10_MH_WL_Requirement_ATTACHMENT___J.doc

ATTACHMENT J 01/01/2007

Ginnie Mae Manufactured Housing Reporting Instructions -

Requirements for Accounting Report Forms

Purpose of the MHWL-1 Report: This report is to identify all Ginnie Mae manufactured housings whole loans presently being serviced by the subservicers. A loan is a whole loan when (1) the loan is not insured by FHA, VA and/or RHS and then must be purchased out of the MBS pools on the MHPR-1, line 7 or (2) a loan was on the MHHR-2 report and the mortgagee started to make payments again after the security holder was paid in full. The loan would be transferred to MHWL. Any collections received during the reporting month should be wired to Ginnie Mae on the third business day of the month following receipt.

Preparation Instructions 1.

Ginnie Mae Pool Number - enter the Ginnie Mae pool number assigned to the loan.

2. Subservicer Loan Number - enter the loan number assigned by subservicer.

3. Date Acquired - enter the date the loan was transferred to whole loans or purchased out of the MBS pool.

4a.

Ginnie Mae I or II - enter the loan portfolio type.

4b. Mancode – subservicer code for bankruptcy or work-out.

5.

Loan Type - enter FHA or VA.

6.

State Location of Property - state in which property is located. Use the letter state abbreviation, e.g. OK = Oklahoma, TX = Texas, etc.

7. Interest Rate - enter the rate of interest charged borrower on the outstanding loan amount.

8a. Remaining Term - enter the number of months remaining on loan term.

8b. Last Payment Date – enter the last payment date (month/year) made by the mortgagee.

9. Unpaid Principal Balance - enter the amount of principal balance remaining on the loan. This amount should agree with MHWL-2, Section I, line 9 columns 1b, 2b, and 3b. Also, total number of loans should agree with line 9 columns 1a, 2a, and 3a of MHWL-2 report.

10. Current Accrued Interest - calculate 30 days of accrued interest on loans that are current or less than one month delinquent in this column. This amount should agree with Section II on the MHWL-2 item 9.

11. Delinquent Accrued Interest - enter the accrued interest on loans that are more than 60 days delinquent (two or more payments delinquent) in this column.

Purpose of the MHWL-2 Report: This report is to identify all Ginnie Mae manufactured housings whole loans by defaulted issuer. A loan is a whole loan when (1) the loan is not insured by FHA, VA and/or RHS and must be purchased out of the MBS pools on the MHPR-1, line 7 or (2) a loan was on the MHHR-2 report and the mortgagee started to make payments again, after the security holder was paid in full. The loan would be transferred to MHWL-2. Any collections received during the month should be wired to Ginnie Mae on the third business day of the month following receipt.

Preparation Instructions:

SECTION I -

Line 1 - Beginning Inventory - enter the number and dollar amount of manufactured housings whole loans held by Ginnie Mae at the beginning of the reporting period. The number and dollar amount should agree with the prior month’s ending balance. Note: The government’s fiscal year end is September 30 and the beginning fiscal year to date inventory balance should be as of October 1st. The cumulative to date column is the beginning balance at the time of the portfolio’s transfer to the subservicer.

Line 2 - Purchases (+) - enter the number and dollar amount of manufactured housings whole loans purchased from Ginnie Mae MBS pools because these loans are not insured by FHA, VA and/or RHS. This should agree with the MHWL-3, columns 5a + 6a. Update the fiscal year to date and cumulative columns to reflect monthly transfers from the MHHR reports.

Line 3 - Transfer In/Out - enter the number and dollar amount of whole loans being transferred into the MHWL-2 from the MHHR-2 where the loan was on the MHHR-2 and the mortgagee started making payments again after the security holder was paid in full by Ginnie Mae. A whole loan is a transfer out when a FHA, VA and/or RHS mortgagee defaults on the loan, and Ginnie Mae acquires title and possession of the property. Then the loan can be transferred out of whole loans (MHWL-2) to real estate owned acquired properties (REO’s) (MHAP-2). Update the fiscal year to date and cumulative columns to reflect monthly transfers from the MHHR reports. If the subservicer discovers that a mortgagee has filed for bankruptcy, the loan should be moved back to the MHHR-2 report.

Line 4 - Sales (Gross Proceeds) (-) - enter the number and dollar amount of manufactured housings whole loan sales by Ginnie Mae during the reporting month. This amount will equal the MHWL-4, column 5. Update the fiscal year to date and cumulative columns to reflect any proceeds received.

Line 5 - Principal Repayments (-) enter the number and dollar amount of manufactured housings whole loans principal repayments during the reporting month. The mortgagee payment will lower the unpaid principal balance on the MHWL-1, column 9. These collections should be wire transferred to Ginnie Mae on the third business day of the month following receipt. Update the fiscal year to date and cumulative columns to reflect any principal repayments received.

Line 6 - Paid in Full (-) - enter the dollar amount of principal repayments collected on manufactured housings whole loans paid in full during the reporting month. The mortgagee due to paying off the loan balance pays these loans in full. These collections should be wire transferred to Ginnie Mae by the third business day of the month following receipt. Update the fiscal year to date and cumulative columns to reflect any changes.

Lines 7 - Write-offs (-) enter the number and dollar amount of manufactured housings whole loan write-offs from Ginnie Mae’s sale of the loans and/or servicing rights during the reporting month. This should agree with the MHWL-4, column 6. Update the fiscal year to date and cumulative columns to reflect any changes.

Line 8 – Charge-Offs – enter the number and dollar amount of manufactured housings whole loan charge-offs during the reporting month. Some reasons for charge offs are: a loan was incorrectly amortized, a judge may forgive part of a note, or the manufactured home may have been abandoned. Update the fiscal year to date and cumulative columns to reflect any changes.

Line 9 - Ending Inventory - enter the number and dollar amount of manufactured housings whole loans at the end of the month. This amount should agree with the MHWL-1, column 9. Update the fiscal year to date and cumulative columns to reflect any changes.

SECTION II – BREAKOUT OF COLLECTIONS RECEIVED

1. Principal Payments – enter the total payments applied to reduce the unpaid principal balance of the loan (Principal Repayments and Paid-in-Full).

2. Interest Payments – enter the interest collected on Ginnie Mae whole loans.

3. Escrow Payments – enter the monies collected and held on deposit to pay taxes, insurance, etc. This amount should agree with the MHWL-5, line 2.

4. Delinquent Interest – enter the collection of interest on delinquent loans.

5. Late Fee Payments – enter the collection of late fees charged on the delinquent loans.

6. Total Collections – enter the total collections on whole loans during the reporting month.

Purpose of the MHWL-3 Report: This report is used to collect detailed information, by defaulted issuer, on loans purchased by Ginnie Mae on the MHPR-1 or 2, line 7, out of the MBS pools due to whole loans which are not insured by FHA or VA.

Preparation Instructions:

1.

Ginnie Mae Pool Number - enter the Ginnie Mae pool number assigned to the loan.

2.

Subservicer Loan Number - enter the loan number assigned by subservicer.

3.

GNMA I or II - enter the loan’s portfolio type, GNMA I or GNMA II.

4.

Loan Type - enter the loan’s type, FHA or VA.

5. Payments to Security Holders - enter the amount of principal and interest passed through to the security holder to purchase manufactured home whole loans out of Ginnie Mae’s defaulted issuer portfolio. Lines 5a + 5b should agree with the MHPR-1 or 2, line 7.

5a.

Principal - enter the principal portion of pass-through payment to security holders to purchase the whole loan out of the pool.

5b.

Interest - enter the interest portion of pass-through payment to security holders to purchase the whole loan out of the pool.

6.

Prior Advance Payments by Ginnie Mae - enter the amount of principal and interest payments to security holders made by Ginnie Mae on the delinquent loan prior to the purchase of the whole loan by Ginnie Mae from the security holder pool.

6a.

Prior Advance Payments by Ginnie Mae - Principal - enter the principal portion of payments to security holders made by Ginnie Mae on the delinquent loan prior to the purchase of the whole loan by Ginnie Mae from the security holder pool.

6b.

Prior Advance Payments by Ginnie Mae - Interest - enter the interest portion of payments to security holders made by Ginnie Mae on the delinquent loan prior to the purchase of the whole loan by Ginnie Mae from the security holder pool.

7.

Total Purchase Price - enter the calculated amount by summing the above items (5a+5b+6a+6b).

NOT APPLICABLE AT THIS TIME

Purpose of the MHWL-4 Report: This report is used to collect detailed information, by defaulted issuer, on the sales of Ginnie Mae whole loans being managed by the subservicer. Note: This report should only include sales of loans, not real estate owned acquired properties (REO's). Sales of REO properties should be reported on the Manufactured housings Acquired Properties Detailed Sales Report, MHAP 4.

Preparation Instructions:

1.

Ginnie Mae Pool Number - enter the Ginnie Mae pool number assigned to the loan.

2.

Subservicer Loan Number - enter the loan number assigned by subservicer.

3.

Purchase Price - enter the amount of principal and interest paid by Ginnie Mae to the security holders to purchase the whole loan out of the Ginnie Mae MBS servicing pool. The amount should also include all unreimbursed principal and interest payments made by Ginnie Mae to the security holders when the loan was in delinquency status. The purchase price should not include service fees.

4. Expenses Paid By Ginnie Mae - enter the dollar amount of expenses paid by Ginnie Mae for taxes and insurance from the Detailed Report of Escrow Shortfalls on GNMA Whole Loans Report, MHWL-7 and the Billing for Reimbursement of Extraordinary Expenses by Subservicer, MHPR-6.

5. Gross Sales Proceeds - enter the gross amount of monies received by Ginnie Mae on the sale of the loans. This amount should agree with the MHWL-2, line 4, Section I.

6. Broker Purchase Opinion - enter the BPO value of the loan at the time of the sale.

7. Net Gain/(Loss) - subtract the sales proceeds from the purchase price and calculate Ginnie Mae’s gain or loss. This amount should agree with the MHWL-2, line 7, Write-Offs.

Purpose of the MHWL-5 Report: This report is to provide summary information to Ginnie Mae on the activities related to the collection of escrow funds and the disbursement of those funds for the payment of taxes and insurance (T&I) on Ginnie Mae manufactured housing whole loans during the reporting month.

Preparation Instructions:

1. Escrow Beginning Balance - enter the amount of monies on deposit at the beginning of the reporting period to pay taxes and insurance due on Ginnie Mae whole loans. The beginning balance should agree with the prior month’s ending balance.

2. Collections - enter the amount of escrow monies collected during the reporting month for the payment of taxes and insurance. The amount reported as collected should not be netted against repayments of Ginnie Mae escrow advances or netted against current month disbursements. Collections reported on the MHWL-5 should agree with escrow collections reported on the MHWL-2, Section II, line 3.

3. Transfer-In - enter the escrow balance transferred in from the MHHR loan account. Update the fiscal year to date and cumulative columns to reflect the total escrow amount.

4. Funding By Ginnie Mae - enter the funds provided by Ginnie Mae to make up shortfalls in the escrow accounts needed to pay taxes and insurance on Ginnie Mae whole loans.

5. Disbursements - enter the amount of escrow monies paid out during the reporting month for the payment of taxes and insurance.

6. Transfer-Out - enter the escrow balance for loans being transferred to MHAP/MHHR accounts. Update the fiscal year to date and cumulative columns to reflect the total of T&I funds removed.

7. Repayments to Ginnie Mae - enter the repayment of funds to Ginnie Mae for prior funding of shortfalls in escrow accounts needed to pay taxes and insurance on Ginnie Mae whole loans.

8. Escrow Ending Balance - enter the amount of monies on deposit at the end of the reporting period for taxes and insurance due on Ginnie Mae whole loans.

Purpose of the MHWL-6 Report: This report is used to collect delinquency information on Ginnie Mae’s whole loans serviced by the subservicer. Ginnie Mae uses this report to calculate a loss reserve for financial statement purposes. For loans over 180 days delinquent, the subservicer should note the circumstances in a footnote.

Preparation Instructions:

1.

All Loans - applicable to all Ginnie Mae manufactured housings whole loans serviced by the subservicer.

1a.

Number of Loans - enter the total number of manufactured home whole loans serviced by the subservicer.

1b.

UPB - enter the total unpaid principal balance of all manufactured home whole loans serviced by the subservicer.

2.

Days/Years Delinquent - enter the number of days/years loans(s) is/are delinquent.

3.

Delinquent Loans - enter all whole loans delinquent per terms of the loan contract.

3a.

Number of Loans Delinquent - enter the number of manufactured home whole loans delinquent.

3b.

Unpaid Interest - enter the cumulative amount of interest that is delinquent.

3c.

Unpaid Principal - enter the cumulative amount of principal that is delinquent.

3d.

Delinquent Installments - enter the cumulative amount of delinquent unpaid interest and principal.

3e.

Delinquent UPB - enter the total unpaid principal balance of manufactured home whole loans delinquent.

Purpose of MHWL-7 Report: This report will be used to support any reimbursement requests by the subservicer for escrow advances and to provide loan level accounting for

Ginnie Mae’s advance receivable.

Due to the potentially large volume of advances and repayments occurring in a given month for a particular issuer, Ginnie Mae strongly suggests that the subservicer automate this report. One subservicer prepared this report utilizing the following process:

1. At month end, the subservicer loan servicing system generated a report listing corporate advances by issuer at the loan level. The report, in ASCII format, was converted into a dBASE file.

2. At month end, the subservicer’s loan system generated a report of repayments at the loan level by issuer. This report, in ASCII format, was converted into a dBASE file.

3. Both dBASE files were merged into a larger common file, listing advances and repays. The file was sorted first by loan number and second by the net amount owed to Ginnie Mae. Thus, the sorted file matched prior month advances with current month repays.

4. At a loan level, when the net of advances and repays equaled zero, the loan number (i.e., record) was removed from the common dBASE file. This file was then printed and submitted to Ginnie Mae for payment if the advances exceeded repayments.

Any system generated report must provide loan level detail indicating the issuer number, loan number, nature of the advance, the invoice amount, escrow balance at time of disbursement, the amount advanced and the net needed from Ginnie Mae. Since Ginnie Mae does not require the subservicer to submit copies of all invoices paid during the reporting month, the subservicer must maintain an audit trail for review by Ginnie Mae’s auditors. Whether the subservicer utilizes an automated or manual report, it is imperative that the subservicer maintain the invoice supporting the required advance.

Preparation Instructions:

1. Loan Number – enter the loan number the subservicer has assigned to the mortgage.

2. Borrower Name – enter the name of the mortgagee.

3. Escrow Type – enter “Taxes,” “Insurance,” or “Penalty.” If a request for a penalty such as late tax payment is submitted, maintain evidence in addition to the invoice if due to prior subservicer error. If the mortgagee repays an advance, report escrow type as “Repayment.”

4. Vendor – enter the name of the vendor performing the service.

5. Date Incurred – record the date the expense was incurred or the period of time the service was provided.

6. Invoice Amount – enter the amount the vendor is charging for services provided (invoice amount, not estimated amount). It is Ginnie Mae’s policy not to prepay for any services, except when it is the industry practice (such as hazard insurance) to do so. Note: An invoice amount remains on the MHWL-7 report until it is repaid. If the mortgagee repays a prior advance, show the recovery as a negative invoice. On the following month, remove the loan from the schedule of Ginnie Mae advances.

7. Escrow Balance – enter the amount available in the escrow account of the borrower for this expense.

8. Advance Request/Refund – calculate the difference between invoice amount and the escrow balance (Column 6 minus Column 7). Any repayments should be recorded as a negative amount in Column 7. Compare the month end totals of Column 8 with the prior month. If the advance balance increased over the prior month, bill Ginnie Mae for the difference. If the balance fell over the prior month, return this difference to Ginnie Mae. If the subservicer utilizes an automated database, the total advance balance reported on MHWL-7 must agree to the advance balance reported on the Month End Trial Balance.