Filed On 3/30/06 4:11pm ET · SEC File 333-120575-20 · Accession Number 1342910-6-4
As Of Filer Filing As/For/On Docs:Pgs Issuer Agent
3/30/06 Structured Asset Securit..2005-S2 10-K 12/31/05 6:18 First Frankli..2005-FF10
Document/Exhibit Description Pages Size
1: 10-K Sasco 2005-S2, 10k HTML 19K
2: EX-99.4 ACQ AGREEMNT Aggregate Statement HTML 13K
3: EX-99.2 BYLAWS Report of Management 6± 20K
4: EX-99.3 VOTING TRUST Servicer Compliance 2± 7K
5: EX-99.1 CHARTER Independent Accountant's Servicing Report 5± 16K
6: EX-31 Sarbanes-Oxley Cert HTML 8K
Exhibit 99.2 - Report of Management as to compliance with minimum
servicing standards for the year ended December 31, 2005
a)
[Aurora logo]
Management's Assertion on Compliance
with the Specified Minimum Servicing Standards Set Forth
in the Uniform Single Attestation Program for Mortgage Bankers
Report of Management
We, as members of management of Aurora Loan Services LLC (the "Company"), are
responsible for complying with the servicing standards identified in the
attached Exhibit A (the "specified 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 specified minimum servicing standards. We have performed an evaluation
of the Company's compliance with the specified minimum servicing standards as
of November 30, 2005 and for the year then ended. Based on this evaluation,
we assert that during the year ended November 30, 2005, the Company complied,
in all material respects, with the specified minimum servicing standards.
As of November 30, 2005 and for the year then ended, the Company had in
effect a fidelity bond in the amount of $110,000,000 and an errors and
omissions policy in the amount of $150,000,000.
Very truly yours,
/s/ Rick Skogg
Rick Skogg
Co-Chief Operating Officer
/s/ Roy Browning
Roy Browning
Chief Financial Officer
/s/ William Napier
William Napier
Controller
February 17, 2006
[Aurora logo]
Exhibit A
Specified Minimum Servicing Standards
I. CUSTODIAL BANK ACCOUNTS
1. Reconciliations shall be prepared on a monthly basis for all custodial
bank accounts and related bank clearing accounts. These reconciliations
shall:
a. be mathematically accurate;
b. be prepared within forty-five (45) calendar days after the cutoff
date. The cutoff date is the date as of which a bank account is
reconciled every month. It may, or may not, coincide with a
prescribed investor reporting date but shall be consistent from
period to period;
c. be reviewed and approved by someone other than the person who
prepared the reconciliation; and
d. document explanations for reconciling items. These reconciling items
shall be resolved within ninety (90) calendar days of their original
identification.
2. Funds of the servicing entity shall be advanced in cases where there is
an overdraft in an investor's or a mortgagor's account.
3. Each custodial account shall be maintained at a federally insured
depository institution in trust for the applicable investor.
4. Escrow funds held in trust for a mortgagor shall be returned to the
mortgagor within thirty (30) calendar days of payoff of the mortgage
loan.
II. MORTGAGE PAYMENTS
1. Mortgage payments shall be deposited into the custodial bank accounts
and related bank clearing accounts within two (2) business days of
receipt.
2. Mortgage payments made in accordance with the mortgagor's loan
documents shall be posted to the applicable mortgagor records within
two (2) business days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance,
taxes or other escrow items in accordance with the mortgagor's loan
documents.
4. Mortgage payments identified as loan payoffs shall be allocated in
accordance with the mortgagor's loan documents.
[Aurora logo]
Exhibit A
Specified Minimum Servicing Standards (continued)
III. DISBURSEMENTS
1. Disbursements made via wire transfer on behalf of a mortgagor or
investor shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be posted
within two (2) business days to the mortgagor's or investor's records
maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or
insurance policy expiration dates, as indicated on tax bills and
insurance premium notices, respectively, provided that such support has
been received by the servicing entity at least thirty (30) calendar
days prior to these dates.
4. Any late payment penalties paid in conjunction with the payment of any
tax bill or insurance premium notice shall be paid from the servicing
entity's funds and not charged to the mortgagor, unless the late
payment was due to the mortgagor's error or omission.
5. Amounts remitted to investors per the servicer's investor reports shall
agree with cancelled checks, or other form of payment, or custodial
bank statements.
6. Unissued checks shall be safeguarded so as to prevent unauthorized
access.
IV. INVESTOR ACCOUNTING AND REPORTING
1. The servicing entity's investor reports shall agree with, or reconcile
to, investors' records on a monthly basis as to the total unpaid
principal balance and number of loans serviced by the servicing
entity.
V. MORTGAGOR LOAN ACCOUNTING
1. The servicing entity's mortgage loan records shall agree with, or
reconcile to, the records of mortgagors with respect to the unpaid
principal balance on a monthly basis.
2. Adjustments on adjustable rate mortgage (ARM) loans shall be computed
based on the related mortgage note and any ARM rider.
3. Escrow accounts shall be analyzed, in accordance with the mortgagor's
loan documents, on at least an annual basis.
4. Interest on escrow accounts shall be paid, or credited, to mortgagors
in accordance with the applicable state laws.
[Aurora logo]
Exhibit A
Specified Minimum Servicing Standards (continued)
VI. DELINQUENCIES
1. Records documenting collection efforts shall be maintained during the
period a loan is in default and shall be updated at least monthly. Such
records shall describe the entity's activities in monitoring delinquent
loans including, for example, phone calls, letters and mortgage payment
rescheduling plans in cases where the delinquency is deemed temporary
(i.e., illness or unemployment).
VII. INSURANCE POLiCIES
1. A fidelity bond and errors and omissions policy shall be in effect on
the servicing entity throughout the reporting period in the amount of
coverage represented to investors in management's assertion.
b)
[chase logo]
Exhibit I
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 13, 2006
As of and for the year ended December 31, 2005, Chase Home Finance LLC (the
"Company") 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").
These Standards are applicable only to the Company's prime and subprime
mortgage portfolios.
As of and for this same period, the Company had in effect fidelity bond and
errors and omissions policies in the amounts of $250,000,000 and $25,000,000
respectively.
/s/ Kim Greaves /s/ Jim Miller
Kim Greaves Jim Miller
Senior Vice President Senior Vice President
Chase Home Finance LLC Chase Home Finance LLC
/s/ Scott Powell
Scott Powell
CEO
Chase Home Finance LLC
c)
Exhibit 1
GMAC Mortgage [logo]
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 21, 2006
As of and for the year ended December 31, 2005, GMAC Mortgage Corporation and
its subsidiaries (the "Company") have 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 had in effect a fidelity bond and
errors and omissions policy in the amounts of $350,000,000 and $100,000,000
respectively.
/s/ Jim Hillsman
Jim Hillsman
Chief Operating Officer
GMAC Residential Holding Corp
/s/ Dave Bricker
Dave Bricker
Chief Financial Officer
GMAC Residential Holding Corp
/s/ Tony Renzi
Tony Renzi
Executive Vice President,
National Servicing Administration
GMAC Residential Holding Corp
d)
[chase logo]
Management's Assertion Concerning Compliance
with USAP Minimum Servicing Standards
March 13, 2006
As of and for the year ended December 31, 2005, JPMorgan Chase Bank, National
Association (the "Company") 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")
solely as they relate to standard VII, Insurance Policies (the "Applicable
Standard"). The Company uses subservicing organizations to perform the
servicing obligations subject to minimum servicing standards I-VI of USAP.
As of and for the same period, the Company had in effect fidelity bond and
errors and omissions policies in the amounts of $250,000,000 and $25,000,000
respectively.
Attached to this Management Assertion are the independent auditors' reports on
the subservcing organizations' compliance with the minimum servicing standards
related to the servicing obligations performed.
/s/ Kim Greaves /s/ Jim Miller
Kim Greaves Jim Miller
Vice President Vice President
JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A.
/s/ Scott Powell
Scott Powell
Senior Vice President
JPMorgan Chase Bank, N.A.
e)
[Wells Fargo Home Mortgage. logo] 1 Home Campus
Des Moines, IA 50328
Assertion of Management of Wells Fargo Home Mortgage,
a division of Wells Fargo Bank, N.A.
As of and for the year ended December 31, 2005, Wells Fargo Home Mortgage,
a division of Wells Fargo Bank, N.A. (the Company) 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.
As of and for this same period, the Company had in effect a fidelity bond along
with an errors and omissions policy in the amounts of $100 million and
$20 million, respectively.
/s/ Michael J. Heid February 21,2006
Michael J. Heid, Division President, Capital Markets, Finance, & Administration
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.
/s/ Franklin R. Codel February 21,2006
Franklin R. Codel, Executive Vice President, Finance and Corporate Real Estate
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.
/s/ Mary Coffin February 21,2006
Mary Coffin, Executive Vice President, Servicing & Post Closing
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, NA.
/s/ Cara K. Heiden February 21,2006
Cara K. Heiden, Division President, Nat'l Consumer & Institutional Lending
Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.
Dates Referenced Herein and Documents Incorporated By Reference
| This 10-K Filing | | Date | | Other Filings |
|---|
| |  |
| | 11/30/05 |
| For The Period Ended | | 12/31/05 |
| | 2/17/06 |
| | 3/13/06 |
| | 3/21/06 |
| Filed On / Filed As Of | | 3/30/06 |
| |
| Top | | List All Filings |
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