00 423757.83
1 26296103 1303 'Q' STREE NW WASHINGTON DC 20009 360 353 398400.00 396238.43
1 26303693 390 S HENRY AVE SAN JOSE CA 95117 360 353 288000.00 286475.47
1 26304329 21000 COMER DR SARATOGA CA 95070 360 353 573500.00 570310.98
1 26305029 11240 COLUMBET AVE GILROY CA 95020 360 353 325500.00 323690.04
1 26305193 739 ARDEN DR ENCINITAS CA 92024 360 354 302640.00 301236.88
1 26305284 11107 CHERRY RIDGE RD SEBASTOPOL CA 95472 360 353 286200.00 284577.06
1 26305292 1421 GRACE AVE SAN JOSE CA 95125 360 354 335000.00 333408.13
1 26305441 961 SAND DUNES RD PEBBLE BEACH CA 93953 360 354 700000.00 696803.31
1 26305458 165 GIDDINGS CT SAN JOSE CA 95139 360 354 290000.00 288518.29
1 26305748 439 MONROE DR PALO ALTO CA 94306 360 354 460000.00 455875.25
1 26306431 3520 KILO AVE SAN JOSE CA 95124 360 355 313200.00 312023.19
1 26321588 316 MT WASHINGTON WAY CLAYTON CA 94517 360 355 259000.00 258050.71
1 26337550 5149 W ESTES AVE SKOKIE IL 60077 360 352 295000.00 293119.57
1 26356519 10205 COLLINS AVENUE BAL HARBOR FL 33154 360 353 342000.00 338735.68
1 26357343 ONE GROVE ISLE DR MIAMI FL 33133 360 353 271200.00 269540.21
1 26481291 614 VALENCIA AVE EL GRANADA CA 94018 360 352 360000.00 357815.30
1 26481416 1001 MICHIGAN AVE SAN JOSE CA 95125 360 352 599000.00 595077.44
1 26481507 260 WILLOWBROOK DR PORTOLA VALLEY CA 94028 360 353 1072500.00 1066536.20
1 26481960 435 LAVERNE AVE MILL VALLEY CA 94941 360 352 285000.00 283183.33
1 26482208 19047 SARATOGA GLEN PL SARATOGA CA 95070 360 353 461000.00 458306.17
1 26549345 359 SHORE VIEW LN ENCINITAS CA 92024 360 354 407000.00 405065.99
1 26549360 5107 CHOC CLIFF DR BONITA CA 91902 360 353 285000.00 280013.18
1 26596882 451 CABONIA CT PLEASANTON CA 94566 360 353 484000.00 478843.14
1 26602037 15637 TALOGA ST HACIENDA HEIGHTS CA 91745 360 353 306000.00 304339.72
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 26257634 7.37500 0.37500 6/1/1999 2403.55 79.45 438000.00 Single Family Residence Primary
1 26263004 7.50000 0.50000 6/1/1999 1919.69 94.67 290000.00 Single Family Residence Primary
1 26263038 7.62500 0.62500 7/1/1999 2656.00 93.81 400000.00 Single Family Residence Primary
1 26263053 7.37500 0.37500 7/1/1999 2204.64 95.00 336000.00 Single Family Residence Primary
1 26264184 7.62500 0.62500 7/1/1999 2751.90 90.00 432000.00 Single Family Residence Primary
1 26275164 7.62500 0.62500 8/1/1999 2036.68 78.84 365000.00 Single Family Residence Primary
1 26289520 7.25000 0.25000 7/1/1999 1688.39 75.00 330000.00 Single Family Residence Primary
1 26289546 7.25000 0.25000 7/1/1999 2182.96 76.19 420000.00 Condominium Primary
1 26290387 7.62500 0.62500 8/1/1999 3035.37 90.00 476500.00 Single Family Residence Primary
1 26290569 7.37500 0.37500 7/1/1999 2011.25 80.00 364000.00 Condominium Primary
1 26291815 7.62500 0.62500 9/1/1999 3008.12 59.52 714000.00 Condominium Primary
1 26296103 7.37500 0.37500 6/1/1999 2751.65 80.00 498000.00 2-Family Primary
1 26303693 7.50000 0.50000 6/1/1999 2013.74 90.00 320000.00 Single Family Residence Primary
1 26304329 7.25000 0.25000 6/1/1999 3912.28 52.14 1100000.00 Single Family Residence Primary
1 26305029 7.25000 0.25000 6/1/1999 2220.48 45.21 720000.00 Single Family Residence Primary
1 26305193 7.37500 0.37500 7/1/1999 2090.26 80.00 378300.00 Single Family Residence Second
1 26305284 7.15000 0.25000 6/1/1999 1933.01 90.00 318000.00 Single Family Residence Second
1 26305292 7.25000 0.25000 7/1/1999 2285.29 70.53 475000.00 Single Family Residence Primary
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1 26305458 7.25000 0.25000 7/1/1999 1978.31 68.24 425000.00 Single Family Residence Primary
1 26305748 7.50000 0.50000 7/1/1999 3216.39 80.00 575000.00 Single Family Residence Primary
1 26306431 7.50000 0.50000 8/1/1999 2189.94 90.00 348000.00 Single Family Residence Primary
1 26321588 7.62500 0.62500 8/1/1999 1833.19 74.64 347000.00 Single Family Residence Primary
1 26337550 7.25000 0.25000 5/1/1999 2012.42 71.95 410000.00 Single Family Residence Primary
1 26356519 7.25000 0.25000 6/1/1999 2333.04 90.00 380000.00 Condominium Primary
1 26357343 7.25000 0.25000 6/1/1999 1850.06 79.07 343000.00 Condominium Primary
1 26481291 7.50000 0.50000 5/1/1999 2517.17 80.00 450000.00 Single Family Residence Primary
1 26481416 7.25000 0.25000 5/1/1999 4086.24 74.97 799000.00 Single Family Residence Primary
1 26481507 7.25000 0.25000 6/1/1999 7316.34 65.00 1650000.00 Single Family Residence Primary
1 26481960 7.25000 0.25000 5/1/1999 1944.20 75.00 380000.00 Single Family Residence Primary
1 26482208 7.37500 0.37500 6/1/1999 3184.01 76.83 600000.00 Single Family Residence Primary
1 26549345 7.25000 0.25000 7/1/1999 2776.46 79.03 515000.00 Single Family Residence Primary
1 26549360 7.37500 0.37500 6/1/1999 1968.42 75.00 380000.00 Single Family Residence Primary
1 26596882 7.37500 0.37500 6/1/1999 3342.87 80.00 605000.00 Single Family Residence Primary
1 26602037 7.37500 0.37500 6/1/1999 2113.47 89.74 341000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 26257634 Rate/Term Refinance
1 26263004 Purpose
1 26263038 Purpose
1 26263053 Purpose
1 26264184 Purpose
1 26275164 Rate/Term Refinance
1 26289520 Rate/Term Refinance
1 26289546 Rate/Term Refinance
1 26290387 Purpose
1 26290569 Purpose
1 26291815 Purpose
1 26296103 Rate/Term Refinance
1 26303693 Purpose
1 26304329 Rate/Term Refinance
1 26305029 Cash-Out Refinance
1 26305193 Purpose
1 26305284 Purpose
1 26305292 Cash-Out Refinance
1 26305441 Purpose
1 26305458 Cash-Out Refinance
1 26305748 Purpose
1 26306431 Purpose
1 26321588 Cash-Out Refinance
1 26337550 Rate/Term Refinance
1 26356519 Rate/Term Refinance
1 26357343 Purpose
1 26481291 Purpose
1 26481416 Purpose
1 26481507 Cash-Out Refinance
1 26481960 Cash-Out Refinance
1 26482208 Rate/Term Refinance
1 26549345 Rate/Term Refinance
1 26549360 Cash-Out Refinance
1 26596882 Purpose
1 26602037 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 26615484 1100 TROWBRIDGE WAY DANVILLE CA 94506 360 352 300000.00 298134.01
1 26615831 950 BOLLINGER CANYON RD MORAGA CA 94556 360 352 460000.00 457276.53
1 26616003 42624 BARON ST FREMONT CA 94538 360 353 325000.00 322814.12
1 26616318 238-42 FRANCISCO ST SAN FRANCISCO CA 94133 360 352 500000.00 497039.69
1 26616391 3075 ARDEN WAY NAPA CA 94558 360 352 262500.00 260826.76
1 26616524 2 BELLEVUE AVE BELVEDERE CA 94920 360 352 850000.00 843339.51
1 26616730 1602- 1604 SILVER AVE REDWOOD CITY CA 94061 360 353 392000.00 389878.44
1 26617266 3140 HOLLYBURNE CT GLENDALE CA 91206 360 353 423000.00 420760.86
1 26617399 2167 LA MIEL WAY SAN JOSE CA 95008 360 353 351000.00 349159.91
1 26617597 105 PARKHAVEN DR DANVILLE CA 94506 360 353 475000.00 472358.67
1 26617670 439 JOOST AVE SAN FRANCISCO CA 94127 360 353 272800.00 271283.04
1 26617852 2509 COLT RD RANCHO PALOS VERDES CA 90275 360 353 440000.00 437553.27
1 26618470 137 SENATOR ST BROOKLYN NY 11220 360 354 258100.00 256903.41
1 26618991 73 JEREMY CT MONROE TOWNSHIP NJ 08882 360 354 282625.00 281346.66
1 26625160 80 CONOVER LN TEMPLETON CA 93465 360 355 341000.00 339750.16
1 26626481 32461 VISTA DEL SOL LAGUNA BEACH CA 92651 360 355 485000.00 483177.67
1 26626549 42 SAINT CROIX LAGUNA NIGUEL CA 92677 360 354 266310.00 265105.46
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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<CAPTION>
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1 28453058 Purpose
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<PAGE>
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<CAPTION>
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<CAPTION>
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1 28718252 Purpose
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<CAPTION>
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<CAPTION>
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<PAGE>
<TABLE>
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<CAPTION>
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<CAPTION>
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1 29501145 Cash-Out Refinance
1 29501756 Purpose
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1 29502598 Cash-Out Refinance
1 29513967 Purpose
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<PAGE>
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<CAPTION>
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1 7019227631 7.35000 0.35000 1/1/1998 2411.41 39.33 890000.00 Single Family Residence Primary
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<CAPTION>
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1 29541679 Rate/Term Refinance
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1 30767180 Rate/Term Refinance
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1 30877054 Purpose
1 30877195 Purpose
1 30914006 Purpose
1 31020340 Cash-Out Refinance
1 31061831 Cash-Out Refinance
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1 31340136 Cash-Out Refinance
1 31442700 Purpose
1 31483670 Purpose
1 7015579506 Cash-Out Refinance
1 7015787018 Purpose
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1 7019116396 Cash-Out Refinance
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<CAPTION>
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<CAPTION>
<S> <C> <C>
1 7019247795 Cash-Out Refinance
1 7019264857 Purpose
1 7019267355 Purpose
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<CAPTION>
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<CAPTION>
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1 7019563530 7.50000 0.50000 8/1/1998 3076.55 80.00 550000.00 3-Family Primary
1 7019565691 7.55000 0.55000 6/1/1998 1798.77 80.00 320000.00 Single Family Residence Primary
1 7019566442 7.60000 0.60000 7/1/1998 2372.42 80.00 420000.00 Single Family Residence Primary
1 7019568075 7.40000 0.40000 7/1/1998 2743.21 61.91 640000.00 Single Family Residence Primary
1 7019570840 7.45000 0.45000 7/1/1998 2115.22 80.00 380000.00 Single Family Residence Primary
1 7019571418 7.55000 0.55000 7/1/1998 7026.42 68.97 1450000.00 Single Family Residence Primary
1 7019571954 7.30000 0.30000 6/1/1998 6512.93 51.21 1855000.00 Single Family Residence Primary
1 7019572093 7.45000 0.45000 7/1/1998 3061.50 80.00 550000.00 Single Family Residence Primary
1 7019574354 7.60000 0.60000 7/1/1998 2259.44 80.00 400000.00 Single Family Residence Primary
1 7019574800 7.55000 0.55000 6/1/1998 2922.99 80.00 520000.00 Single Family Residence Primary
1 7019577837 7.35000 0.35000 8/1/1998 4470.06 64.88 1000000.00 Single Family Residence Primary
1 7019578108 7.50000 0.50000 7/1/1998 1978.78 54.42 520000.00 Single Family Residence Primary
1 7019584569 7.15000 0.25000 7/1/1998 3545.89 65.63 800000.00 Single Family Residence Primary
<CAPTION>
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1 7019516231 Cash-Out Refinance
1 7019516538 Purpose
1 7019516785 Purpose
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1 7019520894 Cash-Out Refinance
1 7019524185 Cash-Out Refinance
1 7019526222 Cash-Out Refinance
1 7019526495 Purpose
1 7019528335 Purpose
1 7019531271 Cash-Out Refinance
1 7019534051 Cash-Out Refinance
1 7019536650 Purpose
1 7019539522 Cash-Out Refinance
1 7019540363 Purpose
1 7019545644 Cash-Out Refinance
1 7019545669 Purpose
1 7019546220 Cash-Out Refinance
1 7019549745 Purpose
1 7019552277 Purpose
1 7019556229 Cash-Out Refinance
1 7019558092 Purpose
1 7019561740 Cash-Out Refinance
1 7019563530 Purpose
1 7019565691 Cash-Out Refinance
1 7019566442 Cash-Out Refinance
1 7019568075 Cash-Out Refinance
1 7019570840 Cash-Out Refinance
1 7019571418 Cash-Out Refinance
1 7019571954 Purpose
1 7019572093 Cash-Out Refinance
1 7019574354 Cash-Out Refinance
1 7019574800 Purpose
1 7019577837 Cash-Out Refinance
1 7019578108 Cash-Out Refinance
1 7019584569 Purpose
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<PAGE>
<TABLE>
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1 7019659114 2360W STEEPLE CHASE C LIBERTYVILLE IL 60048 360 343 384000.00 378755.51
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<CAPTION>
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1 7019586127 7.60000 0.60000 7/1/1998 1920.53 80.00 340000.00 Single Family Residence Primary
1 7019592166 7.50000 0.50000 8/1/1998 2391.32 80.00 427500.00 Single Family Residence Primary
1 7019593420 7.55000 0.55000 8/1/1998 1770.66 80.00 315000.00 Single Family Residence Primary
1 7019595540 7.60000 0.60000 7/1/1998 2118.23 75.00 400000.00 Condominium Primary
1 7019596977 7.40000 0.40000 8/1/1998 1869.43 75.00 360000.00 Single Family Residence Primary
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1 7019605463 7.25000 0.25000 8/1/1998 1937.39 80.00 355000.00 Single Family Residence Primary
1 7019609317 7.50000 0.50000 8/1/1998 1887.88 79.41 340000.00 Single Family Residence Primary
1 7019611230 7.50000 0.50000 9/1/1998 1806.78 85.00 304000.00 Single Family Residence Primary
1 7019611594 7.15000 0.25000 8/1/1998 2674.62 44.00 900000.00 Single Family Residence Primary
1 7019611644 7.45000 0.45000 7/1/1998 3478.97 64.35 777000.00 Single Family Residence Primary
1 7019613178 7.25000 0.25000 7/1/1998 1970.13 80.00 361000.00 Single Family Residence Primary
1 7019616510 7.25000 0.25000 8/1/1998 1828.24 80.00 335000.00 Single Family Residence Primary
1 7019617377 7.30000 0.30000 8/1/1998 2262.39 55.93 590000.00 Single Family Residence Primary
1 7019619993 7.60000 0.60000 8/1/1998 7837.43 60.00 1850000.00 Single Family Residence Primary
1 7019620454 7.60000 0.60000 7/1/1998 2435.96 75.00 460000.00 Single Family Residence Primary
1 7019624167 7.20000 0.25000 7/1/1998 2884.85 62.96 675000.00 Single Family Residence Primary
1 7019626659 7.45000 0.45000 8/1/1998 2685.77 20.32 1900000.00 Single Family Residence Primary
1 7019627160 7.60000 0.60000 7/1/1998 2937.28 80.00 520000.00 Single Family Residence Primary
1 7019633374 7.35000 0.35000 8/1/1998 2783.45 69.06 585000.00 Single Family Residence Primary
1 7019634554 7.30000 0.30000 7/1/1998 2413.21 80.00 440000.00 Single Family Residence Primary
1 7019636906 7.45000 0.45000 8/1/1998 3644.57 69.84 750000.00 Single Family Residence Primary
1 7019637003 7.45000 0.45000 8/1/1998 1983.02 56.21 507000.00 Single Family Residence Primary
1 7019644678 7.50000 0.50000 8/1/1998 3188.42 80.00 570000.00 Single Family Residence Primary
1 7019655096 7.50000 0.50000 8/1/1998 1789.99 80.00 320000.00 Condominium Primary
1 7019655971 7.50000 0.50000 8/1/1998 3239.47 73.31 632000.00 Single Family Residence Primary
1 7019657639 7.40000 0.40000 8/1/1998 1775.96 39.46 650000.00 Single Family Residence Primary
1 7019657761 7.45000 0.45000 8/1/1998 2435.28 68.63 510000.00 Single Family Residence Primary
1 7019658082 7.50000 0.50000 8/1/1998 1728.46 80.00 309000.00 Single Family Residence Primary
1 7019658553 7.55000 0.55000 10/1/1998 1967.40 68.63 408000.00 Single Family Residence Primary
1 7019659114 7.35000 0.35000 8/1/1998 2645.66 78.37 490000.00 Single Family Residence Primary
1 7019662100 7.55000 0.55000 9/1/1998 2810.57 72.73 550000.00 Single Family Residence Primary
1 7019662225 7.25000 0.25000 10/1/1998 1644.05 77.74 310000.00 Single Family Residence Primary
1 7019664197 7.40000 0.40000 9/1/1998 2380.41 57.78 595000.00 Single Family Residence Primary
1 7019671184 7.45000 0.45000 8/1/1998 2233.50 79.85 402000.00 Single Family Residence Primary
<CAPTION>
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1 7019586127 Cash-Out Refinance
1 7019592166 Purpose
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1 7019596977 Cash-Out Refinance
1 7019604417 Cash-Out Refinance
1 7019605463 Cash-Out Refinance
1 7019609317 Cash-Out Refinance
1 7019611230 Purpose
1 7019611594 Cash-Out Refinance
1 7019611644 Cash-Out Refinance
1 7019613178 Purpose
1 7019616510 Purpose
1 7019617377 Cash-Out Refinance
1 7019619993 Cash-Out Refinance
1 7019620454 Cash-Out Refinance
1 7019624167 Purpose
1 7019626659 Cash-Out Refinance
1 7019627160 Cash-Out Refinance
1 7019633374 Cash-Out Refinance
1 7019634554 Purpose
1 7019636906 Cash-Out Refinance
1 7019637003 Cash-Out Refinance
1 7019644678 Cash-Out Refinance
1 7019655096 Purpose
1 7019655971 Purpose
1 7019657639 Cash-Out Refinance
1 7019657761 Cash-Out Refinance
1 7019658082 Purpose
1 7019658553 Purpose
1 7019659114 Purpose
1 7019662100 Cash-Out Refinance
1 7019662225 Cash-Out Refinance
1 7019664197 Cash-Out Refinance
1 7019671184 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 7019671937 36 SPRING ST COLD SPRING HARBOR NY 11724 360 345 530000.00 523834.64
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1 7019681480 5603 HIGHCREST C PLEASANTON CA 94588 360 344 381600.00 374555.82
1 7019682249 1560 DANA AVE PALO ALTO CA 94303 360 344 795000.00 784614.50
1 7019683510 23578 LONE OAK RD ESCALON CA 95320 360 344 256500.00 253275.97
1 7019687917 16468 CAMELLIA TE LOS GATOS CA 95032 360 344 474000.00 457498.24
1 7019689210 2672W NEWELL AVE WALNUT CREEK CA 94595 360 344 280000.00 275128.51
1 7019689996 935 LA MIRADA S LAGUNA BCH CA 92651 360 344 243000.00 240033.28
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1 7019696082 8 DIAMONDGATE ALISO VIEJO CA 92656 360 344 322400.00 318463.93
1 7019698633 229 MASONIC AVE SAN FRANCISCO CA 94118 360 344 330000.00 325730.30
1 7019699003 615 BUFFALO SPR ALLEN TX 75013 360 344 242000.00 238928.81
1 7019701999 125 LONGMEADOW LOS GATOS CA 95032 360 344 545000.00 537948.58
1 7019704225 19295 CITRUS LN SARATOGA CA 95070 360 344 407000.00 400235.50
1 7019704613 983 WHIMBREL CT CARLSBAD CA 92009 360 344 300000.00 296301.71
1 7019706170 114 10TH ST GARDEN CITY NY 11530 360 345 400000.00 395116.12
1 7019706345 791 ARVADA CT SIMI VALLEY CA 93065 360 344 280000.00 274843.31
1 7019710388 4249E FITZGERALD AVE ORANGE CA 92867 360 344 300000.00 296004.61
1 7019720445 1018 COWPER ST PALO ALTO CA 94301 360 344 838000.00 827157.70
1 7019721104 3905 CADWALLADER SAN JOSE CA 95121 360 344 525000.00 518025.57
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1 7019721807 5070 BIRKDALE WA SAN JOSE CA 95138 360 344 454000.00 448182.34
1 7019723670 16660 MERIDIAN RD SALINAS CA 93907 360 344 252000.00 241004.09
1 7019724546 2685 STEEPLECHAS DIAMOND BAR CA 91765 360 344 500000.00 493776.15
1 7019726319 35 SANDPIPER IRVINE CA 92604 360 344 380000.00 375129.86
1 7019726517 716 CLAYTON ST SAN FRANCISCO CA 94117 360 345 396100.00 380278.08
1 7019727135 1 IRONSIDES S MARINA DEL REY AREA CA 90292 360 345 289800.00 286295.57
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1 7019735450 1756 ESPANOLA DR MIAMI FL 33133 360 345 270000.00 266462.07
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 7019671937 7.50000 0.50000 10/1/1998 3705.84 64.24 825000.00 Single Family Residence Primary
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1 7019675185 7.45000 0.45000 9/1/1998 3068.46 79.89 552000.00 Single Family Residence Primary
1 7019676043 7.30000 0.30000 8/1/1998 3873.48 73.86 765000.00 Single Family Residence Primary
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1 7019683510 7.45000 0.45000 9/1/1998 1784.72 89.06 288000.00 Single Family Residence Primary
1 7019687917 7.40000 0.40000 9/1/1998 3281.89 73.04 649000.00 Single Family Residence Primary
1 7019689210 7.45000 0.45000 9/1/1998 1948.23 80.00 350000.00 Single Family Residence Primary
1 7019689996 7.60000 0.60000 9/1/1998 1715.77 64.80 375000.00 Single Family Residence Primary
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1 7019692941 7.45000 0.45000 9/1/1998 4174.77 60.00 1000000.00 Single Family Residence Primary
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1 7019701999 7.30000 0.30000 9/1/1998 3736.37 49.55 1100000.00 Single Family Residence Primary
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1 7019710388 7.15000 0.25000 9/1/1998 2026.23 60.00 500000.00 Single Family Residence Primary
1 7019720445 7.30000 0.30000 9/1/1998 5745.09 58.19 1440000.00 Single Family Residence Primary
1 7019721104 7.20000 0.25000 9/1/1998 3563.64 56.76 925000.00 Single Family Residence Primary
1 7019721609 7.20000 0.25000 11/1/1998 2932.37 80.00 540000.00 Single Family Residence Primary
1 7019721807 7.35000 0.35000 9/1/1998 3127.94 64.40 705000.00 Single Family Residence Primary
1 7019723670 7.55000 0.55000 9/1/1998 1770.66 73.04 345000.00 Single Family Residence Primary
1 7019724546 7.50000 0.50000 9/1/1998 3496.08 80.00 625000.00 Single Family Residence Primary
1 7019726319 7.35000 0.35000 9/1/1998 2618.10 65.52 580000.00 Single Family Residence Primary
1 7019726517 7.25000 0.25000 10/1/1998 2702.11 69.98 566000.00 3-Family Primary
1 7019727135 7.30000 0.30000 10/1/1998 1986.79 57.96 500000.00 Condominium Primary
1 7019731046 7.45000 0.45000 10/1/1998 1899.52 54.06 505000.00 Single Family Residence Primary
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<CAPTION>
<S> <C> <C>
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1 7019673719 Cash-Out Refinance
1 7019674311 Cash-Out Refinance
1 7019675185 Cash-Out Refinance
1 7019676043 Cash-Out Refinance
1 7019680441 Purpose
1 7019681480 Purpose
1 7019682249 Purpose
1 7019683510 Purpose
1 7019687917 Purpose
1 7019689210 Cash-Out Refinance
1 7019689996 Cash-Out Refinance
1 7019692347 Purpose
1 7019692941 Purpose
1 7019695175 Cash-Out Refinance
1 7019696082 Cash-Out Refinance
1 7019698633 Cash-Out Refinance
1 7019699003 Purpose
1 7019701999 Cash-Out Refinance
1 7019704225 Cash-Out Refinance
1 7019704613 Cash-Out Refinance
1 7019706170 Purpose
1 7019706345 Cash-Out Refinance
1 7019710388 Cash-Out Refinance
1 7019720445 Cash-Out Refinance
1 7019721104 Cash-Out Refinance
1 7019721609 Cash-Out Refinance
1 7019721807 Cash-Out Refinance
1 7019723670 Cash-Out Refinance
1 7019724546 Cash-Out Refinance
1 7019726319 Purpose
1 7019726517 Cash-Out Refinance
1 7019727135 Cash-Out Refinance
1 7019731046 Cash-Out Refinance
1 7019735450 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 7019740815 503 BUENA VISTA REDWOOD CITY CA 94061 360 344 300000.00 296075.28
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1 7019748990 1973 ROYAL WAY SAN LUIS OBISPO CA 93405 360 345 280000.00 275338.27
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1 7019757447 3700 MULTIVIEW D LOS ANGELES CA 90068 360 345 428000.00 422874.18
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1 7019767776 27302 CALLE DEL C MISSION VIEJO CA 92691 360 345 320000.00 316204.54
1 7019769723 118 CARMODY CIR FOLSOM CA 95630 360 345 268200.00 264987.96
1 7019769848 1935 4 STOCKTON ST SAN FRANCISCO CA 94133 360 345 649900.00 641888.12
1 7019770168 372 CHRISTOPHER SAN FRANCISCO CA 94131 360 347 268000.00 263421.82
1 7019778898 6016 CORBIN AVE TARZANA CA 91356 360 346 640000.00 633073.25
1 7019781744 243 ANNANDALE R PASADENA CA 91105 360 346 339000.00 335331.01
1 7019788707 4470 WOODFIELD B BOCA RATON FL 33434 360 346 575000.00 568467.46
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1 7019793608 6200 DIABLO HILL TRES PINOS CA 95023 360 346 540000.00 533924.12
1 7019796759 36 PETER CT CAMPBELL CA 95008 360 346 396000.00 391587.39
1 7019802862 3124 JOYCE WAY GRAPEVINE TX 76051 360 346 257600.00 254673.41
1 7019804702 4401 JOES POINT STUART FL 34996 360 345 272900.00 269756.14
1 7019809255 1400 DEER FLAT R MONTEREY CA 93940 360 345 560000.00 553228.31
1 7019810790 18 WAKEFIELD A PORT WASHINGTON NY 11050 360 346 270000.00 267010.66
1 7019818652 7756 EADS AVE 5 LA JOLLA CA 92037 360 350 580000.00 575440.33
1 7019821235 6433 WOOSTER AVE LOS ANGELES CA 90056 360 346 408000.00 403541.09
1 7019822621 1712 OLIVE ST SANTA BARBARA CA 93101 360 347 400000.00 395846.11
1 7019823298 30 CARLA LN IRVINGTON NY 10533 360 346 308000.00 304633.90
1 7019825509 2344 DEODORA DR LOS ALTOS CA 94022 360 346 494000.00 488333.23
1 7019826929 111N GOLDEN WEST AVE ARCADIA CA 91007 360 345 376000.00 371540.41
1 7019829071 20 SOUTH DR HASTINGS ON HUDSON NY 10706 360 347 336000.00 332482.12
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 7019740815 7.30000 0.30000 9/1/1998 2056.72 54.55 550000.00 Single Family Residence Primary
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1 7019742761 7.35000 0.35000 9/1/1998 2066.92 38.91 771000.00 Single Family Residence Primary
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1 7019754253 7.35000 0.35000 10/1/1998 3748.01 66.75 815000.00 Single Family Residence Primary
1 7019755359 7.60000 0.60000 1/1/1999 2174.72 80.00 385000.00 Single Family Residence Primary
1 7019757447 7.35000 0.35000 10/1/1998 2948.81 74.43 575000.00 Single Family Residence Primary
1 7019761233 7.35000 0.35000 9/1/1998 2000.09 79.53 365000.00 Condominium Primary
1 7019767776 7.40000 0.40000 10/1/1998 2215.62 80.00 400000.00 Single Family Residence Primary
1 7019769723 7.35000 0.35000 10/1/1998 1847.83 76.19 352000.00 Single Family Residence Primary
1 7019769848 7.20000 0.25000 10/1/1998 4411.45 46.42 1400000.00 4-Family Primary
1 7019770168 7.35000 0.35000 12/1/1998 1846.45 70.53 380000.00 Single Family Residence Primary
1 7019778898 7.50000 0.50000 11/1/1998 4474.98 78.53 815000.00 Single Family Residence Primary
1 7019781744 7.50000 0.50000 11/1/1998 2370.34 73.38 462000.00 Single Family Residence Primary
1 7019788707 7.25000 0.25000 11/1/1998 3922.52 69.70 825000.00 Single Family Residence Primary
1 7019788772 7.50000 0.50000 11/1/1998 2237.49 73.56 435000.00 Single Family Residence Primary
1 7019788970 7.25000 0.25000 10/1/1998 2728.71 42.60 939000.00 Single Family Residence Primary
1 7019793608 7.30000 0.30000 11/1/1998 3702.09 80.00 675000.00 Single Family Residence Primary
1 7019796759 7.35000 0.35000 11/1/1998 2728.33 80.00 495000.00 Single Family Residence Primary
1 7019802862 7.25000 0.25000 11/1/1998 1757.29 80.00 322000.00 Single Family Residence Primary
1 7019804702 7.55000 0.55000 10/1/1998 1917.51 69.97 390000.00 Single Family Residence Primary
1 7019809255 7.30000 0.30000 10/1/1998 3839.20 49.78 1125000.00 Single Family Residence Primary
1 7019810790 7.55000 0.55000 11/1/1998 1897.14 75.00 360000.00 Single Family Residence Primary
1 7019818652 7.35000 0.35000 3/1/1999 3996.04 80.00 725000.00 Condominium Primary
1 7019821235 7.45000 0.45000 11/1/1998 2838.84 80.00 510000.00 Single Family Residence Primary
1 7019822621 7.35000 0.35000 12/1/1998 2755.89 72.73 550000.00 Condominium Primary
1 7019823298 7.45000 0.45000 11/1/1998 2143.05 80.00 385000.00 Single Family Residence Primary
1 7019825509 7.20000 0.25000 11/1/1998 3353.22 79.68 620000.00 Single Family Residence Primary
1 7019826929 7.40000 0.40000 10/1/1998 2603.35 80.00 470000.00 Single Family Residence Primary
1 7019829071 7.35000 0.35000 12/1/1998 2314.95 80.00 420000.00 Single Family Residence Primary
<CAPTION>
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1 7019749063 Cash-Out Refinance
1 7019751093 Purpose
1 7019751275 Cash-Out Refinance
1 7019752117 Cash-Out Refinance
1 7019754253 Cash-Out Refinance
1 7019755359 Purpose
1 7019757447 Cash-Out Refinance
1 7019761233 Cash-Out Refinance
1 7019767776 Cash-Out Refinance
1 7019769723 Cash-Out Refinance
1 7019769848 Cash-Out Refinance
1 7019770168 Cash-Out Refinance
1 7019778898 Cash-Out Refinance
1 7019781744 Purpose
1 7019788707 Purpose
1 7019788772 Cash-Out Refinance
1 7019788970 Purpose
1 7019793608 Purpose
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1 7019802862 Cash-Out Refinance
1 7019804702 Cash-Out Refinance
1 7019809255 Cash-Out Refinance
1 7019810790 Cash-Out Refinance
1 7019818652 Purpose
1 7019821235 Cash-Out Refinance
1 7019822621 Cash-Out Refinance
1 7019823298 Cash-Out Refinance
1 7019825509 Cash-Out Refinance
1 7019826929 Cash-Out Refinance
1 7019829071 Cash-Out Refinance
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<PAGE>
<TABLE>
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<CAPTION>
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1 7019834923 7.30000 0.30000 12/1/1998 3126.21 45.26 1007500.00 Single Family Residence Primary
1 7019835706 7.35000 0.35000 11/1/1998 4436.99 80.00 805000.00 Single Family Residence Primary
1 7019835854 7.35000 0.35000 2/1/1999 1860.23 72.97 370000.00 Single Family Residence Primary
1 7019840177 7.55000 0.55000 11/1/1998 1707.42 56.51 430000.00 Single Family Residence Primary
1 7019840268 7.40000 0.40000 12/1/1998 2215.62 74.42 430000.00 Single Family Residence Primary
1 7019841456 7.35000 0.35000 2/1/1999 1791.33 76.70 339000.00 Single Family Residence Primary
1 7019844732 7.35000 0.35000 11/1/1998 1791.33 80.00 325000.00 Single Family Residence Primary
1 7019846224 7.55000 0.55000 2/1/1999 1945.62 79.80 347000.00 Single Family Residence Primary
1 7019846273 7.25000 0.25000 12/1/1998 2121.57 62.20 500000.00 Single Family Residence Primary
1 7019846554 7.30000 0.30000 11/1/1998 1864.76 62.53 435000.00 Single Family Residence Primary
1 7019848204 7.30000 0.30000 12/1/1998 1755.07 80.00 320000.00 Single Family Residence Primary
1 7019848725 7.15000 0.25000 12/1/1998 2112.00 74.99 417000.00 Single Family Residence Primary
1 7019850101 7.45000 0.45000 11/1/1998 1913.44 50.00 550000.00 Single Family Residence Primary
1 7019859540 7.40000 0.40000 11/1/1998 1800.19 80.00 325000.00 Single Family Residence Primary
1 7019862981 7.15000 0.25000 12/1/1998 2613.83 60.00 645000.00 Single Family Residence Primary
1 7019864961 7.20000 0.25000 1/1/1999 3767.28 60.00 925000.00 Condominium Primary
1 7019869150 7.45000 0.45000 11/1/1998 1842.47 64.98 407500.00 Condominium Primary
1 7019871677 7.45000 0.45000 2/1/1999 4478.83 64.99 990500.00 Single Family Residence Primary
1 7019873699 7.25000 0.25000 1/1/1999 4093.06 58.25 1030000.00 Single Family Residence Primary
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1 7019893218 7.20000 0.25000 3/1/1999 2002.43 79.30 372000.00 Single Family Residence Primary
1 7019896591 7.35000 0.35000 2/1/1999 2411.41 77.78 450000.00 Single Family Residence Primary
1 7019901318 7.30000 0.30000 2/1/1999 2276.10 79.62 417000.00 Single Family Residence Primary
1 7019901383 7.35000 0.35000 2/1/1999 1901.57 78.19 353000.00 Single Family Residence Primary
1 7019901466 7.15000 0.25000 2/1/1999 3849.82 35.63 1600000.00 Single Family Residence Primary
1 7019908297 7.50000 0.50000 2/1/1999 3146.47 54.55 825000.00 Single Family Residence Primary
1 7019911424 7.35000 0.35000 2/1/1999 2897.13 72.50 580000.00 Single Family Residence Primary
1 7019911663 7.50000 0.50000 12/1/1998 3845.68 63.95 860000.00 Single Family Residence Primary
1 7019912695 7.30000 0.30000 2/1/1999 1755.07 80.00 320000.00 Single Family Residence Primary
1 7019913800 7.25000 0.25000 1/1/1999 2455.84 50.70 710000.00 Single Family Residence Primary
1 7019918627 7.25000 0.25000 2/1/1999 2019.25 80.00 370000.00 Single Family Residence Primary
1 7019925085 7.60000 0.60000 2/1/1999 1764.49 94.30 265000.00 Single Family Residence Primary
1 7019925879 7.20000 0.25000 1/1/1999 1857.17 78.17 350000.00 Single Family Residence Primary
1 7019932750 7.35000 0.35000 2/1/1999 2755.89 80.00 500000.00 Single Family Residence Primary
<CAPTION>
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1 7019835706 Purpose
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1 7019840268 Cash-Out Refinance
1 7019841456 Purpose
1 7019844732 Cash-Out Refinance
1 7019846224 Purpose
1 7019846273 Cash-Out Refinance
1 7019846554 Cash-Out Refinance
1 7019848204 Cash-Out Refinance
1 7019848725 Purpose
1 7019850101 Cash-Out Refinance
1 7019859540 Cash-Out Refinance
1 7019862981 Cash-Out Refinance
1 7019864961 Cash-Out Refinance
1 7019869150 Cash-Out Refinance
1 7019871677 Purpose
1 7019873699 Cash-Out Refinance
1 7019879084 Cash-Out Refinance
1 7019890701 Cash-Out Refinance
1 7019893218 Purpose
1 7019896591 Purpose
1 7019901318 Purpose
1 7019901383 Cash-Out Refinance
1 7019901466 Cash-Out Refinance
1 7019908297 Purpose
1 7019911424 Cash-Out Refinance
1 7019911663 Cash-Out Refinance
1 7019912695 Purpose
1 7019913800 Cash-Out Refinance
1 7019918627 Cash-Out Refinance
1 7019925085 Cash-Out Refinance
1 7019925879 Purpose
1 7019932750 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
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1 7019943062 5338W 62ND ST LOS ANGELES CA 90056 360 347 356200.00 352525.77
1 7019943955 110 BELLA VISTA WATSONVILLE CA 95076 360 348 280000.00 276815.60
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1 7019958599 5742E LUCIA WALK LONG BEACH CA 90803 360 349 440000.00 436365.67
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1 7019981740 1443 WOODHILL DR NORTHBROOK IL 60062 360 350 472000.00 468396.82
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<CAPTION>
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1 7019933303 7.35000 0.35000 2/1/1999 1743.10 79.06 320000.00 Condominium Primary
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<CAPTION>
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1 7019934111 Unknown
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1 7019948020 Cash-Out Refinance
1 7019953657 Cash-Out Refinance
1 7019955173 Cash-Out Refinance
1 7019958060 Cash-Out Refinance
1 7019958599 Cash-Out Refinance
1 7019958672 Cash-Out Refinance
1 7019960892 Cash-Out Refinance
1 7019964894 Purpose
1 7019966238 Cash-Out Refinance
1 7019967848 Cash-Out Refinance
1 7019968275 Cash-Out Refinance
1 7019968457 Cash-Out Refinance
1 7019970214 Purpose
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1 7019971618 Cash-Out Refinance
1 7019977102 Cash-Out Refinance
1 7019977144 Purpose
1 7019979447 Cash-Out Refinance
1 7019979975 Cash-Out Refinance
1 7019980346 Cash-Out Refinance
1 7019981385 Purpose
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1 7019983639 Purpose
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1 7019985881 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
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<CAPTION>
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<CAPTION>
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1 7020069832 Purpose
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1 7020079849 Purpose
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1 7020081522 Purpose
1 7020083536 Purpose
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1 7020084187 Cash-Out Refinance
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<PAGE>
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<CAPTION>
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<CAPTION>
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1 7020090275 Cash-Out Refinance
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1 7020092198 Purpose
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1 7020095449 Cash-Out Refinance
1 7020096710 Cash-Out Refinance
1 7020097429 Cash-Out Refinance
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<PAGE>
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<CAPTION>
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<CAPTION>
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1 7020102492 Purpose
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<CAPTION>
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<CAPTION>
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<CAPTION>
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1 818443202 7.62500 0.62500 11/1/1997 1840.27 80.00 325000.00 Single Family Residence Primary
1 818443244 7.62500 0.62500 10/1/1997 2197.00 80.00 388000.00 Condominium Primary
1 818443434 7.62500 0.62500 10/1/1997 2010.14 80.00 355000.00 Single Family Residence Primary
1 818446361 7.62500 0.62500 11/1/1997 2038.45 80.00 360000.00 Single Family Residence Primary
1 818446668 7.45000 0.45000 10/1/1997 2717.08 71.65 545000.00 Single Family Residence Primary
1 818453490 7.37500 0.37500 10/1/1997 5931.18 75.00 1145000.00 Single Family Residence Primary
1 818453664 7.37500 0.37500 10/1/1997 4834.73 45.16 1550000.00 Single Family Residence Primary
1 818454001 7.37500 0.37500 11/1/1997 5870.74 73.91 1150000.00 Single Family Residence Primary
1 818454118 7.62500 0.62500 10/1/1997 2144.62 69.66 435000.00 Single Family Residence Primary
1 818471211 7.50000 0.50000 4/1/1998 2747.92 58.22 675000.00 Single Family Residence Primary
1 818471674 7.25000 0.25000 5/1/1998 2408.09 63.60 555000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
1 818334914 Rate/Term Refinance
1 818338352 Cash-Out Refinance
1 818338956 Rate/Term Refinance
1 818346280 Purpose
1 818380040 Rate/Term Refinance
1 818380214 Purpose
1 818381279 Cash-Out Refinance
1 818381782 Rate/Term Refinance
1 818408791 Purpose
1 818420226 Purpose
1 818420804 Purpose
1 818421919 Cash-Out Refinance
1 818423030 Purpose
1 818427023 Rate/Term Refinance
1 818427197 Cash-Out Refinance
1 818427593 Purpose
1 818429342 Purpose
1 818430472 Purpose
1 818430506 Rate/Term Refinance
1 818430860 Purpose
1 818431371 Purpose
1 818431488 Rate/Term Refinance
1 818440604 Rate/Term Refinance
1 818442519 Purpose
1 818443202 Purpose
1 818443244 Purpose
1 818443434 Purpose
1 818446361 Purpose
1 818446668 Rate/Term Refinance
1 818453490 Purpose
1 818453664 Purpose
1 818454001 Purpose
1 818454118 Rate/Term Refinance
1 818471211 Rate/Term Refinance
1 818471674 Purpose
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<PAGE>
<TABLE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 818472789 7.50000 0.50000 5/1/1998 2536.20 73.97 630000.00 Single Family Residence Primary
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1 818489155 7.62500 0.62500 10/1/1997 2831.18 80.00 500000.00 Single Family Residence Primary
1 818489205 7.62500 0.62500 10/1/1997 5177.52 68.05 1075000.00 Single Family Residence Primary
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1 818491326 7.37500 0.37500 11/1/1997 5525.41 78.05 1025000.00 Single Family Residence Primary
1 818530826 7.20000 0.25000 4/1/1998 2647.28 75.00 520000.00 Single Family Residence Primary
1 818531337 7.37500 0.37500 1/1/1998 2704.00 90.00 435000.00 Single Family Residence Primary
1 818532251 7.44000 0.44000 4/1/1998 2215.67 75.53 422000.00 Single Family Residence Primary
1 818542128 7.50000 0.50000 2/1/1998 2998.24 80.00 536000.00 Single Family Residence Primary
1 818542250 7.50000 0.50000 2/1/1998 2796.86 74.77 535000.00 Single Family Residence Primary
1 818566184 7.50000 0.50000 12/1/1997 2391.32 90.00 380000.00 Single Family Residence Primary
1 818568875 7.50000 0.50000 1/1/1998 1852.92 70.67 375000.00 Single Family Residence Primary
1 818591679 7.62500 0.62500 1/1/1998 4317.55 71.76 850000.00 Single Family Residence Primary
1 818591703 7.50000 0.50000 2/1/1998 2989.15 75.00 570000.00 Single Family Residence Primary
1 818599870 7.44000 0.44000 4/1/1998 1737.78 78.13 320000.00 Single Family Residence Primary
1 818603771 7.62500 0.62500 4/1/1998 2059.68 73.67 395000.00 Single Family Residence Primary
1 818608564 7.25000 0.25000 2/1/1998 1671.34 65.33 375000.00 Single Family Residence Primary
1 818609562 7.50000 0.50000 2/1/1998 2097.65 79.37 378000.00 Single Family Residence Primary
1 818630709 7.50000 0.50000 2/1/1998 4055.45 80.00 725000.00 Single Family Residence Primary
1 818636631 7.25000 0.25000 3/1/1998 1877.29 59.18 465000.00 Single Family Residence Primary
1 818655110 7.50000 0.50000 3/1/1998 3041.59 73.73 590000.00 Single Family Residence Primary
1 818655250 7.37500 0.37500 3/1/1998 1989.15 80.00 360000.00 Single Family Residence Primary
1 818658213 7.35000 0.35000 3/1/1998 2032.47 70.24 420000.00 Single Family Residence Primary
1 818658494 7.46500 0.46500 5/1/1998 3797.67 66.79 816000.00 Single Family Residence Primary
1 818659500 7.50000 0.50000 5/1/1998 5314.04 80.00 950000.00 Single Family Residence Primary
1 818659633 7.50000 0.50000 5/1/1998 3600.96 72.03 715000.00 Single Family Residence Primary
1 818662116 7.50000 0.50000 9/1/1998 2532.91 89.44 405000.00 2-Family Primary
1 818662959 7.25000 0.25000 10/1/1998 2075.19 90.00 338000.00 Single Family Residence Primary
1 818663502 7.37500 0.37500 10/1/1998 1796.45 90.00 289000.00 Single Family Residence Primary
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<CAPTION>
<S> <C> <C>
1 818472789 Rate/Term Refinance
1 818482499 Rate/Term Refinance
1 818489155 Purpose
1 818489205 Rate/Term Refinance
1 818489866 Cash-Out Refinance
1 818490211 Purpose
1 818490534 Rate/Term Refinance
1 818490690 Rate/Term Refinance
1 818491151 Purpose
1 818491326 Purpose
1 818530826 Rate/Term Refinance
1 818531337 Purpose
1 818532251 Cash-Out Refinance
1 818542128 Purpose
1 818542250 Cash-Out Refinance
1 818566184 Purpose
1 818568875 Rate/Term Refinance
1 818591679 Cash-Out Refinance
1 818591703 Purpose
1 818599870 Cash-Out Refinance
1 818603771 Rate/Term Refinance
1 818608564 Rate/Term Refinance
1 818609562 Cash-Out Refinance
1 818630709 Rate/Term Refinance
1 818636631 Rate/Term Refinance
1 818655110 Rate/Term Refinance
1 818655250 Rate/Term Refinance
1 818658213 Cash-Out Refinance
1 818658494 Rate/Term Refinance
1 818659500 Purpose
1 818659633 Rate/Term Refinance
1 818662116 Purpose
1 818662959 Purpose
1 818663502 Purpose
1 818666299 Purpose
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<PAGE>
<TABLE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
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1 818908774 7.62500 0.62500 9/1/1998 1840.27 77.61 335000.00 Single Family Residence Primary
1 818910028 7.25000 0.25000 8/1/1998 1703.40 84.64 295000.00 Single Family Residence Primary
1 818933152 7.37500 0.37500 6/1/1998 2624.57 34.55 1100000.00 Single Family Residence Primary
1 818950438 7.37500 0.37500 8/1/1998 2549.98 79.91 462000.00 Condominium Primary
1 818980179 7.62500 0.62500 6/1/1998 2080.92 71.88 409000.00 Single Family Residence Primary
1 819001512 7.62500 0.62500 10/1/1998 1778.34 75.00 335000.00 Single Family Residence Primary
1 819010455 7.62500 0.62500 7/1/1998 1968.38 89.71 310000.00 Single Family Residence Primary
1 819011941 7.62500 0.62500 10/1/1998 1734.81 93.91 261000.00 Single Family Residence Primary
1 819012139 7.25000 0.25000 10/1/1998 2186.14 89.02 360000.00 Single Family Residence Primary
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<CAPTION>
<S> <C> <C>
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1 818698995 Purpose
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1 818712028 Rate/Term Refinance
1 818713455 Rate/Term Refinance
1 818715435 Cash-Out Refinance
1 818716045 Cash-Out Refinance
1 818716821 Rate/Term Refinance
1 818721680 Rate/Term Refinance
1 818723926 Purpose
1 818725624 Rate/Term Refinance
1 818728404 Rate/Term Refinance
1 818728545 Purpose
1 818741811 Rate/Term Refinance
1 818746026 Rate/Term Refinance
1 818748634 Purpose
1 818785396 Rate/Term Refinance
1 818830440 Cash-Out Refinance
1 818831026 Purpose
1 818834327 Rate/Term Refinance
1 818835209 Rate/Term Refinance
1 818858839 Purpose
1 818908774 Rate/Term Refinance
1 818910028 Purpose
1 818933152 Cash-Out Refinance
1 818950438 Purpose
1 818980179 Rate/Term Refinance
1 819001512 Rate/Term Refinance
1 819010455 Purpose
1 819011941 Purpose
1 819012139 Purpose
1 819012311 Purpose
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<PAGE>
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<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 819014846 7.37500 0.37500 10/1/1998 1933.90 78.65 356000.00 Condominium Primary
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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2 19689603 Purpose
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2 19980457 Rate/Term Refinance
2 19984400 Purpose
2 19984632 Purpose
2 19985530 Cash-Out Refinance
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2 20052445 Rate/Term Refinance
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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<CAPTION>
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2 91594469892 8.12500 0.62500 2/1/1996 1995.84 80.00 336000.00 Condominium Primary
2 91594485976 7.75000 0.25000 4/1/1996 1998.80 77.07 362000.00 Single Family Residence Primary
2 91594499911 7.75000 0.25000 4/1/1996 2865.65 80.00 500000.00 Single Family Residence Primary
2 91594514432 7.75000 0.25000 5/1/1996 1757.01 75.00 327000.00 Single Family Residence Primary
2 9159453472 8.37500 0.87500 5/1/1996 3223.47 70.22 604000.00 Condominium Primary
2 9159454439 7.75000 0.25000 4/1/1996 1740.89 71.47 340000.00 Single Family Residence Primary
2 9159454603 7.75000 0.25000 5/1/1996 2614.91 58.40 625000.00 Single Family Residence Primary
2 9159466334 8.25000 0.75000 1/1/1996 5634.50 45.45 1650000.00 Condominium Primary
<CAPTION>
<S> <C> <C>
2 818489577 Cash-Out Refinance
2 818490864 Cash-Out Refinance
2 818493991 Rate/Term Refinance
2 818505752 Cash-Out Refinance
2 818515249 Purpose
2 818540593 Rate/Term Refinance
2 818567307 Purpose
2 818591158 Rate/Term Refinance
2 818607343 Purpose
2 818683336 Cash-Out Refinance
2 818685869 Purpose
2 818700775 Rate/Term Refinance
2 818714099 Cash-Out Refinance
2 818774275 Rate/Term Refinance
2 818885972 Purpose
2 818897506 Cash-Out Refinance
2 818905788 Purpose
2 818906554 Purpose
2 818992448 Rate/Term Refinance
2 819078254 Cash-Out Refinance
2 819153735 Rate/Term Refinance
2 9149323264 Purpose
2 9159433870 Purpose
2 91594449844 Purpose
2 91594451486 Purpose
2 91594460471 Cash-Out Refinance
2 91594468071 Purpose
2 91594469892 Purpose
2 91594485976 Purpose
2 91594499911 Purpose
2 91594514432 Cash-Out Refinance
2 9159453472 Purpose
2 9159454439 Purpose
2 9159454603 Cash-Out Refinance
2 9159466334 Rate/Term Refinance
</TABLE>
<PAGE>
<TABLE>
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2 9159475889 518 -518 1/2 POINSETTIA NEWPORT BEACH CA 92625 360 315 384750.00 355116.56
2 9159479451 12 SARATOGA DOVE CANYON CA 92679 360 314 291200.00 278829.83
2 9159498725 1960 JEFFERSON ST SAN FRANCISCO CA 94123 360 311 336000.00 177242.92
2 9159514182 1880 CAMINITO DE L MONTAN GLENDALE CA 91208 360 311 272000.00 262017.84
2 9159527564 130S 17TH ST SAN JOSE CA 95112 360 315 325000.00 313065.18
2 9159538900 801 COUNTRY OAKS LN ARCADIA CA 91006 360 313 315000.00 296587.54
2 9159539098 2222 HOLLISTER TERR GLENDALE CA 91206 360 312 261600.00 251413.20
2 9159543942 1911 SALEROSO DR ROWLAND HEIGHT CA 91748 360 314 360500.00 347528.07
2 9159546440 21442 CELTIC CT LOS ANGELES CA 91311 360 315 344000.00 326381.12
2 9159547034 4072 SHOREBREAK DR HUNTINGTON BEACH CA 92649 360 315 490000.00 472381.05
2 9159549428 2036W 237TH ST TORRANCE CA 90501 360 316 262500.00 253319.37
2 9159558379 2430 UNICORNIO ST CARLSBAD CA 92009 360 315 408000.00 393017.52
2 9159575803 3464 WHITEHAVEN DR WALNUT CREEK CA 94598 360 318 312200.00 303615.84
2 9159592808 6796 BRET HARTE DR SAN JOSE CA 95120 360 318 275000.00 268127.56
2 9159613885 3 SALERNO IRVINE CA 92714 360 319 353500.00 344048.46
2 9159619601 18408 PURDUE DR SARATOGA CA 95070 360 327 255450.00 249701.02
2 9159647958 623 ANGUS DR MILPITAS CA 95035 360 324 360000.00 344087.59
2 9159703801 7269 IMBACH PL MOORPARK CA 93021 360 325 268400.00 257640.20
2 9159719435 3242 CLARITA CT THOUSAND OAKS CA 91362 360 325 260500.00 254403.87
2 9159722421 23106 BURNDALE RD SONOMA CA 95476 360 324 248000.00 241617.83
2 9159743476 28815 KING ARTHUR CT RNCH PLS VRD CA 90275 360 326 320000.00 41790.36
2 9159887984 281285 CHURCH ST SAN FRANCISCO CA 94114 360 335 470000.00 462242.41
2 9159888925 1135 REBECCA DR LIVERMORE CA 94550 360 334 272300.00 267721.82
2 9159895235 403 MAIN SREET UNIT 303 SAN FRANCISCO CA 94105 360 337 324000.00 307384.50
2 9159905497 4720 DUNAS LN LOS ANGELES CA 91356 360 333 327200.00 321659.32
2 9159929083 16760 OAK VIEW CIR MORGAN HILL CA 95037 360 334 265000.00 246896.71
2 9159932210 2109 FALLEN LEAF LN LOS ALTOS CA 94024 360 335 432000.00 405467.23
2 9159936062 721 BERRY AVE LOS ALTOS CA 94024 360 336 484000.00 475240.10
2 9159943183 218220 18TH AVE SAN FRANCISCO CA 94121 360 337 350000.00 344183.31
2 9159943522 1079 SYCAMORE DR MILLBRAE CA 94030 360 336 300000.00 294904.38
2 9159971028 656 VILLA CENTRE WAY SAN JOSE CA 95128 360 337 279000.00 274689.60
2 9169103356 24028 PARK CASINO CALABASAS CA 91302 360 334 557600.00 447574.78
2 9169539237 302 AVENIDA SAN PABLO SAN CLEMENTE CA 92672 360 336 256000.00 251545.37
2 9179815551 145 HENRIK IBSEN RD WOODSIDE CA 94062 360 339 330000.00 325263.53
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2 9159469569 8.00000 0.50000 2/1/1996 1763.98 74.89 321000.00 Condominium Primary
2 9159475889 8.00000 0.50000 4/1/1996 2823.16 81.86 470000.00 2-Family Primary
2 9159479451 7.87500 0.37500 3/1/1996 2111.41 80.00 364000.00 Condominium Primary
2 9159498725 8.12500 0.62500 12/1/1995 1367.81 78.14 430000.00 Condominium Primary
2 9159514182 8.37500 0.87500 12/1/1995 2067.40 80.00 340000.00 Condominium Primary
2 9159527564 7.75000 0.25000 4/1/1996 2328.35 77.38 420000.00 Single Family Residence Primary
2 9159538900 8.25000 0.75000 2/1/1996 2366.49 70.00 450000.00 Condominium Primary
2 9159539098 8.12500 0.62500 1/1/1996 1942.38 79.27 330000.00 Single Family Residence Primary
2 9159543942 8.00000 0.50000 3/1/1996 2645.23 72.10 500000.00 Single Family Residence Primary
2 9159546440 7.87500 0.37500 4/1/1996 2494.24 80.00 430000.00 Single Family Residence Primary
2 9159547034 7.87500 0.37500 4/1/1996 3552.85 76.56 640000.00 Condominium Primary
2 9159549428 7.87500 0.37500 5/1/1996 1903.31 75.00 350000.00 Single Family Residence Primary
2 9159558379 7.75000 0.25000 4/1/1996 2922.97 80.00 510000.00 Single Family Residence Primary
2 9159575803 8.87500 1.37500 7/1/1996 2484.01 70.00 446000.00 Single Family Residence Primary
2 9159592808 9.37500 1.87500 7/1/1996 2287.32 73.33 375000.00 Single Family Residence Investor
2 9159613885 8.87500 1.37500 8/1/1996 2812.61 79.98 442000.00 Condominium Primary
2 9159619601 8.50000 1.00000 4/1/1997 1964.19 65.00 393000.00 Single Family Residence Primary
2 9159647958 8.37500 0.87500 1/1/1997 2736.27 75.95 474000.00 Single Family Residence Primary
2 9159703801 8.50000 1.00000 2/1/1997 2063.77 79.88 336000.00 Condominium Primary
2 9159719435 8.62500 1.12500 2/1/1997 2026.15 79.91 326000.00 Condominium Primary
2 9159722421 8.37500 0.87500 1/1/1997 1884.98 80.00 310000.00 Single Family Residence Primary
2 9159743476 8.62500 1.12500 3/1/1997 766.20 41.29 775000.00 Single Family Residence Primary
2 9159887984 8.50000 1.00000 12/1/1997 3613.90 74.60 630000.00 3-Family Investor
2 9159888925 8.62500 1.12500 11/1/1997 2117.93 79.85 341000.00 Single Family Residence Primary
2 9159895235 8.25000 0.75000 2/1/1998 2434.11 80.00 405000.00 Condominium Primary
2 9159905497 8.80000 1.30000 10/1/1997 2585.78 82.84 395000.00 Single Family Residence Primary
2 9159929083 8.37500 0.87500 11/1/1997 2014.20 55.21 480000.00 Condominium Primary
2 9159932210 8.25000 0.75000 12/1/1997 3245.48 80.00 540000.00 2-Family Primary
2 9159936062 8.00000 0.50000 1/1/1998 3551.43 78.06 620000.00 Single Family Residence Primary
2 9159943183 8.00000 0.50000 2/1/1998 2568.18 51.47 680000.00 2-Family Primary
2 9159943522 8.12500 0.62500 1/1/1998 2227.50 61.22 490000.00 Single Family Residence Primary
2 9159971028 8.37500 0.87500 2/1/1998 2120.61 79.96 348917.00 Condominium Investor
2 9169103356 8.25000 0.75000 11/1/1997 3424.42 79.66 700000.00 Condominium Primary
2 9169539237 8.00000 0.50000 1/1/1998 1878.44 80.00 320000.00 Single Family Residence Primary
2 9179815551 8.25000 0.75000 4/1/1998 2479.18 55.00 600000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
2 9159469569 Purpose
2 9159475889 Purpose
2 9159479451 Purpose
2 9159498725 Rate/Term Refinance
2 9159514182 Rate/Term Refinance
2 9159527564 Cash-Out Refinance
2 9159538900 Purpose
2 9159539098 Purpose
2 9159543942 Purpose
2 9159546440 Purpose
2 9159547034 Purpose
2 9159549428 Purpose
2 9159558379 Purpose
2 9159575803 Purpose
2 9159592808 Purpose
2 9159613885 Purpose
2 9159619601 Purpose
2 9159647958 Purpose
2 9159703801 Purpose
2 9159719435 Purpose
2 9159722421 Purpose
2 9159743476 Purpose
2 9159887984 Rate/Term Refinance
2 9159888925 Purpose
2 9159895235 Purpose
2 9159905497 Purpose
2 9159929083 Cash-Out Refinance
2 9159932210 Purpose
2 9159936062 Purpose
2 9159943183 Purpose
2 9159943522 Cash-Out Refinance
2 9159971028 Purpose
2 9169103356 Purpose
2 9169539237 Purpose
2 9179815551 Cash-Out Refinance
</TABLE>
<PAGE>
<TABLE>
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2 9189878110 651 WOODMONT AVE BERKELEY CA 94708 360 313 740000.00 704990.43
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2 9190023763 68 MADERA AVE SAN CARLOS CA 94070 360 339 418500.00 411879.58
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2 9199097859 9552 HENDERSON WAY VILLA PARK CA 92667 360 314 300000.00 288502.46
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2 9199148207 3101 CLAY ST SAN FRANCISCO CA 94115 360 314 300000.00 288953.87
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2 9199256703 1880 IDLEWOOD RD GLENDALE CA 91202 360 311 256000.00 246603.28
2 9199258170 420S VIA MONTANA BURBANK CA 91501 360 312 264000.00 240798.57
2 9199285264 415N LAS PALMAS AVE LOS ANGELES CA 90004 360 311 461600.00 440100.43
2 9199293169 32532 BOWMAN KNOLL DR WESTLAKE VILLAGE CA 91361 360 316 292500.00 282502.45
2 9199300626 25 HAZEL AVE MILL VALLEY CA 94941 360 313 320000.00 306402.71
2 9199300741 5308 HIDDEN OAK CT WATSONVILLE CA 95076 360 314 264260.00 254751.24
2 9199302176 4545 OPAL CLIFF DR SANTA CRUZ CA 95062 360 314 350000.00 337114.46
2 9199316424 128 -130 GULL ST MANHATTAN BEACH CA 90266 360 315 346500.00 333776.14
2 9199317703 12 MARTINGALE DR RNCH PALOS VERDES CA 90275 360 315 266000.00 249713.56
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2 9189834865 8.62500 1.12500 10/1/1995 1984.92 80.00 319000.00 Single Family Residence Primary
2 9189878110 7.87500 0.37500 2/1/1996 5365.52 59.20 1250000.00 Single Family Residence Primary
2 9189910442 7.87500 0.37500 3/1/1996 1766.27 79.87 305000.00 Single Family Residence Primary
2 9190004540 8.37500 0.87500 2/1/1998 1963.27 77.10 335000.00 Single Family Residence Primary
2 9190004870 8.50000 1.00000 1/1/1998 2355.96 80.00 383000.00 Single Family Residence Primary
2 9190014101 8.12500 0.62500 12/1/1997 1882.98 79.25 320000.00 Single Family Residence Primary
2 9190023763 7.75000 0.25000 4/1/1998 2998.19 64.38 650000.00 Single Family Residence Primary
2 9190062522 8.37500 0.87500 4/1/1998 3754.76 65.00 760000.00 Single Family Residence Primary
2 9190205451 7.75000 0.25000 5/1/1998 1805.36 80.00 315000.00 Single Family Residence Investor
2 9199097313 8.37500 0.87500 11/1/1995 2097.80 80.00 345000.00 Condominium Primary
2 9199097859 7.75000 0.25000 3/1/1996 2149.24 50.00 600000.00 Single Family Residence Primary
2 9199102113 8.12500 0.62500 12/1/1995 1871.10 78.75 320000.00 Single Family Residence Primary
2 9199111239 7.87500 0.37500 11/1/1995 1936.16 79.92 327500.00 Single Family Residence Primary
2 9199140337 8.25000 0.75000 3/1/1996 2929.94 52.70 740000.00 Condominium Investor
2 9199147258 8.12500 0.62500 2/1/1996 1921.22 70.89 365000.00 Single Family Residence Primary
2 9199148207 7.87500 0.37500 3/1/1996 2175.21 64.52 465000.00 Condominium Primary
2 9199149106 8.37500 0.87500 12/1/1995 1900.19 70.42 355000.00 Single Family Residence Primary
2 9199153132 8.12500 0.62500 2/1/1996 1811.70 77.46 315000.00 Condominium Primary
2 9199154254 7.75000 0.25000 3/1/1996 5373.10 75.00 1000000.00 Single Family Residence Primary
2 9199158396 8.50000 1.00000 1/1/1996 1874.23 65.00 375000.00 Single Family Residence Investor
2 9199167637 8.12500 0.62500 2/1/1996 2041.87 67.07 410000.00 Single Family Residence Primary
2 9199168296 8.00000 0.50000 2/1/1996 4512.66 55.91 1100000.00 Condominium Primary
2 9199236853 7.87500 0.37500 2/1/1996 4712.96 78.79 825000.00 Condominium Primary
2 9199237208 8.25000 0.75000 1/1/1996 2731.61 48.48 750000.00 Single Family Residence Primary
2 9199239824 7.75000 0.25000 3/1/1996 3044.76 68.00 625000.00 Condominium Primary
2 9199253114 9.02000 1.52000 9/1/1996 2113.90 89.97 291500.00 Single Family Residence Primary
2 9199256703 8.37500 0.87500 12/1/1995 1945.79 80.00 320000.00 Single Family Residence Primary
2 9199258170 8.12500 0.62500 1/1/1996 1960.20 75.00 352000.00 Condominium Primary
2 9199285264 8.00000 0.50000 12/1/1995 3387.06 87.09 530000.00 Single Family Residence Primary
2 9199293169 8.00000 0.50000 5/1/1996 2146.27 65.00 450000.00 Single Family Residence Primary
2 9199300626 8.00000 0.50000 2/1/1996 2348.05 59.81 535000.00 Single Family Residence Primary
2 9199300741 8.00000 0.50000 3/1/1996 1939.05 79.96 330500.00 Condominium Primary
2 9199302176 7.87500 0.37500 3/1/1996 2537.75 63.64 550000.00 Single Family Residence Primary
2 9199316424 7.75000 0.25000 4/1/1996 2482.37 70.00 495000.00 2-Family Primary
2 9199317703 7.75000 0.25000 4/1/1996 1905.66 78.24 340000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
2 9189834865 Purpose
2 9189878110 Rate/Term Refinance
2 9189910442 Purpose
2 9190004540 Purpose
2 9190004870 Purpose
2 9190014101 Purpose
2 9190023763 Cash-Out Refinance
2 9190062522 Cash-Out Refinance
2 9190205451 Purpose
2 9199097313 Purpose
2 9199097859 Cash-Out Refinance
2 9199102113 Purpose
2 9199111239 Purpose
2 9199140337 Purpose
2 9199147258 Purpose
2 9199148207 Purpose
2 9199149106 Purpose
2 9199153132 Purpose
2 9199154254 Rate/Term Refinance
2 9199158396 Cash-Out Refinance
2 9199167637 Cash-Out Refinance
2 9199168296 Rate/Term Refinance
2 9199236853 Rate/Term Refinance
2 9199237208 Cash-Out Refinance
2 9199239824 Purpose
2 9199253114 Purpose
2 9199256703 Purpose
2 9199258170 Purpose
2 9199285264 Purpose
2 9199293169 Cash-Out Refinance
2 9199300626 Purpose
2 9199300741 Purpose
2 9199302176 Rate/Term Refinance
2 9199316424 Cash-Out Refinance
2 9199317703 Purpose
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2 9199324139 315 & 317 28TH ST MANHATTAN BEACH CA 90266 360 312 460000.00 444498.20
2 9199390510 9376 RAVILLER DR DOWNEY CA 90240 360 315 600000.00 577095.12
2 9199425381 10777 WELLWORTH AVE LOS ANGELES CA 90024 360 315 334000.00 321735.09
2 9199497802 239 22ND ST DEL MAR CA 92014 360 326 290000.00 283272.89
2 9199604910 435 VISTA TRUCHA NEWPORT BEACH CA 92660 360 335 246750.00 241924.34
2 9199837437 43 BRIGHTWOOD CIR DANVILLE CA 94506 360 337 350000.00 344183.31
2 9199872962 12 HOPKINS CT BERKELEY CA 94706 360 339 288000.00 284064.34
2 9199911422 401 LAUREL/3501 SACRAMEN SAN FRANCISCO CA 94118 360 332 396000.00 385447.21
2 9199930364 6423 PURPLE HILLS DR SAN JOSE CA 95119 360 333 242250.00 237531.92
2 9199930604 6347 PASO LOS CERRITOS SAN JOSE CA 95120 360 333 260000.00 252719.04
2 9199940249 776 S CANYON MIST LN ANAHEIM CA 92808 360 333 323400.00 317593.02
2 9199955510 8 LAUREL SQ MANHATTAN BEACH CA 90266 360 331 314650.00 308228.80
2 9199992885 4279 HESSEL RD SEBASTOPOL CA 95472 360 335 360000.00 353608.36
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2 9199324139 8.62500 1.12500 1/1/1996 3577.84 80.00 575000.00 2-Family Investor
2 9199390510 7.75000 0.25000 4/1/1996 4298.48 80.00 750000.00 Single Family Residence Primary
2 9199425381 7.75000 0.25000 4/1/1996 2392.82 79.52 420000.00 Single Family Residence Primary
2 9199497802 8.50000 1.00000 3/1/1997 2229.85 61.70 470000.00 Single Family Residence Primary
2 9199604910 8.00000 0.50000 12/1/1997 1810.57 74.77 330000.00 Condominium Primary
2 9199837437 8.00000 0.50000 2/1/1998 2568.18 46.67 750000.00 Single Family Residence Primary
2 9199872962 8.50000 1.00000 4/1/1998 2214.48 80.00 360000.00 Single Family Residence Primary
2 9199911422 8.50000 1.00000 9/1/1997 3044.90 74.72 530000.00 2-Family Primary
2 9199930364 8.37500 0.87500 10/1/1997 1841.28 75.00 323000.00 Single Family Residence Primary
2 9199930604 7.75000 0.25000 10/1/1997 1862.68 75.36 345000.00 Single Family Residence Primary
2 9199940249 8.50000 1.00000 10/1/1997 2486.67 69.85 463000.00 Condominium Primary
2 9199955510 8.25000 0.75000 8/1/1997 2363.87 69.92 450000.00 Condominium Investor
2 9199992885 8.12500 0.62500 12/1/1997 2673.00 80.00 450000.00 Single Family Residence Primary
<CAPTION>
<S> <C> <C>
2 9199324139 Purpose
2 9199390510 Rate/Term Refinance
2 9199425381 Purpose
2 9199497802 Cash-Out Refinance
2 9199604910 Purpose
2 9199837437 Unknown
2 9199872962 Cash-Out Refinance
2 9199911422 Purpose
2 9199930364 Purpose
2 9199930604 Purpose
2 9199940249 Purpose
2 9199955510 Purpose
2 9199992885 Purpose
</TABLE>
<PAGE>
EXHIBIT F-1
FORM OF INITIAL CERTIFICATION OF TRUSTEE
December __, 1999
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
Re: Pooling and Servicing Agreement ("Pooling and Servicing
Agreement") relating to Washington Mutual Bank, FA.
Mortgage-Backed Pass-Through Certificates, Series 1999-WM3
Ladies and Gentlemen:
In accordance with and subject to the provisions of Section 2.02 of
the Pooling and Servicing Agreement, the undersigned, as Trustee, hereby
certifies that, except for the exceptions noted on the schedule attached hereto,
it has (a) received an original Mortgage Note with respect to each Mortgage Loan
listed on the Mortgage Loan Schedule and (b) received an original Mortgage (or a
certified copy thereof) with respect to each Mortgage Loan listed on the
Mortgage Loan Schedule in accordance with Section 2.01 of the Pooling and
Servicing Agreement. The Trustee has made no independent examination of any
documents contained in each Mortgage File beyond the review specifically
mentioned above. The Trustee makes no representations as to: (i) the validity,
legality, sufficiency, enforceability or genuineness of any of the documents
delivered in accordance with Section 2.01 of the Pooling and Servicing Agreement
or any of the Mortgage Loans identified in the Mortgage Loan Schedule, or (ii)
the collectibility, insurability, effectiveness or suitability of any such
Mortgage Loan.
The Trustee acknowledges receipt of notice that the Depositor has
granted to the Trustee for the benefit of the Certificateholders a security
interest in all of the Depositor's right, title and interest in and to the
Mortgage Loans.
Capitalized terms used herein without definition shall have the
meaning assigned to them in the Pooling and Servicing Agreement.
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By
F-1-1
<PAGE>
EXHIBIT F-2
FORM OF CERTIFICATION OF TRUSTEE
[date]
Washington Mutual Bank, FA
1201 Third Avenue, 5th Floor
Seattle, Washington 98111
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
Re: Pooling and Servicing Agreement ("Pooling and Servicing
Agreement") relating to Washington Mutual Bank, FA
Mortgage-Backed Pass-Through Certificates, Series 1999-WM3
Ladies and Gentlemen:
In accordance with and subject to the provisions of Section 2.02 of
the above-referenced Pooling and Servicing Agreement the undersigned, as
Trustee, hereby certifies that, except for the exceptions noted on the schedule
attached hereto, as to each Mortgage Loan listed in the Mortgage Loan Schedule
it has reviewed the Mortgage File and has determined that (based solely on its
review of each such documents on its face) (i) all documents described in
clauses (i)-(v) of Section 2.01 of the Pooling and Servicing Agreement are in
its possession or its agent, (ii) such documents have been reviewed by it and
have not been mutilated, damaged, defaced, torn or otherwise physically altered
and such documents relate to such Mortgage Loan and (iii) each Mortgage Note has
been endorsed and each assignment of Mortgage has been delivered as provided in
Section 2.01 of the Pooling and Servicing Agreement. The Trustee has made no
independent examination of any documents required to be delivered in accordance
with Section 2.01 of the Pooling and Servicing Agreement beyond the review
specifically required therein. The Trustee makes no representations as to: (i)
the validity, legality, sufficiency, enforceability or genuineness of any of the
documents required to be delivered in accordance with Section 2.01 of the
Pooling and Servicing Agreement or any of the Mortgage Loans identified on the
Mortgage Loan Schedule, or (ii) the collectibility, insurability, effectiveness
or suitability of any such Mortgage Loan.
Capitalized terms used herein without definition have the meanings
ascribed to them in the Pooling and Servicing Agreement.
BANK ONE, NATIONAL ASSOCIATION,
as Trustee
By:_____________________________________
Authorized Representative
F-2-1
<PAGE>
EXHIBIT G
FORM OF REQUEST FOR RELEASE
[date]
To:
In connection with the administration of the Mortgage Loans held by
you as Trustee under the Pooling and Servicing Agreement dated as of December 1,
1999, among Credit Suisse First Boston Mortgage Securities Corp., as Depositor,
Washington Mutual Bank, FA, as seller and servicer, and you, as Trustee (the
"Pooling and Servicing Agreement"), the undersigned hereby requests a release of
the Mortgage File held by you as Trustee with respect to the following described
Mortgage Loan for the reason indicated below.
Mortgagor's Name:
Address:
Loan No.:
Reason for requesting file:
___ 1. Mortgage Loan paid in full.
(The Servicer hereby certifies that all amounts received in
connection with the Mortgage Loan have been or will be credited to
the Custodial Account pursuant to the Pooling and Servicing
Agreement.)
___ 2. Mortgage Loan repurchased.
(The Servicer hereby certifies that the Purchase Price has been
credited to the Custodial Account pursuant to the Pooling and
Servicing Agreement.)
___ 3. The Mortgage Loan is being foreclosed.
___ 4. Other. (Describe)
The undersigned acknowledges that the above Mortgage File will be
held by the undersigned in accordance with the provisions of the Pooling and
Servicing Agreement and will be returned, except if the Mortgage Loan has been
paid in full or repurchased (in which case the Mortgage File will be retained by
us permanently) when no longer required by us for such purpose.
Capitalized terms used herein shall have the meanings ascribed to
them in the Pooling and Servicing Agreement.
[SERVICER]
By:_____________________________________
Name:
Title:
G-1
<PAGE>
EXHIBIT H-1
FORM OF INVESTOR REPRESENTATION LETTER
[date]
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
Bank One, National Association
1 Bank One Plaza, Suite IL1-0126
Chicago, Illinois 60670-0126
Re: Washington Mutual Bank, FA Mortgage-Backed Pass-Through
Certificates, Series 1999-WM3
Ladies and Gentlemen:
[_______________________] (the "Purchaser") intends to purchase from
[____________________] (the "Seller") the Washington Mutual Bank, FA
Mortgage-Backed Pass-Through Certificates, Series 1999-WM3 Class B [_]
(together, the "Certificates"), issued pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of December 1, 1999
among Credit Suisse First Boston Mortgage Securities Corp., as Depositor (the
"Company"), Washington Mutual Bank, FA, as seller and servicer, and Bank One,
National Association, as trustee (the "Trustee"). All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement. The Purchaser hereby certifies, represents and warrants to, and
covenants with, the Company and the Trustee that:
1. The Purchaser understands that (a) the Certificates have not been
and will not be registered or qualified under the Securities Act of 1933, as
amended (the "Act") or any state securities law, (b) the Company is not required
to so register or qualify the Certificates, (c) the Certificates may be resold
only if registered and qualified pursuant to the provisions of the Act or any
state securities law, or if an exemption from such registration and
qualification is available, (d) the Pooling and Servicing Agreement contains
restrictions regarding the transfer of the Certificates and (e) the Certificates
will bear a legend to the foregoing effect.
2. The Purchaser is acquiring the Certificates for its own account
for investment only and not with a view to or for sale in connection with any
distribution thereof in any manner that would violate the Act or any applicable
state securities laws.
3. The Purchaser is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business matters,
and, in particular, in such matters related to securities similar to the
Certificates, such that it is capable of evaluating the merits and risks of
investment in the Certificates, (b) able to bear the economic risks of such an
investment and (c) an "accredited investor" within the meaning of Rule 501(a)
promulgated pursuant to the Act.
4. The Purchaser has been furnished with, and has had an opportunity
to review (a) a copy of the Pooling and Servicing Agreement and (b) such other
information concerning the
H-1-1
<PAGE>
Certificates, the Mortgage Loans and the Company as has been requested by the
Purchaser from the Company or the Seller and is relevant to the Purchaser's
decision to purchase the Certificates. The Purchaser has had any questions
arising from such review answered by the Company or the Seller to the
satisfaction of the Purchaser.
5. The Purchaser has not and will not nor has it authorized or will
it authorize any person to (a) offer, pledge, sell, dispose of or otherwise
transfer any Certificate, any interest in any Certificate or any other similar
security to any person in any manner, (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general solicitation by means of general advertising or in any other
manner or (e) take any other action, that (as to any of (a) through (e) above)
would constitute a distribution of any Certificate under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state securities law, or that would require registration or qualification
pursuant thereto. The Purchaser will not sell or otherwise transfer any of the
Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.
6. The Purchaser
(a) is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code") (a "Plan"), or any other person (including an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of
any Plan; or
(b) is an insurance company, the source of funds to be used by
it to purchase the Class B Certificates is an "insurance company general
account" (within the meaning of Department of Labor Prohibited Transaction Class
Exemption ("PTCE") 95-60), and the purchase is being made in reliance upon the
availability of the exemptive relief afforded under Sections I and III of PTCE
95-60.
Very truly yours,
[Purchaser]
By:_____________________________________
Name:
Title:
H-1-2
<PAGE>
EXHIBIT H-2
FORM OF TRANSFEROR REPRESENTATION LETTER
[date]
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
Bank One, National Association
1 Bank One Plaza, Suite IL1-0126
Chicago, Illinois 60670-0126
Re: Washington Mutual Bank, FA Mortgage-Backed Pass-Through
Certificates, Series 1999-WM3
Ladies and Gentlemen:
In connection with the sale by [________________________] (the
"Seller") to [_______________________] (the "Purchaser") the Washington Mutual
Bank, FA Mortgage-Backed Pass-Through Certificates, Series 1999-WM3 Class B [_]
(together, the "Certificates"), issued pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of December 1, 1999
among Credit Suisse First Boston Mortgage Securities Corp., as Depositor (the
"Company"), Washington Mutual Bank, FA., as seller and servicer, and Bank One,
National Association, as trustee (the "Trustee"), the Seller hereby certifies,
represents and warrants to, and covenants with, the Company and the Trustee
that:
Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) has made any
general solicitation by means of general advertising or in any other manner, or
(e) has taken any other action, that (as to any of (a) through (e) above) would
constitute a distribution of the Certificates under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would require
registration or qualification pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate. The
Seller has not and will not sell or otherwise transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.
Very truly yours,
[SELLER]
By:_____________________________________
Name:
Title:
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<PAGE>
EXHIBIT I
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
________________________________________________
________________________________________________
________________________________________________
________________________________________________
The undersigned seller, as registered holder (the "Seller"), intends to transfer
the Rule 144A Securities described above to the undersigned buyer (the "Buyer").
1. In connection with such transfer and in accordance with the agreements
pursuant to which the Rule 144A Securities were issued, the Seller hereby
certifies the following facts: Neither the Seller nor anyone acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with, the Seller
and the Trustee pursuant to Section 4.02 of the Pooling and Servicing Agreement
as follows:
a. The Buyer understands that the Rule 144A Securities have not been
registered under the 1933 Act or the securities laws of any state.
b. The Buyer considers itself a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of investment in the Rule
144A Securities.
c. The Buyer has been furnished with all information regarding the Rule
144A Securities that it has requested from the Seller, the Trustee or the
Depositor and has received and reviewed a copy of the Private Placement
Memorandum with respect to the Certificates.
d. Neither the Buyer nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Rule 144A Securities,
any interest in the Rule 144A Securities or any other similar security to, or
solicited any offer to buy or accept a transfer, pledge or other disposition of
the Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security from, or otherwise approached or negotiated with respect to the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security with, any person in any manner, or made any general
solicitation by means of general advertising or in any other manner, or taken
any other action, that would constitute a distribution of the Rule 144A
Securities under the 1933 Act or that would render the disposition of the Rule
144A Securities a violation of Section 5 of the 1933 Act or require registration
I-1
<PAGE>
pursuant thereto, nor will it act, nor has it authorized or will it authorize
any person to act, in such manner with respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as that term is defined
in Rule 144A under the 1933 Act and has completed either of the forms of
certification to that effect attached hereto as Annex 1 or Annex 2. The Buyer is
aware that the sale to it is being made in reliance on Rule 144A. The Buyer is
acquiring the Rule 144A Securities for its own account or the accounts of other
qualified institutional buyers, understands that such Rule 144A Securities may
be resold, pledged or transferred only (i) to a person reasonably believed to be
a qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the 1933 Act.
3. The Buyer (i) is not an employee benefit or other plan subject to the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the
Internal Revenue Code of 1986, as amended (the "Code"), nor a Person (as such
term is defined in the Trust Agreement) acting, directly or indirectly, on
behalf of any such plan, or using "plan assets" of any such plan to effect its
purchase of the Certificate; or (ii) except in the case of a Class R
Certificate, is an insurance company, is acquiring the Certificate solely with
assets of its general account, and such general account satisfies the conditions
to the applicability of the exemptive relief available under Sections I or III
of U.S. Department of Labor Prohibited Transaction Class Exemption 95-60.
4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
I-2
<PAGE>
IN WITNESS WHEREOF, each of the parties has executed this document as of the
date set forth below.
___________________________________ ________________________________________
Print Name of Seller Print Name of Buyer
By:________________________________ By:_____________________________________
Name: Name:
Title: Title:
___________________________________ ________________________________________
Taxpayer Identification: Taxpayer Identification:
No.________________________________ No._____________________________________
Date:______________________________ Date:___________________________________
I-3
<PAGE>
ANNEX 1 TO EXHIBIT I
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $_________________________ / in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.
-- Corporation, etc. The Buyer is a corporation (other than a bank,
savings and loan association or similar institution), Massachusetts
or similar business trust, partnership, or charitable organization
described in Section 501(c)(3) of the Internal Revenue Code.
-- Bank. The Buyer (a) is a national bank or banking institution
organized under the laws of any State, territory or the District of
Columbia, the business of which is substantially confined to banking
and is supervised by the State or territorial banking commission or
similar official or is a foreign bank or equivalent institution, and
(b) has an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements, a copy of which is
attached hereto.
-- Savings and Loan. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined
by a State or Federal authority having supervision over any such
institutions or is a foreign savings and loan association or
equivalent institution and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial
statements.
-- Broker-Dealer. The Buyer is a dealer registered pursuant to Section
15 of the Securities Exchange Act of 1934.
-- Insurance Company. The Buyer is an insurance company whose primary
and predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar
official or agency of a State or territory or the District of
Columbia.
-- State or Local Plan. The Buyer is a plan established and maintained
by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the
benefit of its employees.
-- ERISA Plan. The Buyer is an employee benefit plan within the meaning
of Title I of the Employee Retirement Income Security Act of 1974.
I-4
<PAGE>
-- Investment Adviser. The Buyer is an investment adviser registered
under the Investment Advisers Act of 1940.
-- SBIC. The Buyer is a Small Business Investment Company licensed by
the U.S. Small Business Administration under Section 301(c) or (d)
of the Small Business Investment Act of 1958.
-- Business Development Company. The Buyer is a business development
company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940.
-- Trust Fund. The Buyer is a trust fund whose trustee is a bank or
trust company and whose participants are exclusively (a) plans
established and maintained by a State, its political subdivisions,
or any agency or instrumentality of the State or its political
subdivisions, for the benefit of its employees, or (b) employee
benefit plans within the meaning of Title I of the Employee
Retirement Income Security Act of 1974, but is not a trust fund that
includes as participants individual retirement accounts or H.R. 10
plans.
3. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer, (ii) securities that are part of an
unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
____ ____ Will the Buyer be purchasing the Rule 144A Yes No
Yes No Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer agrees that,
in connection with any purchase of securities sold to the Buyer for the account
of a third party (including any separate account) in reliance on Rule 144A, the
Buyer will only purchase for the account of a third party that at the time is a
"qualified institutional buyer" within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase securities for a third party
unless the Buyer has obtained a current representation letter from such third
party or taken other appropriate steps contemplated by Rule 144A to conclude
that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
I-5
<PAGE>
7. The Buyer will notify each of the parties to which this certification
is made of any changes in the information and conclusions herein. Until such
notice is given, the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
________________________________________
Print Name of Buyer
By:_____________________________________
Name:
Title:
Date:___________________________________
I-6
<PAGE>
ANNEX 2 TO EXHIBIT I
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.
- ---- The Buyer owned $___________________ in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with Rule
144A).
- ---- The Buyer is part of a Family of Investment Companies which owned in the
aggregate $_________________ in securities (other than the excluded
securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A).
3. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.
5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer's own account.
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
I-7
<PAGE>
________________________________________
Print Name of Buyer
By:_____________________________________
Name:
Title:
IF AN ADVISER:
________________________________________
Print Name of Buyer
Date:___________________________________
I-8
<PAGE>
EXHIBIT J
FORM OF INVESTOR TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF NEW YORK )
: ss.:
COUNTY OF NEW YORK )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] or [Name of Owner] (record or
beneficial owner (the "Owner") of the Class R[1][2] Certificates (the "Class R
Certificates")), a [savings institution] [corporation] duly organized and
existing under the laws of [the State of __________________] [the United
States], on behalf of which he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified
organization" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (the "Code"), (ii) will
endeavor to remain other than a disqualified organization for so long as it
retains its ownership interest in the Class R Certificates, and (iii) is
acquiring the Class R Certificates for its own account or for the account of
another Owner from which it has received an affidavit and agreement in
substantially the same form as this affidavit and agreement. A "Permitted
Transferee" is any person other than a "disqualified organization". (For this
purpose, a "disqualified organization" means the United States, any state or
political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are
subject to tax and, except for the Federal Home Loan Mortgage Corporation, a
majority of whose board of directors is not selected by any such governmental
entity) or any foreign government, international organization or any agency or
instrumentality of such foreign government or organization, any electing large
partnership under Section 775 of the Code or any rural electric or telephone
cooperative, or any organization (other than certain farmers' cooperatives) that
is generally exempt from federal income tax unless such organization is subject
to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on
transfers of Class R Certificates to disqualified organizations under the Code;
(ii) that such tax would be on the transferor (or, with respect to electing
large partnerships, on such partnership), or, if such transfer is through an
agent (which person includes a broker, nominee or middleman) for a non-Permitted
Transferee, on the agent; (iii) that the person (other than with transfers with
respect to electing large partnerships) otherwise liable for the tax shall be
relieved of liability for the tax if the transferee furnishes to such person an
affidavit that the transferee is a Permitted Transferee and, at the time of
transfer, such person does not have actual knowledge that the affidavit is
false; and (iv) that the Class R Certificates may be "noneconomic residual
interests" within the meaning of Treasury regulations promulgated pursuant to
the Code and that the transferor of a noneconomic residual interest will remain
liable for any taxes due with respect to the income on such residual interest,
if a significant purpose of the transfer was to enable the transferor to impede
the assessment or collection of tax.
4. That the Owner is aware of the tax imposed on a "pass-through
entity" holding Class R Certificates if at any time during the taxable year of
the pass-through entity a non-Permitted Transferee is the record holder of an
interest in such entity. (For this purpose, a "pass through entity" includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)
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<PAGE>
5. That the Owner is aware that the Trustee will not register the
Transfer of any Class R Certificates unless the transferee, or the transferee's
agent, delivers to it an affidavit and agreement, among other things, in
substantially the same form as this affidavit and agreement. The Owner expressly
agrees that it will not consummate any such transfer if it knows or believes
that any of the representations contained in such affidavit and agreement are
false.
6. That the Owner has reviewed the restrictions set forth on the
face of the Class R Certificates and the provisions of Section 6.02 of the
Pooling and Servicing Agreement under which the Class R Certificates were
issued. The Owner expressly agrees to be bound by and to comply with such
restrictions and provisions.
7. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificates will only be
owned, directly or indirectly, by an Owner that is a Permitted Transferee.
8. That the Owner's Taxpayer Identification Number is _____________.
9. That the Owner is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includable in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
10. That no purpose of the Owner relating to the purchase of the
Class R Certificate by the Owner is or will be to impede the assessment or
collection of tax.
11. That the Owner has no present knowledge or expectation that it
will be unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding.
12. That the Owner has no present knowledge or expectation that it
will become insolvent or subject to a bankruptcy proceeding for so long as any
of the Certificates remain outstanding.
13. The Owner hereby agrees to cooperate with the Trustee and to
take any action required of it by the Code or Treasury regulations thereunder
(whether now or hereafter promulgated) in order to create or maintain the REMIC
status of the Trust Fund.
14. The Owner hereby agrees that it will not take any action that
could endanger the REMIC status of the Trust Fund or result in the imposition of
tax on the Trust Fund unless counsel for, or acceptable to, the Trustee has
provided an opinion that such action will not result in the loss of such REMIC
status or the imposition of such tax, as applicable.
15, The Owner is not an employee benefit or other plan subject to
the prohibited transaction provisions of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
of 1986, as amended (the "Code") (a "Plan"), or any other person (including an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of
any Plan
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<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this day of .
[NAME OF OWNER]
By:_____________________________________
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer],
known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed the same as his free act and deed and the free act and deed of
the Owner.
Subscribed and sworn before me this ______ day of __________.
________________________________________
NOTARY PUBLIC
COUNTY OF _______________
STATE OF _______________
My Commission expires the ____ day of
_________ , 19__.
J-3
<PAGE>
EXHIBIT K
FORM OF TRANSFER CERTIFICATE
[date]
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 5th Floor
New York, New York 10010
Bank One, National Association
1 Bank One Plaza, Suite IL1-0126
Chicago, Illinois 60670-0126
Re: Washington Mutual Bank, FA Mortgage-Backed Pass-Through
Certificates, Series 1999-WM3, Class R[1][2] (the
"Certificates")
Ladies and Gentlemen:
This letter is delivered to you in connection with the sale by
[______________] (the "Seller") to [____________________] (the "Purchaser") of a
% Percentage Interest in the above referenced Certificates, pursuant to Section
6.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of December 1, 1999 among Credit Suisse First Boston
Mortgage Securities Corp. as depositor (the "Depositor"), Bank One, National
Association, as trustee (the "Trustee") and Washington Mutual Bank, FA, as
seller and servicer. All terms used herein and not otherwise defined shall have
the meanings set forth in the Pooling and Servicing Agreement. The Seller hereby
certifies, represents and warrants to, and covenants with, the Depositor and the
Trustee that:
1. No purpose of the Seller relating to sale of the Certificate by
the Seller to the Purchaser is or will be to enable the Seller to impede the
assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to the
Trustee a transfer affidavit and agreement in the form attached to the Pooling
and Servicing Agreement as Exhibit J. The Seller does not know or believe that
any representation contained therein is false.
3. The Seller has no actual knowledge that the proposed Transferee
is not a Permitted Transferee.
4. The Seller has no actual knowledge that the Purchaser would be
unwilling or unable to pay taxes due on its share of the taxable income
attributable to the Certificate.
5. The Seller has conducted a reasonable investigation of the
financial condition of the Purchaser and, as a result of the investigation,
found that the Purchaser has historically paid its debts as they came due, and
found no significant evidence to indicate that the Purchaser will not continue
to pay its debts as they come due in the future.
6. The Purchaser has represented to the Seller that, if the
Certificate constitutes a noneconomic residual interest, it (i) understands that
as holder of a noneconomic residual interest it may
K-1
<PAGE>
incur tax liabilities in excess of any cash flows generated by the interest, and
(ii) intends to pay taxes associated with its holding of the Certificate as they
become due.
Very truly yours,
[SELLER]
By:_____________________________________
Name:
Title:
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<PAGE>
EXHIBIT L
FORM OF ALLONGE
ALLONGE
PAY THE NOTE AFFIXED TO THIS ALLONGE TO THE ORDER OF
________________________________________________________, WITHOUT RECOURSE.
WASHINGTON MUTUAL BANK, FA
________________________________________
[Signature]
Name: _________________________________
Title: _________________________________
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<PAGE>
ANNEX Y
Class Y Principal Reduction Amounts: For any Distribution Date, the
amounts by which the principal balances of the Class Y-1 and Class Y-2 Interests
respectively will be reduced on such Distribution Date by the allocation of
Realized Losses and the distribution of principal determined as follows:
For purposes of the succeeding formulas the following symbols shall have the
meanings set forth below:
P(IB) = the Group 1 Subordinate Amount after the allocation of Realized
Losses and distributions of principal on such Distribution Date.
P(IIB) = the Group 2 Subordinate Amount after the allocation of Realized
Losses and distributions of principal on such Distribution Date.
R = the Class DB Pass Through Rate =
(7.0%P(IB) + 7.5%P(IIB))/(P(IB) + P(IIB))
Y(1) = the principal balance of the Class Y-1 Interests after distributions
on the prior Distribution Date.
Y(2) = the principal balance of the Class Y-2 Interests after distributions
on the prior Distribution Date.
[Delta]Y(1) = the Class Y-1 Principal Reduction Amount.
[Delta]Y(2) = the Class Y-2 Principal Reduction Amount.
Z(1) = the principal balance of the Class Z-1 Interests after distributions
on the prior Distribution Date.
Z(2) = the principal balance of the Class Z-2 Interests after distributions
on the prior Distribution Date.
[Delta]Z(1) = the Class Z-1 Principal Reduction Amount.
[Delta]Z(2) = the Class Z-2 Principal Reduction Amount.
P(1) = the aggregate principal balance of the Class Y-1 and Class Z-1
Interests after distributions on the prior Distribution Date, which
is equal to the aggregate Group 1 principal balance reduced by the
Group 1 Class P principal balance, if any.
P(2) = the aggregate principal balance of the Class Y-2 and Class Z-2
Interests after distributions on the prior Distribution Date, which
is equal to the aggregate Group 2 principal balance reduced by the
Group 2 Class P principal balance, if any.
[Delta]P(1) = the aggregate principal reduction resulting on such
Distribution Date on the Group 1 Mortgage Loans as a result of
principal distributions to be made and realized losses to be
allocated on such Distribution Date, reduced by the portion,
if any, of such reduction allocable to any Group 1 Class P
Interests, which is equal to the aggregate of the Class Y-1
and Class Z-1 Principal Reduction Amounts.
[Delta]P(2) = the aggregate principal reduction resulting on such
Distribution Date on the Group 2 Mortgage Loans as a result of
principal distributions to be made and realized losses to be
allocated on such Distribution Date, reduced by the portion,
if any, of such reduction allocable to any Group 2
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Class P Interests, which is equal to the aggregate of the
Class Y-2 and Class Z-2 Principal Reduction Amounts.
[Alpha] = .0005
[Gamma](1) = (R - 7.0%)/(7.5% - R). [gamma](1) is a non-negative number
unless its denominator is zero, in which event it is
undefined.
If [Gamma](1) is zero, [Delta]Y(2 )= Y(2) and [Delta]Y(1) =
(Y(1)/P(1))[Delta]P(1).
If [Gamma](1) is undefined, [Delta]Y(1) = Y(1), [Delta]Y(2) =
(Y(2)/P(2))[Delta]P(2).
In the remaining situations, [Delta]Y(2) and [Delta]Y(1) shall be defined as
follows:
1. If Y(2) - [Alpha](P(2) - [Delta]P(2)) => 0, Y(1)- [Alpha](P(1) -
[Delta]P(1)) => 0, and [Gamma](1)(P(1) - [Delta]P(1)) < (P(2) -
[Delta]P(2)), [Delta]Y(2) = Y(2) - [Alpha][Gamma](1)(P(1) - [Delta]P(1))
and [Delta]Y(1) = Y(1) - [Alpha](P(1) - [Delta]P(1)).
2. If Y(2) - [Alpha](P(2) - [Delta]P(2)) => 0, Y(1) - [Alpha](P(1) -
[Delta]P(1)) => 0, and [Gamma](1)(P(1) - [Delta]P(1)) => (P(2) -
[Delta]P(2)), [Delta]Y(2) = Y(2) - [Alpha](P(2) - [Delta]P(2)) and
[Delta]Y(1) = Y(1) - ([Alpha]/[Gamma](1))(P(2) - [Delta]P(2)).
3. If Y(2) - [Alpha](P(2) - [Delta]P(2)) < 0, Y(1) - [Alpha](P(1) -
[Delta]P(1)) => 0, and Y(1) - [Alpha](P(1) - [Delta]P(1)) => Y(1) -
(Y(2)/[Gamma](1)), [Delta]Y(2) = Y(2) - [Alpha][Gamma](1)(P(1) -
[Delta]P(1)) and [Delta]Y(1) = Y(1) - [Alpha](P(1) - [Delta]P(1)).
4. If Y(2) - [Alpha](P(2) - [Delta]P(2)) < 0, Y(1) - (Y(2)/[Gamma](1)) => 0,
and Y(1) - [Alpha](P(1) - [Delta]P(1)) <= Y(1) - (Y(2)/[Gamma](1)),
[Delta]Y(2) = 0 and [Delta]Y(1) = Y(1) - (Y(2)/[Gamma](1)).
5. If Y(1) - [Alpha](P(1) - [Delta]P(1)) < 0, Y(1) - (Y(2)/[Gamma](1)) < 0,
and Y(2) - [Alpha](P(2) - [Delta]P(2)) <= Y(2) - ([Gamma](1)Y(1)),
[Delta]Y(2) = Y(2) - ([Gamma](1)Y(1)) and [Delta]Y(1) = 0.
6. If Y(1) - [Alpha](P(1) - [Delta]P(1)) < 0, Y(2) - [Alpha](P(2) -
[Delta]P(2)) => 0, and Y(2) - [Alpha](P(2) - [Delta]P(2)) => Y(2) -
([Gamma](1)Y(1)), [Delta]Y(2) = Y(2) - [Alpha](P(2) - [Delta]P(2)) and
[Delta]Y(1) = Y(1) - ([Alpha]/[Gamma](1))(P(2) - [Delta]P(2)).
The purpose of the foregoing definitional provisions together with the related
provisions allocating Realized Losses and defining the Class Y and Class Z
Principal Distribution Amounts is to accomplish the following goals in the
following order of priority:
1. Making the ratio of Y(2) to Y(1) equal to [Gamma](1) after taking
account of the allocation Realized Losses and the distributions that
will be made through end of the Distribution Date to which such
provisions relate and assuring that the Principal Reduction Amount
for each of the Class Y-1, Class Y-2, Class Z-1 and Class Z-2
Interests is greater than or equal to zero for such Distribution
Date;
2. Making the Class Y-1 Principal Balance less than or equal to 0.0005
of the sum of the Class Y-1 and Class Z-1 Principal Balances and the
Class Y-2 Principal Balance less than or equal to 0.0005 of the sum
of the Class Y-2 and Class Z-2 Principal Balances in each case after
giving effect to allocations of Realized Losses and distributions to
be made through the end of the Distribution Date to which such
provisions relate; and
Y-2
L-3
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3. Making the larger of (a) the fraction whose numerator is Y(2) and
whose denominator is the sum of Y(2) and Z(2) and (b) the fraction
whose numerator is Y(1) and whose denominator is the sum of Y(1),
and Z(1) as large as possible while remaining less than or equal to
0.0005.
In the event of a failure of the foregoing portion of the definition of Class Y
Principal Reduction Amount to accomplish both of goals 1 and 2 above, the
amounts thereof should be adjusted to so as to accomplish such goals within the
requirement that each Class Y Principal Reduction Amount must be less than or
equal to the sum of (a) the Principal Realized Losses to be allocated on the
related Distribution Date for the related Pool remaining after the allocation of
such Realized Losses to the related Class P Interests and (b) the remainder of
the Available Distribution Amount for the related Pool or after reduction
thereof by the distributions to be made on such Distribution Date (i) to the
related Class P Interests and (ii) in respect of interest on the related Class Y
and Class Z Interests, or, if both of such goals cannot be accomplished within
such requirement, such adjustment as is necessary shall be made to accomplish
goal 1 within such requirement. In the event of any conflict among the
provisions of the definition of the Class Y Principal Reduction Amounts, such
conflict shall be resolved on the basis of the goals and their priorities set
forth above within the requirement set forth in the preceding sentence.
Method of calculating initial balance of the Class Y and Class Z Interests:
To calculate the initial balances for the Class Y-1, Class Y-2,
Class Z-1 and Class Z-2 Interests, first calculate the Group 1 and Group 2
Subordinate Amounts as of the Cut Off Date. Then calculate R according to the
definition above. Calculate (gamma)(1) according to the definition above.
Calculate P(1) and P(2) as the Group 1 Initial Balance reduced by the Class P1
Initial Balance and the Class R-1 Initial Balance (if applicable) and the Group
2 Initial Balance reduced by the Class P2 Initial Balance and the Class R-1
Initial Balance (if applicable), respectively.
If 0.0005 [gamma](1) P(1) <= 0.0005 P(2), Y(1) = 0.0005 P(1)
and Y(2) = 0.0005 [gamma](1) P(1) .
If 0.0005 [gamma](1) P(1) > 0.0005 P(2), Y(2) = 0.0005 P(2),
Y(1) = 0.0005 P(2) /[gamma](1) .
Then Z(1) = P(1) - Y(1) and Z(2) = P(2) - Y(2).
4
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