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Wmmsc servicer guide Servicer Guide Last Update This manual is the property of WMMSC No part of this document can be used or reproduced without permission of WMMSC Internal Use Only Section Servicer Eligibility Servicers who wish to participate in the WMM

Servicer Guide Last Update This manual is the property of WMMSC No part of this document can be used or reproduced without permission of WMMSC Internal Use Only Section Servicer Eligibility Servicers who wish to participate in the WMMSC ??Buyer ? Servicing program must ?rst complete a Seller Servicer Application SSF and submit it to Buyer together with the following required documentation i professional resumes of the principal o ?cers and the individuals responsible for origination underwriting accounting servicing shipping and ?nal documentation delivery ii the Servicer ? s audited ?nancial statements for the previous two years and the most current interim ?nancial statements ?? YTD Pro ?t and Loss Statement ? If a current YTD Pro ?t and Loss Statement is not available at time of application then the most recent three years audited ?nancial statements are required iii in the event the Servicer has a parent the parent ? s audited ?nancial statements for the previous two years and the parent ? s most current YTD Pro ?t and Loss Statement If a current YTD Pro ?t and Loss Statement is not available at the time of application then the most recent three years audited ?nancial statements are required iv the most recent audit reports issued with respect to the Servicer by Fannie Mae Freddie Mac HUD and any other governmental or quasigovernmental agency with jurisdiction over any of the Servicer ? s operations v a copy of the Servicer ? s quality control procedures for origination and servicing presently in place and copies of the three most recent quality control reports to Servicer ? s senior management and quality control summary reports as submitted to Servicer ? s senior management vi a copy of the completed servicing questionnaire application addendum vii a certi ?cate of insurance for each of the Servicer ? s ?delity bond errors and omissions and directors and o ?cers liability insurance policies which meet the requirements of Section and viii a complete list of all names under which the Servicer is doing business or has done business in the last ?ve years Eligibility Requirements The following eligibility requirements must be met prior to approval and must be maintained by the Buyer approved Servicers at all times In addition the Buyer may request evidence of the Servicer ? s compliance with each of these provisions at any time The Buyer may at its own discretion allow deviations from these stated requirements if it believes it is in its own best interest to do so Page C Experience The Servicer must have a minimum existing servicing portfolio of mortgages and must have MBS style reporting capabilities on hard copy or tape with an institutional investor The Servicer must have at least two years of experience in servicing conventional residential mortgages and must follow generally accepted practices and prudent servicing practices If the Servicer has been in existence for less than two years ?nancial information substantiating the Servicer ? s capacity to participate in the Buyer