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Wells Fargo HAMP Agreement

Wells Fargo HAMP Agreement

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Published by johngaultwhoam
This is the HAMP Agreement of Wells Fargo (which apparently does business as America's Servicing Company. Wells Fargo is identified as a Servicer...
This is the HAMP Agreement of Wells Fargo (which apparently does business as America's Servicing Company. Wells Fargo is identified as a Servicer...

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Published by: johngaultwhoam on Mar 25, 2011
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04/24/2013

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EXHIBIT 1
Case 4:10-cv-10311-FDS Document 1-2 Filed 02/23/10 Page 1 of 28
 
COMMITMENTTO
PURCHASEFINANCIAL
INSTRUMENT
and
SERVICERPARTICIPATIONAGREEMENT
forthe
HOME
AFFORDABLE
MODIFICATIONPROGRAM
underthe
EMERGENCY
ECONOMIC
STABILIZATIONACTOF
2008
This
CommitmenttoPurchaseFinancialInstrumentandServiceI'ParticipationAgreement(the"Commitment")
is
enteredinto
as
of
theEffectiveDate,
by
andbetweenFederalNationalMortgageAssociation,afederallycharteredcorporation,asfmancialagent
of
theUnitedStates("FannieMae"),andtheundersignedparty("Servicer").Capitalizedtenusused,
but
notdefinedcontextually,shallhavethemeaningsascribedtotheminSection
12
below.
Recitals
WHEREAS,theU.S.Department
of
theTreasury(the"Treasury")hasestablishedaHomeAffordableModificationProgram(the"Program")pursuanttosection101and109
ofthe
EmergencyEconomicStabilizationAct
of2008
(the"Act"),assection109
of
theActhasbeenamendedbysection7002
of
theAmericanRecovClYandReinvestmentAct
of
2009;WHEREAS,theProgramincludesloanmodificationandotherforeclosurepreventionservices;WHEREAS,FannieMaehasbeendesignatedbytheTreasUlYasafinancialagent
ofthe
UnitedStates
in
connectionwiththeimplementation
of
theProgram;WHEREAS,Fannie
Mae
will,initscapacityasafinancialagent
of
theUnitedStates,fulfilltheroles
of
administrator,recordkeeperandpayingagentfortheProgram,andinconjunctiontherewithmuststandardizecertainmortgagemodificationandforeclosurepreventionpracticesandprocedmesastheyrelatetotheProgram,consistentwiththeActandinaccordancewiththedirectivesof,andguidanceprovidedby,theTreasury;WHEREAS,FederalHomeLoanMortgageCorporation("FreddieMac")hasbeendesignatedbytheTreasUlyasafmancialagent
of
theUnitedStatesandwill,initscapacityasafinancialagent
of
theUnitedStates,fulfillacomplianceroleinconnectionwiththeProgram;allreferencestoFreddie
Macin
theAgreementshallbeinitscapacityascomplianceagent
of
theProgram;WHEREAS,allFannie
Mae
andFreddieMacapprovedservicersarebeingdirectedtln'oughtheirrespectiveservicingguidesandbulletinstoimplementtheProgramwithrespecttomortgageloansowned,securitized,orguaranteed
by
Fannie
Mae
orFreddieMac(the
"GSE
Loans");accordingly,thisAgreementdoesnotapplytotheGSELoans;WHEREAS,allotherservicers,aswellasFarmie
Mae
andFreddie
Mac
approvedservicers,thatwishtopmticipateintheProgramwithrespecttoloansthatarenot
GSE
Loans(collectively,"ParticipatingServicers")mustagreetocertaintermsandconditionsrelatingtotherespectiverolesandresponsibilities
of
Programparticipantsandotherfinancialagents
of
thegovemment;andWHEREAS,ServiceI'wishestoparticipateintheProgramasaParticipatingServicer
on
thetermsandsubjecttotheconditionssetforthherein.Accordingly,inconsideration
of
therepresentations,warranties,andmutualagreementssetforthhereinandforothergoodandvaluableconsideration,thereceiptandsufficiency
of
whichareherebyacknowledged,Fannie
Mae
andServiceI'agreeasfollows.
Case 4:10-cv-10311-FDS Document 1-2 Filed 02/23/10 Page 2 of 28
 
Agreement
1.ServicesA.SubjecttoSection10.C.,Servicershallperformtheloanmodificationandotherforeclosmepreventionservices(collectively,the"Services")describedin(i)theFinancialInstrumentattachedheretoasExhibitA(the"FinancialInstmment");
(ii)
theProgramguidelinesandprocedmesissued
by
the
TreasUlY,
including,withoutlimitation,thenetpresentvalueassessmentrequirements
of
theProgram(the"ProgramGuidelines");and(iii)anysupplementaldocumentation,instructions,bulletins,letters,
directives,
or
other
communications,
including,
but
notlimited
to,
business,
continuity
requirements,
compliance
requirements,
performancerequirementsandrelatedremedies,issuedbytheTreasmy,FannieMae,orFreddieMacinordertochange,or
fiu1her
describeorclarifythescopeof,therightsandduties
of
theParticipatingScrvicersinconnectionwiththeProgram(the"SupplementalDirectives"and,togetherwiththeProgramGuidelines,the"ProgramDocumentation").TheProgramDocmnentationwillbeavailabletoallParticipatingServicersatwww.financialstability.gov.TheProgramDocumentation,asthesamemaybemodifiedoramendedfromtimetotimeinaccordancewithSection10below,isherebyincorporatedintotheCommitmentbythisreference.B.Servicer'srepresentationsand
wlUTanties,
andacknowledgement
of
andagreementtofulfillorsatisfYcertaindutiesandobligations,withrespecttoitsplUticipationintheProgramandundertheAgreementaresetforthintheFinancialInstrument.Servicer'scertificationastoitscontinuingcompliancewith,andthetruthandaccuracyof,therepresentationsandwarrantiessetforthintheFinancialInstrumentwillbeprovidedannuallyintheformattachedheretoasExhibitB(the"AnnualCertification"),beginningonJuneI,20I0andagainonJuneI
of
eachyearthereafterduringtheTerm(asdefinedbelow).C.Therecitalssetforthabovearehcrebyincorporatedhereinbythisreference.
2.
Authority
and
Agreementto
Participate
in
Program
A.ServicershallperformtheServicesforallmortgageloansitsservices,whetheritservicessuchmortgageloansforitsownaccount
or
fortheaccount
of
anotherparty,includinganyholders
of
mortgage-backedsecurities(eachsuchotherparty,an"Investor").Serviccrshallusereasonableeff0l1storemoveallprohibitionsorimpedimentstoitsauthority,andusereasonableeffOltstoobtainallthirdpartyconsentsandwaiversthatarerequired,
by
contractorlaw,
in
ordertoeffectuateanymodification
of
amortgageloanundertheProgram.B.NotwithstandingsubsectionA.,
if
(x)Servicerisunabletoobtainall
necesslUY
consentsandwaiversformodifyingamortgageloan,or(y)thepoolingandservicingagreementorothersimilarservicingcontractgovemingServicer'sservicing
of
amortgageloanprohibitsServicerfromperformingtheServicesforthatmortgageloan,Servicershallnotberequit'edtoperfOlllitheServiceswithrespecttothatmortgageloanandshallnotreceivealloranyportion
of
thePmchasePrice(asdefinedbelow)otherwisepayablewithrespecttosuchloan.C.Notwithstandinganythingtothecontrarycontainedherein,theAgreementdoesnotapplytoGSELoans.Servicersaredirected
to
theservicingguidesandbulletinsissued
by
FannieMaeandFreddieMac,respectively,concemingtheProgramasappliedtoGSELoans.D.Serviccr'sperformance
ofthc
Servicesandimplementation
of
theProgramshallbesubjecttoreview
by
FreddieMacanditsagentsanddesigneesasmorefullysetforthintheAgreement.
3.
Set
Up;
Prerequisite
to
Payment
ServicerwillprovidetoFannieMae:(a)thesetupinformationrequiredbytheProgramDocmnentationandanyancilllUyoradministrativeinformationrequested
by
FannieMaeinordertoprocessServicer'sparticipationintheProgramasaParticipatiogServiceronorbeforetheEffectiveDate
ofthe
Commitment;and(b)thedataelementsforeachmortgageeligiblefortheProgram
-2-
Case 4:10-cv-10311-FDS Document 1-2 Filed 02/23/10 Page 3 of 28

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