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bankofamericanaSPA(incltransmittal)-r

bankofamericanaSPA(incltransmittal)-r

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Published by Nikki D White

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Published by: Nikki D White on Jun 18, 2011
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07/26/2011

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AMENDEDANDRESTATEDCOMMITMENTTOPURCHASEFINANCIALINSTRUMENT
and
SERVICERPARTICIPATIONAGREEMENT
ThisAmendedandRestatedCommitmenttoPurchaseFinancialInstrumentandServiceI'ParticipationAgreement(the"Commitment")
is
enteredinto
as
of
theEffectiveDate,byandbetweenFederalNationalMortgageAssociation,afederallycharteredcorporation,
as
financialagent
of
theUnitedStates("FannieMae"),andtheundersignedparty("Servicer").Capitalizedtermsused,butnotdefinedcontextually,shallhavethemeaningsascribedtotheminSection
12
below.RecitalsWHEREAS,theU.S.Depallment
of
theTreasury(the"Treasury")hasestablishedaHomeAffordableModificationProgram(the"HAMP")pursuanttosectionI
01
and109
of
theEmergencyEconomicStabilizationAct
of2008
(the"Act"),
as
section109
of
the
Act
hasbeenamendedbysection7002
of
theAmericanRecoveryandReinvestmentActof2009;
,
WHEREAS,FannieMae,asfinancialagent
of
theUnitedStates,andServiceI'enteredintoaCommitmenttoPurchaseFinancialInstrumentandServiceI'ParticipationAgreementfortheHomeAffordableModificationProgramundertheEmergencyEconomicStabilizationAct(the"PriorAgreement")
in
connectionwiththeimplementationofHAMP,theprimarypurpose
of
whichwasthemodification
of
firstlienmortgageloanobligationsandtheprovision
of
loanmodificationandforeclosurepreventionservicesrelatingthereto(the"HAMPServices");WHEREAS,theTreasuryhasestablishedavariety
of
newprograms(togetherwiththeHAMP,the"Programs")undertheActtofurtherstabilizethehousingmarketbyfacilitatingsecondlienmOllgageloanmodificationsandextinguishments,providinghomepricedeclineprotectionincentives,encouragingforeclosurealternatives,suchas
ShOll
salesanddeeds
in
lieu
of
foreclosure,andmakingotherforeclosurepreventionservicesavailabletothemarketplace(collectively,togetherwiththeHAMPServices,the"Services");WHEREAS,theProgramsmayincludeServicesrelatingtoFHA,VAandUSDAloans;WHEREAS,FannieMaehasbeendesignatedbytheTreasuryasafinancialagent
of
theUnitedStates
in
connectionwiththeimplementation
ofthe
Programs;allreferencestoFannieMaeintheAgreementshallbeinitscapacityasfinancialagentoftheUnitedStates;WHEREAS,FannieMaewillfulfilltheroles
of
administratorandrecordkeeperforthePrograms,andinconjunctiontherewithmuststandardizecertainmortgagemodificationandforeclosurepreventionpracticesandprocedures
as
theyrelatetothePrograms,consistentwiththeActandinaccordancewiththedirectivesof,andguidanceprovidedby,theTreasury;WHEREAS,FederalHomeLoanMortgageCorporation("FreddieMac")hasbeendesignatedbytheTreasuryasafinancialagent
of
theUnitedStatesandwillfulfillacomplianceroleinconnectionwiththePrograms;allreferencestoFreddieMacintheAgreementshallbeinitscapacityascomplianceagent
of
thePrograms;WHEREAS,FannieMaeandServiceI'desiretoamendandrestatethePriorAgreementinitsentirety
as
set
forthherein;WHEREAS,allFannieMaeandFreddieMacapprovedservicersarebeingdirectedthroughtheirrespectiveservicingguidesandbulletinstoimplementtheProgramswithrespecttomortgageloansowned,securitized,orguaranteed
by
FannieMae
01'
FreddieMac(the"GSELoans");accordingly,thisAgreementdoesnotapplytotheGSELoans;
 
WHEREAS,allotherservicers,aswellasFannieMaeandFreddieMacapprovedservicers,thatwishtoparticipateintheProgramswithrespecttoloansthatarenot
GSE
Loans(collectively,"ParticipatingServicers")mustagreetoceliaintermsandconditionsrelatingtotherespectiverolesandresponsibilities
of
participantsandotherfinancialagents
ofthe
government;andWHEREAS,ServicerwishestoparticipateintheProgramsasaParticipatingServiceI'onthetermsandsubjecttotheconditionssetfOlihherein.Accordingly,inconsideration
ofthe
representations,warranties,andmutualagreementssetforthhereinandforothergoodandvaluableconsideration,thereceiptandsufficiency
of
whichareherebyacknowledged,Fannie
Mae
andServiceragree
to
amendandrestatethePriorAgreementinitsentirety,asfollows.
Agreement
1.
ServicesA.Contemporaneouslywiththeexecutionanddelivery
ofthis
CommitmentandtheFinancialInstrument,Servicerwillexecuteanddeliver
to
Fannie
Mae
one
or
moreschedulesdescribingtheServicestobeperformed
by
ServicerpursuanttothisAgreement,effectiveas
ofthe
EffectiveDate
of
theAgreement(each,a"ServiceSchedule"
or
an"InitialServiceSchedule"and,collectively,the"InitialServiceSchedules").AftertheEffectiveDate
of
theAgreement,ServiceI'mayopt-intoanyadditionalinitiativesoffered
by
TreasuryinconnectionwiththeProgramsbyexecutinganddeliveringtoFannieMaeoneormoreadditionalServiceSchedulesdescribingtheServicesrelatingtosuchinitiatives(each,a"ServiceSchedule"
or
an"AdditionalServiceSchedule"and,collectively,the"AdditionalServiceSchedules")(theInitialServiceSchedulesandtheAdditionalServiceSchedules,collectively,the"ServiceSchedules").AllServiceSchedulesthatareexecutedanddeliveredtoFannie
Mae
byServicerfromtimetotimewillbenumberedsequentially(e.g.ServiceSchedule
A-I;
ServiceScheduleA-2;ServiceScheduleA-3;
et
seq.)andarereferencedherein,collectively,asExhibitA;ExhibitAisherebyincorporatedintotheCommitmentbythisreference.B.SubjecttoSectionIO.C.,ServiceI'shallperformtheServicesdescribedin(i)theFinancialInstrumentattachedheretoasExhibitB(the"FinancialInstrument");
(ii)
theServiceSchedulesattachedhereto,collectively,asExhibitA;
(iii)
theguidelinesandproceduresissuedbytheTreasurywithrespecttotheProgramsoutlinedintheServiceSchedules(the"ProgramGuidelines");and(iv)anysupplementaldocumentation,instructions,bulletins,frequentlyaskedquestions,letters,directives,
or
othercommunications,including,but
not
limitedto,businesscontinuityrequirements,compliancerequirements,performancerequirementsandrelatedremedies,issuedbytheTreasury,FannieMae,
or
FreddieMacinordertochange,orfurtherdescribeorclarifythescopeof,therightsandduties
of
theParticipatingServicersinconnectionwiththeProgramsoutlinedintheServiceSchedules(the"SupplementalDirectives"and,togetherwiththeProgramGuidelines,the"ProgramDocumentation").TheProgramDocumentationwillbeavailabletoallParticipatingServicersatwww.HMPadmin.com;fortheavoidance
of
doubt,theterm"ProgramDocumentation"includesall
of
theProgramGuidelinesandSupplementalDirectivesissuedbyTreasuryandmadeavailabletoParticipatingServicers
at
www.HMPadmin.compriortotheEffectiveDate
of
theAgreement.TheProgramDocumentation,asthesamemaybemodified
or
amendedfromtimetotimeinaccordancewithSection10below,isherebyincorporatedintotheCommitmentbythisreference.C.Servicer'srepresentationsandwarranties,andacknowledgement
of
andagreementtofulfillorsatisfycertaindutiesandobligations,withrespecttoitsparticipationintheProgramsandundertheAgreementaresetfOlihintheFinancialInstrument.ServiceI"scertificationastoitscontinuingcompliancewith,andthetruthandaccuracyof,therepresentationsandwarrantiessetforthintheFinancialInstrumentwillbeprovidedannuallyintheformattachedhereto
as
ExhibitC(the"Celiification"),beginningonJune
1,2010
andagainonJuneI
of
eachyearthereafterduringtheTerm(asdefinedbelow)andupontheexecutionanddelivery
by
ServiceI'
of
anyAdditionalServiceScheduleduring
the
Term.D.Therecitalssetforthaboveareherebyincorporatedhereinbythisreference.2
 
2.
AuthorityandAgreement
to
Participate
in
Programs
A.
ServiceI'shallperform
the
Servicesforallmortgageloansitservices,whetheritservicessuchmortgageioansforits
own
accountorfortheaccount
of
anotherparty,inciudinganyholders
of
m0l1gage-backedsecurities(eachsuchotherparty,
an
"Investor").
B.Fannie
Mae
acknowledges
that
ServiceI'
may
servicemortgageloansforits
own
account
or
fortheaccount
of
oneormoreInvestorsandmay
be
subjecttorestrictions
set
forthinpoolingandservicingagreements
or
otherservicingcontractsgoverningServicer'sservicing
of
amortgageloan;ServiceI'shallusereasonableeffortstoremoveallprohibitionsorimpedimentstoitsauthority,and
use
reasonableeffortstoobtainallthirdpartyconsents,waiversanddelegationsthatarerequired,bycontractorlaw,inorder
to
performtheServices.C.NotwithstandingsubsectionB.,
if(x)
ServiceI'isunable
to
obtainallnecessaryconsents,waiversanddelegationsforperforminganyServicesunderthePrograms,
or
(y)thepoolingandservicingagreementorotherservicingcontractgoverningServicer'sservicing
of
amortgageloanprohibitsServiceI'fromperformingsuchServicesforthatmortgageloan,ServiceI'shallnot
be
required
to
performsuchServiceswithrespecttothatmOl1gageloanandshallnotreceiveallor
any
portion
of
thePurchasePrice(definedbelow)otherwisepayableforsuchServiceswithrespecttosuchloan.D.Notwithstandinganythingto
the
contrarycontainedherein,theAgreementdoesnotapplyto
GSE
Loans.Servicersaredirectedtotheservicingguidesandbulletinsissued
by
Fannie
Mae
andFreddieMac,respectively,concerningtheProgramsasappliedto
GSE
Loans..E.Servicer'sperformance
ofthe
Servicesandimplementation
of
theProgramsshall
be
subjecttoreviewbyFreddie
Mac
anditsagentsanddesigneesasmorefullysetforthintheAgreement.
3.SetUp;
Prerequisite
to
Payment
ServiceI'willprovidetoFannieMae:(a)theset
up
informationrequiredbytheProgramDocumentationandanyancillaryoradministrativeinformationrequested
by
Fannie
Mae
inordertoprocess
Servicer's
pa11icipationin
the
ProgramsasaPa11icipatingServiceI'
on
orbefore
the
Effective
Date
of
theAgreementasto
the
InitialServiceSchedulesthatareexecutedanddeliveredcontemporaneouslyherewith,andonorbefore
the
effectivedate
of
the
AdditionalServiceSchedules
(if
any)executedanddeliveredafter
the
Effective
Date
of
the
Agreement;and(b)
thedata
elementsforeachmortgageobligation,property,orborrowereligiblefor
the
ProgramsasandwhendescribedintheProgramDocumentation
and
theFinancialInstrument.PurchasePricepaymentswill
not
beremittedpursuanttoSection4withrespecttoServicesforwhichtherequireddataelementshavenotbeenprovided.4.
Agreement
to
PurchaseFinancialInstrument;Payment
of
PurchasePrice
A.FannieMae,initscapacityasafinancialagent
of
theUnitedStates,agreestopurchase,andServiceI'agreestoselltoFannieMae,insuchcapacity,
the
FinancialInstrumentthatisexecutedanddeliveredbyServiceI'toFamlie
Mae
intheformattachedheretoasExhibitB,inconsiderationforthepayment
by
FannieMae,asagent,
of
the
PurchasePrice.B.Theconditionsprecedentto
thepayment
byFannie
Mae
of
the
PurchasePricewithrespecttotheServicesdescribedontheInitialServiceSchedulesare:(a)the.executionanddelivery
of
theCommitment,theInitialServiceSchedules,andtheFinancialInstrumentbyServiceI'toFannieMae;(b)
the
executionanddelivery
of
the
Commitmentand
the
InitialServiceSchedulesbyFannieMaetoServiceI';(c)thedelivery
of
copies
ofthe
fullyexecutedCommitment,InitialServiceSchedulesandFinancialInstrumentto
Treasury
ontheEffectiveDate
of
theAgreement;(d)
the
performance
by
ServiceI'
of
theServicesdescribedintheAgreement,inaccordancewiththetermsandconditionsthereof,tothereasonablesatisfaction
of
Fannie
Mae
andFreddieMac;and(e)
the
satisfactionbyServiceI'
of
suchotherobligationsasaresetforthin
the
Agreement.3

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