[LETTERHEAD OF ERNST & YOUNG LLP]
REPORT OF INDEPENDENT ACCOUNTANTS
Mr. Andrew D. Woodward
President
BankAmerica Mortgage, a Division of Bank of America, FSB
We have examined management's assertion, included in the accompanying report
titled Report of Management, that Bank of America FSB (the Company) complied
with the minimum servicing standards set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
(USAP) during the year ended December 31, 1998. Management is responsible for
the Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with specified requirements.
In our opinion, management's assertion, that the Company complied with the
aforementioned requirements during the year ended December 31, 1998, is fairly
stated, in all material respects.
/s/ Ernst & Young LLP
January 29, 1999
[LETTERHEAD OF BANK OF AMERICA CORPORATION]
REPORT OF MANAGEMENT
We, as members of management of Bank of America, FSB (the Company), are
responsible for complying with the minimum servicing standards as set forth in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers (USAP). We are also responsible for establishing and
maintaining effective internal control over compliance with these standards. We
have performed an evaluation of the Company's compliance with the minimum
servicing standards as set forth in the USAP as of December 31, 1998 and for the
year then ended. Based on this evaluation, we assert that during the year ended
December 31, 1998, the Company complied, in all material respects, with the
minimum servicing standards set forth in the USAP.
As of December 31, 1998, the Company had in effect a fidelity bond and errors
and omissions policy in the amount of $249.9 million and $250.0 million,
respectively.
/s/ Andrew D. Woodward, Jr. /s/ Denise C. Sawyer
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Andrew D. Woodward, Jr. Denise C. Sawyer
President Executive Vice President and
BankAmerica Mortgage, a Division Chief Financial Officer
of Bank of America NT&SA BankAmerica Mortgage, a
Division
of Bank of America NT&SA
/s/ Gary K. Bettin /s/ Donald J. Atkins
- ------------------ --------------------
Gary K. Bettin Donald J. Atkins
Senior Vice President and Executive Vice President and
Director of Operations Servicing Director
BankAmerica Mortgage, a Division BankAmerica Mortgage, a
of Bank of America NT&SA Division
of Bank of America, FSB
/s/ Brian D. Shea
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Brian D. Shea
Senior Vice President and
Servicing Manager
BankAmerica Mortgage, a Division
of Bank of America, FSB
[LETTERHEAD OF PRICEWATERHOUSECOOPERS LLP]
REPORT OF INDEPENDENT ACCOUNTANTS
March 12, 1999
To the Board of Directors and Shareholder
of NationsBanc Mortgage Corporation
We have examined management's assertion about NationsBanc Mortgage Corporation's
(the "Company") compliance with the minimum servicing standards (the
"Standards") identified in the Mortgage Bankers Association of America's Uniform
Single Attestation Program for Mortgage Bankers ("USAP") as of an for the year
ended December 31, 1998 included in the accompanying management assertion,
attached hereto as Exhibit I. Management is responsible for the Company's
compliance with the Standards. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
Standards and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on the
Company's compliance with the Standards.
In our opinion, management's assertion that, except as indicated in Exhibit I,
the Company complied with the aforementioned Standards as of and for the year
ended December 31, 1998 is fairly stated, in all materials respects.
/s/ PricewaterhouseCoopers LLP
[LETTERHEAD OF BANK OF AMERICA]
EXHIBIT I
MANAGEMENT'S ASSERTION CONCERNING COMPLIANCE
WITH THE USAP MINIMUM SERVICING STANDARDS
March 12, 1999
As of and for the year ended December 31, 1998, except as specifically noted
below, NationsBanc Mortgage Corporation (the "Company"), a wholly-owned indirect
subsidiary of BankAmerica Corporation (the "Corporation"), has complied in all
material respects with the minimum servicing standards (the "Standard(s)") set
forth in the Mortgage Bankers Association of America's Uniform Single
Attestation Program for Mortgage Bankers ("USAP"). During the year ended
December 31, 1998, the Company's Louisville, Kentucky servicing operations
continued to experience significant changes as a result of the acquisition of
Boatmen's National Mortgage, Inc. ("Boatmen's") in 1997. As a result, certain
instances of noncompliance with the Standards occurred. Except as specifically
noted, the following instances of noncompliance have been remedied and
procedural enhancements continue to be implemented.
o Standard: Custodial bank account and related bank clearing account
reconciliations shall be prepared within forty-five (45) calendar days
after the cutoff date and documented reconciling items shall be resolved
from these reconciliations within ninety (90) calendar days of their
original identification.
Certain reconciling items which arose during the year ended December 31,
1998, primarily occurring in custodial accounts related to certain real
estate mortgage investment conduits acquired from Boatmen's (collectively,
the "REMICs"), were not always cleared within 90 days of identification.
Management has taken appropriate measures and has continued to follow an
action plan to resolve all outstanding reconciling items which arose
during the year ended December 31, 1998. All significant reconciling items
which arose from January 1, 1998 through December 31, 1998 have been
isolated and reviewed by the Company, and the Company believes these items
will not have a material impact on the status of any custodial accounts.
o Standard: The servicing entity's investor reports shall agree with, or
reconcile to, investor's records on a monthly basis as to the total unpaid
principal balance and number of loans serviced by the servicing entity.
For a selection of securitized loan portfolios, primarily the REMICs, the
Company's investor reports did not agree with the investor's records on a
monthly basis at one or more times during the year ended December 31,
1998. Management has isolated these differences and acknowledges the some
of the differences were due to events and circumstances outside the
Company's control. Management has implemented an action plan and is
continuing to resolve these differences with the REMIC investors.
Management has taken definitive actions and implemented procedures and controls
to address and correct the instances of noncompliance which occurred during
1998.
As of and for the year ended, December 31, 1998, NationsBanc Mortgage
Corporation was covered by the Corporation's fidelity bond insurance coverage
and mortgage servicing errors and omissions insurance coverage in the amounts of
$249,900,000 and $250,000,000, respectively.
/s/ Andrew D. Woodward, Jr. /s/ J. Mark Hanson
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Andrew D. Woodward, Jr. J. Mark Hanson
President Senior Vice President and Servicing
NationsBanc Mortgage Corporation Director
NationsBanc Mortgage Corporation
/s/ Denise C. Sawyer /s/ H. Randall Chestnut
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Denise C. Sawyer H. Randall Chestnut
Executive Vice President and Senior Vice President and Servicing
Chief Financial Officer Director
NationsBanc Mortgage Corporation NationsBanc Mortgage Corporation
/s/ Gary K. Bettin
- ------------------
Gary K. Bettin
Senior Vice President and Director
of Mortgage Operations
NationsBanc Mortgage Corporation
[LETTERHEAD OF PRICEWATERHOUSECOOPERS LLP]
REPORT OF INDEPENDENT ACCOUNTANTS
February 28, 2000
To the Board of Directors and Shareholder
of Bank of America, N.A.
We have examined management's assertion about compliance by BA Mortgage, LLC and
the Mortgage division of Bank of America, N.A. (collectively, the "Company"),
which together comprise an operating division of Bank of America, N.A., with the
minimum servicing standards (the "Standards") identified in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP") as of and for the year ended December 31, 1999 included in the
accompanying management assertion, attached hereto as Exhibit I. Management is
responsible for the Company's compliance with the Standards. Our responsibility
is to express an opinion on management's assertion about the Company's
compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
Standards and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on the
Company's compliance with the Standards.
In our opinion, management's assertion that, except as indicated in Exhibit I,
the Company complied with the aforementioned Standards as of and for the year
ended December 31, 1999 is fairly stated, in all material aspects.
/s/ PricewaterhouseCoopers LLP
[LETTERHEAD OF BANK OF AMERICA CORPORATION]
EXHIBIT I
MANAGEMENT'S ASSERTION CONCERNING COMPLIANCE
WITH THE USAP MINIMUM SERVICING STANDARDS
February 28, 2000
As of and for the year ended December 31, 1999, except as specifically noted
below, BA Mortgage, LLC and the Mortgage division of Bank of America, N.A.
(collectively, the "Company"), which together comprise an operating division of
Bank of America, N.A., has complied in all material respects with the minimum
servicing standards (the "Standard(s)") set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP"). During the year ended December 31, 1999, the Company's Louisville,
Kentucky servicing operations continued to experience significant changes as a
result of the acquisition of Boatmen's National Mortgage, Inc. ("Boatmen's"). As
a result, certain instance of noncompliance with the Standards occurred. Except
as specifically noted, the following instance of noncompliance have been
remedied and procedural enhancements continue to be implemented.
o Standard: Custodial bank account and related bank clearing account
reconciliations shall be prepared within forty-five (45) calendar days
after the cutoff date and documented reconciling items shall be resolved
from these reconciliations within ninety (90) calendar days of their
original identification.
Certain reconciling items which arose prior to December 31, 1999, and
occurred solely in custodial accounts related to certain real estate
mortgage investment conduits acquired from Boatmen's, were not cleared
within 90 days of identification. Management has taken appropriate
measures and has continued to follow an action plan to resolve all
outstanding reconciling items which arose during the year ended December
31, 1999. All significant reconciling items which arose from January 1,
1999 through December 31, 1999 have been isolated and reviewed by the
Company, and the Company believes these items will not have a material
impact on the status of any custodial accounts.
Management has taken definitive actions and implemented procedures and controls
to address and correct the instance of noncompliance which occurred during 1999.
As of and for the year ended December 31, 1999, the Company was covered by Bank
of America Corporation's fidelity bond insurance coverage and mortgage servicing
errors and omissions insurance coverage in the amounts of $275,000,000 and
$275,00,000, respectively.
/s/ Andrew D. Woodward, Jr. /s/ Daniel F. Hellams
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Andrew D. Woodward, Jr. Daniel F. Hellams
Chairman President
Bank of America Mortgage Bank of America Mortgage
/s/ Denise C. Sawyer /s/ Gary K. Bettin
- -------------------- ------------------
Denise C. Sawyer Gary K. Bettin
Chief Financial Officer Loan Administration Executive
Bank of America Mortgage Bank of America Mortgage
/s/ J. Mark Hanson /s/ H. Randall Chestnut
- ------------------ -----------------------
J. Mark Hanson H. Randall Chestnut
Senior Vice President Senior Vice President
Bank of America Mortgage Bank of America Mortgage
/s/ Donald J. Atkins
--------------------
Donald J. Atkins
Executive Vice President
Bank of America Mortgage
[LETTER OF PRICEWATERHOUSECOOPERS LLP]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholder
of Bank of America, N.A.
We have examined management's assertion about compliance by BA Mortgage, LLC and
the mortgage division of Bank of America, N.A. (collectively the "Company"),
which together comprise an operating division of Bank of America, N.A., with the
minimum servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers ("USAP") as of
and for the year ended December 31, 2000 included in the accompanying management
assertion (see Exhibit I). Management is responsible for the Company's
compliance with those minimum servicing standards. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with attestation standards established by
the American Institute of Certified Public Accountants and, accordingly,
included examining, on a test basis, evidence about the Company's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination
provides a reasonable basis for our opinion. Our examination does not provide a
legal determination on the Company's compliance with the minimum servicing
standards.
In our opinion, management's assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2000 is fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
January 25, 2001
[LETTERHEAD OF BANK OF AMERICA]
EXHIBIT I
MANAGEMENT'S ASSERTION CONCERNING COMPLIANCE
WITH THE USAP MINIMUM SERVICING STANDARDS
January 25, 2001
As of and for the year ended December 31, 2000, except as specifically noted
below, BA Mortgage, LLC and the Mortgage division of Bank of America, N.A.
(collectively, the "Company"), which together comprise an operating division of
Bank of America, N.A., has complied in all material respects with the minimum
servicing standards (the "Standards") set forth in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP"). During the year ended December 31, 2000, the following instance of
noncompliance with the Standards occurred; however, this instance has been
remedied and procedural enhancements continue to be implemented.
o Standard: Custodial bank account and related bank clearing account
reconciliations shall be prepared within forty-five (45) calendar days
after the cutoff date and documented reconciling items shall be resolved
from these reconciliations within ninety (90) calendar days of their
original identification.
During the year ended December 31, 2000, management continued to isolate
and review reconciling items in custodial accounts related to certain real
estate mortgage investment conduits. For the months January through May,
reconciling items had been outstanding for more than 90 days; as of
December 31, 2000, no reconciling items had been outstanding for more than
90 days.
Management has taken definitive actions and implemented procedures and controls
to address and correct the instance of noncompliance which occurred during 2000.
As of and for the year ended December 31, 2000, the Company was covered by Bank
of America Corporation's fidelity bond insurance coverage and mortgage servicing
errors and omissions insurance coverage in the amounts of $275,000,000 and
$275,000,0000, respectively.
/s/ Kevin M. Shannon /s/ Daniel F. Hellams
- -------------------- ---------------------
Kevin M. Shannon Daniel F. Hellams
President President
Consumer Real Estate Bank of America Mortgage
/s/ Denise C. Sawyer /s/ Gary K. Bettin
- -------------------- ------------------
Denise C. Sawyer Gary K. Bettin
Chief Financial Officer Consumer Real Estate
Bank of America Mortgage Loan Administration Executive
Bank of America Mortgage
/s/ J. Mark Hanson /s/ H. Randall Chestnut
- ------------------ -----------------------
J. Mark Hanson H. Randall Chestnut
Senior Vice President Senior Vice President
Bank of America Mortgage Bank of America Mortgage
/s/ Jeanne Bader
- ----------------
Jeanne Bader
Senior Vice President
Bank of America Mortgage
[LETTER OF PRICEWATERHOUSECOOPERS LLP]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholder
of Bank of America, N.A.
We have examined management's assertion about compliance by BA Mortgage, LLC and
the Mortgage division of Bank of America, N.A. (collectively the "Company"),
which together comprise an operating division of Bank of America, N.A., with the
minimum servicing standards (the "Standards") identified in the Mortgage Bankers
Association of America's Uniform Single Attestation Program for Mortgage Bankers
("USAP") as of and for the year ended December 31, 2001 included in the
accompanying management assertion (see Exhibit I). Management is responsible for
the Company's compliance with the Standards. Our responsibility is to express an
opinion on management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with the
Standards and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on the
Company's compliance with the Standards.
In our opinion, management's assertion that the Company complied with the
aforementioned Standards as of and for the year ended December 31, 2001 is
fairly stated, in all material respects.
/s/ PricewaterhouseCoopers LLP
March 15, 2002
[LETTERHEAD OF BANK OF AMERICA]
EXHIBIT I
MANAGEMENT'S ASSERTION CONCERNING COMPLIANCE
WITH USAP MINIMUM SERVICING STANDARDS
March 15, 2002
As of and for the year ended December 31, 2001, BA Mortgage, LLC, and the
Mortgage division of Bank of America, N.A. (collectively, the "Company"), which
together comprise an operating division of Bank of America, N.A., has complied
in all material respects with the minimum servicing standards set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for
Mortgage Bankers ("USAP").
As of and for this same period, the Company has in effect a fidelity bond and
errors and omissions policy in the amounts of $300,000,000 and $300,000,0000,
respectively.
/s/ Kevin M. Shannon /s/ Daniel F. Hellams
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Kevin M. Shannon Daniel F. Hellams
President President
Consumer Real Estate Bank of America Mortgage
/s/ David H. Rupp /s/ Gary K. Bettin
- ----------------- ------------------
David H. Rupp Gary K. Bettin
Senior Vice President Senior Vice President and
Bank of America Mortgage Finance National Servicing Executive
Bank of America Mortgage
/s/ J. Mark Hanson /s/ H. Randall Chestnut
- ------------------ -----------------------
J. Mark Hanson H. Randall Chestnut
Senior Vice President Senior Vice President
Bank of America Mortgage Bank of America Mortgage