Attached files
Exhibit 33.3
[FIRST REPUBLIC BANK LOGO]
Management Assessment
Management of First Republic Bank (the Bank) is responsible for assessing compliance with the applicable servicing criteria set forth in Item 1122(d) of Regulation AB of the Securities and Exchange Commission relating to the servicing of residential mortgage loans serviced for others (the Platform), except for the servicing criteria 1122(d)(1)(iii), 1122(d)(3)(i)(C) and 1122d(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, 2016. Appendix A identifies the individual asset-backed transactions and securities defined by management as constituting the Platform.
With respect to servicing criteria 1122(d)(4)(iv), 1122(d)(4)(xi) and 1122(d)(4)(xii), management has engaged various vendors to perform the activities required by these servicing criteria. The Banks management has determined that none of these vendors is considered a servicer as defined in Item 1101(j) of Regulation AB, and the Banks management has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by the SECs Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers (C&DI 200.06). Management 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 Banks management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendors and related criteria.
The Bank has determined that servicing criterion 1122(d)(1)(v) is applicable to the activities the Bank performs with respect to the Platform for all transactions and securities in the Platform, including those issued on or before November 23, 2015 for which compliance was previously assessed under other servicing criteria, as applicable, for the assessment period as of and for the year ended December 31, 2016.
The Banks management has assessed the Banks compliance with the applicable servicing criteria as of and for the year ended December 31, 2016. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.
Based on such assessment, management believes that, as of and for the year ended December 31, 2016, the Bank has complied in all material respects with the servicing criteria set forth in Item 1122(d) of Regulation AB of the Securities and Exchange Commission relating to the servicing of the Platform, except as follows:
Our assessment of compliance disclosed the following material noncompliance with servicing criteria 1122(d)(4)(x)(C) and 1122(d)(2)(vii)(C), as applicable to the Bank during the year ended December 31, 2016:
| With respect to servicing criteria 1122(d)(4)(x)(C), certain funds held in trust for an obligor (such as escrow accounts) were not returned to the obligor within 30 calendar days of full repayment of the related pool asset, or such other number of days specified in the transaction agreements. |
| With respect to servicing criteria 1122(d)(2)(vii)(C), certain reconciliations for asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts were not reviewed and approved by someone other than the person who prepared the reconciliation. |
Management believes that the two instances of material noncompliance with servicing criteria 1122(d)(4)(x)(C) and 1122(d)(2)(vii)(C) as applicable to the Bank during the year ended December 31, 2016 have been remediated.
KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to the Banks compliance with the applicable servicing criteria as of and for the year ended December 31, 2016 .
/s/ Michael J. Roffler |
2/28/17 | |||
Michael J. Roffler | Date | |||
Executive Vice President and Chief Financial Officer | ||||
/s/ Nancy Segreto |
2/28/17 | |||
Nancy Segreto | Date | |||
Senior Vice President, Lending Services | ||||
/s/ John Glander |
2/28/17 | |||
John Glander | Date | |||
Vice President, Lending Strategies, Products, and Sales |
Appendix A to Management Assesment
INVESTOR # |
INVESTOR NAME |
COUNT OF LOANS | CURRENT BALANCE | |||||
760 |
2000-FRB1 REMIC | 17 | $ | 5,733,307.04 | ||||
780 |
2000-FRB2 REMIC | 28 | $ | 12,297,513.91 | ||||
740 |
2001-FRB1 REMIC | 42 | $ | 23,649,272.88 | ||||
730 |
2002-FRB1 REMIC | 36 | $ | 18,745,705.02 | ||||
720 |
2002-FRB2 REMIC | 25 | $ | 12,997,049.09 | ||||
775 |
AAR BART 2003-5 (Bear Stearns) | 22 | $ | 6,778,523.44 | ||||
396 |
Ameris Bank | 81 | $ | 81,262,113.70 | ||||
516 |
Bank of New Canaan | 2 | $ | 3,178,224.00 | ||||
397 |
Bank of the Cascades | 15 | $ | 11,353,479.32 | ||||
215 |
Bank United N.A. | 13 | $ | 14,384,004.83 | ||||
770 |
Bear Stearns | 10 | $ | 2,292,201.36 | ||||
393 |
Broadway Federal Bank | 89 | $ | 80,275,545.33 | ||||
127 |
CIT Bank | 573 | $ | 448,992,768.27 | ||||
244 |
CIT Bank | 1 | $ | 306,220.56 | ||||
162 |
Citigroup Mortgage Loan Trust Series 2005-6 | 22 | $ | 9,626,442.02 | ||||
260 |
CitiMortgage | 11 | $ | 2,152,640.15 | ||||
250 |
CitiMortgage | 6 | $ | 1,701,972.80 | ||||
510 |
CitiMortgage | 5 | $ | 572,693.90 | ||||
147 |
Citizens Bank of Pennsylvania | 19 | $ | 16,268,010.52 | ||||
135 |
Citizens Bank, N.A And Various | 2 | $ | 1,279,007.45 | ||||
151 |
CMSC Trust 2013-7 | 2 | $ | 1,613,401.46 | ||||
387 |
Colorado Federal Savings Bank | 61 | $ | 74,767,299.57 | ||||
191 |
CSFB 2004-5 | 1 | $ | 131,531.88 | ||||
192 |
CSFB 2004-6 | 4 | $ | 398,268.94 | ||||
193 |
CSFB 2004-7 | 1 | $ | 142,813.94 | ||||
134 |
CSMC 2014-IVR3 | 53 | $ | 30,946,385.89 | ||||
154 |
CSMC Trust 2013-6 | 18 | $ | 20,045,729.63 | ||||
157 |
CSMC Trust 2013-HYB1 | 217 | $ | 225,890,719.41 | ||||
207 |
CSMC Trust 2013-IVR1 | 92 | $ | 74,035,630.68 | ||||
209 |
CSMC Trust 2013-IVR2 | 148 | $ | 131,387,770.22 | ||||
189 |
CSMC Trust 2013-IVR3 | 27 | $ | 31,088,664.05 | ||||
158 |
CSMC Trust 2013-IVR4 | 32 | $ | 33,320,138.32 | ||||
144 |
CSMC Trust 2013-IVR5 | 1 | $ | 611,789.08 | ||||
143 |
CSMC Trust 2014-IVR1 | 10 | $ | 8,711,705.03 | ||||
124 |
CSMC Trust 2014-SAF1 | 1 | $ | 803,159.76 | ||||
369 |
CSMC Trust 2015-1 | 4 | $ | 2,730,317.13 | ||||
371 |
CSMC TRUST 2015-2 | 7 | $ | 5,437,329.31 | ||||
372 |
CSMC TRUST 2015-3 | 5 | $ | 3,530,514.17 | ||||
365 |
CSMC TRUST 2105-WIN1 | 6 | $ | 4,812,094.98 | ||||
377 |
CSMLT 2015-1 | 19 | $ | 14,108,294.96 | ||||
382 |
CSMLT 2015-2 TRUST | 2 | $ | 1,876,022.20 | ||||
391 |
CSMLT 2015-3 TRUST | 16 | $ | 11,761,429.47 | ||||
141 |
Delta Community Credit Union | 17 | $ | 17,870,642.54 | ||||
373 |
Dime Bank | 31 | $ | 23,950,079.22 | ||||
358 |
DLJ Mortgage Capital, Inc. | 1 | $ | 1,600,000.00 | ||||
357 |
Everbank | 10 | $ | 8,254,522.09 | ||||
515 |
Fannie Mae-Laser | 5459 | $ | 1,785,170,685.69 | ||||
414 |
Federal Home Mortgage Loan Association | 6 | $ | 290,887.00 | ||||
50 |
First Republic Preferred Capital Corp. I | 28 | $ | 30,626,809.36 | ||||
146 |
Florida Community Bank, N.A. | 90 | $ | 76,404,697.40 | ||||
415 |
FNMA MBS | 4 | $ | 203,690.84 |
384 |
GOLDEN PACIFIC BANK, NA | 5 | $ | 3,300,516.55 | ||||
381 |
GUARANTY BANK & TRUST COMPANY | 111 | $ | 90,003,554.72 | ||||
175 |
Harbor View 2003-2(formerly Greenwich) | 6 | $ | 2,389,629.19 | ||||
176 |
Harbor View 2004-1(formerly Greenwich) | 16 | $ | 5,979,188.21 | ||||
177 |
Harbor View 2004-5(formerly Greenwich) | 7 | $ | 3,654,405.88 | ||||
178 |
Harbor View 2006-6 | 1 | $ | 371,256.34 | ||||
149 |
Hudson Valley Bank | 5 | $ | 7,391,161.49 | ||||
777 |
HVMLT 2006-13 | 1 | $ | 688,806.26 | ||||
385 |
J.P. MORGAN MORTGAGE TR 2015-4 | 155 | $ | 118,178,841.81 | ||||
386 |
J.P. MORGAN MORTGAGE TR 2015-5 | 378 | $ | 353,334,007.40 | ||||
390 |
J.P. MORGAN MORTGAGE TR 2015-6 | 75 | $ | 66,804,253.34 | ||||
401 |
J.P. Morgan Mortgage TR 2016-1 | 7 | $ | 6,571,573.49 | ||||
403 |
J.P. Morgan Mortgage TR 2016-2 | 354 | $ | 291,970,039.07 | ||||
411 |
J.P. Morgan Mortgage TR 2016-5 | 386 | $ | 331,709,512.41 | ||||
138 |
J.P. Morgan Trust 2014-IVR3 | 59 | $ | 72,851,584.91 | ||||
405 |
J.P.MORGAN MORTGAGE TRUST 2016-3 | 199 | $ | 156,920,491.44 | ||||
201 |
JP Morgan Mortgage Acq. Corp. | 138 | $ | 112,043,203.75 | ||||
145 |
JP Morgan Mortgage TR 2014-1 | 37 | $ | 30,915,773.02 | ||||
378 |
JP MORGAN MORTGAGE TR 2015-3 | 81 | $ | 73,225,617.70 | ||||
364 |
JP Morgan Mortgage TR2014-IVR6 | 267 | $ | 249,200,936.22 | ||||
370 |
JP Morgan Mortgage TR2015-IVR2 | 312 | $ | 291,796,671.53 | ||||
204 |
JP Morgan Mortgage Trust 2013-1 | 218 | $ | 135,831,888.31 | ||||
155 |
JP Morgan Mortgage Trust 2013-3 | 106 | $ | 106,937,830.61 | ||||
132 |
JP Morgan Mortgage Trust 2014-2 | 282 | $ | 114,642,317.10 | ||||
362 |
JP Morgan Mortgage Trust 2014-5 | 163 | $ | 97,855,622.16 | ||||
366 |
JP Morgan Mortgage Trust 2015-1 | 646 | $ | 619,153,870.82 | ||||
361 |
JP Morgan Trust 2014-OAK4 | 9 | $ | 9,364,512.09 | ||||
383 |
Landmark Community Bank | 19 | $ | 13,754,313.69 | ||||
185 |
MASTI 2003-4 (formerly UBS Warburg) | 5 | $ | 2,509,415.15 | ||||
180 |
MASTR 2003-5(formerly UBS Warburg) | 1 | $ | 667,129.18 | ||||
196 |
Merrill Lynch Bank | 19 | $ | 9,132,220.08 | ||||
164 |
MLCC 2005-3 | 27 | $ | 18,734,651.18 | ||||
197 |
MLCC 2006-2 | 44 | $ | 20,778,662.57 | ||||
195 |
MLMI 2005-A1 | 12 | $ | 5,191,145.50 | ||||
165 |
MLMI 2005-A10 | 24 | $ | 25,251,978.34 | ||||
131 |
Morgan Stanley Mortgage | 4 | $ | 3,970,633.94 | ||||
136 |
MSRM Loan Trust 2014-1 | 211 | $ | 171,196,498.90 | ||||
126 |
MTGLQ Investors, L.P. | 6 | $ | 3,807,348.04 | ||||
394 |
Nationstar Mortgage LLC | 1 | $ | 375,246.05 | ||||
388 |
Nationwide Bank | 415 | $ | 338,618,908.66 | ||||
368 |
Nexbank SSB | 172 | $ | 136,219,501.53 | ||||
216 |
North Valley Bank | 8 | $ | 9,065,494.85 | ||||
360 |
Northfield Bank | 245 | $ | 228,090,620.33 | ||||
156 |
NRP MortgageTrust 2013-1 | 393 | $ | 348,541,074.02 | ||||
166 |
Redwood Residential Acquisition Corp | 29 | $ | 23,577,222.14 | ||||
120 |
Redwood Trust (Bear Stearns) | 21 | $ | 15,344,970.47 | ||||
312 |
Residential Funding | 15 | $ | 4,128,227.98 | ||||
376 |
RWT FINANCIAL, LLC | 431 | $ | 371,263,028.60 | ||||
163 |
SAMI II 2005-AR2 | 65 | $ | 57,916,344.13 | ||||
203 |
Scottrade Bank | 96 | $ | 41,347,574.06 | ||||
123 |
SEMT 2007-3 | 8 | $ | 9,300,245.28 | ||||
172 |
SEMT 2012-2 | 50 | $ | 41,095,293.32 | ||||
173 |
SEMT 2013-1 | 14 | $ | 13,879,320.21 | ||||
122 |
Sequioa 2007-2 | 42 | $ | 39,197,358.64 | ||||
380 |
SEQUOIA MORTGAGE TR 2015-3 | 41 | $ | 37,215,428.53 |
169 |
Sequoia Mortgage Trust 2012-1 | 43 | $ | 35,422,768.42 | ||||
174 |
Sequoia Mortgage Trust 2012-3 | 59 | $ | 53,670,992.60 | ||||
199 |
Sequoia Mortgage Trust 2012-4 | 41 | $ | 40,324,545.26 | ||||
181 |
Sequoia Mortgage Trust 2012-5 | 55 | $ | 49,048,794.25 | ||||
200 |
Sequoia Mortgage Trust 2012-6 | 28 | $ | 26,571,421.26 | ||||
153 |
Sequoia Mortgage Trust 2013-10 | 2 | $ | 1,267,017.19 | ||||
152 |
Sequoia Mortgage Trust 2013-11 | 13 | $ | 10,712,661.90 | ||||
142 |
Sequoia Mortgage Trust 2013-12 | 39 | $ | 35,481,369.91 | ||||
133 |
Sequoia Mortgage Trust 2013-12 | 38 | $ | 29,658,125.97 | ||||
182 |
Sequoia Mortgage Trust 2013-2 | 251 | $ | 215,211,365.76 | ||||
183 |
Sequoia Mortgage Trust 2013-3 | 67 | $ | 60,631,223.02 | ||||
184 |
Sequoia Mortgage Trust 2013-4 | 52 | $ | 53,526,808.48 | ||||
187 |
Sequoia Mortgage Trust 2013-7 | 11 | $ | 8,787,299.88 | ||||
188 |
Sequoia Mortgage Trust 2013-8 | 4 | $ | 2,366,067.49 | ||||
128 |
Sequoia Mortgage Trust 2014-1 | 44 | $ | 38,530,672.74 | ||||
137 |
Sequoia Mortgage Trust 2014-3 | 57 | $ | 46,003,914.10 | ||||
363 |
Sequoia Mortgage Trust 2014-4 | 111 | $ | 93,501,533.96 | ||||
367 |
Sequoia Mortgage Trust 2015-1 | 108 | $ | 86,821,903.88 | ||||
375 |
Sequoia Mortgage Trust 2015-2 | 19 | $ | 13,372,582.14 | ||||
392 |
Sequoia Mortgage Trust 2015-4 | 55 | $ | 37,959,108.44 | ||||
398 |
Sequoia Mortgage Trust 2016-1 | 27 | $ | 21,685,249.07 | ||||
402 |
Sequoia Mortgage Trust 2016-2 | 14 | $ | 15,341,378.01 | ||||
407 |
Sequoia Mortgage Trust 2016-3 | 39 | $ | 34,790,655.69 | ||||
217 |
Signature Bank | 12 | $ | 16,704,299.27 | ||||
129 |
STIFEL BANK & TRUST | 1151 | $ | 1,266,785,427.14 | ||||
404 |
TEACHERS INSURANCE AND ANNUITY | 120 | $ | 110,607,497.44 | ||||
400 |
The Washington Trust Company | 48 | $ | 34,556,424.03 | ||||
356 |
Thornburg 2008-1 | 3 | $ | 1,661,970.83 | ||||
420 |
THORNBURG MORTGAGE THB2003-1 | 3 | $ | 1,861,247.39 | ||||
421 |
THORNBURG MORTGAGE THB2003-2 | 4 | $ | 1,281,792.32 | ||||
422 |
THORNBURG MORTGAGE THB2003-3 | 1 | $ | 886,006.00 | ||||
423 |
THORNBURG MORTGAGE THB2003-4 | 5 | $ | 4,824,681.64 | ||||
424 |
THORNBURG MORTGAGE THB2003-5 | 13 | $ | 8,705,815.84 | ||||
425 |
THORNBURG MORTGAGE THB2003-6 | 11 | $ | 7,400,655.99 | ||||
426 |
THORNBURG MORTGAGE THB2004-1 | 8 | $ | 4,712,493.89 | ||||
427 |
THORNBURG MORTGAGE THB2004-2 | 10 | $ | 6,925,991.46 | ||||
428 |
THORNBURG MORTGAGE THB2004-3 | 15 | $ | 9,109,965.99 | ||||
429 |
THORNBURG MORTGAGE THB2004-4 | 22 | $ | 11,982,011.60 | ||||
430 |
THORNBURG MORTGAGE THB2005-1 | 43 | $ | 20,080,836.16 | ||||
431 |
THORNBURG MORTGAGE THB2005-2 | 26 | $ | 16,882,170.78 | ||||
432 |
THORNBURG MORTGAGE THB2005-3 | 30 | $ | 19,796,260.73 | ||||
433 |
THORNBURG MORTGAGE THB2005-4 | 10 | $ | 5,110,938.60 | ||||
434 |
THORNBURG MORTGAGE THB2006-1 | 7 | $ | 6,485,997.61 | ||||
435 |
THORNBURG MORTGAGE THB2006-2 | 12 | $ | 6,133,442.42 | ||||
436 |
THORNBURG MORTGAGE THB2006-3 | 15 | $ | 10,563,913.06 | ||||
437 |
THORNBURG MORTGAGE THB2006-4 | 7 | $ | 4,215,675.26 | ||||
438 |
THORNBURG MORTGAGE THB2006-5 | 8 | $ | 4,051,024.05 | ||||
439 |
THORNBURG MORTGAGE THB2006-6 | 33 | $ | 16,005,022.69 | ||||
440 |
THORNBURG MORTGAGE THB2007-1 | 5 | $ | 4,346,000.00 | ||||
441 |
THORNBURG MORTGAGE THB2007-2 | 37 | $ | 29,839,442.17 | ||||
442 |
THORNBURG MORTGAGE THB2007-3 | 12 | $ | 6,930,067.65 | ||||
443 |
THORNBURG MORTGAGE THB2007-4 | 3 | $ | 4,011,382.91 | ||||
194 |
TIAA-CREF Trust Company, FSB | 240 | $ | 136,403,827.30 | ||||
330 |
U.S. Bank | 2 | $ | 192,983.18 | ||||
248 |
Washington Mutual Bank, Flow Sales (PNC) | 2 | $ | 345,761.50 |
614 |
Federal Home Loan Mortgage Association | 1 | $ | 31,455.26 | ||||
633 |
Chase Mortgage Services, Inc | 2 | $ | 49,195.49 | ||||
636 |
Bank United of Florida | 1 | $ | 10,594.18 | ||||
637 |
Bank of America | 1 | $ | 37,158.58 | ||||
399 |
ZB, N.A. | 93 | $ | 96,356,640.57 | ||||
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$ | 11,606,200,171.40 | |||||||
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