Deloitte & Touche LLP
Philadelphia, Pennsylvania 19103-3984
Tel: (215) 246-2300
Fax: (215) 569-2441
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Shareholders
PHH Mortgage Corporation
Mt. Laurel, NJ 08054
We have examined managements assertion, included in the accompanying Managements Report on Assessment of Compliance with SEC Regulation AB
Servicing Criteria, that PHH Mortgage Corporation (the Company) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commissions Regulation AB for the Loan Platform (the
Platform) as of and for the year ended December 31, 2014, excluding criteria 1122 (d)(1)(iii), (d)(3)(i) (c) and (d)(4)(xv), which management has determined are not applicable to the activities performed by the Company with
respect to the Platform. Managements assertion identifies the individual asset-backed transactions defined by management as constituting the Platform. Management is responsible for the Companys compliance with the servicing criteria. Our
responsibility is to express an opinion on managements assertion about the Companys compliance with the servicing criteria 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 Companys compliance with the applicable servicing criteria, including tests on a sample basis of the servicing activities related to the Platform, determining whether the Company performed those
selected activities in compliance with the servicing criteria during the specified period, and performing such other procedures as we considered necessary in the circumstances. Our procedures were limited to selected servicing activities performed
by the Company during the period covered by this report and, accordingly, such samples may not have included servicing activities related to each asset-backed transaction included in the Platform. Further, an examination is not designed to detect
noncompliance arising from errors that may have occurred prior to the period specified above that may have affected the balances or amounts calculated or reported by the Company during the period covered by this report. We believe that our
examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Companys compliance with the servicing criteria.
As described in managements assertion, for servicing 1122(d)(2)(i), 1122(d)(2)(ii), 1122(d)(4)(iv), 1122(d)(4)(vii), 1122(d)(4)(viii), and 1122(d)(4)(
xi), the Company has engaged a vendor to perform certain activities required by this servicing criteria. The Company has determined that this vendor is not considered a servicer as defined in Item 1101(j) of Regulation AB, and the
Company has elected to take responsibility for assessing compliance with the servicing criteria applicable to this vendor 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 Company 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 this vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendor and related criteria as described in its assertion, and
we performed no procedures with respect to the Companys determination of its eligibility to use Interpretation 17.06.
In our opinion, managements assertion that the Company complied with the aforementioned applicable
servicing criteria as of and for the year ended December 31, 2014 for the Loan Platform is fairly stated, in all material respects.
|/s/ Deloitte & Touche LLP|
|February 26, 2015|