This article contains Part 1 of the section titled Securitization which is part of the report on the securitization audit that was conducted on November 18, 2017. This article was written on February 8, 2020.
The findings in this examination are factual although they are here provided for informational purposes only and are not to be construed as legal advice. The borrower or the reader, as the case may be, was or is advised to consult a competent legal professional in connection with the contents of this report and its proper use.
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SECURITIZATION, Part 1
Documents Purporting Securitization
1. Assignments
1.1. On August 5, 2009, an Assignment of Mortgage was executed by MERS. This document names
the assignee as The Bank of New York Mellon, formerly known as The Bank of New York as
Trustee for CHL Mortgage Pass-Through Trust 2007-18.
1.2. On July 22, 2011, an Assignment of Mortgage was executed by MERS as “holder of a
Mortgage.” This document names the assignee as The Bank of New York Mellon, formerly
known as The Bank of New York as Trustee for CHL Mortgage Pass-Through Trust 2007-18.
2. Complaint
On July 17, 2012, a Complaint to Foreclose Mortgage was filed in the Circuit Court in (Name of
County Withheld). This document names the plaintiff as The Bank of New York Mellon, formerly
known as The Bank of New York as Trustee for CHL Mortgage Pass-Through Trust 2007-18 and the
borrower as one of the defendants. It pertains to the property that was mortgaged to secure the
note on the subject loan.
About the Securitization Trust
1. Establishment
CHL Mortgage Pass-Through Trust 2007-18 was established under a Pooling and Servicing
Agreement dated as of September 1, 2007 by and among CWMBS, Inc. as depositor, Countrywide
Home Loans, Inc. and three other entities as sellers, Countrywide Home Loans Servicing, LP as
master servicer and The Bank of New York as trustee.
2. Information on the Securitization Trust
3. Legal Personality
The name of the trust is CHL Mortgage Pass-Through Trust 2007-18. It is a common law trust that
is governed in accordance with the laws of the state of New York. Prospectus Supplement; Summary; Issuing
Entity, page S-4.
The law governing New York common law trusts is the New York Estates, Powers, and Trusts
Law.
The depositor of the trust is CWMBS, Inc. Its address is at 4500 Park Granada, Calabasas CA
91302.
The trustee of the trust is The Bank of New York. Its address is at 101 Barclay Street 4W, New
York NY 10286.
CHL Mortgage Pass-Through Trust 2007-18 was established under a Pooling and Servicing
Agreement dated as of September 1, 2007. It is registered with the Securities and Exchange
Commission under File Number 333-140958, -18 and filed its Prospectus Supplement and
Prospectus on October 1, 2007.
4. Links to the Trust Documents
4. Links to the Trust Documents
The following documents were on file under the name of the trust with the Securities and
Exchange Commission as of November 28, 2017, the date of examination.
4.1. Prospectus Supplement and Prospectus under SEC Form 424-B5 filed on October 1, 2007.
The parties are CWMBS, Inc. as depositor, Countrywide Home Loans, Inc. as sponsor and
seller, Countrywide Home Loans Servicing, LP as master servicer and The Bank of New York
as trustee.
4.2. Annual Report under SEC Form 10-K filed on March 25, 2008.
This document names Countrywide Home Loans Servicing, LP as master servicer and reports
the filing of an Annual Statement of Compliance for the Servicer for the year ended
December 31, 2007.
4.3. Notice of Suspension of Duty to File Reports under SEC Form 15-15D filed on January 24,
2008.
This document was filed on behalf of the trust by CWMBS, Inc. as depositor. The number of
certificateholders as of report date was four.
4.4. Pooling and Servicing Agreement dated September 1, 2007 filed on October 9, 2007.
The parties are CWMBS, Inc. as depositor, Countrywide Home Loans, Inc. and three other
entities as sellers, Countrywide Home Loans Servicing, LP as master servicer and The Bank
of New York as trustee.
This is the Central Index Key for all documents on file with the Securities and Exchange
Commission as of November 28, 2017.
This is the Central Index Key for all documents on file with the Securities and Exchange
Commission as of November 28, 2017.
5. The Trust as a REMIC
The trust was established so that its assets will qualify for inclusion into a Real Estate Mortgage
Investment Conduit (REMIC) according to the following provisions in the trust’s Pooling and
Servicing Agreement.
5.1. “The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in
return for the Certificates. For federal income tax purposes, the Trust Fund will consist of
two real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the
“Subsidiary REMIC” and the “Master REMIC,” respectively).
The latest possible maturity date of all REMIC regular interests created herein shall be the
Latest Possible Maturity Date.” Pooling & Servicing Agreement; Preliminary Statement, page I-1, abridged.
5.2. “The Preliminary Statement sets forth the designations and “latest possible maturity date”
for federal income tax purposes of all interests created hereby. The “Startup Day” for
purposes of the REMIC Provisions shall be the Closing Date. The “tax matters person” with
respect to each REMIC hereunder shall be the Trustee and the Trustee shall hold the Tax
Matters Person Certificate. Each REMIC’s fiscal year shall be the calendar year.” Pooling &
Servicing Agreement; Section 2.07, REMIC Matters, page II-14.
6. The Assets of the Trust
A summary description of the loans in the mortgage pool that comprise the trust’s assets is given
in these paragraphs from the trust’s Prospectus Supplement:
“As of the initial cut-off date, the aggregate Stated Principal Balance of the Initial Mortgage
Loans was approximately $382,488,085, which is referred to as the “Initial Cut-off Date Pool
Principal Balance”. These Initial Mortgage Loans have been divided into two groups of
mortgage loans — loan group 1, which had a principal balance as of the initial cut-off date of
approximately $189,023,343 and loan group 2, which had a principal balance as of the initial
cut-off date of approximately $193,464,742.
All of the mortgage loans to be included in the issuing entity will be evidenced by promissory
notes secured by first lien deeds of trust, security deeds or mortgages on one- to four-family
residential properties. Substantially all the Initial Mortgage Loans have original terms to
maturity of 30 years.” Prospectus Supplement; General; The Mortgage Pool, page S-31, abridged.
7. The Certificates Issued by the Trust
The classes of certificates that were issued by the trust pursuant to its Prospectus Supplement
and the accompanying Prospectus are shown in the trust’s distribution report as of October 25,
2007 with their respective CUSIP Numbers.
8. Internal Procedures of the Trust
The following provisions are excerpts from the Pooling and Servicing Agreement. They constitute
the main rules of procedure that were meant to be adopted by the trust in its operations.
8.1. Conveyance of the Mortgage Loans
“(a) Each Seller, concurrently with the execution and delivery hereof, hereby sells,
transfers, assigns, sets over and otherwise conveys to the Depositor, without recourse, all
its respective right, title and interest in and to the related Initial Mortgage Loans.
On or prior to the Closing Date, Countrywide shall deliver to the Depositor or, at the
Depositor’s direction, to the Trustee or other designee of the Depositor, the Mortgage File
for each Mortgage Loan listed in the Mortgage Loan Schedule (except that, in the case of
the Delay Delivery Mortgage Loans, such delivery may take place within thirty (30) days
following the Closing Date or twenty (20) days following the applicable Supplemental
Transfer Date, as applicable).
(b) Immediately upon the conveyance of the Initial Mortgage Loans referred to in clause
(a), the Depositor sells, transfers, assigns, sets over and otherwise conveys to the Trustee,
without recourse, all the right, title and interest of the Depositor in and to the Trust Fund
together with the Depositor’s right to require each Seller to cure any breach of a
representation or warranty made herein by such Seller, or to repurchase or substitute for
any affected Mortgage Loan in accordance herewith.
(c) In connection with the transfer and assignment set forth in clause (b) above, the
Depositor has delivered or caused to be delivered to the Trustee (or, in the case of
the Delay Delivery Mortgage Loans that are Initial Mortgage Loans, will deliver or cause to
be delivered to the Trustee within thirty (30) days following the Closing Date and in the
case of the Delay Delivery Mortgage Loans that are Supplemental Mortgage Loans, will
deliver or cause to be delivered to the Trustee within twenty (20) days following the
applicable Supplemental Transfer Date) the following documents or instruments with
respect to each Mortgage Loan so assigned:
(i) the original Mortgage Note endorsed by manual or facsimile signature in blank in the
following form: “Pay to the order of ____________ without recourse,” with all
intervening endorsements showing a complete chain of endorsement from the originator
to the Person endorsing the Mortgage Note (each such endorsement being sufficient to
transfer all right, title and interest of the party so endorsing, as noteholder or assignee
thereof, in and to that Mortgage Note);
ii) in the case of each MERS Mortgage Loan, the original Mortgage, or a copy of such
mortgage, with recording information, noting the presence of the MIN of the Mortgage
Loan.
In addition, in connection with the assignment of any MERS Mortgage Loan, each Seller
agrees that it will cause the MERS® System to indicate that the Mortgage Loans sold by
such Seller to the Depositor have been assigned by that Seller to the Trustee in accordance
with this Agreement (and any Supplemental Transfer Agreement, as applicable).
Notwithstanding anything to the contrary in this Agreement, within thirty (30) days after
the Closing Date with respect to the Initial Mortgage Loans, Countrywide shall either (i)
deliver to the Depositor, or at the Depositor’s direction, to the Trustee or other designee of
the Depositor the Mortgage File as required pursuant to this Section 2.01 for each Delay
Delivery Mortgage Loan or (ii) either (A) substitute a Substitute Mortgage Loan for the Delay
Delivery Mortgage Loan or (B) repurchase the Delay Delivery Mortgage Loan.
Notwithstanding anything to the contrary in this Agreement, within twenty (20) days after a
Supplemental Transfer Date with respect to the Supplemental Mortgage Loans, Countrywide
shall either (i) deliver to the Depositor, or at the Depositor’s direction, to the Trustee or
other designee of the Depositor the Mortgage File as required pursuant to this Section 2.01
for each Delay Delivery Mortgage Loan or (ii) (A) substitute a Substitute Mortgage Loan for
the Delay Delivery Mortgage Loan or (B) repurchase the Delay Delivery Mortgage Loan.
as provided in Section 2.01(e) hereof and the terms and conditions of this Agreement, each
Seller sells, transfers, assigns, sets over and otherwise conveys to the Depositor, without
recourse, on each Supplemental Transfer Date, with respect to each Supplemental
Mortgage Loan sold by such Seller to the Depositor.
Immediately upon the conveyance of the Supplemental Mortgage Loans referred to in the
preceding paragraph, the Depositor sells, transfers, assigns, sets over and otherwise
conveys to the Trustee, without recourse, all right title and interest in all of the
Supplemental Mortgage Loans.
Each Seller has entered into this Agreement in consideration for the purchase of the
Mortgage Loans sold by such Seller to the Depositor and has agreed to take the actions
specified herein.” Pooling & Servicing Agreement; Section 2.01, Conveyance of Mortgage Loans, page II-1, abridged.
End of Part 1
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