Updated Call Rights Spreadsheet – October 2017 - Revised and now includes WF Reserve Activity

We have updated our Call Rights Spreadsheet again, as we missed some deals.

Also, we now track Wells Fargo Reserve Activity, which includes deposits and withdrawals (see page 3).

Deals Called – September 2017

FRBPT Notice to Holders from Wells Fargo– September 25, 2017

FRBPT 2000-FRB1
FRBPT 2000-FRB2
FRBPT 2002-FRB1
FRBPT 2002-FRB2

Source: Wells Fargo CTSLink

Called Deals – Wells Fargo Reserve Activity Status

On Wells Fargo CTSLink, Wells Fargo is now reporting Reserve Activity. Looks like a monthly update, but only time will tell. It appears that ~ $15,800 is a common withdrawal amount.

OOMLT 2003-3: $28,160.99 is classified as MI Proceeds.

What the Wells Fargo Reserve Activity Notice Says:

For the above-named trust (the “Trust”), Wells Fargo Bank, N.A. acted in one or more capacities as trustee, indenture trustee, master servicer, securities administrator, trust administrator and/or paying agent (in such capacity(ies), “Wells Fargo”).
The Trust was terminated pursuant to a clean-up call (“Clean-Up Call”).
In connection with the termination of the Trust and pursuant to, inter alia, Wells Fargo’s rights under the governing documents for the Trust, Wells Fargo established a reserve (the “Reserve”) from the funds received in connection with the Clean-Up Call.
The Reserve was described in a notice posted to www.ctslink.com (the “Notice”).
As further described in the Notice, Wells Fargo will use funds in the Reserve to meet current and future expenses, including, inter alia, attorneys’ fees and expenses, incurred in connection with litigation and/or claims relating to the Trust.
Wells Fargo will withdraw and use the funds in the Reserve subject to the same restrictions and limitations set forth in the Trust’s governing documents for claims by Wells Fargo against the Trust for indemnification/expense reimbursement.
The time period for which Wells Fargo will hold funds in the Reserve is currently unknown.
If and when Wells Fargo determines that the Reserve is no longer necessary to meet current or future expenses, the remaining funds in the Reserve, if any, will be released.
Wells Fargo expects that any funds in the Reserve that are released (“Released Funds”) will be distributed to those Classes of Certificates that would have received the funds in the Reserve on the final distribution/payment date had Wells Fargo not held back the Reserved Funds at that time (the “Affected Classes”).
Such distributions will be made to security holders of the Affected Classes of record on the most recent record date for the Trust. Wells Fargo expects that any Released Funds will be distributed in the same manner and priority as such funds would have been distributed to the Affected Classes on the final distribution/payment date had Wells Fargo not reserved such amounts at that time.
In other words, the amount of the Released Funds, if any, to distribute to the Affected Classes is expected to be the same as the amount that would have been allocated to such Affected Classes on the final distribution/payment date had such Released Funds not been placed into the Reserve at that time.
Income earned on the balance of the Reserve. Wells Fargo invests the Reserve in accordance with the permitted investment provisions in the governing documents for the Trust.

Source: Wells Fargo CTSLink

Natural Deal Termination

15 year term mortgages: 2017 – 2002 = 15 years -> Deal is done. The longer you stick around in this industry, the more of these you will see.

CWHL 2002-12

As of August 2017 Remittance: 2 loans - $216,531.36
As of September 2017 Remittance: 0 loans - $0.00

Loan #0423916

3013 Camino De Las Piedras El Cajon, CA 92019

UPB: $3,357.80;
Original Loan Amount: $400,000; First Pay Date: 10/1/2002; Mature Date: 9/1/2017 (15 year term)
180 months perfect payment history – PAID OFF IN FULL

Loan #0623171

2617 SE 14th St, Pompano Beach, FL 33062

UPB: $213,173.57; Paid to: 1/1/2009
REO as of May 2017
REO Sold: $467,300; Original Appraisal 9/2002: $385,000

7 Sheets included:

CALLED DEALS from January 2014 – September 2017, plus we now track outstanding reserves as reported by Wells Fargo.
ALL DEALS with call percentages, performance statistics, trustee litigation and our Potential Call Criteria ** This sheet contains called deals (in RED) and active deals (in BLACK). It provides a great way to compare similar deals side by side to help figure out why one deal is called versus the other or what deals may be called next from a particular shelf **
Active Trustee Lawsuits
Active & Closed Trustee Lawsuits
Deals in Active Trustee Lawsuits
Deals in Closed Lawsuits
Complaints on Called Deals only

Our Potential Call Criteria:

Eligible now, Eligible within 1 year, and Not Eligible based on current factor and call percentage
Has the shelf been called since January 2014?
Is Ocwen or Nationstar the master servicer or servicer?
Do the OTS current loans have similar performance statistics to deals that have recently been called
% OTS Current >= 80% and
WAC >= 5 and
% (FRM or modified) >= 80% and
% 12 Month OTS Perfect Pay >= 85% and
WA Updated LTV <= 75 where the updated LTV is calculated using either an updated valuation or adjusted by Zillow HPI and
% 1st Liens >= 98%