Attached files

file filename
10-K - FORM 10-K - Sequoia Mortgage Trust 2011-1d891489d10k.htm
EX-31 - EX-31 - Sequoia Mortgage Trust 2011-1d891489dex31.htm
EX-34.4 - EX-34.4 - Sequoia Mortgage Trust 2011-1d891489dex344.htm
EX-34.2 - EX-34.2 - Sequoia Mortgage Trust 2011-1d891489dex342.htm
EX-33.1 - EX-33.1 - Sequoia Mortgage Trust 2011-1d891489dex331.htm
EX-35.1 - EX-35.1 - Sequoia Mortgage Trust 2011-1d891489dex351.htm
EX-33.4 - EX-33.4 - Sequoia Mortgage Trust 2011-1d891489dex334.htm
EX-35.3 - EX-35.3 - Sequoia Mortgage Trust 2011-1d891489dex353.htm
EX-35.4 - EX-35.4 - Sequoia Mortgage Trust 2011-1d891489dex354.htm
EX-33.2 - EX-33.2 - Sequoia Mortgage Trust 2011-1d891489dex332.htm
EX-33.5 - EX-33.5 - Sequoia Mortgage Trust 2011-1d891489dex335.htm
EX-35.2 - EX-35.2 - Sequoia Mortgage Trust 2011-1d891489dex352.htm
EX-33.3 - EX-33.3 - Sequoia Mortgage Trust 2011-1d891489dex333.htm
EX-34.3 - EX-34.3 - Sequoia Mortgage Trust 2011-1d891489dex343.htm
EX-34.5 - EX-34.5 - Sequoia Mortgage Trust 2011-1d891489dex345.htm

Exhibit 34.1

 

KPMG LLP
Suite 1400
55 Second Street
San Francisco, CA 94105

Report of Independent Registered Public Accounting Firm

The Board of Directors

First Republic Bank:

We have examined management’s assessment, included in the accompanying Management Assessment, that First Republic Bank (the Bank) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for residential mortgage loans serviced for others (the Platform), except for the servicing criteria 1122(d)(1)(iii), 1122(d)(3)(i)(C), and 1122(d)(4)(xv), which the Bank has determined are not applicable to the activities it performs with respect to the Platform, as of and for the year ended December 31, 2014. Appendix A to the Management Assessment identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Bank’s compliance with the servicing criteria. Our responsibility is to express an opinion on management’s assessment about the Bank’s compliance based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Bank’s compliance with the servicing criteria specified above and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Bank processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Bank during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Bank during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank’s compliance with the servicing criteria.

As described in the accompanying Management’s Assessment, for servicing criteria 1122(d)(4)(iv), 1122(d)(4)(xi), and 1122(d)(4)(xii), the Bank has engaged certain vendors to perform the activities required by these servicing criteria. The Bank has determined that none of these vendors are deemed to be “servicers” as defined in Item 1101(j) of Regulation AB, and the Bank has elected to take responsibility for assessing compliance with the servicing criteria applicable to these vendors as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). As permitted by Interpretation 17.06, the Bank has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria applicable to each vendor. The Bank is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendors and related criteria as described in its assertion, and we performed no procedures with respect to the Bank’s eligibility to apply Interpretation 17.06.

In our opinion, management’s assessment that First Republic Bank complied with the aforementioned servicing criteria, including 1122(d)(4)(iv), 1122(d)(4)(xi), and 1122(d)(4)(xii) for which compliance is determined based on Interpretation 17.06 as described above, as of and for the year ended December 31, 2014 is fairly stated, in all material respects.

 

/s/ KPMG LLP

San Francisco, California

February 27, 2015

KPMG LLP is a Delaware limited liability partnership,

the U.S. member firm of KPMG International Cooperative

(“KPMG International”), a Swiss entity.


Appendix A

 

Investor #

  

Investor Name

   Loan Count      Balance  
50    First Republic Preferred Capital Corp. I      33       $ 34,740,119.74   
70    Intrepid LLLP      7       $ 5,674,527.77   
120    Redwood Trust (Bear Stearns)      26       $ 21,950,455.68   
122    Sequioa 2007-2      45       $ 45,093,047.34   
123    SEMT 2007-3      13       $ 18,345,837.27   
124    CSMC Trust 2014-SAF1      1       $ 888,460.11   
126    MTGLQ Investors, L.P.      139       $ 103,063,741.54   
127    OneWest Bank N.A.      771       $ 643,760,103.64   
128    Sequoia Mortgage Trust 2014-1      75       $ 66,366,575.13   
129    STIFEL BANK & TRUST      46       $ 47,083,151.62   
131    Morgan Stanley Mortgage      197       $ 209,222,128.75   
132    JP Morgan Mortgage Trust 2014-2      332       $ 156,824,181.69   
133    Sequoia Mortgage Trust 2013-12      47       $ 38,385,072.09   
134    CSMC 2014-IVR3      61       $ 38,298,317.32   
135    Citizens Bank, N.A And Various      3       $ 2,077,863.71   
136    MSRM Loan Trust 2014-1      283       $ 248,678,800.88   
137    Sequoia Mortgage Trust 2014-3      69       $ 58,277,857.97   
138    J.P. Morgan Trust 2014-IVR3      93       $ 120,724,648.02   
141    Delta Community Credit Union      24       $ 30,225,275.87   
142    Sequoia Mortgage Trust 2013-12      56       $ 49,681,314.66   
143    CSMC Trust 2014-IVR1      10       $ 9,016,876.51   
144    CSMC Trust 2013-IVR5      1       $ 639,044.11   
145    JP Morgan Mortgage TR 2014-1      53       $ 48,410,655.33   
146    Florida Community Bank, N.A.      42       $ 46,574,295.35   
147    Citizens Bank of Pennsylvania      98       $ 83,735,591.00   
149    Hudson Valley Bank      6       $ 8,671,918.72   
151    CMSC Trust 2013-7      2       $ 1,812,926.56   
152    Sequoia Mortgage Trust 2013-11      16       $ 14,102,222.94   
153    Sequoia Mortgage Trust 2013-10      2       $ 1,432,761.41   
154    CSMC Trust 2013-6      19       $ 21,190,469.62   
155    JP Morgan Mortgage Trust 2013-3      119       $ 127,861,596.09   
156    NRP Mortgage Trust 2013-1      447       $ 413,054,672.75   
157    CSMC Trust 2013-HYB1      323       $ 351,108,854.80   
158    CSMC Trust 2013-IVR4      36       $ 37,609,855.05   
162    Citigroup Mortgage Loan Trust Series 2005-6      32       $ 17,114,284.11   
163    SAMI II 2005-AR2      92       $ 85,075,788.57   
164    MLCC 2005-3      39       $ 33,039,989.89   
165    MLMI 2005-A10      31       $ 31,487,043.82   
166    Redwood Residential Acquisition Corp      181       $ 159,865,223.85   
167    Sequoia Mortgage Trust 2011-1      29       $ 27,974,460.36   
168    Sequoia Mortgage Trust 2011-2      76       $ 53,094,103.93   
169    Sequoia Mortgage Trust 2012-1      81       $ 75,202,377.19   
172    SEMT 2012-2      91       $ 84,920,208.49   
173    SEMT 2013-1      20       $ 21,661,957.36   
174    Sequoia Mortgage Trust 2012-3      77       $ 77,287,081.95   
175    Harbor View 2003-2 (formerly Greenwich)      6       $ 2,628,829.52   
176    Harbor View 2004-1 (formerly Greenwich)      22       $ 9,866,750.16   
177    Harbor View 2004-5 (formerly Greenwich)      7       $ 3,984,002.95   
178    Harbor View 2006-6      1       $ 401,075.01   
179    Harbor View 2007-6      1       $ 484,158.17   
180    MASTR 2003-5 (formerly UBS Warburg)      3       $ 1,919,609.86   
181    Sequoia Mortgage Trust 2012-5      74       $ 70,291,993.04   
182    Sequoia Mortgage Trust 2013-2      314       $ 284,437,931.21   
183    Sequoia Mortgage Trust 2013-3      80       $ 76,572,832.22   
184    Sequoia Mortgage Trust 2013-4      58       $ 61,645,657.44   
185    MASTI 2003-4 (formerly UBS Warburg)      7       $ 4,595,449.38   
187    Sequoia Mortgage Trust 2013-7      14       $ 11,689,933.19   
188    Sequoia Mortgage Trust 2013-8      4       $ 2,581,364.55   
189    CSMC Trust 2013-IVR3      30       $ 36,418,802.74   


Appendix A

 

Investor #

  

Investor Name

   Loan Count      Balance  
191    CSFB 2004-5      2       $ 614,451.60   
192    CSFB 2004-6      5       $ 884,699.21   
193    CSFB 2004-7      1       $ 300,373.04   
194    TIAA-CREF Trust Company, FSB      295       $ 192,451,699.79   
195    MLMI 2005-A1      17       $ 8,369,269.02   
196    Merrill Lynch Bank      29       $ 25,013,573.13   
197    MLCC 2006-2      59       $ 33,519,471.51   
199    Sequoia Mortgage Trust 2012-4      56       $ 55,973,052.61   
200    Sequoia Mortgage Trust 2012-6      34       $ 33,015,579.11   
201    JP Morgan Mortgage Acq. Corp.      1314       $ 1,337,996,283.50   
203    Scottrade Bank      110       $ 55,422,563.04   
204    JP Morgan Mortgage Trust 2013-1      272       $ 200,883,658.37   
207    CSMC Trust 2013-IVR1      103       $ 88,378,639.07   
209    CSMC Trust 2013-1VR2      176       $ 162,525,143.67   
210    Washington Mutual (formerly Bank United of Texas)      1       $ 25,365.60   
215    Bank United N.A.      36       $ 37,858,118.19   
216    North Valley Bank      13       $ 14,456,729.54   
217    Signature Bank      17       $ 22,514,523,24   
218    RBS Financial Products Inc.      2       $ 1,276,490.33   
227    Washington Mutual (formerly Bank United of Texas)      3       $ 116,885.32   
243    Chase Mortgage Services, Inc.      1       $ 206,346.40   
244    Independent National Mortgage      1       $ 349,037.04   
248    Washington Mutual Bank, Flow Sales (PNC)      2       $ 517,779.73   
250    CitiMortgage      9       $ 3,487,508.13   
260    CitiMortgage      14       $ 2,817,580.92   
312    Residential Funding      27       $ 9,143,979.50   
313    BofA Funding 2011-SDI      1       $ 659,107.61   
330    U.S. Bank      2       $ 251,928.72   
355    Thornburg Mortgage (Wells Fargo Master Servicer)      536       $ 382,743,146.34   
356    Thornburg 2008-1      3       $ 1,761,970.83   
357    Everbank      24       $ 22,469,450.03   
358    DLJ Mortgage Capital, Inc.      31       $ 28,375,964.43   
360    Northfield Bank      213       $ 182,506,907.88   
361    JP Morgan Trust 2014-OAK4      12       $ 14,115,811.37   
362    JP Morgan Mortgage Trust 2014-5      197       $ 138,108,473.03   
363    Sequoia Mortgage Trust 2014-4      126       $ 111,076,435.22   
364    JP Morgan Mortgage TR2014-IVR6      386       $ 385,088,266.52   
414    Federal Home Mortgage Loan Association      7       $ 401,468.57   
415    FNMA MBS      6       $ 432,331.24   
510    CitiMortgage      6       $ 709,416.98   
515    Fannie Mae-Laser      4700       $ 1,585,203,666.02   
516    Bank of New Canaan      3       $ 4,673,224.00   
633    Chase Mortgage Services, Inc.      3       $ 133,428.61   
636    Bank United of Florida      1       $ 26,713.35   
637    Bank of America      4       $ 268,431.65   
720    2002-FRB2 REMIC      28       $ 16,452,824.12   
730    2002-FRBI REMIC      45       $ 25,392,444.06   
740    2001-FRB1 REMIC      55       $ 38,356,015.51   
750    Washington Mutual Bank      1       $ 427,738.92   
760    2000-FRB1 REMIC      20       $ 7,501,407.06   
770    Bear Stearns      12       $ 3,447,367.50   
775    AAR BART 2003-5 (Bear Stearns)      28       $ 9,563,064.60   
777    HVMLT 2006-13      1       $ 747,588.23   
780    2000-FRB2 REMIC      31       $ 15,340,594.50   
614    Federal Home Loan Mortgage Association      1       $ 48,273.76   
     

 

 

    

 

 

 

Total

  13,947    $ 9,603,226,391.27