Sample Client Guide

14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 1 of 649
Exhibit B-1
EXHIBIT B-1
14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 2 of 649
Exhibit B-1
Client Guide
Version 1-06-G01
Effective March 13, 2006
Including Guide Bulletins 1-06-B01, 1-06-B02 & 1-06-B03(effective April 17, 2006)
(03/13/06)
14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 3 of 649
2006 Residential Funding Corporation. All rights reserved.
Exhibit B-1
14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 4 of 649
Exhibit B-1
Page 1
03/13/06
GMAC-RFC
Client Guide
Table of Contents
Table of Contents
Chapter 1 Introduction
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
GMAC-RFC Objective . . . . . . . . . . . . . . . . . . . . .
Client Contractual Obligations . . . . . . . . . . . . . .
Single Contract . . . . . . . . . . . . . . . . . . . . . . . . .
Relationship of GMAC-RFC and Client . . . . . . . .
Client ID Number . . . . . . . . . . . . . . . . . . . . . . . .
GMAC-RFC Loan Number . . . . . . . . . . . . . . . . . .
Servicer Contractual Obligations . . . . . . . . . . . .
Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hours of Operation and Holidays . . . . . . . . . . . .
Client Guide Organization . . . . . . . . . . . . . . . . .
Headings, Use of Capitalization and Definitions
Form & Exhibit Numbering . . . . . . . . . . . . . . . .
Client Guide Online . . . . . . . . . . . . . . . . . . . . . .
General Rules of Interpretation . . . . . . . . . . . . .
Use of Clients Name . . . . . . . . . . . . . . . . . . . . .
Use of GMAC-RFC Name and Service Marks . . . .
Assetinfo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. 1.1
. 1.1
. 1.1
. 1.2
. 1.2
. 1.2
. 1.2
. 1.3
. 1.3
. 1.3
. 1.4
. 1.5
. 1.5
. 1.5
. 1.6
. 1.7
. 1.7
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. 2.1
. 2.2
. 2.4
. 2.4
. 2.4
. 2.4
. 2.6
. 2.8
. 2.8
. 2.9
. 2.9
Chapter 2 Client Eligibility

200
201
202
203
204
205
206
207
208
209
210
Client Eligibility . . . . . . . . . . . . . . . . . . . . . .
Eligibility Standards . . . . . . . . . . . . . . . . . . .
Client Contract . . . . . . . . . . . . . . . . . . . . . . .
Client Underwriting Responsibilities . . . . . .
Continuing Client Obligations . . . . . . . . . . .
Disqualification, Suspension or Inactivation
Reporting Requirements . . . . . . . . . . . . . . .
Audits and Inspections . . . . . . . . . . . . . . . .
Disclosure of Information . . . . . . . . . . . . . .
Maintenance of Records . . . . . . . . . . . . . . . .
Quality Control . . . . . . . . . . . . . . . . . . . . . . .
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14-01915-mg
Page 2
03/13/06
Client Guide
Table of Contents
Doc 45-3
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Pg 5 of 649
Exhibit B-1
GMAC-RFC
Chapter 2A Representations, Warranties and Covenants

A200 Client Representations Warranties and Covenants . . . . . . . . . . . . . . . . . . 2A.1
A201 Specific Representations, Warranties and Covenants Concerning Client . 2A.2
A202 Specific Representations, Warranties and Covenants Concerning Individual
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.5
A203 Additional Client Representations, Warranties and Covenants for the Home Equity Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.15
A204 Non-Standard Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.17
A205 Proof of Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.18
A206 Integrity of Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.19
A207 Third-Party Originators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.19
A208 Events of Default . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.20
A209 Remedies of GMAC-RFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.20
A210 Repurchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.21
A211 Disqualification Suspension or Inactivation . . . . . . . . . . . . . . . . . . . . . . 2A.26
A212 Indemnification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.27
A213 Right of Set-Off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.28
A214 Merger or Consolidation of Client . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.28
A215 Notification of Changes in Client Status . . . . . . . . . . . . . . . . . . . . . . . . . 2A.28
A216 Premium Recapture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.29
Chapter 3 Loan Eligibility

300
301
302
Descriptions of Underlying Chapters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1

Loan Seasoning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1
Required Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2
Chapter 3A Occupancy, Borrower & Ownership Status

A300
A301
A302
A303
Occupancy Types . . . . . . . . . . . .
Borrower Types . . . . . . . . . . . . .
Multiple Loans to One Borrower
Ownership Interests . . . . . . . . .
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. 3A.1
. 3A.2
. 3A.4
. 3A.5
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Pg 6 of 649
Exhibit B-1
Page 3
03/13/06
Client Guide
Table of Contents
GMAC-RFC
Chapter 3B Transactions
B300 Arms Length and Non-Arms Length Transactions . . . . . . . . . . . . . . . . . . 3B.1
B301 Transaction Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3B.1
Chapter 3C Financing
C300
C301
C302
C303
C304
C305
C306
C307
C308
Determining Amount to Be Financed . . . . .

Calculating Loan-to-Value Ratios . . . . . . .
Secondary or Subordinate Financing . . . . .
Sales Concessions or Home-seller Subsidy
Escrow Issues . . . . . . . . . . . . . . . . . . . . . .
Temporary Buydowns . . . . . . . . . . . . . . . .
West Virginia Loans . . . . . . . . . . . . . . . . . .
Texas Equity Loans . . . . . . . . . . . . . . . . . .
Current Payment History . . . . . . . . . . . . . .
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. . 3C.1
. . 3C.1
. . 3C.4
. . 3C.5
. . 3C.5
. . 3C.7
. . 3C.8
. . 3C.9
. 3C.12
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Chapter 3D Property Types & Considerations

D300
D301
D302
D303
Property Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Eligible Property Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ineligible Property Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Project Requirements for Warrantable Condominiums and PUDs
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.3D.1
.3D.1
.3D.5
.3D.6
Chapter 3E Loan Documents & Notes

E300 Note Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3E.1
E301 Loan Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3E.3
14-01915-mg
Page 4
03/13/06
Client Guide
Table of Contents
Doc 45-3
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Pg 7 of 649
Exhibit B-1
GMAC-RFC
Chapter 3F Insurance & Survey Requirements

F300
F301
F302
F303
F304
F305
F306
F307
F308
F309
F310
Insurance Requirements . . . . . . . . . . . . . . . . . . . . . . . .
Hazard Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgage Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . .
Earthquake Insurance . . . . . . . . . . . . . . . . . . . . . . . . . .
Flood Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Flood Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Condominium Insurance . . . . . . . . . . . . . . . . . . . . . . . .
PUD Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Title Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Title Search/Insurance for Second Mortgage Programs
Survey Requirements . . . . . . . . . . . . . . . . . . . . . . . . . .
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. . 3F.1
. . 3F.1
. . 3F.3
. . 3F.7
. . 3F.7
. . 3F.7
. . 3F.8
. 3F.11
. 3F.12
. 3F.16
. 3F.16
Chapter 3G Prepayment Penalties

G300 Prepayment Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3G.1
G301 Program Prepayment Pricing Requirements . . . . . . . . . . . . . . . . . . . . . . . 3G.2
G302 Compliance with Applicable Laws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3G.3
Chapter 4 Underwriting
400
401
402
403
404
Description of Underlying Chapters .

Client Underwriting Responsibility .
GMAC-RFC Underwriting Review . . .
Loan Application Analysis . . . . . . . .
Electronic Documentation Standards
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. 4.1
. 4.1
. 4.2
. 4.2
. 4.2
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. . 4A.1
. . 4A.1
. . 4A.2
. . 4A.2
. . 4A.3
. . 4A.4
. 4A.11
Chapter 4A Credit
A400
A401
A402
A403
A404
A405
A406
Credit Report Requirements . . . . . . . . . . . . . . . . . .

Credit Score Requirements . . . . . . . . . . . . . . . . . . .
Selecting Credit Score . . . . . . . . . . . . . . . . . . . . . . .
Minimum Credit History & Trade Line Requirements
Credit Evaluation Overview . . . . . . . . . . . . . . . . . . .
Credit Evaluation Components . . . . . . . . . . . . . . . .
Upgrading the Credit Grade . . . . . . . . . . . . . . . . . . .
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Pg 8 of 649
Exhibit B-1
Page 5
03/13/06
Client Guide
Table of Contents
GMAC-RFC
Chapter 4B Liabilities & Debt Ratios

B400
B401
B402
B403
B404
B405
B406
B407
Qualifying RatiosPayment
Borrowers Liabilities . . . . .
Debt Payoff . . . . . . . . . . . .
Co-Signed Debts . . . . . . . .
Divorce Debts . . . . . . . . . .
Business Debts . . . . . . . . .
Borrower Capacity . . . . . . .
Student Loans . . . . . . . . . .
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. 4B.1
. 4B.3
. 4B.4
. 4B.4
. 4B.4
. 4B.4
. 4B.4
. 4B.4
Chapter 4C Cash to Close

C400 Cash to Close . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4C.1
Chapter 4D Income Types

D400
D401
D402
D403
D404
D405
D406
D407
D408
Borrower Income . . . . . . . . . . . . . .
Employment and Income Analysis .
Income Types . . . . . . . . . . . . . . . .
Wage Earners . . . . . . . . . . . . . . . . .
Self-Employed Income . . . . . . . . . .
Fixed Income . . . . . . . . . . . . . . . . .
Rental Income . . . . . . . . . . . . . . . .
Other Income . . . . . . . . . . . . . . . . .
Trailing or Relocating Co-Borrower
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.4D.1
.4D.1
.4D.2
.4D.2
.4D.3
.4D.5
.4D.6
.4D.7
.4D.8
Income Documentation . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Full Income Documentation Requirements . . . . . . . . . . . . .
Lite Income Documentation Requirements . . . . . . . . . . . . .
One Paystub Income Documentation Requirements . . . . . .
Fast Income Documentation Requirements . . . . . . . . . . . .
Stated Income Documentation Requirements . . . . . . . . . . .
No Ratio Documentation Requirements . . . . . . . . . . . . . . .
Stated Income/Stated Asset Documentation Requirements
No Income/No Asset Documentation Requirements . . . . . .
No Doc Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. . 4E.1
. . 4E.2
. . 4E.5
. . 4E.5
. . 4E.6
. . 4E.9
. 4E.10
. 4E.11
. 4E.12
. 4E.12
Chapter 4E Income Documentation

E400
E401
E402
E403
E404
E405
E406
E407
E408
E409
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Client Guide
Table of Contents
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Pg 9 of 649
Exhibit B-1
GMAC-RFC
Chapter 4F Appraisal Requirements & Property Underwriting

F400
F401
F402
F403
F404
Collateral Property Underwriting .

Appraiser Requirements . . . . . . .
Appraisal Requirements . . . . . . .
Appraisal Evaluation . . . . . . . . . .
Additional Review Considerations
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. . 4F.1
. . 4F.2
. . 4F.2
. . 4F.6
. 4F.15
Chapter 4G Electronic Services

G400 Overview and Incorporation of Terms of Use . . . . . . . . . . . . . . . . . . . . . . 4G.1
G401 Assetwise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4G.2
G402 Assetwise Compliance Engine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4G.5
Chapter 5 Products
500
501
502
503
504
Product Descriptions . . . . . . . . . .
Fixed-Rate Mortgages (FRM) . . . .
Adjustable Rate Mortgages (ARM)
Balloon Mortgages . . . . . . . . . . . .
1st Lien Line of Credit . . . . . . . . .
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. . 5.1
. . 5.3
. . 5.9
. 5.70
. 5.72
Chapter 6 Loan Programs

600
Loan Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1
Chapter 6A Jumbo A Loan Program

A600
A601
A602
A603
Jumbo A Program . . . . . . . . . .
Eligibility Standards . . . . . . . . .
Stated Income Documentation
EasyFi or Streamline Refinance
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. . 6A.1
. . 6A.1
. 6A.11
. 6A.11
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Pg 10 of 649
Exhibit B-1
Page 7
03/13/06
Client Guide
Table of Contents
GMAC-RFC
Chapter 6B Expanded Criteria Loan Program

B600
B601
B602
B603
Expanded Criteria Program . . . . . . . . . . . . . . . . . . . . . . . . .

Eligibility Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stated and No Ratio Income Documentation . . . . . . . . . . .
Stated Income/Stated Asset, No Income/No Asset, and No
6B.11
B604 Uninsured LTV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . 6B.1
. . . . . . . . . . . 6B.1
. . . . . . . . . . 6B.11
Doc Documentation
. . . . . . . . . . 6B.13
Chapter 6C Payment Option Loan Program

C600
C601
C602
C603
Payment Option Program . . . . . . . . . . . . . . .

Eligibility Standards . . . . . . . . . . . . . . . . . . . .
Stated Income Documentation . . . . . . . . . . .
Stated Income/Stated Asset Documentation
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. . 6C.1
. . 6C.1
. 6C.12
. 6C.13
Chapter 6D Home Solution Loan Program

D600 Home Solution Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6D.1
D601 Eligibility Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6D.1
Chapter 6E AlterNet Loan Program

E600
E601
E602
E603
AlterNet Program . . . . . . . . . . . . . . . . . . . .
Eligibility Standards . . . . . . . . . . . . . . . . . .
Interest Only Feature Eligibility Standards
80/20 Eligibility Standards . . . . . . . . . . . .
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. . 6E.1
. . 6E.1
. 6E.12
. 6E.15
Chapter 6F Performance Loan Program

F600 Performance Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6F.1
F601 Eligibility Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6F.1
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Table of Contents
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 11 of 649
Exhibit B-1
GMAC-RFC
Chapter 6G 1st Lien Line of Credit Loan Program

G600 1st Lien Line of Credit Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6G.1
G601 Eligibility Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6G.1
G602 Supplemental 1st Lien Line of Credit Information . . . . . . . . . . . . . . . . . . 6G.9
Chapter 6H Home Equity Loan Program

H600
H601
H602
H603
H604
Home Equity Program . . . . . . . . . . . . . . . . . . . . . . . .

Eligibility Standards . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplemental Home Equity Information . . . . . . . . . .
Home Equity Program Goal Line Product Description
Home Equity Program Goal Loan Description . . . . . .
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. .6H.1
. .6H.1
.6H.13
.6H.14
.6H.18
Chapter 6I 125 CLTV Loan Program

I600 125 CLTV Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6I.1
I601 Eligibility Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6I.1
I602 Supplemental 125 CLTV Program Information . . . . . . . . . . . . . . . . . . . . 6I.13
Chapter 6J Non-Standard Loan Program

J600 Non-Standard Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6J.1
J601 Ineligible Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6J.1
Chapter 7 At-A-Glances
700
Program At-A-Glances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1
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GMAC-RFC
Exhibit B-1
Page 9
03/13/06
Client Guide
Table of Contents
Chapter 8 Servicing Released

800
801
802
803
804
805
806
807
808
809
810
811
812
813
814
815
816
817
818
819
820
821
822
823
824
825
826
827
828
Servicing Released . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1

Program Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1
Designated Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2
Contractual Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2
Program Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.2
Disqualification Suspension or Inactivation . . . . . . . . . . . . . . . . . . . . . . . . 8.2
Restrictions on Loan Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3
Record Maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3
Final Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3
Disclosure of Information; Cooperation . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3
Client Representations and Warranties; Events of Servicer Default Prior to Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4
Specific Warranties and Covenants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.4
Notification of Change in Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8
Escrow Account for Postponed Improvements/Repairs . . . . . . . . . . . . . . . 8.9
Interest on Escrows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9
Termination of Automatic Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9
Purchase of Servicing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9
Servicing Released Submission of Purchase . . . . . . . . . . . . . . . . . . . . . . . . 8.9
Required Servicing Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.10
Sale Date and Effective Date of Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . 8.11
Reconciliation by GMAC-RFC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12
Notification of Purchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14
Monies Paid for Servicing Released . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14
Monies Due Client . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15
Monies Due Designated Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.16
Loans Paid in Full . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.17
Servicing Document Corrections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.17
Bulk Servicing Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.18
Subservicing Election . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.18
Chapter 9 Commitment, Prior Approval, Delivery &

Funding
900
901
902
Descriptions of Underlying Chapters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1

Written Communication . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1
Assetinfo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1
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Exhibit B-1
GMAC-RFC
Chapter 9A Commitments
A900
A901
A902
A903
A904
A905
Commitment Defined . . . . . . . . . .
Requesting a Commitment . . . . .
Commitment Confirmation . . . . .
Commitment Periods . . . . . . . . . .
Failure to Deliver or Over-Deliver
Extension and Buyout Fees . . . . .
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. 9A.1
. 9A.2
. 9A.3
. 9A.3
. 9A.4
. 9A.5
Chapter 9B Prior Underwriting Approval

B900
B901
B902
B903
B904
Prior Underwriting SubmissionDelivery Requirements . . . . . . . . . . . . . 9B.1

Required Documents for Prior Underwriting . . . . . . . . . . . . . . . . . . . . . . . 9B.1
Notification of Prior Underwriting Loan File Status . . . . . . . . . . . . . . . . . . 9B.3
Returning Loan Files . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9B.3
Equal Credit Opportunity Act (ECOA) and Home Mortgage Disclosure Act (HMDA)
Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9B.3
B905 Additional Delivery Documentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9B.3
Chapter 9C Delivery
C900
C901
C902
C903
C904
C905
Delivery Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Submission of Funding Documents . . . . . . . . . . . . . . . . . . . . .
Funding Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Review and Acceptance of Funding Documents . . . . . . . . . . .
MERS Loan Registration, Transfer and Delivery Requirements
Alternative Delivery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. . 9C.1
. . 9C.1
. . 9C.2
. . 9C.8
. . 9C.9
. 9C.10
Chapter 9D Funding Requirements and Wire Instructions

D900
D901
D902
D903
D904
D905
Wire Transfer Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Funding Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notification of Wire Transfer . . . . . . . . . . . . . . . . . . . . . . . . .
Payoff Prior to Funding Date . . . . . . . . . . . . . . . . . . . . . . . . .
Loans Paid in Full . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Failure to Comply with GMAC-RFC Remittance Requirements
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.9D.1
.9D.1
.9D.4
.9D.5
.9D.5
.9D.6
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Exhibit B-1
Page 11
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Client Guide
Table of Contents
Chapter 9E Final Documents

E900 Submission of Final Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9E.1
E901 Review and Acceptance of Final Documents . . . . . . . . . . . . . . . . . . . . . . . 9E.2
E902 Further Assurance Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9E.2
Chapter 10 Definitions
Chapter 11 Forms & Exhibits
1100 GMAC-RFC Forms & Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.1
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GMAC-RFC
This page intentionally left blank.
Exhibit B-1
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Exhibit B-1
GMAC-RFC
1-06-B03
Effective: April 17, 2006
Client Guide Bulletin

All clarifications and changes listed below are effective for Loans with Commitments taken
and Lines with Note dates on or after April 17, 2006, unless otherwise noted.
The actual enhancements, clarifications and changes can be found in the pages of the Client
Guide indicated below.
Chapter 2A, Representations, Warranties and Covenants

A correction was made to Premium recapture language (Section A216, Page 2A.29)
Chapter 6A, Jumbo A Loan Program

Revised Interest Only requirements for Jumbo A program, FRM-30. Interest Only
feature for FRM-30 is allowed only for Loan amounts over $417,000 (Section A601,
Page 6A.2)
Chapter 6C, Payment Option Loan Program

Revised Secondary Financing requirements. When Secondary Financing exists the
maximum LTV is 80% (Section C601, Page 6C.8)
Chapter 7, At-A-Glances
Revised Interest Only requirements for Jumbo A program (Jumbo A At-A-Glance)
Revised Secondary Financing Requirements for Payment Option program (Payment
Option At-A-Glance)
Clarified maximum CLTV for all documentation types and updated Maximum CLTV for
Stated Income with expanded Credit Scores for A4 (AlterNet At-A-Glance)
Moved Secondary Financing Guidelines to the AlterNet Underwriting Criteria At-AGlance (AlterNet Underwriting Criteria At-A-Glance)
Combined Interest Only guidelines with standard guidelines (Home Equity Goal Line
and Goal Loan At-A-Glance)
April 17, 2006

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April 17, 2006

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Exhibit B-1
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GMAC-RFC
Exhibit B-1
Page 1.1
03/13/06
Client Guide
Introduction
1
Introduction
100
GMAC-RFC Objective
Welcome to GMAC-RFCs Client Guidethe reference book governing our business
relationship. This Client Guide sets forth the terms and conditions for selling Loans to GMACRFC. It also describes our products and Loan Programs, and contains standard forms that
will be useful in our dealings together.
Please feel free to contact your GMAC-RFC sales director with any questions you may have
about the contents of this Client Guide.
Thank you for your business. We look forward to working with you.
101
Client Contractual Obligations
By signing the Client Contract, the Client is bound by all provisions of this Client Guide,
including but not limited to the Representations and Warranties of Client and Remedies of
GMAC-RFC Sections of this Client Guide. This Client Guide, the Client Contract, and the
applicable Negotiated Commitment Letter govern the purchase of Loans under
Commitments.
102
Single Contract
This Client Guide sets forth the terms and conditions upon which a Client will sell mortgage
Loans and servicing to GMAC-RFC. A similar Servicer Guide covers Servicers who contract
with GMAC-RFC. GMAC-RFC maintains a single contractual relationship with each entity with
which it does business as a Client, a Servicer or both. GMAC-RFC has prepared two Guides
for ease of reference only. Where GMAC-RFC contracts with an entity to be both a Client and
a Servicer, it carefully evaluates all aspects of the proposed relationship before approving an
entity as a Client. Failure of a Client to perform obligations under either this Client Guide or
the Servicer Guide constitutes a default under the Client relationship and permits GMACRFC to disqualify such Client as either a Client or a Servicer and permits GMAC-RFC to
terminate its entire relationship with that entity.
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Exhibit B-1
GMAC-RFC
03/13/06
Client Guide
Introduction
103
Relationship of GMAC-RFC and Client
This Client Guide provides for terms related to the sale of Loans by Client and the purchase
of Loans by GMAC-RFC. The relationship between Client and GMAC-RFC is limited to that of a
seller on the part of Client and that of a buyer on the part of GMAC-RFC. Nothing in this
Client Guide or any related marketing or other materials creates or may be construed as
permitting or obligating GMAC-RFC to act as a financial or business advisor or consultant to
Client, as permitting or obliging GMAC-RFC to control Client or to conduct Clients operations,
as creating any fiduciary obligation on the part of GMAC-RFC to Client, or as creating any
joint venture, agency, partnership or other relationship between GMAC-RFC and Client other
than as explicitly and specifically set out in a formal writing, signed by both parties, intended
to create such a relationship. Client acknowledges that it has had the opportunity to obtain
the advice of experienced counsel of its own choosing in connection with the negotiation and
execution of the Client Contract and this Client Guide. Client further acknowledges that it is
experienced with respect to the transactions contemplated by this Client Guide and has made
its own independent decisions with respect to the Client Contract, the Client Guide and any
related transactions.
104
Client ID Number
Each Client approved to participate in GMAC-RFCs Loan Programs is assigned an individual
ID number. This ID number must be used on all correspondence and on all transmittals sent
to GMAC-RFC pertaining to Loans sold to GMAC-RFC under Commitments issued. This
number is sometimes referred to as the Client/Servicer ID number.
105
GMAC-RFC Loan Number
Each Loan is assigned a GMAC-RFC Loan number. This Loan number must be used for all
correspondence and transmittals sent to GMAC-RFC. The GMAC-RFC Loan number is located
on the Purchase Advice.
106
Servicer Contractual Obligations
All Loans purchased by GMAC-RFC under the terms of the Client Contract and this Client
Guide, as may be amended by a Negotiated Commitment Letter, must be serviced by a
Servicer under the terms of the Loan Documents, the Client Contract and the Servicer
Guide.
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GMAC-RFC
Exhibit B-1
Page 1.3
03/13/06
Client Guide
Introduction
107
Notice
All notices that are to be given under this Client Guide shall be in writing. Anything in the
Client Contract to the contrary notwithstanding, if to the Client, notice must be sent by first
class United States mail with postage prepaid, overnight courier or fax, to the appropriate
address specified in the Client Contract or to any fax machine at that address, or by email. If
to GMAC-RFC, notice must be sent by first class United States mail with postage prepaid,
overnight courier or fax, to the appropriate address or fax number specified in this Client
Guide. Either the Client or GMAC-RFC may change the address or fax number to which
notices must be sent by providing notice of such change to the other.
108
Hours of Operation and Holidays
GMAC-RFC business hours 8:00 a.m. to 5:00 p.m., Central time, 7:00 a.m. to 5:00 p.m.,
Pacific time, and 8:30 a.m. to 5:30 p.m., Eastern time, Monday through Friday. In the year
2006 the offices of GMAC-RFC are closed on the following holidays: Martin Luther King, Jr.
Day, Presidents Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, the
day after Thanksgiving and Christmas Day.
109
Client Guide Organization
The following describes the organization of Chapters in this Client Guide. Chapter 3, Loan
Eligibility, and its sub-chapters and Chapter 4, Underwriting, and its sub-chapters include
general Loan parameters. Program Criteria that is specific to a Loan Program, is found in
the individual Loan Program Chapter and in Chapter 7, At-A-Glance.
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Exhibit B-1
GMAC-RFC
03/13/06
Client Guide
Introduction
The Client Guide is divided into Chapters as follows:

Chapter 1, Introduction
Chapter 6, Loan Programs
Chapter 2, Client Eligibility
Chapter 6A, Jumbo A Program
Chapter 2A, Representations, Warranties

and Covenants
Chapter 6B, Expanded Criteria Program
Chapter 3, Loan Eligibility

Chapter 3A, Occupancy, Borrower and
Ownership Status
Chapter 6C, Payment Option Program

Chapter 6D, Home Solution Program
Chapter 6E, AlterNet Program
Chapter 3B, Transactions
Chapter 6F, Performance Program
Chapter 3C, Financing
Chapter 6G, First Lien Line of Credit

Program
Chapter 3D, Property Types and

Considerations
Chapter 6H, Home Equity Program
Chapter 3E, Loan Documents & Notes
Chapter 6I, 125 CLTV Program
Chapter 3F, Insurance and Survey

Requirements
Chapter 6J, Non-Standard Program
Chapter 3G, Prepayment Penalties
Chapter 8, Servicing Released
Chapter 4, Underwriting
Chapter 4A, Credit
Chapter 9, Commitment, Prior Approval,

Delivery and Funding
Chapter 4B, Liabilities & Debt Ratios
Chapter 9A, Commitments
Chapter 4C, Cash to Close
Chapter 9B, Prior Underwriting Approval
Chapter 4D, Income Types
Chapter 9C, Delivery
Chapter 4E, Income Documentation
Chapter 9D, Funding Requirements and

Wire Instructions
Chapter 4F, Appraisal Requirements and

Property Underwriting
Chapter 7, At-A-Glance
Chapter 9E, Final Documents
Chapter 4G, Electronic Services
Chapter 10, Definitions
Chapter 5, Loan Products
Chapter 11, Forms & Exhibits
The Chapters are made up of Sections. Each Section in a Chapter is designated by a 3-digit
number or number and letter combination.
110
Headings, Use of Capitalization and Definitions
Each Chapter and Section title in this Client Guide appears with initial capitalization.
References to a GMAC-RFC Loan Programs appears with initial capitalization. All terms
listed in Chapter 10, Definitions, have the special meaning given to them in Chapter 10 and
appear with initial capitalization throughout this Client Guide.
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Exhibit B-1
GMAC-RFC
Page 1.5
03/13/06
Client Guide
Introduction
111
Form & Exhibit Numbering
All GMAC-RFC Forms & Exhibits are referenced as (GMAC-RFC Form/Exhibit #) in the text.
The date will be changed with each published revision. Each Client Guide Form & Exhibit
number is four or five digits. The first digit will be the numeral 1. The next digit(s) correlate
to the Chapter. The last two digits indicates the sequence.
112
Client Guide Online
For Clients convenience this Client Guide is available on the Internet at
GMACResidentialFunding.com. Clients can request access online. All amendments or
supplements will also be available online. In the event of any inconsistency the online guide
shall control.
113
General Rules of Interpretation
All words used in this Client Guide shall be construed to be of such gender or number as the
circumstances require. Nothing in this Client Guide shall be deemed to amend, or relieve the
Client of its obligations under, any Program Document. Whenever GMAC-RFC is used in this
Client Guide, it refers to Residential Funding Corporation.
(A) Knowledge Standard
Whenever any representation, warranty, or other statement contained in this Client Guide is
qualified by reference to a Clients knowledge or to the best of a partys knowledge,
such knowledge shall be deemed to include knowledge of facts or conditions of which
Client, including (without limitation) any of its directors, officers, agents, or employees,
either is actually aware or should have been aware under the circumstances with the exercise
of reasonable care, due diligence, and competence in discharging its duties under this Client
Guide and the Program Documents. All matters of public record shall be deemed to be known
by the Client. Any representation or warranty that is inaccurate or incomplete in any material
respect is presumed to be made with the knowledge of Client, unless Client demonstrates
otherwise. Due diligence means that care which Client would exercise in obtaining and
verifying information for a Loan in which Client would be entirely dependent on the
Mortgaged Property or Mortgagors credit as security to protect its investment.
(B) GMAC-RFCs Sole Discretion
Whenever any provision of this Client Guide contract requires GMAC-RFC to make a
determination of fact or a decision to act, or to permit, approve or deny another partys
action such determination or decision shall be made in GMAC-RFCs sole discretion.
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Exhibit B-1
GMAC-RFC
03/13/06
Client Guide
Introduction
(C) Updates and Amendments

GMAC-RFC will update this Client Guide from time to time to reflect changes in GMAC-RFCs
requirements and developments in GMAC-RFCs Loan Programs. Each update will be made
by means of a written notice to Client, and will constitute an amendment to this Client Guide.
The written notice can be sent by email, mail, courier or fax. The written notice will explain
the amendment and specify the effective date of the change. Any amendment that modifies
any underwriting guidelines or this Client Guide will only be effective for Mortgage Loans
Registered after the effective date specified in the notice of amendment. GMAC-RFC will
notify Client of any unilateral change to the Underwriting Guidelines at least 30 days prior to
the effective date of such amendment; however, GMAC-RFC may give less than 30 days
notice for new programs, products or enhancements. Notwithstanding the foregoing, GMACRFC may amend this Client Guide, Underwriting Guidelines or the Program Documents at any
time if required by law or court order.
(D) Power of Attorney
The Client by entering into the Client Contract and delivering Loans to GMAC-RFC makes and
appoints GMAC-RFC Clients true and lawful attorney-in-fact; and in the Clients name and
stead to execute, by any authorized GMAC-RFC employee or agents signature, any and all
documents for the purpose of assigning and transferring to GMAC-RFC any and all
Mortgages, deeds of trust, Security Instruments, and the related notes, including, but not
limited to the assignments of mortgages, deeds of trust, and Security Instruments; Note
endorsements, affidavits and agreements, for any Loan transaction closed and funded in the
Clients name and committed to GMAC-RFC under the Client Contract and gives and grants
GMAC-RFC full power and authority to do and perform all and every act and thing whatsoever
requisite and necessary to be done, and to make, correct, supply information where GMACRFC can supply the information, amend, endorse, accept, or deliver all agreements and
instruments; as fully, to all intents and purposes, as the Client might or could do if present at
the doing thereof through one of its authorized representatives, with full power of
substitution and revocation. The Client ratifies and confirms all that GMAC-RFC shall lawfully
do or cause to be done by virtue of this Power of Attorney. The Client may only revoke this
Power of Attorney in writing and only upon the expiration of 180 days from the effective date
of the Client Contracts termination in accordance with the Client Contract and this Client
Guides terms, and this Power of Attorney shall be deemed to be a power coupled with an
interest for such purpose.
114
Use of Clients Name
GMAC-RFC reserves the right, at its option, to make the name of the Client generally
available, to publicly associate the name of the Client with GMAC-RFC Loan Programs and
to refer business prospects to the Client. GMAC-RFC agrees to waive this right upon written
notice from the Client requesting that GMAC-RFC do so.
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Exhibit B-1
GMAC-RFC
Page 1.7
03/13/06
Client Guide
Introduction
115
Use of GMAC-RFC Name and Service Marks
The Client is not authorized to use the corporate name Residential Funding Corporation, the
trade name or initials GMAC-RFC, or any of the service marks of GMAC-RFC in any of the
Clients promotional or other materials without the prior written consent of GMAC-RFC. As
consideration for granting consent, the Client agrees to indemnify GMAC-RFC from and hold
it harmless against any loss, damage or expense, including those incurred in defending any
action or proceeding, which results from its use of the corporate name, trade name or service
marks.
At no time shall the Client advertise or represent in print, in verbal communications or
otherwise, that it is acting on behalf, under the direction, as the agent or as the
representative of, or otherwise through or for, GMAC-RFC.
116
Assetinfo
Assetinfo is a Client reporting application designed to make Loan inquiries easy and fast.
Clients have 24 hour, 7-day-a-week access to the status of their Loans in process,
outstanding Commitments, funded Loan data, and other critical information online at
GMACResidentialFunding.com. Clients can easily access this information by entering their
GMAC-RFC username and password. Please contact your Sales Director for additional
information.
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GMAC-RFC
Client Guide
Introduction
Exhibit B-1
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Exhibit B-1
Page 2.1
03/13/06
Client Guide
Client Eligibility
2
Client Eligibility
200
Client Eligibility
GMAC-RFC will approve Clients of GMAC-RFC as mortgage Loan lenders approved in good
standing. Clients of GMAC-RFC will be eligible to participate in GMAC-RFCs Loan
Programs.
In order to become a Client, a mortgage Loan lender must:
Satisfy the GMAC-RFC Client Eligibility Standards
Have its completed Client Application approved by GMAC-RFC
Enter into the Client Contract
Deliver a certified Resolution of Board of Directors to GMAC-RFC and other documents
as required by GMAC-RFC
Deliver 3 original Limited Power of Attorney documents to GMAC-RFC (GMAC-RFC
Form 1204). The Limited POA grants GMAC-RFC the authority to execute and/or
correct documents for the purpose of assigning and transferring mortgage assets to
GMAC-RFC. The use of the Limited POA is restricted to those assets, which the Client
has committed to GMAC-RFC.
In order to remain eligible to participate in GMAC-RFCs Loan Programs, the Client must
comply with all of the terms of the Client Contract, including this Client Guide.
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Exhibit B-1
2 GMAC-RFC
Page 2.2
03/13/06
Client Guide
Client Eligibility
201
Eligibility Standards
(A) To Be eligible As a Client, the Client Must Be:
In compliance with all capital requirements and other requirements specified by any
State or federal regulatory agency that are applicable to the Client
A member of MERS, in good standing and current in payment of all fees and
assessments by MERS (if any Loan is registered with MERS)
(B) Net Worth Requirements:
The Client must maintain GAAP tangible net worth requirements (defined as GAAP total net
worth minus any intangible assets). Contact your sales representative for current tangible
net worth requirements.
Example:
Audited Book Net Worth at
Intangible assets (from audited
financial statements)
Tangible Net Worth
$3,000,000
minus
$250,000
$2,750,000
(C) Independent Auditors Opinion:

An independent auditor must review the Clients most recent annual financial
statements and render them acceptable.
An independent auditors report on the Uniform Single Attestation Program for
mortgage bankers (USAP) indicates no significant exceptions.
(D) The Client Must Demonstrate an Ability to Originate Mortgage Loans, Which Can
Be Evidenced by:
Two years of conventional mortgage Loan originations
$25 million in conventional mortgage Loan originations in the 12 months immediately
preceding application
$100 million in conventional mortgage Loan portfolio currently serviced for Clients that
retain servicing
A staff knowledgeable in originating, quality control and selling conventional mortgage
Loans
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Exhibit B-1
GMAC-RFC
Page 2.3
03/13/06
Client Guide
Client Eligibility
(E) The Client must maintain adequate fidelity, errors and omissions insurance
coverage for its operations and the carrier of such insurance coverage must be
rated B/III, A/II or better in the current Bests Key Rating Guide.
(F) The Clients Delinquency rates on all Loan production must be acceptable to
GMAC-RFC.
(G) The Client must adhere to prudent standards for written policies and
procedures for mortgage Loan origination, Loan Document delivery
requirements and an internal audit program (including quality control).
(H) The Clients mortgage insurance claim experience must be acceptable to GMACRFC.
(I) The Client must comply with all State and federal laws and regulations
applicable to its business and operations, including, without limitation, all fair
lending laws. If the Client has been cited by any regulatory authority for having
violated any fair lending laws or regulations, it must demonstrate to GMACRFCs satisfaction that it has taken corrective action to remedy such violation.
(J) The Client, upon request, will provide GMAC-RFC with a corporate resolution for
the purpose of assigning and transferring to GMAC-RFC mortgages, deeds of
trust and Security Instruments.
(K) The Client must comply with the rules and procedures of MERS in connection
with all Loans registered with MERS. If the Client has been terminated,
disqualified or suspended or threatened with termination, disqualification or
suspension by MERS, the Client must demonstrate to GMAC-RFCs satisfaction
that it has taken corrective action to remedy such termination, disqualification
or suspension.
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Exhibit B-1
2 GMAC-RFC
Page 2.4
03/13/06
Client Guide
Client Eligibility
202
Client Contract
As set forth in more detail in the Client Guide, to participate in GMAC-RFCs Loan Programs,
a lender agrees to be bound and abide by the procedures, terms and conditions set forth in
this Client Guide, as it may be amended from time to time. The lender must also enter into a
Commitment Letter that specifies, among other things, the maximum dollar volume of
Mortgage Loans that may be offered for sale within a stated period of time.
203
Client Underwriting Responsibilities
The Client must ensure that Loans sold to GMAC-RFC meet the eligibility and underwriting
guidelines as outlined in this Client Guide. The Client represents and warrants such
compliance.
The Client is responsible for credit and property underwriting performed by it or by entities
other than the Client which have been retained by the Client to perform such underwriting on
Clients behalf. This applies even if the credit information and appraisal were requested by or
if any Loan processing functions were performed by an entity other than the Client or an
entity related to the Client.
204
Continuing Client Obligations
In order to remain eligible, the Client must be active with GMAC-RFC in the preceding
calendar year, maintain the initial eligibility standards or eligibility standards currently in
effect, and comply with the continuing obligations as defined in this Client Guide. In addition,
GMAC-RFC reserves the right to amend any or all continuing eligibility standards for a Client
based upon its current financial strength, volume and performance.
205
Disqualification, Suspension or Inactivation
GMAC-RFC may disqualify, suspend or inactivate the Client from selling Loans to GMAC-RFC,
or may take any other action GMAC-RFC deems appropriate upon notice to Client. The Client
will be ineligible to obtain new Commitments during any period of disqualification,
suspension or inactivation. GMAC-RFC will determine the length of any disqualification,
suspension, or inactivation period, and may prescribe the terms and conditions for
reinstatement.
(A) Termination
Either party may terminate the Program Documents and Clients right to participate in GMACRFCs Loan Programs at any time upon five days prior written notice of termination to the
other party. GMAC-RFC may suspend or terminate the Program Documents and Clients right
to participate in GMAC-RFCs Loan Programs immediately if it has cause to believe an
Event of Default or a breach of a representation and warranty has occurred.
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Exhibit B-1
Page 2.5
03/13/06
Client Guide
Client Eligibility
(B) Effect of Termination

Any termination of the Program Documents and Clients right to participate in GMAC-RFCs
Loan Programs, for any cause, shall not affect the performance of Clients obligations with
respect to Mortgage Loans previously sold or delivered to GMAC-RFC prior to the effective
date of such termination. Provided that no Event of Default on the part of Client has
occurred, termination of the Program Documents by GMAC-RFC shall not apply to any
Mortgage Loans that have been Registered with GMAC-RFC by Client before the effective
date of such termination notice. If GMAC-RFC terminates the Program Documents due to an
Event of Default, GMAC-RFC may refuse to Register or Fund any or all Mortgage Loans after
the effective date of termination.
(C) Survival of Representations, Warranties, Covenants and Remedies
Clients representations, warranties and covenants with respect to each Loan, and GMACRFCs remedies for Clients breach of such representations, warranties and covenants with
respect to each Loan will continue in full force and effect until the latest of: (i) the date such
Loan has been irrevocably paid in full, (ii) the date the last limitations period for bringing
claims against GMAC-RFC or its successors or assigns concerning the subject matter of
Clients representations and warranties with respect to such Loan expire under all applicable
law, and (iii) the date any claim, suit or other proceeding against GMAC-RFC or its successors
or assigns concerning the subject matter of Clients representations, warranties and
covenants with respect to such Loan have been conclusively determined or settled and all
applicable appeals have been exhausted.
Furthermore, Clients representations, warranties and covenants with respect to each Loan
shall also survive: (a) the sale and delivery of such Loan and/or the related Servicing Rights
to GMAC-RFC; (b) the termination of the Client Contract, the Client Guide and the other
Program Documents and/or Clients right to participate in GMAC-RFCs Loan Programs; (c)
any restrictive or qualified endorsement appearing on any Mortgage, Note, or any other
agreement, document or instrument relating to such Loan; and (d) any examination, failure
to examine, due diligence or failure to conduct due diligence with respect to such Loan or any
of the agreements, documents or instruments related to such Loan.
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Exhibit B-1
2 GMAC-RFC
Page 2.6
03/13/06
Client Guide
Client Eligibility
206
Reporting Requirements
(A) Annual Requirements
Within 90 days after the Clients fiscal year end, it must send the following documents to
GMAC-RFC:
(1) Annual financial statements that include:
An independent auditors opinion on financial statements
An independent auditors report on the Uniform Single Attestation Program (USAP)
for mortgage bankers
A copy of the 10-K if the Client is required to prepare an annual Form 10-K
(2) A completed Freddie Mac Annual Eligibility Certification Report (Freddie Mac Form
16SF). If the Client is not required to submit Freddie Mac Form 16SF, then the
Annual Client Certification (GMAC-RFC Form 1200) may be substituted.
(B) Other Reporting Requirements
(1) Interim Financial Statements; Other Information
The Client shall, upon the reasonable request of GMAC-RFC, provide its quarterly unaudited financial statements, Form 10-Qs, or any other financial information
pertaining to the Client.
(2) Fidelity and Errors and Omissions Insurance
The Client must notify GMAC-RFC if it receives notice from its insurer of intent to
cancel, not renew, or otherwise modify the Clients coverage. This notification must
be sent to GMAC-RFC by registered mail at least 10 days before it becomes
effective.
The Client must report to GMAC-RFC all cases of material theft, embezzlement or
fraud and all claims made against the insurer within 10 days after the occurrence.
If requested by GMAC-RFC, the Client must provide current certificates of
insurance outlining its fidelity and errors and omissions insurance.
(C) Mailing Address
Submit all information required under Annual Requirements and Other Reporting
Requirements Sections above to:
GMAC-RFC
One Meridian Crossings
Suite 100
Minneapolis, MN 55423
Attention: Risk Management
Facsimile: 952-979-2592
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GMAC-RFC
Exhibit B-1
Page 2.7
03/13/06
Client Guide
Client Eligibility
(D) Regulation AB Disclosures

(1) Originator Disclosure
As requested by GMAC-RFC in its sole discretion, within three (3) business days the
Client will provide to GMAC-RFC either (a) the disclosures required under Item
1110(b) of Regulation AB (Originator disclosure) or any successor regulation for
inclusion in a prospectus or other disclosure document, or (b) a confirmation that
previously provided disclosure does not require updating. Originator disclosure
required to be provided shall include (A) the Clients form of organization, (B) a
description of the Clients origination program and how long the Client has been
engaged in originating residential mortgage loans, (C) discussion of the Clients
experience in originating residential mortgage loans, (D) information regarding the
size and composition of the Clients origination portfolio and (E) the Clients
underwriting criteria (or other information material to an analysis of the performance
of the mortgage loans, as determined by GMAC-RFC). As requested by GMAC-RFC in
its sole discretion, within three (3) business days, the Client shall provide in a
specified electronic format the name of the originator of each mortgage loan if
originated by an entity other than the Client.
(2) Legal Proceedings for Prospectus Disclosure or Update of Periodic Reports
As requested by GMAC-RFC in its sole discretion, within three (3) business days of
GMAC-RFCs request, the Client will provide to GMAC-RFC (a) a complete written
description of any legal proceedings pending against the Client, or of which the
Clients property is the subject, that, if adversely determined, could have a material
adverse impact on the Clients financial condition or its continuing ability to sell
mortgage loans to GMAC-RFC or would affect the enforceability of any mortgage loan
(including any similar proceedings known by the Client to be contemplated by
governmental authorities) for inclusion in a prospectus or other disclosure document
pursuant to Regulation AB or any successor regulation (Legal Proceedings
Description), certified as to accuracy by an officer of the Client, or (b) a written
certification of an officer of the Client stating that the previously provided Legal
Proceedings Description does not require updating and continues to be complete and
accurate as of such date.
(3) Updates Regarding Legal Proceedings
If at any time any previously provided Legal Proceedings Description is no longer
current or requires updating, or if the Client is the subject of new legal proceedings
that would require disclosure under Item 1117 of Regulation AB or any successor
regulation, the Client will provide to GMAC-RFC a revised Legal Proceedings
Description, certified as to accuracy by an officer of the Client.
(4) Other Information Required under Regulation AB
The Client will provide to GMAC-RFC such other information, including historical loan
performance information, as GMAC-RFC shall reasonably request in order to enable
GMAC-RFC to comply with any applicable requirements of Regulation AB or any
successor regulation. Such information shall be provided within fifteen (15) days of a
request from GMAC-RFC.
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Exhibit B-1
2 GMAC-RFC
Page 2.8
03/13/06
Client Guide
Client Eligibility
(5) Mailing Address for Regulation AB Disclosures

At the time GMAC-RFC requests any Regulation AB disclosure or information under
this Section 206(D), it will provide to the Client the address to which all such
disclosure or information should be delivered.
207
Audits and Inspections
The Client agrees to allow GMAC-RFC to conduct, from time to time, audits or inspections at
one or more of the Clients offices during normal business hours. At that time, the Client shall
provide the assistance of a knowledgeable and responsible individual and will grant GMACRFC access to all books, records and files pertaining to:
The Loans
The Clients compliance with the terms and provisions of the Client Contract, including
this Client Guide
The Client also agrees, upon the request of GMAC-RFC, to deliver the material described in
the Maintenance of Records Section of this Client Guide. GMAC-RFC may, from time to
time, conduct audits at GMAC-RFC offices using information and documents provided by the
Client. During these audits the Client should provide a person or persons to contact by
telephone for additional information.
208
Disclosure of Information
The Client shall, upon the request of GMAC-RFC, disclose to GMAC-RFC information relating
to the Clients origination or Servicing experience. This information may include, but is not
limited to, information required under Regulation AB or any successor regulation, information
on losses, mortgage insurance claims, Delinquency, and declination experience on
mortgage Loans originated or serviced by the Client, as well as related information. The
Client also consents to the disclosure by GMAC-RFC, of any such information to investors,
rating agencies, credit enhancement providers, or any other entity that needs the
information in connection with GMAC-RFCs secondary marketing operation. The Client
releases and agrees to hold harmless GMAC-RFC, and any insurer or other entity which
discloses information as provided above, from and against any claims or liabilities connected
with such disclosure.
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Exhibit B-1
GMAC-RFC
Page 2.9
03/13/06
Client Guide
Client Eligibility
209
Maintenance of Records
The Client shall maintain adequate records of all Loans submitted to GMAC-RFC for
underwriting approval for such periods of time as may be necessary to comply with the Equal
Credit Opportunity Act and other applicable laws and regulations. The Client shall maintain a
file for each Loan purchased by GMAC-RFC, clearly marked with the GMAC-RFC Loan number
and, for Loans registered with MERS, the MIN. The Client shall maintain each file throughout
the time GMAC-RFC owns the Loan and thereafter for a period of three years from the date
the Loan is fully paid or, if the Loan is accelerated, for at least six years from the date the
Loan is fully paid. The file must contain:
Copies of all documents delivered in their original form to GMAC-RFC
Originals of all documents, copies of which were delivered to GMAC-RFC
All other Loan and related documents not required to be sent to GMAC-RFC
In lieu of retaining copies and originals as stated above, the Client may retain microfiche,
microfilm or magnetic media copies or acceptable Write Once Read Many (WORM)
technology.
210
Quality Control
(A) Recommended Program
The Client shall maintain an internal quality control program that ensures the accuracy of
legal and origination documents, as well as the soundness of underwriting decisions. The
program should be supported by a written plan outlining the objectives and scope of the
review and applicable policies and procedures and shall include, at a minimum, post- and
pre-closing review procedures.
(1) Pre-closing Review
A pre-closing review should, at a minimum, consist of the following procedures on all
or a representative sample of Loan production:
Review legal documentation for accuracy and completeness
Obtain duplicate credit reports (in-file or residential mortgage credit reports)
Reverify (by telephone) Loan information (e.g., employment, deposits, source
of funds, etc.)
Obtain review appraisals
Reverify other origination documentation as deemed appropriate by the Client
For all B and C grade Loans, as defined in this Client Guide, a documented
telephone verification of employment is required to be obtained within five days prior
to closing.
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Exhibit B-1
2 GMAC-RFC
Page 2.10
03/13/06
Client Guide
Client Eligibility
(2) Post-closing Review

In the interest of sound quality control measures, GMAC-RFC requires that the Client
audits at least a 10% randomly selected sample of recently closed Loan inventory
sold to GMAC-RFC and review the product within 90 days of its origination. The
Client may elect to replace the 10% randomly selected sample with a statistically
valid random sample provided the sample ensures a 95% confidence level and 2%
level of precision in the results. The random sample should include both servicing
retained and servicing released Loans and ensure that Loans from all underwriters,
appraisers, Loan originators, third-party originators and branch offices are audited
within each calendar year. The quality control plan should also allow for discretionary
and targeted sampling where appropriate. GMAC-RFC recommends that the Client
increase the scope or sample of Loans audited when new employees, appraisers or
third-party originators are added.
Unless performed as an element of the pre-closing review, the post-closing audit
should, at a minimum, consist of the following:
Complete underwriting of each Loan, including an evaluation of the appraisal
report by the quality control staff to evaluate the soundness of underwriting
judgment and compliance with Program Criteria and to determine the
existence of any irregularities. The presence of irregularities should lead to a
more thorough investigation.
Written re-verification of Loan documentation (e.g., employment and income,
deposits, source of funds, etc.). In this process, a blanket authorization form is
required. If the income used for qualification purposes can be verified through
tax returns, signed and dated IRS Forms 4506 or 4506-T or an equivalent
document authorizing the Client and/or its assigns to obtain income
information is required.
The Client must obtain a new appraisal from a qualified source, independent of
the original appraiser, on at least 10% of the audited sample [one out of ten
Loans]. This appraisal may take the form of a new appraisal or a field review. It
should include, at a minimum, an exterior inspection of the Mortgaged
Premises and comparables and a validation of the factual data on the original
appraisal report.
The Client must obtain and review a new credit report (independent of the
original reporting agency) on each Loan. GMAC-RFC recommends that the
Client order a new residential mortgage credit report or a source in-file credit
report on all sample Loans selected for the audit. These credit reports must
meet the requirements set forth in the Credit Report Requirements Section of
this Client Guide, including the requirement of a public records search.
Review the remaining documentation, including the Loan application and
closing documents, for consistency, accuracy, validity, completeness, etc.
Review the Loans included in the audit sample to determine compliance to the
various GMAC-RFC representations and warranties set forth in this Client
Guide.
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Exhibit B-1
GMAC-RFC
Page 2.11
03/13/06
Client Guide
Client Eligibility
The Client must also include in its quality control review all Loans in which a 30 day
Delinquency occurred within the first four months of the Loan. In addition, the
Client should include any Loan in which foreclosure proceedings have been instituted
within the first three years of the Loan if a Delinquency occurred during the first year
with respect to that Loan. In this case, the Client should obtain a new credit report
and new appraisal.
GMAC-RFC recommends that the Client expand the scope of its quality control
review whenever irregularities or discrepancies are discovered. This supplemental
audit should include verifying the occupancy of the Mortgaged Premises,
investigating the presence of undisclosed Secondary Financing and validating or
determining possible self-employment income of the Borrower.
The Client must maintain accurate records (log books, etc.) of all Loans audited, the
work performed, results, and necessary follow-up and should make these records
available to GMAC-RFC upon request. The Client must retain these records as long as
GMAC-RFC owns the Loan. The quality control staff should report general results as
well as variances discovered during any phase of the audit to the Clients senior
management on at least a quarterly basis. These reports should correct and prevent
deficiencies in the Clients ongoing origination, underwriting, appraisal and closing
functions. If a quality control audit discovers that a breach of any representations or
warranty has occurred, the Client must give GMAC-RFC prompt written notification of
such breach, outlining the details of the discovery and any supporting documents.
Send this notice to:
GMAC-RFC
Suite 100
Attention: Quality Audit
GMAC-RFC may ask the Client to increase its quality control sampling requirements
or may take any action deemed necessary if the Client experiences a number of
variances which significantly impact the investment quality of the Loans sold to
GMAC-RFC.
(B) Loan Audit
The Client agrees to conduct a Loan audit on any Loan upon the written request of GMACRFC. The Client must determine whether the Loan was prudently originated and if an Event
of Default has occurred.
If an audit discovers an Event of Default, the Client must promptly notify GMAC-RFC in
writing as specified in this Client Guide.
The Client shall complete the audit of any Loan in which foreclosure proceedings have been
instituted in a thorough and timely manner. During this investigation, GMAC-RFC may
manage the foreclosure process, making decisions regarding short payoffs, deed-in-lieu
transactions, and REO sales prices and dispositions. GMAC-RFC will make these decisions
without regard to this investigation and as though it, or its investor, will incur the loss on the
Loan.
However, if the investigation shows that an Event of Default has occurred, GMAC-RFC may
ask the Client to repurchase the Loan or the property, or to reimburse GMAC-RFC for its loss,
if the property has been disposed of, depending on the stage of the foreclosure process at
the time of the determination.
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2 GMAC-RFC
Page 2.12
03/13/06
Client Guide
Client Eligibility
Exhibit B-1
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GMAC-RFC
2A
Exhibit B-1
Page 2A.1
11/21/05
Client Guide
Representations,
Warranties and
Covenants
Representations, Warranties and Covenants

A200
Client Representations Warranties and Covenants
The Client acknowledges that GMAC-RFC purchases Loans in reliance upon the accuracy and
truth of the Clients warranties and representations and upon the Clients compliance with the
agreements, requirements, terms and conditions set forth in the Client Contract and this
Client Guide.
All such representations and warranties are absolute, and the Client is fully liable for any
misrepresentation or breach of warranty regardless of whether it or GMAC-RFC actually had,
or reasonably could have been expected to obtain, knowledge of the facts giving rise to such
misrepresentation or breach of warranty.
The representations and warranties pertaining to each Loan purchased by GMAC-RFC survive
the Funding Date, any simultaneous or post-purchase sale of servicing with respect to the
Loan and any termination of the Client Contract, and are not affected by any investigation or
review made by, or on behalf of, GMAC-RFC except when expressly waived in writing by
GMAC-RFC.
The representations and warranties contained herein are made as of each Funding Date
(and each Substitution Date, if applicable), unless the specific representation or warranty
provides to the contrary. Making these representations and warranties does not release the
Client from its obligations under the representations and warranties contained in other
Sections of this Client Guide.
GMAC-RFC reserves the right to require the Client as a condition of GMAC-RFCs purchase of
a given Loan or group of Loans to make additional warranties in writing.
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Exhibit B-1
2A GMAC-RFC
Page 2A.2
11/21/05
Client Guide
Representations,
Warranties and
Covenants
A201
Specific Representations, Warranties and Covenants Concerning Client
(A) Due Organization; Good Standing; Licensing
Client and, to Clients knowledge, Clients Guarantor, if applicable, is and shall continue to be
duly organized, validly existing, and in good standing under the laws of the United States or
under the laws of the jurisdiction in which it was incorporated or organized, as applicable,
and has and shall continue to maintain all licenses, registrations, and certifications necessary
to carry on its business as now being conducted, and is and will continue to be licensed,
qualified, and in good standing in each State where a Mortgaged Property is located if the
laws of such State require licensing or qualification in order to conduct business of the type
conducted by Client1. Client is and will remain in compliance with the laws of any such State,
and is and will remain in good standing with federal authorities, to the extent necessary to
ensure the enforceability of the related Loan. Client has disclosed the final written reports,
actions and/or sanctions of any and all reviews, investigation, examinations, audits, actions
and/or sanctions that have been undertaken and/or imposed, within two years prior to the
date of the Client Contract, by any federal or State agency or instrumentality with respect to
either the lending or related financial operations of Client, or the ability of Client to perform
in accordance with the Program Documents terms. Each of the representations and
warranties made by Client in its Client Application is true, accurate, and complete, and is
deemed to be remade in its entirety, as of the date of the Client Contract, and as of each
Funding Date.
1 In addition, if any Loan is secured by mortgaged property located in the State of West Virginia, Client and the
originator of the Loan is licensed under the West Virginia Mortgage Loan Act and Client and the originator of the
Loan held such license at the time the Loan was originated, unless otherwise exempt from licensing. Client and
the originator of the Loan must be licensed under the West Virginia Mortgage Loan Act even if Client and the
originator of the Loan makes or offers to make or accepts or offers to accept or purchases or services in a calendar
year fewer than the number of de minimus primary or subordinate mortgage Loans specified in the definition of
lender in W. Va. Code Section 31-17-1.
(B) Authority
Client has and will maintain the full corporate, partnership or limited liability company power
and authority to execute and deliver the Program Documents and to perform the terms of
this Client Guide. The execution, delivery, and performance of the Program Documents and
the performance of the terms of this Client Guide by Client, and the consummation of the
transactions contemplated, have been duly and validly authorized. The Program Documents
and this Client Guide evidence Clients legal valid, binding, and enforceable obligations. All
requisite corporate, partnership or limited liability company action has been taken by Client
to make the Program Documents and the terms of this Client Guide valid and binding upon
Client and enforceable in accordance with their respective terms.
(C) Ordinary Course of Business
The consummation of the transactions contemplated by the Program Documents and the
Client Guide terms are in Clients ordinary course of business, and the transfer, assignment,
and conveyance of the Mortgage Notes and the Mortgages by Client, pursuant to the
Program Documents and the Client Guide terms are not subject to the bulk transfer laws or
any similar statutory provisions in effect in any applicable jurisdiction.
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Exhibit B-1
2A
Page 2A.3
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(D) No Conflicts
Neither the execution and delivery of the Program Documents, the acquisition and/or making
of the Loans by Client, the sale of the Loans to GMAC-RFC or the transactions contemplated
thereby or pursuant to this Client Guide, nor the fulfillment of or compliance with the
Program Documents terms and conditions, will conflict with or result in a breach of any of the
terms, conditions, or provisions of Client's articles of incorporation, charter, by-laws,
partnership agreement, or other organizational document, or of any legal restriction or
regulatory directive or any agreement or instrument to which Client is now a party or by
which it is bound, or constitute a default or result in an acceleration under any of the
foregoing, or result in the violation of any law, rule, regulation, order, judgment, or decree to
which Client, or any of its property is subject, or impair the ability of GMAC-RFC to realize on
any of the Loans, or impair the Value of any of the Loans.
(E) Ability to Perform
Client has the ability to perform each and every obligation of and/or satisfy each and every
requirement imposed on, Client pursuant to the Program Documents and this Client Guide,
and no offset, counterclaim, or defense exists to the full performance by Client of the
requirements of Program Documents and this Client Guide.
(F) No Litigation Pending
There is no action, suit, proceeding, inquiry, review, audit, or investigation pending or
threatened against Client that, either in any one instance or in the aggregate, may result in
any material adverse change in the business, operations, financial condition, properties, or
assets of Client, or in any material liability on the part of Client, or which would draw into
question the validity or enforceability of any of the Program Documents, this Client Guide, or
the Loans or of any action taken or to be taken in connection with Clients obligations
contemplated in any of the Program Documents or this Client Guide, or which would be likely
to impair materially Clients ability to perform under the terms of the Program Documents or
this Client Guide.
(G) No Consent Required
No consent, approval, authority, or order of any court or governmental agency or body is
required for the execution and performance by Client of, or compliance by Client with, any of
the Program Documents or this Client Guide, the sale of any of the Loans, or the
consummation of any of the transactions contemplated by any of the Purchase Documents,
or, if required, such unconditional approval has been obtained prior to the related Funding
Date.
(H) No Untrue Information
Neither the Program Documents, the Client Application, this Client Guide, nor any statement,
report, or other document furnished or to be furnished by Client pursuant to the Program
Documents or this Client Guide, contains any untrue statement of material fact or omits to
state a material fact necessary to make the statements contained therein not misleading.
Client meets GMAC-RFCs Eligibility Standards, and shall take all steps necessary to continue
to meet such Eligibility Standards.
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Exhibit B-1
2A GMAC-RFC
Page 2A.4
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(I) Securities Law

The Client represents that the Loans are not securities under any federal or State securities
laws or any rules or regulations thereunder and that the transactions contemplated by this
Client Guide do not require registration under, and are not subject to, any federal or State
securities laws or any rules or regulations thereunder.
(J) No Accrued Liabilities
Except as may be otherwise disclosed by Client to GMAC-RFC and acknowledged by GMACRFC in writing prior to the date of the Client Contract, there are no accrued liabilities of
Client, with respect to any of the Loans, or circumstances under which any such accrued
liabilities will arise against GMAC-RFC, as successor to Clients interests in and to the Loans,
with respect to any action or failure to act by Client occurring on or prior to the Funding
Date.
(K) Origination, Servicing
Clients origination and servicing of the Loans have been legal, proper, prudent, and
customary and have conformed to the highest standards of the residential mortgage
origination and servicing business.
(L) Compliance With Laws
Client has complied with, and has not violated any law, ordinance, requirement, regulation,
rule, or order applicable to its business or properties, the violation of which might adversely
affect the operations or financial conditions of Client, or the ability of Client to consummate
the transactions contemplated by the Program Documents and this Client Guide.
(M)Compliance With Program Documents and Client Guide
Client will comply with all provisions of this Client Guide and the Program Documents, and
will promptly notify GMAC-RFC of any occurrence, act, or omission regarding Client, the
Loan, the Mortgaged Property or the Mortgagor of which Client has knowledge, which
occurrence, act, or omission may materially affect Client, the Loan, the Mortgaged Property,
or the Mortgagor.
(N) No Defenses Against GMAC-RFC
The Client has no judgment, court order, claim, counterclaim, defense, right of set-off or
similar right against GMAC-RFC.
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Exhibit B-1
GMAC-RFC
2A
Page 2A.5
11/21/05
Client Guide
Representations,
Warranties and
Covenants
A202
Specific Representations, Warranties and Covenants Concerning Individual Loans
For all Loans, the Client represents, warrants and covenants to GMAC-RFC as follows:
(A) Loans Are Eligible; Accuracy of Information
Each of the Loans delivered and sold to GMAC-RFC meets the applicable program terms and
criteria set forth in this Client Guide. All information relating to each Loan delivered and sold
to GMAC-RFC is true, complete and accurate and there are no omissions of material facts. All
data provided by the Client to GMAC-RFC relating to any Loan, whether in electronic format,
or otherwise, is true and complete and accurately reflects the information in the related Loan
file.
(B) Compliance With Warranties
The Client is in compliance with, and has taken all necessary action to ensure that each Loan
is in compliance with all representations, warranties and requirements contained in this
Client Guide.
(C) Loan Provisions
The provisions of the Loan have not been impaired, waived, altered or modified in any
respect, unless approved in writing by GMAC-RFC. The issuer of any related PMI Policy and
the title insurer have approved the substance of any such waiver, alteration, or modification
to the extent required by the respective policies. No Mortgagor has been released, in whole
or in part.
(D) Documents
All Loan Documents, Funding Documents and Final Documents are genuine, have been
completed, duly and properly executed, are in recordable form and delivered in the form and
manner specified in this Client Guide, and each Loan is the Mortgagors legal, valid and
binding obligation enforceable in accordance with its terms. All originals and copies of such
documents and all other documents, materials, and other information required to be
submitted to GMAC-RFC have been so submitted, and are complete and accurate. All Loan
Documents, Funding Documents, Final Documents and all other documents describing or
otherwise relating thereto are in compliance with all applicable local and State laws,
regulations and orders.
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Exhibit B-1
2A GMAC-RFC
Page 2A.6
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(E) Ownership; Transfer

The Client has good title to and is the sole owner of, each Loan delivered and sold to GMACRFC. Except for the security interest of a warehouse lender, which security interest Client has
disclosed to GMAC-RFC in writing, the assignment of the Loan by the Client validly transfers
such Loan to GMAC-RFC free and clear of any pledge, lien or security interest or other
encumbrance.
For each Loan registered with MERS, the Client represents that (a) if the Security
Instrument relating to such Loan identifies MERS as the original mortgagee of record, such
Security Instrument provides that the Security Instrument is given to MERS solely as
nominee for the Client and its successors and assigns and that such Security Instrument has
been properly executed, acknowledged, delivered and recorded in all places necessary to
perfect the security interest on the Mortgaged Premises in favor of MERS, solely as
nominee for the Client and its successors and assigns; or (b) if the Loan is registered with
MERS, and MERS is not the original mortgagee of record, an assignment to MERS has been
prepared, duly executed and recorded and the chain of assignments is complete and
recorded from the original mortgagee to MERS. Client further represents that it has complied
with all rules and procedures of MERS for its assignment of the Security Instrument to
GMAC-RFC, including, among other things, that the Client has confirmed the transfer on
MERS to GMAC-RFC.
(F) Disbursements; No Payoffs or Future Advancements
Each Loan has been closed and fully disbursed, except as permitted in the Escrow Account
for Postponed Improvements/Repairs Section of this Client Guide. There are no payoffs,
assumptions or insurance claims pending on any Loan or pertaining to the Mortgaged
Premises and the Borrower may not exercise any option under any of the Loan Documents
to borrow additional funds secured thereby from the Client or any other person or entity
without the Noteholders consent.
Additionally, the Client warrants that the Client has not made arrangements with any
Borrower for any payment forbearance or future refinancing with respect to any Loan.
(G) No Default
There is no default, breach, violation or event of acceleration existing under any Note or
Security Instrument transferred to GMAC-RFC, and no event exists which, with notice and
the expiration of any grace or cure period, would constitute a default, breach, violation or
event of acceleration, and no such default, breach, violation or event of acceleration has
been waived by the Client or by any other entity involved in originating or servicing the Loan.
(H) No Defenses
Except as provided in a buydown or subsidy agreement, if any, meeting the requirements set
forth in this Client Guide, the Borrower (including any party secondarily liable under the
Loan Documents) has no right of set-off, defense, counterclaim or right of rescission to any
Loan Document.
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GMAC-RFC
Exhibit B-1
2A
Page 2A.7
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(I) Compliance with Law

The sale and transfer of each Loan to GMAC-RFC does not violate any applicable State laws.
To the extent that any applicable State law places any restrictions on the transfer of any
Loan, the Client has notified GMAC-RFC in writing of that restriction and any related State
licensing or registration requirements.
The Security Instrument has been properly executed, acknowledged, delivered and
recorded in all places necessary to perfect the security interest in the Mortgaged Premises
in favor of the Client and its successors and assigns. If a Loan is registered with MERS, and
MERS is identified on the Security Instrument as the original mortgagee of record, Client
represents that such Security Instrument provides that the Security Instrument is given to
MERS solely as nominee for the Client and its successors and assigns. If the Loan is
registered with MERS, and MERS is not the original mortgagee of record, Client represents
that an assignment to MERS has been prepared, duly executed and recorded and the chain of
assignments is complete and recorded from the original mortgagee to MERS and Client
further represents that it has complied with all rules and procedures of MERS for its
assignment of the Security Instrument to GMAC-RFC, including, among other things, that
Client has confirmed the transfer on MERS to GMAC-RFC.
Each GMAC-RFC Loan Application (Fannie Mae 1003/Freddie Mac Form 65) was taken from
the Borrower and processed for each Loan, and each Loan has been originated, closed, and
transferred in compliance with all applicable local, State and federal laws and regulations
including, but not limited to, the Real Estate Settlement Procedures Act, the Fair Credit
Reporting Act, the Equal Credit Opportunity Act, the Truth-in-Lending Act, the Fair Housing
Act, and the National Flood Insurance Act. This warranty is made by the Client with respect
to each GMAC-RFC Loan Application taken and processed for each Loan and with respect to
each Loan made by the Client or any other entity.
(J) Responsible Lending Representations, Warranties and Covenants
(1) Discontinued Loan
No Loan is a Discontinued Loan. Discontinued Loan means any of the following,
regardless of whether the originator is required by law to comply with the law or has
grounds to claim preemption from all or part of the law.
(a) HOEPA/Section 32
A loan considered a mortgage under Section 152 of the Home Ownership and
Equity Protection Act of 1994, 15 U.S.C. Section 1602 (aa) and the related
regulations and commentary promulgated by the Federal Reserve Board,
including Section 226.32 of Title 12 of the Code of Federal Regulations, and the
official staff commentary to those regulations.
(b) Purchase Money Loans with High Points or Fees
A purchase money loan secured by the consumers principal dwelling that
exceeds the points and fees or APR triggers of the Home Ownership and Equity
Protection Act of 1994 and the related regulations and commentary promulgated
by the Federal Reserve Board, including Section 226.32 of Title 12 of the Code of
Federal Regulations. A purchase money loan is a loan that is considered a
residential mortgage transaction under Section 226.2(24) of Title 12 of the
Code of Federal Regulations.
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Exhibit B-1
2A GMAC-RFC
Page 2A.8
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(c) Home Equity Lines and 1st Lien Lines of Credit That Exceed the HOEPA
Triggers
An open-end line of credit secured by the consumers principal dwelling that
exceeds the points and fees or APR triggers of the Home Ownership and Equity
Protection Act of 1994 and the related regulations and commentary promulgated
by the Federal Reserve Board, including Section 226.32 of Title 12 of the Code of
Federal Regulations. Points and fees must be calculated in accordance with
Section 226.32 of Title 12 of the Code of Regulations and the related
commentary promulgated by the Federal Reserve Board. The APR is the fully
indexed rate or the initial rate, whichever is greater, at the time of
consummation. The total loan amount is the total credit line available under
the terms of the loan, without subtracting any amounts for closing costs.
(d) State and Local High Cost Loans
A loan considered a high-cost, covered, high-risk, predatory or any other
similar designation under any State or local law in effect at the time of the
closing of the loan if the law imposes greater restrictions or additional legal
liability for residential mortgage loans with high interest rates, points and/or
fees.
(e) Certain Georgia Home Loans
A home loan under the Georgia Fair Lending Act, Ga. Code Ann. Section 7-6A1 et. seq. that became effective on October 1, 2002 (the Act), if the
Commitment was issued on or after February 1, 2003 and the loan was closed
on or before March 7, 2003.
(f) Certain New Jersey Home Loans
A home loan under the New Jersey Home Ownership Security Act of 2002 (the
Act), N.J.S.A. 46:10B-22 et seq. if the loan is:
A home loan if the property is a Manufactured Home;
A home loan with proceeds intended for home improvement purposes;
A home loan that is an open-end line of credit;
A closed-end home loan secured by a first or second lien that is a cashout transaction;
Follow standard guidelines in the GMAC-RFC Client Guide to determine whether
the loan is a cash-out refinance or a rate/term refinance.
(g) Certain New Mexico Home Loans
A home loan under the New Mexico Home loan Protection Act (the Act), that
was closed on or after February 1, 2004, and on or before February 26, 2004, if
the loan is:
A home loan if the property is a Manufactured Home;
A home loan with proceeds intended for home improvement purposes;
A home loan that is an open-end line of credit;
A closed-end home loan secured by a first or second lien that is a cashout transaction;
Follow standard guidelines in the GMAC-RFC Client Guide to determine whether
the loan is a cash-out refinance or a rate/term refinance.
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Exhibit B-1
GMAC-RFC
2A
Page 2A.9
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(2) Mandatory Arbitration Clause

A Loan may not include a mandatory arbitration clause. Any arbitration agreement
signed by the Borrower prior to the time of a dispute is prohibited.
(3) Prohibited Terms and Practices on all Loans sold to GMAC-RFC
A Loan may not violate any of the following prohibited terms and practices:
(a) Pre-paid insurance products. No Loan finances single premium credit life,
credit disability, credit unemployment, or any other pre-paid life or health
insurance, directly or indirectly.
(b) Prepayment penalties. A Loan may not provide for a penalty for paying all or
part of the principal before the date on which the principal is due except as set
forth in this paragraph and otherwise allowed by applicable federal, State, and
local law.
The penalty may be enforced for only the first five years following
consummation;
The penalty does not exceed 6 months of interest on the amount prepaid or
6% of the amount prepaid; and
The prepayment penalty does not become due upon default
(c) Reporting to credit bureaus. Client or its Servicer must report to a nationally
recognized consumer credit reporting agency at least quarterly the favorable
and unfavorable payment history information of Borrower on payments due to
Client on a Loan for the period during which Client holds or services the Loan.
This paragraph shall not prevent Client or its Servicer from not reporting specific
payment history information in the event of a resolved or unresolved dispute
with Borrower and shall not apply to Loans held or serviced by Client for less
than 90 days.
(d) Increased interest rate upon default. A Loan may not provide for an
increase in the interest rate after default.
(K) Title Insurance
A policy of title insurance, in the form and amount required by this Client Guide, is effective
as of the day the Security Instrument is recorded, is valid and binding, is in conformance
with all agency guidelines and remains in full force and effect, unless the Mortgaged
Premises are located in the State of Iowa and a Title Guaranty Certificate issued by the
Iowa Title Guaranty Division of the Iowa Finance Authority has been provided as described in
Title Guaranty Certificate In Iowa below.
(L) Title Guaranty Certificate In Iowa
As to each Loan secured by Mortgaged Premises located in the State of Iowa, and if an
American Land Title Association (ALTA) Loan policy of title insurance has not been provided,
a Title Guaranty Certificate issued by the Iowa Title Guaranty Division of the Iowa Finance
Authority, in the form and amount required by this Client Guide, duly delivered and effective
as of the closing of each such Loan, is valid and binding, and remains in full force and effect.
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Exhibit B-1
2A GMAC-RFC
Page 2A.10
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(M)Valid First Liens

Each Security Instrument transferred to GMAC-RFC, unless provided for otherwise in a
given Loan Program, constitutes a valid first lien on the Mortgaged Premises subject only
to the minor impediments described in the Title Insurance Section of this Chapter, and
such impediments do not adversely affect the Value, use, enjoyment or marketability of the
Mortgaged Premises. Each Security Instrument and all related documents (including, without
limitation, releases of prior Security Instruments, assumption agreements, assignments,
amendments, powers of attorney, and modification, extension and consolidation
agreements) that are required to be recorded or filed under applicable law in order to
preserve in favor of GMAC-RFC the validity and enforceability of the Security Instrument and
the liens created thereby, have been duly recorded in all appropriate recording offices, and all
associated recording fees or taxes must be paid.
(N) No Encroachments By Adjoining Properties; Improvements
No improvements by adjoining properties encroach upon the Mortgaged Premises in any
respect so as to affect the Value or marketability of the Mortgaged Premises. No
improvement located on or being part of the Mortgaged Property is in violation of any
applicable zoning law or regulation.
(O) Survey
All improvements which were considered in determining the appraised Value of the
Mortgaged Premises lie wholly within its boundaries and the building restriction lines of the
Mortgaged Premises, or the policy of title insurance insures against loss or damage by reason
of any violation, variation, encroachment or adverse circumstance that either is disclosed or
would have been disclosed by an accurate survey.
(P) No Liens
There are no delinquent tax or delinquent assessment liens against the Mortgaged Premises,
and there are no mechanics liens or claims for work, labor or material or any other liens
affecting the Mortgaged Premises, which are or may be a lien prior to, or equal with, the lien
of the Security Instrument assigned to GMAC-RFC, except those liens that are insured
against by the policy of title insurance or Title Guaranty Certificate issued by the Iowa Title
Guaranty Division.
(Q) No Adverse Circumstances
The Mortgaged Premises are free of damage and in good repair, and no notice of
condemnation has been given with respect thereto, and no circumstances exist involving the
Loan Documents, the Mortgaged Premises or the Borrowers credit standing that could:
(i) cause private institutional investors to regard the Loan as an unacceptable investment,
(ii) cause the Loan to become delinquent, or (iii) adversely affect the Value or marketability
of the Mortgaged Premises or the Loan. The Client warrants that it neither has actual
knowledge of the presence of, nor reasonable grounds to suspect the presence of, any toxic
materials or other environmental hazards on, in or that could affect any of the Mortgaged
Premises. The Client warrants compliance with local, State or federal law or regulation
designed to protect the health and safety of the occupants of the property.
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Exhibit B-1
GMAC-RFC
2A
Page 2A.11
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(R) Casualty Insurance

The improvements upon the Mortgaged Premises are insured against loss by fire and other
hazards as required by this Client Guide, including flood insurance if required under the
National Flood Insurance Act of 1968, as amended. The Security Instrument requires the
Borrower to maintain such casualty insurance at the Borrowers expense, or on the
Borrowers failure to do so, authorizes the holder of the Security Instrument to obtain and
maintain such insurance at the Borrowers expense and to seek reimbursement from the
Borrower. Each casualty policy is the insurers valid and binding obligation, is in full force and
effect, and will be in full force and effect, to GMAC-RFCs benefit upon the consummation of
the transactions contemplated by the Program Documents and this Client Guide. The Loan
terms permit the maintenance of an escrow account to pay the Premiums for the above
mentioned insurance, and the Client has not waived the requirement of such escrow account
unless permitted by GMAC-RFC or required by applicable law.
(S) Primary Mortgage Insurance
If required by this Client Guide, primary mortgage insurance has been obtained, the
Premium has been paid, and the mortgage insurance coverage is in full force and effect
meeting the requirements of this Client Guide.
(T) Underwriting; Appraisal; Appraiser
The Loan is of investment quality, has been prudently originated and has been underwritten
in compliance with all requirements of this Client Guide.
For each Loan for which an appraisal is required or obtained under this Client Guide, the
appraisal was made by an appraiser who meets the minimum qualifications for appraisers as
specified in this Client Guide. For each Loan, as of the Funding Date, the market Value of
the Mortgaged Premises is at least equal to the appraised Value stated on the Loan
appraisal, or if an Automated Valuation Model (AVM) is permitted, the Value on the AVM,
except to the extent that the market Value of the Mortgaged Premises is lower than the
appraised or AVM Value due to the effect of any toxic materials or other environmental
hazards of which neither the appraiser nor the Client has actual knowledge or reasonable
grounds to suspect.
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Exhibit B-1
2A GMAC-RFC
Page 2A.12
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(U) Enforceability; Enforcement Provisions

Each Note and Security Instrument constitutes a legal, valid and binding obligation of the
Borrower enforceable in accordance with its terms except as limited by bankruptcy,
insolvency or other similar laws affecting generally the enforcement of creditors rights.
Each Security Instrument contains customary and enforceable provisions which render the
rights and remedies of the holder adequate to realize the benefits of the security against the
Mortgaged Premises, including: (i) in the case of a Security Instrument designated as a
deed of trust, by trustee's sale, (ii) by summary foreclosure, if available under applicable
law; and (iii) otherwise by foreclosure, and there are no homestead or other exemptions or
dower, courtesy or other rights or interests available to the Borrower or the Borrowers
spouse, survivors or estate or any other person or entity that would, or could, interfere with
such right to sell at a trustees sale or to foreclose. The Security Instrument and any riders to
the Security Instrument must be signed by any person with an actual or potential interest in
the property. Title holders have an actual interest in the property and must sign the Security
Instrument and riders. Non-Borrowing spouses who are not in title may have an actual or
potential interest in the property under State law and may be required to sign the Security
Instrument and rider in some States in order for the holder of the Security Instrument to
obtain, protect and enforce its lien. The Client will obtain the signature of the non-Borrowing
spouse on the Security Instrument and riders or other documentation, as allowed by law, if
such signature is necessary to protect the interest of the holder of the Security Instrument.
(V) Holder-In-Due-Course
The Client is the owner and holder-in-due-course of each Note and is named as mortgagee/
beneficiary or assignee under each Security Instrument, and all Loan Documents
requiring execution have been appropriately executed, witnessed or notarized by the persons
whose names appear as signatories and witnesses, or, as appropriate, notaries who
constitute the valid and binding legal obligation of the Borrower, enforceable in accordance
with their respective terms. Notwithstanding the foregoing, with respect to adjustable-rate
mortgage Loans (ARMs), the Client represents and warrants that there are no claims to the
Note on the part of any person or defenses of any party to the Note other than those that
validly could be raised against a holder-in-due-course.
(W)Trustee Designated
With respect to each Security Instrument that is a deed of trust, a trustee duly qualified
under applicable law to serve as such is properly named, designated and serving.
(X) No Fees Due Trustee
Except in connection with a trustees sale after default by the Borrower, no fees or expenses
are payable by the Client or GMAC-RFC to the trustee under any Security Instrument that is
a deed of trust.
(Y) Execution of Documents
All agreements, contracts, assignments, endorsements and issuances of checks or drafts,
reports, Loan Documents or other papers related to a Loan that are required by this Client
Guide to be executed by the Client have been properly executed by an officer on behalf of
the Client pursuant to a duly adopted Resolution of Board of Directors.
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Exhibit B-1
GMAC-RFC
2A
Page 2A.13
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(Z) Leaseholds
Where permitted by the applicable Loan Program, each Mortgaged Premises involving a
Leasehold estate complies with the applicable Leasehold warranties set forth in this Client
Guide.
(AA) Condominiums; Planned Unit Developments (PUDs)
Each Mortgaged Premises that is a unit in a condominium or PUD complies with the
applicable condominium or PUD warranties set forth in this Client Guide.
(BB) Compliance By Others
When a person or entity: (i) originates a Loan on behalf of a Client, (ii) originates a Loan on
its own behalf and sells it to a Client, or (iii) performs any act for a Client which the Client is
required to perform under this Client Guide, the Client warrants that such person or entity
has complied with all requirements of this Client Guide with respect to all such Loans and
acts.
(CC) Client Contract Warranties
The representations and warranties made at the time of the Clients execution of the Client
Contract must remain true, correct and complete.
(DD) Client and Originators
Each Jumbo A, Expanded Criteria or Payment Option Loan was originated by (i) a savings and
loan association, savings bank, commercial bank, credit union, insurance company or similar
banking institution which is supervised by a federal or State authority, or (ii) a HUD approved
non-supervised or correspondent mortgagee.
If the Client sells Loans to GMAC-RFC which are registered with MERS or as to which MERS is
the mortgagee on the Security Instrument, the Client is a member of MERS, in good
standing and current in payment of all fees and assessments imposed by MERS.
(EE) No Impairment of Insurance
No action, error, omission, misrepresentation, negligence, fraud or similar occurrence in
respect of a Loan has taken place on the part of any person, including, without limitation, the
Borrower, any appraiser, any builder or developer or any party involved in the origination of
the Loan or in the application of any insurance in relation to such Loan that might result in a
denial, contesting, failure or impairment of full and timely coverage under any insurance
policies required to be obtained or any pool insurance policy covering such Loan.
(FF)Temporary Buydowns
Where permitted by the applicable Loan Program, each Temporary Buydown Loan
delivered to GMAC-RFC was entered into pursuant to a buydown agreement which complies
with the Temporary Buydowns Section in Chapter 3C, Financing, of this Client Guide.
(GG) Primary Mortgage Insurance Cancellation
The Client has disclosed in writing to the Borrower the terms and conditions that must be
met prior to the primary mortgage insurance being eligible for cancellation. A copy of this
disclosure has been retained in the Loan file as a permanent record.
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Exhibit B-1
2A GMAC-RFC
Page 2A.14
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(HH) No Deficiency In Escrow Deposits or Payments

The Loan has been serviced by the Client and any predecessor Servicer in accordance with
the terms of the mortgage Note and all applicable law. With respect to escrow deposits and
escrow payments, if any, all such payments are in the possession of, or under the control of,
the Client, and there exists no deficiency in connection therewith for which customary
arrangements for repayment thereof have not been made. No escrow deposits, escrow
payments or other charges or payments due the Client have been capitalized under any
mortgage or related mortgage Note.
(II) Loan Securitization
The Client recognizes that it is GMAC-RFCs intent to securitize some or all of the Loans sold
to GMAC-RFC by the Client. The Client agrees to provide GMAC-RFC with all such information
concerning the Client generally and, if applicable, the Clients servicing experience, as may
be reasonably requested by GMAC-RFC for inclusion in a prospectus or private placement
memorandum published in connection with such securitization.
In addition, the Client will cooperate in a similar manner with GMAC-RFC in connection with
any whole Loan sale or other disposition of any Loan sold to GMAC-RFC by the Client. The
Client agrees to indemnify and hold GMAC-RFC harmless from and against any loss, damage,
penalty, fine, forfeiture, court cost, reasonable attorneys fees, judgment, cost, fee, expense
or liability incurred by GMAC-RFC as a result of any material misstatement in or omission
from any information provided by the Client to GMAC-RFC; or from any claim, demand,
defense or assertion against or involving GMAC-RFC based on or grounded upon, or resulting
from such misstatement or omission or a breach of any representation, warranty or
obligation made by GMAC-RFC in reliance upon such misstatement or omission.
The Client further agrees to cooperate fully with GMAC-RFC, rating agencies, attorneys, bond
insurers, purchasers of Loans or any other parties that may be involved in the sale or
securitization of any Loan, including, without limitation, all cooperation as may be necessary
in order to accommodate due diligence activity.
(JJ) Non-Solicitation
The Client has not solicited or provided information to another party for the purpose of
soliciting, and covenants and agrees that it will not solicit or provide information to another
party for the purpose of soliciting, the refinance of any Loan. The term solicit as used
herein shall mean a direct request or offer to refinance a servicing released Loan, and shall
not include general solicitations, advertisements or promotions directed to the public at
large.
(KK) No Fraud or Misrepresentation
No fraud or misrepresentation by the Borrower or by the Client, broker, correspondent,
appraiser or any independent contractor retained by the Client, broker, correspondent,
appraiser or any employee of any of the foregoing occurred with respect to or in connection
with the origination or underwriting of any Loan and all information and documents provided
to GMAC-RFC in connection with the Loan are complete and accurate.
(LL) Exclusionary List
No party involved in the origination of a Loan (e.g., originator, broker, title company,
appraiser, etc.) was on the Exclusionary List on the date the Loan was originated as
determined by the date of the promissory Note for that particular Loan.
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Exhibit B-1
GMAC-RFC
2A
Page 2A.15
11/21/05
Client Guide
Representations,
Warranties and
Covenants
A203
Additional Client Representations, Warranties and Covenants for the Home Equity
Program
The Home Equity Program adheres to the Client representations, warranties and covenants
stated below as well as the representations, warranties and covenants contained in this
Client Guide.
Unless the Home Equity Loan is a valid first lien on the Mortgaged Premises, the following
representation and warranty applies:
Valid Second Lien
Each Security Instrument transferred to GMAC-RFC constitutes a valid lien on the
Mortgaged Premises which is subordinated only to a lien of the holder of a first
mortgage Loan, and is subject only to the minor impediments described in the Title
Insurance Section of this Chapter. No such impediment shall adversely affect the
Value, use, enjoyment or marketability of the Mortgaged Premises.
The following additional representations and warranties are made by the Client to GMAC-RFC
as of the Purchase Date of each Home Equity Loan:
(A) Licensing
The Client and any agents or correspondents originating for the Client have obtained all
licenses and approvals required with respect to the origination of the Home Equity Loans,
including, to the extent applicable, licenses and approvals required for small Loans or small
advances and licenses and approvals required to charge the maximum interest rate allowable
under State law.
(B) No Contractor or Dealer Loans
No home improvement contractor or dealer was involved as a third party originator of a
Home Equity Loan or received compensation in any form from the Client.
(C) No Borrower Defenses or Claims
No unresolved defense or claim has been made or asserted in writing by the Borrower with
respect to the Home Equity Loan, including, without limitation, any defenses or claims based
on unsatisfactory workmanship or materials in connection with any home improvements
financed with the proceeds of the Home Equity Loan.
(D) No Prohibition on the Home Equity Loan
None of the documents evidencing, securing or otherwise relating to the first mortgage Loan
in any way restricts or prohibits the Borrower from obtaining the Home Equity Loan or from
creating any of the liens granted as security for the Home Equity Loan, and the Home Equity
Loan does not violate any term or condition imposed by any such document.
(E) No Defaults
The Borrower is not in default or otherwise in violation of any terms or conditions of the
Home Equity Loan security agreement or Note, and no grounds exist for restricting or limiting
access to, or accelerating the maturity of, the Home Equity Loan.
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Exhibit B-1
2A GMAC-RFC
Page 2A.16
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(F) Home Equity Loan Fees, Charges And Consumer Disclosures

Any fees or charges paid by the Borrower in connection with the origination of the Home
Equity Loan to the Client or any agent or correspondent originating for the Client, must
comply with applicable State, federal and other laws.
(G) Non-Standard First Mortgage Loan Document
No Non-Standard Document evidencing, securing or otherwise relating to any first mortgage
Loan contains any provision not contained in the Uniform Instruments that could in any
material way tend to delay, hinder or otherwise adversely affect realizing upon the collateral
for a Home Equity Loan or enforce any of the rights or remedies granted to the holder of the
Home Equity Loan under the Loan Documents with respect to that Home Equity Loan.
(H) Compliance With Guidelines
Each Home Equity Loan has been originated, processed, closed and delivered in compliance
with the underwriting and program guidelines and requirements included in Chapter 6H,
Home Equity Programs.
(I) Property Value
With respect to each Home Equity Loan, the current market Value of the Mortgaged
Premises is at least equal to the appraised Value submitted to GMAC-RFC by the Client in
connection with the sale of the Home Equity Loan to GMAC-RFC.
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GMAC-RFC
Exhibit B-1
2A
Page 2A.17
11/21/05
Client Guide
Representations,
Warranties and
Covenants
A204
Non-Standard Documents
While GMAC-RFC is not obligated to purchase a Loan secured by Non-Standard
Documents, it may choose to do so from time to time. In this event, the Client represents
and warrants that:
(1) The terms of the Non-Standard Documents do not violate and are fully enforceable
under applicable laws and regulations.
(2) The Non-Standard Documents contain covenants of the Borrower similar to those
outlined in the Uniform Instruments of this Client Guide. The Non-Standard
Documents should also grant rights to the Client (including default and foreclosure
rights, rights to inspect and rights upon condemnation) equivalent to the Uniform
Instruments.
(3) The Non-Standard Documents contain a fully enforceable due-on-sale or due-ontransfer clause if allowed by applicable law in accordance with this Client Guide.
(4) The Non-Standard Documents grant no more favorable rights to the Borrower upon
default and foreclosure than are contained in the Uniform Instruments for the
jurisdiction in which the Mortgaged Premises are located.
(5) If it is necessary to protect the interest of the Notes holder, the Non-Standard
Documents should contain a specific waiver by the Borrower and the Borrowers
spouse of:
Any statutory right of redemption after foreclosure
Any right of homestead, dower, curtesy or similar marital right
(6) The Non-Standard Documents expressly permit the Client to advance sums for
unpaid insurance Premiums, property taxes, and/or any other payments necessary
to protect the Value of the Mortgaged Premises or the rights of the Note holder in the
Mortgaged Premises. The Non-Standard Documents permit, but do not require, the
Client to add such amounts to the indebtedness secured by the Security
Instrument. The Client additionally warrants that no capitalization of any such
payments or any delinquent principal and interest obligations will occur in the future.
(7) The Non-Standard Documents contain fully enforceable acceleration clauses for the
Borrowers default in payments and for the Borrowers breach of any covenant.
(8) The Non-Standard Documents provide for monthly principal and interest
payments due on the first day of the month, fully amortized over 30 years or less
from the date of the Note. The interest portion of each payment is determined by
computing 30 days interest on the outstanding principal balance of the Note as of
the scheduled installment date.
(9) The Non-Standard Documents provide that if more than one person executes the
Note, then each signatorys obligation under the Note is joint and several.
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Exhibit B-1
2A GMAC-RFC
Page 2A.18
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(10) The Non-Standard Documents do not provide for:

A grace period to the Borrower for delinquent principal and interest payments Nor
The application of a prior prepayment of principal to delinquent payments
(11) The Non-Standard Documents provide for application of payments first to
Escrow/Impound, second to interest, third to negative amortization and finally to
principal.
(12) The Non-Standard Documents provide for a late charge in compliance with the
requirements set forth in this Client Guide.
(13) If any of the Mortgaged Premises covered by the Non-Standard Documents is
rental property (one to four family units), then the documents should contain
covenants and agreements of the Borrower, including an enforceable assignment of
rents, substantially similar to the covenants and agreements contained in the
Uniform Instruments. These documents should also grant rights to the Client
equivalent to those contained in the Uniform Instruments.
(14) If any of the Mortgaged Premises covered by the Non-Standard Documents is part of
a Planned Unit Development, then these documents should contain covenants
and agreements of the Borrower. These documents should also grant rights to the
Client equivalent to the Uniform Instruments.
(15) The use of Non-Standard Documents will not preclude the Client from performing
all servicing and accounting requirements outlined under this Client Guide.
The foregoing representations and warranties with respect to Loans evidenced or secured by
Non-Standard Documents shall be in addition to all other representations and warranties
contained in this Client Guide or in the Client Contract.
A205
Proof of Compliance
The Client will, upon the request of GMAC-RFC, supply proof satisfactory to GMAC-RFC of its:
(1) Compliance with all representations and warranties contained in this Client Guide,
and
(2) Compliance with all local, State and federal laws, rules and regulations.
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Exhibit B-1
2A
Page 2A.19
11/21/05
Client Guide
Representations,
Warranties and
Covenants
A206
Integrity of Information
The Client is responsible for credit and property underwriting regardless of whether the
information was provided by the Client, an entity related to the Client or designated by the
Client to perform the function. This includes credit information, appraisals, or other
documents/information used in the Loan's evaluation.
The Client should take all steps necessary to ensure that each Loan sold to GMAC-RFC has
been prudently originated and underwritten, and that all information supplied by, on behalf
of, or concerning the Borrower is true, accurate and complete. The Client should ensure that
interested parties are sufficiently independent from the Loan transaction and that adequate
organizational controls are in place to ensure the independence, validity and reliability of the
Loan information.
In addition, the Client should implement prudent practices when relying on designated
agents (such as escrow companies, title companies, etc.) in order to ensure that they comply
with its instructions and that the integrity of the Loan transaction has been maintained.
A207
Third-Party Originators
When relying on the actions or services of third-party originators, the Client should establish
qualification and eligibility standards. The Client should consider the functions being
performed by the third-party originator in establishing these standards. These standards
should be reviewed periodically to ensure ongoing eligibility by the third-party originator.
The Client is encouraged to include the following items in formulating its qualification and
eligibility standards and procedures:
(1) Review personnel resumes and references of management and Loan origination staff
(Loan officers, processors, underwriters, closers, etc.)
(2) Establish minimum net worth requirements and evaluate the financial viability of the
firm on an ongoing basis
(3) Establish minimum requirements for errors and omissions insurance and fidelity
bond coverage and monitor ongoing compliance with these standards
(4) Document the relationship with a contractual agreement that contains specific
warranties related to each partys responsibilities, as well as recourse rights in the
event of warranty violations
(5) Review the performance of Loans originated by third parties to evaluate trends or
patterns of Delinquency
The Client should include a representative, random sample of third-party Loans in the quality
control program through both pre- and post-closing quality control audits to ensure the
quality of Loan information.
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Exhibit B-1
2A GMAC-RFC
Page 2A.20
12/01/05
Client Guide
Representations,
Warranties and
Covenants
A208
Events of Default
Any one or more of the following events constitute an Event of Default:
(1) The Client has not complied with one or more of the requirements (including any
requirement outlined in Chapter 2, Client Eligibility) terms or conditions outlined in
this Client Guide or one of the disqualification, suspension or inactivation events set
forth in the Disqualification Suspension or Inactivation Section has occurred or
occurs.
(2) The Client has breached any agreement outlined or incorporated by reference in the
Client Contract or any other agreement between the Client and GMAC-RFC.
(3) The Client breaches any of the representations, warranties or covenants set forth in
this Client Guide, fails to perform its obligations under this Client Guide or the
Program Documents, makes one or more misleading representations, warranties or
covenants to GMAC-RFC, or has failed to provide GMAC-RFC with information in a
timely manner, including information required under Regulation AB or any successor
regulation, that is true, complete and accurate.
(4) The Borrower or any other person or entity involved in the Loan transaction or in its
underwriting or documentation (including any appraiser, broker, third-party
originator, credit reporting agency, or other provider of underwriting information)
has made any false representation and/or has failed to provide information that is
true, complete and accurate in connection with such transaction, whether or not the
Client was a party to or had knowledge of such misrepresentation or incorrect
information.
(5) Occurrence of an Event of Servicer Default with respect to any Loans serviced by
the Client.
(6) Termination of servicing for cause is a basis for the Clients immediate
disqualification or suspension. Action taken by GMAC-RFC to terminate servicing
may be merged with an action to disqualify, suspend or inactivate the Client.
A209
Remedies of GMAC-RFC
(A) Non-Exclusive, Cumulative Remedies
GMAC-RFC may exercise any remedy outlined in this Client Guide or as allowed by law or in
equity. GMAC-RFCs exercise of one or more remedies in connection with a particular Event
of Default will not prevent it from exercising:
One or more other remedies in connection with the same Event of Default
Any other rights which it may have at law or in equity
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Exhibit B-1
2A
Page 2A.21
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(B) Waiver of Defaults

GMAC-RFC may waive any default by Client in the performance of Clients obligations
hereunder and its consequences, but only by a written waiver specifying the nature and
terms of such waiver. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereto, nor shall any delay by GMAC-RFC in exercising, or
failure to exercise, any right arising from such default affect or impair GMAC-RFCs rights as
to such default or any subsequent default.
(C) Survival of Remedies
GMAC-RFCs remedies for breach of the representations, warranties and covenants shall
survive the sale and delivery of the Loan to GMAC-RFC and funding of the related purchase
price by GMAC-RFC, and will continue in full force and effect for the remaining life of the
Loans, notwithstanding any termination of this Client Guide and the related Funding
Documents, or any restrictive or qualified endorsement on any mortgage Note or
assignment of mortgage or Loan approval or other examination of or failure to examine any
related mortgage Loan file by GMAC-RFC.
A210
Repurchase
(A) Repurchase Obligations
If GMAC-RFC determines that an Event of Default has occurred with respect to a specific
Loan, the Client agrees to repurchase the Loan and its servicing (if the Loan was sold
servicing released) within 30 days of receiving a repurchase letter or other written
notification from GMAC-RFC.
If the Client discovers an Event of Default, it should give GMAC-RFC prompt written notice.
Such notice should include a written description of the Event of Default. Upon receipt of this
notice, GMAC-RFC will review these materials and any additional information or
documentation that the Client believes may influence GMAC-RFCs decision to require
repurchase. If GMAC-RFC decides to require repurchase, the Client shall repurchase the Loan
and the servicing (if the Loan was sold servicing released) within 30 days after GMAC-RFCs
decision is communicated to Client in writing.
To expedite the wiring of funds to GMAC-RFC, the Client should complete the servicing
transfer instruction form provided by GMAC-RFC. GMAC-RFC will send the form to the Client
along with the notification of repurchase.
GMAC-RFC is not required to demand repurchase within any particular period of time, and
may elect not to require immediate repurchase. However, any delay in making this demand
does not constitute a waiver by GMAC-RFC of any of its rights or remedies.
Where GMAC-RFC determines that repurchase of a Loan and/or the servicing is not
appropriate, the Client shall pay GMAC-RFC all losses, costs and expenses incurred by GMACRFC and/or the Loans Servicer as a result of an Event of Default. This includes all
reasonable attorneys fees and other costs and expenses incurred in connection with
enforcement efforts undertaken.
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Exhibit B-1
2A GMAC-RFC
Page 2A.22
11/21/05
Client Guide
Representations,
Warranties and
Covenants
Upon the Clients satisfaction of its repurchase obligation, GMAC-RFC will endorse the Note
evidencing the Loan in blank and will deliver it and other pertinent Loan Documents to the
Client. If GMAC-RFC acquired title to any of the real property securing the Loan pursuant to a
foreclosure sale and has not disposed of such property, it will transfer such property to the
Client on a quit claim basis or, if required by State law, a warranty deed basis. However, if
GMAC-RFC has disposed of the real property securing the Loan, the Loan Documents will not
be returned to the Client unless requested.
If the Client is also the Servicer of a Loan repurchased by reason of the occurrence of an
Event of Default, GMAC-RFC will not reimburse the Client for any principal, interest or other
advances made by the Client with respect to that Loan.
If, for any particular Loan, Client has complied with its property valuation documentation
requirements (as described under Specific Representations, Warranties and Covenants
Concerning Individual Loans in the Underwriting; Appraisal; Appraiser Section) by
providing a GMAC-RFC Qualified AVM in lieu of an appraisal, where the Loan Program terms
permit the use of a Qualified AVM as the sole documentation of property valuation
underlying such Loan, and provided a Qualified AVM was obtained by Client in good faith
directly from Qualified AVM Vendors (See GMAC-RFC Exhibit 16G05, Automated Valuation
Model (AVM) Approved Vendors) and has been submitted to GMAC-RFC in its original,
unaltered form as issued by the Qualified AVM Vendor; then, if an Event of Default related
to such Loan arises solely out of the validity and accuracy of the property valuation amount
stated in the Qualified AVM, but provided that in all other aspects the Loan was eligible for
purchase by GMAC-RFC at the time it was submitted for purchase by Client, GMAC-RFC will
not exercise its right to demand repurchase for such particular Loan by reason of such
particular Event of Default. However, GMAC-RFC may continue to exercise its right to demand
repurchase if GMAC-RFC reasonably believes that Client or any third party originator
obtained a Qualified AVM in bad faith, such as by using a Qualified AVM where Client or the
third party originator had reason to know that the mortgaged property was materially
different than that described in the Qualified AVM or that the description in the Qualified AVM
should not be considered reliable at the time the Loan was sold to GMAC-RFC.
(B) Repurchase Price of First Mortgage Programs
In the event the Client is obligated to repurchase a Loan the Client must pay to GMAC-RFC a
repurchase price equal to the sum of:
The actual principal balance of the Loan at the time of repurchase (if the Client sold the
Loan to GMAC-RFC at a discount or a Premium, the repurchase price above will be
adjusted to reflect the actual principal balance minus the discount percentage
multiplied by the actual principal balance, or plus the Premium percentage multiplied
by the actual principal balance, as appropriate, including that price paid for Servicing
Rights), plus
All accrued and unpaid interest on the Loan through the last day of the month of the
date of repurchase; plus
All interest, principal and other advances made to investors and all out of pocket costs
and expenses of any kind incurred by GMAC-RFC and/or the primary Servicer in
connection with the Loan, including, but not limited to, advances for taxes or
insurance, and repair, foreclosure and insurance costs and reasonable attorneys fees;
plus
The amount of the Buyout Fee as calculated in the Extension and Buyout Fees
Section of Chapter 9A, Commitments; plus
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Exhibit B-1
GMAC-RFC
2A
Page 2A.23
11/21/05
Client Guide
Representations,
Warranties and
Covenants
In the event that GMAC-RFC or any of its Affiliates is required to repurchase the Loan
from any subsequent assignee, then any additional amount as may be required to
make the repurchase price that the Client is obligated to pay hereunder equal to the
repurchase price that GMAC-RFC or its Affiliate is required to pay to such subsequent
assignee; minus
The net amount of any proceeds realized by the owner of the Loan upon the final
liquidation of the Loan or the Mortgaged Premises to an unrelated third party.
The Designated Servicer will return to the Client any escrow funds, unapplied funds and
prepaid principal and interest installments.
GMAC-RFC may demand that a Client repurchase, and Client must repurchase, a Loan after
foreclosure even if the full amount of its outstanding debt was bid on by or on behalf of the
Loans owner to acquire the Mortgaged Premises at the foreclosure sale. In the event the
Client is obligated to repurchase a Loan after foreclosure, the repurchase price shall be
calculated using the formula above, however Scheduled Principal Balance shall be
substituted for the actual principal balance.
(C) Repurchase Price of Home Equity Program
In the event the Client is obligated to repurchase a Home Equity Loan, the Client must, upon
repurchase, service such Home Equity Loan. The repurchase price for such Home Equity Loan
shall be equal to the sum of:
The unpaid principal balance of the Home Equity Loan
All accrued and unpaid interest on the Home Equity Loan
The amount of all fees and/or purchase Premium paid, if any, to the Client by GMACRFC for origination of the Home Equity Loan
All fees paid to any Servicer or sub-servicer of a Home Equity Loan by reason of the
termination of that Servicers or Sub-Servicers right to service that Home Equity Loan
All costs incurred or paid by GMAC-RFC or any Servicer in collecting or enforcing the
Home Equity Loan, including, without limitation, interest or other costs paid to bring or
maintain a prior lien current or up to date, costs to insure or pay delinquent taxes,
attorneys fees, court costs, appraisal and title expenses and other similar costs or
expenses (collectively, Foreclosure Expenses)
Any additional amount GMAC-RFC or any of its Affiliates is required to pay to
repurchase the Home Equity Loan from a subsequent assignee
In lieu of repurchasing a Home Equity Loan that has not yet been foreclosed and accepting
the servicing of such Home Equity Loan, GMAC-RFC may in its sole discretion allow Client to
pay to GMAC-RFC the Estimated Loss (as defined below). Estimated Loss, as it relates to
each Home Equity Loan subject to repurchase, shall equal the product of:
120% multiplied by the result of:
Repurchase price as calculated above, plus
Accrued interest on the Home Equity Loan through the date GMAC-RFC estimates that
the Home Equity Loan will be fully liquidated (which in the case of a foreclosure, shall
mean the date that GMAC-RFC estimates that the Mortgaged Premises will be sold to
a third party and which in any other case means the date that GMAC-RFC estimates
that all collection efforts on the Home Equity Loan will be abandoned) and estimated
foreclosure and other enforcement expenses for the entire collection process, less
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Exhibit B-1
2A GMAC-RFC
Page 2A.24
11/21/05
Client Guide
Representations,
Warranties and
Covenants
Amount by which the current market Value of the Mortgaged Premises as determined
by GMAC-RFC using valuation services provided by an independent third party exceeds
the current outstanding amount of indebtedness secured by the Mortgaged Premises
that is senior to the Home Equity Loan.
(D) Repurchase Price of a Servicing Released Loan
In the event the Client repurchases a Loan for which the servicing has also been sold to
GMAC-RFC, the Client will also be required to repurchase the servicing. If the repurchase of
the servicing of the Loan is for any reason other than a breach of the Delinquency Payoff/
Liquidation warranty contained in the Servicing Released Chapter 8, the Client must pay to
GMAC-RFC a repurchase price equal to the original Servicing Released Premium (SRP)
percentage multiplied by the actual unpaid principal balance at the time of repurchase.
In no event however, will the required repurchase Servicing Released Premium be greater
than the original Servicing Released Premium paid to the Client.
The Designated Servicer will return to the Client any escrow funds, Temporary Buydown
funds, unapplied funds and prepaid principal and interest installments. The Client will be
required to reimburse the Designated Servicer for any delinquent principal and interest
advances, and any escrow advances and foreclosure expenses they have made and not
recovered on a repurchased Loan.
(E) Repurchase As a Result of Conversion
The Client (or, if the Client has transferred servicing of the Loans, the Servicer) shall
repurchase a Loan which has converted from an ARM to a fixed-rate mortgage. The Servicer
must submit the ARM Conversion Notification Report no less than 15 days prior to the
conversion date.
If the Client or Servicer repurchases a converted Loan and subsequently resells that
converted Loan to GMAC-RFC, all the Clients representations and warranties with respect to
that Loan shall survive such repurchase and resale. In addition, the Client shall be subject to
all rights and remedies (including repurchase) available to GMAC-RFC as a result of any
misrepresentation or breach of warranty with respect to that Loan prior to conversion.
The Client shall also submit the modification agreement if requested by GMAC-RFC or its
assigns.
After its receipt of the Loan funds, GMAC-RFC will endorse the Note to the party which
repurchased the Loan. The Loan will then be assigned to such party, and all credit
documentation will be returned. Failure to submit the ARM Conversion Notification Report in
a timely manner may delay the receipt of the endorsed Note and other Legal Documents.
The Servicer shall submit a Payoff/Liquidation Report and wire transfer Loan funds to the
GMAC-RFC Loan Accounting Department no later than the last Business Day prior to the
conversion date. The Servicer must remit interest for the entire month preceding the
conversion date. The Client shall attach a copy of the ARM Conversion Notification Report.
If the appropriate amount is not wired on time, GMAC-RFC will charge a late payment fee.
This fee will equal the amount due multiplied by the Prime Rate plus 3% multiplied by the
number of days overdue divided by 365. The term Prime Rate shall mean the highest
quoted Prime Rate printed in The Wall Street Journal in its regular column Money Rates on
the first Business Day of the month in which the payment was due and not paid. If the
Prime Rate is not available, GMAC-RFC will determine a comparable rate.
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Exhibit B-1
GMAC-RFC
2A
Page 2A.25
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(F) Substitution
Instead of requiring the Client to repurchase a Loan as provided above, GMAC-RFC, at its
sole discretion, may allow the Client to substitute another Loan satisfactory to GMAC-RFC in
place of the original Loan, within 10 days of notification by GMAC-RFC, unless otherwise
notified. If the substituted Loan contains terms different from those of the Loan that it is
replacing, a purchase price adjustment will be calculated by GMAC-RFC based on market
changes and Loan characteristics. Every Loan substituted will be subject to all agreements,
terms, conditions, representations and warranties in this Client Guide as of the Substitution
Date.
In the event a Loan is eligible for purchase by GMAC-RFC but the servicing is ineligible for
purchase by GMAC-RFC, the Loan will be purchased and the sale of servicing denied. GMACRFC will not allow the Client to substitute another servicing released Loan.
(G) Cost of Transfer Fees Due to Repurchase
The Client agrees that, if it is required to repurchase a Loan and the related Servicing, it will
pay all documentary stamp taxes, recording fees, transfer taxes and all other expenses
payable in connection with the repurchase and will indemnify and hold harmless GMAC-RFC
and the Designated Servicer against all losses, costs and expenses, including attorney
fees, resulting from such required repurchases or the breach giving rise hereto.
(H) Notice and Appeal
The Client may appeal GMAC-RFCs decision by providing any additional information or
documentation it believes may affect GMAC-RFCs determination.
Send all notifications and appeals to:
GMAC-RFC
Suite 100
Attention: Repurchase Management
Such information and documentation must be received within 30 days after the Clients
receipt of a repurchase letter or similar written notification from GMAC-RFC. GMAC-RFC will
review all appeals and advise the Client in writing of the appeal decision. GMAC-RFC will in its
sole discretion determine the validity of any appeal filed by the Client. If GMAC-RFCs
decision remains firm following an appeal, the Client shall repurchase the Loan and its
servicing (if the Loan was sold servicing released) within 10 days of notification by GMACRFC, in writing, that the appeal has been denied.
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Exhibit B-1
2A GMAC-RFC
Page 2A.26
11/21/05
Client Guide
Representations,
Warranties and
Covenants
A211
Disqualification Suspension or Inactivation
In addition to GMAC-RFCs other rights to terminate, disqualify, suspend or inactivate a
Client, GMAC-RFC may disqualify, suspend or inactivate a Client for any of the following
reasons:
(1) Impending or actual insolvency of the Client,
(2) The filing of a voluntary petition by the Client under the federal bankruptcy laws or
under any State bankruptcy or insolvency laws,
(3) The filing of an answer by the Client in an involuntary proceeding admitting
insolvency or inability to pay debts,
(4) The Clients entry of an order for relief under the federal bankruptcy laws,
(5) The appointment of a trustee or receiver for the Client or its property,
(6) The execution by the Client of an assignment for the benefit of creditors,
(7) The failure of the Client to obtain a vacation or stay of involuntary proceedings
brought for its reorganization, dissolution, or liquidation,
(8) Any other change in the financial or organizational status of the Client that, in the
opinion of GMAC-RFC, could adversely affect GMAC-RFC or any Loans sold to GMACRFC,
(9) The placement of the Client on probation or restriction of its activities in any manner
by (a) a federal or State government agency, including Freddie Mac, Fannie Mae
or HUD, or (b) MERS, if the Client is a member of MERS,
(10) The determination by GMAC-RFC that the Clients sales and warranty obligations are
disproportionate to its capital and/or assets,
(11) The Clients failure to deliver any document required by GMAC-RFC,
(12) The Clients misstatement or omission of any material fact on any application,
certification or other document submitted to GMAC-RFC,
(13) The Clients assignment or attempt to assign its interests, rights, or obligations
under the Client Contract without prior written consent by GMAC-RFC,
(14) The occurrence of an Event of Default,
(15) The Clients failure to repurchase any Loan upon the written notification by GMACRFC,
(16) The Clients inability to meet the approval standards of any insurer or other entity
that provides insurance or other credit enhancements in connection with the efforts
of GMAC-RFC to sell the Loans or to borrow based on the collateral Value of the
Loans,
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Exhibit B-1
GMAC-RFC
2A
Page 2A.27
12/01/05
Client Guide
Representations,
Warranties and
Covenants
(17) The Client or Servicers failure to maintain a qualified Loan origination, servicing
and quality control staff, an acceptable ongoing quality control program, adequate
facilities and written policies and procedures to ensure:
The investment quality of Loans sold to GMAC-RFC
The adequacy of the servicing of Loans purchased by GMAC-RFC OR
(18) The failure of the Client or the Servicer to meet any test as may be prescribed for
eligibility,
(19) The determination by GMAC-RFC that a Client has not delivered an adequate volume
of Loans to GMAC-RFC.
A212
Indemnification
The Client shall indemnify GMAC-RFC from all losses, damages, penalties, fines, forfeitures,
court costs and reasonable attorneys fees, judgments, and any other costs, fees and
expenses resulting from any Event of Default. This includes, without limitation, liabilities
arising from (i) any act or failure to act, (ii) any breach of warranty, obligation or
representation contained in the Client Contract, (iii) any claim, demand, defense or assertion
against or involving GMAC-RFC based on or resulting from such breach, (iv) any breach of
any representation, warranty or obligation made by GMAC-RFC in reliance upon any
warranty, obligation or representation made by the Client contained in the Client Contract
and (v) any untrue statement of a material fact, omission to state a material fact, or false or
misleading information provided by the Client in information required under Regulation AB or
any successor regulation.
In addition, Client shall indemnify GMAC-RFC against any and all losses, damages, penalties,
fines, forfeitures, judgments, and any other costs, fees and expenses (including court costs
and reasonable attorneys fees) incurred by GMAC-RFC in connection with any litigation or
governmental proceeding that alleges any violation of local, State or federal law by Client, or
any of its agents, or any originator or broker in connection with the origination or servicing of
a Loan. With regard to legal fees or other expenses incurred by or on behalf of GMAC-RFC in
connection with any such litigation or governmental proceeding, Client shall reimburse
GMAC-RFC for such fees and expenses. Reimbursement shall be made directly to GMAC-RFC
within ten days of receipt of a request for payment, which request shall include copies of the
relevant invoices. Except for notices for reimbursement, GMAC-RFC is not required to give
Client notice of any litigation or governmental proceeding that may trigger indemnification
obligations. Client shall instruct its officers, directors and agents (including legal counsel) to
cooperate with GMAC-RFC in connection with the defense of any litigation or governmental
proceeding involving a Loan. GMAC-RFC has the right to control any litigation or
governmental proceeding related to a Loan, including but not limited to choosing defense
counsel and making settlement decisions.
The Client also shall indemnify GMAC-RFC and hold it harmless against all court costs,
attorneys fees and any other costs, fees and expenses incurred by GMAC-RFC in enforcing
the Client Contract. The obligations of the Client under this Section shall survive the
Delivery Date, the Funding Date (and each Substitution Date, if applicable) and the
termination of the Client Contract and the disqualification, suspension or inactivation of the
Client.
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Exhibit B-1
2A GMAC-RFC
Page 2A.28
11/21/05
Client Guide
Representations,
Warranties and
Covenants
A213
Right of Set-Off
Upon any Event of Default, GMAC-RFC may, at any time, to the fullest extent permitted by
applicable laws and without prior notice to the Client (the Client waives any right to receive
any such notice) set-off and apply all or any portion of the purchase price owed by GMACRFC to the Client with respect to any Loan, any principal, interest or other advances that
were made by the Client with respect to any Loans serviced by the Client on behalf of GMACRFC that are reimbursable under this Client Guide, and any other indebtedness at any time
owing by GMAC-RFC to the Client against any or all outstanding repurchase, indemnification,
or other obligations of any kind owing by the Client to GMAC-RFC, irrespective of whether
GMAC-RFC shall have exercised any other rights that it has or may have with respect to such
outstanding obligations.
GMAC-RFC will notify the Client promptly after any such set-off and application, provided that
the failure by GMAC-RFC to give such notice to the Client shall not affect the validity of such
set-off and application. The rights of GMAC-RFC under this Right of Set-Off Section are in
addition to any other rights and remedies including, without limitation, other rights of set-off
that GMAC-RFC may have.
A214
Merger or Consolidation of Client
Any person or entity into which the Client may be merged or consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Client shall be a party
shall be the successor of the Client under the Client Contract. This does not require the
execution or filing of any paper or any further act on the part of any of the parties to the
Client Contract.
However, the Clients successor must satisfy the GMAC-RFC Client Eligibility Standards, as
described in this Client Guide.
The Clients successor shall become fully vested with all the rights, powers, duties,
responsibilities, obligations and liabilities of the Client as if it were originally named a party to
the Client Contract.
A215
Notification of Changes in Client Status
The Client must notify GMAC-RFC in writing of any change in the Clients organization which
affects the legal structure, name or continued eligibility of the company. The notification
must include GMAC-RFC Form 1205, together with supporting information and any
additional information requested by GMAC-RFC. Such changes include mergers,
consolidations, and other items as stated under the Disqualification Suspension or
Inactivation Section of this Client Guide.
When GMAC-RFC receives this written notification, it will contact the Client if further
documentation is required. GMAC-RFC reserves the right to suspend further business with
the Client while determining the impact of the change on the Clients qualifications. Failure to
notify GMAC-RFC of any such change may result in termination, disqualification, suspension,
inactivation or other remedies available to GMAC-RFC under the Client Contract.
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Exhibit B-1
GMAC-RFC
2A
Page 2A.29
04/17/06
Client Guide
Representations,
Warranties and
Covenants
A216
Premium Recapture
(A) 12 Month Premium Recapture Period for Certain Bulk Loans
The 12 month Premium recapture requirements in this Section apply to all AlterNet Loans,
including Loans that are subsets of AlterNet (for example, AlterNet NCA), which are sold to
GMAC-RFC in bulk.
For purposes of this Section, a bulk sale means a sale where two or more Loans are
committed under the same Commitment Confirmation or Delivery Commitment Number.
These 12 month Premium recapture requirements supersede and replace any separate 12
month Premium recapture agreements that are in existence at the time of this Client Guide
update, and apply to any above-described Loan committed (if there is a Commitment) and
sold to GMAC-RFC after the date of this Client Guide update.
If any above-described Loan pays off or is liquidated (including write-offs and REO) within 12
months from its Funding Date, the Client must repay the Premium to GMAC-RFC according
to the following schedule:
Payment in full or liquidation within one (1) month of the Funding Date: 12/12ths of
the Premium
Payment in full or liquidation between one (1) and two (2) months of the Funding Date:
11/12ths of the Premium
Payment in full or liquidation between two (2) and three (3) months of the Funding
Date: 10/12ths of the Premium
Payment in full or liquidation between three (3) and four (4) months of the Funding
Payment in full or liquidation between four (4) and five (5) months of the Funding
Payment in full or liquidation between five (5) and six (6) months of the Funding Date:
7/12ths of the Premium
Payment in full or liquidation between six (6) and seven (7) months of the Funding
Payment in full or liquidation between seven (7) and eight (8) months of the Funding
Payment in full or liquidation between eight (8) and nine (9) months of the Funding
Payment in full or liquidation between nine (9) and ten (10) months of the Funding
Payment in full or liquidation between ten (10) and eleven (11) months of the Funding
Payment in full or liquidation between eleven (11) and twelve (12) months of the
Funding Date: 1/12th of the Premium
Payment in full or liquidation later than twelve (12) months from the Funding Date: no
refund
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Exhibit B-1
2A GMAC-RFC
Page 2A.30
11/21/05
Client Guide
Representations,
Warranties and
Covenants
(B) 90 Day Recapture Period For All Other Loans

If any Loan other than a bulk AlterNet Loan (or subset thereof) pays off or is liquidated within
90 days from its Funding Date, then Client must repay the entire original Premium GMACRFC paid for the Loan.
(C) Prepayment Penalties Offset Against Premium Repayment
If the Note evidencing the Loan carries a lawful prepayment penalty and GMAC-RFC collects
that prepayment penalty, then GMAC-RFC will offset the prepayment penalty against Clients
Premium repayment obligation. However, GMAC-RFC has no obligation to collect a
prepayment penalty from the Borrower, and GMAC-RFC, in its sole discretion, will determine
whether or not to collect the prepayment penalty.
(D) Timing of Payment
Client must repay the Premium within 30 days of written notice from GMAC-RFC.
(E) Wire Instructions
Upon notice from GMAC-RFC, Client must wire the funds for Premium repayment to the
address set out in the Loans Paid in Full Section of Chapter 9D, Funding Requirements and
Wire Instructions or if a different address is specified on the notice, to that address.
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Exhibit B-1
GMAC-RFC
Page 3.1
03/13/06
Client Guide
Loan Eligibility
3
Loan Eligibility
Loans sold to GMAC-RFC must conform to all requirements of this Client Guide.
Prior to originating Loans for sale to GMAC-RFC under any Loan Program, the Client must
ascertain whether the specific provisions of the Loan Program are permissible under
applicable laws and regulations. The Client must take adequate steps to verify the continued
validity of the Loan Program provisions under applicable laws and regulations. The Client
must also notify GMAC-RFC if it believes that any provision might be restricted or
impermissible under such laws or regulations.
This Loan Eligibility Chapter sets out eligibility standards that apply to all GMAC-RFC Loan
Programs. Generally, eligibility policies that vary from one standard Loan Program to another
are described in the individual Loan Program Chapters. In most cases, differences will not be
referenced in this Chapter. The 1st Lien Line of Credit Program is considered a first mortgage
unless otherwise noted.
300
Descriptions of Underlying Chapters
Chapter 3A, Occupancy, Borrower and Ownership Status
Chapter 3B, Transactions
Chapter 3C, Financing
Chapter 3D, Property Types & Considerations
Chapter 3E, Loan Documents & Notes
Chapter 3F, Insurance and Survey Requirements
Chapter 3G, Prepayment Penalties
301
Loan Seasoning
Loan seasoning varies by product. See individual product rate sheets for Loan seasoning
requirements.
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Exhibit B-1
3 GMAC-RFC
Page 3.2
03/13/06
Client Guide
Loan Eligibility
302
Required Signatures
Any individual(s) whose income or financial strength is needed to meet the GMAC-RFC credit
underwriting guidelines must sign the Note. The Borrowers name and signature must be
consistent on all Loan Documents and must correspond with the name of the Borrower as it
appears on the title insurance policy and/or Warranty Deed. The Borrower must sign all
documents in ink.
The Security Instrument must be signed by each owner of the Mortgaged Premises, as
required under applicable law. At least one individual must sign both the Note and the
Security Instrument.
Documents executed using Powers of Attorney are acceptable when the Power of Attorney
complies with applicable State law and the title insurance policy for the Loan contains an
endorsement or equivalent affirmative coverage that provides coverage for the execution of
documents using the Power of Attorney.
Once executed, delivered and recorded, the Security Instrument must create a valid first lien
on the Mortgaged Premises even if the Borrowers marital status is not indicated on, or if the
Borrowers spouse did not execute, the Security Instrument.
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GMAC-RFC
Exhibit B-1
Page 3A.1
03/13/06
Client Guide
Occupancy, Borrower &
Ownership Status
3A
Occupancy, Borrower & Ownership Status
This Chapter describes occupancy, Borrower and ownership status requirements that apply
to all GMAC-RFC Loan Programs. Generally, eligibility policies that vary from one standard
Loan Program to another are described in the individual Loan Program Chapters. In most
cases, differences will not be referenced in this Chapter.
A300
Occupancy Types
(A) Primary Residence
A primary residence is a one to four family property which is physically occupied by the
Borrower as his or her principal residence. The following criteria define residency:
(1) Borrower occupies the property as his or her principal residence
(2) Property is occupied by the Borrower for the major part of the year
(3) Property location is convenient to the Borrowers principal place of employment
(4) Property address is on record for federal income tax reporting, voter registration,
driver's license, occupational licensing, etc.
(5) Property possesses physical characteristics to accommodate the Borrowers
immediate family (physical characteristics are considered those typical to both the
owner and the neighborhood)
(B) Second/Vacation Home
A second/vacation home is a one unit property owned and occupied by the Borrower for his
or her exclusive use and enjoyment. This property must be located at a sufficient distance or
time of travel from the primary residence.
The following criteria define a second/vacation home:
(1) Property is suitable for year-round occupancy
(2) Property is for the Borrowers exclusive use and enjoyment
(3) Property is not subject to any rental pools, agreements requiring the property to be
rented
(4) Property occupancy is not controlled by a management firm
Two to four unit properties, timeshares or properties with rental agreements are not eligible
as second/vacation homes.
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Exhibit B-1
3A GMAC-RFC
Page 3A.2
03/13/06
Client Guide
Ownership Status
(C) Non-Owner Occupied Property

Any Loan that is secured by a Mortgaged Premises that is neither the Borrowers primary
residence nor his or her second/vacation home is a non-owner occupied (investment)
property. Investment property is property owned for the purpose of generating a positive
net cash flow.
GMAC-RFC accepts non-owner occupied (investment) property for U.S. citizens and
permanent resident aliens only. See Rental Income Section in Chapter 4D, Income Types,
for instructions on calculating cash flow.
A301
Borrower Types
Any regard to the Borrowers race, color, religion, national origin, age, sex or marital status
must be avoided during the origination and underwriting process. For Borrowers eligibility
guidelines, see the Sections below.
(A) U.S. Citizen
A citizen of the United States or of a U.S. Possession or Territory.
(B) Non-Occupant Co-Borrower
When the Loan Program allows for a non-occupant co-Borrower, the following parameters
must be met:
Loan is for an owner occupied or second/vacation home
Loan is for Full, Lite, One Paystub, Fast or Stated Income Documentation
Non-occupant co-Borrower must provide verification of income
Non-occupant co-Borrower is a parent or legal guardian, grandparent, child, grandchild
or sibling of the occupant co-Borrower
Maximum LTV and CLTV is 90%
Maximum LTV and CLTV is 80% for non-permanent resident alien
Qualifying total debt ratio for the occupant Borrower must not exceed 50%
Occupant Borrower meets minimum credit grades A1 to A3 as defined in this Client
Guide
Down payment
For Full, Lite, One Paystub or Fast Income Documentation a minimum of 5% of the
down payment must come from the occupant Borrowers own cash. Closing costs
and down payment may come from 100% gift funds when the LTV is less than or
equal to 80% and no Secondary Financing exists.
For Stated Income Documentation the down payment amount (as determined by
CLTV requirements) must come from occupant Borrowers own cash. The balance
may be paid with cash, other equity, gift funds or Secondary Financing.
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GMAC-RFC
Exhibit B-1
3A
Page 3A.3
03/13/06
Client Guide
Ownership Status
(C) First-time Homebuyer

A Borrower who has had no ownership interest in a residential property during the three-year
period preceding the date of the subject Note or has a scheduled mortgage payment history
of less than 12 months.
(D) Permanent Resident Alien
A permanent resident alien is a non-U.S. citizen who is legally able to maintain permanent
residency in the United States and holds an alien registration card (green card). Client
must verify Borrower has a valid and current registration card. Borrower must meet all other
Borrower eligibility requirements.
(E) Non-Permanent Resident Alien
A non-permanent resident alien is a non-U.S. citizen who resides in the United States under
the terms of a Visa. The Client may consider applicants who maintain a current Visa, and
supply a copy of the Visa with underwriting documentation. Borrowers classified under
Diplomatic Immunity, Temporary Protected Status, Deferred Enforced Departure, Asylum,
Refugees or Humanitarian Parole are not eligible. Non-permanent resident aliens are eligible
for primary residence or second/vacation homes only. Borrower must meet all other
Borrower eligibility requirements.
(F) Foreign Nationals
A foreign national is a non-U.S. citizen who lives and works outside the United States and
does not have full or partial immunity. When the Loan Program allows for a foreign
national, the following parameters must be met:
(1) Visa Requirements
Residency Visa, periodic Visa, or live in the United States for a limited amount of
time. Eligible Visas include: B-1, B-2, E-1, E-2, G-1 through G-5, I, J-1, J-2, K-1,
O-1, R-1
A copy of the Borrowers unexpired passport
Social security number or a copy of foreign status (IRS form W-8 BEN) must be
retained in the file
(2) Credit Requirements
A minimum of three credit references with a recent two year history are required. If
the U.S. credit report does not provide a minimum of three credit references with a
recent two year history, then three original credit letters from lending institutions
located in the country of origin must be obtained. These credit letters must include
sufficient information to establish:
To whom payments were made
Nature of the obligation, such as installment, revolving, line of credit, secured/
unsecured, auto, lease, or mortgage
Date account was opened
Amount of the payment required or made
Payment due dates
Outstanding balances
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Exhibit B-1
3A GMAC-RFC
Page 3A.4
03/13/06
Client Guide
Ownership Status
2 year history of the account in a format indicating the number of times and
duration of times past due (1x30, 0x60, 0x90)
General reference letters without the above information are not considered sufficient
documentation.
All documents must be translated into English and references to currency converted
to U.S. Dollars.
(3) Income Requirements
All income must be converted to U.S. dollars for qualifying purposes.
(4) Income Documentation Requirements
Available for Full, Lite, One Paystub, Fast and Stated Income Documentation.
(5) Assets
The sources of all funds used for down payment and reserves must be verified,
sourced, and seasoned as required for a U.S. citizen.
Assets or funds for down payment and reserves recently deposited into a U.S.
depository institution are an acceptable source of funds if there is evidence that the
funds were transferred from the country from which the Borrower permanently
resides, and the funds belonged to the Borrower before the date of transfer.
A302
Multiple Loans to One Borrower
GMAC-RFC will purchase a maximum of four Loans per Borrower. This number includes any
open Loans GMAC-RFC may have previously purchased for a particular Borrower. Within that
four-Loan limitation, the maximum aggregate dollar amount that GMAC-RFC will allow per
Borrower is as follows:
$2 million if the subject transaction is Jumbo A, Expanded Criteria, Payment Option, or
Second Mortgage Loan
$650,000 if the subject transaction is a Home Solution Loan
$1 million if the subject transaction is an AlterNet Loan
Additional Terms for Payment Option Program:
In general, GMAC-RFC permits up to four Loans per Borrower. However, if any one
Payment Option Loan is in the amount of $1.25 million or more, that Borrower may not
have any other Loans with GMAC-RFC.
Notwithstanding the $2 million maximum aggregate dollar amount limit, one Payment
Option Loan per Borrower may be in an amount up to $6 million, so long as that
Borrower does not have any other Loans with GMAC-RFC.
These dollar amounts include the outstanding principal balance of any open Loans GMAC-RFC
may have previously purchased for a particular Borrower. This policy applies whether the
Loans are sold to GMAC-RFC by the same Client or by different Clients. Joint ownership is
considered the same as total ownership of an individual, regardless of type or amount of
property and will count as one Loan for purposes of this limitation.
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GMAC-RFC
Exhibit B-1
3A
Page 3A.5
03/13/06
Client Guide
Ownership Status
A303
Ownership Interests
(A) Title Vesting
The types of Title Vesting are:
(1) Individual
Individual vesting is an individual Borrower taking sole-ownership (title) to a
property.
(2) Joint Tenants
Joint tenants is a form of co-ownership giving each tenant equal interest and equal
rights in a property, including the right of survivorship.
(3) Tenants in Common
Tenants in common is a form of individual ownership interest by two or more persons
that provides for no right of survivorship. The interest need not be of equal
percentage.
(4) Life Estates
Life estates are not allowed.
A Life Estate is an interest in real estate that is limited to the duration of the life of
the party holding the interest.
(5) Living Trusts
GMAC-RFC will purchase Loans made to individuals that are secured by residential
real estate owned by a revocable inter vivos trust (a living trust).
Living Trust Loans must meet all GMAC-RFC Loan eligibility requirements listed in
this Client Guide, as well as either Fannie Maes standard published requirements
for inter vivos revocable trusts (as in effect on their respective Funding Dates) or
the following specific requirements:
(a) Eligibility Requirements
The Borrowers must be the individuals who established the trust (the
settlors)
The primary beneficiary of the trust must be the settlor. If the trust is
established jointly by more than one individual, there may be more than
one primary beneficiary, as long as the income or assets of at least one of
the individuals establishing the trust will be used to qualify for the
mortgage and that individual will occupy the security property and sign the
mortgage instruments.
The trustee or one of the co-trustees must be either:
The settlor of the trust; or
A financial institution that is authorized to act as a trustee under the
laws of the relevant State and is regulated and supervised by the FDIC,
the Office of the Comptroller of the Currency (OCC), the Office of Thrift
Supervision (OTS), or the Federal Reserve Board (FRB).
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Exhibit B-1
3A GMAC-RFC
Page 3A.6
03/13/06
Client Guide
Ownership Status
Title to the property may be vested solely in the trustees on behalf of the
trust or jointly in the trustee(s) and in the name(s) of an individual
Borrower or in the trustees of more than one revocable living trust.
The title insurance policy may not list any exceptions arising from the trust
ownership of the property.
(b) Trust Agreement Requirements
The Client must retain in the Loan file either:
A complete copy of the trust agreement; or
In States that require a lender to rely on a summary or certification of
the trust agreement, a copy of the summary or certification.
GMAC-RFC does not need a copy of the trust agreement or the summary or
certification of the trust agreement, if applicable.
The Client must review the trust agreement, or the summary or certification
of the trust agreement if applicable, to ensure that the living trust meets
the following requirements:
The trust is established by a written document during the lifetime of the
individual establishing the trust, to be effective during his or her
lifetime.
The settlor has reserved the right to revoke or alter the trust during his
or her lifetime.
The trustees have the power to borrow money and to mortgage the
security property.
The consent of the beneficiaries is not required for the trust to borrow
money. If such consent is required, it must be granted in writing for
purposes of the transaction.
There are no unusual risks or impairments of lenders rights.
The trust is valid under applicable State law.
(c) Loan Documents
The Loan Documents must be executed as follows:
The Note must be executed by the Borrowers in their individual capacity
and by the trustees on behalf of the trust.
The Security Instrument, rider and addenda must be executed by the
trustees on behalf of the trust. If a trustee is also a Borrower, he or she
must execute the Security Instrument as both an individual and as a
trustee.
See the Signature and Acknowledgement Form for Living Trusts (GMACRFC Form 1305) for information regarding signature and acknowledgment
forms for living trusts.
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GMAC-RFC
Exhibit B-1
3A
Page 3A.7
03/13/06
Client Guide
Ownership Status
(B) Rights of Ownership

The rights associated with ownership are given to an individual who acquires an interest in
real estate.
(1) Fee Simple
The term Fee Simple describes the greatest possible interest a person can have in
real estate, including the right to dispose of the property or pass it on to ones heirs.
(2) Leasehold
A Leasehold is an estate or interest in real property held by virtue of a lease. In
other words, a Leasehold refers to land which is leased to the individual(s) who owns
the structure.
GMAC-RFC will purchase Loans on Mortgaged Premises in Leasehold estates as
long as the Client complies with the warranties and other provisions outlined below:
(a) Ground Lease Analysis
For Loans on Mortgaged Premises in Leasehold estates, the Client must analyze
the ground lease, complete the Ground Lease Analysis Form (Freddie Mac Form
461) and submit the analysis form with the credit package. GMAC-RFC may
decline to purchase a particular Leasehold Loan based on underwriting
considerations from a ground lease analysis.
(b) General Warranties
For each Loan on Mortgaged Premises in a Leasehold estate sent to GMACRFC for purchase, the Client warrants that:
The lease is of a fee or a sublease executed by the fee owner and the
sublessor
The use of the Leasehold or ground rent estates for residential properties is
an accepted practice in the Mortgaged Premises area
Residential properties in this area and of this type are readily marketable
Loans covering such properties are commonly acceptable to Fannie Mae,
Freddie Mac and private institutional mortgage investors
The lease, sublease or conveyance reserving ground rents and their
provisions are in a format commonly accepted by private institutional
mortgage investors in the Mortgaged Premises area
The lease and sublease, if any, are recorded as required, and no party is in
breach of any provision
The Leasehold is in full force and effect and is not subject to any prior lien
or encumbrance which could terminate it or subject it to any charge or
penalty
The remaining term or exercised renewal of the lease and sublease with
any renewals enforceable by the mortgagee must not terminate earlier than
10 years after the Loans maturity date
The sublease payments are at least equal to the lease payments. The
sublease payments are due no less frequently than the lease payments
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Exhibit B-1
3A GMAC-RFC
Page 3A.8
03/13/06
Client Guide
Ownership Status
(c) Provisions Excluded From the Lease

The Client warrants that the lease and sublease, if any, do not:
Permit increases in the rent (lease payment) other than at a specified date
or time interval, unless the rent increase provision becomes operative more
than ten years after the Loans maturity date. Increases based on cost of
living or other economic indicators or reappraisals are not acceptable within
the term of the Loan plus ten years after its maturity date, unless they have
the effect of limiting increased payment amounts to the lesser of the
specific rate or the amount resulting from a new index or reappraisal
Provide for termination of the Loan for the lessee's default unless the
Leasehold mortgagee receives written notice of, and an opportunity to
cure, the default
Provide for Loans termination in the event of damage or destruction as
long as the Leasehold mortgage is in existence
Prohibit the Leasehold mortgagee to be insured under hazard insurance
policies
Prohibit the payment of hazard insurance proceeds to the Leasehold
mortgagee or insurance trustee
Prohibit the payment to the Leasehold mortgagee of any condemnation
award to which the mortgagee is entitled or
Prohibit the Leasehold mortgagee from exercising renewal options
(d) Provisions Included in the Lease
The Client warrants that the lease or sublease:
Permits the mortgaging of the Leasehold estate
Permits assignment without the lessors consent
Grants to the Leasehold mortgagee the right to acquire in its own name (or
in the name of its nominee) the rights of the lessee upon foreclosure or
assignment in lieu of foreclosure
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Exhibit B-1
GMAC-RFC
Page 3B.1
03/13/06
Client Guide
Transactions
3B
Transactions
This Chapter describes the various transaction requirements that apply to all GMAC-RFC Loan
referenced in this Chapter.
B300
Arms Length and Non-Arms Length Transactions
(A) Arms Length Transaction
An arms length transaction occurs when the parties involved are entirely independent of one
another. That is, all parties deal with one another as strangers and have no reason to collude.
(B) Non-Arms Length Transaction
If a direct relationship exists between any of the parties to a transaction, including the
Borrower (buyer), Client (if applicable), employer, lender, broker or appraiser the transaction
will be considered non-arms length. Vertically integrated companies with common ownership
(i.e., broker, appraiser, lender, title company, etc.) are considered non-arms length. In some
cases, non-arms length transactions may be acceptable, such as when a parent sells a house
to a child or when a relative inherits a home. In this case, the Value must be fully and
sufficiently documented. However, in most cases non-arms length transactions are not
allowed.
Additionally, in purchase transactions where the seller is a corporation, partnership or any
other business entity, the Client must ensure that the Borrower is not an owner of the
business entity selling the subject property.
B301
Transaction Types
GMAC-RFC will accept Loans made for the purposes defined in this Section, except as
restricted in Chapter 6, Loan Programs.
Purchase Mortgages
Rate/Term Refinance Mortgages
Cash-Out Refinance Mortgages
Construction/Permanent Mortgages
Contract for Deed/Land Contracts
Lease With Option to Purchase Transactions
Converted/Modified LoansContemplated by Original Note
Converted/Modified LoansNot Contemplated by Original Note
Second Mortgage Transactions
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Exhibit B-1
3B GMAC-RFC
Page 3B.2
03/13/06
Client Guide
Transactions
(A) Purchase Mortgages

A purchase mortgage Loan involves the purchase of a Mortgaged Premises, as defined by
a sale and purchase agreement executed by the Borrower and home-seller which represents
a first and/or second lien on the property. GMAC-RFC requires that the home-seller is the
owner of record. In transactions where the home-seller is a corporation, partnership or any
other business entity, the Client must ensure that the Borrower is not one of the owners of
the business entity selling the subject property.
For purchase transactions, where the seller is not a lending or government institution, the
following restrictions also apply:
A property that is sold within 90 days1 after acquisition by the home-seller is not
eligible
A property that is sold within 91 to 180 days1 after acquisition by the home-seller is
eligible with the following restriction:
If the sale price of the property is more than the home-sellers purchase price, the
appraisal must include an acceptable explanation and documentation to support
the difference, including a description of any improvements that were made.
If the increase in Value is due to remodeling or renovation of the property, the
appraiser must provide contracts, receipts and acceptable photos of all
improvements to support the increase in Value
Purchase transactions do not allow for cash back to the Borrower at closing.
If the Borrower receives a refund of the original cash deposit at closing, evidence of
payment of the deposit is required (e.g., cancelled check)
If the Borrower receives cash back for prorated taxes at closing, the taxes must be
paid or the funds must be put into an escrow account
Unless specifically allowed by the Loan Program, and within limitations imposed by applicable
State laws, closing costs may not be financed as part of a purchase transaction (with the
exception of mortgage insurance). See the Mortgage Insurance Section in Chapter 3F,
Insurance and Survey Requirements, for more information.
1
Calculated from the Note date when the Seller purchased the property, to the date of the signed purchase contract
for the subject transaction.
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Exhibit B-1
GMAC-RFC
3B
Page 3B.3
03/13/06
Client Guide
Transactions
(B) Rate/Term Refinance Mortgages

A rate/term refinance mortgage Loan represents a first lien and is used to pay off an existing
mortgage(s) or lien(s) with a new Loan. This Loan secures the Mortgaged Premises in
order to acquire a different interest rate or Loan term. Cash removal, other than incidental, is
not permitted.
A rate/term refinance mortgage is a Loan where proceeds are distributed for one or more of
the following purposes:
Reasonable and customary Loan cost or fees (including prepaid items) within
limitations imposed by applicable laws
Pay off first mortgage
Pay off of 12 months seasoned closed-end subordinate mortgages
Incidental cash back not to exceed the greater of $2,000 or 1% of the Loan amount
Pay off property tax liens
Refinance to buyout ex-spouse as a result of a divorce is permitted subject to the
following:
The Borrower receives no cash proceeds from the transaction (other than the
incidental cash back allowed)
The property must be Borrowers primary residence
The file contains an executed copy of the divorce decree or the property
settlement agreement
Cash Recapture transaction. There are instances when a Borrower may purchase a
property utilizing only cash funds, and then wishes to refinance to recapture some of
the cash they put into the purchase. The following guidelines apply:
The refinance must occur within 6 months of the original Purchase Date.
The Borrower must document the source of funds used to facilitate the cash
purchase and the funds must be seasoned (i.e. Borrower must be able to prove
the cash funds were available within their own accounts prior to the close of the
cash transaction.)
Lesser of the original sales price or appraised Value is used for purposes of
calculating LTV/CLTV
Home equity lines of credit which are being paid off from the proceeds of a refinance
transaction must meet the guidelines for junior liens. GMAC-RFC will consider funds in
excess of 1% of the new Loan amount or $2,000 whichever is greater, received from
an home equity line of credit within 12 months prior to a new Loan as a Cash-Out
Refinance Mortgage. However, if the Borrower used the funds for home
improvements, for purchase funds or withdrew the funds 12 months prior to the new
Loans date, the Client may classify the Loan as a rate/term refinance Loan.
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Exhibit B-1
3B GMAC-RFC
Page 3B.4
03/13/06
Client Guide
Transactions
Junior liens (such as a second trust deed or home equity line of credit) may be paid off
from the proceeds of the rate/term refinance mortgage Loan, provided they were:
Incurred in the purchase of the Mortgaged Premises or for documented home
improvements
Incurred for any other purpose and were incurred at least 12 months prior to the
date of the Loan
Any other junior lien is considered cash equity and must be subordinated to the new
rate/term refinance Loan, paid off from the Borrowers other funds or treated as a
cash-out refinance transaction.
(C) Cash-Out Refinance Mortgages
Funds distributed (resulting) from Cash-Out Refinance Mortgage Loans may be used for
purposes such as:
Reasonable and customary closing cost or fees (including prepaid items) within
limitations imposed by applicable laws
Debt consolidation
Cash back over and above incidental amount allowed greater of $2,000 or 1% of the
Loan amount
Pay off of non-seasoned (less than 12 months) closed-end subordinate mortgages
Pay off of lines of credit with cash advances in excess of 1% of the new Loan amount or
$2,000 whichever is greater within the past 12 months
Pay off of Federal and State tax liens
GMAC-RFC does not allow removal of equity for a Borrowers business.
(D) Construction/Permanent Mortgages
A construction-to-permanent mortgage Loan is a Loan obtained to pay off an interim (shortterm) Loan, used to finance the construction of the subject property. One-time closing
construction-to-permanent mortgages are not permitted.
(1) Arms Length Transaction
When paying off an interim construction Loan represented by an arms length
transaction, Client must treat the Loan using one of the following three methods:
(a) Purchase
When the Borrower wishes to recapture funds paid out of pocket and to pay off
an existing construction Loan, the Loan will be treated as a purchase transaction
and documentation evidencing the acquisition cost of the property will be
required.
(b) Rate/Term Refinance
When the Borrower does not require cash recapture and the proceeds from the
subject Loan are being used to pay off the construction financing and allowable
closing costs, the Loan will be treated as a rate/term refinance.
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Exhibit B-1
3B
GMAC-RFC
Page 3B.5
03/13/06
Client Guide
Transactions
(c) Cash-out Refinance

When the Borrower wishes to withdraw equity (cash back to the Borrower) from
the subject transaction, the Loan will be treated as a cash-out refinance.
(2) Non-arms Length Transaction
In most cases, non-arms length transactions are not allowed. When allowed, the
Client must fully document the cost of materials and labor plus the Value of the lot.
See Arms Length and Non-Arms Length Transactions Section in this chapter
for details.
(E) Contract for Deed/Land Contracts
A mortgage Loan paying off a contract for deed must be treated as a refinance. All Truth-inLending Act requirements applicable to refinance transactions must be followed.
Note: Some States do not recognize the Borrower as having an equitable position in the
property until they have made their last payment under the contract for deed, and therefore,
would consider our transaction to be a purchase. However, GMAC-RFC has elected to treat all
Loans paying off a contract for deed as a refinance.
Type of
Contract
Ownership
Seasoning
LTV
Determination
Recorded
12 months
or more1
Recorded
Unrecorded
Pay History
Documentation
Cash-Out
Allowed
Additional Restrictions
Appraised
Value
Cancelled checks, bank

statements or money
order receipts to verify
payment history are
required
Yes
N/A
Less than
12
months2
Lower of
appraised
Value or
purchase price

statements or money
payment history are
required
No
N/A
Regardless
of
seasoning
Lower of
appraised
Value or
purchase price

statements or money
payment history are
required
No
Minimum credit grade B

LTV is 5% below
program maximum
Eligible for rate/term
refinance to pay off
contract only. Not
eligible for equity cashout transactions.
Must be recorded or sent to the county for recording at least 12 months prior to Note date. If not, treat as
unrecorded
2
Must be recorded or sent to the county for recording at the time the contract was signed. If not, treat as unrecorded
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Exhibit B-1
3B GMAC-RFC
Page 3B.6
03/13/06
Client Guide
Transactions
(F) Lease With Option to Purchase Transactions

Lease with option to purchase transactions are acceptable with the following restrictions:
Rent credit towards down payment will be accepted only for the portion of rent paid
over and above established market rents per the appraiser or by a market rent analysis
from a licensed real estate agent
Loan proceeds to pay off contract only. Cash-out transactions not allowed
Cancelled rent checks, bank statements or money order receipts to verify rent
payment history
Minimum credit grade B
LTV 5% below program maximum
(G) Inherited Property
Inherited property is eligible for all occupancy types. If Mortgaged Premises were inherited
within the past 12 months, the following limitations apply:
Must have clear title
Credit grade C not allowed
No credit upgrades allowed
Maximum LTV on a Cash-Out Refinance Mortgage is 60% or the maximum allowed
by the property, whichever is less
LTV/CLTV limits for rate/term refinance mortgages may be used when buying out additional
heirs identified in the Will. A copy of the Will must be provided, along with the buyout
agreement signed by all beneficiaries identified in the Will.
If the transaction is not governed by a Will:
Maximum LTV on a rate/term refinance mortgage is 70% or the maximum allowed by
the property, whichever is less
Maximum LTV on a Cash-Out Refinance Mortgage is 60% or the maximum allowed by
the property, whichever is less
(H) Converted/Modified LoansContemplated by Original Note
GMAC-RFC defines converted and/or modified Loans as Loans where the original terms of the
Note and/or Security Instrument have been modified or converted from an adjustable-rate
mortgage (ARM) to a fixed-rate mortgage (FRM) and the original Note allowed for such
modification or conversion.
GMAC-RFC will purchase converted and/or modified ARM Loans after the conversion or
modification has been completed. Specifically, the final ARM payment must be applied before
GMAC-RFC can purchase the Loan as a converted ARM Loan. Loans where the home is under
construction and then converts to a permanent structure are not eligible.
Interest Only feature not allowed on converted and/or modified Loans.
Loans must comply with the individual Program Criteria in effect at the time the delivery
Commitment is ordered as well as other representations and warranties.
(1) Underwriting
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Exhibit B-1
GMAC-RFC
3B
Page 3B.7
03/13/06
Client Guide
Transactions
Loans for which the original Note and/or Security Instrument provides for a
conversion or modification must be underwritten according to the underwriting
criteria in the Chapter with the following additional requirements:
(a) Generally, the Client is not required to provide updated Credit Documents. The
Client must, however, provide a payment history for the Loan covering a
minimum of 12 months preceding the date the Loan is submitted for purchase or
for underwriting approval. The Borrower may not have had a late payment of 30
days or worse since the inception of the Loan or in the previous 12 months if the
Loan has been seasoned more than 12 months.
(b) In addition to the required payment histories, the Client must provide new credit
documentation if the interest rate of the converted or modified Loan exceeds the
interest rate in effect at any time within the 12 months prior to conversion by
more than 200 basis points.
(c) The Client is not required to provide a new appraisal or a recertification of Value
but the Client represents and warrants to GMAC-RFC that the current market
Value of the Mortgaged Premises is at least equal to the appraised Value on
the original appraisal.
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Exhibit B-1
3B GMAC-RFC
Page 3B.8
03/13/06
Client Guide
Transactions
(d) As of the time the Loan is to be converted or modified, no funds in addition to

those advanced at the time of the Loan origination shall have been advanced.
If the modification agreement is executed by individual(s) different than those who
executed the original Note, the Client must provide documentation that
substantiates the ability of the individual(s) executing the modification agreement to
repay the Loan.
The LTV ratio will be calculated using the balance at conversion or modification as
the original principal balance.
(2) Legal Documentation
In addition to the modification documents listed in the Converted/Modified
LoansNot Contemplated by Original Note Section of this Client Guide, The
Freddie Mac Form 3180, Agreement to Convert, may be used to modify a Loan
evidenced by a Convertible ARM Note.
Note: Convertible ARM Loans previously sold to GMAC-RFC must be repurchased
upon conversion. See the Consolidation, Repurchase or Substitution Section of this
Client Guide for repurchase requirements.
Since the original Note provided for conversion or modification, it may not be
necessary for the Client to record the modification agreement. The Client must
determine if recording is necessary to ensure a first lien position in its jurisdiction.
Any variation to the form of modification described in the Converted/Modified
LoansNot Contemplated by Original Note Section of this Client Guide, must be
approved in writing in advance by GMAC-RFC.
(3) Amendments to Security Instruments Following Consolidations
An amendment to a Security Instrument reflecting an election by a Borrower to
exercise an ARM conversion option need be executed and filed only if, under
applicable law, it is necessary to do so in order to ensure the Security Instrument
will continue to secure all interest on the Note, as well as all of the Borrowers other
obligations under the Loan Documents following such conversion.
(I) Converted/Modified LoansNot Contemplated by Original Note
GMAC-RFC defines converted and/or modified Loans as existing permanent financing Loans
where the original terms of the Note and/or Security Instrument have been modified or
converted from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage and the original
Note did not allow for such modification or conversion.
GMAC-RFC will purchase converted and/or modified ARM Loans after the conversion or
modification has been completed. Specifically, the final ARM payment must be applied before
GMAC-RFC can purchase the Loan as a converted ARM Loan. Loans wherein the home is
under construction and then converts to a permanent structure are not eligible.
Interest Only feature not allowed on converted and/or modified Loans.
(1) Underwriting
Loans for which the original Note and/or Security Instrument does not provide for a
conversion or modification must be underwritten according to this Chapter with the
following additional requirements:
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Exhibit B-1
GMAC-RFC
3B
Page 3B.9
03/13/06
Client Guide
Transactions
(a) Generally, the Client is not required to provide updated Credit Documents.
However, the Client must provide a payment history for the Loan covering a
minimum of 12 months preceding the date the Loan is submitted for purchase or
for underwriting approval. The Borrower may not have had a late payment of 30
or worse days since the inception of the Loan or in the previous 12 months if the
Loan has been seasoned more than 12 months.
(b) In addition to the required payment histories, the Client must provide new credit
documentation if the interest rate of the converted or modified Loan exceeds the
interest rate in effect at any time within the 12 months prior to conversion by
more than 200 basis points.
(c) The Client is not required to provide a new appraisal or a recertification of Value
but the Client represents and warrants to GMAC-RFC, and shall be deemed to
have represented and warranted to GMAC-RFC, that the current market Value of
the Mortgaged Premises is at least equal to the appraised Value on the
original appraisal.
(d) As of the time the Loan is to be converted or modified, no funds in addition to
those advanced at the time of the Loan origination shall have been advanced.
If the modification agreement is executed by individual(s) different than those who
executed the original Note, the Client must provide documentation that
substantiates the ability of the individual(s) executing the modification agreement to
repay the Loan.
The LTV ratio will be calculated using the balance at conversion or modification as
the original principal balance.
In addition to the Legal Documents required in the Delivery For Funding and the
Required Final Documents Sections of this Client Guide, Clients must submit one of
the following additional Legal Documents as applicable:
Fannie Mae Form 3179 - Loan Modification Agreement (providing for
modification to a Fixed Interest Rate)
GMAC-RFC Form 16A02 - Loan Modification Agreement with Exhibits A and B
attached (providing for modification to a Fixed or an Adjustable Interest Rate).
Exhibit A is a standard Fannie Mae/Freddie Mac Note and Exhibit B is a
standard Fannie Mae/Freddie Mac Security Instrument. Attaching these
Exhibits will enable mortgages originated on Non-Standard Documents to
become standardized for sale into the secondary markets.
An original replacement Note evidencing the terms of the Loan, as modified.
Note: Please contact your Acquisition Team representative in Minneapolis for
instruction on how to complete the GMAC-RFC modification form(s) or to obtain prior
written approval for use of an alternative modification form.
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Exhibit B-1
3B GMAC-RFC
Page 3B.10
03/13/06
Client Guide
Transactions
The modification documentation must be submitted in the following manner:

One original recorded Loan Modification Agreement; or if the original recorded
Loan Modification Agreement GMAC-RFC Form 16A02 has not been returned
from the recorders office, a duplicate original Loan Modification Agreement
certified by the Client to be a true and correct copy of the original sent for
recording.
Note: The original Notes must be endorsed to GMAC-RFC; all Security
Instruments with accompanying addenda or riders must also be submitted.
Assignment of the Security Instrument referencing the Loan Modification
Agreement (either the recorded original or a photocopy certified by the Client
to be a true and correct copy of the original sent for recording). While various
recording jurisdictions have specific requirements regarding format, it is
acceptable to GMAC-RFC to reflect the modification on the Assignment itself or
by a referenced exhibit attached to the Assignment.
Evidence reflecting the first lien position of the new, modified or converted
Loan. A bring down endorsement to the title policy insuring the first lien
priority as of the date of closing, modification or conversion is an acceptable
form of evidence.
Assumption Agreement, if applicable (either the recorded original or a
photocopy certified by the Client to be a true and correct copy of the original
sent for recording.).
Note: The original recorded Loan Modification Agreement, Assignment of
Modification Agreement and Security Instrument, Assumption Agreement (if
applicable) and the bring down endorsement must be delivered to GMAC-RFC
within 120 days of the purchase as part of the Final Documents package if not
submitted at time of purchase.
GMAC-RFC has provided forms for use in conjunction with this program. However,
before using such forms, Clients must review such forms to ensure that each
complies with laws of the State in which the Loan is made as well as other applicable
law.
(J) Second Mortgage Transactions
A second mortgage is a withdrawal of equity secured by the Mortgaged Premises which, if
not a first lien, is subordinate only to a first lien. Reasonable and customary closing costs or
fees (including prepaid item) may be financed, within limitations imposed by applicable laws.
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GMAC-RFC
Exhibit B-1
Page 3C.1
03/13/06
Client Guide
Financing
3C
Financing
This Chapter describes the financing requirements that apply to all GMAC-RFC Loan
C300
Determining Amount to Be Financed
For any Loan, the amount which may be financed is determined by factors specific to that
Loan, including the type of financing and the Loan-to-Value ratio, as well as the Loan
amount, property type and income determination.
C301
Calculating Loan-to-Value Ratios
(A) Calculating LTV
To calculate the LTV divide the Loan amount by the Value of the Mortgaged Premises.
(B) Determination of Value
The method to determine Value of the Mortgaged Premises for purposes of LTV calculation
varies depending on the transaction type.
(1) First Mortgage Transaction Value
(a) Purchase Mortgage
The Value is determined by the lesser of the appraised Value or the purchase
price as stated on the executed purchase agreement or HUD-1.
(b) Rate/Term Refinance Mortgage
The Value is determined by the appraised Value.
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Exhibit B-1
3C GMAC-RFC
Page 3C.2
03/13/06
Client Guide
Financing
(c) Cash-Out Refinance Mortgage

If the Borrower has owned the Mortgaged Premises less than 12 months, the
Value is determined by the lesser of the following:
The purchase price plus the Value of any documented improvements
including:
Copy of fully executed purchase agreement or HUD-1 closing statement
from purchase transaction
Documented costs of labor and materials
Photographs of improvements
The appraised Value
If the Borrower has owned the property more than 12 months, the Value is
determined by the appraised Value.
(d) Construction/Permanent Mortgage
Newly constructed properties located in new subdivisions must be supported by
comparables both in and out of the subdivision unless resales are available for
comparison.
When treated as a purchase transaction, the Value is determined by the
lesser of the following:
Total documented cost of labor and materials plus the Value of the lot1
or
Appraised Value
When treated as a rate/term refinance, the Value is determined by the
appraised Value.
When treated as a cash-out refinance, the Value is determined as follows:
For Jumbo A, Expanded Criteria, and Payment Option the Value is determined
by the appraised Value.
For Home Solution and AlterNet, the Value is determined by the lesser of:
Total documented cost of labor and materials plus the Value of the lot1
or
Appraised Value
1
Determine the Value of the lot for establishing LTV/CLTV by one of the following:
If the lot was purchased within the past 12 months, the lesser of the appraised Value of the lot
or the purchase price of the lot is used
If the lot was purchased more than 12 months ago, the appraised Value of the lot is used
(e) Contract for Deed/Land Contracts

Determine LTV according to the type of contract and ownership seasoning
established in the Contract for Deed/Land Contracts section of Chapter 3B,
Transactions.
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Exhibit B-1
GMAC-RFC
3C
Page 3C.3
03/13/06
Client Guide
Financing
(f) Lease With Option to Purchase

The Value is determined by one of the following:
If contract is less than 12 months old, the Value is determined by the lesser
of the purchase price or the appraised Value
If Borrower has occupied the subject property and paid on the contract for
more than 12 months, the Value is determined by the appraised Value
(g) Converted/Modified LoansEither Contemplated or Not Contemplated by
Original Note
The Client represents and warrants that the current market Value of the
Mortgaged Premises is at least equal to the appraised Value on the original
appraisal.
(2) Second Mortgage Transaction Value
(a) Second mortgage Loan originated behind a first mortgage rate/term refinance
Loan
The Value is determined by one of the following:
Appraisal
Stated Value
AVM1,2
Qualified AVM2,3
(b) Second mortgage Loan originated behind a first mortgage purchase or cashout refinance Loan
If the property was purchased within the last 12 months. The Value is
determined by lesser of the following:
Appraisal, Automated Valuation Model (AVM)1,2 or Qualified AVM
The purchase price (as stated on the executed purchase agreement or
HUD-1) plus the added Value of any documented improvements
If the property was purchased more than 12 months ago. The Value is
determined by one of the following:
HUD-1 (if purchased within the last 24 months)
Stated Value
Appraisal
AVM1,2
Qualified AVM2,3
1
If both an appraisal and an AVM Value are present in a Loan file, GMAC-RFC will use the appraisal to determine
Value.
2
GMAC-RFC does not accept AVMs when the Client has input Property Data (other than the property address) or
has altered or changed the AVM in any way from the original product supplied from the vendor.
3 If a Qualified AVM, an appraisal and/or AVM are present in the Loan file, GMAC-RFC will use the Qualified AVM
to determine Value.
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Exhibit B-1
3C GMAC-RFC
Page 3C.4
03/13/06
Client Guide
Financing
C302
Secondary or Subordinate Financing
GMAC-RFC will permit subordinate or Secondary Financing, including home equity lines of
credit, under Loan Programs that permit their use, as long as the following minimum
criteria have been met:
(1) The combined LTV (CLTV) may not exceed the program maximum. The CLTV is
calculated by adding the principal balance of the first mortgage with the current
principal balance of subordinated closed-end second liens and the maximum
available credit line of subordinated open-end second liens and then dividing the
sum by the appraised Value of the subject property.
(2) The secondary or subordinate financing must have a minimum remaining term of no
less than five years, unless the financing fully amortizes prior to that time.
(3) The financing must not permit the Note holder to call the financing within the first
five years after the Loan closing.
(4) The secondary or subordinate financing must not have a negative amortization
feature.
(5) The Client must include the monthly payments on the secondary or subordinate
financing when it calculates the Borrowers housing and debt ratios.
(6) Payments may be graduated or variable, as long as:
The total amount of secondary or subordinate financing fully amortizes during its
term
The combined annual payment adjustments of the Loan and the secondary or
subordinate financing does not exceed the lesser of a 2% interest rate increase or
an 8.5% payment increase
When secondary or subordinate financing is a home equity line of credit, the Client must
meet the following additional criteria:
(1) The property being financed must be owner occupied or a second/vacation home.
(2) The calculation of the CLTV must include the total usable home equity line of credit.
(3) For qualification purposes, the monthly housing payment is calculated as follows:
For an existing subordinate lien, if the current balance is zero and no draws will be
used for the new transaction, a minimum payment need not be included in the
qualifying ratio. If a balance appears on the line of credit or an advance will be part
of the new transaction, calculate the housing payment by multiplying the total
usable line of credit by the interest rate in effect at the time the Loan application is
underwritten
For a simultaneous home equity line of credit (originated with a new first
mortgage) calculate the housing payment by multiplying the total usable line of
credit by 1.00%
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Exhibit B-1
GMAC-RFC
3C
Page 3C.5
03/13/06
Client Guide
Financing
C303
Sales Concessions or Home-seller Subsidy
Any costs that are normally the Borrowers responsibility are considered sales concessions if
the home-seller pays them.
Sales concessions may include either:
Payments in any form that are related to the financing (e.g., discount points,
Commitment fees, appraisal fees, origination fees, interest shortfall, etc.)
The portion of the costs of any other items related to the transaction that are
traditionally paid by the Borrower (e.g., transfer taxes, stamps, attorneys' fees,
surveys, title insurance, fees for the use of a real estate tax service, etc.)
For underwriting purposes, the Client must reduce the Mortgaged Premises sales price to
reflect the amount of any concessions or contributions that exceed the maximum allowed.
The Client must then calculate the maximum LTV ratio, using the lesser of the reduced sale
price or appraised Value. The cost of any sales concessions in the form of furniture, decorator
allowances, moving costs or other giveaways must always be deducted from the Mortgaged
Premises sale price. Note that the appraisal must reflect the effect any subsidies,
contributions or sales concessions have on the market Value of the Mortgaged Premises.
C304
Escrow Issues
The Client must conform to the following escrow requirements:
(A) Escrow/Impounds
(1) First Mortgage Programs (excluding the 1st Lien Line of Credit Program)
Interest on Escrow/Impound must be paid to the Borrower if required by
applicable law or regulation.
(a) Waiver
The Client may waive the Escrow/Impounds to conform with its policy and
procedures. Even if the Client waives this requirement, the standard Escrow/
Impound provision must remain in the Loan Documents.
(b) Establishment of Account
When Escrow/Impounds are established, all amounts required by the Client
must be paid from the Borrowers cash or other equity at closing. These
amounts may include prepaid real estate taxes and hazard and mortgage
insurance.
(c) Mortgage Insurance
In all cases, the Client must establish an Escrow/Impound account for the
payment of private mortgage insurance, if applicable, unless a single premium
was paid in full at closing or unless the Client obtained lender-paid mortgage
insurance.
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Exhibit B-1
3C GMAC-RFC
Page 3C.6
03/13/06
Client Guide
Financing
(2) Second Mortgage Programs and the 1st Lien Line of Credit Program
An escrow of funds for the payment of property taxes or hazard insurance premiums
is not required, but for second mortgage programs the Client may require such
escrows on the first mortgage in conformance with its policies and procedures, or
those of an underlying first mortgage investor.
(B) Escrow for Postponed Improvements
The Client may establish an escrow account for a postponed improvement or repair for the
following reasons only:
Current weather conditions prohibit completion of an exterior improvement or repair or
Improvement or repair is minor in nature, and the Clients policy allows escrow in such
circumstances
An improvement or repair is not considered minor if:
It affects the structural integrity or health and safety of the occupants of the dwelling
located on the Mortgaged Premises
The Mortgaged Premises was appraised subject to a repair or
The appraised Value of the Mortgaged Premises was done on an after-improved basis
If the Client doesnt plan to establish an escrow account, the appraiser must delete the Value
of the improvement or repair from the appraised Value. The Client must then use the
adjusted Value to calculate the LTV ratio.
If the Client establishes an escrow account for a Loan for which servicing is sold to GMACRFC, the Client must monitor the account until the repairs or improvements are completed.
For more information see Chapter 8, Servicing Released.
(1) Amount and Time for Completion
The escrow amount must be at least one and a half times the estimated cost of the
improvement or repair as noted on the appraisal. The improvement or repair must
be completed, and funds released, within 90 days if the escrow is for a minor,
interior improvement or repair. If the escrow is for an exterior, weather-related
improvement or repair, the Client must complete and release within six months.
(2) Documentation
The Client must use an escrow agreement when establishing an account for
improvement or repair. The Client must monitor funds in the account.
(3) Clients Agreement
If the Client establishes an escrow for completion of an improvement or repair, it
agrees that the work will be completed within the time periods stated above and in a
workman-like manner, regardless of any actions of the home-seller, the Borrower or
any other party to the transaction.
(4) Release of Escrow Funds
The escrow funds may be released when the work has been inspected and certified
by the original appraiser. The Client may certify the completion if GMAC-RFC required
the work and if it determined that the Clients certification is sufficient. The Client
must ensure that lien waivers for all work have been provided.
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Exhibit B-1
GMAC-RFC
3C
Page 3C.7
03/13/06
Client Guide
Financing
C305
Temporary Buydowns
GMAC-RFC may purchase Loans containing temporary interest rate buydowns when allowed
by the Loan Program and product type.
(A) Buydown Agreement Terms
Each buydown agreement must include terms stating that:
(1) Funds delivered under the agreement and deposited on the Borrowers behalf with a
depository, and any earnings from these funds, must be held in an account in the
Clients name, as an agent on behalf of the Borrower. The account must conform to
the Custodial Accounts for Principal and Interest Payments and Escrow/Impound
Accounts Section of the Servicer Guide.
(2) Funds delivered under the buydown agreement must equal or exceed the total
payments to be made from such funds or these funds, if present Valued, must equal
or exceed the present Value of the total payments discounted at a rate of 4.5% per
annum for the first year, 4% per annum for the second year and 3% per annum for
the third year. In each case, the totals are compounded monthly.
(3) The Borrower must own the buydown funds and all its earnings, subject only to the
buydown agreement and the security interest described below.
(4) The Borrower may not withdraw any of the buydown funds from the account prior to
the buydown period's termination UNLESS the Loan is fully prepaid. In this case, any
remaining funds will be returned to the Borrower unless the funds were deposited by
the Client or its assigns. In that case, any remaining funds will be returned to the
Client or its assigns.
(5) The Borrower is not relieved of liability under the Note if the buydown funds are
delivered to the Client. The buydown agreement does not amend the Note.
(6) The Note holder has an express security interest in the buydown funds and is
authorized to perfect its security interest at any time.
(7) If the Borrower defaults, the Note holder has all the rights of a secured party under
the law of the State, where the Mortgaged Premises are located. Once the Loan is
foreclosed, the Note holder may take possession of and apply the buydown funds to
satisfy all or a portion of the Loans unpaid principal balance and accrued interest.
This may be done without the Borrowers consent.
For each Loan with a Temporary Buydown, the Client must submit a Temporary Buydown
Schedule (recommended Form GMAC-RFC Form 1301). In place of GMAC-RFC Form 1301,
Clients may submit their own Temporary Buydown Schedule. The buydown agreement may
be submitted only if accompanied by the Temporary Buydown Schedule. This submission
does not diminish the Clients responsibility to comply with the terms of this Temporary
Buydowns Section.
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Exhibit B-1
3C GMAC-RFC
Page 3C.8
03/13/06
Client Guide
Financing
(B) Employer Subsidy/Mortgage Differential

Loans originated with an employer subsidy or mortgage differential do not need to meet the
requirement of this Temporary Buydowns Section as long as the following conditions are
met:
The Borrower was qualified at the full monthly payment level
The agreement between the employer and the Borrower does not relieve the Borrower
from the obligation to make full monthly payments of principal and interest due under
the Note
The agreement, or its terms, will not delay or preclude foreclosure proceedings against
the Borrower if necessary
If the employer plans to make advanced fund contributions to the Client for future
application that coincide with the Borrowers monthly payments of principal and interest, the
agreement must specify how the funds are to be applied and administered. This agreement
must be signed by the employer, the Borrower and the Client.
C306
West Virginia Loans
The following criteria and/or features are not permitted on Loans secured by property located
in West Virginia:
DTI greater than 50%
Loans where income is not verified (for example Loans with the following
documentation types: Stated Income, Stated Income/Stated Asset, No Ratio, No
Income/No Asset, and No Doc)
Balloon payments
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Exhibit B-1
GMAC-RFC
3C
Page 3C.9
03/13/06
Client Guide
Financing
C307
Texas Equity Loans
Loans secured by a first mortgage on homestead property in Texas that comply with Article
XVI, Section 50(a)(6) and 50 (g) of the Texas Constitution (Texas Equity Loans) are eligible
for purchase by GMAC-RFC. Second mortgage and Payment Option Texas Equity Loans are
not eligible for purchase. The Texas Equity Loan first mortgage may be the only outstanding
Texas Equity Loan that is secured by the homestead property and at least 12 months must
have elapsed since any previous Texas Equity Loan secured by the homestead property was
closed.
The proceeds from a Texas Equity Loan first mortgage must not be used to acquire or
improve the homestead if a mortgage for that purpose could have been made under
authority of Article XVI, Sections 50(a)(1) through (5) of the Texas Constitution.
The following two types of first mortgage Loans secured by the Borrowers homestead are
Texas Equity Loans and must meet the requirements of Article XVI, Section 50 (a)(6) and
50(g) of the Texas Constitution.
A first mortgage rate/term refinance originated to pay-off an existing Texas Equity
Loan regardless of whether the Borrower receives any cash out of the refinance
proceeds. This is the once a Texas Equity Loan always a Texas Equity Loan rule.
Once a Borrower obtains a first or second lien Texas Equity Loan, any subsequent
refinancing of the homestead property is considered a Texas Equity Loan subject to all
the requirements of Section 50(a)(6) of the Texas Constitution if any of the proceeds
are used to pay off the existing Texas Equity Loan even if the Borrower does not
receive any cash from the transaction.
A first mortgage cash-out refinance or rate/term refinance if the Borrower receives any
amount of cash at closing. Reasonable closing costs may be included in the Loan
amount, but any cash back to the Borrower makes the transaction a Texas Equity
Loan.
Article XVI, Section 50(e) of the Texas Constitution provides that if a refinance Loan secured
by homestead property includes the advance of more money than is necessary to pay off the
existing debt, the lien is not valid unless (i) the Loan is treated as a Texas Equity Loan (ii) the
additional funds are for reasonable costs necessary to refinance the debt being paid off, or
(iii) the additional funds are for another purpose authorized by the Constitution.
All other requirements contained in this Client Guide, including the requirements in the Loan
Programs Chapters of the Client Guide apply to Texas Equity Loans unless limited by the
Texas Constitution or the requirements in this Texas Equity Loans Section.
(A) Occupancy
Eligible occupancy types:
Primary residence, owner occupied
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Exhibit B-1
3C GMAC-RFC
Page 3C.10
03/13/06
Client Guide
Financing
(B) Eligible Property Types

The property must be classified as homestead under Texas law.
Single family, one to four units. A two to four unit single-family homestead property
occupied by the Borrower must consist of a single, structurally integrated building with
a single legal description. The Loan Documents on a two to four unit single-family
property may not provide for assignment of rents. The Fannie Mae/Freddie Mac Multistate 1-4 Family Rider (Form 3170) is prohibited and must not be attached to the
Security Instrument on any Texas Equity Loan delivered to GMAC-RFC for purchase
Unit in a Planned Unit Development (PUD)
Condominium unit
Second/vacation homes and investment properties that are not classified as homestead are
not subject to the restrictions in Article XVI, Section 50 (a)(6) and 50(g) of the Texas
Constitution or the GMAC-RFC Texas Equity Loan requirements specified in this Section.
(C) Eligible Products
FRM-30
FRM-15
One Year Treasury ARM
Three-One Treasury ARM
Five-One Treasury ARM
Seven-One Treasury ARM (non-convertible)
Ten-One Treasury ARM (non-convertible)
Six Month LIBOR ARM
One Year-Six Month LIBOR ARM
Two Year-Six Month LIBOR ARM
Three Year-Six Month LIBOR ARM
Five Year-Six Month LIBOR ARM
Seven Year-Six Month LIBOR ARM
Ten Year-Six Month LIBOR ARM
One Year LIBOR ARM
Two-One LIBOR ARM
Three-One LIBOR ARM
Five-One LIBOR ARM
Seven-One LIBOR ARM
Ten-One LIBOR ARM
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Exhibit B-1
3C
GMAC-RFC
Page 3C.11
03/13/06
Client Guide
Financing
(D) Program Features

AssumabilityNot permitted
Prepayment PricingNot permitted
Loans to TrustsNot permitted
Temporary BuydownsNot permitted
Balloon PaymentsNot permitted
Interest Only PaymentsNot permitted
Bi-weekly PaymentsNot permitted. The mortgage payments must be due and
payable on a monthly basis
SurveyIf the Borrower or co-Borrower owns any adjacent land, the Loan file must
contain a survey that shows the homestead property is a separate parcel that does not
exceed the acreage permitted under the Texas Constitution
(E) Mortgage Documentation
The following legal instruments are required to document Texas Equity Loans. Non-standard
documents are not permitted.
Document Type
Fannie Mae/Freddie Mac Form #
Security Instrument
3044.1
Fixed-Rate Note
3244.1
ARMs (7/1 & 10/1 Non-convertible)
3522.44 and ARM Rider 3182.44
PUD Rider
3150.44
Condominium Rider
3140.44
See Chapter 5, Loan Products, for required Legal Documents for all ARM products. The
Fannie Mae/Freddie Mac ARM Notes and Riders specified in Chapter 5, Loan Products,
must be modified to include the exact language included on Fannie Mae/Freddie Mac Texas
Home Equity Fixed/Adjustable Rate Note (Form 3522.44) and Texas Home Equity Fixed/
Adjustable Rate Rider (Form 3182.44) that Fannie Mae and Freddie Mac added to address
legal issues related to Texas Home Equity Loans. ARM Notes and Riders may not be
assumable at any time over the full term of the mortgage. ARM Notes and Riders must be
modified to eliminate any assumability clauses on the Fannie Mae/Freddie Mac Multistate
ARM Notes and Riders.
The Fannie Mae/Freddie Mac Multi-state 1-4 Family Rider (Form 3170) is prohibited and must
not be attached to the Security Instrument on two to four unit single-family properties.
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Exhibit B-1
3C GMAC-RFC
Page 3C.12
03/13/06
Client Guide
Financing
(F) Other Required Documents

Texas Home Equity Affidavit and Agreement (Fannie Mae/Freddie Mac 3185).
Each owner of the property and each spouse of an owner must sign the Texas Home
Equity Affidavit and Agreement
Notice Concerning Extensions of Credit
A Texas Equity Loan may not be closed before the 12th calendar day after the
later of (i) the date that the owner submits a Loan application to a lender, or (ii)
the date that each owner signs the Notice Concerning Extensions of Credit
disclosure
Each Loan file must contain the Notice Concerning Extensions of Credit disclosure
that is signed by each owner within the required time frame. GMAC-RFC will not
accept an acknowledgment signed by the owners at closing stating that they
received the Notice Concerning Extensions of Credit disclosure at least 12 days
prior to closing
Acknowledgment Regarding Fair Market Value of Homestead Property
The owner(s) and the lender must sign a written acknowledgment as to the fair
market Value of the homestead on the date the Texas Equity Loan is made. A
Texas Equity Loan is not eligible for sale to GMAC-RFC if the lender fails to sign the
Acknowledgment of Fair Market Value either prior to closing or after closing
An appraisal must be attached to the written acknowledgment
Title InsuranceA Mortgagee Policy of Title Insurance (Form T-2) is required. The
policy must be supplemented by the following endorsements:
Equity Loan Mortgage Endorsement (Form T-42), which must include the optional
coverage provided by Paragraph 2(f); and
Supplemental Coverage Equity Loan Mortgage Endorsement (Form T-42.1)
Deletions to the endorsements are not permitted
Closing ReceiptA separate closing receipt signed by each property owner and each owners
spouse that itemizes the documents that he or she received at closing is recommended, but
not required
C308
Current Payment History
All Loans must be current at the time the Client submits them for purchase. The payment
due the month of Loan purchase must be applied. For newly originated Loans, the first
payment must be applied prior to purchase if it is due during the month of purchase.
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GMAC-RFC
Exhibit B-1
Page 3D.1
03/13/06
Client Guide
Property Types &
Considerations
3D
Property Types & Considerations
This Chapter describes property types and property considerations that apply to all GMACRFC Loan Programs. Generally, eligibility policies that vary from one standard Loan Program
to another are described in the individual Loan Program Chapters. In most cases, differences
will not be referenced in this Chapter.
D300
Property Issues
Loans must conform to the property definitions and requirements contained in this Chapter.
Properties that have been listed for sale within the last 6 months are not eligible for
purchase.
D301
Eligible Property Types
(A) Single-family Residence
An attached or detached single-family dwelling.
All attached units that are not covered by a blanket hazard insurance policy or subject to a
homeowners association (HOA) must have a recorded shared Party Wall agreement that
runs with the property. The agreement must evidence that the respective property owners
have agreed to maintain adequate insurance for the attached units, as well as address any
issues that may arise from maintaining and sharing common areas and elements.
(B) Multi-family
A type of residential structure with more than one dwelling unit. Multi-family dwellings with
more than four units are not eligible.
(C) Townhouse/Row House
An attached, single-family dwelling which is not part of an association.
All attached units that are not covered by a blanket hazard insurance policy or subject to a
homeowners association (HOA) must have a recorded shared Party Wall agreement that
runs with the property. The agreement must evidence that the respective property owners
have agreed to maintain adequate insurance for the attached units, as well as address any
issues that may arise from maintaining and sharing common areas and elements.
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Exhibit B-1
3D GMAC-RFC
Page 3D.2
03/13/06
Client Guide
Property Types &
Considerations
(D) Planned Unit Development (PUD)

A Planned Unit Development is a development that has all the following characteristics:
The individual unit owners own a parcel of land improved with a dwelling. This
ownership is NOT in common with other unit owners
The development is administered by a homeowners association (HOA) that owns and
is obligated to maintain property and improvements within the development for the
common use and benefit of the unit owners
The unit owners have an automatic, non-severable interest in the homeowners
association (HOA) and pay mandatory assessment
GMAC-RFC does not base classification of a PUD on its zoning. While there are many styles
of homes that can be within a PUD (e.g., townhouse, single family, detached, quads, etc.),
this is not the basis of determination. The development must meet the above definitions and
the Client must make all warranties required by GMAC-RFC for this type of ownership.
GMAC-RFC reserves the right to limit the number and/or aggregate dollar amount of Loans
purchased in any one subdivision, condominium, or PUD project or to declare Loans in any
project ineligible for purchase.
PUD projects with pending litigation are typically not eligible, however non-structural
litigation may be considered on a case-by-case basis. Seller must represent and warrant that
litigation has no adverse effect on the marketability or livability of the project or subject
phase and that the homeowners association (HOA) has sufficient reserves or insurance to
cover the minor litigation in question. An acceptable letter from the homeowners association
(HOA) legal council is the recommended form of documentation.
(E) Modular Homes
Modular Homes are Factory-built Homes constructed to the State, local or regional
building codes where the home will be located. Modular Homes are multi-sectioned units that
are transported to the site and installed. GMAC-RFC treats Modular Homes the same as
single-family residences.
(F) Condominium Unit Located in a Building
A condominium unit is a single-family dwelling located in a condominium project. A
condominium project is real estate that includes the separate ownership in fee, or an
acceptable Leasehold estate (see the Leaseholds Section in Chapter 2A for
requirements), of a specified residential unit with an undivided interest in the real estate
designated for common ownership solely by unit owners.
A condominium project is created according to local and State statutes. The structure is
generally two or more units with the interior airspace individually owned. The balance of the
property (land and building) are owned in common by the individual unit owners.
Condominiums create additional risk because the homeowners association (HOA) has legal
rights that could adversely impact the mortgagees rights. Depending on the financial
management of the homeowners association (HOA), the Value of the project (unit) can be
adversely affected.
GMAC-RFC will purchase Loans in condominium projects, relying primarily on the Clients
warranties. The Client must complete the Condominium Warranty Certification, (GMAC-RFC
Form 1303), whenever submitting a Loan secured by a property which is a condominium.
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Exhibit B-1
GMAC-RFC
3D
Page 3D.3
03/13/06
Client Guide
Property Types &
Considerations
Condominium projects that contain less than ten units may be eligible for purchase as long
as they meet the criteria for small condominium projects. See Condominium Warranties
for GMAC-RFC Small Condominium Projects (projects with less than ten units)
Section in this chapter for more information.
GMAC-RFC reserves the right to limit the number and/or aggregate dollar amount of Loans
purchased in any one subdivision, condominium or PUD project or to declare Loans in any
project ineligible for purchase.
At times a condominium development has commercial space (e.g., first floor restaurant, deli,
hair salon, grocery store, etc.). If this is the case, there must be no more than 20%
commercial space in the building.
Condominium projects with pending litigation are typically not eligible, however nonstructural litigation may be considered on a case-by-case basis. Seller must represent and
warrant that litigation has no adverse effect on the marketability or livability of the project or
subject phase and that the homeowners association (HOA) has sufficient reserves or
insurance to cover the minor litigation in question. An acceptable letter from the
homeowners associations legal council is the recommended form of documentation.
(G) Non-Warrantable Condominiums
Non-warrantable condominiums are condominium projects that have not complied with
condominium warranties in this Client Guide for minimum pre-sale requirements or
maximum investor concentrations.
When submitting a Loan secured by a non-warrantable condominium, the Client must
complete the Condominium Warranty Certification (GMAC-RFC Form 1303).
Clients must ensure the project complies with additional requirements of GMAC-RFC,
including the form and amount of insurance required as stated in the Condominium
Requirements Section of this Client Guide.
In addition, the project must not be an ineligible property type as defined in the Loan
Program Chapter and must satisfy the following guidelines:
Minimum pre-sale requirement for each project or subject legal phase is 33%
50% of all units, common areas and facilities within the project or subject legal phase
must be completed
Investors must own no more than 70% of the units sold within the project, with no one
entity owning more than 10% of the project (other than the developer)
LTV exceptions are not allowed
GMAC-RFCs condominium project exposure limit is 20% of the total number of units in
the project
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Exhibit B-1
3D GMAC-RFC
Page 3D.4
03/13/06
Client Guide
Property Types &
Considerations
(H) Condo-Hotels
Condo-Hotel (or condotels) are a project that has rental or registration desks, short-term
occupancy, food and telephone services and daily cleaning services. It is operated as a
commercial hotel even though the units are individually owned.
When submitting a Loan secured by a Condo-Hotel, the Client must complete the
Condominium Warranty Certification (GMAC-RFC Form 1303).
All Condo-Hotels, regardless of intended occupancy status, will be priced and underwritten to
investment property guidelines:
All occupancy types are available
See Program At-A-Glances, Chapter 7 for maximum financing allowed
Secondary Financing is not allowed
Voluntary rentals are acceptable
Mandatory rental pools are NOT acceptable
Income from rental of the property will NOT be used to qualify the Borrower
20% maximum of the total area (square footage) within the project may be devoted to
commercial usage
The Borrower must sign a second home Rider, if applicable
GMAC-RFCs Condo-Hotel project exposure limit is 20% of the total number of units in
the project
The appraiser must specifically comment in his or her report that Condo-Hotels are
common to the area, that resale marketing time is strong (i.e., not over six months),
and that the market supports strong rental activity
The Condo-Hotel must have been operating a minimum of two years
75% of the units must be sold and closed
Units located in a building over eight stories is acceptable but must be supported by
the appraiser as common to the area
Cash out is not available on this property type
Minimum square footage of the unit is 600 square feet
(I) Site Condominiums
A condominium project consisting of one-unit, detached dwellings.
(J) Mixed Use Properties
GMAC-RFC defines mixed use properties as those which are primarily used as a residence but
are also being used for a small commercial purpose. These properties are eligible only in the
AlterNet Program. Certain criteria must be met, see Mixed Use Properties Section in
Chapter 6E, AlterNet Loan Program for more information.
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Exhibit B-1
GMAC-RFC
3D
Page 3D.5
03/13/06
Client Guide
Property Types &
Considerations
D302
Ineligible Property Types
Condominium project with pending structural litigation (See Condominium Unit
Located in a Building in this chapter)
Cooperative
Manufactured Home
Mobile Home
Multi-family dwelling containing more than four units
Planned Unit Development (PUD) project with pending structural litigation (See
Planned Unit Development (PUD) in this chapter)
Property listed for sale in the last six months is not eligible for refinance transactions
Property without full utilities installed to meet all local health and safety standards
including:
Continuing supply of potable water
Public sewer or certified septic system
Public electricity
Natural or LP gas
Property zoned and used for commercial or industrial purposes
Tax-sheltered syndicate
Timeshare units/projects
Unimproved land
Working farm, ranch or orchard
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Exhibit B-1
3D GMAC-RFC
Page 3D.6
03/13/06
Client Guide
Property Types &
Considerations
D303
Project Requirements for Warrantable Condominiums and PUDs
GMAC-RFC will purchase investment quality Loans in condominium and PUD projects, relying
primarily on the Clients warranties. GMAC-RFC may limit the number and/or aggregate
dollar amount of Loans purchased in any one subdivision, condominium or PUD project or
may declare Loans in any project ineligible for purchase.
High rise condominiums (greater than 8 stories) are acceptable in areas with proven
marketability. At least two comparable properties must be from two competing projects.
The Client must ensure that all condominiums and PUD properties comply with the
requirements and warranties set forth in this Section. A condominium unit located within a
PUD must comply with both the condominium and PUD warranties. GMAC-RFC reserves the
right to:
Determine whether a particular Mortgaged Premises is a condominium or PUD
Require the Client to submit, at the Clients expense, an opinion of competent legal
counsel, in form and substance, satisfactory to GMAC-RFC and all supporting data that
supports the Clients condominium and PUD warranties
Fulfillment of these project requirements does not release the Client from the responsibility
of ensuring the project complies with additional requirements of GMAC-RFC.
(A) PUD Warranties
The Client must make the following warranties for each Mortgage secured by a PUD unit:
The property meets the definition of a PUD as described above
All property insurance requirements, as outlined in this Client Guide, have been met
One entity does not own more than 10% of the subject project (applies only to
attached PUDs)
(B) Condominium Classifications
Condominium projects are divided into four categories:
(1) GMAC-RFC Class I (Freddie Mac Class I, Fannie Mae Type C)
(2) GMAC-RFC Class II (Freddie Mac Class II, Fannie Mae Type B), including condo
conversions.
(3) GMAC-RFC Class III (Freddie Mac Class III, Fannie Mae Type A)
(4) Small condominium project (a project less than ten units)
All condominium projects must have been created and exist in full compliance with all State
and local statutes where the project is located and all other applicable laws.
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Exhibit B-1
GMAC-RFC
3D
Page 3D.7
03/13/06
Client Guide
Property Types &
Considerations
(1) Condominium Warranties for GMAC-RFC Class I Condominium Projects

A Class I Condominium Project is a project where the developer control has not
terminated, or the project is subject to additional phasing or add-ons not yet
completed.
If the Mortgaged Premises is a GMAC-RFC Class I condominium, the Client
warrants to GMAC-RFC that:
Any right of first refusal in the condominium constituent documents will not
impair the right of the first mortgagee to foreclose or take title to a unit
pursuant to the remedies of the mortgage, to accept a deed or assignment in
lieu of foreclosure in the Event of Default by a mortgagor or to sell or lease a
unit acquired by the mortgagee.
Any first mortgagee who obtains title to a condominium unit pursuant to the
remedies in the mortgage or through foreclosure will not be liable for more
than six months of the unit's unpaid regularly budgeted dues or charges
accrued before the acquisition of the title to the unit by the mortgagee. If the
homeowners associations lien priority includes costs of collecting unpaid dues,
the Client will be liable for any fees or costs related to this collection.
Except as provided by statute in case of condemnation or substantial loss to
the units and/or common elements of the project, unless at least two-thirds of
the first mortgagees (based on one vote for each first mortgage owner) or
owners (other than the sponsor or developer) of the individual condominium
units have given their prior written approval, the homeowners association
(HOA) may not:
By act or omission seek to abandon or terminate the condominium project
Change the pro rata interest or obligations of any unit in order to levy
assessments or charges, allocated distribution of hazard insurance proceeds
or condemnation awards or to determine the pro rata share of ownership of
each condominium unit in the common elements
Partition or subdivide any condominium unit
Seek to abandon, partition, subdivide, encumber, sell or transfer the
common elements by act or omission
Use hazard insurance proceeds for losses to any condominium property
(whether units or common elements) for other than the repair, replacement
or reconstruction of that property
Any proposal or plan subjecting the condominium project to phasing or add-ons
must be clearly defined in the declaration. Any changes in the owners'
percentage of interest must be described in the declaration and no change in
the percentage interest in the common elements may be effective more than
seven years after the declaration becomes effective.
All taxes and assessments and charges that may become liens prior to the first
mortgage under State and local law relate only to the individual unit and not
the project as a whole.
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Exhibit B-1
3D GMAC-RFC
Page 3D.8
03/13/06
Client Guide
Property Types &
Considerations
No provision of the condominium constituent documents gives a unit owner or

any other party priority over any rights of the first mortgagee of the unit
pursuant to its condemnation awards for losses to or fixtures within
condominium units and/or common elements.
If the project is on a Leasehold estate, the condominium unit lease is a lease
or sublease of the fee, and provisions of the lease comply with the
requirements outlined in this Client Guide.
All amenities that are part of the condominium project are covered by the
mortgage at least to the same extent as the common elements. All common
elements and amenities are fully installed, completed and in operation for use
by unit owners.
At least 70% of the projects or phases units have been sold to bona fide
purchasers who are closed or legally obligated to close. A phase must contain
enough units to support any common elements or recreational facilities
included in the sale price or appraised Value of the individual unit.
At least 70% of the units are sold to individuals for primary residences or
second/vacation homes.
Condominium dues or charges must include an adequate reserve fund for
maintenance, repairs and replacement of common elements. These must be
regular installments rather than special assessments.
A first mortgagee, upon request, is entitled to written notification from the
homeowners association (HOA) of any default in the performance of an
individual unit Borrower of any obligation required by the Legal Documents
that is not cured within 60 days. The Client further ensures that it has
requested, and has not received, a notice of any outstanding defaults as of the
Delivery Date.
Any agreement for professional management of the condominium project or
any other contract providing for services of the developer, sponsor or builder,
may not exceed three years and may be terminated by either party without
cause and without payment of a termination fee on 90 days' or less written
notice.
Insurance requirements as required by the Condominium Insurance Section
of Chapter 3F, Insurance and Survey Requirements.
One entity (other than the developer) does not own more than 10% of the
subject project.
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Exhibit B-1
GMAC-RFC
3D
Page 3D.9
03/13/06
Client Guide
Property Types &
Considerations
(2) Condominium Warranties for GMAC-RFC Class II Condominium Projects,

including Condo Conversions
Class II condominiums may be newly completed condominiums or existing buildings
that are being converted to condominiums. Condominium projects are warranted as
Class II if the following eligibility requirements are met:
Project cannot be subject to additional phasing or annexation, or projects
composed of Manufactured Homes.
All units, common elements, and facilities within the project, including those that
are part of any master association, must have been completed.
At least 50% of the total units in the project must have been conveyed and/or
under contract as an owner occupied primary residence or second/vacation home.
For two unit condo projects, at least one unit must have been conveyed or under
contract to be sold as an owner-occupied primary residence or second/vacation
home. Three unit projects require two units to meet the previous occupancy
requirements and four unit projects require three units to meet the previous
occupancy requirements.
No single entity (the same individual, investor group, partnership, or corporation),
other than the developer during the initial sales period, may own more than 10%
of the total units in the project. For project of 10 units or less, no single entity may
own more than one unit.
The units in the project must be owned in Fee Simple (unless Leasehold has
been prior approved) and the unit owners must have the sole ownership interest in
and rights to the use of, the project's facilities, common elements, and limited
common elements once control of the owners' association has been turned over to
them.
The project must be covered by the kinds of insurance, hazard, flood, liability, and
fidelity required for a condominium project. Liability insurance must be for at least
$1 million per occurrence for personal injury and/or property damage. Fidelity
coverage is required for projects with 20 units or more and must equal at least
three months of assessments on the entire project.
All rehabilitation work involved in a condominium conversion must have been
completed in a workmanlike manner.
The architect's or engineer's report that was originally obtained for a condo
conversion that was legally created within the past three years must comment
favorably on sound transmission, the structural integrity of the project, and the
condition and remaining useful life of the major project components, such as
heating and cooling systems, plumbing, electrical systems, elevators, boilers,
roofs, etc.
The project must be demonstrably well-managed. If it is professionally managed,
the management contract must be for a reasonable term and its termination
provision must not require the payment of any penalty or an advance notice of
more than 90 days.
The project's operating budget must be consistent with the nature of the project
and must provide for adequate replacement reserves based on the project's age
and remaining life and on the quality and replacement cost of the major common
element components (such as a new roof or a new boiler/furnace).
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Exhibit B-1
3D GMAC-RFC
Page 3D.10
03/13/06
Client Guide
Property Types &
Considerations
No pending structural litigation.

Recreational leases are permitted.
The developer must transfer its control of the homeowners association (HOA) to
the unit owners either 1) four months after 75% of the units in the project have
been conveyed, or 2) three years after the first unit in a project or subject phase is
conveyed, whichever comes first.
No more than 20% of the project should be dedicated for commercial space.
No more than 15% of the unit owners are delinquent on their dues.
(3) Condominium Warranties for GMAC-RFC Class III Condominium Projects
A Class III Condominium Project is a project where the homeowners association
(HOA) is controlled by the unit owners (other than the developer) and all common
elements and amenities have been completed (including those that are part of any
umbrella association) and is not subject to phasing or add-ons.
If the Mortgaged Premises is a unit in a condominium, the Client warrants to
GMAC-RFC as of the Funding Date that:
The GMAC-RFC Class III project has demonstrated marketability and at least
50% of the units are conveyed as owner occupied primary residence or second/
vacation homes
Insurance has been obtained in such forms and amounts as are required by the
Condominium Insurance Section in Chapter 3F, Insurance and Survey
Requirements of this Client Guide
Any mortgagee who obtains title to a unit pursuant to the remedies in the
mortgage or through foreclosure will not be liable for more than six months of
the units unpaid regularly budgeted dues accrued prior to the acquisition of the
title to the unit by the mortgagee
If the project is on a Leasehold estate, all Leasehold provisions as required by
this Client Guide have been met
One entity does not own more than 10% of the subject project
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Exhibit B-1
3D
GMAC-RFC
Page 3D.11
03/13/06
Client Guide
Property Types &
Considerations
(4) Condominium Warranties for GMAC-RFC Small Condominium Projects

(projects with less than ten units)
Projects with less than ten units are acceptable as long as small projects are
common to the area and the association bylaws contain an arbitration clause.
Presale and occupancy must meet the following requirements:
(a) Occupancy
Number of Units in Project1
Minimum Number of Primary or

Second/Vacation Home Units
No one entity may own more than one unit in a small condominium project.
(b) Presale
Any project with more than four units must have 70% of the units sold or legally
obligated to close.
(c) Insurance
Insurance has been obtained in such forms and amounts as required by the
Condominium Insurance Section in Chapter 3F, Insurance and Survey
Requirements of this Client Guide.
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Exhibit B-1
3D GMAC-RFC
Page 3D.12
03/13/06
Client Guide
Property Types &
Considerations
(5) Condominium Warranties for Site Condominiums

Condominium projects composed of only detached one unit dwellings are treated the
same as single family residences. Manufactured Homes are not permitted. In lieu
of the warranties usually made for GMAC-RFC Class I, II and III condominiums, the
Client makes the following warranties for each Loan:
The mortgage on the subject property is covered by a title insurance policy that
includes ALTA Form 4, condominium endorsement
The property is covered by hazard, flood, liability and fidelity insurances as
required under Insurance Requirements Section in Chapter 3F, Insurance
and Survey Requirements Section of this Client Guide
If the condominium is on a Leasehold estate, the condominium unit lease is a
lease or sublease of the Fee Simple estate, and the provisions of the lease
comply with the requirements under Ownership Interests Section of
Chapter 3A, Occupancy, Borrower and Ownership Status, of this Client Guide
(6) Limited Project Review
For certain Class I, II or III condominium projects, the Client may make limited
warranties. For Loans meeting the following criteria the Client may elect to use a
limited project review, whereby the Client is not required to examine all of the
condominium documents to determine adherence to the applicable condominium
classification:
The Mortgaged Premises is a one-unit primary residence or a second/
vacation home
Loan-to-Value ratio:
Primary residence credit grades A1-A3: LTV/CLTV does not exceed 90% with
Assetwise/Assetwise Direct approval
Primary residence, all other credit grades, and manual underwrites: LTV/
CLTV does not exceed 80%
Second/vacation home: LTV/CLTV does not exceed 75% with Assetwise/
Assetwise Direct approval or manual underwrite
Secondary Financing allowed
The project is not a Condo-Hotel
The homeowners association (HOA) maintains the insurance coverage on the
condominium project
The condominium unit securing the mortgage is not subject to any timesharing
agreement
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GMAC-RFC
Exhibit B-1
3D
Page 3D.13
03/13/06
Client Guide
Property Types &
Considerations
Under the limited project review, condominium mortgages that meet the above
requirements must comply with all of the representations and warranties found in
Chapter 2A and all of the following warranties, regardless of the class of
condominium project to which the provision specifically applies:
The condominium project has been created and exists in full compliance with
all State and local statues where the project is located and all other applicable
laws
Any first mortgagee who obtains title to a condominium unit pursuant to the
remedies in the mortgage or through foreclosure will not be liable for more
than six months of the units unpaid regular budgeted dues or charges accrued
before the acquisition of the title to the unit by the mortgagee. If the
homeowners association (HOA)s lien priority includes costs of collecting unpaid
dues, the Client will be liable for any fees or costs related to this collection
All taxes and assessments and charges that may become liens prior to the first
mortgage under State and local law relate only to the individual unit and not
the project as a whole
If the project is on a Leasehold estate, the condominium unit lease is a lease
or sublease of the fee, and provisions of the lease comply with the
requirements outlined in this Client Guide
All amenities that are part of the condominium project are covered by the
mortgage at least to the same extent as the common elements. All common
elements and amenities are fully installed, completed and in operation for use
by unit owners
Insurance requirements as required under Condominium Insurance Section
in Chapter 3F, Insurance and Survey Requirements of this Client Guide have
been met
(7) Leased Recreation Facilities
Condominium projects that have leased recreation facilities are acceptable when the
following conditions are met:
Class I projects are not eligible
Lease must run for at least 10 years beyond the maturity date of the mortgage
Leasing agreement (rents) must be reasonable, fixed or tied to an acceptable
outside index, and are paid as an obligation of the homeowners association (HOA)
Lease terms and assessments must be subordinate to any mortgage(s). Unpaid
assessments due prior to foreclosure or deed-in-lieu are extinguishable
Rental lease payments must be current
An option granted to the lessee homeowners association (HOA) which allows for
total project buy-out of the lease is preferable. The terms of this purchase should
call for a predetermined date to exercise the option and a reasonable and present
asking price. Individual unit buy-outs are not acceptable.
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3D GMAC-RFC
Page 3D.14
03/13/06
Client Guide
Property Types &
Considerations
Exhibit B-1
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GMAC-RFC
Exhibit B-1
Page 3E.1
03/13/06
Client Guide
Loan Documents &
Notes
3E
Loan Documents & Notes
This Chapter describes Loan Document requirements and Note requirements that apply to all
GMAC-RFC Loan Programs. Generally, eligibility policies that vary from one standard Loan
Program to another are described in the individual Loan Program Chapters. In most cases,
differences will not be referenced in this Chapter.
E300
Note Requirements
(A) Late Fees
Unless applicable law requires otherwise, all Notes must reflect a late charge of no less than
4% and no more than 6%, and late charges must be assessed in accordance with the Loan
Program under which the Loan is submitted.
Jumbo A, Expanded Criteria, and Payment Option:
Late charges must be assessed no earlier than the 16th day of the month in which the
payment is overdue. If the Note provides for payment of a late fee that is more than 6% or
that may be assessed for payments received earlier than the 16th day of the month, the
Client warrants that the Borrower has been notified in writing that during the time that
GMAC-RFC owns the Loan, the Borrower will be charged a late fee of 6% and that the late
fees will not be assessed for payments received earlier than the 16th day of the month.
Home Solution and AlterNet:
Late charges must be assessed no later than the 10th day of the month in which the
payment is overdue. If a Note provides for payment of a late fee that is more than 6% or
that may be assessed for payments received earlier than the 10th day of the month, the
Client warrants that the Borrower has been notified in writing that during the time that
GMAC-RFC owns the Loan, the Borrower will be charged a late fee of 6% and that the late fee
will not be assessed for payments received earlier than the 10th day of the month.
(B) Note Rates
Exclusive of any permanent buydown, the Note rate is as follows:
For Jumbo A, Expanded Criteria, and Payment Option, the authorized net rate, the
minimum Servicing Fee applicable to the Loan product, plus any excess servicing
For Home Solution, the gross coupon rate identified with the price quote
For AlterNet, the gross coupon rate identified with the price quote. All excess will be
retained by the Client
GMAC-RFC will purchase Loans with Note rates in any increment unless otherwise stated in
Chapter 6, Loan Programs.
(C) First Payment; Monthly Payments (First Mortgages)
(1) First Mortgages
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Exhibit B-1
3E GMAC-RFC
Page 3E.2
03/13/06
Client Guide
Loan Documents &
Notes
For first mortgages, the Note must provide for full amortization by maturity through
monthly payments. The first payment is due no later than 62 days after final
disbursement of the Loan proceeds to the Borrower. All payments for first mortgages
are due on the first of the month.
Interest Only payments are permitted under specific Loan Programs. See Chapter
6, Loan Programs, and Chapter 5, Product Descriptions, of this Client Guide for
details.
(2) 1st Lien Lines of Credit
For 1st Lien Lines of Credit, the payment date will be disclosed in the monthly
statement mailed to the Borrower by the Designated Servicer. The Borrower will
receive the monthly statement at least 15 days prior to their first payment due date.
(D) First Payment; Monthly Payments (Second Mortgages)
(1) Home Equity Goal Loans and 125 CLTV Loans
For Home Equity Goal Loans and 125 CLTV Loans, the Borrower will receive a
statement from the Designated Servicer indicating the monthly amount of the
payment and the monthly due date. The date of the first payment must be more
than 30 days, but cannot be more than 60 days from the date of the Note.
(2) Home Equity Goal Lines of Credit
For Home Equity Goal Lines of Credit, the payment date will be disclosed in the
monthly statement mailed to the Borrower by the Designated Servicer. The
Borrower will receive the monthly statement at least 15 days prior to their first
payment due date.
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Exhibit B-1
GMAC-RFC
3E
Page 3E.3
03/13/06
Client Guide
Loan Documents &
Notes
E301
Loan Documents
The Client must conform to the following Loan Documents requirements:
(A) First Mortgage Documents (excluding the 1st Lien Line of Credit Program)
(1) Uniform Instruments (Single Family)
The Client is required to use the most recent version Single-Family Fannie Mae/
Freddie Mac Uniform Instruments see GMACResidentialFunding.com. The
Client must attach the proper addenda and Rider to the Note or Security
Instrument as outlined in the Product Descriptions Chapter.
(2) Required Riders
Please see GMACResidentialFunding.com for any additional Riders and Addenda
required. This may include, but is not limited to, Condominium Rider, PUD Rider,
Second Home Rider, Adjustable Rate Rider, 1-4 Family Rider and Texas Home Equity
Riders.
(3) Changes to Uniform Instruments and Required Riders
The Client may not change or alter the required documents except when authorized
in writing by GMAC-RFC, Fannie Mae and/or Freddie Mac. Fannie Mae and
Freddie Mac changes must be consistent with the Product Description in this Client
Guide.
Except as outlined in this Section, the Client agrees to make no changes or additions
to Fannie Mae/Freddie Mac Uniform Instruments that will affect GMAC-RFC's
purchase of the Loan(s), other than those that are in accordance with the Loan
Product Description in this Client Guide. Other changes or additions may be made
with a separate instrument (Rider) to the Note or Security Instrument, as
appropriate, as long as it includes the following:
If GMAC-RFC buys the Clients rights under the Security Instrument and Note, the
promises and agreements in this Rider will no longer have any force or effect.
The Client agrees that no allowable changes or additions to the Note or Security
Instrument will adversely affect the negotiability of the Note or impair any rights of
GMAC-RFC.
(4) Corrections to Uniform Instruments and Required Riders
The Client must review the Note, Security Instrument and Riders for accuracy
prior to closing. These documents must be free of errors, with no erasures, whiteout or other changes. If a correction must be made and a new instrument cannot be
drafted, the Client must draw a single line through the incorrect portion and must
type in the correction. All Borrowers must initial the change.
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Exhibit B-1
3E GMAC-RFC
Page 3E.4
03/13/06
Client Guide
Loan Documents &
Notes
(B) 1st Lien Line of Credit Documents

(1) Line of Credit Agreement
Requirements regarding Line of Credit Agreement are specified in Chapter 9,
Commitment, Prior Approval, Delivery and Funding. The Client is responsible for
ensuring that the Line of Credit Agreement complies with all laws applicable to the
Client including, but not limited to, licensing laws, and that the Line of Credit
Agreement is valid and enforceable under applicable State law.
(2) Changes to Required Line of Credit Agreement
When GMAC-RFC requires the Client to use a Line of Credit Agreement drafted by a
particular document provider, the Client may not change or alter the required Line of
Credit Agreement except when authorized in writing by GMAC-RFC. If the Client
believes a change must be made to any required Line of Credit Agreement in order
to comply with a federal, State, or local law, the Client must notify GMAC-RFC
immediately.
(3) Security Instruments and Riders
Security Instruments and Riders used to secure a Line of Credit Agreement are
considered Non-Standard Documents and must comply with the requirements
applicable to the Non-Standard Documents Section of this Client Guide. The Client
is responsible for determining whether any Riders to the Security Instrument are
necessary including, but not limited to, Condominium Riders, PUD Riders, Second
Home Riders, and 1-4 Family Riders.
(4) Corrections to Line of Credit Agreements, Security Instruments and Riders
The Client must review the Line of Credit Agreement, Security Instrument, and
Riders for accuracy prior to closing. These documents must be free of errors, with no
erasures, white-out or other changes. If a correction must be made and a new
instrument cannot be drafted, the Client must draw a single line through the
incorrect portion and must type in the correction. All Borrowers must initial the
change.
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Exhibit B-1
GMAC-RFC
3E
Page 3E.5
03/13/06
Client Guide
Loan Documents &
Notes
(5) 1st Lien Line of Credit Borrower Disclosure Requirements

The Client must comply with all federal and State disclosure requirements, including,
but not limited to, the following:
(a) A variable rate disclosure at application
(b) A copy of the Federal Reserve General Information brochure titled, Federal
Reserve home equity brochure, which can be obtained by contacting:
(c) Board of Governors of the Federal Reserve System
Publication Services - MS127
Washington, DC 20551
www.federalreserve.gov/pubs/homeline
(d) The additional finance charges of the 1st Lien Line of Credit Revolving Loan
Disbursement Schedule (GMAC-RFC Form 16G07) must be completed if the
finance charges are to be paid from the 1st Lien Line of Credit proceeds. The
schedule must be signed by each Borrower who qualified for the line of credit
(e) Notice of Right of Rescission (if applicable)
(6) 1st Lien Line of Credit Required Additional Documents, Revolving Loan
Disbursement Schedule
The Client must provide the Borrower with a 1st Lien Line of Credit Revolving Loan
Disbursement Schedule (GMAC-RFC Form 16G07) at closing specific to the 1st Lien
Line of Credit if a disbursement or Initial Advance is made by the Client to, or on the
behalf of, the Borrower. The schedule details disbursements made on the Borrowers
behalf and/or any Initial Advance taken by the Borrower. The schedule must be
signed at closing by all Borrowers who qualified for the 1st Lien Line of Credit.
(C) Second Mortgage Documents
(1) Notes
Requirements regarding Goal Line and Goal Loan Notes are specified in Chapter 9,
Commitment, Prior Approval, Delivery and Funding. Client is responsible for ensuring
that Notes comply with all laws applicable to the Client including, but not limited to,
licensing laws, and that the Notes are valid and enforceable under applicable State
law.
(2) Changes to Required Notes
When GMAC-RFC requires Client to use a Goal Line or Goal Loan Note drafted by a
particular document provider, Client may not change or alter the required Note
except when authorized in writing by GMAC-RFC. If Client believes a change must be
made to any required Note in order to comply with a federal, State, or local law, the
Client must notify GMAC-RFC immediately.
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Exhibit B-1
3E GMAC-RFC
Page 3E.6
03/13/06
Client Guide
Loan Documents &
Notes
(3) Security Instruments and Riders

Security Instruments and Riders used to secure a Goal Line or Goal Loan Note are
considered Non-Standard Documents and must comply with the requirements
applicable to the Non-Standard Documents Section in Chapter 2A of this Client
Guide. Client is responsible for determining whether any Riders to the Security
Instrument are necessary including, but not limited to, Condominium Riders, PUD
Riders, Second Home Riders, and 1-4 Family Riders.
(4) Corrections to Notes, Security Instruments and Riders
The Client must review the Note, Security Instrument, and Riders for accuracy prior
to closing. These documents must be free of errors, with no erasures, white-out or
other changes. If a correction must be made and a new instrument cannot be
drafted, the Client must draw a single line through the incorrect portion and must
type in the correction. All Borrowers must initial the change.
(D) Reverification
In order to facilitate the reverification process for quality control purposes and to encourage
all Borrowers to provide complete and accurate information during the application process,
Clients must obtain a blanket authorization form for all Borrower. All Clients must be able to
provide accurate documentation and information on all Loans.
The Client may choose to develop its own blanket authorization form, which must comply
with applicable law and include the following information:
(1) Why the form is being requested: For example, notify the Borrower that the Loan
may be selected as part of an audit; therefore, credit information stated on the
application will only be requested specifically with regard to the Borrowers mortgage
Loan.
(2) No additional cost will be incurred by the Borrower: If verifications are requested, let
the Borrower know that no additional costs will be incurred.
(3) Full Borrower cooperation/release of information: If information is requested by an
audit, the Borrower agrees to fully cooperate with the Client, or subsequent Note
holder, and authorizes the release of information. Information may be requested
from a depository, employer or any other applicable party who provided Loan
information. The Borrower agrees to fully cooperate throughout the quality control
process.
In cases where income used for qualification purposes is derived from sources typically
verified through tax returns, the Client must obtain a Tax Information Authorization Form
(IRS Forms 4506 or 4506-T) directly from the Internal Revenue Service. Tax returns may be
relied on for interest income, rental income, etc. This form will verify the accuracy of the
income information stated on the Loan application or will validate the accuracy and
completeness of the information outlined in the tax returns on Full, Lite, One Paystub and
Fast Income Documentation Loans.
The blanket authorization form must be signed at Loan application rather than at Loan
closing. The Client must keep these forms in the Loan file. If the Loan is selected for an audit,
these forms may be used to obtain the reverification information required.
GMAC-RFC may ask the Client to provide copies of these forms to assist in its quality control
and audit process.
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Exhibit B-1
GMAC-RFC
Page 3F.1
03/13/06
Client Guide
Insurance & Survey
Requirements
3F
Insurance & Survey Requirements
This Chapter describes the insurance and survey requirements that apply to all GMAC-RFC
Loan Programs. Generally, eligibility policies that vary from one standard Loan Program to
another are described in the individual Loan Program Chapters. In most cases, differences
F300
Insurance Requirements
The following Sections define the insurance requirements that must be satisfied for Loans
offered for sale to GMAC-RFC.
F301
Hazard Insurance
At a minimum, the Mortgaged Premises must be protected against loss or damage from
fire and other perils covered within the scope of the standard extended coverage
endorsement. GMAC-RFC will not accept hazard insurance policies that limit or exclude from
coverage (in whole or in part) windstorm, hurricane, hail damage, or any other peril that is
normally included under an extended coverage endorsement. The hazard insurance coverage
must equal the lesser of:
100% of the insurable Value of the improvements as established by the property
insurer OR
The unpaid principal balance of the first mortgage and the second mortgage Loan
amount, as long as it equals the minimum amount80% of the insurable Value of the
improvementsrequired to compensate for damage or loss on a replacement cost
basis
For negatively amortizing Loans, the hazard insurance coverage must be either 100% of the
insurable Value of the improvements as established by the property insurer or the highest
outstanding balance permitted under the Loan Program. The Client must ensure that the
Mortgaged Premises will be adequately covered even when vacant, and where necessary,
must obtain a vacancy permit endorsement.
(1) Deductible
Unless State law requires a higher deductible, the deductible may not exceed the
higher of:
$2,000 or 2% of the policys insurance limits for windstorm or hail losses
$1,000 or 1% of the policys insurance limits for all other covered losses
(2) Carrier
The policy must be underwritten by an insurer currently rated B/III, A/II or better in
Bests Insurance Reports or rated A or better by DEMOTECH, Inc. Lloyds of London
policies are also acceptable. The insurer must also be licensed or authorized by law
to conduct business in the jurisdiction where the Mortgaged Premises is located.
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Exhibit B-1
3F GMAC-RFC
Page 3F.2
03/13/06
Client Guide
Insurance & Survey
Requirements
(3) Public Liability Insurance

The PUD Corporation, homeowners association (HOA) or trust must have a
comprehensive policy of public liability insurance, covering all the PUDs common
property. The insurance policy must contain a severability of interest clause or
endorsement precluding the insurer from denying the claim of a PUD unit owner
because of negligent acts of the PUD corporation, homeowners association, trust or
other unit owners. Coverage must also include all other coverages in the kinds and
amounts commonly required by private institutional mortgage investors for projects
similar in construction, location and use. Liability coverage must be for at least $1
million per occurrence for personal injury and/or property damage. Public liability
insurance is not required for projects that have greenbelt space only as long as the
homeowners association (HOA) has been turned over to the unit owners.
(4) Mortgagee Clause; Endorsement
Each hazard insurance policy must contain or have attached the standard (New
York) mortgagee clause, or if unavailable, the standard mortgagee clause commonly
accepted by private institutional mortgage investors in the area where the
Mortgaged Premises is located. The mortgagee clause must provide that the
insurance carrier notify the Designated Servicer named at least ten days before
the effective date of any termination, reduction or cancellation of the policy.
For Second Mortgage Programs, the Client must ensure the hazard insurance
policy contains a standard mortgagee clause identifying the second mortgage
interest and that it does not replace the mortgagee clause pertaining to the first
mortgage Loan.
The mortgagee clause of each insurance policy must be properly endorsed,
necessary notices of transfer must be given, and any other necessary action must be
taken as reasonably requested by GMAC-RFC in order to protect the interest of
GMAC-RFC as first or second mortgagee under the terms of the policy and applicable
law.
When permissible, the Client must have the insurance carrier name the Servicer or
its assigns as the first mortgagee under the mortgagee clause, instead of GMACRFC. In deed of trust jurisdictions, when permissible, the name of the Servicer
beneficiary or the [name of trustee] for benefit of [name of Servicer] must be used
instead of the name of the trustee only.
Regardless of how the mortgagee clause is endorsed, the Client must cause all
insurance drafts, notices, policies, invoices and all other similar documents to be
delivered directly to the Servicer. The Client shall not have complied with this
requirement if the Clients actions cause the insurance documents to be delivered to
GMAC-RFC. GMAC-RFC will not be responsible for insurance documents received due
to the Clients failure to indicate to the insurance company the Servicers correct
name and address. If GMAC-RFC is named as the first mortgagee, the Servicers
address must be used in the endorsements instead of GMAC-RFC.
For example:
XYZ Mortgage Company
as Servicer for GMAC-RFC
123 Center Street
Anytown, Anystate, zipcode
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Exhibit B-1
GMAC-RFC
3F
Page 3F.3
03/13/06
Client Guide
Insurance & Survey
Requirements
F302
Mortgage Insurance
If primary mortgage insurance is required by the Loan Program, as stated in Chapter 6,
Loan Programs, the Client must obtain a mortgage insurance Commitment certificate from a
Mortgage Insurer that is acceptable to GMAC-RFC. The primary mortgage insurance
coverage must run to the Client and its successors and assigns and must protect the interest
of GMAC-RFC. Mortgage insurance coverage must not be subject to any exclusions beyond
those stated in the Mortgage Insurers master policy.
An acceptable primary Mortgage Insurer must have, at a minimum, a claims paying ability
acceptable to Standard and Poors Corporation for AA-Rated mortgage pass-through
certificates and to Moodys Investors Service for an A-Rated mortgage pass-through
certificate. The primary Mortgage Insurers currently meeting these requirements are listed
on the Acceptable Primary Mortgage Insurers Exhibit (GMAC-RFC Exhibit 1304).
It is the Clients responsibility to monitor the ratings of these Mortgage Insurers. In the event
the ratings are downgraded prior to the Funding Date or Substitution Date, the Client
must obtain mortgage insurance from another Mortgage Insurer listed on the Acceptable
Primary Mortgage Insurers (GMAC-RFC Exhibit 1304) who meets the claims paying ability
requirement of GMAC-RFC.
An Escrow/Impound account must be established at closing for monthly payment of future
premiums, unless a single premium was paid in full at closing.
(1) Monthly Mortgage Insurance Premiums
GMAC-RFC accepts mortgage insurance premiums scheduled to be paid on a
monthly basis.
(2) Single Premium Mortgage Insurance
GMAC-RFC accepts mortgage insurance premiums paid as a single premium.
When financing the cost of the premium in the Loan amount, the entire Loan amount
(inclusive of premium) is used to calculate the LTV ratio. The LTV cannot exceed the
maximum LTV allowed for the Program.
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Exhibit B-1
3F GMAC-RFC
Page 3F.4
03/13/06
Client Guide
Insurance & Survey
Requirements
(3) Lender Paid Mortgage Insurance

Clients may choose to submit Loans using lender-paid mortgage insurance.
If the Client selects lender-insured mortgages, it must meet the following conditions:
Clients must select either an annual renewal plan or a life-of-the-mortgage
single-premium plan for all Loans delivered to GMAC-RFC
The Client must increase the amount of Servicing Fee required by GMAC-RFC
if it selects the annual renewal plan
The Client must increase the amount of Servicing Fee over the minimum
Servicing Fee required by GMAC-RFC if it selects the annual renewal plan
The Client must identify the total Servicing Fee, which includes the annual
renewal premium, at the time of Loan registration. See Ordering Best Efforts
Delivery Commitments or Ordering Mandatory Delivery Commitments
within this Section for additional information
Lender-paid mortgage insurance may be used for both fixed-rate mortgages
and ARMs. However, convertible ARMs are not eligible for purchase
The Client must pay each renewal premium when it becomes due, regardless of the
receipt of payments from the Borrower. Clients may not deposit these funds in an
GMAC-RFC custodial account unless specifically authorized by GMAC-RFC.
The Client must keep the mortgage insurance coverage in effect for the entire life of
the Loan. Provisions defined in this Mortgage Insurance Section and in Chapter 8,
Servicing Released, regarding cancellation of coverage do not apply. The Client may
retain any premium refund it receives in connection with a policy cancellation
resulting from a full pay off of the mortgage Loan.
The Client agrees that if the servicing of a lender-insured mortgage is transferred,
the Client will provide the new Servicer with a list of all lender-insured mortgages
that are included in the portfolio being transferred (identifying the applicable
premium renewal rate).
When lender-insured Loans are delivered to GMAC-RFC, Clients must identify the
Loan as being lender-insured and indicate to GMAC-RFC whether the premium is a
monthly or annual renewal or a single-premium plan.
(4) Mortgage Insurance Coverage Requirements
When required, mortgage insurance must be obtained from the companies listed on
the Acceptable Primary Mortgage Insurers Form, (GMAC-RFC Form 1304).
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Exhibit B-1
GMAC-RFC
3F
Page 3F.5
03/13/06
Client Guide
Insurance & Survey
Requirements
(5) Mortgage Insurance Requirements for Loans Originated in New York

The Value used in determining the Loan-to-Value ratio is generally the lower of the
sale price or the current appraised Value of the property securing the Loan. Under
New York law, Mortgage Insurers may not issue mortgage insurance if the
mortgage amount is less than 80% of the fair market Value of the real estate. Fair
market Value is not defined (see below). In addition, on a first mortgage Loan, a
Borrower may not be required to pay mortgage insurance premiums once the unpaid
Loan balance is 75% or less of the appraised Value of the real property at the time
the Loan was made.
On an exception basis, GMAC-RFC will purchase New York Loans with mortgage
insurance issued in accordance with New York law. A lender may base its
determination of when to require mortgage insurance for a mortgage secured by a
property located in New York solely on the appraised Value of the propertynot
the lower of the sale price or current appraised Value. GMAC-RFC will continue to use
our standard definition of Value to calculate the Loan-to-Value ratio used in
determining whether the mortgage satisfies our eligibility criteria based on the Loanto-Value ratio of the mortgage.
(6) Cancellation; Original Borrower
If required by law, or if all of the following conditions are met and the Borrower so
requests, the Mortgage Insurance must be canceled.
(a) Two years has elapsed since the origination of the Mortgage
(b) The unpaid principal balance of the Loan has been reduced to the LTV (CLTV in
the case of a Junior Lien) where Mortgage Insurance is not required under
Chapter 6, Loan Programs, at the time the Loan was purchased by GMAC-RFC,
where Value is:
Based upon the original appraised Value of the property, and the Servicer
represents that the current Value of the Mortgaged Premises is at least
equal to the original appraised Value or
Based upon a current appraised Value (ordered by the Servicer from their
approved appraiser list and paid for by the Borrower). The applicable
appraisal form must be used and it must have been performed within 60
days of the request for cancellation of the mortgage insurance. Under
certain circumstances (based upon the structure of the pool a Loan may be
in) it may not be possible to cancel mortgage insurance on an individual
Loan where a new appraisal is used as the basis of determining the current
LTV. All requests where a new appraisal will be ordered to establish the
current LTV must have prior written approval from GMAC-RFC before
mortgage insurance may be canceled
(c) The Borrowers monthly installment of principal, interest and Escrow/Impound
was never more than 30 days past due for the 12 months immediately preceding
the date insurance cancellation is requested.
(d) There was no other default under the terms of the Loan at any time during the
same 12 month period.
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Exhibit B-1
3F GMAC-RFC
Page 3F.6
03/13/06
Client Guide
Insurance & Survey
Requirements
(7) Cancellation; Transfer of Ownership

If the transferee so requests and all of the conditions below are met, mortgage
insurance may be canceled following an authorized transfer of ownership of the
Mortgaged Premises.
(a) The unpaid principal balance of the Loan has been reduced to the Loan-toValue ratio required under Chapter 6, Loan Programs, at the time the Loan
was purchased by GMAC-RFC, where Value is:
The lesser of the purchase price at transfer or the appraised Value at
transfer as estimated by a Client-Approved appraiser OR
If the Mortgaged Premises were not reappraised at the time of transfer or
the Value has declined, the lesser of the purchase price at transfer or the
Value of the Mortgaged Premises as estimated by a Client-Approved
appraiser, using the applicable appraisal form, within 60 days of the
request for cancellation of insurance
(b) The transferees monthly installment of principal, interest and Escrow/Impound
was never more than 30 days past due for the 12 months preceding the date
insurance cancellation is requested.
This satisfactory payment record requirement is not applicable if insurance
cancellation is requested at the time of transfer. A shorter period of satisfactory
payments is acceptable if it is shorter than the period between the transfer date
and the date insurance cancellation is requested.
(c) There was no other default under the terms of the Loan at any time during the
applicable period stated in clause (b) above, provided that this requirement is
not applicable if insurance cancellation is requested at the time of transfer.
(8) Cancellation; Appraisal Fee
Any applicable appraisal fee incurred to determine the appropriateness of mortgage
insurance coverage cancellation may be charged to the Borrower.
(9) Cancellation; Adjustment and Notice
Upon cancellation of mortgage insurance:
The collection of related premiums must be discontinued
Necessary adjustments to the Borrowers Escrow/Impound account and the
Escrow/Impounds portion of the monthly installment amount must be made
The Borrower must be advised, in writing, of all such adjustments
(10) Cancellation; Disclosure of Terms and Conditions
The Client must disclose to the Borrower, in writing, the terms and conditions that
must be met prior to the primary mortgage insurance being eligible for cancellation.
A copy of this disclosure must be retained in the Loan file as a permanent record in
order to ensure adherence to the mortgage insurance requirements in effect at the
time the Loan was purchased by GMAC-RFC.
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GMAC-RFC
Exhibit B-1
3F
Page 3F.7
03/13/06
Client Guide
Insurance & Survey
Requirements
F303
Earthquake Insurance
GMAC-RFC does not require earthquake insurance as a condition for purchase; however, if
coverage is in place, the following applies:
Mortgage Clause; Endorsement
The Client must ensure that the earthquake insurance policy contains a standard mortgagee
clause identifying the first or second mortgage interest, and for second mortgage Loans, it
does not replace the mortgagee clause pertaining to the first mortgage Loan.
F304
Flood Certification
Each Loan delivered for purchase must include the Federal Emergency Management Agency
(FEMA) Standard Flood Hazard Determination Form for use in determining whether a building
is located within an identified Special Flood Hazard Area (SFHA). The Client must use third
party firms or appraisers to make the flood hazard determination, and the Client is ultimately
responsible for the accuracy of the flood zone determination. The Client must ensure that the
third party guarantees the accuracy of its determination. The certification must indicate
whether the dwelling on the subject property lies within an SFHA as identified by the FEMA
through the National Flood Insurance Program (NFIP). The flood zone, flood map number and
map date must also be stated. The Client must select a flood zone determination company
from the list of flood zone determination vendors provided by Fannie Mae or Freddie Mac.
F305
Flood Insurance
If the area where the Mortgaged Premises are located has been identified by the Secretary
of HUD or the Director of the Federal Emergency Management Agency (FEMA) as a Special
Flood Hazard Area (SFHA), the Client must ensure that flood insurance is maintained and
that it provides coverage at least equivalent to the National Flood Insurance Program (NFIP)
in the amount specified in this Section.
Flood insurance is required if any part of the principal structure is located within an SFHA.
Flood insurance on detached buildings located within an SFHA is required if they serve as
part of the security for the mortgage. GMAC-RFC will not purchase mortgages secured by
property located in non-participating communities if the property is located in an SFHA.
The Client may waive the flood insurance requirement if the land or a portion of it is in a
Special Flood Hazard Area but the improvements are not, or if the Borrower has provided the
Client with a Letter of Map Amendment from FEMA excluding its improvements or the entire
property from the Special Flood Hazard Area.
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Exhibit B-1
3F GMAC-RFC
Page 3F.8
03/13/06
Client Guide
Insurance & Survey
Requirements
If the property is already covered by a flood insurance policy because the holder of the first
mortgage required the coverage, the Client must review the coverage to ensure that it
provides the minimum coverage required under the National Flood Insurance Program (NFIP)
in the amount specified in this Section. Because the maximum level of coverage available
under the NFIP has been increased to $250,000 and the statutory cap has been eliminated,
some mortgages may be underinsured. The Client must review the coverage on the first
mortgage to determine whether additional coverage is required. The Client must require the
Borrower to obtain appropriate endorsements. The Client must provide a copy of the
endorsements to the Servicers of both the first mortgage and the second mortgage Loan. If
the property is not covered by a flood insurance policy and it is an SFHA, the Client must
require the Borrower to obtain the minimum coverage required in this Section.
Building coverage for single-family properties must be maintained in an amount at least
equal to the least of the following:
The maximum available under NFIPs regular program
The maximum available under NFIPs emergency program if the regular program is not
yet in effect in the area where the Mortgaged Premises is located or
The minimum amount required under the terms of coverage to compensate for any
damage or loss on a replacement cost basis, or the unpaid balance of the Security
Instrument if replacement cost compensation is not available for the type of building
insured
Deductibles may not exceed the lower of $1,000 or 1% of the amount of coverage. Any flood
insurance policy shall contain the standard mortgagee clause as described in the Section of
this Client Guide.
Flood insurance requirements for single-family properties apply to similar residential
properties within a PUD.
F306
Condominium Insurance
Prior to the sale of a Loan to GMAC-RFC secured by a unit in a condominium, written
evidence must be obtained to ensure that the scope and amount of insurance coverage
meets or exceeds all local laws, ordinances and regulations covering condominiums, and
that, in addition, the following minimum requirements for insurance coverage are satisfied:
(1) Scope of Coverage
A multi-peril type of policy covering the entire condominium project is required. This
policy must provide, at a minimum, fire and extended coverage and all other
coverage in the kinds and amounts commonly required by private institutional
mortgage investors for projects similar in construction, location and use. Coverage
must be on a replacement cost basis for at least 100% of the insurable Value based
on replacement cost.
(2) Boiler Explosion Insurance
If a steam boiler is operating in the Mortgaged Premises, boiler explosion
insurance must be in force. This insurance must be evidenced by the standard form
of boiler and machinery insurance policy, and must provide, at a minimum,
$100,000 per accident per location.
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Exhibit B-1
3F
GMAC-RFC
Page 3F.9
03/13/06
Client Guide
Insurance & Survey
Requirements
(3) Special Flood Hazard Insurance

If the condominium project is in an area identified by the secretary of HUD as
having special flood hazards, a blanket policy of flood insurance must be
maintained by the Client on the condominium project in the amount of the aggregate
of the outstanding principal balances of the mortgages on the condominium units,
including the second mortgage Loan amount, if applicable, or the maximum limit of
coverage available under the National Flood Insurance Act of 1968, as amended,
whichever is less.
For second mortgages, the master or blanket policy of flood insurance must be in
the amount of the aggregate of the outstanding principal balances of all the
mortgages on the condominium units, including the second mortgage Loan amount,
or the maximum coverage available under the NFIP, whichever is less. The policy
must cover common element buildings and any other common property.
For second mortgages, the Client must ensure the flood insurance policy contains a
standard mortgage clause identifying the second mortgage interest and that it does
not replace the mortgage clause pertaining to the first mortgage.
(4) Name of Insured
The name of the insured stated under each required policy must be similar in form
and substance to the following:
Association of Owners of the [name of condominium]
for use and benefit of the individual owners
[designated by name, if required].
(5) Mortgagee Clause
Each policy must contain the standard mortgagee clause endorsed to provide that
any proceeds will be paid to the Association of Owners of the [name of
condominium] for the use and benefit of mortgagees as their interest may appear,
or otherwise endorsed to fully protect the interest of GMAC-RFC.
When a mortgagee clause is not applicable, a certificate of insurance must be
obtained by the Client. This certificate must contain the information required for
certificates that is set forth in the Evidence of Insurance Section of the Servicer
Guide. The certificate must name the Client, if servicing is retained, or the
Designated Servicer, if servicing is released, as the certificate holder instead of its
mortgagee.
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Exhibit B-1
3F GMAC-RFC
Page 3F.10
03/13/06
Client Guide
Insurance & Survey
Requirements
(6) Fidelity Insurance

The condominium owners association must have fidelity coverage against dishonest
acts on the part of directors, managers, trustees, employees or volunteers
responsible for handling funds belonging to or administered by the condominium
owners' association. The fidelity bond or insurance must name the condominium
owners' association as the insured. Condominium projects with 20 units or less are
not required to have Fidelity insurance.
Class I Condos: The coverage must equal the maximum amount of funds held by the
homeowners association (HOA) at any one time, and must total at least three
months of assessments on the entire project, plus reserves. An appropriate
endorsement to the policy to cover any persons who serve without compensation
must be added if the policy would not otherwise cover volunteers.
Class II Condos: The coverage must equal the maximum amount of funds held by
the homeowners association at any one time, and must total at least three months
of assessments on the entire project. An appropriate endorsement to the policy to
cover any persons who serve without compensation must be added if the policy
would not otherwise cover volunteers.
Class III Condos: Proof of fidelity insurance is not required.
The condominium owners association must have a comprehensive policy of public
liability insurance, covering all of the common elements, commercial spaces and
public ways in the condominium project. The insurance policy must contain a
severability of interest endorsement, precluding the insurer from denying the claim
of a condominium unit owner because of negligent acts of the condominium owners
association or other unit owners. Coverage must also include all other coverages in
the kinds and amounts required by private institutional mortgage investors for
projects similar in construction, location and use. Liability coverage must be for at
least $1 million per occurrence for personal injury and/or property damage. For
small condominium projects with only two to four units, liability coverage must be
for at least $500,000 per occurrence for personal injury and/or property damage.
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Exhibit B-1
3F
Page 3F.11
03/13/06
Client Guide
Insurance & Survey
Requirements
F307
PUD Insurance
Except as provided in the following Sections, all coverage in the kinds and amounts required
for Loans under this Client Guide is also required for Loans secured by PUD units.
(1) Blanket Insurance Coverage
In lieu of maintaining an individual hazard insurance policy on each PUD unit, the
PUD corporation, homeowners association (HOA), or trust may maintain blanket
hazard insurance, providing, at a minimum, fire and extended coverage and all other
coverage in the kinds and amounts commonly required by private institutional
mortgage investors for developments similar in construction, location and use.
The coverage must be in an amount equal to the full replacement Value of all of the
PUD units without deductions for depreciation or coinsurance, including the
structural portions and fixtures owned by the PUD unit owners. Insurance premiums
from any blanket insurance coverage must be a common expense of the PUD
corporation, homeowners association (HOA) or trust and must be included in the
regular common assessments of the PUD unit owners. The coverage must name the
PUD corporation, homeowners association (HOA) or trust as the insured for the
benefit of the PUD unit owners.
(2) Common Property Coverage
The PUD corporation, homeowners association (HOA) or trust must have fire and
extended coverage for at least 100% of the replacement cost of the insurable PUD
common property. The insurance must name the PUD corporation, homeowners
association (HOA) or trust as the insured for the benefit of the PUD unit owners. No
mortgagee clause in favor of the PUD unit mortgagees is required by GMAC-RFC on
insurance covering common property.
The PUD corporation, homeowners association (HOA) or trust must have a
comprehensive policy of public liability insurance, covering all of the PUDs common
property. The insurance policy must contain a severability of interest clause or
endorsement precluding the insurer from denying the claim of a PUD unit owner
because of negligent acts of the PUD corporation, homeowners association (HOA),
trust or other unit owners. Coverage must also include all other coverages in the
kinds and amounts commonly required by private institutional mortgage investors
for projects similar in construction, location and use. Liability coverage must be for
at least $1 million per occurrence for personal injury and/or property damage.
(4) Mortgagee Clause
Each policy must contain the standard mortgagee clause endorsed to provide that
any proceeds will be paid to the [name of PUD corporation, homeowners association
(HOA) or trust] for the use and benefit of mortgagees as their interest may appear
or otherwise endorsed to fully protect the interest of GMAC-RFC.
When a mortgagee clause is not applicable, a certificate of insurance must be
obtained by the Client. This certificate must contain the information required for
certificates that is set forth in the Evidence of Insurance Section of the Servicer
Guide. The certificate must name the Client as the certificate holder instead of its
mortgagee.
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Page 3F.12
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Client Guide
Insurance & Survey
Requirements
F308
Title Insurance
Loans purchased by GMAC-RFC must be covered by a mortgagee title insurance policy or
other approved form of title evidence which has been paid in full, is valid and binding and
remains in full force and effect and complies with the following requirements:
The amount of coverage must be equal to the face Value of the mortgage. Loans with either
scheduled negative amortization, or the potential for it, require coverage that equals the
original mortgage amount of the Loan plus the maximum amount of potential negative
amortization (as stated in the Note and /or Rider). If an equivalent endorsement is obtained,
it must provide protection in an amount sufficient to cover the mortgage amount, plus the
maximum amount of negative amortization that is permitted in the Note and/or Rider.
All title Commitments and/or policies must be issued by an approved ALTA insurance
company. Prior to any Loan disbursement, a marked-up title binder for an ALTA title
policy, indicating GMAC-RFCs proposed lien position is required. If proof of
satisfaction/release is a condition for eliminating any liens on the title, copies of these
documents must be retained with the title work
All judgments and liens must be paid off, subordinated or insured over
Real estate taxes must reflect, not yet due and payable. On condominiums and
Planned Unit Development (PUD), taxes can only be assessable against the subject
unit and its undivided interest in the common areas and not the project as a whole
In purchase transactions, the home-seller must be the owner of record.
(A) Title Insurer
The title insurance policy must be issued by a title insurer acceptable to Fannie Mae or
Freddie Mac, and who is qualified to do business in the State where the Mortgaged
Premises is located.
(B) Form
The title insurance policy must be written on the current standard form the American Land
Title Association (ALTA) or other form currently acceptable to Fannie Mae or Freddie Mac.
A master title insurance policy, evidenced by a certificate issued under a master policy in lieu
of a separate policy for the Loan, is also acceptable provided the Client represents and
warrants the following:
(1) Client has examined the title insurers master policy documents and, based on this
review and certifications from the title insurer, the Client has confirmed that the
master policy provides at least the amount and scope of coverage given by the ALTA
standard policy and that the master policy otherwise meets the requirements of this
Title Insurance Section
(2) Client has obtained from the title insurer a fully executed master title insurance
policy issued in the Clients name
(3) Master policy and certificates of title have been approved by the applicable State or
(comparable) regulatory authorities and that the use of the master policy and
certificates of title insurance will be valid in each jurisdiction concerned
(4) Client will cause the title insurer to replace the title insurance certificate with a full
individual ALTA policy within ten days notice from GMAC-RFC
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3F
Page 3F.13
03/13/06
Client Guide
Insurance & Survey
Requirements
GMAC-RFC may refuse to accept the master title insurance policy of any title insurer.
For a Loan secured by Mortgaged Premises located in the State of Iowa, GMAC-RFC will
accept an attorney's certificate of title in lieu of a title insurance policy, provided all the
following conditions are met:
(1) The certificate must be addressed to the Client and all of its successors in interest as
evidenced by the Note and Security Instrument
(2) The certificate must be given by an attorney licensed to practice law in the State of
Iowa, who is insured against malpractice for rendering certificates of title in an
amount not less than the amount commonly written in the State of Iowa, taking into
account the number of these certificates rendered by the attorney
(3) The certificate must state:
(4) We (I) agree to indemnify you and your successors in interest in the Security
Instrument opined hereto, to the full extent of any loss attributable to a breach of
our (my) duty to exercise reasonable care and skill in the examination of the title
and the giving of this opinion.
(5) The certificate must not be subject to any exceptions, other than those permitted
under the following Title Exceptions and Title Exception Warranties Sections
(C) Beneficiary
The protection and benefits from the title insurance policy must insure the lender and the
mortgagee of the Loan, including all successors and assigns. Where MERS is the original
mortgagee, the title insurance policy must insure the lender, including all successors and
assigns, and additionally name MERS as an insured.
(D) Effective Date
The effective date of the title insurance policy must be no earlier than the date on which the
Security Instrument was recorded.
(E) Lien Requirements
The title insurance policy must insure that the Security Instrument creates a valid first or
second lien on the Mortgaged Premises.
The policy must list any lien for subordinate financing and state that the lien is subordinate to
the lien of the Security Instrument.
(F) Acceptable Minimum Coverage
The acceptable minimum title insurance coverage must at least equal the current principal
balance of the Loan. Loans with negative amortization must have title insurance coverage
equal to the highest obtainable balance of the Loan.
(G) Exceptions
The title insurance policy must not be subject to any exceptions, other than those permitted
under the following Title Exceptions and Title Exception Warranties Sections.
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Page 3F.14
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Insurance & Survey
Requirements
(H) Required Endorsements

Each title insurance policy must contain the following endorsement(s) or provide equivalent
affirmative coverage, if applicable to the Loan: ALTA Endorsement Form 8.0 (CLTA 110.8)
or 8.1 (CLTA 110.9); Environmental Protection Lien Endorsement is required for all Loans
originated after 12/1/87. ALTA Form 8.0 must be included with the 1987 ALTA Form of title
insurance policy. ALTA Form 8.1 must be included with the 1970 ALTA Form of title insurance
policy.
ALTA Endorsement Form 4 (CLTA 115.1): Condominium Endorsement is required for all
Loans secured by a condominium unit.
ALTA Endorsement Form 5 (CLTA 115.2): PUD Endorsement is required for all Loans
secured by a PUD unit.
ALTA Endorsement Form 6.0 (CLTA 11.5) or 6.1 (CLTA 111.6) or 6.2 (CLTA 111.8):
Variable Rate Mortgage Endorsement is required for all ARM Loans. ALTA Form 6.0 or
6.1 is required for all ARM Loans that do not provide for negative amortization. ALTA
Form 6.2 is required for ARM Loans that do provide for negative amortization.
CLTA Endorsement Form 100 and Form 116: Comprehensive Endorsement and a
Location Endorsement are required for all Loans in areas where surveys are not
customary.
CLTA Endorsement Form 110.5: Modification of Mortgage Endorsement (bring-down
endorsement) is required for all converted ARM Loans and all Loans that have had the
terms of the Security Instrument modified.
(I) Title Exceptions
The title to the Mortgaged Premises must be good, marketable and free and clear of all
encumbrances and prior liens. GMAC-RFC will not question title on the grounds that title is
subject to the following exceptions:
(1) Customary public utility subsurface easements, the location of which are fixed and
can be verified, providing that the exercise of rights of easement will not interfere
with the use and enjoyment of any present improvements on the Mortgaged
Premises or proposed improvements upon which the appraisal or Loan is based.
(2) Above-Surface public utility easements that extend along one or more property lines
for distribution purposes or along the rear property line for drainage, as long as they
do not extend more than 12 feet from the property lines and do not interfere with
any of the buildings or improvements or with the use of the Mortgaged Premises
itself.
(3) Any encroachment on an easement for public utilities by a garage or any other
improvement, except those improvements that are attached to, or are a portion of
the main dwelling structure, provided this encroachment does not interfere with the
use of the easement or exercise of rights or repair and maintenance.
(4) Cost, minimum dwelling size, use, building materials or setback restrictions as long
as their violation will not result in the forfeiture or reversion of the title or lien of any
kind for damages, or have an adverse affect on the fair market Value of the
Mortgaged Premises.
(5) Mutual easement agreements that establish joint driveways or Party Walls
constructed on the Mortgaged Premises and on an adjoining property, as long as all
future owners have unlimited and unrestricted use of them.
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3F
Page 3F.15
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Client Guide
Insurance & Survey
Requirements
(6) Encroachments of one foot or less on adjoining property by eaves or other

overhanging projections or by driveways, as long as there is at least a ten foot
clearance between the buildings on the Mortgaged Premises and the property
affected by the encroachments.
(7) Encroachments on the Mortgaged Premises by improvements on adjoining
property where these encroachments extend one foot or less over the property line
of the Mortgaged Premises, have a total area of 50 square feet or less, do not touch
any buildings and do not interfere with the use of any improvements on the
Mortgaged Premises or the use of the Mortgaged Premises not occupied by
improvements.
(8) Encroachments on adjoining properties by hedges or removable fences.
(9) Outstanding oil, water or mineral rights customarily waived by other lenders are
acceptable, as long as they will not result in damage to the Mortgaged Premises or
impair its use for residential purposes.
(10) Liens for real estate or ad valorem taxes and assessments not yet due and payable.
(J) Title Exception Warranties
Loans with minor impediments to title other than those listed in the Title Exceptions
Section of this Client Guide may be purchased by GMAC-RFC. The Client warrants to GMACRFC, however, that these impediments do not adversely affect the Value, use, enjoyment or
marketability of the Mortgaged Premises. The Client agrees to reimburse GMAC-RFC if a
loss is incurred that can be attributed to these impediments.
To support the warranty stated above, GMAC-RFC reserves the right, upon request, to
receive from the Client:
(1) A statement from the appraiser, explaining the effect of the title exception on Value,
marketability, use and enjoyment of the Mortgaged Premises
(2) A statement from the Mortgage Insurer (if applicable) stating that the condition of
the title will not affect the amount of coverage in the event of a claim
(3) Any additional documentation or information GMAC-RFC deems necessary
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3F GMAC-RFC
Page 3F.16
03/13/06
Client Guide
Insurance & Survey
Requirements
F309
Title Search/Insurance for Second Mortgage Programs
(A) Lien Requirements
A title policy, binder or title search must be obtained to determine that the Second
Mortgage Program Loan Security Instrument creates a valid second lien subordinate only
to the lien of the holder of the first mortgage Loan on the Mortgaged Premises. See
documentation requirements in, Title Binder/Search, and Title Insurance Policy sections
in Chapter 9C, Delivery.
F310
Survey Requirements
(A) Plat of Survey or Improvement Survey
(1) The Client must submit a plat of survey or improvement survey with the final Loan
Documents it sends to GMAC-RFC. In areas where surveys are not customary, the
title insurance policy must ensure against loss or damage by any violation, variation,
encroachment or adverse circumstance that an accurate survey would have
disclosed. Note that a survey is not required for condominium units.
(2) The survey must be based on the results of an instrument survey performed, dated
and certified by a licensed civil engineer or registered surveyor. The survey must
have been performed, dated and certified within one year from the date of issuance
of the title insurance policy insuring a particular Mortgaged Premises. A survey
more than one year old will be accepted, provided the survey has been recertified by
a licensed civil engineer or a registered surveyor within the past year. The survey
must be certified to the Client and the company furnishing the title insurance policy.
(3) The survey must present the following information:
The location by courses and distances of the plot covered by the Security
Instrument; the relation of the point of beginning of the plot to the monument
from which it is fixed; all easements adjacent to the plot; any established building
line; the street or streets abutting the plot and their width
Any encroachments and the extent of any encroachments in terms of feet and
inches upon the plot or any easement appurtenant to the plot
All structures and improvements on the plot with horizontal lengths on all sides;
and the relation of the structure and improvements by distances to all boundary
lines of the plot, easements, established building lines and street lines
(4) If the plot is described as being on a filed map, the survey must contain a legend
relating the plot to the map on which it is shown. The survey must disclose and
provide assurance that the improvements erected lie wholly within the boundaries of
the plot and that no part of the improvements encroach upon or overhang an
easement or right of way or upon the land of other sections, unless an affirmative
title policy endorsement is obtained.
The survey must also provide proof that the improvements are wholly within the
established building restriction lines and that no adjoining structure encroaches upon
the plot or upon any dominant easement appurtenant to the plot.
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Page 3F.17
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Client Guide
Insurance & Survey
Requirements
(B) Variations in Length of Property Lines

(1) Variations between the property lines length as shown on the appraisal and on the
survey are acceptable as long as:
The variance does not interfere with the current use of any of the improvements
on the Mortgaged Premises
The variance in the length of the front line is not deficient by more than 2%, and
the variance in length of any other line is not deficient by more than 5%
(2) GMAC-RFC may choose to purchase Loans with variations other than those stated
above. In these cases, the Client must warrant that these variations will not
adversely affect the Value, use, enjoyment and marketability of the Mortgaged
Premises.
(3) The appraiser must provide a statement about any other variations, explaining how
they affect the Mortgaged Premises Value. If mortgage insurance is required, the
Client must obtain a statement from its carrier, stating that the variance will not
affect the insurability of the Mortgaged Premises.
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Client Guide
Insurance & Survey
Requirements
Exhibit B-1
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Page 3G.1
03/13/06
Client Guide
Prepayment
Penalties
3G
Prepayment Penalties
This Chapter describes Prepayment requirements that apply to all GMAC-RFC Loan Programs.
Generally, eligibility policies that vary from one standard Loan Program to another are
described in the individual Loan Program Chapters. In most cases, differences will not be
G300
Prepayment Definition
A Prepayment is considered to have occurred when an amount greater than the regularly
scheduled principal payment is made thereby reducing the principal balance of a Loan before
the final due date.
(1) Full prepayment
When the entire amount of the Loan is paid prior to the due date, it is considered to
be a full prepayment. This can occur as a result of the sale of the property, a
refinance of the existing mortgage Loan, or a full payoff.
(2) Partial prepayment
A partial prepayment can occur when a principal curtailment is made along with a
regular monthly payment or as a lump sum payment, but does not fully payoff the
Loan.
(A) Prepayment Penalty Provisions
When the Loan has a prepayment penalty provision, and a full or partial prepayment is made
(over the prescribed allowable amount) during the penalty phase, a penalty will be due. The
amount of the penalty is dependent upon the amount of the principal reduction and terms of
the penalty provision. Prepayment penalty provisions typically describe:
(1) Prepayment Term
A qualifying prepayment penalty is expected to be in effect for at least 12 months
and up to 36 months from the date of the Note. Individual Loan Program Price
Sheets specify the prepayment terms which are eligible for the posted pricing.
(2) Penalty Calculation, Partial Prepayment Determination with Time frames
A qualifying prepayment penalty must provide for either:
(a) Six months advance interest on the amount by which the total of all
prepayments within any 12 month period exceeds 20% of the original principal
amount during the term of the prepayment penalty, OR
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Page 3G.2
03/13/06
Client Guide
Prepayment
Penalties
(b) A percentage amount of either the prepaid amount or the original principal
balance. The percentage may be a straight percentage over the term of the
penalty period or may be graduated and dependent upon the length of time
between the date of the Note and when the prepayment is made. The
percentage amount is determined as either:
5% if prepayment occurs in the first 12 months after the Note date; 4% if
prepayment occurs in the 13th through 24th month; and 3% if the
prepayment occurs in the 25th through 36th month from the date of the
Note, OR
3% over the entire prepayment penalty term
(B) Hard vs. Soft Prepayment
Enforceability based on whether or not the Loan is prepaid due to the sale of the home or due
to a refinance is sometimes to referred to as the difference between a hard or a soft
prepayment.
(1) Hard Prepayment
The prepayment penalty is enforceable and a penalty is charged regardless of the
reason for prepayment. The Note or other attachments/addenda do not provide for
waiving the prepayment penalty.
(2) Soft Prepayment
The prepayment penalty includes provisions for waiving the penalty if the home is
sold to a related or unrelated party. Acceptable documentation of the sale
transaction must be provided. Only a refinance of the existing Loan or full or partial
curtailment will result in a penalty assessment.
G301
Program Prepayment Pricing Requirements
To be eligible for the applicable posted pricing, Loans with prepayment penalty provisions
must meet the specific standards of the program under which the Loan is submitted as well
as the federal and State laws and regulations under which the Loan was originated. These
program standards include:
(A) Payment Option Program
A hard prepayment is required for Loans under the Payment Option Program as indicated on
the Price Sheet. One and three year prepayment terms are offered.
Payment Option ARM Loans originated in California with a provision that allows the Borrower
to prepay within 90 days of rate change notification are not eligible for the posted
prepayment penalty pricing adjustment.
(B) Jumbo A and Expanded Criteria Fixed Rate and ARM
Pricing is posted for a hard prepayment with a three year term.
One Month, Six Month, One Year, and Two Year ARM Loans originated in California with a
provision that allows the Borrower to prepay within 90 days of a rate change notification are
not be eligible for the posted prepayment penalty pricing adjustment.
(C) Home Equity Goal Loan and 125 CLTV
Pricing is posted for a hard prepayment with a three year term.
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Page 3G.3
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Client Guide
Prepayment
Penalties
(D) Line Of Credit Product (Home Equity Goal Line and First Lien Line of Credit)
These products do not allow prepayment penalties or termination fees.
(E) Home Solution Program
A hard prepayment is required for Loans submitted under the Home Solution Program. Terms
of one to three years are accepted for Fixed Rate and 30/15 Balloon Loans. A maximum two
year prepayment is allowed on Two-One LIBOR ARMs and a maximum three year
prepayment on Three-One LIBOR ARMs.
Qualifying prepayment penalty language may be one of the following:
Six months advance interest on the amount by which the total of all prepayments
within any 12 month period exceeds 20% of the original principal amount or the Loan,
OR
A percentage based on the amount prepaid or the original principal balance where the
percentage is 5% if the prepayment occurs in the first 12 months after the Note date;
4% if the prepayment occurs in the 13th through 24th month after the Note date; and
3% if the prepayment occurs in the 25th through 36th month after the Note date.
(F) AlterNet
A hard prepayment is required for Loans submitted under the AlterNet Program. Terms of
one to three years are offered for Fixed Rate Loans. A maximum two year prepayment is
allowed on Two Year-Six Month (2/28) LIBOR ARMs, and a maximum three year prepayment
is allowed on Three Year-Six Month (3/27) LIBOR ARMs.
Qualifying prepayment penalty language may be one of the following:
Six months advance interest on the amount by which the total of all prepayments
within any 12 month period exceeds 20% of the original principal amount or the Loan,
OR,
A percentage based on the amount prepaid or the original principal balance where the
percentage is 5% if the prepayment occurs in the first 12 months after the Note date;
4% if the prepayment occurs in the 13th through 24th month after the Note date; and
3% if the prepayment occurs in the 25th through 36th month after the Note date.
G302
Compliance with Applicable Laws
The Client must determine individual State requirements regarding prepayment penalties.
See the Prepayment Penalty Pricing Matrix published on the Portal for information regarding
GMAC Residential Fundings policies regarding the availability of prepayment penalty pricing
in each State. The Client must also comply with the prepayment penalty caps in the
Responsible Lending Representations, Warranties and Covenants Section of Chapter
2A, Representations, Warranties and Covenants.
Where federal or State laws preclude the program requirements, Clients are encouraged to
discuss alternative pricing for prepayment penalties.
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Page 3G.4
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Client Guide
Prepayment
Penalties
Exhibit B-1
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Page 4.1
03/13/06
Client Guide
Underwriting
4
Underwriting
The purpose of credit and property underwriting is to ensure that each Loan meets GMACRFCs quality standards. A Loan meets GMAC-RFCs underwriting quality standards if the
credit, character, capacity and collateral are consistent with the Loan Program and credit
grade under which the Loan is sold to GMAC-RFC. The likelihood of timely repayment is
expected to be commensurate with the credit quality of the program and the represented
Value of the Mortgaged Premises is expected to accurately reflect its market Value.
This Underwriting Chapter sets out underwriting standards that apply to all GMAC-RFC Loan
Programs. Generally, underwriting standards that vary from one standard Loan Program to
will not be referenced in this Chapter. Loans that do not comply with the criteria for standard
Loan Programs may be eligible for purchase under a non-standard Loan Program.
400
Description of Underlying Chapters
Chapter 4A, Credit
Chapter 4B, Liabilities & Debt Ratios
Chapter 4C, Cash To Close
Chapter 4D, Income Types
Chapter 4E, Income Documentation
Chapter 4F, Appraisal Requirements & Property Underwriting
Chapter 4G, Electronic Services
401
Client Underwriting Responsibility
The Client represents and warrants that all Loans sold to GMAC-RFC meet the eligibility and
underwriting guidelines as set forth in this Client Guide.
The Client is responsible for the credit and property underwriting regardless of whether the
credit information and appraisal were required or any Loan processing functions were
performed by an entity other than the Client or any entity related to the Client.
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4 GMAC-RFC
Page 4.2
03/13/06
Client Guide
Underwriting
402
GMAC-RFC Underwriting Review
GMAC-RFC may perform, at its sole discretion, a quality control or underwriting review of any
Loan prior to or after GMAC-RFC has funded the Loan. The potential for review and the depth
of the review increases for Loans with high risk characteristics, for new Clients and for Clients
with performance or other risk issues. High risk Loan characteristics may include:
Loans that fail the credit guidelines for the product and grade being delivered
Low score/high LTV Loans
High balance/high cash-out Loans or
High balance/ARM Loans
Upon completion of its review, GMAC-RFC will notify the Client of any material Loan
deficiencies. At its sole discretion GMAC-RFC may deny funding, allow re-pricing or require
repurchase of any Loan that is ineligible for the program under which the Loan is submitted
to GMAC-RFC. GMAC-RFC is committed to standards of reasonableness in underwriting
judgment and will exercise its sole discretion only when the Loan deficiency is a material
breach of the standards disclosed in this Client Guide.
403
Loan Application Analysis
The Loan application assists in determining the Borrowers eligibility for the Loan. During the
completion and review of the application, the Client agrees to analyze this eligibility in the
following manner:
Verify and substantiate the quantity, quality and durability of the Borrowers primary
income and other income (does not apply to Loans with the following documentation
types: Stated Income, No Ratio, Stated Income/Stated Asset, No Income/No Asset,
and No Doc)
Verify and analyze the Borrowers assets to determine if adequate funds are available
to meet the equity requirements of the Loan transaction and liquid reserve
requirements
Verify and substantiate the Borrowers liabilities and credit history and relate those
liabilities to the Borrowers assets and income
Evaluate the Borrowers net worth in relation to his or her ability to manage financial
affairs
Verify that the declarations are consistent with program eligibility
404
Electronic Documentation Standards
GMAC-RFC will accept Electronic Verification for employment, income, assets or
appraisals. GMAC-RFC, at its sole discretion, may require additional or original
documentation.
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GMAC-RFC
Page 4A.1
03/13/06
Client Guide
Credit
4A
Credit
This Credit Chapter sets out standards that apply to all GMAC-RFC Loan Programs. Generally,
requirements that vary from one standard Loan Program to another are described in the
individual Loan Program Chapters. In most cases, differences will not be referenced in this
Chapter.
A400
Credit Report Requirements
The Loan file must contain, for each Borrower whose income or assets are required to qualify
for the Loan, one of the following types of credit reports:
Full Residential Mortgage Credit Report (RMCR), which must conform in all respects to
all applicable Fannie Mae and Freddie Mac requirements
In-File credit report that accesses at least two or three credit repositories (three
sources are preferred)
The credit report must contain complete information provided by all repositories used and
must be issued by an independent credit reporting agency from acceptable repositories. If
the Borrower has lived in his or her current residence for less than 12 months, credit must be
searched using the current and the former address.
GMAC-RFC requires that the credit report(s) used to evaluate a Loan for purchase may not
have Frozen Credit. This applies to all Borrowers on all Loans submitted to Assetwise or on
a manual basis. If a Borrower unfreezes their credit after the original credit report was
ordered, a new three-file merged credit report must be obtained to reflect current updated
information from all repositories. As addressed in this Client Guide, GMAC-RFC accepts nontraditional credit in certain limited cases. However, non-traditional credit will not be accepted
as a replacement for Frozen Credit.
A401
Credit Score Requirements
Each credit report must contain a Fair Isaac Credit Score (Empirica on TransUnion;
Beacon on Equifax; and FICO on Experian, f.k.a. TRW) for all Borrowers whose income
and/or assets are required to qualify for the Loan. The Credit Score will be used as a
component in evaluating the credit grade of the Loan.
Credit Score models are periodically updated by credit vendors. To ensure the most
predictive score is used, the Client must instruct each credit report vendor to use the most
current version of their Credit Score model in their report.
Client must provide at least two qualifying Credit Scores for grading purposes. See
Minimum Credit History & Trade Line Requirements Section in this Chapter.
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Exhibit B-1
4A GMAC-RFC
Page 4A.2
03/13/06
Client Guide
Credit
A402
Selecting Credit Score
Selecting the Credit Score for Loan qualification is a two-step process. First, the score must
be selected for each individual Borrower and then the score used for Loan qualification will be
selected.
(A) Selection
The Client must select the Credit Score for each Borrower by using one of the following
methods:
The lower score of two repositories or
The middle score of three repositories
If more than one Credit Score is supplied from the same repository, GMAC-RFC will use the
lowest score in all cases.
(B) Loan Qualification Score
Primary Borrower is defined as the Borrower with the highest verified income. A nonoccupant Co-Borrower, when assisting an occupant Borrower to qualify, cannot be
considered the Primary Borrower.
For the following documentation types the Primary Borrowers Credit Score is used: Full,
Lite, One Paystub, and Fast Income Documentation Loans. These income documentation
types allow a non-primary Borrower not meeting the minimum Credit Score requirements
to be eligible. All other credit evaluation components must be met.
For the following documentation types the Primary Borrower is undetermined so the lowest
selected Credit Score among all Borrowers is used: Stated Income, No Ratio, Stated
Income/Stated Asset, No Income/No Asset, and No Doc. All Borrowers must meet minimum
Credit Score and all other credit evaluation components.
A403
Minimum Credit History & Trade Line Requirements
(A) Credit History
All credit grades require a Credit Score based on:
A minimum two year credit history
At least one trade (derogatory or non-derogatory) reported in the past six months
A minimum number of non-derogatory tradelines based on credit grade and income
documentation type
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Exhibit B-1
4A
GMAC-RFC
Page 4A.3
03/13/06
Client Guide
Credit
(B) Trade Line Requirements

A minimum number of non-derogatory trade lines are required. Non-derogatory is defined as
currently less than 90 days delinquent and non-collection. See summary and table below for
minimum number of trade lines required:
Income Documentation Type
Credit Grade or Loan Program
Full, Lite, One

Paystub and
Fast
Stated Income, No Ratio, Stated Income/Stated

Asset, No Income/No Asset, and No Doc
<= 80% LTV/CLTV
>80% LTV/CLTV
A1, A2
A3
Home Solution A4
AlterNet A4-C
125 CLTV Program
51
Full Income Documentation only for 125 CLTV Program
A404
Credit Evaluation Overview
The manner in which the Borrower has managed his/her previous credit is a strong indicator
of future performance. In a subjective evaluation of credit, many factors are considered
when evaluating a Borrowers credit history. These include:
Credit repayment history
Line utilization
Proportion of balances to limits on revolving accounts
Proportion of current balances to original balances on installment accounts
Patterns of debt pyramiding
Recent inquiries and newly opened accounts
Number of open accounts and length of credit history
Public record information
GMAC-RFC has compelling evidence that the Credit Score of the Borrower, based on
empirically-derived statistical models, provides an accurate objective evaluation of these
same factors. GMAC-RFC will use the Credit Score, along with other credit information such
as previous mortgage/rental payment, bankruptcy, foreclosure and Major Adverse Account
history to properly classify the credit quality of the Loan. For credit grades A1 to A3 and
Home Solution A4, credit quality together with the Borrowers capacity to handle the subject
Loan, as measured by the total debt ratio, will drive the Loans credit grade.
For the AlterNet Program, credit grade will be determined by mortgage or rental payment
history. While bankruptcy, foreclosure and major adverse account history have rules that
must be applied, only mortgage and rental history will determine credit grade.
Separate rules for grading apply based on credit grade. See Credit Evaluation
Components Section.
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Exhibit B-1
4A GMAC-RFC
Page 4A.4
03/13/06
Client Guide
Credit
A405
Credit Evaluation Components
(A) Housing Payment History
Mortgage history (or prior rental history) must be verified for the most recent 12 months if it
does not appear on the credit report. Acceptable sources include VOM, VOR, cancelled checks
or payoff statement. The Client must obtain the current balance, current status and monthly
payment amount. Rental history may need to be established with canceled checks.
For those credit grades that evaluate a 24-month housing payment history, the following
documentation is required:
If the credit report provides 12 or more months of housing payment history, this is
sufficient to meet payment history requirements. The most recent 24 months of
housing payment history will be used for grading purposes
If less than 12 months is provided on the credit report, the most recent 12 months
housing payment history must be documented
Housing payment history on any property (regardless of occupancy) is considered mortgage
credit for grading purposes.
Payments on a Manufactured Home, timeshare or second mortgage are considered to be
mortgage debt, even if reported as an installment Loan. Additionally, any repossession or
payment >=120 days late on a Manufactured Home, even if shown as an installment Loan,
will be considered a foreclosure.
First-time Homebuyers may not be acceptable under all Loan Programs. Check individual
Loan Program information for restrictions.
For credit grades A1 to A5, housing history may not be 30 days or more past due at time of
application. Any Loan submitted that is currently 30 days delinquent will receive at most an
Ax credit grade.
For credit grades A4 to C, verification of housing payment history must include the payment
due the month prior to Note date. To meet this requirement, the Client may provide updates
to the acceptable sources of notification listed above or a processors certification that
includes:
Date of verification
Mortgage history meets grading requirements
Name, phone number and title of verifier
Name and title of person making the call
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Exhibit B-1
4A
GMAC-RFC
Page 4A.5
03/13/06
Client Guide
Credit
For credit grades Ax to C, housing payment history is determined as follows:

Rolling LatesConsecutive, identical Delinquencies. There is no limit to the number
of months rolling Delinquencies can occur to be counted as one event. For example, a
mortgage rating with a three-month history with 30, 30, 30 day Delinquencies is
considered 1x30 for grading purposes.
Progressive Cumulative LatesDelinquencies that increase in severity. The most
severe Delinquency reached is considered one event. For example, a mortgage rating
with a three-month history with a 30, 60, 90 day Delinquency is considered 1x90 for
grading purposes.
Intermittent LatesA pattern of late payments that is not consecutive, but is broken
into intervals. For example, a mortgage rating with a three-month history reflecting
the following is considered 2x30 for grading purposes:
First Month:
Second Month:
Third Month:
30-day Delinquency
Current
30-day Delinquency
(B) Bankruptcy
Bankruptcy dismissal dates are treated the same as discharge dates.
For all credit grades, Chapter 7 bankruptcy is measured from discharge date
For credit grades A1 to A3, Chapter 13 bankruptcy is measured from discharge date
For credit grades A4 to C, Chapter 13 bankruptcy is measured from filing date
(C) Foreclosure
The length of time since the occurrence or completion of the foreclosure are considered in
the credit evaluation. Foreclosure is evidenced by 120 or more days Delinquent status or the
existence of the following:
Notice of default
Notice of sale
Notice of pendency
Notice of hearing
Notice of election and demand
Deed of substitution to trustee
Deed-in-lieu
Petition
Notice
Breach
Order to serve
Line to docket
Lis Pendens
Short Payoff
Forebearance
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Exhibit B-1
4A GMAC-RFC
Page 4A.6
03/13/06
Client Guide
Credit
(D) Forebearance, Rearrangement or Workout

A forebearance on a mortgage will be considered as a foreclosure for grading purposes. An
agreement to forebear, workout or otherwise rearrange the terms or debt shall not change
the fact that such debt was not paid as agreed in accordance with its original terms; this is
true even if the debt was subsequently paid as agreed in accordance with the rearranged
terms. This fact must be considered in determining whether a new Loan satisfies GMACRFCs underwriting requirements.
(E) Consumer Credit Counseling
For credit grades A1 to A3, consumer credit counseling will be treated the same as a Chapter
13 bankruptcy for grading purposes.
For credit grade A4, consumer credit counseling will not affect the credit grade if the plan has
been paid as agreed and paid off prior to or at closing. If the consumer credit counseling has
been dismissed or withdrawn the full original payment of all debts will be included in the DTI.
Mortgage accounts included in consumer credit counseling will be treated as a forebearance.
If Delinquent in the most recent 12 months, the consumer credit counseling will be treated
as an open Chapter 13 for grading purposes.
(F) Major Adverse Credit
(1) For credit grades A1 to A3:
Collection accounts, charge-off accounts, judgments, liens, delinquent property
taxes, repossessions, garnishments and accounts showing 90 days or more
delinquent are considered to be Major Adverse Credit.
All State, IRS and property tax liens are required to be paid whether or not
they currently affect title. No payment plans or subordination allowed. Property
tax liens on other properties will be considered Major Adverse Credit. Federal
tax liens older than ten years are not required to be paid unless the title
company requires payoff
Adverse accounts over 24 months old that do not affect title will not be
considered in grade determination and are not required to be paid
Cumulative adverse accounts, less than $500 may be left open provided they
do not affect title
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Exhibit B-1
GMAC-RFC
4A
Page 4A.7
03/13/06
Client Guide
Credit
(2) For credit grades A4, A5, Ax, Am, B, and C:

For the AlterNet Program, Major Adverse Credit must be followed, however, it
does not determine credit grade.
taxes, repossessions, garnishments and accounts currently 90 days or more
Medical accounts will not be required to be paid. Aggregate totals exceeding
the CLTV limits for the Loan transaction will be reviewed on a case by case
basis
All State, IRS and property tax liens are required to be paid whether or not
they currently affect title. No payment plans or subordination allowed. Property
tax liens on other properties will be considered Major Adverse Credit. Federal
tax liens older than ten years are not required to be paid unless the title
company requires payoff
Any current 90-day or more delinquent account must be brought current before
or at closing
Adverse accounts over 24 months old that do not affect title will not be
considered in grade determination and are not required to be paid
For Home Solution credit grade A4, cumulative adverse accounts, less than
$500 may be left open provided they do not affect title
For AlterNet non-medical cumulative adverse accounts less than 24 months
seasoned, must be paid off if it exceeds amounts listed below:
Owner Occupied
For LTVs <= 90%, $5,000 may be left open provided it does not affect title
For LTVs >90%, $1,500 may be left open provided it does not affect title
Non-owner Occupied
$1,500 may be left open provided it does not affect title
(G) Credit Score
A range of Credit Scores is allowed for each credit grade. See the Selecting Credit Score
Section to determine the appropriate score to use for the Loan.
For the AlterNet Program, credit grade will be determined by mortgage or rental payment
history.
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Exhibit B-1
4A GMAC-RFC
Page 4A.8
03/13/06
Client Guide
Credit
(H) First Mortgage Credit Guidelines

(1) First Mortgage Programs Credit Grades A1 - A3
Credit
Grade
Credit
Score
A1
720+
A2
680-719
A3
620-679
Housing Payment History

Jumbo A, Expanded Criteria,
Home Solution, and First Lien
Line of Credit: 0x30 mortgage/
rental Delinquency in past 12
months; and no 60+ mortgage/
months.
Payment Option:
Full, Lite, One Paystub, Fast
and Stated Income: 1x30
mortgage/rental Delinquency
in past 12 months (no Rolling
Lates); and no 60+ mortgage/
months.
Stated Income/Stated Asset:
0x30 mortgage/rental
Delinquency in past 12
months; and no 60+
mortgage/rental Delinquency
in past 24 months.
Bankruptcy1
Foreclosure
Jumbo A: None in past 4 years.

Expanded Criteria: None in past 3 years.
Payment Option:
Full, Lite, One Paystub, Fast and Stated
Income: None in past 4 years
Major
Adverse
Credit
None
reported in
past 24
months.2
Stated Income/Stated Asset: None in past 7

years
Home Solution:
Full and Lite Income: None in past 4 years
Stated Income: None in past 7 years
First Lien Line of Credit:
Full, Lite, One Paystub and Fast Income: None
in past 4 years
Jumbo A: None in past 4 years.
Expanded Criteria: None in past 3 years.
Payment Option:
Full, Lite, One Paystub, Fast and Stated
Income: None in past 4 years
Stated Income/Stated Asset: None in past 7
years
Home Solution: None in past 7 years.
First Lien Line of Credit: None in past 7 years.
Simultaneous first and second mortgage transactions must follow the most restrictive grading policy of the two
Loan Programs.
1
2
Chapter 7 measured by discharge or dismissal date. Chapter 13 measured by discharge date for credit grades
A1 to A3. Chapter 13 must be paid off prior to or at closing.
Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and
are not required to be paid.
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Exhibit B-1
4A
GMAC-RFC
Page 4A.9
03/13/06
Client Guide
Credit
(2) First Mortgage Programs Credit Grades A4 - C

Credit
Grade1
Credit
Score
A4
600-619
(Home
Solution)
0x30 mortgage/rental history

in past 12 months.
A4
(AlterNet)
0x30 reported mortgage

history in past 12 months.
A5
0x30 rental history and/or <12

months mortgage history
reported through a credit
repository.
Ax
1x30 mortgage/rental history

in past 12 months. Rolling
Lates allowed. No more than
30 days down at closing.
Am
Unlimited 30 day mortgage/

rental history in past 12
months. No more than 30 days
down at closing.
0x30 day mortgage/rental

1x60 non-rolling mortgage/
rental history allowed. No more
than 60 days down at closing.
60-day mortgage/rental
history allowed without
restriction. 1x90 non-rolling
mortgage/rental history
allowed. No more than 90 days
down at closing.
Bankruptcy2
Foreclosure
Major
Adverse
Credit
None in past 3 years.
Owner Occupied:
None in past 1 year
<= 95% LTV
None in past 2 years
> 95% LTV
Non-owner
Occupied:
None in past 1 year
<= 80% LTV
> 80% LTV
Owner Occupied:
None in past 1 year
<= 70% LTV
<= 85% LTV
> 85% LTV
Non-owner
Occupied:
<= 75% LTV
> 75% LTV
See Major
Adverse
Credit
section
Chapter 6E,
AlterNet Loan
Program
Loan Programs.
1
For the AlterNet Program, credit grade is determined by mortgage or rental payment history. While Credit
Score, bankruptcy, foreclosure and Major Adverse Credit account history have rules that must be applied,
only mortgage and rental history will determine credit grade.
2
Chapter 7 measured by discharge or dismissal date. Chapter 13 measured by filing date for credit grades A4 to
B. Chapter 13 must be paid off prior to or at closing. Credit grades A4 to C must be paid as agreed for past 12
months.
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Exhibit B-1
4A GMAC-RFC
Page 4A.10
03/13/06
Client Guide
Credit
(I) Second Mortgage Credit Guidelines

(1) Home Equity Goal Loan and Goal Line Programs
Credit
Grade
Credit
Score
A1
720+
A2
680-719
A3
620-679

months; no 0x60 mortgage/
months.
Bankruptcy,
Foreclosure
Major Adverse Credit

None reported in past 24
months1
1 Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and
(2) 125 CLTV Loan Program
Credit
Grade
Credit
Score
700+
680-699
660-679
640-659
Bankruptcy
Foreclosure
months; 0x60 mortgage/
months.
7 years
7 years1
Major Adverse
Credit
None reported in
discharged1
past 24 months2
None
None
If a bankruptcy or foreclosure has ever occurred, the maximum Loan amount is $50,000 and the maximum DTI
is 45%.
See current rate sheet for applicable adjustments.
Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and
(J) Qualifying Debt Ratios

Debt-to-Income Ratios, as defined in the Borrowers Liabilities Section of Chapter 4B,
Liabilities & Debt Ratios, is a determinant in establishing the Loan Program for which the
Borrower is eligible. Maximum allowable DTIs vary by individual Loan Programs. See
individual Loan Programs for DTI limits.
First mortgage Loans that exceed the individual Loan Program standards, may be eligible for
purchase as an exception under a non-standard Loan Program or will be slotted to a Loan
Program that accepts higher DTIs regardless of credit grade.
With the presence of minimum Credit Scores and acceptable compensating factors, GMACRFC allows flexibility in its debt ratio guidelines for first mortgages.
DTI flexibility is not permitted under the following circumstances:
Loans with credit grades A1 to A3
Loans under the Home Solution Program
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Exhibit B-1
4A
GMAC-RFC
Page 4A.11
03/13/06
Client Guide
Credit
A406
Upgrading the Credit Grade
A credit grade upgrade may be warranted for Loans that have sufficient compensating
factors. A Loan may be upgraded if it fails to qualify for a higher grade based solely on the
failure to meet a single credit characteristic of that higher grade. Only one upgrade may be
used on a Loan. All other requirements for a higher credit grade must be met except for the
single requirement being overridden.
For credit grades A1 to A3, two upgrade options are available. Minimum Credit Scores are
required.
Credit Score or Major Adverse Credit (minimum Credit Score 620)
Bankruptcy or foreclosure (minimum Credit Score 660)
Credit upgrades are not permitted for the following:
Home Solution Program
AlterNet Program
Second Mortgages
(A) Upgrade Option I: Credit Score or Major Adverse Credit Upgrade for Credit
Grades A1 to A3 (First Mortgage Programs Only)
Allows upgrade into credit grades A1 to A3 only. Loan may only be upgraded one credit
grade. All other credit characteristics (Credit Score, mortgage payment history, bankruptcy,
foreclosure, Major Adverse Credit, standard DTI ratios) must meet the requirements for
the credit grade.
The Client may upgrade a Loan by reducing the Loan-to-Value (LTV)/Combined Loan-toValue (CLTV) if the Loan fails to qualify for the next higher grade only because of its failure to
meet a single credit characteristic of that next higher grade. The LTV/CLTV cannot exceed
80% and must be either 10% or 20% below the program maximum the Borrower ultimately
qualifies for as a result of the upgrade, as shown in the matrix below.
LTV/CLTV Reduction
Credit Requirement Override
Cannot exceed 80%; and must be 10% below program

maximum Borrower qualifies for with the upgrade.
Up to 20 points in Credit Score
Cannot exceed 80%; and must be 20% below program

maximum Borrower qualifies for with the upgrade.
>20 points in Credit Score
Major Adverse Credit <=$1,0001

Major Adverse Credit >$1,000 but <=$2,0001
Note: A 10% LTV/CLTV reduction is sufficient to upgrade Credit Score for every upgrade except A3 to A2 (when
the Credit Score is 620-659) and A2 to A1 (when the Credit Score is 680-699); in those two cases a 20% reduction
in LTV/CLTV is required for the upgrade.
1 These amounts include the $500 allowed under the Major Adverse Credit definition. These amounts may be
left open provided they do not affect title.
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Exhibit B-1
4A GMAC-RFC
Page 4A.12
03/13/06
Client Guide
Credit
(B) Upgrade Option II: Bankruptcy or Foreclosure Upgrade Option for Credit Grades
A1 to A3 (First Mortgage Programs Only)
Allows upgrade into credit grades A1 to A3 only. The Client may upgrade a Loan if it fails to
qualify for a credit grade based on bankruptcy or foreclosure history only if the occurrence
can be attributed to extenuating circumstances as outlined in this Section.
All other credit characteristics (Credit Score, housing payment history, Major
Adverse Credit, standard DTI ratios) must meet the requirements for the credit
grade.
Either bankruptcy or foreclosure may be overridden, but not both.
Additional layering of risk such as instability of income, ratios outside of standard
program guidelines, equity withdrawals (cash-out transactions) or significant payment
shock must not be present.
Borrower must have Re-established Credit by demonstrating both of the following:
Minimum of 12 months verified housing payments with no delinquencies
Minimum of four trade lines open for 24 months with no delinquencies. At least
one trade line must have a credit line of at least $1,000
Provide copies of all bankruptcy papers and Notice of Discharge or appropriate
documents to establish the date of bankruptcy, foreclosure or deed-related action
Provide evidence that all debts not satisfied by the bankruptcy have been paid or have
been current since date of discharge of bankruptcy
Required documentation of extenuating circumstances:
Borrowers written statement, which must attribute the cause of the financial
difficulties to factors beyond his or her control that are not ongoing and are
unlikely to recur
Supporting documentation to verify the extenuating circumstances. The
supporting documentation must correlate to the Borrowers explanation and
confirm the events were an isolated occurrence which resulted in a sudden,
significant and prolonged reduction in income or a catastrophic increase in
financial obligation
Documentation of extenuating circumstances is not required when the Borrower
has a discharged Chapter 13 Bankruptcy
Borrowers with a bankruptcy/foreclosure caused by extenuating circumstances represent
less risk than Borrowers with a bankruptcy/foreclosure caused by financial mismanagement
and receive more favorable underwriting guidelines as outlined below:
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Exhibit B-1
GMAC-RFC
4A
Page 4A.13
03/13/06
Client Guide
Credit
(1) Bankruptcy/Foreclosure caused by extenuating circumstances

Extenuating Circumstances: GMAC-RFC considers an extenuating circumstance to
be a circumstance or set of circumstances, beyond the Borrowers control that
significantly reduced income and/or increased expenses and rendered the Borrower
unable to repay obligations as agreed.
Examples of circumstances to support reductions of income include but are not
limited to: extended illnesses that resulted in an inability to generate income; death
of a principal wage earner; loss of employment due to factory closings or reduction
in work force.
Examples of circumstances to support increased expenses include but are not limited
to: medical bills caused by a serious long term illness/medical emergency, increased
expenses due to a natural disaster (such as a period of dual housing costs and
increased living expenses or temporary housing after a flood).
To upgrade the credit grade of a Loan where bankruptcy or foreclosure occurred due
to extenuating circumstances, the following requirements must be met:
Minimum 660 Credit Score
At least two years must have elapsed since the bankruptcy discharge, the
completion of foreclosure proceeding, or the date of the deed-related action.
(2) Bankruptcy/Foreclosure Caused by Financial MismanagementNo
Upgrades
Financial Mismanagement: Financial mismanagement may be the result of the
use of too much credit or the inability to manage credit. Typically, Borrowers had
previously continued to increase credit usage to the point that they were no longer
willing or able to support the debt service. GMAC-RFC will not consider a credit
upgrade for bankruptcies or foreclosure proceedings that have occurred in less than
the established timeframes for situations that show disregard to financial
obligations. Examples of situations that would be considered financial
mismanagement may include:
Temporary loss of employment (considered to be 6 months or less that are due
to voluntary, involuntary or seasonal layoff)
Advice of an attorney
Over extension of debt not related to a catastrophic event
Poor investments
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4A GMAC-RFC
Page 4A.14
03/13/06
Client Guide
Credit
Exhibit B-1
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Exhibit B-1
GMAC-RFC
Page 4B.1
03/13/06
Client Guide
Liabilities & Debt Ratios
4B
This Liabilities & Debt Ratios Chapter sets out standards that apply to all GMAC-RFC Loan
Programs. Generally, requirements that vary from one standard Loan Program to another are
B400
Qualifying RatiosPayment
(A) Housing to Income Ratios
The Client must ensure that the Borrowers income will support the total housing expense on
an ongoing basis. GMAC-RFC will give consideration to Borrowers who have demonstrated an
ability to carry a similar or greater housing expense for an extended period.
Monthly housing expenses include:
Principal and interest payments on the first mortgage Loan
Interest payments for Loans with Interest Only feature
Hazard insurance premiums
Real estate taxes
Additional housing expenses include:
Principal and interest on subordinate financing
Mortgage insurance premiums
Flood insurance premiums
Leasehold payments
Homeowners association (HOA) dues or condominium maintenance
Fees (excluding unit utility charges)
(B) Qualifying Housing Payment
Loans without an eligible Interest Only feature are qualified with the full payment of
principal, interest, taxes and insurance.
Loans with an eligible Interest Only feature are qualified with payment of the interest, taxes
and insurance.
FRM Loans will be qualified using the (initial) Note rate.
ARM Loans will be qualified at the maximum interest rate that could be in effect at the
beginning of the second year.
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Exhibit B-1
4B GMAC-RFC
Page 4B.2
03/13/06
Client Guide
(C) Total Debt-to-Income Ratios

In evaluating the total Debt-to-Income Ratio (DTI), the Client should be aware of the
degree and frequency of credit usage and its impact on the Borrowers ability to repay the
Loan. Borrowers who lower their total obligations will receive favorable consideration.
Borrowers with a history of heavy credit usage and a pattern of slow or late payments will
receive less flexibility.
The following items are considered:
Monthly housing expenses
Revolving charges (If no payment is showing, use 5% of the outstanding balance.)
Installment debt and leases (Paying down to fewer than 11 payments is not allowed for
qualification purposes.)
Real estate Loans
Automobile Loans
Automobile leases (Must be included in the DTI even if fewer than 11 payments are
remaining.)
Net rental losses from real estate owned
Alimony, child support or maintenance payments with 11 or more remaining payments
Divorced and separated Borrowers joint obligations will be considered in accordance
with Co-Signed Debts and Divorce Debts Sections of this Client Guide
Student Loans (unless deferred for more than 12 months)
Loans secured by 401(k), life insurance or other liquid asset accounts may be excluded in the
calculation of DTI unless the funds are used to meet program requirements for reserves and/
or liquid assets or as a compensating factor.
With the presence of minimum Credit Scores and acceptable compensating factors,
GMAC-RFC allows flexibility in its debt ratio guidelines for first mortgages. For flexibility
ranges and compensating factors see individual Programs.
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Exhibit B-1
4B
GMAC-RFC
Page 4B.3
03/13/06
Client Guide
Liabilities and Debt Ratios
B401
Borrowers Liabilities
The Client must verify all outstanding liabilities of the Borrower as part of their submission of
the Loan to GMAC-RFC. There may be restrictions in Debt-to-Income Ratios. See the
West Virginia Loans Section in Chapter 3C, Financing, for details.
The following debts must be included in the Borrowers Debt-to-Income Ratio:
Monthly housing expenses
Revolving charges (If no payment is showing, use 5% of the outstanding balance.)
Installment debt and leases (Paying down to fewer than 11 payments is not allowed for
qualification purposes.)
Real estate Loans
Automobile Loans
Automobile leases (Must be included in the DTI even if fewer than 11 payments are
remaining.)
Net rental losses from real estate owned
Alimony, child support or maintenance payments with 11 or more remaining payments
Divorced and separated Borrowers joint obligations will be considered in accordance
with the Co-Signed Debts and Divorce Debts Sections of this Client Guide
Student Loans (unless deferred for more than 12 months)
Payment for Loans secured by 401(k), life insurance or other liquid asset accounts may be
excluded from DTI calculations unless the account is used to meet program reserves and/or
liquid asset requirements or is used as a compensating factor. The Borrower, however, may
liquidate the non-secured portion of the account for use as down payment.
While GMAC-RFC does not require a written explanation of inquiries showing on the
Borrowers credit report, it is recommended that the Client check on recent inquires to
determine whether there are undisclosed debts for the Borrower.
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Exhibit B-1
4B GMAC-RFC
Page 4B.4
03/13/06
Client Guide
B402
Debt Payoff
Pay off of Debt
When the Borrower indicates debt will be paid at the closing of the new mortgage Loan,
GMAC-RFC will not include the payment in the Debt-to-Income Ratio. The paid bill(s),
canceled check(s) or a settlement statement (HUD-1) evidencing payment must be
submitted.
B403
Co-Signed Debts
If the Borrower is a co-signer or guarantor on any Loans, those liabilities must be indicated
on the Loan application. The payments for these Loans will be included in the Borrowers
total monthly debt unless satisfactory documentation is provided to prove that the primary
debtor has been making the payments on a regular basis. For credit grades A1 to A3, at least
three months canceled checks are required from the primary debtor. For credit grades A4 to
C, at least six months canceled checks are required from the primary debtor.
B404
Divorce Debts
Debts opened jointly with a former spouse will be considered as an obligation of the Borrower
unless a legal separation agreement or divorce decree is provided to prove the former
spouse is responsible for the debt.
B405
Business Debts
Debts paid by the Borrowers business will not be considered in the Borrower ratios if the
Client provides canceled checks drawn on the business account indicating they have been
paid on a regular basis for a minimum of six months.
B406
Borrower Capacity
The Borrowers ability to repay mortgage debt is critical in evaluating the asset quality.
GMAC-RFC will assess the Borrowers liabilities for the number of active accounts, usage and
repayment history. Evaluation of the Borrowers capacity includes an assessment of the
Borrowers financial obligations in relation to income. The credit quality, coupled with the
Borrowers financial obligations, determines the acceptable grade of the Loan.
B407
Student Loans
If the Borrower has a student Loan that is currently deferred, the payment can be excluded
from the debt ratio if the Client provides verification from the creditor that payment will not
be required from the Borrower for the next 12 months.
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Exhibit B-1
GMAC-RFC
Page 4C.1
03/13/06
Client Guide
Cash To Close
4C
Cash to Close
This Cash to Close Chapter sets out standards that apply to all GMAC-RFC Loan Programs.
Generally, requirements that vary from one standard Loan Program to another are described
in the individual Loan Program Chapters. In most cases, differences will not be referenced in
this Chapter.
C400
Cash to Close
The Client must determine and provide evidence that the Borrower has sufficient cash to pay
the down payment, prepaid items and closing costs and adequate additional cash reserves as
the Program requires. Reserves, when required, must come from Borrowers own cash.
Except for Stated Income/Stated Asset, No Income/No Asset, and No Doc, GMAC-RFC
requires cash to close to be sourced and verified. Electronic Verifications are acceptable.
Borrower must satisfactorily explain any recent large deposits if used to qualify for the Loan.
(A) Deposit Verification/Seasoning
Requirements for verification and seasoning of cash to close vary by Loan Program.
For all Loan Programs, if the verification of cash to close reveals a significant recent
increase in the average balance of an existing account, recent large deposits or a newlyopened account with a significant balance, the Borrower must explain the increase and the
Client must document this explanation.
GMAC-RFC encourages the Client to verify all sources of liquid assets beyond the amount
needed to meet the requirement of the transaction so that, if necessary, these assets may be
considered as a compensating factor in underwriting the Loan.
(B) Minimum Down Payment
For most Loan Programs, GMAC-RFC requires the Borrower to make a minimum down
payment from his or her own cash or other equity. Specific requirements are detailed in
Chapter 6, Loan Programs.
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Exhibit B-1
4C GMAC-RFC
Page 4C.2
03/13/06
Client Guide
Cash To Close
(C) Definition of Cash

Cash is defined to be any of the following:
(1) Funds on deposit in the Borrowers checking, money market, savings account or
marketable securities.
(2) Cash Value life insurance. The Client must verify the cash Value of life insurance with
a letter from the insurance company.
(3) Proceeds of a Loan fully secured by the Borrowers assets.
(a) Borrower Assets
Borrower assets are proceeds of a Loan fully secured by a Borrowers assets.
This includes funds such as those borrowed against a certificate of deposit,
marketable securities, insurance policies, qualified retirement plans or a bridge
Loan. The Client must verify the Loans terms in writing. Loans secured by
401(k), life insurance or other liquid asset accounts may be excluded in the
calculation of DTI unless the funds are used to meet program requirements for
reserves and/or liquid assets or as a compensating factor.
A Loan secured by the account may be used for down payment on the subject
property or any other purpose. The unsecured portion of the account may be
liquidated for the down payment of the subject property or for any other use.
(b) Bridge/Swing Financing
Bridge/Swing Financing must be included in the Borrowers monthly obligations.
The Client must disclose the terms of the Bridge Loan including its monthly
payment. GMAC-RFC will qualify the Borrower by adding the Bridge Loan
payment and prior home mortgage payment to the Borrowers total obligations.
The Borrowers Debt-to-Income Ratios must conform to GMAC-RFCs program
guidelines. If the Bridge Loan payment is not monthly, it must be converted to
an Interest Only payment at the contractual interest rate. If this rate is
unavailable, the Client may use GMAC-RFCs current 30-year, fixed market rate
for qualification purposes. Note that the Bridge Loan cannot be crosscollateralized against the Mortgaged Premises.
The Client must provide the following documents:
Copy of the Loan Commitment, including all terms
Copy of the listing agreement or purchase agreement if the property is sold
but not closed
If the Borrower is relocated and his/her employer assumes responsibility for the
existing home mortgage payment, GMAC-RFC will not include the payment in
the Debt-to-Income Ratio as long as the Client submits a copy of the
relocation agreement to support the employers responsibility.
(4) Proceeds from the sale of the Borrowers assets. The verification of the sale of real
estate must include a copy of a HUD-1 Form.
(5) Cash deposit toward the purchase of the Mortgaged Premises or the lot on which
the improvements were constructed, the source of which is verifiable. If the
Borrower receives cash back as a refund of the original cash deposit at closing,
evidence of payment of the deposit is required (e.g., cancelled check).
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Exhibit B-1
GMAC-RFC
4C
Page 4C.3
03/13/06
Client Guide
Cash To Close
(D) Definition of Other Equity

Other equity includes:
(1) The current appraised Value of the lot owned by the Borrower on which the subject
improvement was constructed, less any lien. However, if the lot was purchased less
than 12 months prior to the Loan's application date, the other equity must be based
on the lesser of the purchase price or current appraised Value of the lot.
(2) The net proceeds of the trade-in of the Borrowers previously owned home. An
appraisal on the property being taken in trade is required to adequately substantiate
Value to insure the amount of equity.
(3) The net proceeds of property sold as part of a 1031 Tax Deferred Exchange. (Can be
used for the purchase of an investment/non-owner occupied property only.)
(4) Gift funds or a gift of equity in the subject property from the Borrowers immediate
family that does not have to be repaid.
Gift funds must be verified by a gift letter and one of the following:
Receipt of funds
Donors ability to provide gift
Verification of a gift of equity must be reflected on the purchase agreement or
HUD-1.
Immediate family is defined as follows:
Parents
Siblings
Children
Spouse
Grandparents
Aunts
Uncles
(5) Credit for labor performed or material furnished by the Borrower on the Mortgaged
Premises as part of a pre-closing agreement with the builder. This amount must not
exceed 5% of Value. Any labor performed must be completed in a workmanlike
manner, and the credit amount must be consistent with the area's labor costs.
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Exhibit B-1
4C GMAC-RFC
Page 4C.4
03/13/06
Client Guide
Cash To Close
(E) Unacceptable Sources of Down Payment

None of the following is considered to be cash or other equity for the purpose of meeting
down payment requirements:
(1) Proceeds of a personal or unsecured Loan, such as a cash advance on a revolving
charge account or an unsecured line of credit.
(2) A gift that must be repaid in full or in part.
(3) Labor performed or material furnished by the Borrower that is not a part of a preclosing agreement with the builder.
(4) Any payment received as a result of being a party to the sales transaction (e.g., real
estate commission payments).
(5) Funds from a non-profit organization
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GMAC-RFC
Exhibit B-1
Page 4D.1
03/13/06
Client Guide
Income Types
4D
Income Types
This Income Types Chapter sets out standards that apply to all GMAC-RFC Loan Programs.
Generally, requirements that vary from one standard Loan Program to another are described
in the individual Loan Program Chapters. In most cases, differences will not be referenced in
this Chapter.
D400
Borrower Income
The Client must determine if the Borrowers income from either primary or secondary
sources is adequately verified, is sufficient to repay the debt in a timely manner, is likely to
continue and is stable. All income necessary to qualify for the Loan must be derived from
within the United States or a U.S. Possession or Territory.
If the Loan has been assumed prior to submission to GMAC-RFC, the credit underwriting
determination must be made with respect to the assuming Borrower.
D401
Employment and Income Analysis
Stable income may come from many sources. Part-time, second-job or multiple-job income
may be considered as stable income if it can be verified as having been uninterrupted for the
previous two years and has a strong likelihood of continuation.
Other income, such as bonus, commission, overtime or unemployment compensation will be
considered if the Borrower has received income for the most recent two years. Borrowers
who have made job changes for advancement and maintained a stable earning capacity and
good credit history, as well as Borrowers with demonstrated job stability, will be eligible.
Education or training to enhance job opportunities and income will receive favorable
consideration. The Borrower must explain employment gaps more than two months in
writing.
GMAC-RFC requires a minimum of two years employment history and continuance of income
for three years.
The employment status of the Primary Borrower (as defined in the Selecting Credit
Score Section of Chapter 4A, Credit) is used to determine income documentation type. The
non-primary Borrower is subject to the limitations of the documentation type.
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Exhibit B-1
4D GMAC-RFC
Page 4D.2
03/13/06
Client Guide
Income Types
D402
Income Types
GMAC-RFC defines income types as follows:
Wage Earners
Self Employed Income
Fixed Income
Rental Income
Other Income
D403
Wage Earners
Wage earners must have a 2 year history of employment in same business or line of work.
GMAC-RFC categorizes wage earners as follows:
(A) Wage Earner
Wage earners receive a wage or salary from an employer in return for a service rendered and
has less than 25% ownership interest in the business. Compensation may be based on an
hourly, weekly, monthly or semi-monthly basis. For employees paid on an hourly basis, the
verification must state the hourly wages, including the number of hours worked each week.
(B) Wage EarnerBonus or Overtime
Bonus or overtime income is compensation in addition to an employees straight salary or
hourly wage. GMAC-RFC will accept stable bonus or overtime income with a two year history.
(C) Wage EarnerTips or Gratuity
Tips or Gratuity income is compensation in addition to an employees straight salary or
hourly wage. GMAC-RFC will accept stable tips or gratuity income with a two year history.
(D) Wage EarnerCommission
Commission income is defined as a fee or percentage paid to an employee for performing a
service. GMAC-RFC will accept stable commission income with a two year history.
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Exhibit B-1
GMAC-RFC
4D
Page 4D.3
03/13/06
Client Guide
Income Types
D404
Self-Employed Income
GMAC-RFC defines self-employed Borrowers as those who are principals of a corporation,
controlling partners or sole proprietors. Evidence that the Borrower has at least two
consecutive years of self-employment in the same business entity and ongoing, stable
income are required.
Self-Employed income is received directly from a business entity in which the Borrower
holds a majority interest (25%+ stock ownership). Business income must be reported
as a sole proprietorship, partnership or corporation.
Borrowers operating a business on a draw against commission basis but do not have
actual ownership in the parent company, such as insurance or real estate agents, are
considered to be self-employed for qualification purposes.
Borrowers who rely on investments for income (e.g., interest, dividends, capital gains or real
estate) will be treated as self-employed.
To determine a self-employed Borrowers income, the Client must complete the Income
Analysis Worksheets (GMAC-RFC Form 16A01 and Form 1403). The individual tax return
worksheet uses a cash flow analysis of the Borrowers wages and other income. GMAC-RFC
will also allow self-employed income to be calculated using Fannie Maes Self-Employed
Income Analysis Form 1084A or 1084B, and requires compliance with IRS regulations.
GMAC-RFC will consider other income if tax returns indicate it has been received for at least
two years at a consistent level. Interest and dividend income is eligible after deducting that
portion listed on Schedule B which is derived from a partnership or S corporation.
(A) Sole Proprietorship
GMAC-RFC evaluates Schedule C sole proprietorship income using total profit or loss plus any
depreciation or depletion reported, minus the IRS exclusion for entertainment expenses.
Net farm income reported on Schedule F is eligible with the addition of any depreciation,
pension, amortization, depletion or casualty loss expenses.
Capital gain income/losses are considered after subtracting losses incurred on assets
acquired in one of the tax years being analyzed.
Rental income reported on schedule E is used after deducting total expenses to arrive at net
income.
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Exhibit B-1
4D GMAC-RFC
Page 4D.4
03/13/06
Client Guide
Income Types
(B) Partnership Income

If the Borrower reports partnership income on Schedule E, GMAC-RFC requires a copy of the
appropriate K-1 schedule to determine the Borrowers cash flow received from the
partnership. Income from a 1065 partnership is determined by deducting capital
contributions from the Borrowers total withdrawals and guaranteed payments.
Partnership Income Analysis
The Client must analyze the cash flow of a partnership to assess the stability of the
Borrowers personal cash flow.
GMAC-RFC determines partnership cash flow by analyzing the 1065 tax return and giving
credit for ordinary income, depreciation, depletion and pension expenses. Amortization or
casualty loss deductions listed under other deductions may be added to the total.
Discretionary losses will be excluded from the cash flow analysis if the business is a limited
partnership and the Borrower provides a copy of the partnership agreement, stating that all
subsequent contributions are voluntary.
(C) Corporate Income
Income of Borrowers who are principals of a corporation is generally reported as W-2
earnings or Schedule E earnings. The Client may use an average of the Borrowers prior two
years earnings to determine the income that may be used to qualify the Borrower.
Additionally, the Client must analyze the business tax returns to assess the likelihood of
continued personal income to the Borrower.
(1) Corporate Income Analysis
The cash flow of the corporation and an analysis of the trends experienced by the
business will be used to determine its viability.
GMAC-RFC will consider taxable income minus total tax and will add back
depreciation, depletion, pension or net operating loss deductions listed on the
return. If other deductions include amortization or casualty losses, they may be
added back.
GMAC-RFC will not recognize income retained in the business as personal cash flow
to the Borrower unless the Client can demonstrate that the Borrower is 100% owner
and that the withdrawal of funds will have no effect on the corporations continued
growth.
(2) SubS Corporation
S corporation K-1 income is determined by giving credit for property distributions
(including cash) made to the Borrower.
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Exhibit B-1
GMAC-RFC
4D
Page 4D.5
03/13/06
Client Guide
Income Types
D405
Fixed Income
GMAC-RFC defines fixed income as income derived from sources such as alimony and child
support, social security, pension or disability. If a type of fixed income is used to qualify the
Borrower, the Client must document a history of regular receipt and the probability of
continuance for at least three years.
(A) Non-Taxable Income
Verified non-taxable income will be given special consideration if it is determined that such
income will continue for three years and that it will remain untaxed. Examples of non-taxable
income may include:
Certain military allowances
Disability retirement payments
Workers compensation benefits
Child support payments
Social security distributions
Public assistance payments
Non-taxable trust and inheritance income will be considered provided supporting
documentation is verified.
In order to evaluate a Borrower with non-taxable income in the same manner as a Borrower
who has a higher-taxable income, the underwriter will adjust, or gross-up, the non-taxable
income by 125%.
(B) Fixed Income Types
(1) Alimony, Child Support and Separate Maintenance Income
Alimony, child support and separate maintenance income will be considered, but
must be based on a court order, and verification must include:
A copy of the divorce decree or the court order showing that payments are
obligated for a minimum of three years beyond the date of the Note and
satisfactory proof of regular receipt of monthly payments.
Documentation for alimony, child support and household maintenance income
need not be included in the file if the Borrower chooses not to have these
sources of income considered.
(2) Disability or Workers Compensation Income
Disability or workers compensation income requires verification that the income will
continue for a minimum of three years.
(3) Permanent Disability
Income verification must include a copy of the insurance award letter showing the
percent or dollar amount for the permanent disability.
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Exhibit B-1
4D GMAC-RFC
Page 4D.6
03/13/06
Client Guide
Income Types
(4) Pension Income

Pension income verification must include a copy of either most recent year of checks,
most recent year W-2P Form, or a letter indicating the yearly pension amount.
Verification that income will continue for at least three years is required.
(5) Social Security Income
Social security income verification must include a copy of the award letter or bank
statements showing automatic deposit. For childrens social security income or social
security disability income, verification that the income will continue for a minimum of
three years is required (unless award letter states improvement not expected).
D406
Rental Income
(A) Subject PropertyPurchase
(1) Cash flow for the subject property must be calculated by the net cash flow amount
established by the appraiser in the Operating Income Statement (Form 216) or
(2) 75% of actual rents from current lease agreement signed by the current owner and
lessee of the property
(B) Subject PropertyRefinance
Cash flow for the subject property must be calculated by one of the following two methods:
(1) For properties owned for one or more complete tax years, cash flow can be
calculated in one of the following manners:
75% of actual rents, established by copies of signed leases or
1040 tax returns Schedule E
(2) For property owned less than one complete tax year, net cash flow can be based on:
Net cash flow amount established by the appraiser in the Operating Income
Statement (Form 216)
A positive cash flow is added to gross income; negative net cash flow is added to total
liabilities and used to qualify the Borrower.
A Loan for investment property generating a negative cash flow will be closely scrutinized
and must make sense for the Borrowers circumstances.
If total debt (PITI) for the subject property is being used in the Borrowers Debt-to-Income
Ratio, the above documentation is not required for purchase or refinance transactions.
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Exhibit B-1
GMAC-RFC
4D
Page 4D.7
03/13/06
Client Guide
Income Types
(C) Non-subject Property

When considering income received from rental properties owned by the Borrower that are
NOT the subject property, the Client must calculate cash flow for rental property by one of
the following methods:
For properties owned for one or more complete tax years, cash flow can be calculated
in one of the following manners:
1040 tax returns Schedule E
For properties owned less than one complete tax year, net cash flow must be based on
75% of actual rents, established by copies of signed leases
A positive cash flow is added to gross income; negative net cash flow is added to total
liabilities and used to qualify the Borrower.
If total debt (PITI) for the non-subject property is being used in the Borrowers Debt-toIncome Ratio, the above documentation is not required for purchase or refinance
transactions.
D407
Other Income
When the Borrower discloses income from an alternate source and chooses to use the income
to qualify for the Loan, the Client must document that the income will continue for a
minimum of three years.
GMAC-RFC considers the following types of other income:
Interest and dividend income
Income for Military Reserves not called to active duty
Income used for Military Reserves or National Guard called to active duty
Trust income
Note income
Inheritance and guaranteed income, such as lottery or prize earnings
Temporary disability income
Seasonal unemployment compensation
(A) Interest and Dividend Income
GMAC-RFC recognizes interest and dividend income when the income source is documented
on the application. However, the asset providing the interest and dividend income may not
be liquidated for cash to close unless that portion used is deducted and the interest and/or
dividend amount is recalculated based on the unused portion of the asset.
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Exhibit B-1
4D GMAC-RFC
Page 4D.8
03/13/06
Client Guide
Income Types
(B) Income for Military Reserves Not Called to Active Duty

Military Reserves who have not been called to active duty may use their military reserve
income to qualify, as long as they can provide a two-year history of receiving that income.
(C) Income Used For Military Reserves or National Guard Called to Active Duty
A Borrower called to active duty in the Military Reserves or National Guard is qualified based
on his or her income from civilian employment.
(D) Trust Income
A Borrowers trust income may be taxed at a lower rate or it may be part of a partnership
that writes off losses resulting in no tax liability. Trust income is reported on the 1041
fiduciary income tax return which includes a K-1 schedule. All beneficiaries of trust income
receive K-1s from the trust.
(E) Note Income
GMAC-RFC recognizes ongoing Note income as eligible for Loan qualification. The Client must
submit a copy of the Note outlining the amount and terms of payment. The repayment period
must extend at least three years from the date of the new mortgage Loan.
(F) Inherited and Guaranteed Income
GMAC-RFC recognizes ongoing income received from inheritance or other guaranteed
sources, such as prize earnings or lottery winnings as eligible for Loan qualification.
(G) Temporary Disability Income
GMAC-RFC recognizes temporary disability income when the source and stability of the
income is verified. Additionally, the conditions of termination of the disability income must be
documented.
(H) Seasonal Unemployment Compensation
GMAC-RFC recognizes unemployment compensation if it is typical for the Borrowers
employment type. Receipt of this income for the most recent two years must be
documented.
D408
A maximum of 50% of the trailing or relocating co-Borrowers income may be considered
where:
Co-Borrower has a verified two year employment history
Co-Borrowers occupation is readily marketable in the new location
Co-Borrower is not self-employed
Co-Borrower provides a letter stating his or her intent to seek employment and
A six month PITI cash reserve is verified
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Exhibit B-1
GMAC-RFC
Page 4E.1
03/13/06
Client Guide
Income
Documentation
4E
Income Documentation
This Income Documentation Chapter sets out standards that apply to all GMAC-RFC Loan
Programs. Generally, requirements that vary from one standard Loan Program to another are
E400
(A) Income Documentation Standards
While GMAC-RFC requires a minimum of two years employment history, several levels of
income documentation are allowed. Electronic Verifications are acceptable.
Some programs require either a written or verbal verification of employment. Requirements
for employment verification are as follows:
Written verification of employment must contain the following information:
Dates of employment
Position
Prospect of continued employment
Base pay amount and frequency
Additional salary information, itemizing bonus, overtime, tip, gratuity or
commission income, if applicable. If the commission income represents 25% or
more of the Borrowers income, personal tax returns are required. This amount
must be averaged as determined by income documentation type
Verbal verification of employment must contain the following information:
Borrowers date of employment
Borrowers employment status and job title
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Exhibit B-1
4E GMAC-RFC
Page 4E.2
03/13/06
Client Guide
(B) Income Documentation Types

Full Income
Lite Income
One Paystub Income
Fast Income
Stated Income
No Ratio
Stated Income/Stated Asset
No Income/No Asset
No Doc
E401
Full Income Documentation Requirements
Full Income Documentation is the most comprehensive form of documentation. Full Income
Documentation requires income verification for most recent two years.
(1) Wage Earner Income
The following documentation is required:
Most recent Paystub(s) showing 30-days YTD income and W-2 Forms for most
recent two years or
Written verification of employment covering most recent two years. The
employer must list the base or hourly income earned for the most recent two
years and year-to-date income. If the number of hours are omitted from the
employment verification, GMAC-RFC will use income figures for the most recent
two years to arrive at an average.
A Borrower employed by a family member or employed by a family held business
may not use verification of employment (either written or verbal) as the sole source
of income. Paystubs and W-2 Forms are required.
If used to qualify, additional salary information itemizing bonus, overtime, tips or
commission income is required. If the commission income represents 25% or more
of the Borrowers income, two years of personal tax returns deducting nonreimbursed business expenses as reported on IRS Form 2106 are required. This
amount must be averaged over the most recent two years unless declining, then the
most recent 12 months will be averaged.
Additional requirement for credit grades B to C:
Verbal verification of employment five days prior to closing to ensure that no
change in employment status has occurred (Verbal Reverification of
Employment, GMAC-RFC Form 1402)
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Exhibit B-1
GMAC-RFC
4E
Page 4E.3
03/13/06
Client Guide
Income
Documentation
(2) Self-employed Income

Two years personal tax returns with all schedules and
Two years business tax returns with all schedules
If more than 120 days has elapsed since filing tax return, a signed and dated
YTD profit and loss statement is required
For the AlterNet Loan Program, 24 months bank statements may be used with the
following conditions:
Proof of the existence of the business for two years (business license, business
credit report, etc.) is required and
24 months personal bank statements
The average of the deposits will be used to determine income stream
Atypical deposits may not be included to calculate average balances
The following are not acceptable
Business bank statements
Co-mingled funds
(3) Fixed Income
Documentation includes one of the following:
W-2P Forms for the most recent two years
Award letter or Court Order and evidence of receipt
Two years 1099 Forms
Two years personal tax returns with all schedules
Copy of divorce stipulation and decree or Court Order, if applicable
(4) Rental Income
One of the following documents is required:
Subject PropertyPurchase
Operating Income Statement (Form 216) or
Current lease agreement signed by the owner and lessee of the property
Subject PropertyRefinance
Current signed lease agreement or
Most recent two years Schedule E from 1040 (if owned greater than one year
but less than two years, most recent year schedule E from 1040 is
acceptable)
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Exhibit B-1
4E GMAC-RFC
Page 4E.4
03/13/06
Client Guide
Non-Subject Property
Most recent two years Schedule E from 1040 (if owned greater than one year
but less than two years, most recent year schedule E from 1040 is
acceptable)
(5) Interest and Dividend Income
Funds used for down payment or closing costs must be subtracted before income is
calculated. The following documentation is required:
Two years IRS Forms 1040 with Schedule B and
Proof of assets to support the interest or dividend income
(6) Trust Income
Trust agreement or Trustees statement outlining:
Total income paid to Borrower as beneficiary
Method of payment
Duration of trust
What portion, if any, of income to Borrower is not taxable and
Two years personal tax returns with all schedules or
K-1 schedule (2 years) or
Two years 1041 fiduciary tax returns
(7) Note Income
Copy of Note and evidence of receipt by either of the following:
Two years tax returns with all schedules
Bank statements showing Note income deposited for most recent two years
(8) Inherited and Guaranteed Income
Award Letter and proof of receipt outlining:
Method of payment
Duration of income (must continue at least three years beyond Note date)
What portion, if any, of income to Borrower is not taxable
Two years personal tax returns with all schedules
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Exhibit B-1
GMAC-RFC
4E
Page 4E.5
03/13/06
Client Guide
Income
Documentation
(9) Temporary Disability Income

Insurance Award Letter
Letter from the Borrowers employer indicating likelihood of continued
employment, anticipated date the Borrower will return to work and expected
salary
(10) Seasonal Unemployment Compensation
Two years personal tax returns with all schedules are required.
E402
Lite Income Documentation Requirements
Lite Income Documentation is for wage earners using base income only for qualifying
purposes. Borrowers using bonus, overtime, tips or commission income to qualify are not
permitted.
Wage Earner Income
Written verification of employment covering the most recent 12 months or
Paystub(s) for the most recent 30-day period showing YTD income and W-2 Form for
the most recent year.
A Borrower employed by a family member or employed by a family held business may not
use the above verification of employment (either written or verbal) as the sole source of
income documentation. Paystubs and W-2 Forms are required.
E403
One Paystub Income Documentation Requirements
One Paystub Documentation is for wage earners who have two years employment with the
same employer and are using base income only for qualifying purposes. Borrowers using
bonus, overtime, tips or commission income to qualify are not permitted. Borrowers
employed by a family member or employed by a family held business are not permitted for
this Documentation type.
Wage Earner Income
Verification of two years continuous employment with the same employer
Verbal verification of employment
Paystub(s) for the most recent 30-day period showing YTD income.
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Exhibit B-1
4E GMAC-RFC
Page 4E.6
03/13/06
Client Guide
E404
Fast Income Documentation Requirements
Fast Income Documentation requires income verification for the most recent 12 months.
Most recent Paystub(s) showing 30-days YTD income and W-2 Forms for most
recent 12 months or
Written verification of employment covering most recent 12 months. The employer
must list the base or hourly income earned for the most recent 12 months. If the
number of hours are omitted from the employment verification, GMAC-RFC will use
income figures for the most recent 12 months to arrive at an average.
A Borrower employed by a family member or employed by a family held business
may not use verification of employment (either written or verbal) as the sole source
of income. Paystubs and W-2 Forms are required.
If used to qualify, additional salary information itemizing bonus, overtime, tips or
commission income is required. If the commission income represents 25% or more
of the Borrowers income, the most recent years personal tax return deducting nonreimbursed business expenses as reported on IRS Form 2106 is required. This
amount must be averaged over the most recent 12 months.
Additional requirement for credit grades B to C:
Verbal verification of employment within five days of closing to ensure that no
change in employment status has occurred (Verbal Reverification of
Employment, GMAC-RFC Form 1402)
Proof of the existence of the business for two years (business license, business
credit report, etc.)
Most recent year personal tax returns with all schedules
Most recent year business tax returns with all schedules
If more than 120 days has elapsed since filing tax return, a signed and dated
YTD profit and loss statement is required
For the AlterNet Loan Program, 12 months bank statements may be used with the
12 months personal bank statements
The average of the deposits will be used to determine income stream
Atypical deposits may not be included to calculate average balances
The following are not acceptable
Business bank statements
Co-mingled funds
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Exhibit B-1
GMAC-RFC
4E
Page 4E.7
03/13/06
Client Guide
Income
Documentation
(3) Fixed Income

Documentation must include one of the following:
W-2P Form for most recent year
Award letter or Court Order and evidence of receipt
Most recent year 1099 Form
Most recent year personal tax return with all schedules
Copy of divorce stipulation and decree or Court Order, if applicable
(4) Rental Income
One of the following documents is required:
Subject PropertyPurchase
Current lease agreement signed by the owner and lessee of the property
Subject PropertyRefinance
Most recent one year Schedule E from 1040 if owned 1 tax year
Most recent one year Schedule E from 1040 if owned 1 tax year
(5) Interest and Dividend Income
Funds used for down payment or closing costs must be subtracted before income is
calculated. The following documentation is required:
Most recent year IRS Form 1040 with Schedule B and
Proof of assets to support the interest or dividend income for at least two years
(6) Trust Income
Trust agreement or Trustees statement outlining:
Method of payment
Duration of trust
What portion, if any, of income to Borrower is not taxable and
Most recent year personal tax returns with all schedules or
K-1 schedule (1 year) or
Most recent year 1041 fiduciary tax returns
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Exhibit B-1
4E GMAC-RFC
Page 4E.8
03/13/06
Client Guide
(7) Note Income

Copy of Note and evidence of receipt by either of the following:
Most recent year tax return with all schedules
Bank statements showing Note income deposited for the most recent year
(8) Inherited and Guaranteed Income
Award Letter and proof of receipt outlining:
Method of payment
Duration of income (must continue at least three years beyond Note date)
What portion, if any, of income to Borrower is not taxable
Most recent year personal tax return with all schedules
(9) Temporary Disability Income
employment, anticipated date the Borrower will return to work and expected
salary
(10) Seasonal Unemployment Compensation
Most recent personal tax return and all schedules and
employment and anticipated date the Borrower will return to work
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Exhibit B-1
GMAC-RFC
4E
Page 4E.9
03/13/06
Client Guide
Income
Documentation
E405
Stated Income Documentation Requirements
Stated Income Documentation is for Borrowers with established income source(s) and
employment history. Employment stability is a critical component in evaluating the
Borrower's continuing ability to meet obligations. Other factors in the file must demonstrate
the reasonableness of the income stated.
Wage earners must have a two year history of employment in the same business or
line of work and any change must be deemed advancement.
Self-employed Borrowers must have at least two consecutive years of self-employment
in the same business entity.
Income from non-employment sources must have a two year history of receipt.
The Borrowers income be stated on the application. Although no documentation of income is
required, verbal verification of employment is required (e.g., employer name, social security;
ABC Motors pension, etc.). There may be restrictions for Stated Income Documentation. See
the West Virginia Loans Section in Chapter 3C, Finance, Section for details.
Borrowers income must be stated on the application. Although no verification of
income is required, verbal verification of employment is required.
Income must be stated on the application
Verification of the existence of the Borrowers business through evidence of a
business license and confirmation of a phone directory listing. If a license is not
required for the business, a signed confirmation of business is required by
Borrowers accountant or CPA
(1) For Fixed, Rental and Other Income Types:
All Other Income and sources must be stated on the application.
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Exhibit B-1
4E GMAC-RFC
Page 4E.10
03/13/06
Client Guide
E406
No Ratio Documentation Requirements
No Ratio Documentation is for Borrowers with established income source(s) and/or
employment history. Employment stability is a critical component in evaluation the
Borrowers continuing ability to meet obligations.
The Borrower is not required to disclose his/her income; therefore, the Program has no
qualifying ratio standards. Although no documentation of income is required, the source of
income must be stated on the application (e.g., employer name, social security; ABC Motors
pension, etc.). If income is stated, there must be a reasonable expectation of the Borrowers
ability to repay the debt. There may be restrictions for No Ratio Documentation. See the
West Virginia Loans Section in Chapter 3C, Finance, for details.
Although no verification of income is required, verbal verification of employment is
required.
Salaried Borrowers must have a minimum of two years of continuous employment
with the same employer or in the same line of work. Any employment change must
be deemed a career advancement.
Although no verification of income is required, verification of the existence of the
Borrowers business is required through evidence of a business license and
confirmation of a phone directory listing. If a license is not required for the business,
a signed confirmation of business is required by Borrowers accountant or CPA.
Although no verification of income is required, source of income must be stated on
the application.
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Exhibit B-1
GMAC-RFC
4E
Page 4E.11
03/13/06
Client Guide
Income
Documentation
E407
Stated Income/Stated Asset Documentation Requirements
Stated Income/Stated Asset Documentation is for Borrowers with established income
source(s) and/or employment history. Employment stability is a critical component in
evaluating the Borrower's continuing ability to meet obligations. Other factors in the file must
demonstrate the reasonableness of the income stated.
Wage earners must have a two year history of employment in same business or line of
work and any change must be deemed advancement
The Borrowers income must be stated on the application. Although no documentation of
income is required, verification of income source(s) or employment is required. (e.g.,
employer name, social security; ABC Motors pension, etc.).
The Borrowers assets must be stated on the application. Although no documentation of
assets is required, the financial institution and specific account in which the assets are held in
must be stated on the application (e.g., ABC National Bank checking/savings account,
401(k), Union Pension Fund, XYZ stock portfolio, etc.). There may be restrictions for Stated
Income/Stated Asset Documentation. See the West Virginia Loans Section in Chapter 3C,
Finance, for details.
Borrowers income and assets must be stated on the application. Although no
verification of income is required, verbal verification of employment is required.
Income and assets must be stated on the application
business license and confirmation of a phone directory listing. If a license is not
required for the business, a signed confirmation of business is required by
Borrowers accountant or CPA
All income and income sources must be stated on the application.
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Exhibit B-1
4E GMAC-RFC
Page 4E.12
03/13/06
Client Guide
E408
No Income/No Asset Documentation Requirements
No Income/No Asset Documentation is for Borrowers with established income source(s) and /
or employment history. Employment stability is a critical component in evaluation the
Borrowers continuing ability to meet obligations.
Income from non-employment sources must have a two year history of receipt
The Borrower is not required to disclose his/her income; therefore, the program has no
qualifying ratio standards. Although no documentation of income is required, the source of
income must be stated on the application (e.g., employer name, social security; ABC Motors
pension, etc.). If income is stated, there must be a reasonable expectation of the Borrowers
ability to repay the debt.
The Borrower is not required to disclose his/her assets. If assets are stated, they must be
sufficient to cover down payment. There may be restrictions for No Income/No Asset
Documentation. See the West Virginia Loans Section in Chapter 3C, Finance, for details.
Although no verification of income is required, verbal verification of employment is
required.
Although no verification of income is required, verification of the existence of the
Borrowers business is required through evidence of a business license and
confirmation of a phone directory listing. If a license is not required for the business,
a signed confirmation of business is required by Borrowers accountant or CPA.
Although no verification of income is required, source of income must be stated on
the application.
E409
No Doc Income
The Borrower is not required to disclose or verify income, income source or assets. If assets
are stated, they must be sufficient to cover down payment. There may be restrictions for No
Doc Income Documentation. See the West Virginia Loans Section in Chapter 3C, Finance,
for details.
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GMAC-RFC
Exhibit B-1
Page 4F.1
03/13/06
Client Guide
Appraisal Requirements &
4F
Appraisal Requirements & Property Underwriting
This Appraisals and Property Underwriting Chapter sets out standards that apply to all GMACRFC Loan Programs. Generally, requirements that vary from one standard Loan Program to
F400
Collateral Property Underwriting
The purpose of property underwriting is to determine if a Loan is secured by property that
provides sufficient Value to recover the investment if Loan default occurs. Establishing the
adequacy of the collateral for an investment quality Loan requires an accurate assessment of
the current fair market Value of the property and the factors which are likely to affect the
propertys future Value. The Client must perform this function or must ensure that it is
adequately performed.
(A) The Client must review each appraisal in detail to evaluate the following:
Adequate support for the Value of the property by the appraiser
Present and future marketability of the property
Completeness and correctness of the appraisal forms and exhibits
Applicability and timeliness of data used to determine marketability
Consistency, logic and accuracy of the appraisal
(B) Natural Disasters
In the event the subject property is located in an area that is declared a federal disaster area
after the appraisal has been issued, the Client is responsible to ensure that the property
meets the collateral requirements set forth above and in the No Adverse Circumstances
Section in Chapter 2A of this Client Guide.
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Exhibit B-1
4F GMAC-RFC
Page 4F.2
03/13/06
Client Guide
F401
Appraiser Requirements
The appraiser must:
(1) Be a State licensed or certified appraiser.
(2) Meet the independent appraiser requirements for staff appraisers or, as appropriate,
fee appraisers specified by the Office of the Comptroller of the Currency, the Board
of Governors of the Federal Reserve System, the FDIC and the Office of Thrift
Supervision with their respective real estate appraisal regulations adopted in
accordance with Title XI of the Financial Institutions Reform, Recovery and
Enforcement Act of 1989 (regardless of whether the Client is subject to those
regulations).
(3) Be experienced in the appraisal of properties similar to the type being appraised.
(4) Be actively engaged in appraisal work.
(5) Subscribe to a code of ethics that is at least as strict as the code of the American
Institute of Real Estate Appraisers or the Society of Real Estate Appraisers.
Discontinuance of Appraiser Services
(1) The Client agrees to inform GMAC-RFC immediately if, for any cause, it discontinues
using the services of any appraiser who has made appraisals for Loans offered for
sale to GMAC-RFC.
(2) GMAC-RFC may at any time notify the Client that it will no longer purchase Loans
secured by Mortgaged Premises that were appraised by a particular appraiser.
F402
Appraisal Requirements
All appraisals must be in writing. Electronic Verifications are acceptable, but must be in a
standard format as outlined in Required Appraisal Forms. The Client must ensure that all
appraisals are performed in strict accordance with all applicable local, State and federal laws,
regulations and orders. In addition, all appraisals shall conform to the current Uniform
Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation.
The Client must review each appraisal in detail for completeness, accuracy and appraising
logic. Also, the Client assumes sole responsibility for the quality of the appraisal report as
well as its execution in strict accordance with all applicable local, State and federal laws,
regulations and orders.
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GMAC-RFC
Exhibit B-1
4F
Page 4F.3
03/13/06
Client Guide
(A) Required Appraisal Forms

The appraisal form must be prepared and signed by a Client-Approved appraiser. GMAC-RFC
requires the Client to submit the appraisal report on the current version of the appropriate
appraisal forms listed below:
(1) For all single-family properties, Site Condominiums and detached PUD units, use the
Uniform Residential Appraisal Report (Fannie Mae Form 1004/Freddie Mac Form
70) and Statement of Limiting Conditions and Appraisers Certification (Fannie Mae
Form 1004B/Freddie Mac Form 439).
For single-family investment properties, if the income is necessary for qualifying
purposes, the following forms are required: Single-Family Comparable Rent
Schedule (Fannie Mae Form 1007) and the Operating Income Statement (Fannie
Mae 216).
(2) For condominium units, use the Appraisal Report - Individual Condominium or PUD
Unit (Fannie Mae Form 1073/Freddie Mac Form 465) with Statement of Limiting
Conditions and Appraisers Certification (Fannie Mae Form 1004B/Freddie Mac Form
439).
(3) Second Mortgage Programs only - For primary residences and second/vacation
homes that are single-family, one unit properties, PUD units and condominiums,
GMAC-RFC will accept the Quantitative Appraisal Report (Fannie Mae or Freddie Mac
Form 2055) in lieu of Fannie Mae Form 1004 or 1073/Freddie Mac Form 70 or 465,
provided the following conditions are met:
Comparable market analysis and reconciliation of Value using at least three
comparables
All standard exhibits, including photos, sketches and maps as outlined in
Required Appraisal Attachments in this Chapter
All applicable schedules, as required
Ineligible property types:
Cooperatives
Investor
2-4 Units
Condo-Hotels
Manufactured Homes
(4) The Small Residential Income Property Appraisal Report (Fannie Mae Form 1025)
must be used for all appraisals of two to four unit properties with Statement of
Limiting Conditions and Appraisers Certification (Fannie Mae Form 1004B/Freddie
Mac Form 439).
Operating Income Statement (Fannie Mae 216) must be completed.
(5) If the estimate of Value is defined as subject to repairs, alterations or conditions or
subject to completion per plans and specifications, the original appraiser must
complete and submit the Satisfactory Completion Certificate (Fannie Mae Form
1004D/Freddie Mac Form 442) with a photo of the completed property.
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Exhibit B-1
4F GMAC-RFC
Page 4F.4
03/13/06
Client Guide
(B) Field Review Appraisal

GMAC-RFC may require a field review appraisal. If so, use the Residential Appraisal Field
Review Report (Fannie Mae Form 2000/Freddie Mac Form 1032).
Lower Value of the original appraisal or the field review will be used to determine LTV/CLTV.
(C) Required Appraisal Attachments
Each appraisal must have the following attachments:
(1) Three clearly legible photograph prints of the propertyfront, rear and street scene
with the subject matter filling the full frame.
(2) Clearly legible photograph prints of any improvements made supporting an increase
in Value due to remodeling or renovation with the subject matter filling the full
frame.
(3) Clearly legible photograph prints of each sale comparable used on the Residential
Appraisal Reportfront scene with the subject matter filling the full frame.
(4) Location map showing the property and the comparables.
(5) Appraisers cover letter explaining unusual items not adequately addressed in the
appraisal.
(6) Diagram of the floor plan, detailing room layout.
(D) Completion of Appraisal Reports
The appraisal report must support the appraisers estimate of the Mortgaged Premises
market Value, and it must present to the reader a visual picture of the neighborhood, site
and improvements. The appraiser must use the comments section of the report to achieve
this goal and attach additional documentation if necessary.
(E) Conditions of Appraisal
(1) For appraisals submitted subject to repairs, alterations or conditions, or subject to
completion per plans and specifications, the Client must submit a Satisfactory
Completion Certificate (Fannie Mae Form 1004D/Freddie Mac Form 442) and photo
to GMAC-RFC on the Delivery Date. Whenever possible, the original appraiser must
prepare this certificate.
(2) For appraisals reflecting evidence of dampness, termites or abnormal settlement,
the Client must submit evidence of corrective action (i.e., an exterminators
certificate or an engineers report) to GMAC-RFC on the Delivery Date. If corrective
action is not a condition of the appraisal, the appraiser must comment on the effects
of the adverse conditions on Value and marketability.
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Exhibit B-1
4F
Page 4F.5
03/13/06
Client Guide
(F) Energy Efficient Properties

The Mortgaged Premises may be considered an energy efficient property if it uses cost
effective design, materials, equipment and site orientation to conserve non-renewable fuel.
Design and installation of materials and equipment must be consistent with the areas
climate.
To support an energy efficient designation, the Client must attach an Energy Addendum
Residential Appraisal Report (Freddie Mac Form 70A) to the appraisal. The appraiser must
list any energy efficient items in the report and note the amount of their contribution to Value
in the Market Data Analysis section. The appraiser must indicate the adequacy of insulation
in the Mortgaged Premises Rating/Unit Rating section.
(G) Age of Appraisal
The appraisal report must be dated within 120 days of the date of the Note. If the appraisal
report is dated more than 120 days but less than 180 days from the date of the Note, the
original appraiser must certify that the Value of the Mortgaged Premises has not declined
since the date of the original appraisal. The certification must be dated within 60 days of the
date of the Note.
If the appraisal is dated more than 180 days from the date of the Note, a new appraisal is
required.
For new construction, if appraisal is dated more than 12 months from the date of the Note, a
new appraisal is required. A recertification of Value is required after 180 days from date of
appraisal.
For Second Mortgage Programs, the appraisal report must be dated within 12 months of
the Note. If an AVM is used, it must be dated within 180 days of the Note.
(H) Non-Discrimination
GMAC-RFC will reject any Loan supported by an appraisal report that makes reference to
race or the racial composition of the neighborhood.
(I) Appraisal Alternatives
For Second Mortgage Programs only, Automated Valuation Model (AVM) are an
acceptable method of valuing the collateral involved in the second mortgage transaction,
where permitted by State law. AVMs must be provided by a GMAC-RFC AVM Approved
Vendor (as stated in GMAC-RFC Exhibit 16G05) and dated within 180 days of the Note. For
the most up-to-date list of approved vendors and models see GMAC-RFCs corporate web site
at GMACResidentialFunding.com. GMAC-RFC does not accept AVMs when the Client has input
Property Data (other than the property address) or has altered or changed the AVM in any
way from the original product supplied from the vendor. In the event of a no-hit or
unsatisfactory result on the AVM, another alternative form of appraisal, as indicated in the
matrix should be used. For additional information regarding State specific appraisal
requirements and prohibitions see List of Eligible States (GMAC-RFC Exhibit 1302).
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Exhibit B-1
4F GMAC-RFC
Page 4F.6
03/13/06
Client Guide
F403
Appraisal Evaluation
The appraisal information must provide a logical basis for evaluation. The appraiser must
present a concise picture of the neighborhood, site and improvements to support an
indicated Value by the cost approach and market data approach that adequately support the
estimate of market Value. The Client must determine that the appraiser has adequately
supported his or her opinion of the propertys Value.
When working with varying levels of credit quality, property valuation takes on increased
importance. While the adequacy of the appraisal is always a critical component in assessing
the Loans overall risk, the property becomes more important when working with the nonconforming credit Borrower or with a property that deviates from typical market standards.
Therefore, the appraisal report must strongly demonstrate the acceptability of the collateral.
Differences in acceptable property types and characteristics are determined by the Loan
Program under which the Loan is submitted. Higher credit grade Borrowers compensate for
expansion into higher risk property types. For instance, within GMAC-RFCs Expanded
Criteria Program, property types that traditionally present greater risk (such as CondoHotel) are acceptable as long as the Borrowers credit grade meets the standards of the
program (A quality as defined by grades A1 to A3, as defined in the Credit Evaluation
Components Section of Chapter 4A, Credit).
GMAC-RFC uses the components discussed below to assess the adequacy of appraisal
reports:
(A) Neighborhood Analysis
The neighborhood in which a property is located is a critical determinant of its marketability
and Value. The Client must analyze all factors presented in the appraisals Neighborhood
section. Favorable or unfavorable factors and any changes that have occurred in the prior
year that affect marketability of the properties within the neighborhood, must be addressed
by both the appraiser and Client.
In a neighborhood analysis, GMAC-RFC considers all elements of the propertys location
including:
Neighborhood property Values
Composition of the neighborhood
Marketing time
Present land use of the neighborhood
Price range and predominant Value
(1) Neighborhood Property Values
Property Values must be stable or increasing. The appraiser must substantiate this
by showing comparable sales within six months of the appraisal date.
Declining Values are a concern due to the potential for equity erosion. When a
property is located in an area described as declining in Value, GMAC-RFC may
consider the transaction when there is a substantial reduction in the Loan-to-Value
ratio.
Second Mortgage Programs restrict the CLTV limits available in areas of property
decline.
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GMAC-RFC
Exhibit B-1
4F
Page 4F.7
03/13/06
Client Guide
(2) Neighborhood Composition

The degree to which a neighborhood is built up and its location within a metropolitan
area or rural area is used to assess the reasonableness of the comparable sales. In
other words, an appraisal for a property in an urban area that is highly built up must
provide sales data available within one mile of the subject property.
Rural properties are generally more difficult to assess. Marketing times may be
affected by their remote location. Therefore, proximity of the comparable sales will
be critical in determining the Rural Propertys marketability.
Maximum financing is not recommended when securing a Loan by a Rural Property.
If any one of the following criteria exists, the property will be classified as rural:
Appraiser classifies the property as rural
Less than 25% of the surrounding market area is developed
If at least 50% of the acceptable comparable properties are not within five
miles of the subject property, unless the appraiser provides sufficient
justification for the distance of the comparables and clarifies that the property
is not rural in nature
Loans must meet the maximum acreage requirements of each Loan Program.
(3) Marketing Time
Marketing time of properties in the subjects neighborhood must be less than six
months to assure no loss of equity.
(4) Present Land Use of the Neighborhood
A likely change in the neighborhoods land use would be of concern if the change
negatively affects the propertys future Value.
(5) Price Range and Predominant Value
A comparison of the predominant Value for the neighborhood must favorably reflect
the Mortgaged Premises Value. If the subject property sets the top Value for the
neighborhood, it may be an indication that the property represents an overimprovement. Future purchasers may be less willing to pay for features that are not
common to the area. Therefore, its appeal may be limited at its current Value. Again,
the Client must carefully consider whether the property is appropriate for financing
at the maximum Loan limits.
Likewise, a property at the low end of the markets Value may also be cause for
concern. The Client must consider whether the property in its current form is likely
to continue to be its highest and best use.
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Exhibit B-1
4F GMAC-RFC
Page 4F.8
03/13/06
Client Guide
(B) Site Analysis

For maximum market appeal, a property site must be of a size, shape and topography
generally acceptable in its market area. It must have utilities, street improvements and other
amenities normally expected in the area.
(1) Land Values
The Client must always address land Values and Loan-to-Value ratios. In areas that
are 25% or more built up, the propertys Land-to-Value ratio must be consistent with
other properties in the area.
In areas that are less than 25% built up, the propertys Land-to-Value ratio must
also be consistent with other properties in the area, but must not exceed 40%.
(2) Maximum Acceptable Acreage
Acceptable acreage limitations are determined by the Loan Program under which
the Loan is submitted. In all cases, the acreage of the Mortgaged Premises must
be supported by comparable market activity of like-sized parcels. Working farms,
ranches, orchards and/or commercial operations of any type are not permitted.
(3) Lots with More than One Contiguous Lot
GMAC-RFC will recognize Value only for the lot upon which the subject property is
located.
(4) Zoning
GMAC-RFC expects the zoning of the Mortgaged Premises area to be residential in
nature.
(a) Legal Non-Conforming Properties
If an appraisal indicates a property is of a legal non-conforming nature, one of
the following must be obtained:
Appraiser must address the issue within the body of the appraisal and
specifically state the property may be rebuilt as is in the event of a loss.
The appraiser must also indicate the source of information
Letter of addendum from the appraiser must address the issue and
specifically state the property may be rebuilt as is in the event of a loss.
The appraiser must also indicate the source of information
Letter from the county stating the property may be rebuilt as is in the
event of a loss
(b) Pending Zone Changes
Recent or pending zoning changes that would have a negative impact on
residential market Values are not acceptable.
(c) Agriculturally Zoned Property
Agriculturally zoned properties may be acceptable when their use is primarily
residential. In addition, they must adhere to the maximum acreage standards
established by the Loan Program. Value given to any auxiliary buildings must
be either disallowed or supported by market sales of properties with similar
amenities.
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GMAC-RFC
Exhibit B-1
4F
Page 4F.9
03/13/06
Client Guide
(5) Mixed Use Properties

GMAC-RFC defines mixed use properties as those that are primarily used as a
residence but are also being used for a small commercial purpose.
(6) Flood Zones
GMAC-RFC does not accept properties that are uninsurable because they are located
in a flood hazard area that is not eligible for the National Flood Insurance Program.
(7) Highest and Best Use
Properties must represent the highest and best use for the site. If current
improvements do not represent the highest and best use of the property, GMAC-RFC
considers the property unacceptable for purchase.
(C) Improvement Analysis
GMAC-RFC does not provide minimum specifications for the materials and construction of
properties. Improvements must conform to the neighborhood in terms of age, design and
materials used for construction. The appraiser must describe any unacceptable or unusual
items that affect marketability; and make appropriate adjustments for these items when
estimating the market Value. If there has been a prior sale of the subject property within
three years, the appraiser must adequately explain and document by contracts, receipts and
photographs of improvements any increase in Value of 15% or more per year or 45% or
more from the original sales price in that three-year period.
The property rating grid summarizes the main factors that are pertinent to the propertys
condition and marketability. Acceptable marketability is reflected by at least average ratings
for construction, quality, condition and appeal. Fair or poor ratings should be rare. If there
are exceptions, the appraiser must satisfactorily explain them.
(1) Design and Appeal
The appraiser must assess the design of the subject property, evaluate whether
similarly designed properties exist within the areas and if they support a reasonable
marketing time.
(2) Uniquely Designed Properties
Dome homes, log cabins and earth-berms are examples of uniquely designed
properties that may require extended marketing time.
(3) Minimum Improvement
GMAC-RFC expects the living area of the subject property to be typical within its
marketing area. The appraisal must contain comparables of similar size to
demonstrate the marketability of the property.
GMAC-RFC will critically analyze condominiums or attached properties with less than
600 square feet and detached dwellings with less than 800 square feet to determine
that their size is typical and readily marketable for the subject area.
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Exhibit B-1
4F GMAC-RFC
Page 4F.10
03/13/06
Client Guide
(4) Property Conditions

GMAC-RFC expects the Mortgaged Premises to be maintained in at least average
condition. The Client must consider all factors negatively affecting the propertys
condition when assessing the risk of the overall Loan. These factors may include:
(a) Deferred Maintenance
Appraisals on property with deferred maintenance must include a realistic cost
to cure. Deferred maintenance that exceeds 2.5% of the property Value or
affects its basic habitability will require a Satisfactory Completion Certificate
(Form 442).
(b) Debris, Graffiti or Trash
Properties showing an excessive amount of debris, graffiti or trash may require
cleanup. If cleanup is necessary, GMAC-RFC requires a Satisfactory Completion
Certificate (Form 442) with photos.
(c) Infestation
If there is any indication of termites or other infestation, the Client ensures that
the termite issue has been investigated, treated and repaired.
(d) Non-Permitted Additions
Properties with non-permitted additions are acceptable, per program LTV and
guidelines, provided:
Value is not given to these additions AND
A cost-to-cure adjustment is used, either by the appraiser or the reviewer,
to bring the property back to its original utility
OR
Retroactive final permits for these additions allowing Value without a cost to
cure
(e) Roof Damage
The Client must address properties with visible evidence of roof leaks and/or
interior water damage (e.g., ceiling stains) even if the appraisal does not list
them. If any of these conditions exist, the Client must obtain a roof certification,
indicating a remaining useful and physical life of at least three years.
(5) Other Unacceptable Property Conditions
(a) Imminent Threat
Properties defined as imminent threat are those which pose an imminent threat
to the health or safety of the occupant.
(b) Inadequate Foundation
Inadequate foundations are those which do not meet current code requirements.
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Exhibit B-1
GMAC-RFC
4F
Page 4F.11
03/13/06
Client Guide
(c) Inadequate Heating

Properties defined as having inadequate heating are those without permanently
affixed legal heating systems (e.g., the property uses space heaters or fireplaces
to heat the premises).
(d) Inadequate Maintenance or Services
These are properties which lack city or county maintenance services.
(e) Inadequate Utilities
These are properties without water or public electricity connections to the site.
This term also includes improperly vented water heaters.
(f) Boarded up Properties
(g) Cantilevered Properties on Stilts, Posts or Piers
Post and pier foundations are acceptable if common to the area and the property
meets FEMA standards. Client must confirm the property is constructed in
accordance with the most recent version of the FEMA Technical bulletin 9-99
(Design and Construction Guidance for Breakaway Walls Below Elevated Coastal
Buildings in accordance with the National Flood Insurance Program).
(6) Environmental Hazards or Nuisances
The Client must disclose to the appraiser any nuisances or environmental hazards
that it knows or suspects may exist that could adversely affect the Value of the
Mortgaged Premises. The appraiser must note these in the appraisal and
document any other nuisances or environmental hazards.
Prior to considering any Loan for purchase, GMAC-RFC may require an
environmental study of the Mortgaged Premises, if it suspects nuisance or
environmental hazard(s). In this case, the Client must hire a nationally recognized
and reputable environmental engineering firm to perform this written report. The
report must include an analysis and detailed list of clean up costs, if any.
Before approving the Loan for purchase, GMAC-RFC must be convinced that any
known or suspected environmental hazards will not have an adverse effect upon the
appraised Value of the Mortgaged Premises, and the results of the analysis must be
satisfactory to GMAC-RFC.
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Exhibit B-1
4F GMAC-RFC
Page 4F.12
03/13/06
Client Guide
(D) Cost Approach

The cost approach is important when appraising proposed, under construction, or
substantially rehabilitated properties as a check for the market data approach. If the
appraiser believes that the cost approach is not applicable (e.g., turn of the century homes)
and if sufficient sales of comparable properties are available in the market, the cost approach
may be omitted with comments explaining this belief.
Whether or not the cost approach is used, the Client must show an Estimated Land Value.
The Client must base this figure on the Value of the land as though it were developed to its
highest and best use consistent with its present zoning classification. The Client must use the
land Value when calculating the propertys LTV ratio.
(1) External Obsolescence
External obsolescence is a devaluation of property Value due to an undesirable or
unnecessary condition outside the property. The appraiser must address the impact
on marketability external obsolescence has upon the subject property. In addition,
the appraiser must provide evidence of comparable market sales that are similarly
affected.
(2) Functional Obsolescence
Functional obsolescence is defined as features of a property that have become
unfashionable or unnecessary in the eyes of potential purchasers. The appraiser
must describe the functional obsolescence, and provide similar comparables to
demonstrate its marketability or provide the cost to cure, if applicable.
(E) Market Data Approach
In its analysis, GMAC-RFC places the greatest weight and reliance on the market data
approach. The Value indicated by this approach must be supported by an analysis of recently
closed sales of at least three comparables located near the Mortgaged Premises.
GMAC-RFC considers the following key items in its review and analysis of the market data
approach:
(1) Proximity of Comparables to the Subject
Comparable properties must be located in the same neighborhood and/or school
district. Comparable sales must be located within one mile of the subject in urban
and suburban areas. If two of three comparable properties used by the appraiser
exceed a distance of five miles from the subject property, the property will be
considered rural. The appraiser must explain the necessity of using any comparable
property located outside the neighborhood.
(2) Comparables Inside and Outside New Projects
The appraiser must demonstrate the marketability of homes built within new
subdivisions or condominium projects through the use of at least one comparable
from inside the subdivision or project and one comparable from a competing
subdivision or project.
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GMAC-RFC
Exhibit B-1
4F
Page 4F.13
03/13/06
Client Guide
(3) Age of Comparable Sales

Comparables must have a recent date of sale, preferably within six months of the
subjects Sale Date. If any of the comparables are over six months old, the
appraiser must comment on the market conditions. If it is necessary to use older
comparables, the appraiser must supplement them with pending sales and/or
current listings in the neighborhood.
(4) Similarity of Comparables to Subject
The comparables used by the appraiser must represent the best market data
available to support the propertys estimated Value. Comparable sales must be as
similar to the subject property as possible in physical attributes, rights of ownership,
zoning and other amenities. When similar to the subject, comparables establish that
it is typical to the area and that the need for adjustments will be minimal.
(5) Adjustments to Comparables
This Section discusses acceptable adjustments to comparables.
(a) Number of Adjustments
The need for numerous adjustments indicates the comparable is not similar to
the subject. This decreases the validity of the comparable.
(b) Dollar Amount of Adjustments
The dollar amount of adjustments must reflect the market reaction to the
difference between the subject and the comparables, not the cost of a particular
difference. The amount must be realistic and consistent among the
comparables.
(c) Adjusted Property Characteristics
Adjustments of certain items (such as quality, location, condition and age) are
more difficult to justify with direct market evidence than other items (such as
garages, fireplaces and finished basements). If a comparable contains an
increasing number of adjustments for difficult items, its accuracy as a Value
indicator decreases.
(d) Time Adjustments
The appraiser must keep to a minimum those adjustments made due to the
difference in time at which the comparable sold compared to the subject
property. If used, these comparables must be supported by documents showing
that they are warranted. For example, positive adjustments for time of sale
must have a correlating rating in the Neighborhood section showing increasing
property Values. Additionally, the appraiser must explain the amount of
appreciation taking place, how long it has been experienced and whether it can
be expected to continue. The appraiser must also describe the conditions
causing it.
(e) Square Footage Adjustments
Adjustments for differences in square footage must be realistic for the
marketplace.
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Exhibit B-1
4F GMAC-RFC
Page 4F.14
03/13/06
Client Guide
(f) Total Net Adjustments

Total net adjustments must be minimal if the comparable is truly similar. As a
guideline, net adjustments must not exceed 15% of the sales price of the
comparable.
(g) Bracketing
Rather than using a comparable that will require sizable adjustments in the
same direction, the appraiser must use the bracketing technique during the
selection of comparables. This essentially involves choosing one comparable that
is superior to the subject, one that is inferior and one that is most similar.
Through the adjustment process, the superior comparable adjusts downward to
the subject, the inferior one adjusts upward and the most similar comparable
requires few, if any, adjustments.
(h) Descriptive Language
The appraiser must describe property characteristics using specific, factual and
detailed language. The appraiser must use numerals whenever applicable (e.g.,
for lot size, age of improvements, etc.). Clear descriptions (such as good,
average, fair or poor) must be used to provide consistency between the
property and the comparable.
(i) Sales or Financing Concessions
The subject and all comparables must show the form of financing and as many
of its details as possible (financing Addenda are helpful). Adjustments must be
considered for different types of financing or special marketing concessions,
such as buydowns, furniture, dollar refunds, allowances over a specified number
of months, apportionment of rent payments toward down payments or
decorating and other miscellaneous credits.
The Client must carefully review the appraisal to determine if the appraiser has
adequately demonstrated the effects of such financing or sales concessions on
the propertys Value.
(F) Sales History
GMAC-RFC will review the sales history of the subject and comparables to determine if any
substantial appreciation or property churning has occurred. Large increases in Value must be
supported by market data or documented improvements to the property.
(1) Income Approach
The Value indicated by the income approach, if considered applicable by the
appraiser, must be derived by the gross rent multiplier technique using economic
market rent.
The income approach is required for all two to four unit properties, non-owner
occupied, single-family properties. In general, due to the Value dependence on
rental income for investment or two to four unit properties, GMAC-RFC may require
additional substantiation if the Value for such properties exceeds a reasonable
multiple gross annual economic market rent.
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GMAC-RFC
Exhibit B-1
4F
Page 4F.15
03/13/06
Client Guide
(2) Reconciliation of Valuation Analysis

The Value indicated by each of the applicable approaches, together with the final
reconciliation, must support the appraisers estimate of market Value. This
reconciliation is not an averaging technique; rather, it is a process by which the
appraiser explains the reasonableness of each approach and its applicability to the
final estimate of Value.
F404
Additional Review Considerations
Attached housing and multiple units add another level of complexity when analyzing the
collateral securing the Loan. In addition to the neighborhood, site, improvement and market
analysis already discussed above, the Client must note these additional components when
appraising two to four unit properties, condominiums and PUDs.
(A) Two to Four Unit Properties
Two to four unit properties present another level of property risk. Their marketability is tied
to their level of rent commanded by the property and its compatibility with the
neighborhood.
(1) Neighborhood
The extent to which other small residential income properties are located in the area
will influence the marketability of the subject. Market rents must be stable or
increasing. The appraisers statement of market rents will be assessed by the
comparable rental properties used for comparison.
The appraiser must also consider rent controls and the amount of vacancies when
assessing the propertys appeal. Excessive vacancies may reflect a lack of
marketability and must be considered when making a decision to lend on the
property.
(2) Comparable Rental Data
Market rent is an estimate of the propertys potential to generate income from its
units. Rental data must be supplied from other small income producing properties
that are similar in number of units, room count and living area. Rental comparables
must be readily available and in close proximity to the subject. Going out of the
immediate neighborhood to obtain rental comparables might suggest a lack of rental
activity and therefore, lack of marketability.
(3) Comparable Market Data
GMAC-RFC will analyze the adequacy of the comparable sales by the date of sale,
proximity to the subject and number and amount of adjustments. As in the rental
comps, the appraiser must assess the similarity of the sales comps to the subject in
terms of gross building area, unit count and room count.
(B) Condominiums
(1) Neighborhood
The presence of other condominium projects in the subjects market area indicates
the appeal and marketability of the condominium under review. Marketability of a
single condominium project will be difficult to demonstrate if the neighborhood lacks
competing projects.
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Exhibit B-1
4F GMAC-RFC
Page 4F.16
03/13/06
Client Guide
(2) Project Improvements

Condominium units are affected by the improvements and amenities of the overall
project. As amenities increase, required maintenance and related association fees
increase.
(a) Number of Stories
The selection of comparable sales must be from projects that are similar in
height to the subjects building.
(b) Condominium Conversions
Projects that were not originally built for use as a condominium, and converted
within the last three years, are considered conversions (i.e., a project originally
built for use as an apartment or hotel). As a result, their market appeal may be
impaired. Conversions are considered Class II projects.
(c) Age of the Project
A projects age, construction status and amount of time the homeowners
association has been in control will determine the warranties that the Client
makes when selling the Loan to GMAC-RFC.
(d) Stage of Completion
The Client must consider whether the amenities are complete. Underfunded
budgets may affect the developers ability to complete all expected
improvements, which may in turn affect the project's future marketability.
(e) Number of Units Sold or Rented
The appraiser must provide information on the number of units sold and rented.
The Client must analyze the percentage of units sold and rented to determine
whether the project meets the warranties published in this Client Guide.
(3) High Rise Condominiums
High rise condominiums (greater than 8 stories) are acceptable in areas with proven
marketability. At least two comparable properties must be from two competing
projects.
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Exhibit B-1
4F
Page 4F.17
03/13/06
Client Guide
(C) Non-Warrantable Condominiums

GMAC-RFC may purchase condominium units located in projects that have not yet met the
pre-sale requirements listed in the Condominium Warranties Sections of this Client Guide.
When originating Loans secured by non-warrantable condominiums, the Client must assess
the projects future marketability. The absorption ratethat is, the number of units sold as
measured against length of time to sell themmust be analyzed to determine that the
project could be expected to meet GMAC-RFCs standards for pre-sale at some reasonable
future date.
Depending on the total number of units available, the absorption rate can indicate the appeal
of the new project. Clients must exercise caution when originating Loans in projects with
extended absorption rates.
(1) Project Analysis
A review of the appraisals project analysis section will indicate the adequacy of the
projects budget and management practices of the homeowners association.
(2) Sales Comparison
GMAC-RFC will analyze the market sales information in a similar manner to a singlefamily dwelling. Recent sales comparables, similarity of living area and number of
adjustments are all considered in analyzing the appropriateness of the comparables.
The Client must provide comparables from competing projects that have similar
amenities, association fees and project height. For high rise condos, the appraiser
must select sales comparables with a similar floor location.
For existing projects, re-sales from within the project are desirable along with at
least one competing project.
When older sales indicate a higher price than more recent sales, a project
devaluation may be taking place.
(D) Leasehold Properties
In addition to meeting Leasehold Loan eligibility requirements, at least one comparable must
be a Leasehold.
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Page 4F.18
03/13/06
Client Guide
Exhibit B-1
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GMAC-RFC
Exhibit B-1
Page 4G.1
03/13/06
Client Guide
Underwriting
Electronic Services
4G
Electronic Services
This Electronic Services Chapter sets out standards that apply to all GMAC-RFC Loan
Programs. Generally requirements that vary from one standard Loan Program to another are
G400
Overview and Incorporation of Terms of Use
Clients may be eligible to use various Web-based electronic services offered by GMAC-RFC for
its sellers, including such electronic services as Assetwise, the Assetwise Compliance Engine,
and Assetlock.
Clients who wish to use any of the electronic services must first obtain a User ID and
password for each of the Clients individual users from the Clients GMAC-RFC Business
Analyst or other electronic commerce support team members. GMAC-RFC may make one or
more of the electronic services available through those User IDs, depending on the requests
and needs of the Client.
By requesting or using any User IDs for the GMAC-RFC electronic services, Client agrees to
the current Terms of Use for each particular electronic service posted on or linked through
the GMAC-RFC Lender Portal at www.gmacresidentialfunding or the individual Web pages
dedicated to the particular electronic service. GMAC-RFC may amend any such Terms of Use
by posting the amended Terms of Use on those same Web pages. Clients use of the
electronic service after such posting shall constitute Clients agreement to the amended
Terms of Use. The Terms of Use are intended to supplement the terms of this Client Guide. In
the event of an irreconcilable conflict between any Terms of Use and this Client Guide, the
Terms of Use shall prevail.
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Exhibit B-1
4G GMAC-RFC
Page 4G.2
03/13/06
Client Guide
Underwriting
Electronic Services
G401
Assetwise
(A) Overview
In addition to any applicable Terms of Use for the Assetwise electronic service, Clients use of
Assetwise is subject to the following provisions.
Assetwise is GMAC-RFCs automated Loan evaluation tool. By utilizing Assetwise, the Client
can submit Loans electronically and receive a GMAC-RFC credit grade and program
determination (slot) within a matter of minutes. Loans evaluated by Assetwise and approved
by the Client may receive a streamlined review process when submitted to GMAC-RFC for
purchase.
Assetwise will help Clients diversify products while using existing origination platforms and
resources. Additionally, Assetwise automates the submission and evaluation process by
integrating with Assetlock, GMAC-RFCs Internet based Loan registration tool.
(B) Client Responsibilities and Exclusions
Clients who use the Assetwise electronic services are still bound by the representations and
warranties as set forth in this Client Guide. By submitting Loans to GMAC-RFC, Clients
represent that all data provided on the approved Assetwise Findings Report accurately
reflects the information contained in the Loan file.
Additionally, use of Assetwise does not relieve Clients of Loan eligibility and underwriting
requirements set forth in this Client Guide.
Assetwise cannot fully analyze Loans with certain characteristics. Clients are responsible for
adhering to specific product requirements such as reduced LTV for Loans with characteristics
such as, but not limited to the following:
Non-arms length transactions
Non-warrantable condominiums
Properties with acreage in excess of 10 acres
Loans with Borrowers who are non-US residents or who are not employed in the United
States
Contracts for deed
Lease with option to purchase transactions
Rural Properties
Foreign nationals
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Exhibit B-1
GMAC-RFC
4G
Page 4G.3
03/13/06
Client Guide
Underwriting
Electronic Services
(C) Assetwise Findings Reports

(1) The Assetwise Findings Report outlines the parameters of the Loan evaluation. A
Loan must meet the requirements set forth in the Findings Report.
(a) The Loan must be submitted as approved by Assetwise, for example:
A Loan must be delivered in the program it was approved, unless a
message appears on the Assetwise Findings Report specifically allowing the
Loan to be delivered into a different program.
Generally, deviations in the terms of the Loan from how it was approved on
the Assetwise Findings Report are not allowed, such as but not limited to:
Value deviation, increase in Loan amount, increase in interest rate or
increase in DTI. Two variations are allowed:
The interest rate may be lower than shown on the Assetwise approval
The DTI may be lower than shown on the Assetwise approval
If other deviations occur, the Loan must be re-evaluated to obtain a new
approval that matches the terms of the Loan
(b) The Loan must not contain any misrepresentations of data.
(c) The Loan must be in compliance with program mortgage insurance
requirements.
(d) The Loan must conform to Program Criteria, underwriting and Loan eligibility
requirements. Assetwise provides program eligibility grading and slotting.
Clients are responsible to ensure the Loan conforms to GMAC-RFC guidelines.
For Loans that do not qualify for an Assetwise appraisal alternative approval,
Assetwise does not provide a Collateral review. All Loans are subject to the
respective program appraisal and Value requirements.
(e) To the extent the approval has conditions, the approval is contingent upon the
evidence in the file that those conditions have been met.
NOTE: If the restrictions outlined above are not met, the Loan may be manually
reviewed by GMAC-RFC to determine whether or not it can be purchased.
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Exhibit B-1
4G GMAC-RFC
Page 4G.4
03/13/06
Client Guide
Underwriting
Electronic Services
(2) An Assetwise approval will be considered if it is dated after the Note date, under the
(a) An Assetwise approval is valid for 120 days after the Note date; however, the
credit report used for the evaluation must be dated prior to the Note date.
(b) Regardless of when the Assetwise approval was issued, the credit
documentation must meet the requirements set forth in this Client Guide.
For first mortgage Loan Programs, the message on the Assetwise Findings
Report is as follows: The credit report used for this evaluation is dated
mm/dd/yy. All Credit Documents must be dated no more than 120 days
prior to the Note date for existing construction and 180 days for new
construction, according to program guidelines.
For the 125 CLTV Program, the message on the Assetwise Findings Report
is as follows: The credit report used for this evaluation is dated mm/dd/yy.
All Credit Documents must be dated no more than 120 days prior to the
Note date with the exception to the credit report, which must be dated no
more than 45 days prior to the Note date, according to program
guidelines.
For the Goal Loan and Goal Line Programs, the message on the Assetwise
Findings Report is as follows: The credit report used for this evaluation is
dated mm/dd/yy. All Credit Documents must be dated no more than 180
days prior to the Note date with the exception to the credit report, which
must be dated no more than 120 days prior to the Note date, according to
program guidelines.
(D) Delivery Process
For immediate identification of an Assetwise approved Loan, the Assetwise Findings Report
should be placed on top of the Legal Documents on the left side of the file.
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GMAC-RFC
Exhibit B-1
4G
Page 4G.5
03/13/06
Client Guide
Underwriting
Electronic Services
G402
Assetwise Compliance Engine
(A) Overview
In addition to any applicable Terms of Use for the Assetwise Compliance Engine electronic
service, Clients use of the Assetwise Compliance Engine electronic service is subject to the
following provisions.
The Assetwise Compliance Engine is GMAC-RFCs automated evaluation tool for determining
whether a Loan may be ineligible for purchase because the Loan may be:
A loan considered a mortgage under Section 152 of the Home Ownership and Equity
Protection Act of 1994, 15 U.S.C. Section 1602 (aa) and the related regulations and
commentary promulgated by the Federal Reserve Board, including Section 226.32 of
Title 12 of the Code of Federal Regulations, and the official staff commentary to those
regulations.
A loan considered a high-cost, covered, high-risk, predatory or any other similar
designation under certain State or local laws in effect at the time of the closing of the
loan if the law imposes greater restrictions or additional legal liability for residential
mortgage loans with high interest rates, points and/or fees. The Assetwise Compliance
Engine tests some, but not all, of these laws.
A pass does not guarantee that the Loan complies with the law tested or with any other
laws. It is an indication of whether the Loan may be eligible for purchase by GMAC-RFC. By
utilizing the Assetwise Compliance Engine, the Client can input the fees that will be charged
to the Borrower at the time of closing of the Loan and receive a GMAC-RFC determination
within a matter of minutes. Client's use of the Assetwise Compliance Engine can assist the
Client in avoiding rejections.
(B) Client Responsibilities and Exclusions
Clients that use the Assetwise Compliance Engine are still bound by the representations and
warranties as set forth in this Client Guide. By submitting Loans to GMAC-RFC, Clients
represent that all data provided in an Assetwise Compliance Engine approval accurately
reflects the information contained in the Loan file.
Additionally, use of the Assetwise Compliance Engine does not relieve Clients of Loan
eligibility and underwriting requirements set forth in this Client Guide. Use of the Assetwise
Compliance Engine is voluntary on Clients part, and is not a requirement for sale of Loans to
GMAC-RFC.
Certain types of Loans may be ineligible for evaluation through the Assetwise Compliance
Engine. Those types will be indicated as ineligible at the time the Loan is submitted to the
Assetwise Compliance Engine for evaluation.
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Exhibit B-1
4G GMAC-RFC
Page 4G.6
03/13/06
Client Guide
Underwriting
Electronic Services
(C) Delivery Process

One of the potential benefits of using the Assetwise Compliance Engine is a smooth and
streamlined Loan delivery process.
For immediate identification of an Assetwise Compliance Engine Loan, the Assetwise
Compliance Engine approval should be placed immediately underneath any Assetwise
Findings Report for the Loan. If there is no Assetwise Findings Report for the Loan, then place
the Assetwise Compliance Engine approval on top of the Legal Documents on the left side
of the file.
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GMAC-RFC
Exhibit B-1
Page 5.1
03/13/06
Client Guide
Products
5
Products
500
Product Descriptions
The following Sections outline GMAC-RFCs Loan products, as well as how they apply to
GMAC-RFCs available programs. The information appears in chart form for easy comparison
(A) Available First Mortgage Loan products
Fixed Rate:
FRM-30
FRM-15
LIBOR ARMs:
One Month LIBOR ARM
Six Month LIBOR ARM
One Year LIBOR ARM
Two-One LIBOR ARM
Three-One LIBOR ARM
Five-One LIBOR ARM
Seven-One LIBOR ARM
Ten-One LIBOR ARM
COFI ARM:
One Month COFI ARM
MTA ARM:
One Month MTA ARM
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Exhibit B-1
5 GMAC-RFC
Page 5.2
03/13/06
Client Guide
Products
Treasury ARMs:
Seven-One Treasury ARM
Ten-One Treasury ARM
Balloon:
30/15 Balloon
1st Lien Line of Credit:
25 year term Prime Rate ARM; 10 year Draw Period with Interest Only payments,
followed by a 15 year amortized repayment period
(B) Available Home Equity Loan products:
Line of Credit
Closed-End Second (which is fully amortized)
Closed-End Second (which has a balloon feature)
(C) Secondary Financing
If the Borrower includes Secondary Financing, the Client must calculate the mortgage
insurance on the LTV ratio using only the primary Loan and not on the Secondary Financing.
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GMAC-RFC
Exhibit B-1
Page 5.3
03/13/06
Client Guide
Products
501
Fixed-Rate Mortgages (FRM)
(A) Fixed-Rate Mortgage 30 (FRM-30)
See the table immediately following for descriptions of this product and its application to the
Jumbo A, Expanded Criteria, Home Solution and AlterNet Programs.
(1) Jumbo A/Expanded Criteria Servicing Fee
The minimum Servicing Fee is 0.25%. This fee may be negotiated by contacting
your marketing personnel.
(B) Fixed-Rate Mortgage 15 (FRM-15)
Jumbo A, Expanded Criteria, Home Solution and AlterNet Programs.
The minimum Servicing Fee is 0.25%. This fee may be negotiated by contacting
your marketing personnel.
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Exhibit B-1
5 GMAC-RFC
Page 5.4
03/13/06
Client Guide
Products
FRM-30 (including 40/30 Balloon)

The FRM-30 is a Mortgage which has an interest rate that is fixed over the term of the Loan. The Jumbo A and
Expanded Criteria Programs include an Interest Only feature and 40/30 Balloon feature.
Jumbo A and Expanded Criteria

Standard Product
Original term of 15 years one month to 30
years.
40/30 Balloon
Original term of 30 years with payments
based on 40 year amortization.
Minimum original term of 30 years for

Commitments with Interest Only feature.
Term
Commitments for seasoned Loans must be negotiated on an individual basis.
Amortization
Fully amortized over the term of the Loan. The amortized period is 40 years. A
balloon payment is due of the remaining
principal balance and any interest or fees
at the end of 30 years.
Conversion Option
A conversion option is not permitted.
Interest Only payments are due for the

first ten years, followed by monthly
payments of principal and interest for the
Interest Only Feature remaining term of the Loan.
Interest Only Payments are not permitted

with 40/30 Balloon feature.
Temporary Buydown
Temporary Buydowns are permitted under these programs when designed within the
parameters published in the Loan Programs Chapter of this Client Guide.
Servicing Released
The Client may sell FRM-30 Loans servicing released to GMAC-RFC either at the time
the delivery Commitment is obtained, or at any time after it is purchased by GMACRFC.
If partial prepayment/principal curtailment is made during the Interest Only period, the
amount of the monthly payment must be recalculated to reflect the payment change
for the remainder of the term when payments consist only of interest.
Interest Only
Servicing
Interest Only payments are not permitted with 40 year balloon feature.
Assumability
Not Assumable
Loan Documents
See GMACResidentialFunding.com for Loan Documents.

The Client must ensure that any description of the lenders program furnished to
Borrowers complies with applicable State and federal laws and regulations.
For Loans with an Interest Only feature, GMAC-RFC strongly suggests an Interest Only
Disclosure be provided to the Borrower at the time of application. See
GMACResidentialFunding.com for sample disclosure.
Disclosure
For Loans with a 40/30 Balloon feature, use of the GMAC Loan Disclosure is
recommended. See GMACResidentialFunding.com for Legal Documents.
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Exhibit B-1
GMAC-RFC
Page 5.5
03/13/06
Client Guide
Products
FRM-30
The FRM-30 is a Mortgage which has an interest rate that is fixed over the term of the Loan.
Home Solution
Original term of 15 years one month to 30 years.
Term
Amortization
Fully amortized over the term of the Loan.
Conversion Option
Interest Only Feature Interest Only feature is not permitted.

Temporary Buydown
Temporary Buydowns are not permitted.
Servicing Released
The Client is required to sell FRM-30 Loans to GMAC-RFC servicing released at the time
the delivery Commitment is obtained.
Interest Only
Servicing
N/A
Assumability
Not Assumable
Loan Documents
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.6
03/13/06
Client Guide
Products
FRM-30
(including 40/30 Balloon and 40 Year Recast)
The FRM-30 is a Mortgage which has an interest rate that is fixed over the term of the Loan. The AlterNet Program
includes Interest Only, 40/30 Balloon and 40 Year Recast features.
Loans with a 40/30 Balloon feature have fixed-rate payments based on 40 year amortization with a balloon payment
due at the end of the 30 years.
Loans with a 40 Year Recast feature have fixed-rate payments that are amortized over 40 years for the first ten
years. After the first ten years the Loan is fully amortized for the remainder of the 30 year term.
AlterNet
Standard Product
Original term of 15 years
one month to 30 years.
40/30 Balloon
with payments based on 40
year amortization.
40 Year Recast
Original term of 30 years.
Term
Fully amortized over the
term of the Loan.
Amortization
Conversion Option
The amortized period is 40

years. A balloon payment is
due of the remaining
principal balance and any
interest or fees at the end of
30 years.
The amortization period is

40 years for the first ten
years. After the first ten
years the Loan is recast and
fully amortizes over the
remainder of the 30 year
term.
Interest Only payments are

due for the first five years,
followed by monthly
payments of principal and
interest for the remaining
Interest Only Feature term of the Loan.

not permitted with 40/30
Balloon feature.

not permitted with 40 Year
Recast feature.
Temporary Buydown
Servicing Released
Interest Only
Servicing
Interest Only payments are not permitted with 40/30 Balloon or 40 Year Recast
features.
Assumability
Not Assumable
Loan Documents
GMACResidentialFunding.com for Loan Documents.

For Loans with an Interest Only feature, GMAC-RFC requires that an Interest Only
Disclosure
For Loans with a 40/30 Balloon or 40 Year Recast feature, use of the GMAC Loan
Disclosure is recommended. See GMACResidentialFunding.com for Loan Disclosure.
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Exhibit B-1
GMAC-RFC
Page 5.7
03/13/06
Client Guide
Products
FRM-15
The FRM-15 is a Mortgage which has an interest rate that is fixed over the term of the Loan. The AlterNet Loan
Program includes an Interest Only feature.
Jumbo A and
Expanded Criteria
Home Solution
Original term of one year to 15 years.
Term
Commitments for seasoned Loans must

be negotiated on an individual basis.
Commitments for seasoned Loans must be

negotiated on an individual basis.
Amortization
Fully amortized over the term of the Loan. Fully amortized over the term of the Loan.
Conversion Option

Interest Only feature is not permitted.
Temporary Buydown
Temporary Buydowns are permitted under Temporary Buydowns are not permitted.
these programs when designed within the
parameters published in the Loan
Programs Chapter of this Client Guide.
Servicing Released
The Client may sell FRM-15 Loans

servicing released to GMAC-RFC either at
the time the delivery Commitment is
obtained, or at any time after it is
purchased by GMAC-RFC.
The Client is required to sell FRM-15 Loans

to GMAC-RFC servicing released at the
time the delivery Commitment is
obtained.
Assumability
Not Assumable.
Not Assumable.
Loan Documents
See GMACResidentialFunding.com for

Loan Documents.

Loan Documents.
Disclosure
The Client must ensure that any

description of the lenders program
furnished to Borrowers complies with
applicable State and federal laws and
regulations.

regulations.
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Exhibit B-1
5 GMAC-RFC
Page 5.8
03/13/06
Client Guide
Products
FRM-15
The FRM-15 is a Mortgage which has an interest rate that is fixed over the term of the Loan. The AlterNet Loan
Program includes an Interest Only feature.
AlterNet
Term
Amortization
Conversion Option

Interest Only payments are due for the first five years, followed by monthly payments
Interest Only Feature of principal and interest for the remaining term of the Loan.
Temporary Buydown
Servicing Released
Interest Only
Servicing
Assumability
Not Assumable.
Loan Documents

Disclosure
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GMAC-RFC
Exhibit B-1
Page 5.9
03/13/06
Client Guide
Products
502
Adjustable Rate Mortgages (ARM)
(A) One Month LIBOR ARM
Jumbo A, Expanded Criteria, and Payment Option Programs.
(B) One Month COFI ARM
Payment Option Program.
(C) One Month MTA ARM
Payment Option Program.
(D) Six Month LIBOR ARM
AlterNet, Jumbo A and Expanded Criteria Programs.
(E) One Year-Six Month LIBOR ARM
Jumbo A Program.
(1) Jumbo A Conversion Option
The conversion option allows for convertibility of the One Year-Six Month LIBOR ARM
to a fixed-rate mortgage Loan. Conversion is allowed beginning on the first change
date and ending on the tenth change date provided all the conditions set forth are
met in the Note and Adjustable Rate Rider, Section 5 (a) Option to Convert to Fixed
Rate, including the condition that no payments in the past 12 months have been 30
days or more past due.
The Client must repurchase the Loan upon conversion, unless it is sold on a servicing
released basis.
GMAC-RFC must receive notice of conversion, either in writing or by telephone, no
less than 15 days prior to the date the Loan converts from a One Year-Six Month
LIBOR ARM to a fixed-rate mortgage. The Client must notify GMAC-RFCs Loan
Accounting Department. For the address, see Loan Accounting Department in
Chapter 10, Definitions.
(2) Jumbo A Calculation of Fixed Rate
The Note and Rider must provide for the calculation of the fixed rate using one of the
following formulas:
GMAC-RFCs FRM-30, 60 day mandatory net rate plus a minimum of 0.50%,
rounded to the nearest 0.125 of 1.00%
The Fannie Mae or Freddie Mac 30 year, 60 day mandatory net rate plus a
minimum of 1.125, rounded to the nearest 0.125 of 1.00%
Unless otherwise restricted under State law, the Note and applicable Rider must
provide for a minimum conversion fee of $250 to cover the Clients cost of
processing the conversion.
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Exhibit B-1
5 GMAC-RFC
Page 5.10
03/13/06
Client Guide
Products
(3) Jumbo A Servicing Fee

The Client must specify a Servicing Fee range at the time a Commitment is
ordered. All Loans delivered as part of a Commitment must have Servicing Fee
within the specified range. The rate and price at which each Loan in the Commitment
is purchased is calculated using the Servicing Fee for such Loan. Any Servicing Fee in
excess of the minimum interest rate in the range set forth in the Commitment will be
excess servicing income to the Servicer.
The minimum Servicing Fee must be at least 0.25%. Any amount in excess of the
minimum Servicing Fee must be in increments of 0.125 of 1%. An amount equal to
or greater than the minimum Servicing Fee must be added to the authorized net
Margin and to the initial net rate and the net life cap. The maximum Servicing Fee
must be no greater than 0.50%.
The One Year-Six Month LIBOR ARM Loan must maintain a constant Servicing Fee at
all times. Therefore, the Servicing Fee spread between the net initial rate and gross
initial rate must equal the spread between the net Margin and the gross Margin,
which must equal the spread between the net life cap and the gross life cap. The
spread on a Loan subject to a minimum interest rate must also equal the spreads
described in the preceding sentence.
(Gross initial rate minus net initial rate) = initial service fee
(Gross Margin minus net Margin) = Margin service fee
(Gross life cap minus net life cap) = life cap service fee
In all instances the Servicing Fee may not exceed 0.50%.
The Client must note these requirements when setting gross Margins, gross life caps
and minimum interest rates on this product.
(F) Two Year-Six Month LIBOR ARM
Expanded Criteria and AlterNet Programs.
(1) Expanded Criteria Conversion Option
The conversion option allows for convertibility of the Two Year-Six Month LIBOR ARM
to a fixed-rate mortgage Loan. Conversion is allowed beginning on the first change
date and ending on the fifth change date provided all the conditions set forth are met
in the Note and Adjustable Rate Rider, Section 5 (a) Option to Convert to Fixed Rate,
including the condition that no payments in the past 12 months have been 30 days
or more past due. The Client must repurchase the Loan upon conversion, unless it is
sold on a servicing released basis.
less than 15 days prior to the date the Loan converts from a Two Year-Six Month
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GMAC-RFC
Exhibit B-1
Page 5.11
03/13/06
Client Guide
Products
(2) Expanded Criteria Calculation of Fixed Rate

following formulas:
minimum of 1.125, rounded to the nearest 0.125 of 1.00%.
(3) Expanded Criteria Servicing Fee
The Two Year-Six Month LIBOR ARM Loan must maintain a constant Servicing Fee at
all times. Therefore, the Servicing Fee spread between the net initial rate and gross
The Client must note these requirements when setting gross Margins, gross life
caps and minimum interest rates on this product.
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Exhibit B-1
5 GMAC-RFC
Page 5.12
03/13/06
Client Guide
Products
(G) Three Year-Six Month LIBOR ARM

Jumbo A, Expanded Criteria, and AlterNet Programs.
(1) Jumbo A/Expanded Criteria Conversion Option
The conversion option allows for convertibility of the Three Year-Six Month LIBOR
ARM to a fixed-rate mortgage Loan. Conversion is allowed beginning on the first
change date and ending on the fifth change date provided all the conditions set forth
are met in the Note and Adjustable Rate Rider, Section 5 (a) Option to Convert to
Fixed Rate, including the condition that no payments in the past 12 months have
been 30 days or more past due.
released basis.
less than 15 days prior to the date the Loan converts from a Three Year-Six Month
(2) Jumbo A/Expanded Criteria Calculation of Fixed Rate
following formulas:
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GMAC-RFC
Exhibit B-1
Page 5.13
03/13/06
Client Guide
Products

The Three Year-Six Month LIBOR ARM Loan must maintain a constant Servicing Fee
at all times. Therefore, the Servicing Fee spread between the net initial rate and
gross initial rate must equal the spread between the net Margin and the gross
Margin, which must equal the spread between the net life cap and the gross life cap.
The spread on a Loan subject to a minimum interest rate must also equal the
spreads described in the preceding sentence.
(H) Five Year-Six Month LIBOR ARM
Jumbo A and Expanded Criteria Programs.
(I) Seven Year-Six Month LIBOR ARM
(J) Ten Year-Six Month LIBOR ARM
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Exhibit B-1
5 GMAC-RFC
Page 5.14
03/13/06
Client Guide
Products
(K) One Year LIBOR ARM

Jumbo A Program.
The conversion option allows for convertibility of the One Year LIBOR ARM to a fixedrate mortgage Loan. Conversion is allowed beginning on the first change date and
ending on the fifth change date provided all the conditions set forth are met in the
Note and Adjustable Rate Rider, Section 5 (a) Option to Convert to Fixed Rate,
or more past due.
released basis.
less than 15 days prior to the date the Loan converts from a One Year LIBOR ARM to
a fixed-rate mortgage. The Client must notify GMAC-RFCs Loan Accounting
Department. For the address, see Loan Accounting Department in Chapter 10,
Definitions.
following formulas:
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GMAC-RFC
Exhibit B-1
Page 5.15
03/13/06
Client Guide
Products

The One Year LIBOR ARM Loan must maintain a constant Servicing Fee at all times.
Therefore, the Servicing Fee spread between the net initial rate and gross initial rate
must equal the spread between the net Margin and the gross Margin, which must
equal the spread between the net life cap and the gross life cap. The spread on a
Loan subject to a minimum interest rate must also equal the spreads described in
the preceding sentence.
(L) Two-One LIBOR ARM
Expanded Criteria and Home Solution Program.
(1) Expanded Criteria Conversion Option
The conversion option allows for convertibility of the Two-One LIBOR ARM to a fixedrate mortgage Loan. Conversion is allowed on the first, second or third change date
provided all the conditions set forth are met in the Note and Adjustable Rate Rider,
Section 5 (a) Option to Convert to Fixed Rate, including the condition that no
payments in the past 12 months have been 30 days or more past due.
released basis.
less than 15 days prior to the date the Loan converts from a Two-One LIBOR ARM to
a fixed-rate mortgage. The Client must notify GMAC-RFCs Loan Accounting
Definitions.
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Exhibit B-1
5 GMAC-RFC
Page 5.16
03/13/06
Client Guide
Products
(2) Expanded Criteria Calculation of Fixed Rate

following formulas:
(3) Expanded Criteria Servicing Fee
The Two-One LIBOR ARM Loan must maintain a constant Servicing Fee at all times.
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GMAC-RFC
Exhibit B-1
Page 5.17
03/13/06
Client Guide
Products
(M)Three-One LIBOR ARM

Jumbo A, Expanded Criteria and Home Solution Programs.
(1) Jumbo A/Expanded Criteria Conversion Option
The conversion option allows for convertibility of the Three-One LIBOR ARM to a
fixed-rate mortgage Loan. Conversion is allowed on the first, second or third change
date provided all the conditions set forth are met in the Note and Adjustable Rate
Rider, Section 5 (a) Option to Convert to Fixed Rate, including the condition that no
payments in the past 12 months have been 30 days or more past due.
released basis.
less than 15 days prior to the date the Loan converts from a Three-One LIBOR ARM
to a fixed-rate mortgage. The Client must notify GMAC-RFCs Loan Accounting
Definitions.
(2) Jumbo A/Expanded Criteria Calculation of Fixed Rate
following formulas:
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Exhibit B-1
5 GMAC-RFC
Page 5.18
03/13/06
Client Guide
Products

The Three-One LIBOR ARM Loan must maintain a constant Servicing Fee at all times.
(N) Five-One LIBOR ARM
(O) Seven-One LIBOR ARM
(P) Ten-One LIBOR ARM
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GMAC-RFC
Exhibit B-1
Page 5.19
03/13/06
Client Guide
Products
(Q) One Year Treasury ARM

Jumbo A and AlterNet Programs.
The conversion option allows for convertibility of the One Year Treasury ARM to a
fixed-rate mortgage Loan. Conversion is allowed beginning on the first change date
and ending on the fifth change date provided all the conditions set forth are met in
the Note and Adjustable Rate Rider, Section 5 (a) Option to Convert to Fixed Rate,
or more past due.
released basis.
less than 15 days prior to the date the Loan converts from a One Year Treasury ARM
to a fixed-rate mortgage. The Client must notify GMAC-RFCs Loan Accounting
Definitions.
following formulas:
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Exhibit B-1
5 GMAC-RFC
Page 5.20
03/13/06
Client Guide
Products

The One Year Treasury ARM Loan must maintain a constant Servicing Fee at all
times. Therefore, the Servicing Fee spread between the net initial rate and gross
The Client must Note these requirements when setting gross Margins, gross life
(R) Three-One Treasury ARM
Jumbo A Program
The conversion option allows for convertibility of the Three-One Treasury ARM to a
fixed-rate mortgage Loan. Conversion is allowed on the first, second and third
change date provided all the conditions set forth are met in the Note and Adjustable
Rate Rider, Section 5 (a) Option to Convert to Fixed Rate, including the condition that
no payments in the past 12 months have been 30 days or more past due.
released basis.
less than 15 days prior to the date the Loan converts from a Three-One Treasury
ARM to a fixed-rate mortgage. The Client must notify GMAC-RFCs Loan Accounting
Definitions.
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GMAC-RFC
Exhibit B-1
Page 5.21
03/13/06
Client Guide
Products

following formulas:
The Three-One Treasury ARM Loan must maintain a constant Servicing Fee at all
times. Therefore, the Servicing Fee spread between the net initial rate and gross
The Client must note these requirements when setting gross Margins, gross life caps
and minimum interest rates on this product.
(S) Five-One Treasury ARM
Jumbo A Program.
(T) Seven-One Treasury ARM
Jumbo A Program.
(U) Ten-One Treasury ARM
Jumbo A Program
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Exhibit B-1
5 GMAC-RFC
Page 5.22
03/13/06
Client Guide
Products
One Month ARMLIBOR, MTA, COFI

The Payment Option Program offers Adjustable Rate Mortgage products and monthly payment amount options. A
balloon feature and terms to 40 years are available.
This program offers a choice of three ARM indices at origination: LIBOR, MTA and COFI. After the initial payment
the Borrower may select from a choice of monthly payment options, a Minimum Payment or one of three additional
payment options.
Payment Option Program

Term
Original term of 30 or 40 years. Loans with a balloon feature have an original term of 30
years with payments based on 40 year amortization.
Amortization
Amortized over the term of the Loan. If an interest rate change occurs, the outstanding
principal balance will be re-amortized over the remaining term of the Loan.
Loans with a balloon feature are amortized over 40 years; a balloon payment of the
remaining principal balance and any interest and applicable fees is due at the end of 30
years.
Deferred
Interest
Loans under this program have the potential for negative amortization or deferred
interest.
The maximum deferred interest (negative amortization) allowed for this program is
115%. State of New York is limited to a maximum of 110%.
Conversion
Option

Four monthly payment options are available:
(1)Minimum Payment (Refer to Minimum Payment below)
(2)Interest Only Payment (Interest owed)
(3)Amortized Payment (P&I payment based on the amortization term). If a balloon
feature is chosen the Loan will mature before the full amortization term.
(4)15-year Payment (P&I payment based on a 15 year term)
Payment Options
Payment options are available when the payment amounts of the options are greater than
the required Minimum Payment.
Initial Payment
The Minimum Payment based on the Note Rate (introductory rate).
Minimum
Payment
The lowest monthly payment available (smallest amount of interest and, if applicable,
principal). The initial Minimum Payment is the principal and interest that would fully
amortize the Loan in 30 years at the start rate. Thereafter the Minimum Payment is recalculated annually and is subject to a payment cap of 7.5% increase (from the previous
minimum payment), life interest rate cap, and maximum negative amortization allowed.
The actual Loan interest rate may change monthly.
A Minimum Payment may not pay all the interest accrued on the Loan for the previous
month. The interest not paid is called deferred interest or negative amortization and is
added to the total principal the Borrower owes monthly.
Payment
Adjustment
Dates and Caps
The first Minimum Payment adjustment date occurs when the 13th monthly payment is
due and every 12 months thereafter. The new Minimum Payment is a fully amortizing
amount based on the current interest rate, outstanding principal balance, and remaining
term; subject to the payment cap.
The Minimum Monthly Payment is recalculated every 12 months and is subject to a
payment amount cap the 7.5%. The mortgage is recast every five years without
consideration of the payment cap.
Recast
The Loan is re-amortized every fifth year based on the remaining term at the current
interest rate and the unpaid balance. This amount becomes the new Minimum Payment
until the next scheduled Payment Change Date. At time of Recast the payment cap of
7.5% does not apply.
The Loan may also be recast immediately if the unpaid principal balance reaches or
exceeds 115% (110% in New York State) of the original Loan amount.
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Exhibit B-1
GMAC-RFC
Page 5.23
03/13/06
Client Guide
Products

payment options.

ARM
Qualification
The qualifying rate is the fully amortizing payment at the greater of 4.25% or the fully
indexed rate.
Temporary
Buydown
Servicing
Released
The Client is required to sell Payment Option Loans servicing released to GMAC-RFC at
the time the delivery Commitment is obtained. The servicing release premium is included
in the posted price.
Assumability
Assumptions are permitted in accordance with the due-on-sale clause provided in the
Security Instrument and/or Note and if the new Borrower meets all credit underwriting
criteria in accordance with the policy stated in the Servicer Guide.
The index rate is not used to determine the initial rate, however, it is used to determine
a new interest rate at the time of each adjustment.
If the index ceases to be available, GMAC-RFC will choose a new index based upon
comparable information.
LIBOR
The index is the average of the London Interbank Offered Rates (LIBOR) for one month
U.S. dollar-denominated deposits, as published in The Wall Street Journal. The most
recent index figure available as of the first date 15 days before each Interest Rate Change
Date is called the Current Index.
MTA
The Index is the Twelve-Month Average of the annual yields on actively traded United
States Treasury Securities adjusted to a constant maturity of one year as published by
the Federal Reserve Board in the Federal Reserve Statistical Release entitled Selected
Interest Rates (h.15) (the Monthly Yields). The Twelve Month Average is determined
by adding together the Monthly Yields for the most recently available 12 months and
dividing by 12. The most recent Index figure available as of the date 15 days before each
Change Date is called the Current Index.
COFI
Index Options
The Index is the monthly weighted average cost of savings, borrowings and advances
of members of the Federal Home Loan Bank of San Francisco (the Bank), as made
available by the Bank. The most recent Index figure available as of the date 15 days
before each Change Date is called the Current Index.
Margin
See GMAC-RFCs Internet Portal at GMACResidentialFunding.com for the current

Margin(s).
ARM Interest
Rate
The ARM interest rate (Note rate) is the interest rate the Borrower must pay under the
Note. Initially, this will be the posted gross rate quoted by GMAC-RFC.
After the initial Adjustment Period the ARM interest rate may change every month. At the
time of each interest rate change, the ARM interest rate will be the sum of the Note
Margin and the index, rounded to the nearest 0.125 of 1%, subject to the interest rate
caps.
Interest Rate
Payment Caps
Life Interest Rate: 9.95%

Lifetime Floor: Margin
Periodic Cap: Not applicable
Annual Payment Cap: 7.5% annually
Interest Rate and Payment Caps are subject to change without notice. See GMAC-RFCs
Internet Portal at GMACResidentialFunding.com for current caps.
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Exhibit B-1
5 GMAC-RFC
Page 5.24
03/13/06
Client Guide
Products

payment options.
Interest Rate,
Change Date &
Adjustment
Period
One-Month Option
The first interest rate change date may occur when the first payment is due. Subsequent
interest rate changes may occur every month, based on the movement of the Index. The
interest rate may change every month, however, the Minimum Payment may change
annually.
Three-Month Option
The first interest rate change date may occur when the third payment is due. Subsequent
interest rate changes may occur every month, based on the movement of the Index. The
interest rate may change month, however, the Minimum Payment may change annually.
Loan Documents
See GMACResidentialFunding.com for Payment Option Legal Documents.
Disclosure
See GMACResidentialFunding.com for Payment Option Legal Documents.
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Exhibit B-1
GMAC-RFC
Page 5.25
03/13/06
Client Guide
Products
One Month LIBOR ARM

The One Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that may adjust monthly
and includes an Interest Only feature.

Term
Original term of not more than 30 years. Commitments for seasoned Loans must be
Amortization
Fully amortized over the term of the Loan. If an interest rate change occurs, the
outstanding principal balance will be re-amortized over the remaining term of the Loan.
Conversion
Option
Interest Only
Feature
Interest Only payments are due for the first ten years, followed by monthly payments of
principal and interest for the remaining years of the Loan.
ARM
Qualification
The qualifying rate is 2% over the start rate.
Temporary
Buydown
Servicing
Released
The Client is required to sell One Month LIBOR ARMs servicing released to GMAC-RFC at
the time the delivery Commitment is obtained. The servicing release premium is included
in the posted price.
Interest Only
Servicing
amount of the monthly payment must be recalculated to reflect the payment change for
the remainder of the term when payments consist of only interest.
Assumability
Security Instrument and/or Note and if the new Borrower meets all credit underwriting
criteria in accordance with the policy stated in the Servicer Guide.
Index
The Index is the average of the London Interbank Offered Rates (LIBOR) for one month
U.S. dollar-denominated deposits, as published in The Wall Street Journal. The Client
must use the most recent index figure available as of the date 15 days before each
Interest Rate Change Date is called the Current Index.
Margin
See GMAC-RFC's Internet Portal at GMACResidentialFunding.com for the current

Margin(s).
ARM Interest
Rate
Note. Initially, this will be the sum of the authorized net rate quoted by GMAC-RFC, and
the Servicing Fee. After the initial Adjustment Period the ARM interest rate may change
once every month. At the time of each interest rate change, the ARM interest rate will be
the sum of the Note Margin and the index, rounded to the nearest 0.125 of 1%, subject
to the interest rate caps.
Interest Rate
Payment Caps
First Interest Rate Cap: 6%

Periodic Cap: 6%
Maximum Lifetime Interest Rate: 12%
Lifetime Floor: Margin
The stated interest rate caps are the minimum required. For additional options contact
your GMAC-RFC Sales Director.
Caps are subject to change without notice. See GMAC-RFC's Internet Portal at
GMACResidentialFunding.com for current caps.
Interest Rate,
Change Date &
Adjustment
Period
The interest rate change date may occur when the first payment is due. Subsequent
interest rate changes may occur every month after the first interest rate change date
based on the movement of the index.
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Exhibit B-1
5 GMAC-RFC
Page 5.26
03/13/06
Client Guide
Products
One Month LIBOR ARM

The One Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that may adjust monthly
and includes an Interest Only feature.

Loan Documents

For Loans with an Interest Only feature, the ARM Disclosure must contain the following
information:
Language stating the period during which the Loan payments will represent only
interest
Language stating that during the Interest Only period, the regular monthly payments
will not reduce the principal balance
Disclosure
Language stating that monthly payments will be higher after the Interest Only period
unless the Borrower has made additional payments to reduce the principal balance
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Exhibit B-1
GMAC-RFC
Page 5.27
03/13/06
Client Guide
Products
Six Month LIBOR ARM

The Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that may adjust semi-annually.
The Jumbo A, Expanded Criteria and AlterNet Programs include an Interest Only feature.
Jumbo A and
Expanded Criteria
AlterNet
Original term of not more than 30 years.
Term
Commitments for seasoned Loans must be Commitments for seasoned Loans must be
Amortization

If an interest rate change occurs, the
outstanding principal balance will be reamortized over the remaining term of the
Loan.

Loan.
Conversion Option


first five years, followed by monthly
remaining term of the Loan.
The qualifying rate is 2% over the start

rate.
The qualifying rate is the maximum

interest rate that could be in effect at the
Temporary Buydown
Temporary Buydowns are permitted.
Servicing Released
The Client is required to sell Six Month

LIBOR ARM Loans to GMAC-RFC servicing
released at the time the delivery
Commitment is obtained.
The Client is required to sell Six Month

LIBOR ARM Loans to GMAC-RFC servicing
released at the time the delivery
Interest Only
Servicing
If partial prepayment/principal
curtailment is made during the Interest
Only period, the amount of the monthly
payment must be recalculated to reflect
the payment change for the remainder of
the term when payments consist only of
interest.
interest.
Assumability
Assumptions are permitted in accordance

with the due-on-sale clause provided in
the Security Instrument and/or Note
and if the new Borrower meets all credit
underwriting criteria in accordance with
the policy stated in the Servicer Guide.

The index is the average of the London

Interbank Offered Rates (LIBOR) for six
month U.S. dollar-denominated deposits,
as published in The Wall Street Journal.
The Client must use the most recent index
figure available as of the first Business
Day of the month immediately preceding
the month in which the interest rate
change date occurs.
The index is the average of the London

Interbank Offered Rates (LIBOR) for six
month U.S. dollar-denominated deposits,
as published in The Wall Street Journal.
The Client must use the most recent index
figure available as of the first Business
Day of the month immediately preceding
the month in which the interest rate
change date occurs.
The index rate is not used to determine

the initial rate, however, it is used to
determine a new interest rate at the time
of each adjustment.

of each adjustment.
ARM Qualification
Index
If the index ceases to be available, GMAC- If the index ceases to be available, GMACRFC will choose a new index based upon
RFC will choose a new index based upon
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Exhibit B-1
5 GMAC-RFC
Page 5.28
03/13/06
Client Guide
Products
Six Month LIBOR ARM

The Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that may adjust semi-annually.
The Jumbo A, Expanded Criteria and AlterNet Programs include an Interest Only feature.
Jumbo A and
Expanded Criteria
AlterNet
Margin
See GMAC-RFCs Internet Portal at

GMACResidentialFunding.com for the
current Margin(s).

current Margin(s).
ARM Interest Rate
The ARM interest rate (Note rate) is the

interest rate the Borrower must pay under
the Note. Initially, this will be the sum of
the authorized net rate quoted by GMACRFC, and the Servicing Fee. After the
initial Adjustment Period the ARM interest
rate may change once every six months.
At the time of each interest rate change,
the ARM interest rate will be the sum of
the Note Margin and the index, rounded
to the nearest 0.125 of 1%, subject to the
interest rate caps.

the authorized net rate quoted by GMACRFC, and the Servicing Fee. After the
initial Adjustment Period the ARM interest
rate may change once every six months.
At the time of each interest rate change,
the ARM interest rate will be the sum of
the Note Margin and the index, rounded
to the nearest 0.125 of 1%, subject to the
interest rate caps.
First Interest Rate Cap 6%
Periodic Cap 6%
Periodic Cap 1%
Maximum Lifetime Interest Rate 12%
Lifetime Cap 6%
Lifetime Floor = Margin
The stated interest rate caps are the

minimum required. For additional options
contact your GMAC-RFC Sales Director.
Caps are subject to change without notice.

GMACResidentialFunding.com for current
caps.
Interest Rate Caps

caps.
Interest Rate Change

Date & Adjustment
Period
The interest rate change date may occur

when the sixth payment is due.
Subsequent interest rate changes may
occur six months after the first interest
rate change date based on the movement
of the index.

when the sixth payment is due.
occur six months after the first interest
of the index.
Loan Documents

Loan Documents.

Loan Documents.

regulations.

regulations.
For Loans with an Interest Only feature,

the ARM Disclosure must contain the
following information:

Language stating the period during

which the Loan payments will represent
only interest

only interest
Language stating that during the

Interest Only period, the regular
monthly payments will not reduce the
principal balance

principal balance
Language stating that monthly

payments will be higher after the
Interest Only period unless the Borrower
has made additional payments to reduce
the principal balance

Disclosure
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Exhibit B-1
GMAC-RFC
Page 5.29
03/13/06
Client Guide
Products

The One Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first year and may adjust semi-annually thereafter. The Jumbo A program includes an option to convert to a fixedrate product. The Jumbo A Program includes an Interest Only feature.
Jumbo A
Term
Amortization
outstanding principal balance will be re-amortized over the remaining term of the
Loan.
May be originated with or without a conversion option. The conversion option may be
exercised beginning on the first change date and ending on the tenth change date.
Conversion Option
Borrowers must meet the Note and Rider requirements as well as the criteria outlined
under the Jumbo A Conversion Option in this Section.
Two options exist:
Interest Only payments are due for the first year, followed by monthly payments of
principal and interest for the remaining term of the Loan.
Interest Only Feature
Interest Only payments are due for the first ten years, followed by monthly payments
of principal and interest for the remaining term of the Loan.
ARM Qualification
The qualifying rate is the maximum interest rate that could be in effect at the beginning
of the second year.
Temporary Buydown
Servicing Released
The Client may sell One Year-Six Month LIBOR ARM Loans servicing released to GMACRFC either at the time the delivery Commitment is obtained, or at any time after it is
Interest Only
Servicing
If partial prepayment/principal curtailment is made during the Interest Only period,

the amount of the monthly payment must be recalculated to reflect the payment
change for the remainder of the term when payments consist only of interest.
Security Instrument and/or Note and if the new Borrower meets all credit
underwriting criteria in accordance with the policy stated in the Servicer Guide.
Assumability
If the Loan converts to a fixed-rate mortgage, the due-on-sale clause will be effective
and assumptions are not permitted.
The index is the average of the London Interbank Offered Rates (LIBOR) for six month
must use the most recent index figure available as of the first Business Day of the
month immediately preceding the month in which the interest rate change date occurs.
Index
Margin

Margin(s).
Note. Initially, this will be the sum of the authorized net rate quoted by GMAC-RFC,
and the Servicing Fee.
ARM Interest Rate
After the initial Adjustment Period the ARM interest rate may change once every six
months. At the time of each interest rate change, the ARM interest rate will be the sum
of the Note Margin and the index, rounded to the nearest 0.125 of 1%, subject to the
interest rate caps.
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Exhibit B-1
5 GMAC-RFC
Page 5.30
03/13/06
Client Guide
Products

The One Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first year and may adjust semi-annually thereafter. The Jumbo A program includes an option to convert to a fixedrate product. The Jumbo A Program includes an Interest Only feature.
Jumbo A
Periodic Cap 1%
Lifetime Cap 6%
Interest Rate Caps
Caps are subject to change without notice. See GMAC-RFCs Internet Portal at

Date & Adjustment
Period
The interest rate change date may occur when the 12th payment is due. Subsequent
interest rate changes may occur every six months after the first interest rate change
date based on the movement of the index.
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
GMAC-RFC
Page 5.31
03/13/06
Client Guide
Products

(including 40/30 Balloon)
The Two Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first two years and may adjust semi-annually thereafter.
The Expanded Criteria and AlterNet Programs include an option to convert to a fixed-rate product, an Interest Only
and a 40/30 Balloon feature.
Loans with a 40/30 Balloon feature have adjust able rate payments based on 40 year amortization with a balloon
payment due at the end of the 30 year term.
Expanded Criteria
Standard Product
Term
Original term of 30 years with payment


Amortization
40/30 Balloon
The amortized period is 40 years. A

If an interest rate change occurs, the outstanding principal balance will be reamortized over the remaining term of the Loan.
May be originated with or without a
conversion option. The conversion option
may be exercised beginning on the first
change date and ending on the fifth change
date.
A conversion option is not permitted with

40/30 Balloon feature.
Borrowers must meet the Note and Rider

requirements as well as the criteria
outlined under the Jumbo A Conversion
Option in this Section.
Conversion Options

Interest Only.
Two options exist:
first two years, followed by monthly
Interest Only payments are not

permitted with 40/30 Balloon feature.

ARM Qualification
of the second year.
Temporary Buydown
Servicing Released
The Client may sell Two Year-Six Month LIBOR ARM Loans servicing released to GMACRFC either at the time the delivery Commitment is obtained, or at any time after it is
Interest Only
Servicing
If partial prepayment/principal curtailment

is made during the Interest Only period,
the amount of the monthly payment must
be recalculated to reflect the payment
change for the remainder of the term when
payments consist only of interest.

permitted.
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Exhibit B-1
5 GMAC-RFC
Page 5.32
03/13/06
Client Guide
Products

first two years and may adjust semi-annually thereafter.
The Expanded Criteria and AlterNet Programs include an option to convert to a fixed-rate product, an Interest Only
and a 40/30 Balloon feature.
Loans with a 40/30 Balloon feature have adjust able rate payments based on 40 year amortization with a balloon
Expanded Criteria
Standard Product
40/30 Balloon
Assumability
Index
Margin

Margin(s).
Note. Initially, this rate will be the sum of the authorized net rate quoted by GMACRFC, and the Servicing Fee.
ARM Interest Rate
months. At the time of each interest rate change the ARM interest rate will be the sum
interest rate caps.
Periodic Cap 1%
Lifetime Cap 6%
Interest Rate Caps

Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
GMAC-RFC
Page 5.33
03/13/06
Client Guide
Products

first two years and may adjust semi-annually thereafter. The AlterNet Program includes Interest Only feature, a 40/
30 Balloon and 40 Year Recast features.
Loans with a 40/30 Balloon feature have adjustable rate payments based on 40 year amortization with a balloon
Loans with a 40 Year Recast feature have adjustable rate payments that are amortized over 40 years for the first
ten years then the Loans is fully amortized for the remainder of the 30 year term.
AlterNet
Standard product
40/30 Balloon
year amortization.
40 Year Recast
Term
Amortization

term of the Loan. If an
interest rate change occurs,
the outstanding principal
balance will be reamortized over the
Conversion Options
A conversion option is not permitted

followed by monthly

years. A balloon payment is
interest or fees at the end of
30 years.

years for the first ten years.
After the first ten years the
Loan is recast and fully
amortizes over the
term.
Interest Only payments are not permitted.
ARM Qualification
of the second year.
Temporary Buydown
Servicing Released
The Client is required to sell Two Year-Six Month LIBOR ARM Loans to GMAC-RFC
servicing released at the time the delivery Commitment is obtained.
Interest Only
Servicing

If partial prepayment/
principal curtailment is
made during the Interest
Only period, the amount of
the monthly payment must
be recalculated to reflect
the payment change for the
remainder of the term when
payments consist only of
interest.
Assumability
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Exhibit B-1
5 GMAC-RFC
Page 5.34
03/13/06
Client Guide
Products

first two years and may adjust semi-annually thereafter. The AlterNet Program includes Interest Only feature, a 40/
30 Balloon and 40 Year Recast features.
ten years then the Loans is fully amortized for the remainder of the 30 year term.
AlterNet
Standard product
40/30 Balloon
40 Year Recast
Index
Margin
Excess Margin is not always acceptable. See GMAC-RFCs Internet Portal at

GMACResidentialFunding.com for the current Margin(s).
Note. Initially, this rate will be the sum of the authorized net rate quoted by GMAC-RFC,
ARM Interest Rate
interest rate caps.
Periodic Cap 1%
Lifetime Cap 6%
Interest Rate Caps
Interest Rate Change The interest rate change date may occur when the 24th payment is due. Subsequent
Date & Adjustment
Period
Loan Documents
For Loans with a 40/30 Balloon feature, a Conditional Right to Refinance (Rider) is not
eligible. See GMACResidentialFunding.com for Loan Documents.
information:
interest
Disclosure
Disclosure is recommended. See GMACResidentialFunding.com for Legal Documents.
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Exhibit B-1
GMAC-RFC
Page 5.35
03/13/06
Client Guide
Products

The Three Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first 36 months and may adjust semi-annually thereafter.
The Jumbo A and Expanded Criteria Programs include an option to convert to a fixed-rate product, Interest Only
and 40/30 Balloon feature.

Standard Product
40/30 Balloon
Term
Amortization
The amortized period is 40 years. A

may be exercised beginning on the first
change date and ending on the fifth
change date.

outlined under the Jumbo A/Expanded
Criteria Conversion Option in this Section.
Conversion Option

Interest Only.
Two options exist:
first three years, followed by monthly
payments of principal and interest for
the remaining term of the Loan.

permitted.

ARM Qualification
The qualifying rate is the start rate.
Temporary Buydown
Servicing Released
The Client may sell Three Year-Six Month LIBOR ARM Loans servicing released to
GMAC-RFC either at the time the delivery Commitment is obtained, or at any time
after it is purchased by GMAC-RFC.
Interest Only
Servicing
interest.

permitted.
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Exhibit B-1
5 GMAC-RFC
Page 5.36
03/13/06
Client Guide
Products


Standard Product
40/30 Balloon
Assumability
Index
Margin

Margin(s).
ARM Interest Rate
interest rate caps.
Periodic Cap 1%
Lifetime Cap 6%
Interest Rate Caps

Date & Adjustment
Period
Loan Documents
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Exhibit B-1
GMAC-RFC
Page 5.37
03/13/06
Client Guide
Products


Standard Product
40/30 Balloon
information:
interest
Disclosure
For Loans with a 40/30 Balloon, use of the GMAC Loan Disclosure is recommended. See
GMACResidentialFunding.com for Legal Documents.
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Exhibit B-1
5 GMAC-RFC
Page 5.38
03/13/06
Client Guide
Products

The Three Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for
the first 36 months and may adjust semi-annually thereafter. The AlterNet Program includes Interest Only, 40/30
Balloon and a 40 Year Recast features.
Loans with a 40/30 Balloon feature have adjustable rate payments that are amortized over 40 years with a balloon
ten years. After the first ten years the Loan is fully amortized over the remainder of the 30 year term.
AlterNet
Standard Product
40/30 Balloon
year amortization.
40 Year Recast
Term
Amortization

term of the Loan. If an
interest rate change occurs,
the outstanding principal
balance will be reamortized over the
Conversion Option

followed by monthly

40 years. At the end of 30
years a balloon payment is
interest or fees.

not permitted.

40 years for the first ten
years. After the first ten
years the Loan is recast and
fully amortizes over the
term.

not permitted.
ARM Qualification
The qualifying rate is the start rate
Temporary Buydown
Servicing Released
The Client is required to sell Three Year-Six Month LIBOR ARM Loans to GMAC-RFC
servicing released at the time the delivery Commitment is obtained.
Interest Only
Servicing

If partial prepayment/
principal curtailment is
made during the Interest
Only period, the amount of
the monthly payment must
be recalculated to reflect
the payment change for the
remainder of the term when
payments consist only of
interest.
Assumability
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Exhibit B-1
GMAC-RFC
Page 5.39
03/13/06
Client Guide
Products

The Three Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for
the first 36 months and may adjust semi-annually thereafter. The AlterNet Program includes Interest Only, 40/30
Balloon and a 40 Year Recast features.
Loans with a 40/30 Balloon feature have adjustable rate payments that are amortized over 40 years with a balloon
ten years. After the first ten years the Loan is fully amortized over the remainder of the 30 year term.
AlterNet
Standard Product
40/30 Balloon
40 Year Recast
Index
Margin
Excess Margin is not always acceptable. See GMAC-RFCs Internet Portal at

GMACResidentialFunding.com for the current Margin(s).
Note. Initially, this rate will be the sum of the authorized net rate quoted by GMAC-RFC,
the Servicing Fee.
ARM Interest Rate
interest rate caps.
First Interest Rate Cap3%
Periodic Cap 1%
Lifetime Cap 6%
Interest Rate Caps
Interest Rate Change The interest rate change date may occur when the 36th payment is due. Subsequent
Date & Adjustment
Period
Loan Documents
For Loans with a 40/30 Balloon feature, a Conditional Right to Refinance (Rider) is not
eligible. See GMACResidentialFunding.com for Loan Documents.
information:
interest
Disclosure
Disclosure is recommended. See GMACResidentialFunding.com for Legal Documents.
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Exhibit B-1
5 GMAC-RFC
Page 5.40
03/13/06
Client Guide
Products

The Five Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first five years and may adjust semi-annually thereafter.
The Jumbo A and Expanded Criteria Programs include Interest Only and 40/30 Balloon features.

Standard Product
40/30 Balloon
Term
Amortization

Loan.
Conversion Option
The amortized period is 40 years. A balloon

payment is due of the remaining principal
balance and any interest or fees at the end
of 30 years.
Two options exist:

ARM Qualification
Temporary Buydown
Servicing Released
The Client may sell the Five Year-Six Month LIBOR ARM Loans servicing released to
Interest Only
Servicing
If partial prepayment/principal curtailment Interest Only payments are not permitted.

Assumability
Security Instrument and /or Note and if the new Borrower meets all credit
Index
Margin

Margin(s).
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Exhibit B-1
GMAC-RFC
Page 5.41
03/13/06
Client Guide
Products

The Five Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first five years and may adjust semi-annually thereafter.

the Servicing Fee.
ARM Interest Rate
interest rate caps.
Periodic Cap 1%
Lifetime Cap 5%
Interest Rate Caps
Interest Rate Change The interest rate change date may occur no later than 61 months after the date of
purchase by GMAC-RFC. Subsequent interest rate changes may occur every six months
Date & Adjustment
after the first interest rate change date based on the movement of the index.
Period
Loan Documents

information:
interest
Disclosure
GMACResidentialFunding.com for Legal Documents.
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Exhibit B-1
5 GMAC-RFC
Page 5.42
03/13/06
Client Guide
Products

The Seven Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for
the first seven years and may adjust semi-annually thereafter.

Standard Product
Term
40/30 Balloon


of 30 years.
If an interest rate change occurs, the outstanding principal balance will be re-amortized
over the remaining term of the Loan.
Amortization
Conversion Option

Two options exist:
Interest Only payments not permitted.

first seven years, followed by monthly
ARM Qualification

Temporary Buydowns are permitted when designed within the parameters published in
the Jumbo A/Expanded Criteria Loan Programs Chapters of this Client Guide.
Temporary Buydown
Temporary Buydowns are not permitted with Interest Only.
Servicing Released
The Client may sell the Seven Year-Six Month LIBOR ARM Loans servicing released to
Interest Only
Servicing
If partial prepayment/principal curtailment Interest Only payments not permitted.

Assumability
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Exhibit B-1
GMAC-RFC
Page 5.43
03/13/06
Client Guide
Products

The Seven Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for
the first seven years and may adjust semi-annually thereafter.

Standard Product
40/30 Balloon
Index
Margin

Margin(s).
the Servicing Fee.
ARM Interest Rate
interest rate caps.
Periodic Cap 1%
Lifetime Cap 5%
The stated interest rate caps are the minimum required. For additional options, contact
Interest Rate Caps
Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
GMACResidentailFunding.com for Legal Documents.
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Exhibit B-1
5 GMAC-RFC
Page 5.44
03/13/06
Client Guide
Products

The Ten Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first ten years and may adjust semi-annually thereafter. The Jumbo A and Expanded Criteria Programs includes
Interest Only and 40/30 Balloon features.

Standard Product
Term
40/30 Balloon


of 30 years.
Amortization
Conversion Option
ARM Qualification

Temporary Buydown
the Jumbo A Loan Program Chapter of this Client Guide.
Servicing Released
The Client may sell the Ten Year-Six Month LIBOR ARM Loans servicing released to
Interest Only
Servicing

Assumability
Index
Margin

Margin(s).
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Exhibit B-1
GMAC-RFC
Page 5.45
03/13/06
Client Guide
Products

The Ten Year-Six Month LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the
first ten years and may adjust semi-annually thereafter. The Jumbo A and Expanded Criteria Programs includes
Interest Only and 40/30 Balloon features.

Standard Product
40/30 Balloon
the Servicing Fee.
ARM Interest Rate
interest rate caps.
Periodic Cap 1%
Lifetime Cap 5%
Interest Rate Caps
Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.46
03/13/06
Client Guide
Products
One Year LIBOR ARM

The One Year LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that may change annually. The
Jumbo A Program includes an option to convert to a fixed-rate product. The Jumbo A Program includes an Interest
Only feature.
Jumbo A
Term
Amortization
exercised any month beginning on the first change date and ending on the fifth change
date.
Conversion Option
under the Jumbo A One Year LIBOR ARM Conversion Option in this Section.
Two options exist:
Interest Only payments are due for the first year, followed by monthly payments of
principal and interest for the remaining term of the Loan.
ARM Qualification
of the second year.
Temporary Buydown
Servicing Released
The Client may sell One Year LIBOR ARM Loans servicing released to GMAC-RFC either
at the time the delivery Commitment is obtained, or at any time after it is purchased
by GMAC-RFC.
Interest Only
Servicing
Assumability
The index is the average of the London Interbank Offered Rates (LIBOR) for one year
must use the most recent index figure available on the day that is 45 days before the
interest rate change date.
Index
Margin

Margin(s).
ARM Interest Rate
After the initial Adjustment Period the ARM interest rate may change once every 12
interest rate caps.
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Exhibit B-1
GMAC-RFC
Page 5.47
03/13/06
Client Guide
Products
One Year LIBOR ARM

The One Year LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that may change annually. The
Jumbo A Program includes an option to convert to a fixed-rate product. The Jumbo A Program includes an Interest
Only feature.
Jumbo A
Periodic Cap 2%
Lifetime Cap 6%
Interest Rate Caps

Date & Adjustment
Period
interest rate changes may occur 12 months after the first interest rate change date
based on the movement of the index.
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.48
03/13/06
Client Guide
Products
Two-One LIBOR ARM

The Two-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first two
years and may adjust annually thereafter. The Expanded Criteria Program includes an option to convert to a fixedrate product. The Expanded Criteria Program includes an Interest Only feature.
Expanded Criteria
Term

Amortization
exercised on the first, second or third change date.
Conversion Option
under the Expanded Criteria Conversion Option in this Section.
Two options exist:
Interest Only payments are due for the first two years, followed by monthly
payments of principal and interest for the remaining term of the Loan.
ARM Qualification
Temporary Buydown
Servicing Released
The Client may sell Two-One LIBOR ARM Loans servicing released to GMAC-RFC either
by GMAC-RFC.
Interest Only
Servicing
Assumability
Index
Margin

Margin(s).
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Exhibit B-1
GMAC-RFC
Page 5.49
03/13/06
Client Guide
Products
Two-One LIBOR ARM

The Two-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first two
years and may adjust annually thereafter. The Expanded Criteria Program includes an option to convert to a fixedrate product. The Expanded Criteria Program includes an Interest Only feature.
Expanded Criteria
ARM Interest Rate
interest rate caps.
Periodic Cap 2%
Lifetime Cap 6%
Interest Rate Caps

Date & Adjustment
Period
The interest rate change date may occur no later than 25 months after the date of
purchase by GMAC-RFC. Subsequent interest rate changes may occur each
anniversary of the first interest rate change date based on the movement of the index.
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.50
03/13/06
Client Guide
Products
Three-One LIBOR ARM

The Five-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first five
years and may adjust annually thereafter. The Jumbo A and Expanded Criteria Programs include Interest Only and
40/30 Balloon features.

Standard Product
Term
40/30 Balloon


of 30 years.
Amortization
Conversion Option

Two options exist:

ARM Qualification
Temporary Buydown
Servicing Released
The Client may sell Five-One LIBOR ARM Loans servicing released to GMAC-RFC either
by GMAC-RFC.
Interest Only
Servicing

Assumability
Index
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Exhibit B-1
GMAC-RFC
Page 5.51
03/13/06
Client Guide
Products
Three-One LIBOR ARM


Standard Product
Margin
40/30 Balloon

Margin(s).
the Servicing Fee.
ARM Interest Rate
interest rate caps.
Periodic Cap 2%
Lifetime Cap 6%
Interest Rate Caps
purchase by GMAC-RFC. Subsequent interest rate changes may occur each anniversary
Date & Adjustment
of the first interest rate change date based on the movement of the index.
Period
Loan Documents

information:
interest
Disclosure
GMACResidentailFunding.com for Legal Documents
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Exhibit B-1
5 GMAC-RFC
Page 5.52
03/13/06
Client Guide
Products
Three-One LIBOR ARM

The Three-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first three
years and may adjust annually thereafter. The Jumbo A and Expanded Criteria Programs include an option to convert
to a fixed-rate product. The Jumbo A and Expanded Criteria Programs include an Interest Only feature.
Home Solution
Term
Amortization
Conversion Option
Interest Only Feature Interest Only feature is not permitted

ARM Qualification
Temporary Buydown
Servicing Released
The Client is required to sell Three-One LIBOR ARM Loans to GMAC-RFC servicing
released at the time the delivery Commitment is obtained.
Assumability
Index
Margin

Margin(s).
ARM Interest Rate
interest rate caps.
Periodic Cap 2%
Lifetime Cap 6%
Interest Rate Caps

Date & Adjustment
Period
Loan Documents
Disclosure
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Exhibit B-1
GMAC-RFC
Page 5.53
03/13/06
Client Guide
Products
Five-One LIBOR ARM


Standard Product
Term
40/30 Balloon


of 30 years.
Amortization
Conversion Option

Two options exist:

ARM Qualification
Temporary Buydown
Servicing Released
The Client may sell Five-One LIBOR ARM Loans servicing released to GMAC-RFC either
by GMAC-RFC.
Interest Only
Servicing

Assumability
Index
Margin

Margin(s).
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Exhibit B-1
5 GMAC-RFC
Page 5.54
03/13/06
Client Guide
Products
Five-One LIBOR ARM


Standard Product
40/30 Balloon
the Servicing Fee.
ARM Interest Rate
interest rate caps.
Periodic Cap 2%
Lifetime Cap 5%
Interest Rate Caps
Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
GMACResidentailFunding.com for Legal Documents
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Exhibit B-1
GMAC-RFC
Page 5.55
03/13/06
Client Guide
Products
Seven-One LIBOR ARM

The Seven-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first seven

Standard Product
Term
40/30 Balloon


of 30 years.
Amortization
Conversion Option

Two options exist:

first seven years, followed by monthly
ARM Qualification
Temporary Buydown
the Jumbo A/Expanded Criteria Loan Program Chapters of this Client Guide.
Servicing Released
The Client may sell Seven-One LIBOR ARM Loans servicing released to GMAC-RFC
either at the time the delivery Commitment is obtained, or at any time after it is
Interest Only
Servicing

Assumability
Index
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Exhibit B-1
5 GMAC-RFC
Page 5.56
03/13/06
Client Guide
Products
Seven-One LIBOR ARM

The Seven-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first seven

Standard Product
Margin
40/30 Balloon

Margin(s).
the Servicing Fee.
ARM Interest Rate
interest rate caps.
Periodic Cap 2%
Lifetime Cap 5%
Interest Rate Caps
Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
GMAC-RFC
Page 5.57
03/13/06
Client Guide
Products
Ten-One LIBOR ARM

The Ten-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first ten

Standard Product
Original term of 30 years; no restrictions
on the remaining term.
Term
40/30 Balloon


of 30 years.
Amortization
Conversion Option

ARM Qualification
Temporary Buydown
the Jumbo A Loan Program Chapter of this Client Guide.
Servicing Released
The Client may sell Ten-One LIBOR ARM Loans servicing released to GMAC-RFC either
by GMAC-RFC.
Interest Only
Servicing

Assumability
Index
Margin

Margin(s).
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Exhibit B-1
5 GMAC-RFC
Page 5.58
03/13/06
Client Guide
Products
Ten-One LIBOR ARM

The Ten-One LIBOR ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first ten

Standard Product
40/30 Balloon
the Servicing Fee.
ARM Interest Rate
interest rate caps.
Periodic Cap 2%
Lifetime Cap 5%
Interest Rate Caps
Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
GMAC-RFC
Page 5.59
03/13/06
Client Guide
Products

The One Year Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that may change annually.
The Jumbo A Program includes an option to convert to a fixed-rate product. The Jumbo A Program includes an
Interest Only feature.
Jumbo A
AlterNet
Term
Commitments for seasoned Loans must

be negotiated on an individual basis.
Commitments for seasoned Loans must be

Amortization

Loan.

Loan.

may be exercised any month beginning on
the first change date and ending on the
fifth change date.
Conversion Option

outlined under the Jumbo A One Year
Treasury ARM Conversion Option in this
Section.
Two options exist:

first year, followed by monthly payments
of principal and interest for the
ARM Qualification


Temporary Buydown
Servicing Released
The Client may sell One Year Treasury

ARM Loans servicing released to GMACRFC either at the time the delivery
Commitment is obtained, or at any time
The Client is required to sell One Year

Treasury ARM Loans to GMAC-RFC
servicing released at the time the delivery
Interest Only not permitted.
Interest Only
Servicing
interest.
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Exhibit B-1
5 GMAC-RFC
Page 5.60
03/13/06
Client Guide
Products

Assumability
Jumbo A
AlterNet


If the Loan converts to a fixed-rate

mortgage, the due-on-sale clause will be
effective and assumptions are not
permitted.
Not convertible
The weekly average yield of U.S. Treasury

securities adjusted to a constant maturity
of one year. The index is published in the
Federal Reserve Board Statistical Release
H. 15 (519). The Client must use the index
in effect 45 days prior to a scheduled
The weekly average yield of U.S. Treasury

securities adjusted to a constant maturity
of one year. The index is published in the
Federal Reserve Board Statistical Release
H. 15 (519). The Client must use the index
in effect 45 days prior to a scheduled

of each adjustment.

of each adjustment.
Index
If the index ceases to be available, GMAC- If the index ceases to be available, GMACRFC will choose a new index based upon
RFC will choose a new index based upon
Margin

current Margin(s).

current Margin(s).

the authorized net rate quoted by GMACRFC, and the Servicing Fee.

the authorized net rate quoted by GMACRFC, and the Servicing Fee.
After the initial Adjustment Period the

ARM interest rate may change once every
12 months. At the time of each interest
rate change, the ARM interest rate will be
the sum of the Note Margin and the index,
rounded to the nearest 0.125 of 1%,
subject to the interest rate caps.
After the initial Adjustment Period the

ARM interest rate may change once every
12 months. At the time of each interest
rate change, the ARM interest rate will be
the sum of the Note Margin and the index,
rounded to the nearest 0.125 or 1%,
subject to the interest rate caps.
ARM Interest Rate
Periodic Cap 2%
Periodic Cap 2%
Lifetime Cap 6%
Lifetime Cap 6%
The stated interest rate caps are the

minimum required. For additional options
contact your GMAC-RFC Sales Director.

caps.
Interest Rate Caps

caps.

Date & Adjustment
Period

when the 12th payment is due.
occur 12 months after the first interest
of the index.

when the 12th payment is due.
occur 12 months after the first interest
of the index.
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Exhibit B-1
GMAC-RFC
Page 5.61
03/13/06
Client Guide
Products

Jumbo A
Loan Documents

regulations.
only interest
principal balance
Disclosure
AlterNet


regulations.
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Exhibit B-1
5 GMAC-RFC
Page 5.62
03/13/06
Client Guide
Products

The Three-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first
three years and may adjust annually thereafter. The Jumbo A Program includes an option to convert to a fixed-rate
product. The Jumbo A Program includes an Interest Only feature.
Jumbo A
Term
Amortization
Loan.
exercised on the first, second or third change date.
Conversion Option
under the Jumbo A Conversion Option in this Section. The criteria for conversion for a
Three-One Treasury ARM is the same as the criteria for a One Year Treasury ARM.
Two options exist:
Interest Only payments are due for the first three years, followed by monthly
ARM Qualification
Temporary Buydown
Servicing Released
The Client may sell Three-One Treasury ARM Loans servicing released to GMAC-RFC
Interest Only
Servicing

Assumability
The weekly average yield of U.S. Treasury securities adjusted to a constant maturity
of one year. The index is published in the Federal Reserve Board Statistical Release H.
15 (519). The Client must use the index in effect 45 days prior to a scheduled interest
rate change date.
Index
Margin

Margin(s).
ARM Interest Rate
interest rate caps.
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Exhibit B-1
GMAC-RFC
Page 5.63
03/13/06
Client Guide
Products

The Three-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first
three years and may adjust annually thereafter. The Jumbo A Program includes an option to convert to a fixed-rate
product. The Jumbo A Program includes an Interest Only feature.
Jumbo A
Periodic Cap 2%
Lifetime Cap 6%
Interest Rate Caps

Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.64
03/13/06
Client Guide
Products

The Five-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first five
years and may adjust annually thereafter. The Jumbo A Program includes an Interest Only feature.
Jumbo A
Term
Amortization
Loan.
Conversion Option

Two options exist:
(1)Interest Only payments are due for the first five years, followed by monthly
(1) Interest Only payments are due for the first ten years, followed by monthly
ARM Qualification
Temporary Buydown
Servicing Released
The Client may sell Five-One Treasury ARM Loans servicing released to GMAC-RFC
Interest Only
Servicing

Assumability
rate change date.
Index
Margin

Margin(s).
ARM Interest Rate
interest rate caps.
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Exhibit B-1
GMAC-RFC
Page 5.65
03/13/06
Client Guide
Products

The Five-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first five
Jumbo A
Periodic Cap 2%
Lifetime Cap 5%
Interest Rate Caps

Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.66
03/13/06
Client Guide
Products

The Seven-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first
seven years and may adjust annually thereafter. The Jumbo A Program includes an Interest Only feature.
Jumbo A
Original term of not more than 30 years; no restrictions on the remaining term.
Term
Amortization
Loan.
Conversion Option

Two options exist:
Interest Only payments are due for the first seven years, followed by monthly
ARM Qualification
Temporary Buydown
Temporary Buydowns are permitted when designed within the parameters published
in the Jumbo A Loan Program Chapter of this Client Guide.
Servicing Released
The Client may sell Seven-One Treasury ARM Loans servicing released to GMAC-RFC
Interest Only
Servicing

Assumability
rate change date.
Index
Margin

Margin(s).
ARM Interest Rate
interest rate caps.
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Exhibit B-1
GMAC-RFC
Page 5.67
03/13/06
Client Guide
Products

The Seven-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first
seven years and may adjust annually thereafter. The Jumbo A Program includes an Interest Only feature.
Jumbo A
Periodic Cap 2%
Lifetime Cap 5%
Interest Rate Caps

Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.68
03/13/06
Client Guide
Products

The Ten-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first ten
Jumbo A
Term
Original term of 30 years; no restrictions on the remaining term. Commitments for

seasoned Loans must be negotiated on an individual basis.
Amortization
Loan.
Conversion Option

ARM Qualification
Temporary Buydown
Temporary Buydowns are permitted when designed within the parameters published
in the Jumbo A Loan Program Chapter of this Client Guide.
Servicing Released
The Client may sell Ten-One Treasury ARM Loans servicing released to GMAC-RFC
Interest Only
Servicing

Assumability
rate change date.
Index
Margin
See GMAC-RFCs Internet Portal at GMACResidentialFunding.com the current

Margin(s).
ARM Interest Rate
interest rate caps.
Periodic Cap 2%
Lifetime Cap 5%
Interest Rate Caps
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Exhibit B-1
GMAC-RFC
Page 5.69
03/13/06
Client Guide
Products

The Ten-One Treasury ARM is an Adjustable Rate Mortgage which has an interest rate that is fixed for the first ten
Jumbo A
Date & Adjustment
Period
Loan Documents

information:
interest
Disclosure
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Exhibit B-1
5 GMAC-RFC
Page 5.70
03/13/06
Client Guide
Products
503
Balloon Mortgages
30/15 Balloon Mortgage
Home Solution and AlterNet Programs.
30/15 Balloon
The 30/15 Balloon is a Mortgage which has fixed-rate payments that are amortized over 30 years. A balloon
payment is due at the end of the 15 year term. The AlterNet Loan Program includes an Interest Only feature.
Home Solution
Original term is 15 years with payment based on a 30 year amortization.
Term
Amortization
The amortization period is 30 years. After 15 years a balloon payment is due of the
remaining principal balance and any interest or fees.
Conversion Option

Temporary Buydown
Servicing Released
The Client is required to sell 30/15 Balloon Loans to GMAC-RFC servicing released at
the time the delivery Commitment is obtained.
Assumability
Not Assumable
Loan Documents
Interest Only
Servicing
Disclosure
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Exhibit B-1
GMAC-RFC
Page 5.71
Client Guide
Products
30/15 Balloon
The 30/15 Balloon is a Mortgage which has fixed-rate payments that are amortized over 30 years. A balloon
payment is due at the end of the 15 year term. The AlterNet Loan Program includes an Interest Only feature.
AlterNet
Original term is 15 years with payment based on a 30 year amortization.
Term
Amortization
The amortization period is 30 years. After 15 years a balloon payment is due of the
remaining principal balance and any interest or fees.
Conversion Option

Interest Only payments are due for the first five years, followed by monthly payments
Temporary Buydown
Servicing Released
The Client is required to sell 30/15 Balloon Loans to GMAC-RFC servicing released at
the time the delivery Commitment is obtained.
Interest Only
Servicing

Assumability
Not Assumable
Loan Documents
Loans with a Conditional Right to Refinance (Rider) are not eligible. See
GMACResidentialFunding.com for Loan Documents.
Disclosure
40/30 ARM balloon Loans may not contain a conditional right to refinance (Rider or
other). Do not attach this Rider/Addendum to the Note or Security Instrument.
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Exhibit B-1
5 GMAC-RFC
Page 5.72
Client Guide
Products
504
1st Lien Line of Credit
See the table immediately following for descriptions of this product.
Term
25 year term Prime Rate ARM; ten year Draw Period with Interest Only payments,
followed by a 15 year amortized repayment period.
Amortization
The amortization period is 15 years. After ten years, the principal balance if any, plus
interest and fees, will amortize over the remaining 15 years.
Conversion Option
Temporary Buydown
Servicing Released
The Client is required to sell 1st Lien Line of Credit to GMAC-RFC servicing released.
Assumability
Not Assumable
Index
The index is the Prime Rate as published in The Wall Street Journal as of the first
Business Day of the month.
Loan Documents
GMAC-RFC will accept State specific 1st Lien Line of Credit Notes from Middleberg,
Riddle and Gianna (MRG) and Compliance Source, Inc. (CS).
For Legal, Credit and Revising Document requirements, see Chapter 9C, Delivery.
Disclosure
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GMAC-RFC
6
Loan Programs
600
Loan Programs
This Chapter outlines GMAC-RFCs Loan Programs.
(A) Standard Loan Programs
Jumbo A Program
Expanded Criteria Program
AlterNet Program
Performance Program
1st Lien Line of Credit Program
Home Equity Program
125 CLTV Program
(B) Non-Standard Loan Program
Non-Standard Program
Exhibit B-1
Page 6.1
03/13/06
Client Guide
Loan Programs
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Exhibit B-1
6 GMAC-RFC
Page 6.2
03/13/06
Client Guide
Loan Programs
(C) Eligibility Standards

The specific eligibility standards detailed within each Loan Program will include:
Product Types
Borrower Eligibility
Occupancy
Property Types
Ownership Interest
Underwriting
Credit Quality
Down Payment
Reserve Requirements
Debt-to-Income Ratios
Secondary Financing
Sales Concessions
Temporary Buydown
Insurance Requirements
Appraisal Requirements
Additional Property Considerations
Commitment and Delivery (if different from Chapter 9)
Servicing (if different from Chapter 8)
Maximum Loan Amounts, LTVs and CLTVs can be found in Chapter 7 Program At-AGlances
For more general information describing the specific criteria discussed in Loan Programs, see
Chapter 3, Loan Eligibility. For underwriting philosophy used to evaluate this criteria, see
Chapter 4, Underwriting.
Loans sold to GMAC-RFC must comply with Chapter 3, Loan Eligibility, and the specific
eligibility standards of the Loan Program under which the Loan is submitted. Program
Criteria exceptions may be requested using the Loan Exception Approved Request (GMACRFC Form 1600).
Prior to originating Loans for sale to GMAC-RFC, the Client must determine whether the Loan
Programs provisions are permissible under applicable laws and regulations. The Client must
take adequate steps to verify the continued permissibility of the Loan Program provisions
under applicable laws and regulations, and must notify GMAC-RFC if it believes that any
provisions might be restricted or impermissible under such laws or regulations.
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Exhibit B-1
GMAC-RFC
Page 6A.1
03/13/06
Client Guide
Jumbo A
Program
6A
Jumbo A Loan Program
A600
Jumbo A Program
GMAC-RFCs Jumbo A Program is a first mortgage program designed for the A quality
Borrower who meets standard secondary market guidelines.
A601
The eligibility standards for the Jumbo A Program are outlined below and in the Jumbo A AtA-Glance in Chapter 7, Program At-A-Glances. Please see individual options for restrictions.
Interest Only and 40/30 Balloon features are eligible unless otherwise noted. The 40/30
Balloon feature has an original term of 30 years with payments based on 40 year
amortization. The Interest Only feature may not be combined with 40/30 Balloon feature.
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Exhibit B-1
6A GMAC-RFC
Page 6A.2
04/17/06
Client Guide
Jumbo A
Program
(A) Product Types and Features
Products
Available Features
Interest Only
40/30 Balloon
Fixed Rate
FRM-30
FRM-15
LIBOR ARMs
One Month
Six Month
One Year-Six Month
Three Year-Six Month
Five Year-Six Month
Seven Year-Six Month
Ten Year-Six Month
One Year
Three-One
Five-One
Seven-One
Ten-One
Treasury ARMs
One Year
Three-One
Five-One
Seven-One
Ten-One
The 40/30 Balloon feature has an original term of 30 years with payments based on 40 years.
Interest Only may not be combined with 40/30 Balloon feature.
Interest Only feature for FRM-30 is allowed only for Loan amounts over $417,000
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Exhibit B-1
GMAC-RFC
(B) Borrower Eligibility
Eligible Borrower types:
U.S. citizen
Permanent resident alien
Non-occupant co-Borrower
First-time homebuyer
Non-permanent resident alien
Ineligible Borrower type:
Foreign national
(C) Transaction Types
Eligible Transaction Types:
Purchase mortgage
Rate/term refinance mortgage
Cash-Out refinance mortgage
Construction/Permanent mortgage
Contract for deed/land contract
Lease with option to purchase transaction
Converted/modified Loan-contemplated by original Note1
Converted/modified Loan-not contemplated by original Note1
Ineligible transaction types:
Non-arms length transaction (may be considered on a case-by-case basis)
1
Not eligible for Interest Only feature.
(D) Occupancy
Second/vacation home, owner occupied
Ineligible occupancy types:
Non-owner occupied
6A
Page 6A.3
03/13/06
Client Guide
Jumbo A
Program
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Exhibit B-1
6A GMAC-RFC
Page 6A.4
03/13/06
Client Guide
Jumbo A
Program
(E) Property Types

Eligible property types:
Single family, one to four unit (attached or detached)
Modular Home, Panelized Home, Pre-cut Home
Condominium unit
Located in a building one to eight stories; must meet GMAC-RFC Class I, II or III
warranties
Located in a building over eight stories that meets GMAC-RFC Class III warranties
and are located in areas with proven marketability.
Rural Property
Condo-Hotel
Located in a Building in Chapter 3D, Property Types and Considerations)
Cooperative
Manufactured Home
Mixed use property
Mobile Home
Non-warrantable condominium
Planned Unit Development (PUD) in Chapter 3D, Property Types and
Considerations)
Property with more than ten acres
including:
Public electricity
Natural or LP gas
Unimproved land
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Exhibit B-1
6A
GMAC-RFC
Page 6A.5
03/13/06
Client Guide
Jumbo A
Program
(F) Eligible Property Locations

Loans secured by Mortgaged Premises located in any of the 50 United States, where the
product, program, and features are permitted by State law, including the District of
Columbia, are eligible for purchase. See Chapter 3C, Financing.
(G) Ownership Interest
(1) Property Ownership Interest
Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants in Common
Living Trusts (when individual Borrowers sign both Note and Mortgage)
Ineligible vesting:
Life Estates
(H) Underwriting
(1) Credit Grade Summary
Credit
Grade1
Credit
Score
A1
720+
A2
680-719
A3
620-679
Housing Payment
History
months; and no 60+
mortgage/rental
months.
Bankruptcy2
Foreclosure
Major Adverse
Credit
None reported
in past 24
months.3
Loan Programs.
1 Credit upgrades allowed.
2 Chapter 7 measured by discharge or dismissal date. Chapter 13 measured by discharge date.
3 Adverse accounts > 24 months old that do not affect title will not be considered in grade determination and are
not required to be paid.
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Exhibit B-1
6A GMAC-RFC
Page 6A.6
03/13/06
Client Guide
Jumbo A
Program
(2) Debt-to-Income RatioQualifying Ratios

DTI Ratio1
Product
Category
FRM
Product
Credit
Grades
A1, A2
Credit
Grade
A3
Qualification
Fully
Amortizing
or 40/30
Balloon
Feature
Interest
Only
Feature
Qualified at
Note rate
Qualified with
Interest Only
payment,
taxes and
insurance
FRM-30
50%
45%
FRM-152,3
One Month ARM
One Month LIBOR ARM3
Six Month ARM
Six Month LIBOR ARM3
One Year ARM
50%
45%
One Year Treasury ARM3

50%

Three-One LIBOR ARM

Five-One LIBOR ARM
Seven-One LIBOR ARM
Ten-One LIBOR ARM
Three-One Treasury ARM3

Five-One Treasury ARM3
Seven-One Treasury ARM3
Ten-One Treasury ARM3
1
2
3
Qualified at
the
maximum
interest rate
that could be
in effect the
second year
Qualified at
the maximum
interest rate
that could be
in effect the
second year
with Interest
Only
payment,
taxes and
insurance
Qualified at
start rate
Qualified at
start rate
with Interest
Only
payment,
taxes and
insurance
One Year-Six Month LIBOR ARM3

One Year LIBOR ARM3
Three, Five,
Seven and Ten
Year ARM
Qualified at
2% over
start rate
Qualified at
2% over start
rate with
Interest Only
payment,
taxes and
insurance
DTI flexibility not allowed

Not eligible for Interest Only
Not eligible for 40/30 Balloon feature
50%
45%
45%
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Exhibit B-1
GMAC-RFC
6A
Page 6A.7
03/13/06
Client Guide
Jumbo A
Program
(3) Income Documentation Types

The following income documentation types are available unless otherwise noted.
Full Income
Lite Income
One Paystub Income
Fast Income
Stated Income
(4) Trailing or Relocating Co-Borrower Income
Allowed.
(5) Down Payment
Minimum down payment must be paid from Borrowers own cash, other equity, gift
funds or Secondary Financing.
(6) Cash to Close
Deposit verification and seasoning by one of the following sources is required:
Two months bank statements
Fannie Mae Verification of Deposit (VOD) (Fannie Mae Form 1006)
If the verification of cash to close reveals a significant recent increase in the average
balance of an existing account, recent large deposits or a newly-opened account with
a significant balance, the Borrower must explain the increase and the Client must
document this explanation.
(7) Reserve Requirements
Reserves, when required, must come from Borrowers own cash. See the Jumbo A
At-A-Glance in Chapter 7, Program At-A-Glances.
(I) Secondary Financing
When Secondary Financing exists the Maximum LTV is 80%. See the Jumbo A At-A-Glance
in Chapter 7, Program At-A-Glances.
(J) Sales Concessions
(1) Primary Residence
If LTV is > 90%, maximum contribution is 3%.
If LTV is <= to 90%, maximum contribution is 6%.
(2) Second/Vacation Home
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Exhibit B-1
6A GMAC-RFC
Page 6A.8
03/13/06
Client Guide
Jumbo A
Program
(K) Temporary Buydown

GMAC-RFC permits Temporary Buydowns on 30 and 15-year fixed-rate Loans, and SevenOne and Ten-One Treasury and LIBOR ARM Loans. Temporary Buydowns are not allowed on
Loans with an Interest Only feature. The Client may design a Temporary Buydown within the
following parameters:
Maximum LTV: 90%
Maximum rate discount: 3%
Maximum buydown term: 3 years
Maximum rate increase: 1% semi-annual or 2% annual
Qualification rate: Qualify at second year rate
Occupancy: Owner occupied, second/vacation
Loans with Temporary Buydowns may be funded through premium pricing. See your daily
pricing for maximum pricing.
(L) Age of Documents
(1) Credit Documentation
For credit grades A1 to A3, all Credit Documents must be dated no more than 120
days prior to the Note date for existing construction and 180 days for new
construction.
(2) Appraisal Documentation
The appraisal report must be dated within 120 days of the date of the Note. If the
appraisal report is dated more than 120 days but less than 180 days from the date of
the Note, the original appraiser must certify that the Value of the Mortgaged
Premises has not declined since the date of the original appraisal. The certification
must be dated within 60 days of the date of the Note.
If the appraisal is dated more than 180 days from the date of the Note, a new
appraisal is required.
For new construction, if appraisal is dated more than 180 days from the date of the
Note, a Recertification of Value is required. If the appraisal is dated more than 12
months from the date of the Note, a new appraisal is required.
(M)Appraisal Requirements
(1) Loans to $1 million require one full URAR appraisal as outlined in the Appraisal
Requirements Section in Chapter 4F, Appraisal Requirements and Property
Underwriting.
(2) Loans over $1 million require two full URAR appraisals as outlined in the Appraisal
Underwriting.
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Exhibit B-1
6A
GMAC-RFC
Page 6A.9
03/13/06
Client Guide
Jumbo A
Program
(N) Insurance Requirements

(1) Mortgage Insurance
Product Type
LTV Range
MI Coverage
Primary Residence
FRM-30, ARM
FRM-15
90.01% - 95%
30%
85.01% - 90%
25%
80.01% - 85%
12%
90.01% - 95%
25%
85.01% - 90%
12%
80.01% - 85%
6%
Second/Vacation Home
FRM-30, ARM
FRM-15
90.01% - 95%
30%
85.01% - 90%
25%
80.01% - 85%
20%
90.01% - 95%
30%
85.01% - 90%
20%
80.01% - 85%
12%
Determining Mortgage Insurance availability is the responsibility of the Client. In some instances, it may not be
available or allowable under some State laws.
For Loans secured by property in New York, see Chapter 3F, Insurance and Survey Requirements, the Mortgage
Insurance Requirements for Loans Originated in New York Section.
(2) Other Insurance

See the Hazard Insurance, Flood Insurance, Title Insurance, PUD Insurance,
or Condominium Insurance Sections in Chapter 3F, Insurance and Survey
Requirements, for requirements.
(O) Commitment and Delivery
The Client must order Commitments and deliver Loans using the guidelines outlined in
Chapter 9, Commitment, Prior Approval, Delivery and Funding.
(P) Servicing
Commitments are available on a Servicing Released or Servicing Retained basis. For
Servicing Released guidelines, see Chapter 8, Servicing Released.
(Q) Maximum Loan Amounts, LTVs and CLTVs
See the Jumbo A At-A-Glance in Chapter 7, Program At-A-Glances.
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Exhibit B-1
6A GMAC-RFC
Page 6A.10
03/13/06
Client Guide
Jumbo A
Program
A602
(A) Maximum Loan Amounts, LTVs and CLTVs
A603
EasyFi or Streamline Refinance
EasyFiSM is for Clients who seek simplified processing of rate/term refinance transactions
during periods of declining interest rates. These Loans must comply with additional
requirements as outlined in Chapter 4, Underwriting, and Chapter 3, Loan Eligibility, and
with all other representations and warranties. Interest Only and 40/30 Balloon features are
not allowed under EasyFi or Streamline Refinance.
(A) EasyFi Product Types
Fixed Rate:
FRM-30
FRM-15
LIBOR ARMs:
One Month LIBOR ARM
Six Month LIBOR ARM
One Year LIBOR ARM
Three-One LIBOR ARM
Five-One LIBOR ARM
Seven-One LIBOR ARM
Ten-One LIBOR ARM
Treasury ARMs:
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Exhibit B-1
GMAC-RFC
6A
Page 6A.11
03/13/06
Client Guide
Jumbo A
Program
(B) EasyFi Borrower Eligibility

U.S. citizens
Permanent resident aliens
Ineligible Borrower types:
First-time Homebuyer
Foreign national
(C) EasyFi Occupancy
Second/vacation, owner occupied
Non-owner occupied
(D) EasyFi Eligible Property Types
Single family, one unit (attached or detached)
Condominium units located in a building one to four stories; must meet GMAC-RFC
Class I, II or III warranties
(E) EasyFi Required Documentation
The EasyFi Loans processing method does not have a specific delivery submission
form or file folder. EasyFi Loans must be prominently identified on the Loan
Submission Summary, GMAC-RFC Form 16A00 or Fannie Mae Form 1008. The
following outlines the required documentation allowed under the EasyFi Loan
Program.
(1) Application
A new Loan application, Fannie Mae Form 1003 or Freddie Mac Form 65, is
required.
(2) Credit Report
An in file credit report with Credit Score that complies with the Credit Report
Requirements Section in Chapter 4A, Credit is required.
None Required.
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Exhibit B-1
6A GMAC-RFC
Page 6A.12
03/13/06
Client Guide
Jumbo A
Program
(4) Asset Verification Cash to Close

Verification of cash to close is required when the Borrower is making a principal
reduction. Client may at their option verify other assets to strengthen the financial
viability of the Borrower.
(5) Mortgage Payment History
12 month mortgage history is required if not provided on the credit report.
(6) EasyFi Income Documentation Types
One Paystub Income
Fast Income
Stated Income
No Ratio
EasyFi Income Documentation Standards
One Paystub or Fast Income
Documentation
Acceptable versions of Income
Documentation for the EasyFi
Program are listed below.
Wage Earner with One Paystub

Documentation
Most recent paystub(s) showing 30days YTD income
Wage Earner with Fast Income
Documentation
Most recent paystub(s) showing 30days YTD income and most recent
W-2.
Bonus or overtime, tips and
commission averaged over one
year.
Self-employed with Fast Income
Documentation
Most recent year personal tax
return with all supporting schedules
(no business tax returns, business
income statement or P&L required).
No Ratio Documentation
The Borrower must report his or her

income on the application (Fannie
Mae Form 1003). Due to the lack of
income verification, GMAC-RFC
places a stronger emphasis on the
Borrower's credit performance. The
Debt-to-Income Ratios must be
reported and used for qualification.
The Borrower is not required to

disclose his/her income. Therefore,
the program has no qualifying ratio
standards. However, if income is
stated, there must be a reasonable
expectation of the Borrower's ability
to repay the debt.
Income and employment is stated

on the Loan application. Income
need not be verified but verification
that Borrower is employed is
required.
When the Borrower's Credit Score

is 720 or above, a No Ratio
standard for income/employment
verification may be used. Income
should not be stated on the Loan
application. Employment or source
of income must be stated. A verbal
verification of employment is
required.
For Salaried Borrower's the verbal

verification of employment,
completed by the Client, must
confirm: Borrower's date of
employment; Borrower's
employment status and job title;
name, phone number and title of
verifier; and name and title of
person making the call.
For Self-employed Borrowers, a
business license and confirmation of
the existence of the business
through a business directory listing
is required. If a license is not
required for the business a signed
confirmation of business is required
by Borrower's accountant or CPA.
No tax returns or other written

verification of income of any kind
are required. However, the
application must state specific
source(s) of income (e.g. employer
name, social security, ABC
Mortgage pension, etc.) The
continuity of non-employment
income sources such as fixed
income, interest, trust or real estate
must have a two year history of
receipt.
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Exhibit B-1
6A
GMAC-RFC
Page 6A.13
03/13/06
Client Guide
Jumbo A
Program
(7) Ground Lease Analysis

Required if applicable.
(8) HUD-1 or Settlement Statement
All standard legal documentation as described in Chapter 9, Commitment, Prior
Approval, Delivery and Funding.
(10) Property evaluation that meets one of the following standards:
(a) Appraisal options for EasyFi Loans to $650,000
(1) An exterior inspection, Fannie Mae or Freddie Mac Form 2055. The LTV
will be calculated using the lower of the original Value or appraised Value
The original Value is determined by:
Copy of the original purchase agreement
Copy of the original appraisal
HUD-1 Settlement Statement
Confirmation of the purchase price provided by the County Recorders
Office
(2) The Client may represent and warrant the propertys Value (within 24
months of the original appraisal) and provide a copy of the original report.
(3) The Client may recertify the propertys Value (within 12 months of the
original appraisal) and provide a copy of the original report.
(4) The Client may provide a new full appraisal. This is the only option for
Borrowers who want to recognize appreciation in the property Value.
(b) Appraisal requirement for EasyFi Loans over $650,000:
Loans over $650,000 require one new full URAR appraisal as outlined in the
Appraisal Requirements Section of Chapter 4F, Appraisal Requirements and
Property Underwriting.
(F) EasyFi Credit Grade Summary
For purposes of this EasyFi Program, Loans must meet credit grades of A1 or A2 as defined in
Chapter 4, Underwriting and are revised as follows:
Credit Score
Documentation Type
680+
One Paystub and Fast

Income
680+
Stated Income
720+
No Ratio
Mortgage
Payment History
Bankruptcy/
Foreclosure
Major Adverse
Credit
0x30 in past 12
months.
None
None
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Exhibit B-1
6A GMAC-RFC
Page 6A.14
03/13/06
Client Guide
Jumbo A
Program
(G) EasyFi Eligibility Criteria

The Client must underwrite all Loans in accordance with the requirements of Chapter 4,
Underwriting. Certain definitions, appraisal requirements and eligibility requirements may
vary from those found in other Chapters of this Client Guide. Those variations are:
(1) Calculations of LTV/CLTV
The LTV and CLTV will be calculated using the Value supported by the appraisal
option selected.
Loans with LTVs more than 80% require primary mortgage insurance in accordance
with this Client Guide. For Loans originating in New York, see the Mortgage
Insurance Requirements for Loans Originated in New York Section in
Chapter 3F, Insurance and Survey Requirements.
(3) Seasoning
One Paystub and Fast Income Documentation - there is no minimum seasoning
requirement for the Loan being refinanced. However, Borrowers must demonstrate a
12 month history of mortgage payments (does not include rental history.)
Stated Income and No Ratio Documentation - the Loan being refinanced must be
seasoned a minimum of 12 months.
(4) Mortgage Payment History
Mortgage payment history, including Secondary Financing if applicable, of a
minimum of 12 months with 0x30 days late payment history in that period.
(5) Principal Balance
The principal balance for the new mortgage may include:
Incidental closing costs
Current period interest due on the Loan being refinanced
In the case of refinances of negatively amortizing Loans, the current allowable
balance as permitted under the negative amortization provision
No more than one percent or a maximum of $1,000 incidental cash returned to
the Borrower
Certain Secondary Financing described below
In no case may the principal balance of the new Loan exceed 105% of the remaining
balance on the Loan being refinanced.
(6) Loan Term
The remaining term of a Loan may be increased or decreased at the time of
refinance, modification or consolidation. The new terms of the modified or converted
Loan may not exceed 30 years. Loans with terms at modification or conversion of
more than 15 years will be treated as 30 year Loans and Loans with terms at
refinance of up to and including 15 years will be treated as 15 year Loans.
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GMAC-RFC
Exhibit B-1
6A
Page 6A.15
03/13/06
Client Guide
Jumbo A
Program
(7) Secondary Financing

Secondary Financing may be paid off from the proceeds of rate/term refinance
Loans, provided the liens were incurred:
At least 12 months prior to the date of the new Loans or
If less than 12 months, in connection with the purchase as evidenced by the
HUD-1 or used exclusively for home improvement. In the case of home
improvement, funds must have been paid directly to the contractors as
reflected on the HUD-1 or the paid receipts.
Any other Secondary Financing are considered cash equity and must either be
subordinated to the new Loan or paid in full from the Borrowers other funds.
The Borrower will be qualified at a maximum Debt-to-Income Ratio of 45% or
less. However, the debt to income is not calculated for the No Ratio Loans within the
EasyFi Program.
(9) Mortgage Payments
The new mortgage payment (PITI) must remain the same or decrease from the
existing mortgage payment. However, if the mortgage term is decreased from 30
years to 15 years, the new mortgage payment may not increase more than 15%
over the existing mortgage payment.
(H) EasyFi Maximum Loan Amounts, LTVs and CLTV
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6A GMAC-RFC
Page 6A.16
03/13/06
Client Guide
Jumbo A
Program
Exhibit B-1
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Pg 300 of 649
GMAC-RFC
Exhibit B-1
Page 6B.1
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
6B
Expanded Criteria Loan Program
B600
Expanded Criteria Program
Expanded Criteria is a first mortgage program designed for A quality Borrowers who have
had difficulty finding financing due to Loan characteristics such as higher LTV, occupancy
and/or property type.
B601
The eligibility standards for the Expanded Criteria Program are outlined below. Please see
individual options for restrictions. Interest Only and 40/30 Balloon features are eligible
unless otherwise noted. The Interest Only feature may not be combined with 40/30 Balloon
feature.
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Exhibit B-1
6B GMAC-RFC
Page 6B.2
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program

Products
Available Features
Interest Only
40/30 Balloon
Fixed Rate
FRM-30
FRM-15
LIBOR ARMs
One Month
Six Month
One Year-Six Month
Two Year-Six Month
Five Year-Six Month
Ten Year-Six Month
One Year
Two-One
Three-One
Five-One
Seven-One
Ten-One
Interest Only may not be combined with 40/30 Balloon feature.
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Exhibit B-1
GMAC-RFC

6B
Page 6B.3
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
U.S. citizen
Non-occupant Co-Borrower
When used to assist a Borrower to qualify for an owner occupied primary
residence or second/vacation home
Not allowed for Stated Income/Stated Asset, No Income/No Asset, or No Doc
First-time homebuyer (see the Expanded Criteria At-A-Glance in Chapter 7, Program
At-A-Glances, for restrictions)
Foreign national (eligible for second/vacation homes and non-owner occupied
occupancy types. See Foreign Nationals in Chapter 3A, Occupancy, Borrower and
Ownership Status for requirements and the Expanded Criteria At-A-Glance in Chapter
7, Program At-A-Glances, for restrictions)
Eligible transaction types:
Purchase mortgage
Cash-Out Refinance Mortgage
Contract for Deed/Land Contract
Non-arms length transaction (may be considered on a case-by-case basis)
Converted/modified Loan-contemplated by original Note
Converted/modified Loan-not contemplated by original Note
(D) Occupancy
Non-owner occupied
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Exhibit B-1
6B GMAC-RFC
Page 6B.4
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
(E) Property Types

Condominium unlimited stories (must meet GMAC-RFC Class I, II or III warranties)
Non-warrantable condominium (see Non-Warrantable Condominiums in Chapter
3D, Property Types and Considerations)
Condo-Hotel, also known as condotels (See Condo-Hotels in Chapter 3D, Property
Types and Considerations)
Property with excess acreage (see Properties with Excess Acreage under the
Additional Property Considerations Section in this Chapter)
Rural Property (not allowed for Stated Income/Stated Asset, No Income/No Asset,
and No Doc)
Cooperative
Manufactured Home
Mixed use property
Mobile Home
Considerations)
including:
Public electricity
Natural or LP gas
Unimproved land
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Exhibit B-1
6B
GMAC-RFC
Page 6B.5
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program

Loans secured by Mortgaged Premises located in any of the 50 United States where the
See the Expanded Criteria At-A-Glance in Chapter 7, Program At-A-Glances.
(1) Properties with Excess Acreage
Residential properties with excess acreage are allowed under the Expanded Criteria
Program. Under the Expanded Criteria Program, more than ten acres is considered
excess acreage. The property must be an owner occupied primary residence.
Working farms, ranches, orchards and/or commercial operations of any type are not
permitted. The appraisal must show that such acreage is typical and readily
marketable for the area. The following conditions apply:
The site improvements must represent at least 70% of the market Value after
the deduction of the Value of the outbuildings (outbuildings include barns,
stables, machinery storage facilities and other agricultural related structures)
from the appraiser's final estimate of market Value OR
Where the site improvements represent less than 70% of the market Value
after the deduction of the Value of outbuildings, the LTV must be reduced as
follows:
% of Total Value Represented by
Dwelling
Deduction from LTV
70% or greater
0%
60-69%
5%
50-59%
10%
40-49%
15%

Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants In Common
Living Trusts (when individual Borrowers sign both Note and mortgage)
Ineligible vesting:
Life Estates
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Exhibit B-1
6B GMAC-RFC
Page 6B.6
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
(H) Underwriting
Credit
Grade1
Credit
Score
A1
720+
A2
680-719
A3
620-679
Housing Payment
History
months; and no 60+
mortgage/rental
months.
Bankruptcy2
Foreclosure
Major Adverse
Credit
None reported
in past 24
months.3
Loan Programs.
1
Credit upgrades allowed.
Chapter 7 measured by discharge or dismissal date. Chapter 13 measured by discharge date.
Adverse accounts > 24 months old that do not affect title will not be considered in grade determination and are

Debt-to-Income
Ratio1
Product
Category
FRM
Product
Credit
Grades
A1, A2
Qualification
Fully
Amortizing
or 40/30
Balloon
Feature
With Interest
Only Feature
50%
Qualified at
Note rate
Qualified with
Interest Only
payment, taxes
and insurance
50%
Qualified at
2% over
start rate
Qualified at 2%
over start rate
with Interest
Only payment,
taxes and
insurance
50%
Qualified at
start rate
Qualified at start
rate with
Interest Only
payment, taxes
and insurance
Credit
Grade
A3
FRM-30
55%
FRM-152,3
One Month
ARM
One Month LIBOR ARM3
Six Month ARM
Six Month LIBOR ARM3
Two, Three,
Five and
Seven Year
ARM

Two-One LIBOR ARM3

Three-One LIBOR ARM
Five-One LIBOR ARM
Seven-One LIBOR ARM
Ten-One LIBOR ARM
55%
55%
1
2
3
DTI Flexibility Not allowed.

Not eligible for Interest Only.
Not eligible for 40/30 Balloon feature
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Exhibit B-1
GMAC-RFC
6B
Page 6B.7
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
Full Income
Lite Income
One Paystub Income
Fast Income
Stated Income
No Ratio
No Income/No Asset
No Doc
Allowed.
(5) Down Payment
Minimum down payment must be paid from Borrowers own cash, other equity, gift
funds, or Secondary Financing.
(6) Cash to Close
Reserves, when required, must come from Borrowers own cash. See the Expanded
Criteria At-A-Glance in Chapter 7, Program At-A-Glances.
(8) Secondary Financing
When Secondary Financing exists the maximum LTV is 80%. See the Expanded
Criteria At-A-Glance in Chapter 7, Program At-A-Glances.
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Exhibit B-1
6B GMAC-RFC
Page 6B.8
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
(I) Sales Concessions

(3) Non-Owner Occupied Property
If LTV > 80%, maximum contribution is 3%.
If LTV <= to 80%, maximum contribution is 6%.
(J) Temporary Buydown
GMAC-RFC permits Temporary Buydowns on 30 or 15 year fixed-rate, Seven Year-Six
Month LIBOR ARM and Seven-One LIBOR ARM Loans. Temporary Buydowns are not allowed
with an Interest Only feature or with No Ratio, No Income/No Asset and No Doc. The Client
may design a Temporary Buydown within the following parameters:
Maximum LTV: 90%
Maximum rate discount: 3%
Maximum buydown term: 3 years
Maximum rate increase: 1% semi-annual or 2% annual
Qualification rate: Qualify at second year rate
Occupancy: Owner occupied, second/vacation and non-owner occupied (investment)
property
Loans with Temporary Buydowns may be funded through premium pricing. Reference your
daily pricing for maximum pricing.
(K) Age of Documents
construction.
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Exhibit B-1
GMAC-RFC
6B
Page 6B.9
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
(L) Appraisal Requirements
Underwriting.
(2) Loans over $1 million require two full URAR appraisals as outlined in the Appraisal
Underwriting.
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Exhibit B-1
6B GMAC-RFC
Page 6B.10
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
(M)Insurance Requirements
Mortgage Insurance Coverage
by Income Documentation Type
Product Type
LTV Range
Full, Lite, One

Paystub and Fast
Stated Income
and No Ratio
Stated Income/
Stated Asset, No
Income/No Asset,
and No Doc
Primary Residence
FRM-30, ARM
FRM-15
95.01 - 100%
35%
90.01% - 95%
30%
30%
35%
85.01% - 90%
25%
25%
30%
80.01% - 85%
12%
12%
25%
95.01 - 100%
30%
90.01% - 95%
25%
25%
30%
85.01% - 90%
12%
12%
25%
80.01% - 85%
6%
6%
20%
FRM-30, ARM
FRM-15
90.01% - 95%
30%
85.01% - 90%
25%
25%
80.01% - 85%
20%
20%
90.01% - 95%
25%
85.01% - 90%
20%
20%
12%
12%
80.01% - 85%
Non-Owner Occupied
FRM-30, ARM
FRM-15
85.01% - 90%
25%
25%
80.01% - 85%
20%
20%
85.01% - 90%
20%
20%
80.01% - 85%
12%
12%
Determining Mortgage Insurance availability is the Clients responsibility. Mortgage Insurance may not be available
or allowable under some State laws.
For Loans secured by property in New York, see Chapter 3F, Insurance and Survey Requirements, the Mortgage
Insurance Requirements for Loans Originated in New York Section.
(2) Other Insurance

(N) Commitment and Delivery
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Exhibit B-1
GMAC-RFC
6B
Page 6B.11
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
(O) Servicing
Commitments are available on a servicing released or servicing retained basis. For servicing
released guidelines, see Chapter 8, Servicing Released.
(P) Maximum Loan Amounts, LTVs and CLTVs
B602
Stated and No Ratio Income Documentation
(A) Maximum Loan Amounts, LTVs and CLTVs
B603
Stated Income/Stated Asset, No Income/No Asset, and No Doc Documentation
In addition to the underwriting criteria outlined in Expanded Criteria Eligibility Standards, the
following features are specific to Stated Income/Stated Asset, No Income/No Asset and No
Doc.
(A) Borrower Eligibility
U.S. citizen
Foreign national
Non-occupant Co-Borrower
(B) Property Types
Condominium unlimited stories (must meet GMAC-RFC Class I, II or III warranties)
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Exhibit B-1
6B GMAC-RFC
Page 6B.12
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program

Condo-Hotel, also known as condotels (See Condo-Hotels in Chapter 3D, Property
Types and Considerations)
Rural Property
Cooperative
Manufactured Home
Mixed use property
Mobile Home
Considerations)
including:
Public electricity
Natural or LP gas
Rural Property
Unimproved land
(C) Temporary Buydown
Not allowed.
(D) Maximum Loan Amounts, LTVs and CLTVs
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GMAC-RFC
Exhibit B-1
6B
Page 6B.13
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
B604
Uninsured LTV
Uninsured LTV provides Borrowers (excluding First-time Homebuyers), who demonstrate a
high regard for financial obligations, with an alternative to obtaining mortgage insurance
(MI) coverage.
In addition to the underwriting criteria outlined in Expanded Criteria Eligibility Standards, the
following criteria are specific to Uninsured LTV. Interest Only and 40/30 Balloon features not
allowed with Uninsured LTV.
(A) Product Types
FRM-30
FRM-15
(B) Occupancy
Second/vacation, owner occupied
Non-owner occupied property types
(C) Property Types
Single family, one to four units (attached or detached)
Condominium unlimited stories (must meet GMAC-RFC Class, I, II, or III warranties)
Condo-Hotel
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Exhibit B-1
6B GMAC-RFC
Page 6B.14
03/13/06
Client Guide
Loan Programs
Expanded Criteria
Program
(D) Underwriting
(1) Credit Grade
Loans must meet credit grade A1 as defined in Chapter 4, Underwriting.
Full Income Documentation required.
(3) Employment History
The Borrower must have at least two years of continuous employment in the same
line of work.
(4) Down Payment
Minimum down payment must be paid from Borrowers own funds, other equity, gift
funds, or Secondary Financing.
A minimum of two months verified PITI liquid reserves is required after closing,
exclusive of closing costs.
(E) Maximum Loan Amounts, LTVs and CLTVs
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Exhibit B-1
GMAC-RFC
Page 6C.1
03/13/06
Client Guide
Loan Programs
Payment Option
Program
6C
Payment Option Loan Program
C600
GMAC-RFCs Payment Option Program is a first mortgage program that offers A quality
Borrowers the flexibility of an adjustable rate mortgage, a balloon feature, a low introductory
rate, and a choice of monthly payment options.
This program offers a choice of three One-Month ARM indices at origination: LIBOR, MTA and
COFI. After the initial payment the Borrower may select a Minimum Payment or one of three
additional payment options.
C601
The eligibility standards for the Payment Option Program are outlined below. Please see
individual options for restrictions.
(A) Product Types
Eligible Product type:
One-Month ARM with the following index options (see Chapter 5, Products for details):
LIBOR
MTA
COFI
(B) Term
The following terms are available (see Chapter 5, Products for details)
30 Years
40 Years
40/30 ARM Balloon1
1
For Loans with a balloon feature, payments are amortized over 40 years with a 30 year maturity date.
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Exhibit B-1
6C GMAC-RFC
Page 6C.2
03/13/06
Client Guide
Loan Programs
Payment Option
Program
(C) Payment Options

The following four payment options are available:
Minimum Payment
Interest only payment
Amortized payment
15-year payment
Payment Options are only available after the introductory period and thereafter, payment
options are only available if they are greater than the minimum payment amount. Options
are clearly spelled out on the billing statement.
(D) Borrower Eligibility
U.S. citizen
Non-occupant co-Borrower (when used to assist a Borrower to qualify for an owner
occupied primary residence or second/vacation home)
First-time homebuyer
Non-permanent resident aliens are eligible following the most restrictive of either the
program guidelines (maximum LTV/CLTV and Loan amounts) or the following
guidelines:
Non-Permanent Resident Alien Eligibility
Primary Residence
Purchase, Rate/
Term Refinance
Maximum LTV/
CLTV
Full, Lite, One Paystub and Fast

Income1
Maximum LTV/
CLTV For Cash
Out
Purchase, Rate/
Term Refinance
Maximum LTV/
CLTV
Maximum LTV/
CLTV For Cash
Out
90%/90%
70%/70%
90%/90%
70%/70%
Stated Income1
90%/90%
70%/70%
75%/75%
65%/65%
90%/90%
75%/75%
Maximum Loan amount $1,500,000 or maximum Loan amount using program guidelines, whichever is less.
1
A Non-traditional credit report may be used for non-permanent resident aliens with no usable Credit Score for
Full, Lite, One Paystub, Fast and Stated Income Documentation only with maximum LTV/CLTV 75%.
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Exhibit B-1
6C
GMAC-RFC
Page 6C.3
03/13/06
Client Guide
Loan Programs
Foreign nationals are eligible following the most restrictive of either the program
guidelines (maximum LTV/CLTV and Loan amounts) or the following guidelines:
Payment Option
Program
Foreign National Eligibility

Non-owner Occupied
Purchase, Rate/
Term Refinance
Maximum LTV
Cash Out
Maximum LTV
Purchase, Rate/
Term Refinance
Maximum LTV
Full, Lite, One Paystub and Fast

Income
75%
75%
75%
Stated Income
75%
Cash Out
Maximum LTV
70%
Maximum Loan amount $1,000,000 or maximum Loan amount using program guidelines, whichever is less.
Secondary Financing not allowed.
(E) Transaction Types

Purchase mortgage
Cash-out refinance mortgage
Contract for deed/land contract
Texas Equity Loans
Non-arms length transaction (may be considered on a case-by-case basis only)
(F) Occupancy
Non-owner occupied
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Exhibit B-1
6C GMAC-RFC
Page 6C.4
03/13/06
Client Guide
Loan Programs
Payment Option
Program
(G) Property Types

Single family, one to four unit primary residence (attached or detached)
Single family, one unit second/vacation home (attached or detached)
Single family, one to four unit non-owner occupied (attached or detached)
Condominium unit located in a building with no restriction on the number of stories; must
meet GMAC-RFC Class I, II or III warranties (See Condominium Unit Located in a
Building in Chapter 3D, Property Types and Considerations)
Condo-Hotel (See Condo-Hotels in Chapter 3D, Property Types and Considerations)
Non-warrantable condominium (see Non-Warrantable Condominiums in Chapter 3D,
Property Types and Considerations)
Property with excess acreage (see Properties with Excess Acreage under the Additional
Property Considerations Section in this Chapter)
Rural Property (see Rural Property under the Additional Property Considerations
Section in this Chapter)
Condominium project with pending structural litigation (See Condominium Unit Located
in a Building in Chapter 3D, Property Types and Considerations)
Cooperative
Manufactured Home
Mobile Home
Mixed use property
Planned Unit Development (PUD) in Chapter 3D, Property Types and Considerations)
Property without full utilities installed to meet local health and safety standards including:
Public electricity
Natural or LP gas
Unimproved land
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Exhibit B-1
6C
GMAC-RFC
Page 6C.5
03/13/06
Client Guide
Loan Programs
(H) Eligible Property Locations

Loans secured by Mortgaged Premises located in any State, including the District of
Columbia, are eligible for purchase with the following exceptions:
Payment Option
Program
(1) States of Maine

Properties located in Maine are ineligible.
(2) State of Texas
Texas equity Loans not allowed (see Texas Equity Loans, in Chapter 3C, Finance)
(3) State of New York
Loans secured by properties located in the State of New York are eligible provided:
Financing does not exceed 80% of the Value of the property
Loans with a balloon feature have a minimum Loan amount greater than or equal
to $250,000. Loan amounts less than $250,000 are not eligible for a balloon
feature
The maximum potential deferred interest is 110%
(I) Additional Property Considerations
(1) Rural Property
Restricted to a maximum Loan amount of $650,000.
(2) Properties with Excess Acreage
Restricted to a maximum Loan amount of $650,000.
Residential properties with excess acreage are allowed under the Payment Option
Program. Under the Payment Option Program, more than ten acres is considered
excess acreage. The property must be an owner occupied primary residence.
Working farms, ranches, orchards and/or commercial operations of any type are not
permitted. The appraisal must show that such acreage is typical and readily
marketable for the area. The following conditions apply:
The site improvements must represent at least 70% of the market Value after
the deduction of the Value of the outbuildings (outbuildings include barns,
stables, machinery storage facilities and other agricultural related structures)
from the appraiser's final estimate of market Value OR
Where the site improvements represent less than 70% of the market Value
after the deduction of the Value of outbuildings, the LTV must be reduced as
follows:
% of Total Value Represented by
Dwelling
Deduction from LTV
70% or greater
0%
60-69%
5%
50-59%
10%
40-49%
15%
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Pg 319 of 649
Exhibit B-1
6C GMAC-RFC
Page 6C.6
03/13/06
Client Guide
Loan Programs
Payment Option
Program
(J) Ownership Interest

Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants In Common
Living Trusts (See Living Trust requirements in Chapter 3)
Ineligible vesting:
Life Estates
(K) Underwriting
Credit
Grade1
Credit
Score
A1
720+
A2
680-719
A3
620-679
Bankruptcy2/Foreclosure
Full, Lite, One Paystub,

Fast, and Stated:
months (no Rolling Lates);
and no 60+ mortgage/rental
months.
SISA:
Delinquency in past 12 months
and no 60+ mortgage/rental
months.
Full, Lite, One Paystub, Fast,

and Stated: None in past 4
years.
Major Adverse
Credit
SISA: None in past 7 years.

None reported in
past 24 months.3
Credit upgrades allowed.
Chapter 7 measured by discharge or dismissal date. Chapter 13 measured by discharge date.
Adverse accounts > 24 months old that do not affect title will not be considered in grade determination and are
(2) Minimum Credit History

All credit grades require a Credit Score based on the following:
A minimum two year credit history
A minimum of three rated non-derogatory trade lines with a minimum of one trade
line seasoned at least 24 months.
Non-traditional mortgage credit or credit reporting is not allowed.
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Exhibit B-1
GMAC-RFC
6C
Page 6C.7
03/13/06
Client Guide
Loan Programs
Payment Option
Program
Borrowers are qualified at the fully amortizing payment at the greater of 4.25% or
the fully indexed rate (current index plus Margin).
Full, Lite, One Paystub and Fast Income Documentation types:
LTV > 80% = 33/38%
LTV <= 80% = 33/40%
Stated Income and Stated Income/Stated Asset Documentation types:
LTV > 80% = 33/38%
LTV <= 80% = 33/38%
Full Income
Lite Income
One Paystub Income
Fast Income
Stated Income
Not allowed.
(6) Down Payment
(a) Full, Lite, One Paystub and Fast Income Documentation
A minimum down payment of 5% of Value must be paid from the Borrowers
own cash for owner occupied primary residences and second/vacation homes.
The balance must be paid from cash, other equity, gift funds or Secondary
Financing.
For non-owner occupied properties, a minimum down payment of the lesser of
10% of Value or the amount required to meet the CLTV must be from the
Borrowers own cash. The balance must be paid from cash, other equity, gift
funds or Secondary Financing.
A down payment of 100% gift funds is allowed at LTVs less than or equal to 80%
when no Secondary Financing exists. In this instance, closing costs may also
be in the form of a gift.
For foreign nationals, down payment must be from Borrowers own cash and
sufficient to meet the LTV requirements. The balance must be paid from cash,
other equity or gift funds.
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Exhibit B-1
6C GMAC-RFC
Page 6C.8
04/17/06
Client Guide
Loan Programs
Payment Option
Program
(b) Stated Income and Stated Income/Stated Asset Documentation

For all occupancy types (primary, second/vacation home, and non-owner
occupied) the Borrowers own cash must be used to meet the down payment
required to meet the CLTV requirements of the Stated income and Stated
Income/Stated Asset Documentation criteria.
For foreign nationals (allowed for Stated Income only) down payment must be
from Borrowers own cash and sufficient to meet the LTV requirements. The
balance must be paid from cash, other equity or gift funds.
(7) Cash to Close
Reserves, when required, must come from Borrowers own cash. See the Payment
Option At-A-Glance in Chapter 7, Program At-A-Glances.
(L) Secondary Financing
When Secondary Financing exists the Maximum LTV is 80%. See the Payment Option AtA-Glance in Chapter 7, Program At-A-Glances.
(M)Sales Concessions
(2) Second/Vacation Home or Non-Owner Occupied Property
(N) Temporary Buydown
Temporary Buydowns are not allowed.
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Exhibit B-1
6C
GMAC-RFC
Page 6C.9
03/13/06
Client Guide
Loan Programs
Payment Option
Program
(O) Age of Documents

construction.
(P) Appraisal Requirements
Underwriting.
(2) Loans over $1 million to $2 million require one full URAR appraisal and one field
review as outlined in the Appraisal Requirements Section in Chapter 4F,
Appraisal Requirements and Property Underwriting.
(3) Loans over $2 million require two full URAR appraisals.
(Q) Prior ApprovalLoans over $2 Million
GMAC-RFC requires Loans over $2 million be submitted for prior underwriting approval.
(R) Insurance Requirements
One Month ARM Products
LTV Range
MI Coverage
(all income documentation
types)
Primary Residence, Second/Vacation, Non-owner Occupied

LIBOR
MTA
COFI
90.01% - 95%
30%
85.01% - 90%
25%
80.01% - 85%
12%
Determining mortgage insurance availability is the Clients responsibility. Lender paid mortgage insurance is not
allowed. Mortgage insurance may not be available or allowable under some State laws.
For Loans secured by property in New York, see Chapter 3F, Insurance and Survey Requirements, the
Mortgage Insurance Requirements for Loans Originated in New York Section.
(2) Other Insurance
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Exhibit B-1
6C GMAC-RFC
Page 6C.10
03/13/06
Client Guide
Loan Programs
Payment Option
Program
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Exhibit B-1
GMAC-RFC
(S) Commitment and Delivery

6C
Page 6C.11
03/13/06
Client Guide
Loan Programs
Payment Option
Program
(1) Loan Delivery Additional Requirements

Loans under this program, closed with 1-month introductory rate, must meet the
following delivery requirements:
Loans must be received by GMAC-RFC within 10 calendar days of the Loans
closing date
Crediting of mortgage interest is not allowed. A minimum of 30 days from the
Loans Funding Date to the first payment date is required
For example, if the Loan is closed with a Funding Date of May 7, 2005 and
interest is advanced forward to June 1, thereby making the first payment
date and the first interest rate change date July 1, 2005. This treatment
results in the advance of mortgage interest and is acceptable.
As an unacceptable example, a Loan closed with a Funding Date of May 7,
2005 and interest credited back to May 1, 2005, making the first payment
date and the first interest rate change date June 1, 2005. This treatment
results in the crediting of mortgage interest and is not acceptable.
(2) Escrow for Postponed Improvements
Property must be complete at time of purchase. GMAC-RFC will not purchase Loans
closed with postponed improvements for weather or repair.
(3) Additional Delivery Documentation
When a prior approval Loan is submitted to GMAC-RFC for purchase a copy of the
Rate Lock Agreement form must be in the file.
(T) Servicing
Commitments are available on a servicing released basis only. For guidelines, see Chapter
8, Servicing Released.
(U) Maximum Loan Amounts, LTV ratios and CLTV ratios
See the Payment Option At-A-Glance in Chapter 7, Program At-A-Glances.
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Exhibit B-1
6C GMAC-RFC
Page 6C.12
03/13/06
Client Guide
Loan Programs
Payment Option
Program
C602
In addition to the underwriting criteria outlined in Payment Option Eligibility Standards, the
following features are specific to Stated Income Documentation.
(A) Underwriting
(1) Down Payment
For all occupancy types (primary, second/vacation and non-owner occupied), the
Borrowers own cash must be used to meet the down payment required to meet the
CLTV requirements of the Stated Income Documentation criteria. The balance may
be paid from cash, other equity, gift funds or paid from cash, other equity, gift funds
or Secondary Financing.
(B) Property Types
Modular Homes, Panelized Home, Pre-cut Home
Condominium unlimited stories must meet GMAC-RFC Class I, II or III
Rural Property
Condo-Hotel
(C) Maximum Loan Amounts, LTVs and CLTVs
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Exhibit B-1
GMAC-RFC
6C
Page 6C.13
Client Guide
Loan Programs
Payment Option
Program
C603
Stated Income/Stated Asset Documentation
In addition to the underwriting criteria outlined in Payment Option Eligibility Standards, the
following features are specific to Stated Income/Stated Asset Documentation.
(A) Occupancy
Non-owner occupied
(B) Property Types
Modular Homes, Panelized Home, Pre-cut Home
Condominium unlimited stories must meet GMAC-RFC Class I, II or III
Rural Property
Condo-Hotel
(C) Underwriting
(1) Credit Grades A1, A2, or A3 with minimum 620+ Credit Score
Stated Income/Stated Asset Documentation Loans must meet credit grades A1, A2,
or A3. See Chapter 4, Underwriting for details.
(2) Down Payment
For all eligible occupancy types (primary and second/vacation home), the Borrowers
own cash must be used to meet the down payment required to meet the CLTV
requirements of the Stated Income/Stated Asset Documentation criteria.
(D) Maximum Loan Amounts, LTVs and CLTVs
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Page 6C.14
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Loan Programs
Payment Option
Program
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Exhibit B-1
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GMAC-RFC
Exhibit B-1
Page 6D.1
03/13/06
Client Guide
Loan Programs
Home Solution
Program
6D
Home Solution Loan Program
D600
GMAC-RFCs Home Solution Program is a first lien product designed for Borrowers who desire
no or minimal down payment requirements. In addition, this Program allows up to 107%
financing on both purchase and refinance transactions. The Loan proceeds in excess of 100%
may be used for the following:
Traditional closing costs, including discount points, origination fees, brokers fee and
fees paid for services rendered
Prepaid items such as escrows for hazard, flood or mortgage insurance
Pay off of consumer credit such as revolving or installment debt
This is a matrix driven Program; all Loans submitted must strictly conform to the credit and
Loan parameters.
Assetwise or Assetwise Direct usage is required.
D601
The eligibility standards for the Home Solution Program are outlined below. See individual
program options for restrictions.
(A) Product Types
Eligible product types:
FRM-30
FRM-15 (A1, A2 credit grades only)
30/15 Balloon
Two-One LIBOR ARM
Three-One LIBOR ARM
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Exhibit B-1
6D GMAC-RFC
Page 6D.2
03/13/06
Client Guide
Loan Programs
Home Solution
Program

U.S. citizen
Foreign national
Purchase mortgage
Rate/term refinance mortgage limited to incidental cash back not to exceed $500
Maximum cash out includes total debt payoff and maximum cash-in-hand
Maximum cash-in-hand to Borrower not to exceed $5,000
When consumer debt is paid off as part of the transaction, the payoff must be evidenced on
the HUD-1. Payoff of consumer credit such as revolving or installment debt is allowed as part
of a purchase or cash-out transaction. Payment for a credit life insurance policy is not eligible
to be paid in the mortgage Loan amount.
Arms length transaction
If the transaction is a Cash-Out Refinance Mortgage, documentation evidencing the
acquisition cost of the property is required. The LTV is based on the lower of the
acquisition cost or the appraised Value. Evidence that cash out was used for debt
consolidation purposes is required (except for the amount of incidental cash back
allowed).
Non-arms length transaction
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GMAC-RFC
Exhibit B-1
6D
Page 6D.3
03/13/06
Client Guide
Loan Programs
Home Solution
Program
(D) Occupancy
Non-owner occupied
(E) Property Types
Single family, one or two unit (attached or detached)
Condominium unit located in a building one to four stories
For credit grades A1, A2 and A3 condominiums must meet GMAC-RFC Class I, II
or III warranties
For credit grade A4, condominiums must meet GMAC-RFC Class III warranties
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Exhibit B-1
6D GMAC-RFC
Page 6D.4
03/13/06
Client Guide
Loan Programs
Home Solution
Program

Condo-Hotel
Condominium unit located in a building over four stories
Cooperative
Manufactured Home
Mixed use property
Mobile Home
Multi-family dwelling containing more than two units
Considerations)
including:
Public electricity
Natural or LP gas
Rural Property
Unimproved land
The Client is responsible for ensuring compliance with all State restrictions.
Loans secured by properties located in the State of West Virginia are eligible under the Home
Solution Program provided financing does not exceed 100% of the Value of the property.
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Exhibit B-1
6D
GMAC-RFC
Page 6D.5
03/13/06
Client Guide
Loan Programs
Home Solution
Program

Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants in Common
Ineligible vesting:
Living Trusts
Life Estates
(H) Underwriting
Credit
Grade1
Credit
Score
A1
720+
A2
680-719
A3
A4
Housing Payment
History
Bankruptcy2
Foreclosure
Full, Lite: None in past 4 years
620-679
months; and no 60+
mortgage/rental
months.
600-619
months.
Stated: None in past 7 years
Major Adverse
Credit
None reported
in past 24
months.

See Major
Adverse Credit
Section in
Chapter 4A,
Credit
Credit upgrades not allowed.

Chapter 7 measured by discharge or dismissal date. Chapter 13 measured by discharge date for credit grades
A1 to A3 and by filing date for credit grade A4. Credit grade A4 must be paid as agreed for past 12 months.
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Exhibit B-1
6D GMAC-RFC
Page 6D.6
03/13/06
Client Guide
Loan Programs
Home Solution
Program
Credit Grade
FRM Products
ARM Products
A1
45%
40%
A2
45%
40%
A3
45%
40%
A4
50%
45%
DTI flexibility not allowed. Credit upgrade not allowed.

The following income documentation types are available.
Full Income
Lite Income
Stated Income
Not allowed.
(5) Down Payment
No down payment required unless maximum LTV is less than 100%. When
maximum LTV is less than 100%, the Borrowers own funds must be used to meet
the down payment required to meet the LTV requirements
Gift funds not allowed
(6) Cash to Close
Most current two months bank statements
(7) Sale of Previous Residence
For credit grade A4 owner occupied purchase transactions, proof of sale of current
residence is required.
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Exhibit B-1
GMAC-RFC
6D
Page 6D.7
03/13/06
Client Guide
Loan Programs
Home Solution
Program
(8) Reserve Requirement

Reserves, when required, must come from Borrowers own cash.
Credit grades A1, A2 and A3 for Full, Lite and Stated Income Documentation
For primary residences and second/vacation homes, the Borrower must have
two months PITI liquid asset reserves remaining after closing exclusive of
closing costs and cash out received
For non-owner occupied properties, the Borrower must have six months PITI
liquid asset reserves after closing exclusive of closing costs
Credit grade A4 has no reserve requirement
(9) Residual Income Requirements
For Full and Lite Income Documentation Loans a Residual Income of $1,500 for all
credit grades is required. Residual Income is calculated using gross monthly income
minus monthly expenses. Monthly expenses includes housing payment and revolving
and installment payments.
Not allowed.
For all occupancy types primary residence, owner occupied; second/vacation home, owner
occupied; or non-owner occupied:
(1) If LTV is less than or equal to 100%, the maximum contribution is 3%. Sales
concessions are not allowed for Purchase transactions when the Borrower is using
Loan proceeds to pay off debt.
(2) If LTV is more than 100%, sales concessions are not allowed.
(K) Temporary Buydowns
Not allowed
construction.
For credit grade A4, all Credit Documents must be dated no more than 120 days
prior to Note date for both existing and new construction.
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Exhibit B-1
6D GMAC-RFC
Page 6D.8
03/13/06
Client Guide
Loan Programs
Home Solution
Program

(1) For credit grades A1, A2 and A3, one full URAR appraisal is required.
(2) For credit grade A4,
Purchase transactions, one full URAR appraisal is required
Rate/term refinance and equity refinance transactions, one full URAR appraisal and
one field review or two full URAR appraisals are required
(3) The LTV will be calculated using the lowest of:
Sales price
First full appraisal
Second full or review appraisal
Mortgage insurance from individual mortgage insurance companies may be available
for portions of this program. Typically a Credit Score of 680-700 is required and the
property must be a primary residence.
Base pricing for the Home Solution Program assumes mortgage insurance will not be
obtained.
When mortgage insurance is elected, the following coverage amounts are required.
Product Type
LTV Range
MI Coverage
FRM-30
30/15 Balloon
ARM
95.01% - 103%
35%
90.01% - 95%
30%
95.01% - 103%
35%
90.01% - 95%
25%
FRM-15
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Exhibit B-1
GMAC-RFC
6D
Page 6D.9
03/13/06
Client Guide
Loan Programs
Home Solution
Program
Determining Mortgage Insurance availability is the responsibility of the Client. In some instances, it may not be
available or allowable under some State laws.
For Loans secured by properties in New York, see Chapter 3F, Insurance and Survey Requirements, the
Mortgage Insurance Requirements for Loans Originated in New York Section.
(2) Other Insurance

(O) Commitments and Delivery
(P) Servicing
Commitments are available on a servicing released basis only. For guidelines see Chapter 8,
Servicing Released.
(Q) Maximum Loan Amounts and LTVs
See the Home Solution At-A-Glance in Chapter 7, Program At-A-Glances.
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6D GMAC-RFC
Page 6D.10
03/13/06
Client Guide
Loan Programs
Home Solution
Program
Exhibit B-1
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Exhibit B-1
Page 6E.1
03/13/06
Client Guide
Loan Programs
GMAC-RFC
AlterNet Program
6E
AlterNet Loan Program
E600
AlterNet Program
AlterNet (credit grades A4 to C) is designed to purchase a wide variety of Loans with
characteristics or features that do not fit traditional A requirements, generally due to the
underlying credit quality. This consumer finance-oriented program was developed to give
Clients the chance to make both jumbo and conforming Loans outside of standard conduit
and agency guidelines.
E601
The eligibility standards for the AlterNet Program are outlined below. Interest Only feature,
40/30 Balloon and 40 Year Recast features are eligible unless otherwise noted.
The 40/30 Balloon feature has an original term of 30 years with payments based on 40 year
amortization. The 40 Year Recast feature has an original term of 30 years with payments
based on 40 year amortization for the first ten years of the Loan. After the first ten years the
Loan is recast and payments are fully amortized over the remaining term of the Loan. The
40/30 Balloon and 40 Year Recast are eligible for primary residence and second/vacation
homes only.
Products
Available Features
Interest Only
40 Year Recast
40/30 Balloon
FRM-30
FRM-15
Fixed Rate
LIBOR ARMs
Six Month
Two Year-Six Month
Balloon
30/15 Balloon
Interest Only feature may not be combined with 40 Year Recast or 40/30 Balloon features.
Interest Only is eligible for all products and requires the Interest Only period to be a fixed 5 year term.
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Exhibit B-1
6E GMAC-RFC
Page 6E.2
03/13/06
Client Guide
Loan Programs
AlterNet Program

U.S. citizen
Maximum 90% LTV/CLTV
Purchase and rate/term refinance only
Owner-occupied, primary residence or second/vacation home only
Borrowers without 12 months reported housing history
Foreign national
Purchase mortgage
Construction/permanent mortgage
Converted/modified Loancontemplated by original Note
Converted/modified Loannot contemplated by original Note
(D) Occupancy
Eligible occupancy types (see AlterNet Underwriting Criteria At-A-Glance for detailed
information):
Non-owner occupied
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Exhibit B-1
GMAC-RFC
6E
Page 6E.3
03/13/06
Client Guide
Loan Programs
AlterNet Program
(E) Property Types

Condominium unit unlimited stories, must meet GMAC-RFC Class II or III warranties
Mixed use property (see Mixed Use Properties under the Additional Property
Considerations Section in this Chapter)
Rural Property (see Maximum Acreage and Rural Property under the Additional
Property Considerations Section in this Chapter)
Condo-Hotel
Located in a Building Section in Chapter 3D, Property Types and Considerations)
Cooperative
Manufactured Home
Mobile Home
Planned Unit Development (PUD) Section in Chapter 3D, Property Types and
Considerations)
including:
Public electricity
Natural or LP gas
Unimproved land
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Exhibit B-1
6E GMAC-RFC
Page 6E.4
03/13/06
Client Guide
Loan Programs
AlterNet Program

Loans secured by Mortgaged Premises located in any of the 50 United States, where the
(1) Maximum Acreage
Lot sizes more than five acres are considered excess acreage
No Value will be attributed to land exceeding five acres
Loans on properties over ten acres will be considered on a case-by-case basis
(2) Rural Property
Must be owner occupied or a second/vacation home
Maximum 90% LTV/CLTV
(3) Mixed Use Properties
GMAC-RFC defines mixed use properties as those which are primarily used as a
residence but are also being used for a small commercial purpose. GMAC-RFC allows
these properties under the AlterNet Program when the following criteria are met:
Residential portion must be owner occupied or intended for primary occupancy
Retail or professional portion may be leased to someone other than the
Borrower
There are not hazardous materials used or stored at the subject property
At least two-thirds of the improvement is maintained and used for residential
purposes only
Value is supported by three mixed-use comparable sales
Commercial use must be retail or professional (antique shop, flower shop, deli,
office, CPA, attorney, doctor, etc.) It may not be industrial or manufacturing
Reduce LTV/CLTV by 15%
Maximum Loan amount of $500,000
(4) Legal Non-Conforming Properties
If an appraisal indicates a property is of a legal non-conforming nature, one of the
following must be obtained:
Appraiser must address the issue within the body of the appraisal and
specifically state the property may be rebuilt as is in the event of a loss. The
appraiser must also indicate the source of information
Letter of addendum from the appraiser must address the issue and specifically
state the property may be rebuilt as is in the event of a loss. The appraiser
must also indicate the source of information
Letter from the county stating the property may be rebuilt as is in the event
of a loss
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GMAC-RFC
Exhibit B-1
6E
Page 6E.5
03/13/06
Client Guide
Loan Programs
AlterNet Program
(5) Condominiums Unlimited Stories

Must meet GMAC-RFC Class II or III warranties. See Condominium Unit Located
in a Building Section in Chapter 3D, Property Types and Considerations.
Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants in Common
Ineligible vesting:
Living Trusts
Life Estates
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Exhibit B-1
6E GMAC-RFC
Page 6E.6
03/13/06
Client Guide
Loan Programs
AlterNet Program
(H) Underwriting
(1) Credit Guidelines and Debt-to-Income Ratios
Credit
Grade1
DTI2,3
Housing Payment
History
A4

A5
0x30 rental history and/or

<12 months mortgage
history reported through a
credit repository.
Ax
Rolling Lates allowed. No
more than 30 days down
at closing.
Am
Unlimited 30 day
mortgage/rental history in
past 12 months. No more
than 30 days down at
closing.
50%4
1x60 non-rolling
mortgage/rental history
allowed. No more than 60
days down at closing.
60-day mortgage/rental
history allowed without
restriction. 1x90 nonrolling mortgage/rental
history allowed. No more
than 90 days down at
closing.
Bankruptcy
Foreclosure
Owner Occupied:
None in past 1
year <= 95%
LTV
None in past 2
years > 95%
LTV
Non-owner
Occupied:
None in past 1
year <= 80%
LTV
None in past 2
years > 80%
LTV
Owner Occupied:
None in past 1
year <= 70%
LTV
None in past 2
years <=85%
LTV
None in past 3
years > 85%
LTV
Non-owner
Occupied:
None in past 2
years <= 75%
LTV
None in past 3
years > 75%
LTV
Major Adverse
Credit
See Major
Adverse Credit
Section in this
Chapter.
For the AlterNet Program, credit grade is determined by mortgage or rental payment history. While Credit Score,
bankruptcy, foreclosure and Major Adverse Credit account history have rules that must be applied, only
mortgage and rental history will determine credit grade.
For Fixed Rate Mortgages, Borrowers qualify at the Note rate.
ARM Loans will be qualified at the maximum interest rate, which could be in effect at the beginning of the second
year.
50.01% to 55% DTI allowed for credit grades A4 to C with $1,500 Residual Income or 2 months PITI reserves.
For the 40 Year Recast and 40/30 Balloon Features, DTI cannot exceed 50%
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Exhibit B-1
6E
Page 6E.7
03/13/06
Client Guide
Loan Programs
GMAC-RFC
AlterNet Program
(2) Minimum Credit Score

Minimum Credit Score
Credit Grade
Full, Fast and Lite Income

Documentation
Stated Income
Owner
Occupied
Non-owner
Occupied
Owner
Occupied
Non-owner
Occupied
A4
500
520
500
520
A5
500
540
500
540
Ax
500
520
500
520
Am
500
520
500
520
500
540
520
540
520
540
520
N/A
(3) Credit Evaluation

The Borrowers credit grade is based on housing payment history (mortgage or
rental).
(4) Housing Payment History
Housing Payment History must be verified for the previous 12 months. For credit
grade A4, mortgage payment history reported through a credit repository may not
have been 30 days or more past due during the 12 months preceding application.
Borrowers with 0x30 housing history not reported through a credit repository or less
than 12 months mortgage history will be graded A5. Any Loan submitted that was
30 days or more delinquent within the preceding 12 months will receive at most an
Ax credit grade.
(a) Mortgage Payment History
Verification of mortgage payment history must include the payment due the
month prior to the Note date. To meet this requirement, the Client may provide
updates to the acceptable sources of notification listed on the Establishing
Housing Payment History table or a processors certification that includes:
Mortgage history meets grading requirements
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Exhibit B-1
6E GMAC-RFC
Page 6E.8
03/13/06
Client Guide
Loan Programs
AlterNet Program
(b) Unreported Housing Payment History

Acceptable sources include:
Institutional VOR
Cancelled checks
VOM for unreported mortgages
Private VOR (restrictions may apply)
(c) Borrowers with a valid Credit Score less than 500
Borrowers with a valid Credit Score less than 500 will not be considered for the
AlterNet Program.
(5) Major Adverse Credit
taxes, repossessions, garnishments and accounts currently 90 days or more
Medical accounts will not be required to be paid. Aggregate totals exceeding the
CLTV limits for the Loan transaction will be reviewed on a case by case basis
All State, IRS and property tax liens regardless of seasoning are required to be
paid whether or not they currently affect title. No payment plans or subordination
allowed. Property tax liens on other properties will be considered Major Adverse
Credit. Federal tax liens older than ten years are not required to be paid unless the
title company requires payoff
Any current 90-day or more delinquent account must be brought current before or
at closing
Adverse accounts over 24 months old that do not affect title will not be considered
in grade determination and are not required to be paid
All non-medical adverse credit less than 24 months seasoned, must be paid off if it
exceeds amounts listed below:
Owner Occupied
Non-owner Occupied
(6) Consumer Credit Counseling
Consumer credit counseling will not affect the credit grade if the plan has been paid
as agreed and paid off prior to or at closing. If the consumer credit counseling has
been dismissed or withdrawn the full original payment of all debts will be included in
the DTI. Mortgage accounts included in consumer credit counseling will be treated as
a forebearance. If Delinquent in the most recent 12 months, the consumer credit
counseling will be treated as an open Chapter 13 for grading purposes.
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Exhibit B-1
GMAC-RFC
6E
Page 6E.9
03/13/06
Client Guide
Loan Programs
AlterNet Program

(a) The following income documentation types are available unless
otherwise noted.
Full Income
Lite Income
Fast Income
Stated Income
(b) Stated Income Requirements
Wage Earner requirements:
Credit grades A4, A5 and Ax only
Verbal VOE required
Owner occupied, primary residence or second/vacation home
Signed and dated IRS Forms 4506 or 4506-T authorizing the Client or its
assigns to obtain income information
Self-employed income requires the following documentation:
business license and confirmation of a phone directory listing. If a license is
not required for the business, a signed confirmation of business is required
by Borrowers accountant or other CPA
Signed and dated IRS Forms 4506 or 4506-T authorizing the Client and/or its
Not allowed.
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Exhibit B-1
6E GMAC-RFC
Page 6E.10
03/13/06
Client Guide
Loan Programs
AlterNet Program
(9) Down Payment

For all documentation types, the minimum down payment of 5% of Value must be
paid from the Borrowers own cash. The balance must be paid from cash, other
equity, gift funds or Secondary Financing. A down payment of 100% gift funds is
allowed at LTVs less than or equal to 80% when no Secondary Financing exists. In
this instance, closing costs may also be in the form of a gift.
(10) Cash to Close and Reserves
Although cash to close and reserves must be sourced and verified, seasoning of
funds is not required. For verification of cash to close and reserves, one of the
following is required:
Most current bank statement
Certified funds check, drawn on the Borrowers bank account. The account
number must be listed on the 1003 and that account is the source of the funds
to close. These funds must have been available prior to or as of the date of
closing (available for cash to close only, reserves not eligible for this
verification).
Secondary Financing or subordinate financing for owner occupied properties, including
home equity lines of credit are allowed. Seller provided financing is not permitted.
Maximum allowable sales concessions (non-recurring):
6% for owner-occupied
3% for non-owner occupied
For underwriting purposes, the purchase price of the Mortgaged Premises must be reduced
to reflect the amount of any subsidy or contributions that exceed the maximum allowed.
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Exhibit B-1
GMAC-RFC
6E
Page 6E.11
03/13/06
Client Guide
Loan Programs
AlterNet Program

Not allowed.
All Credit Documents must be dated no more than 120 days prior to Note date for
both existing and new construction.
See the Appraisal Requirements Section in Chapter 4F, Appraisal Requirements
and Property Underwriting.
One full URAR appraisal (must meet standards for property type). If the original appraisal
report is not of investment quality, GMAC-RFC reserves the right to request a field review,
additional comparables or narrative information and/or refuse the purchase of any Loan as
permitted by the Client Guide.
See the Hazard Insurance, Flood Insurance, Title Insurance, PUD Insurance, or
Condominium Insurance Sections in Chapter 3F, Insurance and Survey Requirements,
for requirements.
(O) Commitment and Delivery
The Client must order Commitments and deliver Loans using the guidelines stated in
(P) Current Payment History
All Loans must be current at the time the Client submits them for purchase. The payment
due the month of Loan purchase must be applied. For newly originated Loans, the first
payment must be applied prior to purchase if it is due during the month of purchase.
A Loan with a Delinquency that remained uncured 30 days or more in the past 12 months is
ineligible for purchase.
Loans must be considered new production defined as having first pay dates no more than 90
days prior to funding by GMAC-RFC.
(Q) Servicing
All Loans submitted under the AlterNet Program must be sold on a servicing released basis.
For servicing released guidelines, see Chapter 8, Servicing Released.
(R) Maximum Loan Amounts, LTVs and CLTVs
See the AlterNet At-A-Glance in Chapter 7, Program At-A-Glances.
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Exhibit B-1
6E GMAC-RFC
Page 6E.12
03/13/06
Client Guide
Loan Programs
AlterNet Program
E602
Interest Only Feature Eligibility Standards
In addition to the underwriting criteria outlined in the AlterNet Eligibility Standards, the
eligibility standards specific to the Interest Only feature are outlined below. Loans with an
Interest Only feature are not eligible for 40/30 Balloon and 40 Year Recast features.
(A) Product Types
Both fixed and adjustable-rate products require the Interest Only period to be a fixed 5 year
term.
FRM-30
FRM-15
Six Month LIBOR ARM
30/15 Balloon
(B) Transaction Types
Purchase mortgage
(C) Occupancy
Non-owner occupied
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Exhibit B-1
GMAC-RFC
6E
Page 6E.13
03/13/06
Client Guide
Loan Programs
AlterNet Program
(D) Property Types

Single family, one to two unit (attached or detached)
Single family, three to four unit
Condominium Class I Warranties
Condo-Hotel
Cooperative
Manufactured Home
Mixed use property
Mobile Home
including:
Public electricity
Natural or LP gas
Rural Property
Unimproved land
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Exhibit B-1
6E GMAC-RFC
Page 6E.14
03/13/06
Client Guide
Loan Programs
AlterNet Program
(E) Interest Only Credit Guidelines and Debt-to-Income Ratios

Credit grades A4, A5 and Ax are eligible for the Interest Only feature.
Credit
Grade1
Credit
Score
DTI
0x30 reported
mortgage history
in past 12
months.
A4
A5
Full, Lite
and Fast
Income:
580+
Stated
Income:
640+
Ax
Housing
Payment
History
45%2
0x30 rental
history in past 12
months and/or
<12 months
mortgage history
reported through
a credit
repository.
1x30 mortgage/
rental history in
past 12 months.
Rolling Lates
allowed. No more
than 30 days
down at closing.
Bankruptcy
Owner
Occupied:
None in past 1
year to 95%
LTV
None in past 2
years over
95% LTV
Non-owner
Occupied:
None in past 1
year to 80%
LTV
None in past 2
years over
80% LTV
Foreclosure
Owner
Occupied:
None in past 1
year to 70%
LTV
None in past 2
years to 85%
LTV
None in past 3
years over
85% LTV
Non-owner
Occupied:
None in past 2
years to 75%
LTV
Major Adverse
Owner
Occupied Full,
Lite, Fast: Up to
$5000 left open
to 90% LTV/
CLTV. Up to
$1500 left open
>90% LTV/CLTV
Owner
Occupied
Stated Income:
Up to $5000 left
open to 85%
LTV/CLTV. Up to
$1500 left open
>85% LTV/CLTV
Non-owner
Occupied: Up to
$1500 left open.
Must be paid if
less than 24
months unless it
is medical.
Interest Only Qualification:

Based on the ITI payment (interest, taxes and insurance)
Standard IO term is 5 years
IO term not allowed on second lien
1
2
45.01% to 50% DTI allowed with $1,500 Residual Income or 2 months ITI reserves.
(F) Maximum LTV/CLTVs

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GMAC-RFC
Exhibit B-1
6E
Page 6E.15
03/13/06
Client Guide
Loan Programs
AlterNet Program
E603
80/20 Eligibility Standards
GMAC-RFC may purchase the first mortgage only or the first and second mortgage
simultaneously. The second mortgage is not eligible for purchase without the first mortgage.
In addition to the underwriting criteria outlined in AlterNet Eligibility Standards, eligibility
standards specific to the 80/20 feature where GMAC-RFC purchases both the first and second
mortgages are outlined below.
Interest Only feature is available on the first mortgage only. Interest Only feature may not
be combined with the 40/30 Balloon or 40 Year Recast features in any one Loan.
(A) Product Types
First Mortgages
FRM-30
FRM-15
30/15 Balloon
Ineligible product types:
Six Month LIBOR ARM
Second Mortgages
Closed end second mortgages only.
FRM-30
FRM-15
30/15 Balloon
Ineligible product types
Six Month LIBOR ARM
Interest only second mortgage
Line of credit
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Exhibit B-1
6E GMAC-RFC
Page 6E.16
03/13/06
Client Guide
Loan Programs
AlterNet Program

U.S. citizen
Borrowers without 12 months reported housing history
Foreign national
Purchase mortgage
(D) Occupancy
Non-owner occupied
(E) Property Types
Single family, one to two unit (attached or detached)
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Exhibit B-1
GMAC-RFC
6E
Page 6E.17
03/13/06
Client Guide
Loan Programs
AlterNet Program

Condo-Hotel
Cooperative
Manufactured Home
Mixed use property
Mobile Home
including:
Public electricity
Natural or LP gas
Rural Property
Single family, three to four unit (attached or detached)
Unimproved land
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Exhibit B-1
6E GMAC-RFC
Page 6E.18
03/13/06
Client Guide
Loan Programs
AlterNet Program
(F) 80/20 Credit Guidelines and Debt-to-Income Ratios

Credit
Grade1
Credit
Score
DTI
Housing
Payment History
A4
0x30 reported
mortgage history
in past 12 months.
A5
0x30 rental
history in past 12
months and/or
<12 months
mortgage history
reported through
a credit
repository.
Full, Lite
and Fast
Income:
580+
Stated
Income:
640+
Ax
Standard:
50%2
Interest
Only:
45%3
Bankruptcy
Foreclosure
Owner
Occupied:
None in past 2
years.
Owner
Occupied:
None in past 3
years.
Major
Adverse
Credit
Up to $1500 left
open.
1x30 mortgage/
rental history in
past 12 months.
Rolling Lates
allowed. No more
than 30 days
down at closing.
Minimum Second Mortgage Loan amount is $20,000 or minimum specified by State law whichever is greater.
Maximum 6% seller concessions (non-recurring).
Standalone seconds not eligible.
Interest Only Qualification
Based on the ITI payment (interest, taxes and insurance)
IO term not allowed on second lien
1
50.01% to 55% DTI allowed on standard Loans with $1,500 Residual Income or 2 months PITI reserves.
45.01% to 50% DTI allowed on Interest Only Loans with $1,500 Residual Income or 2 months ITI reserves.
(G) Sales Concessions

Maximum allowable sales concessions is 6% (non-recurring).
(H) Loan Limits
First mortgage Loan limits:
Maximum Loan amount $400,000
Second mortgage Loan limits:
Maximum Loan amount $100,000
Minimum Loan amount is $20,000 or minimum specified by State law
Maximum 20% second lien LTV
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GMAC-RFC
Exhibit B-1
6E
Page 6E.19
03/13/06
Client Guide
Loan Programs
AlterNet Program
(I) Reserve
Full, Lite, and Fast Income Documentation: None required
Stated Income Documentation:
2 months PITI for standard products
2 months ITI for Interest Only
(J) Maximum Loan Amounts LTVs, CLTVs
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6E GMAC-RFC
Page 6E.20
03/13/06
Client Guide
Loan Programs
AlterNet Program
Exhibit B-1
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Exhibit B-1
GMAC-RFC
Page 6F.1
03/13/06
Client Guide
Loan Programs
Performance Loan
Program
6F
Performance Loan Program
F600
Performance Program
The Performance Program is an adjustable rate mortgage program designed for the nonconforming credit Borrower who, after a demonstrated payment history meeting the
requirements of the program, will qualify for a one time opportunity to improve the interest
rate over the term of the Loan without the requirement of refinancing.
The eligible ARM Loan will specifically provide for a prescheduled qualifying period and an
adjustment date (Change Date) for the Borrower to be considered for eligibility for a
permanent gross Margin reduction. Qualification for a permanent decrease in Margin would
require all payments within 12 months prior to the Change Date be received within 30 days
of the due date and within 60 days of the due date for the 13 to 24 month prior to the
Change Date.
If the Borrower fails to meet the timely payment criteria for this program at the first Change
Date, the Borrower will not be eligible for the permanent Margin adjustment. The Margin
stated on the Note would then prevail for the term of the Loan.
In addition to the underwriting criteria outlined in the AlterNet Program (Ax through C)
Eligibility Standards Section of this Client Guide, the following features are specific to this
Performance Loan Program.
F601
(A) Product Types
Eligible product types are:
See Chapter 5, Loan Products, for criteria specific to the above referenced GMAC-RFC
eligible ARM Loans.
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Exhibit B-1
6F GMAC-RFC
Page 6F.2
03/13/06
Client Guide
Loan Programs
Performance Loan
Program
(B) Underwriting
(1) Credit Grades
All Performance Loans must meet credit grades Ax, Am, B, or C.
(2) Payment History
The Loan must not have been 30 days or more past due at any time in the 12
months prior to the first Change Date specified on the Note
The Loan must not have been 60 days or more past due at any time during the 13
to 24 months prior to the change Date specified on the Note
(C) Margin Adjustments
If the Borrower meets the criteria outlined under Payment History, there will be one
permanent Margin adjustment at either 24 months or 36 months based on the parameters
of the Product Type under which the Loan was originated. The Margin reduction amount will
differ based on the Borrowers credit grade at the time of the original Loan. Maximum Margin
reductions are based on credit grades as follows:
Ax.5%
Am1.0%
B1.5%
C2.0%
An example of the Margin adjustment for the Ax grade, assuming the Borrowers payment
history has been 0x30 for 12 months and 0x60 for the 24 months prior to the first
adjustment date, is as follows:
Gross Margin as indicated on Note4.0%
Margin adjustment.501
New gross Margin to Borrower3.5%
The minimum Margin may never be decreased to less than 2.5%.
1
Adjustment based on credit grade.
(D) Registration
The Client must indicate that they are registering a Performance Loan when calling the
Commitment Registration Desk. For further information, see Chapter 9, Commitment, Prior
Approval, Delivery and Funding.
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GMAC-RFC
Exhibit B-1
6F
Page 6F.3
03/13/06
Client Guide
Loan Programs
Performance Loan
Program
(E) Servicing
Clients must sell Performance Loans to GMAC-RFC on a servicing released basis. The price
paid by GMAC-RFC for the servicing is included in the Loan price. Servicing will be purchased
on an Early Scheduled Transfer basis. RFC will review and purchase the Servicing Rights
simultaneously with the Loan. The Sale Date for the Servicing Rights, therefore, will be
the Funding Date of the Loan.
All payments due from the Borrower beginning the first of the month following the Sale Date
(the Effective Date of Transfer) are to be paid to the Designated Servicer. Servicing
sold to RFC will be conducted by such Servicer as GMAC-RFC may designate from time to
time. Designated Servicer information including address, telephone and endorsement
information is contained in the Designated Servicer Directory (GMAC-RFC Exhibit 1800).
For servicing released guidelines, see Chapter 8, Servicing Released.
(F) Required Additional Legal Documentation
In addition to the documents required in Chapter 9, Commitment, Prior Approval, Delivery
and Funding, a specific Performance Loan Rider is required. By executing two original riders,
the original Note and the Security Instrument will be amended. One original rider must be
attached to the Note when forwarded to GMAC-RFC. The other original rider must be
attached to the Security Instrument prior to recording at the appropriate county recording
office. (GMAC-RFC Form 16F00 with instructions for completion of the Rider on the reverse
side.)
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6F GMAC-RFC
Page 6F.4
03/13/06
Client Guide
Loan Programs
Performance Loan
Program
Exhibit B-1
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Exhibit B-1
GMAC-RFC
Page 6G.1
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit
6G
1st Lien Line of Credit Loan Program
G600
1st Lien Line of Credit Program
The 1st Lien Line of Credit Program is a revolving, open-end line of credit offered to
Borrowers with A quality credit.
A 1st Lien Line of Credit that exceeds HOEPA triggers are not eligible for purchase by GMACRFC. For more information, see Home Equity Lines and 1st Lien Lines of Credit That
Exceed the HOEPA Triggers Section in Chapter 2A, Representations Warranties and
Covenants.
G601
(A) Product Types
25 year term Prime Rate ARM; 10 year Draw Period with interest only payments, followed
by a 15 year amortized repayment period.
(B) Borrower Types
U.S. Citizen
Permanent Resident Alien
Non-Permanent Resident Alien
First-Time Homebuyer
Foreign national
Purchase Mortgages
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Exhibit B-1
6G GMAC-RFC
Page 6G.2
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit

(D) Occupancy Types
Non-owner occupied
(E) Property Types
Single family, one unit (attached or detached)
Condominium unit
warranties
Located in a building over eight stories that meets GMAC-RFC Class III warranties
and located in areas with proven marketability.
Rural Property
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Exhibit B-1
GMAC-RFC
6G
Page 6G.3
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit

Condo-Hotel
Cooperative
Manufactured Home
Mixed use property
Mobile Home
Multi-family dwelling containing more than one unit
Considerations)
including:
Public electricity
Natural or LP gas
Unimproved land
The Client may sell to GMAC-RFC 1st Lien Lines of Credit secured by properties located in the
States indicated on the List of Eligible States (GMAC-RFC Exhibit 1302) found in Chapter
11, Forms & Exhibits.
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Exhibit B-1
6G GMAC-RFC
Page 6G.4
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit

Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants in Common
Ineligible vesting:
Life Estates
(H) Underwriting
Credit Grade
Credit Score
A1
720+
A2
680-719
A3
660+
Bankruptcy/
Foreclosure1
Housing Payment
History
months; and no 60+
mortgage/rental
months
Full, Lite, One Paystub

and Fast: None in past 4 months2
years
Stated Income: None in
past 7 years
Chapter 7 measured by discharge or dismissal date, Chapter 13 measured by discharge date.
Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and are
(2) Debt to Income RatiosQualifying Ratios

Product
DTI Ratio
33/38%
Qualify the Borrower on the full line amount based on
the interest only payment at the fully indexed rate
plus 2% plus taxes and insurance.
DTI with
Compensating
Factors
33%/42%
To be eligible for DTI flexibility, a minimum 660 Credit Score is required and two of the following compensating
factors:
Borrowers own equity reduces LTV by 10% below program maximum
Mortgage payment and total debt are less than or equal to the Borrowers current payment levels
Six months reserves where two or fewer are required by the program
LTV is 65% or less
Residual Income of $2,000 (Full, Lite, One Paystub and Fast Income Documentation only)
Credit upgrade was not applied to the Loan
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Exhibit B-1
GMAC-RFC
6G
Page 6G.5
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit

Full Income
Lite Income
One Paystub Income
Fast Income
Stated Income
Allowed
(5) Down Payment
(a) Full, Lite, One Paystub and Fast Income Documentation
A minimum down payment of 5% of Value for owner occupied and second/
vacation properties must be paid from the Borrowers own cash. The balance
may be paid from cash, other equity or gift funds. A down payment of 100% gift
funds is allowed at LTVs less than or equal to 80%. In this instance, closing costs
may also be in the form of a gift.
(b) Stated Income Documentation
The Borrowers own cash must be used to meet the down payment required to
meet the LTV requirements of the Stated Income Documentation criteria. The
balance may be paid from cash, other equity or gift funds.
(6) Cash to Close
Fannie Mae Verification of Deposit (VOD) (Fannie Mae form 1006)
Reserves, when required, must come from Borrowers own cash. See the 1st Lien
Line of Credit At-A-Glance in Chapter 7, Program At-A-Glances.
Not allowed.
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Exhibit B-1
6G GMAC-RFC
Page 6G.6
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit

If LTV is >90%, maximum contribution is 3%.
If LTV is <= 90%, maximum contribution is 6%.
If LTV is <= 80%, maximum contribution is 6%.
Not allowed.
All credit documentation must be dated no more than 120 days prior to the Line of
Credit Agreement date.
The appraisal report must be dated within 120 days of the date of the Line of Credit
Agreement. If the appraisal report is dated more than 120 days but less than 180
days from the date of the Line of Credit Agreement, the original appraiser must
certify that the Value of the Mortgaged Premises has not declined since the date of
the original appraisal. The certification must be dated within 60 days of the date of
the Line of Credit Agreement.
If the appraisal is dated more than 180 days from the date of the Line of Credit
Agreement, a new appraisal is required.
One full URAR appraisal as outlined in the Appraisal Requirements Section in Chapter 4F,
Appraisal Requirements and Property Underwriting.
Loans over $650,000 require:
One full URAR appraisal plus one field review or two full URAR appraisals.
Mortgage insurance is not required. See the Hazard Insurance, Flood Insurance, Title
Insurance, PUD Insurance, or Condominium Insurance Sections in Chapter 3F,
Insurance and Survey Requirements, for requirements.
Commitment and Delivery
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Pg 368 of 649
Exhibit B-1
GMAC-RFC
6G
Page 6G.7
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit
(O) Servicing
All 1st Lien Line of Credits are purchased servicing released.
Designated ServicerDesignated Servicer information including address,
telephone and endorsement information is contained in the Designated Servicer
Directories included in Chapter 11, Forms & Exhibits (GMAC-RFC Exhibit 1805).
GMAC-RFC retains the right to designate such Servicers and may change the
Designated Servicer at any time. GMAC-RFC will, prior to the effective date of any
change, provide notice as soon as possible to the Client.
Borrower Notification by ClientThe Client must notify the Borrower that the
Servicing is being transferred on the 1st Lien Line by providing the Borrower with a
goodbye letter.
Borrower StatementsThe monthly billing statement is mailed to the Borrower 19
days before the payment due date. The statement will reflect the previous months
activity. The minimum payment for the draw and repayment period will be calculated
as specified in the Line of Credit Agreement.
Monthly Payment DatesThe payment date will be disclosed in the monthly
statement mailed to the Borrower by the Designated Servicer. The Borrower will
receive the monthly statement at least 15 days prior to their first payment due date.
Payment Change DateThe first Business Day of the calendar month, effective the
first day of the billing cycle.
Borrower Minimum Monthly Payment RequirementThe Borrower may be
required to pay a minimum monthly payment amount as provided for in the Line of
Credit Agreement.
Insurance Carrier NotificationThe Client must include a specific notation to the
insurance carrier that the Servicing being transferred pertains to the 1st Lien Line of
Credit.
(P) Qualifying Prepayment Penalties
Not allowed.
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Exhibit B-1
6G GMAC-RFC
Page 6G.8
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit
(Q) 1st Lien Line of Credit Documents

The required Line of Credit Agreement and Security Instrument is specified in Chapter 9,
Commitment, Prior Approval, Delivery and Funding and in the 1st Lien Line of Credit
Documents Section in Chapter 3E, Loan Documents and Notes, of this Client Guide.
(R) Maximum Line Amounts
See the 1st Lien Line of Credit At-A-Glance in Chapter 7, Program At-A-Glances.
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Exhibit B-1
GMAC-RFC
6G
Page 6G.9
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit
G602
Supplemental 1st Lien Line of Credit Information
(A) Annual Charge
In certain States, if provided in the Loan Documents, an annual charge will apply after the
first year. This fee is shown on the Line of Credit Agreement.
(B) Assumability
Not allowed.
(C) Borrowers Access to 1st Lien Line of Credit
Borrowers may access their 1st Lien Line of Credit upon receipt of their checks or they may
call to request to have funds wired into their account.
(1) Checks
GMAC-RFC will send a book of checks to the Borrower 7-10 days after the Loan is
purchased. These checks will allow the Borrower to access their available credit. The
minimum amount per check is specified in the Line of Credit Agreement.
(2) Credit Cards
In some states, Borrowers may request credit cards to access 1st Lien Lines of
Credit.
The credit card may not be eligible in all States, see GMAC-RFC Exhibit 1302 for
details.
(D) Changes to Daily Periodic RateAPR
The annual percentage rate (APR) and daily periodic rate may increase or decrease according
to the following procedure:
The APR is the index plus Margin. The APR is a simple interest rate and includes only
interest and no other costs
The daily periodic rate at any time equals the APR divided by 365
Any new index rate is effective the first day of the billing cycle in which the new index
rate is established
Each billing cycle will end on the last day of the calendar month
(E) Conversion Option
None.
(F) Escrow/Impound
Not available.
(G) Index
Prime Rate: The highest Prime Rate as published in the Money Rates table in The Wall
Street Journal as of the first Business Day of the calendar month.
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6G GMAC-RFC
Page 6G.10
03/13/06
Client Guide
Loan Programs
1st Lien Line of
Credit
(H) Life Floor

Never lower than the Margin.
(I) Life Cap
11.95%
(J) Minimum Loan Amount
$10,000
(K) Periodic Interest Rate Cap
None.
Exhibit B-1
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GMAC-RFC
Exhibit B-1
Page 6H.1
03/13/06
Client Guide
Loan Programs
Home Equity
Program
6H
Home Equity Loan Program
H600
Home Equity Program
The Home Equity Program is for Home Equity Loans secured by a second lien on owner occupied
and non-owner occupied residences to Borrowers with A1 to A3 credit grades. The general
parameters for the Home Equity Program are defined below, followed by descriptions that
include specific requirements for each product.
Simultaneous first and second mortgage transactions must follow the most restrictive guidelines
of the two programs.
H601
The eligibility standards for the Home Equity Program are outlined below. See the individual
program Sections for restrictions.
(A) Product Types
Goal Line Equity Line of Credit
Goal Loan Closed-end Second Mortgage
U.S. citizen
Non-Permanent Resident Alien (See Non-Permanent Resident Alien in Chapter 3A,
Occupancy, Borrower and Ownership Status.)
Foreign national
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Exhibit B-1
6H GMAC-RFC
Page 6H.2
03/13/06
Client Guide
Loan Programs
Home Equity
Program

Purchase Mortgages
Ineligible Transaction Types:
(D) Occupancy
Non-owner occupied
(E) Property Types
Non-warrantable condominium (see Non-Warrantable Condominiums in Chapter 3D,
Property Types and Considerations)
Condominium unit
warranties
Located in a building over eight stories that meets GMAC-RFC Class III warranties and
located in areas with proven marketability.
Rural Property
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Exhibit B-1
GMAC-RFC
6H
Page 6H.3
03/13/06
Client Guide
Loan Programs
Home Equity
Program

Condo-Hotel
Cooperative
Manufactured Home
Mixed use property
Mobile Home
Property listed for sale within the last six months is not eligible for refinance transactions
including:
Public electricity
Natural or LP gas
Unimproved land
The Client may sell to GMAC-RFC Home Equity Loans secured by properties located in the States
indicated on the List of Eligible States (GMAC-RFC Exhibit 1302) found in Chapter 11, Forms &
Exhibits. State eligibility may vary with each Home Equity Program and may have restrictions
regarding Loan size, credit card availability maximum CLTV or other issues.
Disclaimer: The Client is responsible for ensuring compliance with all such restrictions.
The restrictions noted on GMAC-RFC Exhibit 1302 are some, but not necessarily all of
the restrictions of this type.
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Exhibit B-1
6H GMAC-RFC
Page 6H.4
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(G) Additional Property Consideration

In areas where property Values are declining, the maximum CLTV ratio may not exceed 75% on
primary residence, owner occupied properties with one or two units and Full, Lite, One Paystub
or Fast Income Documentation.
Second/vacation homes, three to four units, Stated Income, No Ratio, Stated Income/Stated
Asset, No Income/No Asset, and No Doc, and non-owner occupied are not eligible where
property Values have been determined to be declining.
(H) Ownership Interest
Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants in Common
Ineligible vesting:
Life Estates
(I) Underwriting
Credit
Grade1
Credit
Score
A1
720+
A2
680-719
A3
620-679

months; no 0x60 mortgage/
months.
Bankruptcy,
Foreclosure

months2
Credit upgrades not allowed.
Adverse accounts > 24 months old that do not affect title will not be considered in credit grade determination and
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Exhibit B-1
GMAC-RFC
6H
Page 6H.5
03/13/06
Client Guide
Loan Programs
Home Equity
Program

The Borrowers Debt-to-Income Ratio must be calculated as detailed in Chapter 4,
Underwriting. The Client must include the Home Equity Loan payment when calculating
monthly debt.
In addition, the following Home Equity Loan qualifying requirements must be met:
The Home Equity Loan payment is calculated as specified in the individual product
description and must be added to the housing expenses and other monthly debt to
calculate a total debt ratio
The maximum total Debt-to-Income Ratio will be determined by individual
program parameters. See the Home Equity Goal Line and Goal Loan At-A-Glance in
Chapter 7, Program At-A-Glances, for more information
Full Income
Lite Income
One Paystub Income
Fast Income
Stated Income
No Ratio
No Income/No Asset
No Doc
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Exhibit B-1
6H GMAC-RFC
Page 6H.6
03/13/06
Client Guide
Loan Programs
Home Equity
Program

Allowed.
(5) Down Payment
None required.
(6) Cash to Close
None required.
Reserves are only required on Stated Income and No Ratio Documentation types.
Additionally, when originating a simultaneous first and second mortgage, both for sale to
GMAC-RFC, the Borrower must meet the reserve requirements for the first mortgage. In
all other cases, the following requirements apply:
3 months verified (sourced and seasoned) reserves required for primary
residences
6 months verified (sourced and seasoned) reserves required for second/vacation
homes and non-owner occupied property
(J) Other Financing
At the time the Home Equity Loan is originated, the amount of the subordinate financing (if any),
when added to the Home Equity Loan amount and the current outstanding balance of the first
mortgage Loan (if any), may not exceed the maximum CLTV requirements as stated in this
Home Equity Chapter.
(K) First Mortgage Loan Requirements
(1) Eligible First Mortgages
Conventional Loan
VA or FHA Loan
Balloon with or without a reset or refinance option
Interest Only payment
Payment Option Loan1
Maximum CLTV is 90%
GMAC-RFC must purchase both the first and second mortgage.
1
Yield and Margin information as stated on current rate sheet. Not available in the following States: Kansas, New York,
Texas, Virginia, and West Virginia
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Exhibit B-1
GMAC-RFC
6H
Page 6H.7
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(2) Ineligible First Mortgages

Contract for deed, contract for purchase or land contract
Loan held by a private party
Loan with a provision that prohibits the placement of an additional lien on the
Mortgaged Premises
Cal-Vet Loans
Loan with a provision that allows for future advances
Negative amortizing Loans
Non-GMAC-RFC Payment Option Loans
(3) First Mortgage Payment History
The underlying first mortgage Loan (or the previous first mortgage Loan if the Home
Equity Loan is originated simultaneously with a new first mortgage Loan) must meet the
following requirements: 1) Must be current as of the Funding Date of the Loan. 2) Must
not have been 30 days or more past due at any time during the preceding 12 months of
the origination date of the Loan. 3) Must not have been 60 days or more past due at any
time during the preceding 24 months of the origination date of the Loan.
(L) Financing Closing Costs
GMAC-RFC does not limit the amount of closing costs that may be financed as part of the Home
Equity Loan, except for any limitations that are imposed by applicable State laws.
(M)First Mortgage Payment Calculation (for Qualifying Purposes)
(1) Adjustable Rate Mortgages (ARMs)
Borrowers must be qualified at the maximum interest rate that could be in effect at the
beginning of the second year of the mortgage term. If the first mortgage is seasoned
more than one year, the Client must use the current interest rate.
(2) Buydowns
Borrowers must be qualified at the interest rate in effect at the beginning of the second
year of the mortgage term. If the first mortgage is seasoned more than one year, the
Client must use the current interest rate.
(N) Temporary Buydowns
Temporary Buydowns are not allowed for second mortgages.
Credit documentation must be dated no more than 180 days prior to the date of the
Home Equity Goal Loan or Goal Line Note. However the credit report must be dated no
more than 120 days prior to the Home Equity Goal Loan or Goal Line.
The appraisal report must be dated within 12 months of the Note.
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Exhibit B-1
6H GMAC-RFC
Page 6H.8
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(P) Insurance Requirements

Insurance, PUD Insurance, or Condominium Insurance Sections in Chapter 3F, Insurance
and Survey Requirements, for requirements.
(Q) Automated Valuation Model (AVM)
An AVM is acceptable if provided through a Qualified AVM or by a GMAC-RFC approved vendor.
AVMs must be provided by a GMAC-RFC AVM Approved Vendor (as stated in GMAC-RFC Exhibit
16G05) and dated within 180 days of the Note. Approved vendors are added often. For the most
current list of approved vendors, see the Client Guide Online at GMACResidentialFunding.com.
Maximum property Value accepted with an AVM is $500,000. Maximum Loan amount is
$200,000. GMAC-RFC does not accept AVMs when the Client has input Property Data (other
than the property address) or has altered or changed the AVM in any way from the original
product supplied from the vendor. The following restrictions apply for an AVM:
(1) Eligible documentation types:
Full
Lite
One Paystub
Fast
Stated Income and No Ratio Documentation types are eligible with the following
restrictions:
Owner occupied primary residence with a Credit Score 660+
Owner occupied second/vacation home with a Credit Score 660+
(2) Ineligible documentation types:
No Income/No Asset
No Doc
(3) Ineligible property types:
3-4 unit property
Condominium over eight stories
(R) Property Value Documentation Requirements
For the definition of Value, see the Determination of Value Section in Chapter 3C, Financing
of this Client Guide.
In addition to this Section, see the Appraisal Requirements Section of Chapter 4F, Appraisal
Requirements and Property Underwriting for additional appraisal information.
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Exhibit B-1
6H
GMAC-RFC
Page 6H.9
03/13/06
Client Guide
Loan Programs
Home Equity
Program
Acceptable Property Valuation Methods

A minimum line amount of $10,000 is required on all Home Equity Lines of Credit. The availability of these methods is
subject to eligibility as permitted by credit grade, Borrower and property type.
Property Type
Line/Loan
Amount
Additional Requirements
Stated Value Method1

<=$30,000
Single family 1-2 units
PUD 1 unit
Condominium 1-8 stories (GMACRFC Class I, II, and III)
Non-permanent resident aliens are not permitted

Primary residence only
Full, Lite, One Paystub and Fast Income Documentation
only
Minimum Credit Score of 680 required
CLTV up to 100%
45% Maximum DTI and $1,500 minimum Residual
Income required
Greater than 12 months seasoning from the Note date is
required on current mortgage
High-rise condominiums and non-warrantable
condominiums not permitted
HOA Certification and project name required for
condominiums
3-4 units
Not Permitted
Not permitted
Automated Valuation Model (AVM)1 (This method may not be available in all geographic
locations)
<=$200,000
PUD 1 unit
AVM property Value up to $500,000 with an AVM from an

approved vendor
eligible for all occupancy types
Stated Income & No Ratio eligible for primary residence &
second/vacation home with 660+ Credit Score
condominiums
3-4 units
Not Permitted
Not permitted
HUD-1 Method1
<=$200,000
PUD 1 unit
HUD-1 must be dated within 24 months of Note date

condominiums
Drive By Appraisal Method (2055)

<=$200,000
Single family 1 unit
PUD 1 unit

condominiums
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Pg 381 of 649
Exhibit B-1
6H GMAC-RFC
Page 6H.10
03/13/06
Client Guide
Loan Programs
Home Equity
Program
Acceptable Property Valuation Methods

A minimum line amount of $10,000 is required on all Home Equity Lines of Credit. The availability of these methods is
subject to eligibility as permitted by credit grade, Borrower and property type.
Property Type
2-4 units
Line/Loan
Amount
Not permitted
Not Permitted
Full Appraisal Method

Eligible for all transactions. Full appraisals are required for the following:
Line/Loan amounts >$200,000
Primary residences and Second/vacation homes
- Stated Income and No Ratio Documentation with Credit Score <= 660
- No Income/No Asset, Stated Income/Stated Asset, and No Doc
Investment Property
- All Stated Income, No Ratio, Stated Income/Stated Asset, No Income/No Asset, and No Doc
High-rise condominiums >8 stories (GMAC-RFC Class I, II, and III)
1
Restriction: Stated Value, AVM & HUD-I methods are not available in the States of New York and Kansas.
Declining Value Restrictions

In areas where property Values are declining, the maximum CLTV may not exceed 75% on primary residences and Full,
Lite, One Paystub or Fast Income Documentation. Stated Income, No Income/No Asset, No Doc, second/vacation
homes, investment properties and 3 and 4 unit properties are not eligible where property Values have been determined
to be declining.
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Exhibit B-1
6H
GMAC-RFC
Page 6H.11
03/13/06
Client Guide
Loan Programs
Home Equity
Program
Appraisals Older Than One Year From the Note Date But Less than 24 Months
Property Type
CLTV
Requirements

PUD 1 unit
Condominium 1-8 stories
(GMAC-RFC Class I, II, and III)
Second/vacation home
3-4 units
CLTV <=80%
A copy of Fannie Mae 1004 and/or Freddie Mac 70 or Fannie

Mae 2055 and/or Freddie Mac 2055 appraisal dated over 1
year and less than or equal to 2 years (2055 not eligible for 2
units) is required.
One of the following is also required to support appraised
Value:
HUD-I
Recertification
Field Review
Statistical (3-4 units not eligible)

PUD 1 unit
(GMAC-RFC Class I, II, and III)
CLTV > 80%
A copy of Fannie Mae 1004 and/or Freddie Mac 70 or Fannie

Mae 2055 and/or Freddie Mac 2055 appraisal dated over 1
year and less than or equal to 2 years (2055 not eligible for 2
units) is required.
One of the following is also required to support appraised
Value:
HUD-I
Recertification
Field Review

For information on Commitment and Delivery for Home Equity Programs, see Chapter 9,
Commitment, Prior Approval, Delivery and Funding.
(T) Servicing
All Home Equity Loans/Lines are purchased Servicing Released. Change of Servicer includes:
Designated ServicerDesignated Servicer information including address, telephone
and endorsement information is contained in the Designated Servicer Directories included
in Chapter 11, Forms & Exhibits (GMAC-RFC Exhibit 1801 and Exhibit 1805). See the
individual Home Equity Product Descriptions. GMAC-RFC retains the right to designate such
Servicers and may change the Designated Servicer at any time. GMAC-RFC will, prior to the
effective date of any change, provide notice as soon as possible to the Client.
Borrower Notification by ClientThe Client must notify the Borrower that the Servicing
is being transferred on the Home Equity Loan, (and not on the Borrowers first Mortgage
Loan) by providing the Borrower with a goodbye letter. The Designated Servicer may vary
with the Home Equity product. See the individual Home Equity Product Descriptions for the
appropriate Servicer.
Borrower Statements/Payment DatesThe payment date, as stated in the Security
Agreement or Note, is disclosed as detailed in the individual Home Equity Product
Descriptions.
Borrower Minimum Monthly Payment RequirementThe Borrower may be required to
pay a minimum monthly payment amount as provided for in the Security Agreement or
Note. See the individual Home Equity Product Descriptions for this requirement.
Insurance Carrier NotificationThe Client must include a specific notation to the
insurance carrier that the Servicing being transferred pertains to the Home Equity Loan,
and that the mortgagee clause must identify the second mortgage interest, and not replace
the mortgagee clause for the first mortgage.
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Exhibit B-1
6H GMAC-RFC
Page 6H.12
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(U) Post-Purchase Servicing Issues

The Borrower may contact the Designated Servicer (GMAC-RFC Exhibit 1801 and Exhibit
1805) directly for any of the following:
Subordination requests (see required Document Checklist GMAC-RFC Form 16G06)
Line increase/decrease requests
Payment information
Request checks and/or credit cards
Payoff figures or Loan satisfaction
(V) Qualifying Prepayment Penalties
A Qualifying Prepayment Penalty is not required but is acceptable. A Home Equity Goal Loan
which contains a Qualifying Prepayment Penalty that meets the criteria in Chapter 3, Loan
Eligibility, shall be subject to the applicable feature adjustment and associated Maximum Fund
Price set forth on the applicable Rate Sheet.
(W)Legal Documents
The required Home Equity Loan Security Agreement or Note and Security Instrument is
specified in Chapter 9, Commitment, Prior Approval, Delivery and Funding.
For documentation requirements see the Second Mortgage Documents Section in Chapter
3E, Loan Documents and Notes, of this Client Guide.
(X) Maximum Loan/Line Amounts and CLTVs for Goal Loan/Line Programs
See the Home Equity Goal Line and Goal Loan At-A-Glance in Chapter 7, Program At-A-Glances.
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GMAC-RFC
Exhibit B-1
6H
Page 6H.13
03/13/06
Client Guide
Loan Programs
Home Equity
Program
H602
Supplemental Home Equity Information
(A) Borrower Disclosure
The Client is required to comply with all federal and State disclosure requirements, including, but
not limited to, those outlined in the individual Home Equity Product Descriptions.
(B) Rescission Period
The Client must grant to Borrower the right to rescind the Home Equity Loan and notify Borrower
of that right in each case to the full extent required under any applicable laws. Prior to the
expiration of the rescission period, the Client may advance funds to the Borrower if the Home
Equity Loan is used to fund the purchase of the Mortgaged Premises.
(C) Fees Paid to Client
(1) Payment of Fees
The amount of fees to be paid to the Client will be specified on the current pricing sheet
or in the Clients Forward Commitment. GMAC-RFC, in the exercise of its sole discretion,
may reduce or refuse to pay fees for Home Equity Loans delivered with Program
Criteria violations.
Fees paid to the Client to originate under the Home Equity Program will be paid by
GMAC-RFC, by Automated Clearing House (ACH) or wire transfer upon purchase,
simultaneous with any reimbursements made to the Client if the Client advances funds
to the Borrower.
GMAC-RFC will provide the Client with the Home Equity ProductPurchase Advice
(GMAC-RFC Exhibit 16G03), which is a Loan-by-Loan summary of daily Home Equity
Loan purchases. This report will be sent by FAX to the Client upon purchase of a Home
Equity Loan.
(2) Forfeiture of Fees
GMAC-RFC may refuse to pay fees to the Client for any Home Equity Loan that
represents the refinance of a Home Equity Loan previously sold to GMAC-RFC by the
Client and is in violation of the representation regarding Non-Solicitation set forth in this
Chapter of this Client Guide.
If any payoff or liquidation occurs on the Loan within 90 days from the Purchase Date,
the Client will be required to repay to GMAC-RFC any fees and/or purchase premiums
paid for the Loan regardless of whether a new Loan is being originated by the existing
Client or a different lender.
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Exhibit B-1
6H GMAC-RFC
Page 6H.14
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(D) Program Criteria Violations

The term Home Equity Program Criteria, as used below, shall mean GMAC-RFCs Home Equity
Program requirements as described in the Underwriting, Loan Eligibility, and Home Equity
Chapters of this Client Guide.
If GMAC-RFC, in the exercise of its sole discretion, elects to purchase a Home Equity Loan having
Home Equity Loan Program Criteria violations, or if, after the purchase of any Home Equity
Loan, it is discovered that there was a breach by the Client of the representation that such Home
Equity Loan met all of the Home Equity Program Criteria, the Client will not be required to
repurchase such Home Equity Loan if:
All of the documentation contained in the Loan file or that Home Equity Loan is true,
complete and accurate in all material respects
The Borrower has made the first 12 required payments of principal and interest completely
and in a timely manner (i.e., not more than 29 days past due)
Notwithstanding the foregoing, all other rights and remedies set forth in this Client Guide
(except as specifically modified in this Home Equity Chapter) that may be exercised by GMACRFC upon the occurrence of an Event of Client Default, including, without limitation, the
indemnification remedy set forth in this Client Guide, shall apply to Home Equity Loans.
H603
Home Equity Program Goal Line Product Description
The GMAC-RFC Goal Line product is a program for revolving, open-end lines of credit, secured by
a lien on the Mortgaged Premises that is subordinate only to a lien securing a first mortgage
Loan.
Home Equity Goal Lines that exceed HOEPA triggers are not eligible for purchase by GMAC-RFC.
For more information, see Home Equity Lines and 1st Lien Lines of Credit That Exceed the
HOEPA Triggers Section in Chapter 2A, Representations Warranties and Covenants.
In addition to the general parameters outlined in this Home Equity Program Chapter, the
following information is specific to the Goal Line product.
(A) Goal Line Term Options
(1) Balloon15 year Draw Period with interest only payments followed by a balloon
payment
(2) 15 year5 year Draw Period followed by a 10 year repayment period
(3) 20 year10 year Draw Period with interest only payments followed by a 10 year
repayment period
repayment period
(5) 25 year15 year Draw Period followed by a 10 year repayment period
repayment period
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Exhibit B-1
GMAC-RFC
6H
Page 6H.15
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(B) Goal Line Calculation of Payment

For qualification purposes, the monthly housing payment for a Home Equity line of credit
originated as a Goal Line Home Equity line of credit is calculated using the Interest Only payment
based on the fully indexed rate (prime + Margin) and the total Loan amount.
(C) Goal Line Borrower Servicing Information
(1) Borrower Statements/Payment Dates
The payment date will be disclosed in the monthly statement mailed directly to the
Borrower by the Designated Servicer. The Borrower will receive the monthly
statement at least 15 days prior to their first payment due date.
Goal Line with Draw Period and Repayment Period:
On each payment date the Borrower is required to pay a minimum monthly
payment amount equal to the greater of: (a) 1% of the outstanding principal
balance on the last day of the billing cycle; (b) $100; or (c) the amount of accrued
interest. If no outstanding principal balance exists on the last day of the billing
cycle, no payment will be required. If there is no outstanding principal balance on
the last day of the billing cycle, no payment will be required. If there is an
outstanding balance at the end of the Draw Period, the balance will be amortized to
include principal and interest over the Repayment Period.
Goal Line with Interest Only Draw Period and Repayment period:
On each payment date for the first ten years, the Borrower is required to pay the
amount of interest accrued from the last billing cycle. If there is no outstanding
principal balance on the last day of the billing cycle, no payment will be required. If
there is an outstanding balance at the end of the Draw Period, the balance will be
amortized to include principal and interest over the Repayment Period.
Goal Line with a 15 year balloon and Interest Only payments:
On each payment date the Borrower is required to pay the amount of interest
accrued from the last billing cycle. If no outstanding principal balance exists on the
last day of the billing cycle, no payment will be required. The final payment will be
the entire principal balance and accrued interest in a single balloon payment.
(2) Checks
Borrower will receive checks with which to access the Home Equity Line of Credit
generally within ten days of the GMAC-RFC Purchase Date.
The Borrower will not receive checks until the Loan is funded by GMAC-RFC. Therefore,
any late delivery or incomplete documentation will cause the Borrower to experience
delays in accessing the Home Equity Line of Credit.
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Exhibit B-1
6H GMAC-RFC
Page 6H.16
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(3) Credit Cards

Some Borrowers may be eligible for credit card with which to access the Home Equity
Line of Credit. Borrower may inquire if their Line of Credit is eligible and request a credit
card, if applicable, by calling Homecomings Financial Customer Service at 1-800-2062901. If their account is eligible for access by credit card the card will be sent within
approximately ten days of the telephone request.
The Borrower may not request a credit card until the Loan is funded by GMAC-RFC.
Therefore, any late delivery or incomplete documentation will cause the Borrower to
experience delays in accessing the Home Equity Line of Credit.
(4) Interest Charges
Borrower will accrue interest charges from the disbursement date.
(5) Minimum Draw Requirements
Checks must be written for a minimum of $100 or the amount regulated by that
individual State for check access. There is no minimum draw requirement for credit
cards.
(D) Goal Line Interest Rate Information
The monthly interest rate is tied to the Prime Rate plus a Margin. The Prime Rate quoted is
subject to change on the first Business Day of each month. Any initial rate quoted is the rate in
effect to the Borrower the first day of the month in which the Loan is closed.
The Margin will remain fixed for the Loans life. The Lifetime Cap is specified on the Security
Agreement or Note.
(1) Initial Interest Rate
GMAC-RFC offers an initial rate to the Borrower that is different from the fully-indexed
rate (index plus Margin). This initial rate, will be specified on the current pricing sheet.
(2) Margin
The required Margin is quoted on the current pricing sheet.
(E) Goal Line Execution of Legal Documents
The Security Agreement or Note and Security Instrument must be dated as of the same date
and that date must be prior to, or on, the same date as the initial disbursement of Loan
proceeds. The Borrower must execute the Security Agreement or Note and the Security
Instrument prior to the disbursement date. Interest on the Loan accrues from disbursement
date.
(F) Goal Line Minimum Initial Advance
Individual State regulations may require a minimum Initial Advance for certain Home Equity
products.
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GMAC-RFC
Exhibit B-1
6H
Page 6H.17
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(G) Goal Line Borrower Disclosure Requirements

The Client must comply with all federal and State disclosure requirements, including, but not
limited to, the following:
(1) A Home Equity Line of Credit disclosure at application provided in accordance with the
Truth-in-Lending Act and Regulation Z
(2) A copy of the Federal Reserve General Information brochure titled, Federal Reserve
home equity brochure, which can be obtained by contacting:
Board of Governors of the Federal Reserve System
Publication Services - MS127
www.federalreserve.gov/pubs/homeline
(3) The additional finance charges of the Home Equity Revolving Loan Disbursement
Schedule (GMAC-RFC Form 16G04) must be completed if the finance charges are to be
paid from the Home Equity Loan proceeds. The schedule must be signed by each
Borrower who qualified for the line of credit
(4) Notice of Right to Cancel
(5) Goal Line Required Additional Documents, Revolving Loan Disbursement Schedule
The Client must provide the Borrower with a Home Equity Revolving Loan Disbursement
Schedule (GMAC-RFC Form 16G04) at closing specific to the Home Equity Loan if a
disbursement or Initial Advance is made by the Client to, or on the behalf of, the Borrower. The
schedule details disbursements made on the Borrowers behalf and/or any Initial Advance
taken by the Borrower. The schedule must be signed at closing by all Borrowers who qualified for
the Home Equity Loan.
(H) Goal Line Buyup or Buydown Option
Margin Buyups or buydowns may be available on Goal Lines as specified on the current pricing
sheet. Margin adjustments, if any, must be made prior to calculating Buyups.
Maximum Margins for Buyups will also appear on the current pricing sheet.
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Exhibit B-1
6H GMAC-RFC
Page 6H.18
03/13/06
Client Guide
Loan Programs
Home Equity
Program
H604
Home Equity Program Goal Loan Description
The Goal Loan is a program for closed-end, fixed-rate Loans secured by a lien on the
Mortgaged Premises that is subordinate only to a lien securing a first mortgage Loan.
Closed-end is defined as a Home Equity Loan for which the proceeds are distributed to the
Borrower as a single disbursement.
(A) Goal Loan Term
5 year fixed
10 year fixed
15 year fixed
30/15 year balloonballoon Loans have a term of 15 years with an amortized payment of
30 years
25 year term5 year interest only payments followed by a 20 year repayment period
(B) Goal Loan Interest Only
See Goal Loan Interest Only Criteria in the Home Equity Goal Line and Goal Loan At-A-Glance in
Chapter 7, Program At-A-Glances.
(C) Goal Loan Calculation of Payment
In addition to the required underwriting information as detailed in the general Home Equity
Program Description, for a Goal Loan Closed-End Home Equity Loan the following additional
underwriting requirements must be met:
For fixed-rate closed-end Loans, the Loan is a fully amortized fixed payment that is added
to the housing expenses and other monthly debt to calculate the Debt-to-Income Ratio
For balloon Loans, the Loan payment will be based on a 30 year, fully-amortized, fixed
payment that is added to the housing expenses and other monthly debt to calculate the
Debt-to-Income Ratio
For Interest Only Loans, the Loan payment will be based on the Interest Only payment
that is added to the housing expense and other monthly debt to calculate the Debt-toIncome Ratio.
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GMAC-RFC
Exhibit B-1
6H
Page 6H.19
03/13/06
Client Guide
Loan Programs
Home Equity
Program
(D) Goal Loan Payment and Servicing

Goal Loan Closed-End Home Equity Loans must be sold on a servicing-released basis. The Loans
will be serviced in accordance to Designated Servicer Directory (GMAC-RFC Exhibit 1801 and
Exhibit 1805).
The Borrower will receive a statement from the Designated Servicer indicating the monthly
amount of the payment and the payment due date. The date of the first payment must be more
than 30 days, but less than 60 days from the date of the Note. Timely receipt of the Loan
package along with the funding of the Loan will ensure that the Borrowers account is
set up prior to the next payment due date.
Transfer of Servicing for the Borrowers account occurs immediately after GMAC-RFC purchases
the Loan.
Required yields for Closed-End Home Equity Loans are provided on the current pricing sheet.
Payments will generally be calculated using the 30/360 actuarial method of calculating interest
(the same as first mortgages). Using the 30/365 actuarial method of calculating interest is not
acceptable. The Client is required to collect prepaid interest, if applicable. GMAC-RFC will net any
prepaid interest from the Funding Amount. Clients may contact GMAC-RFC if they would prefer
to originate simple interest Loans.
(E) Goal Loan Borrower Disclosure Requirements
The Client must provide the following disclosures to the Borrower in addition to any disclosures
required by federal or State law:
Qualifying Prepayment Penalty Addendum to Note (if applicable)
Interest Only Disclosure at time of application (see GMACResidentialFunding.com for
sample disclosure)
(F) Goal Loan Buyup or Buy down Option
Buyups or buy downs may be available on Goal Loans as specified on the current pricing sheet,
yield adjustments, if any, must be made prior to calculating Buyups.
Maximum price for Buyups will also appear on the current pricing sheet.
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6H GMAC-RFC
Page 6H.20
03/13/06
Client Guide
Loan Programs
Home Equity
Program
Exhibit B-1
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Exhibit B-1
GMAC-RFC
Page 6I.1
03/13/06
Client Guide
Loan Programs
125 CLTV Program
6I
125 CLTV Loan Program
I600
125 CLTV Program
The 125 CLTV Program is a closed-end Loan Program for Home Improvement/Debt
Consolidation/Asset Acquisition or limited cash out, based on Credit Grade. The 125 CLTV Loan
must meet the criteria for purchase set forth in this 125 CLTV Program Chapter and other
Chapters of this Client Guide.
I601
The eligibility standards for the 125 CLTV Program are outlined below.
(A) Product Type
125 CLTV closed-end Loan secured by a first or second lien on owner occupied residences.
A closed-end Loan is defined as a Loan where the proceeds are distributed in a single
disbursement, and the repayment of the Loan is amortized over the term.
(B) Term
The term of the 125 CLTV Loan can be a maximum of 25 years. Rates and prices are posted for
fixed terms of 5, 10, 15, 20 and 25 years.
(C) Borrower Eligibility
U.S. citizen
First-time Homebuyer (see First-time Homebuyer Section for requirements)
Foreign national
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Exhibit B-1
6I GMAC-RFC
Page 6I.2
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(D) Transaction Types

Ineligible Transaction Types:
Purchase Mortgages
(E) Occupancy
Non-owner occupied
(F) Property Types
Condominium unit located in a building one to eight stories (must meet GMAC-RFC Class I,
II or III warranties)
Rural Property
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Exhibit B-1
GMAC-RFC
6I
Page 6I.3
03/13/06
Client Guide
Loan Programs
125 CLTV Program

Condo-Hotel
Condominium unit located in a building over eight stories
Cooperative
Manufactured Home
Mixed use property
Mobile Home
Property listed for sale in the past six months is not eligible for refinance transactions
including:
Public electricity
Natural or LP gas
Unimproved land
(G) Eligible Property Locations
The Client may sell 125 CLTV Loans originated in the States indicated on the List of Eligible
States (GMAC-RFC Exhibit 1302) found in Chapter 11, Forms & Exhibits. Certain States may
have restrictions regarding Loan size, maximum CLTV or other issues.
Disclaimer: The Client is responsible for ensuring compliance with all such
restrictions. The restrictions noted on GMAC-RFC Exhibit 1302 are some, but not
necessarily all of the restrictions of this type.
(H) Additional Property Consideration
In areas where property Values are declining, the 125 CLTV Program is not available.
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Exhibit B-1
6I GMAC-RFC
Page 6I.4
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(I) Ownership Interest

Fee Simple
Leasehold
(2) Title Vesting
Eligible vesting:
Individual
Joint Tenants
Tenants in Common
Ineligible vesting:
Life Estates
(J) Underwriting
The Client is approved to deliver 125 CLTV Loans for purchase provided the 125 CLTV Loan has
been originated, processed, closed, and delivered in compliance with the underwriting and
program guidelines and requirements included in this 125 CLTV Program Chapter, any Forward
Commitment and other provisions of this Client Guide.
The Client must determine that the Borrower demonstrates the ability and willingness to repay
the 125 CLTV Loan along with the payment of all other debt. The Borrowers asset position must
be such that short-term cash shortfalls would not disrupt the Borrowers ability to make
payments on the 125 CLTV Loan. In completing the analysis, the Client must review all aspects
of the Borrowers credit, including:
Quantity, quality and stability of the Borrowers income
History of debt management
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Exhibit B-1
6I
GMAC-RFC
Page 6I.5
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(1) Credit Grades

125 CLTV Loans are Full Income Documentation Loans and must meet credit Grades 1,
2, 3 or 4 as defined below. Note that the definitions for these credit grades are different
from other Loan Programs.
Upgrades are not available.
In all cases the Borrower must have a minimum of two years credit history reported on
the credit report. If a bankruptcy or foreclosure has ever occurred, the maximum Loan
is $50,000 and the maximum DTI is 45%. See current rate sheet for applicable
adjustments.
1
2
Credit
Grade
Credit Score
Grade 1
700+
Grade 2
680-699
Grade 3
660-679
Grade 4
640-659
Housing Payment
History
Bankruptcy
7 years
Delinquency in past 12 discharged1
months; no 60+
mortgage/rental
Delinquency in the past
24 months
None
Foreclosure
7 years1

History
months2
None
If a bankruptcy or foreclosure has ever occurred, the maximum Loan is $50,000 and the maximum DTI is 45%. See
current rate sheet for applicable adjustments.
Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and are not
required to be paid.

The Borrowers Debt-to-Income Ratio must be calculated as detailed in Chapter 4B,
Liabilities & Debt Ratios.
Credit Grade
Residual Income
DTI
1 (700+)
$1,500
45%
$2,000
45.01-50%
$1,500
45%
2 (680-699)
$2,000
45.01-50%
3 (660-679)
$2,500
50%
4 (640-659)
$3,000
45%
(a) Rental Income

Rental income is allowed if the Borrower meets the criteria found in Chapter 4,
Underwriting.
Minimum of three months PITI cash reserves prior to close of escrow for each
property up to five properties. There is no restriction on the number of properties
owned
(b) Debt Payoff Procedures
If the Borrower will be paying an installment or revolving debt or acquiring assets
with the proceeds at closing, the payment will not be used in the calculation of the
debt ratio. The HUD-1A must show the debt being satisfied, with the payment being
made directly to the creditor or the Borrower and the creditor jointly.
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Exhibit B-1
6I GMAC-RFC
Page 6I.6
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(3) Income Documentation Type

Full Income
Allowed.
(5) First-time Homebuyer
A Borrower who has had no ownership interest in a residential property during the
three-year period preceding the date of the subject Note or has a scheduled mortgage
payment history of less than 12 months are eligible for the 125 CLTV Program with the
following additional criteria:
Minimum Credit Score of 660
Maximum Loan amount of $50,000
Maximum cash out of $10,000
Minimum of 30 days mortgage seasoning (on current home), the most recent 12
months housing payment history must be documented.
Minimum monthly Residual Income of $2,000 for grades 1 and 2. Minimum
monthly Residual Income of $2,500 for grade 3.
Maximum Debt-to-Income Ratio of 45%
(6) Down Payment
Not applicable.
(7) Cash to Close
Not applicable.
None required.
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Exhibit B-1
GMAC-RFC
6I
Page 6I.7
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(K) First Mortgage Loan Requirements

The HUD-1 for the first mortgage is required to verify the transaction type of the first mortgage
if the first mortgage is less than 30 days old.
If the transaction type of the first mortgage is:
Rate/term refinancemust be originated after the disbursement date of the rate/term
refinance
Cash-out refinancethe Note date must be at least 30 days from the Note date of the
cash-out refinance
Purchasethe Note date must be at least 30 days from the Note date of the purchase
(1) Eligible First Mortgages
Conventional
VA or FHA
Balloon with or without a reset or refinance option
Interest only payments up to ten years
(2) Ineligible First Mortgages
Loan that allows negative amortization
Contract for deed, contract for purchase or land contract
Loan held by a private party
Loan with a provision which prohibits the placement of an additional lien on the
Mortgaged Premises
Loan with a provision that allows for future advances
Cal-Vet Loans
(3) First Mortgage Payment History
The underlying first mortgage Loan must meet the following requirements: 1) Must be
current as of the Funding Date of the Loan. 2) Must not have been 30 days or more
past due at any time during the preceding 12 months of the origination date of the
Loan. 3) Must not have been 60 days or more past due at any time during the preceding
24 months of the origination date of the Loan.
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Exhibit B-1
6I GMAC-RFC
Page 6I.8
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(L) Use of Funds

(1) The proceeds of the 125 CLTV Loan can be used for:
Home Improvement
The following criteria must be met if the Borrower is applying funds to a home
improvement:
Bids are required for projects over $5,000 and smaller projects on a case-bycase basis. A construction cost breakdown is required on all home
improvements less than $5,000. The Home Improvement Cost Breakdown
Form (GMAC-RFC Form 16H01) must be used. The underwriter may, in its
sole discretion, require signed contracts if the cost breakdown appears
unreasonable
The Client must ensure that home improvements are completed regardless of
the amount. The Client has two options at closing:
Hold inspection fee at closing to be forwarded to inspection company
Make checks payable to Borrower and contractor, for the Borrowers release
to contractor
Debt Consolidation
Asset Acquisition (a purchase contract or invoice must be included in the file)
Maximum cash out based on credit grade (see Credit Grades Section of this Chapter)
(2) The proceeds of the 125 CLTV Loan cannot be used for:
Real estate purchase
Business use
Privately held Loans
(M)First Mortgage Payment Calculations (for Qualifying Purposes)
(1) Adjustable Rate Mortgages (ARMs)
Borrowers must be qualified at the maximum interest rate that could be in effect at the
beginning of the second year of the mortgage term.
(2) Buydowns
Borrowers must be qualified at the interest rate in effect at the beginning of the second
year of the mortgage term.
(N) Calculation of Combined Loan to Value (CLTV) Ratio
The CLTV is the ratio of the sum of the Loan amount, the unpaid principal balance of the first
mortgage Loan, if any, as of the origination date of the 125 CLTV Loan, and the outstanding
amount of any indebtedness secured by any lien subordinate to the 125 CLTV Loan, to the Value
of the Mortgaged Premises, expressed as a percentage.
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Exhibit B-1
6I
GMAC-RFC
Page 6I.9
03/13/06
Client Guide
Loan Programs
125 CLTV Program

All Credit Documents must be dated no more than 120 days prior to the date of the 125 CLTV
Loan Note. However, the credit report must be dated no more than 45 days prior to the 125
CLTV Loan Note.
(P) Insurance Requirements
Insurance, PUD Insurance, or Condominium Insurance Sections in Chapter 3F, Insurance
and Survey Requirements, for requirements.
(Q) Automated Valuation Model (AVM)
An AVM is acceptable if provided by a GMAC-RFC approved vendor. AVMs must be provided by a
GMAC-RFC AVM Approved Vendor (as stated in GMAC-RFC Exhibit 16G05) and dated within
180 days of the Note. For the most current list of approved vendors, see the Client Guide online
at GMACResidentialFunding.com.
Maximum property Value accepted with an AVM is $500,000. GMAC-RFC does not accept AVMs
when the Client has input Property Data (other than the property address) or has altered or
changed the AVM in any way from the original product supplied from the vendor.
Multi-unit properties are ineligible for AVM.
In addition to this Section, see the Appraisal Evaluation Section in Chapter 4F, Appraisal
Requirements and Property Underwriting of this Client Guide for additional appraisal information.
(R) Property Value Documentation Requirements
For the definition of Value, see the Determination of Value Section in Chapter 3C, Financing.
In addition to this Section, see the Appraisal Requirements Section in Chapter 4F, Appraisal
Requirements and Property Underwriting of this Client Guide for additional appraisal information.
(1) AVM Option for Property Value Documentation up to 180 Days From Note Date
Property Type
1 unit
Loan Amount
Documentation
$10,000 - $75,000
AVM provided by a GMAC-RFC approved

vendor and model
Condominium 1 to 8 $10,000 - $50,000

stories
AVM provided by a GMAC-RFC approved

vendor and model
Additional Info
HOA cert/project name

required.
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Exhibit B-1
6I GMAC-RFC
Page 6I.10
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(2) Property Value Documentation up to 12 Months From Note Date

Property Type
Loan Amount
Documentation
Additional Info
1 unit
$10,000 - $75,000
HUD-1
Fannie Mae 1004/Freddie Mac 70
Fannie Mae Freddie Mac 2055
2 units
$10,000 - $75,000
HUD-1
Fannie Mae 1025
Freddie Mac 72
Fannie Mae/Freddie
Mac 2055. Exterior only
inspection is acceptable.
Condominium 1 to 8 $10,000 - $50,000

stories
HUD-1
Fannie Mae 1073, 2055
/Freddie Mac 465, 2055
HOA cert/project name

required.
Exterior only inspection
is acceptable for Fannie
Mae or Freddie Mac
2055.
3 or 4 units
HUD-1
Fannie Mae 1025
Freddie Mac 72
Credit Score > 680 see

current rate sheet for
applicable adjustments.
$10,000 - $35,000
(3) Property Value Documentation Older Than 12 Months but Less Than 24 Months
From Note Date
Property Type
Documentation
Additional Info
Single family, 2 unit, condominium

1-8 stories, PUD
No appraisal required Borrower

to state Value on Fannie Mae
Form 1003 or Freddie Mac
Form 65
Condominiums require HOA cert/

project name. See Stated Value
guidelines.
Single family, 2 unit, condominium

1-8 stories, PUD
HUD-1
Recertification
Field Review
A copy of Fannie Mae 1004/ Freddie

Mac 70 Fannie Mae 2055/Freddie
Mac 2055 appraisal dated between
12 months and 24 months

For information on Commitment and Delivery for the 125 CLTV Program, see Chapter 9,
Commitment, Prior Approval, Delivery and Funding.
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Exhibit B-1
GMAC-RFC
6I
Page 6I.11
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(T) Servicing
125 CLTV Loans must be sold on a servicing released basis. The Loans are serviced by the
Servicer indicated on the Designated Servicer Directory (GMAC-RFC Exhibit 1801).
The Borrower will receive a statement from the Designated Servicer indicating the monthly
amount of the payment and the payment due date. The date of the first payment must be more
than 30 days, but cannot be more than 60 days from the date of the Note. Timely receipt of the
Loan package along with the funding of the Loan will ensure that the Borrowers account is set
up prior to the first payment due date.
Transfer of Servicing of the Borrowers account occurs immediately after the rescission period
expires. The Client must not accept payments on the account. If the Borrower wants to make a
payment before receipt of the first statement they must send the payment to the Designated
Servicer and reference their name, address and social security number. If the Client does receive
a payment from the Borrower, the payment must be forwarded immediately to the Designated
Servicer. GMAC-RFC does not purchase 125 CLTV Loans on an amortized balance, but on the
original Loan amount. Failure to remit payments received by the Borrower to the Designated
Servicer may result in unnecessary remittance and reconciling issues to the Borrower.
GMAC-RFC prefers payment on the 1st and the 15th of the month. As an exception, GMAC-RFC
will accept a modification of the first payment date in cases where disbursement is delayed and
as a result, the first payment date indicated on the Note is less than 30 days from the actual
date of disbursement.
To increase the Borrowers understanding and assure that servicing information is complete and
accurate, GMAC-RFC will review all Loans with a payment modification to determine:
The Borrower is made aware of a potential change in first payment date at closing
The actual disbursement date
The Borrower received specific information indicating the reason for a change in their first
payment date (delayed disbursement) and referencing the new payment date and
maturity date. See GMAC-RFC Form 16H02
Note: Final Truth In Lending must reflect changes in disbursement date (if applicable)
(U) Post-Purchase Servicing Issues
The Borrower may contact the Designated Servicer (GMAC-RFC Exhibit 1801) directly for
any of the following:
Subordination requests (see required Document Checklist GMAC-RFC Form 16G06)
Payment information
Request checks and/or credit cards
Payoff figures or Loan satisfaction
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Exhibit B-1
6I GMAC-RFC
Page 6I.12
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(V) Qualifying Prepayment Penalties

Qualifying Prepayment penalties are acceptable when allowed under applicable State law. The
Client must determine individual State law requirements regarding prepayment penalties. See
the GMAC-RFC Internet Portal at GMACResidentialFunding.com for pricing and Chapter 3, Loan
Eligibility, for additional information.
(W)Legal Documents
The required 125 CLTV Loan Security Agreement or Note and Security Instrument is specified
in Chapter 9, Commitment, Prior Approval, Delivery and Funding.
The Client must determine that the Security Agreement or Note and Security Instrument
specified by GMAC-RFC are valid and enforceable in accordance with applicable laws, including,
without limitation, applicable licensing laws.
No changes or alterations to the specified documents are permitted except for those changes
expressly authorized in writing by GMAC-RFC. If the Client identifies any changes that should be
made in any of the documents in order to comply with, or to secure, rights available to creditors
under all applicable laws, the Client must notify GMAC-RFC immediately.
The Client is authorized to use the required 125 CLTV Loan Security Agreement or Note and
Security Instrument specified by Clients document provider.
(X) Interest Rate Information
Required yields for 125 CLTV Loans are provided on the Lender Portal at
GMACResidentialFunding.com. Yields will be posted and are based on the credit grades
established in this 125 CLTV Program Chapter.
The Client is required to notify GMAC-RFC if the interest calculation is simple or actuarial. If
actuarial, payments will be calculated using the 30/360 actuarial method. Using the 30/365
method of calculating interest is not acceptable. The Client is required to collect prepaid interest,
if applicable. GMAC-RFC will net any prepaid interest from the Funding Amount.
(Y) Documentation
(1) Credit Documents Required
See the Credit Documents Section of Chapter 9C, Delivery.
(2) Servicing Documents Required
See the Servicing Documents Section of Chapter 9C, Delivery.
(Z) Maximum Loan Amounts and CLTVs
Minimum Loan amount $10,000. See the 125 CLTV Loan At-A-Glance in Chapter 7, Program AtA-Glances.
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GMAC-RFC
Exhibit B-1
6I
Page 6I.13
03/13/06
Client Guide
Loan Programs
125 CLTV Program
I602
Supplemental 125 CLTV Program Information
(A) Borrower Disclosure
The Client is required to comply with all federal and State disclosure requirements, including, but
not limited to, those outlined in the individual 125 CLTV Product Descriptions.
(B) Rescission Period
The Client must grant to Borrower the right to rescind the 125 CLTV Loan and notify Borrower of
that right in each case to the full extent required under any applicable laws.
(C) Fees Paid to Client
(1) Payment of Fees
The amount of fees to be paid to the Client will be specified on the current pricing sheet
or in the Clients Forward Commitment. GMAC-RFC, in the exercise of its sole discretion,
may reduce or refuse to pay fees for 125 CLTV Loans delivered with Program Criteria
violations.
Fees paid to the Client to originate under the 125 CLTV Program will be paid by GMACRFC, by Automated Clearing House (ACH) or wire transfer upon purchase, simultaneous
with any reimbursements made to the Client if the Client advances funds to the
Borrower.
GMAC-RFC will provide the Client with the 125 CLTV ProductPurchase Advice (GMACRFC Exhibit 16G03), which is a Loan-by-Loan summary of daily 125 CLTV Loan
purchases. This report will be sent by FAX to the Client upon purchase of a 125 CLTV
Loan.
(2) Forfeiture of Fees
GMAC-RFC may refuse to pay fees to the Client for any 125 CLTV Loan that represents
the refinance of a 125 CLTV Loan previously sold to GMAC-RFC by the Client and is in
violation of the representation regarding Non-Solicitation set forth in this Chapter of this
Client Guide.
If any payoff or liquidation occurs on the Loan within 90 days from the Purchase Date,
the Client will be required to repay to GMAC-RFC any fees and/or purchase premiums
paid for the Loan regardless of whether a new Loan is being originated by the existing
Client or a different lender.
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Exhibit B-1
6I GMAC-RFC
Page 6I.14
03/13/06
Client Guide
Loan Programs
125 CLTV Program
(D) Program Criteria Violations

The term 125 CLTV Program Criteria, as used below, shall mean GMAC-RFCs 125 CLTV Program
requirements as described in the Underwriting, Loan Eligibility, and 125 CLTV Chapters of this
Client Guide.
If GMAC-RFC, in the exercise of its sole discretion, elects to purchase a 125 CLTV Loan having
125 CLTV Loan Program Criteria violations, or if, after the purchase of any 125 CLTV Loan, it is
discovered that there was a breach by the Client of the representation that such 125 CLTV Loan
met all of the 125 CLTV Program Criteria, the Client will not be required to repurchase such 125
CLTV Loan if:
All of the documentation contained in the Loan file or that 125 CLTV Loan is true, complete
and accurate in all material respects
The Borrower has made the first 12 required payments of principal and interest completely
and in a timely manner (i.e., not more than 29 days past due)
Notwithstanding the foregoing, all other rights and remedies set forth in this Client Guide
(except as specifically modified in this 125 CLTV Chapter) that may be exercised by GMAC-RFC
upon the occurrence of an Event of Client Default, including, without limitation, the
indemnification remedy set forth in this Client Guide, shall apply to 125 CLTV Loans.
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Exhibit B-1
GMAC-RFC
Page 6J.1
03/13/06
Client Guide
Loan Programs
Non-Standard
Loan Program
6J
Non-Standard Loan Program
J600
Non-Standard Program
GMAC-RFCs Negotiated Conduit Asset (NCA) Program is a non-standard mortgage program
designed to purchase Loans that do not comply with one or more of the criteria stated in the
standard Loan Program Chapters of this Client Guide. Loans purchased under an NCA
Commitment must meet the standards as published in Chapter 3, Loan Eligibility, and Chapter
4, Underwriting, and other Chapters of this Client Guide.
GMAC-RFC purchases Loans at its sole discretion under the NCA Program. NCA Commitments
are negotiated on an individual or bulk basis.
Except for the criteria that caused the Loan to fall out of the standard Loan Program, the Loan
must comply with the credit standards and all other guidelines of that Loan Program. For
example, a Loan underwritten to Jumbo A guidelines that does not comply with the Debt-toIncome Ratio may be purchased under an NCA Jumbo A Commitment. All other Jumbo A
Program underwriting standards and criteria must be met.
J601
Ineligible Loans
Although GMAC-RFC will consider Loans that do not comply with one of the standard Loan
Programs, the following is a list of criteria that GMAC-RFC will not consider as eligible for
purchase:
Stated income, Stated Income/Stated Asset, No Ratio, and No Income/No Asset Loans for
wage earners if the Credit Score is below 600
Section 32 Loans
Evidence of Fraud
Manufactured Homes
Working Farms and Ranches
Loans made to corporate Borrowers, churches, partnerships, and estates
Loans where the Borrower was delinquent on their first payment
Balloons with less than a 5 year term
Prepayment penalties more than 5 years
Single premium insurance, or any life insurance policy attached to the Loan
Commercial properties, multifamily (more than 4 units)
Previous mortgage history more than or equal to 1 x 120 (last 12 months)
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6J GMAC-RFC
Page 6J.2
03/13/06
Client Guide
Loan Programs
Non-Standard
Loan Program
Exhibit B-1
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GMAC-RFC
Exhibit B-1
Page 7.1
04/17/06
Client Guide
At-A-Glances
7
At-A-Glances
700
Program At-A-Glances
The following At-A-Glances are provided for your convenience:
At-A-Glance
Updated
Program Eligibility At-A-Glance
03/13/06
Credit Eligibility and DTI Guidelines At-A-Glance
03/13/06
Income Documentation At-A-Glance
11/21/05
Jumbo A At-A-Glance
04/17/06
Expanded Criteria At-A-Glance
03/13/06
Payment Option At-A-Glance
04/17/06
Home Solution At-A-Glance
07/22/05
AlterNet At-A-Glance
04/17/06
AlterNet Income Documentation At-A-Glance
03/13/06
AlterNet Underwriting Criteria At-A-Glance
04/17/06
1st Lien Line of Credit At-A-Glance
07/22/05
Home Equity Goal Line & Goal Loan At-A-Glance
04/17/06
125 CLTV Program At-A-Glance
11/21/05
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7 GMAC-RFC
Page 7.2
04/17/06
Client Guide
At-A-Glances
Exhibit B-1
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Exhibit B-1

This is summary information only. Refer to the Client Guide for complete and definitive underwriting guidelines
Expanded Criteria
Jumbo A
Payment Option
Home Solution
AlterNet
1st Lien Line of

Credit
Home Equity
125 CLTV
Products
FRMs
FRMs
FRM-30
FRM-30
FRM-15
FRM-15
LIBOR ARMs
One Month
LIBOR ARMs
One Month
Six Month
One Year
Three-One
Five-One
Seven-One
Ten-One
One Year-Six Month
Five Year-Six Month
Ten Year-Six Month
One-Month ARM
with the following
index options:
LIBOR
MTA
COFI
Six Month
Payment options
available:
Five Year-Six Month
Minimum Payment
Interest Only
Two Year-Six Month
Ten Year-Six Month

Two-One
Three-One
Five-One
FRMs
FRMs
FRM-30
FRM-30
FRM-15
FRM-15
LIBOR ARMs
LIBOR ARMs
Two-One
Three-One
Balloon
30/15 Balloon
Six Month
Two Year-Six
Month
Equity line of
credit
Equity Line of
Credit
Closed End
Second Mortgage
(fully amortized
and balloon
options)
Closed End
Second
Mortgage (fully
amortized and
balloon options)
Three Year-Six
Month
Treasury ARMs
One Year
payment
Fully-amortized
Balloon
payment
30/15 Balloon
15-year payment
Seven-One
Ten-one
Treasury ARMs
One Year
Three-One
Five-One
Seven-One
Ten-One
GMAC- RFC At-A-Glance

Program Eligibility
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Exhibit B-1
Jumbo A
Expanded Criteria
Payment Option
Home Solution
AlterNet
1st Lien Line of

Credit
Home Equity
125 CLTV
Borrower
US Citizen
Permanent Resident
US Citizen
Permanent Resident
US Citizen
Permanent
Non-occupant
Non-Permanent
Non-occupant
Non-Permanent
Non-occupant
Non-Permanent
Foreign National
Foreign National
Alien
co-Borrower
Resident Alien
Alien
Resident Alien
co-Borrower
Resident Alien
US Citizen
Permanent
Resident Alien
co-Borrower
US Citizen
Permanent
US Citizen
Permanent
US Citizen
Permanent
Non-Permanent
Non-Permanent
Non-Permanent
Resident Alien
Resident Alien
Resident Alien
Resident Alien
Resident Alien
US Citizen
Permanent
Resident Alien
Resident Alien
Non-occupant
Resident Alien
co-Borrower
Occupancy
Primary residence,
Primary residence,
Primary residence,
Second/vacation home,
Second/vacation home,
Second/vacation
owner occupied
owner occupied
owner occupied
owner occupied
Non-owner occupied
owner occupied
home, owner
occupied
Non-owner
occupied
Primary
Primary
Primary
Primary
Second/vacation
Second/vacation
Second/vacation
Second/vacation
Non-owner
Non-owner
residence, owner
occupied
home, owner
occupied
occupied

Program Eligibility
residence, owner
occupied
home, owner
occupied
occupied
residence, owner
occupied
home, owner
occupied
residence, owner
occupied
Primary
residence,
owner occupied
home, owner
occupied
Non-owner
occupied
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Exhibit B-1
Expanded Criteria
Jumbo A
Payment Option
Home Solution
AlterNet
1st Lien Line of

Credit
Home Equity
125 CLTV
Property
Single family
PUD
Condominium
2-4 units
Modular Home, Pre-cut
Home, Panelized Home
Rural Property
Single family
PUD
Condominium
2-4 units
Modular, Pre-cut,
Panelized Home
Non-Warrantable
Condominiums
Condo-Hotels
Rural Property
Single family
PUD
Modular Home,
Single family 1-2

unit
PUD
Modular Home,
Pre-cut Home,
Panelized Home
Condominium
2-4 units
Non-Warrantable
Pre-cut Home,
Panelized Home
Condominium
(low-rise only)
Condominiums
Single family
PUD
Condominium
2-4 units
Modular Home,
Pre-cut Home,
Panelized Home
Single family
PUD
Condominium
Modular Home,
Pre-cut Home,
Panelized Home
Rural Property
Rural Property
Single family
PUD
Condominium
2 units
3-4 units
Modular Home,
Pre-cut Home,
Panelized Home
Non-Warrantable
Condo-Hotel
Rural Property
Condominiums
Single family
PUD
Condominium
2 units
3-4 units
Modular Home,
Pre-cut Home,
Panelized Home
Rural Property
Rural Property
Credit Grade Standards1

Full Lite, One Paystub,
Full, Lite, One Paystub,
Stated Income requires
Stated Income, No
and Fast Income

Documentation Loans
require a credit grade of
A1, A2, or A3
credit grades of A1 or
A2
and Fast Income

Documentation Loans
require a credit grade of
A1, A2, or A3
Ratio Stated
Income/Stated Asset,
No Income/No Asset,
and No Doc Loans
require credit grades of
A1, A2 or A3
Full, Lite, One
Paystub, Fast
Stated Income,
and Stated
Income/Stated
Asset Income
Documentation
Loans require a
credit grade of A1,
A2, or A3
Full Lite, One
Paystub, and Fast

Income
Documentation
Loans require a
credit grade of
A1, A2, A3 or A4
Stated Income
Loans require
credit grades of
A1 or A2
Credit quality as
described by
credit grades A4,
A5, Ax, Am, B, or
C
Full, Lite, One
Paystub, and
Fast Income
Documentation
require a credit
grade of A1, A2,
or A3
Stated Income
Documentation
requires credit
grades of A1, A2,
or A3
Full, Lite, One
Paystub, Fast,
Stated Income,
No Ratio, Stated
Income/Stated
Asset, No Income
No Asset and No
Doc Loans require
a credit grade of
A1, A2, or A3
Credit quality as
described by 125
Loan Program
credit grades 1,
2, 3 and 4
As defined in the GMAC-RFC Client Guide

Program Eligibility
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Exhibit B-1
Expanded Criteria
Jumbo A
Payment Option
Home Solution
AlterNet
1st Lien Line of

Credit
Home Equity
125 CLTV
Income Documentation Types
Full
Lite
One Paystub
Fast
Stated Income
Full
Lite
One Paystub
Fast
Stated Income
No Ratio
Stated Income/Stated
Asset
Full
Lite
One Paystub
Full
Lite
Stated Income
Fast
Stated Income
Stated
Income/Stated
Asset
No Income/No Asset
No Doc
Full
Lite
Fast
Stated Income
Full
Lite
One Paystub
Fast
Stated Income
Full
Full
Lite
One Paystub
Fast
Stated Income
No Ratio
Stated
Income/Stated
Asset
No Income/No
Asset
No Doc

Program Eligibility
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Exhibit B-1
Credit Eligibility & DTI Guidelines At-A-Glance

Refer to the Client Guide for complete and definitive underwriting guidelines.
First Mortgage Credit Guidelines

1
Credit Grade
A1
720+
A2
680-719
A3
620-679
Ax
Am
B
Foreclosure
Jumbo A: None in past 4 years

Expanded Criteria: None in past 3 years
Payment Option:
Jumbo A, Expanded Criteria, Home Solution, and First
Full, Lite, One Paystub, Fast and Stated Income: None in past 4 years
Lien Line of Credit: 0x30 mortgage/rental Delinquency in past Stated Income/Stated Asset: None in past 7 years
12 months; and no 60 + mortgage/rental Delinquency in past Home Solution:
24 months.
Full and Lite Income: None in past 4 years
Payment Option:
Full, Lite, One Paystub, Fast and Stated Income: 1x30
First Lien Line of Credit:
mortgage/rental Delinquency in past 12 months (no rolling
Full, Lite, One Paystub and Fast Income: None in past 4 years
lates); and no 60 + mortgage/rental Delinquency in past 24 Stated Income: None in past 7 years
months
Jumbo A: None in past 4 years
Stated Income/Stated Asset: 0x30 mortgage/rental
Expanded Criteria: None in past 3 years
Delinquency in past 12 months; and no 60+ mortgage/rental Payment Option:
Delinquency in past 24 months
Full, Lite, One Paystub, Fast and Stated Income: None in past 4 years
Stated Income/Stated Asset: None in past 7 years
Home Solution: None in past 7 years
First Lien Line of Credit: None in past 7 years
A4
(Home Solution) 0x30 mortgage/rental Delinquency in past 12 months
600-619
0x30 reported mortgage history in past 12 months
A4
(AlterNet)
A5
Bankruptcy
Owner Occupied:
None in past 1 year <= 95% LTV
0x30 rental history in past 12 months or < 12 months mortgage None is past 2 years > 95% LTV
history reported through a credit repository
Non-owner Occupied:
1x30 mortgage/rental history in past 12 months Rolling lates
allowed. No more than 30 days down at closing
None in past 2 years > 80% LTV
Unlimited 30-day mortgage/rental history in past 12 months.
No more than 30 days down at closing.
0x30 mortgage/rental history in past 12 months. 1x60
non-rolling mortgage/rental history allowed. No more than 60
days down at closing.
Major Adverse
Credit
None reported in
3
past 24 months.

Owner Occupied:
None in past 2 years <= 85% LTV
Non-owner Occupied:
None in past 2 years <= 75% LTV
See Major Adverse

Credit definition in
Chapter 6E, AlterNet
Loan Program.
60-day mortgage/rental history allowed without restriction.

1x90 non-rolling mortgage/rental history allowed. No more
than 90 days down at closing.
Simultaneous first and second mortgage transactions must follow the most restrictive grading policy of the two Loan Programs.
For the AlterNet Program, credit grade is determined by mortgage or rental payment history. While Credit Score, bankruptcy, foreclosure and major adverse account history
have rules that must be applied, only mortgage and rental history will determine credit grade.
Chapter 7 and 13 measured by discharge or dismissal date, except for AlterNet, Chapter 13 measured by filing date. Chapter 13 must be paid off prior to or at closing. Credit
grades A4 to C must be paid as agreed for past 12 months.
Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and are not required to be paid.

Credit Eligibility & DTI Guidelines
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Exhibit B-1
First Mortgage DTI Guidelines

Fully Amortizing FRM/ARM Products
Credit Grade
Jumbo A
Expanded
Criteria
A1-A2
50%
55%
A3
45%
50%
A4
Home Solution
45% FRM
50% FRM
Interest Only FRM/ARM Products

AlterNet
40% ARM
45% ARM
Ax-C
Jumbo A
Expanded
Criteria
50%
55%
45%
50%
AlterNet
50%
45%
50%
45%
Maximum allowable DTIs vary by individual Loan Programs. Loans that exceed the individual Loan Program standards may be eligible for purchase as an exception under
a non-standard Loan Program or will be slotted to a Loan Program that accepts higher DTIs regardless of credit grade.
DTI Flexibility not allowed for Jumbo A, Expanded Criteria, and Home Solution Programs.
1
50.01-55% DTI allowed for credit grades A4 to C with $1,500 residual income or 2 months PITI reserves. For the 40 Year Recast and 40/30 Balloon Features, DTI cannot
exceed 50%
45.01% to 50% DTI allowed with Residual income of $1,500 or 2 months reserves.
Payment Option DTI Guidelines

Credit Grade
Full, Lite, One Paystub and Fast Income

Documentation
Stated Income, Stated

Income/Stated Asset
A1, A2, A3
LTV > 80%: 33/38%

LTV <= 80%: 33/40%
33/38%
DTI Flexibility not allowed for Payment Option Program.

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Exhibit B-1

1st Lien Line of Credit DTI Guidelines
Product
DTI Ratio
DTI with Compensating Factors
33/38%
Qualify the Borrower on the full line amount based on the interest only payment
at the fully indexed rate plus 2% plus taxes and insurance.
33%/42%
To be eligible for DTI flexibility, a minimum 660 Credit Score is required and two of the following compensating factors:
Borrowers own equity reduces LTV by 10% below program maximum
Mortgage payment and total debt are less than or equal to the Borrowers current payment levels
Six months reserves where two or fewer are required by the program
LTV is 65% or less
Residual Income of $2,000 (only applies for Full, Lite, One Paystub and Fast Income Documentation)
Credit upgrade was not applied to the Loan
Home Equity Goal Loan and Goal Line Programs Credit Guidelines
Credit Grade
Credit Score
Bankruptcy, Foreclosure
A1
720+
A2
680-719
A3
620-679
0x30 mortgage/rental Delinquency

in past 12 months; no 0x60
mortgage/rental Delinquency in past
24 months.

1
months

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Exhibit B-1

Home Equity Goal Loan and Goal Line Programs DTI Summary
1
DTI
55%
50%
45%
Credit Grades
A1 (720+)
A1, A2, A3
A1, A2, A3
This is summary information only. Refer to the Client Guide for complete and definitive underwriting guidelines.
1 Restricted
Loan amounts. DTI > 50% to 55%:
Goal Lines require minimum Residual Income of $4,000

Goal Loans require minimum Residual Income of $3,000
For scores < 680, DTI ratios 45.01% - 50% require a $3,000 residual income
125 CLTV Program Credit Guidelines

Credit Grade
1
2
3
4
1
2
Credit Score
700+
680-699
660-679
640-659
Bankruptcy
0x30 mortgage/rental Delinquency in

past 12 months; 0x60 mortgage/rental
Delinquency in the past 24 months.
7 years discharged
None
Foreclosure
1
7 Years
None reported in past 24 months

None
If a bankruptcy or foreclosure has ever occurred, the maximum Loan amount is $50,000 and the maximum DTI is 45%. See current rate sheet for applicable adjustments.
125 CLTV Program DTI Guidelines

Credit Grade
1 (700+)
2 (680-699)
3 (660-679)
(640-659)
Residual Income
DTI
$1,500
$2,000
$1,500
$2,000
$2,500
$3,000
45%
45.01-50%
45%
45.01-50%
50%
45%

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Exhibit B-1

(Excludes AlterNet Program)
Refer to the Program Chapters to see which income documentation types are eligible in each Loan Program. Does not include the AlterNet Program. Following are GMAC-RFCs
documentation requirements
Documentation Requirements
Full
Lite
One Paystub
Fast
Stated
No Ratio
SI/SA
NI/NA
No Doc
Wage Earner
Most recent pay stub(s)
showing 30-days YTD
income
W-2 forms for most

recent 2 years
or
Written VOE
Most recent pay

stub(s) showing
30-days YTD
income
W-2 form for most

recent 1 year or
Written VOE
2 years of
continuous
employment with
same employer
required
Most recent pay

stub(s) showing
30-days YTD
income
Most recent pay
stub(s) showing
30-days YTD income
W-2 form for most

recent 1 year
or
Income must be
stated on
application
Verbal VOE
Written VOE
Verbal VOE
Bonus or overtime:
Averaged over most
recent 2 years unless
declining, then past 12
months will be averaged.
Bonus or overtime
not used for
qualifying.
Bonus or overtime
not used for
qualifying.
Bonus or overtime:
Averaged over most
recent year.
Tips and gratuity:

Averaged over most
recent 2 years unless
declining, then past 12
months will be averaged.
Tips and gratuity

not used for
qualifying.
Tips and gratuity

not used for
qualifying.
Tips and gratuity:

Averaged over most
recent year.
Commission: Averaged
over most recent 2 years
using personal tax returns
& deducting
non-reimbursed business
expenses as reported on
IRS form 2106. If
declining in most recent
tax year, lower income is
used.
Commission not
used for qualifying.
Commission not
used for
qualifying.
Commission:
Averaged over most
recent year using
personal tax returns &
deducting
non-reimbursed
business expenses as
reported on IRS form
2106.
GMAC-RFC At-A-Glance
Verbal VOE
Salaried
Borrowers must
have a minimum
of 2 years of
continuous
employment with
the same
employer or in
the same line of
work.
Income must
be stated on
application
Verbal VOE
Verbal VOE
The Borrower
is not required
to disclose
income,
income source
or assets.
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Pg 419 of 649
Exhibit B-1

Full
Lite
One Paystub
Fast
Stated
No Ratio
SI/SA
NI/NA
No Doc
Self-Employed
Personal tax returns with
Not available
Not available
all schedules for most

recent 2 years
Personal tax return
with all schedules for

most recent year
Business tax returns
Business tax return
Proof of existence of
Proof of existence of
Confirmation through
Confirmation through

most recent 2 years

most recent year
business (business
license
or
business (business
license
or
phone directory listing)

for most recent 2 years
phone directory
listing) for most recent
2 years
Additional
requirement: If >120
days since filing tax
return, a signed & dated
P&L.
Proof of existence
of business
(business license
or
Confirmation
through phone
directory listing)
for most recent 2
years
Income must be
Proof of
existence of
business
(business license
or
Confirmation
through phone
directory listing)
for most recent 2
years
stated on
application
Proof of
Proof of
Confirmation
Confirmation
existence of
business
(business
license
or
through phone
directory
listing) for
most recent 2
years
The Borrower
is not required
to disclose
income,
income source
or assets.
existence of
business
(business
license
or
through phone
directory
listing) for
most recent 2
years
Income must
be stated on
application
Additional
requirement: If >120
days since filing tax
return, a signed &
dated P&L.
Fixed Income
One of the following:
W-2P Form for most
recent 2 years
Not available
Not available
One of the following:

Most recent W-2P
Form
Award Letter or Court
Award Letter or Court
1099 Forms for most
1099 Form for most
Personal tax return
Copy of divorce
Copy of divorce
Order and evidence of

receipt
recent 2 years

recent 2 years
stipulation and decree or

Court Order
Income and source

must be stated on
application.
Order and evidence of

receipt
recent year
Specific source of
income must be
stated on
application
2 years history of
receipt with
expected
continuity of
income
Income stated
on application.
Specific
source of
income must
be stated on
application
2 years history
The Borrower
is not required
to disclose
income,
income source
or assets.
of receipt with
expected
continuity of
income

most recent year
stipulation and decree
or Court Order
11/21/05
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Pg 420 of 649
Exhibit B-1

Full
Lite
One Paystub
Fast
Stated
No Ratio
SI/SA
Specific source of
Income stated
on application.
NI/NA
No Doc
Rental Income
One of the following
documents is required:
Not available
Not available
One of the following

documents is required:
Subject
Property-Purchase
Subject
Property-Purchase
Operating Income
Operating Income
Statement (Form216) or
Current lease agreement

signed by the owner and
lessee of the property
Subject
Property-Refinance
Operating Income
Statement (Form 216) or
Current signed lease

agreement or
Most recent 2 years
Schedule E from 1040 (if

owned greater than one
year but less than two
years, most recent year
Schedule E from 1040 is
acceptable
Statement (Form216)
or
Current lease
agreement signed by
the owner and lessee of
the property
2 years history of
receipt with
expected
continuity of
income
Specific
source of
income must
be stated on
application
2 years history
of receipt with
expected
continuity of
income
The Borrower
is not required
to disclose
income,
income source
or assets.
Operating Income
Statement (Form 216)

or

agreement or
Most recent one year
Schedule E from 1040 if

owned 1 tax year
Non-Subject
Property
Most recent 2 years
Most recent one year
Schedule E from 1040 (if

owned greater than one
year but less than two
years, most recent year
Schedule E from 1040 is
acceptable
income must be
stated on
application
Subject
Property-Refinance
agreement or
Income and source

must be stated on
application.
agreement or
Schedule E from 1040 if

owned 1 tax year
11/21/05
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Pg 421 of 649
Exhibit B-1

Full
Lite
One Paystub
Fast
Stated
No Ratio
SI/SA
Specific source of
Income stated
on application.
NI/NA
No Doc
Interest & Dividend Income

Not available
Not available
Personal tax return

with Schedule B for
most recent year

Schedule B for most
recent 2 years
Income and source

must be stated on
application.
Proof of assets to
2 years history of
support the interest or

dividend income
Proof of assets to
support the interest or

dividend income
income must be
stated on
application
Specific
source of
income must
be stated on
application
2 years history
receipt with
expected
continuity of
income
The Borrower
is not required
to disclose
income,
income source
or assets.
of receipt with
expected
continuity of
income
Trust Income
Trust Agreement or
Trustee's Statement and
one of the following:
recent 2 years
K-1 Schedule for most

recent 2 years
1041 Fiduciary tax
returns for most recent 2

years
Not available
Not available
Trust Agreement or
Trustee's Statement
and one of the
following:
Personal tax return
most recent year
Income and source

must be stated on
application.
K-1 Schedule for most

recent year
1041 Fiduciary tax
Specific source of
income must be
stated on
application
2 years history of
receipt with
expected
continuity of
income
Income stated
on application.
Specific
source of
income must
be stated on
application
2 years history
The Borrower
is not required
to disclose
income,
income source
or assets.
of receipt with
expected
continuity of
income
returns for most

recent year
11/21/05
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Pg 422 of 649
Exhibit B-1

Full
Lite
One Paystub
Fast
Stated
No Ratio
SI/SA
Specific source of
Income stated
on application.
NI/NA
No Doc
Note Income
Copy of Note and one of
the following:
2 years tax returns with
all schedules
Not available
Not available
Bank statements
Copy of Note and one of

the following:
Tax return with all
schedules for most
recent year
Income and source

must be stated on
application.
2 years history of
Bank statements
showing Note income

deposited for past 2
years
income must be
stated on
application
source of
income must
be stated on
application
2 years history
receipt with
expected
continuity of
income
showing Note income

deposited for past
year
Specific
The Borrower
is not required
to disclose
income,
income source
or assets.
of receipt with
expected
continuity of
income
Inherited & Guaranteed Income

Not available
Not available
Award Letter
Personal tax return

most recent year
Award Letter
Income and source

must be stated on
application.
Specific source of
income must be
stated on
application
Income stated
on application.
2 years history of
2 years personal tax
source of
income must
be stated on
application
2 years history
receipt with
expected
continuity of
income
returns with all schedules
Specific
The Borrower
is not required
to disclose
income,
income source
or assets.
of receipt with
expected
continuity of
income
Temporary Disability Income

Not available
Not available
Income and source

must be stated on
application.
Insurance Award
Letter
Letter from
Borrower's employer
Letter from Borrower's
Specific source of
income must be
stated on
application
2 years history of
receipt with
expected
continuity of
income
employer
Income stated
on application.
Specific
source of
income must
be stated on
application
2 years history
The Borrower
is not required
to disclose
income,
income source
or assets.
of receipt with
expected
continuity of
income
11/21/05
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Pg 423 of 649
Exhibit B-1

Full
Lite
One Paystub
Fast
Stated
No Ratio
SI/SA
NI/NA
No Doc
Seasonal Unemployment Compensation

Not available
Not available
Personal tax return

most recent year

recent 2 years.
Income and source

must be stated on
application.
Letter from the
Borrower's employer
Specific source of
income must be
stated on
application
2 years history of
receipt with
expected
continuity of
income
Income stated
on application.
Specific
source of
income must
be stated on
application
2 years history
The Borrower
is not required
to disclose
income,
income source
or assets.
of receipt with
expected
continuity of
income
11/21/05
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Pg 424 of 649
Exhibit B-1
Jumbo A At-A-Glance
Occupancy
Maximum Loan
2,3
Amount
Property Type
LTV/CLTV
A1, A2
Primary Residence
Owner Occupied
$500,000
95%/100%
Cash-Out Refinance
A3
A1, A2
A3
90%/95%
90%/95%
90%/95%
90%/95%
90%/95%
90%/95%
Single family 1-2 unit (attached or detached)

PUD (attached or detached)
Condominium 1-8 stories (GMAC-RFC Class I, II, III)
$650,000
95%/100%
$1,000,000
80%/95%
75%/95%
75%/80%
70%/80%
Condominium > 8 stories (GMAC-RFC Class III only)
$1,500,000
75%/80%
65%/75%
70%/75%
65%/70%
$2,000,000
70%/75%
60%/70%
65%/70%
55%/60%
60%/75%
Second/Vacation
Owner Occupied
Purchase, Rate/Term
Single family 1 unit (attached or detached)

$500,000
90%/90%
75%/90%
70%/85%
$650,000
90%/90%
75%/90%
65%/75%
55%/70%
$1,000,000
65%/75%
60%/65%
55%/65%
50%/65%
$1,500,000
60%/75%
55%/65%
55%/60%
50%/60%
$2,000,000
60%/70%
50%/60%
50%/60%
50%/50%
$500,000
95%/95%
90%/95%
75%/90%
70%/90%
$650,000
90%/90%
85%/95%
75%/90%
70%/90%
$1,000,000
75%/90%
60%/85%
70%/80%
60%/80%
$1,500,000
70%/80%
60%/70%
65%/75%
55%/70%
$2,000,000
65%/75%
50%/65%
60%/70%
50%/65%
Reserve requirement: Must be verified PITI (ITI for Interest Only Loans) liquid reserves remaining after closing, exclusive of closing costs and cash out received:
None required for credit grade A1
2 months required for credit grades A2 and A3
12 months required for Loan amounts > $1 million
Secondary Financing: When exists the maximum LTV is 80%
1
2
3
4
Condominium units located within a building > 8 stories must meet Class III Warranties and be located in areas with proven marketability.
Minimum Loan amount $75,000
Interest Only feature for FRM-30 is allowed only for Loan amounts >$417,000
Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
Unlimited for LTV <= 55%
100% CLTV available with the following requirements:
LTV <= 80%
1 unit only
Maximum 45% DTI
6 months verified reserves
04/17/06
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Pg 425 of 649
Exhibit B-1
Jumbo A At-A-Glance
Maximum Loan
2,3
Amount
Property Type
Occupancy
Primary Residence

Owner Occupied
Second/Vacation
Owner Occupied
LTV/CLTV
4
Purchase, Rate/Term
Cash-Out Refinance
A1
A2
$500,000
95%/95%
90%/95%
70%/80%
65%/75%
$650,000
80%/90%
75%/90%
70%/75%
60%/70%
$1,000,000
75%/90%
70%/90%
60%/70%
55%/65%
$1,500,000
60%/70%
60%/60%
50%/60%
50%/50%
$2,000,000
55%/70%
55%/60%
50%/55%
50%/50%
$500,000
70%/80%
65%/75%
$650,000
65%/75%
60%/70%
$1,000,000
55%/65%
50%/60%
$500,000
90%/90%
75%/90%
70%/70%

$650,000
80%/90%
70%/90%
70%/70%
$1,000,000
65%/80%
60%/80%
60%/60%
$1,500,000
55%/70%
50%/65%
50%/50%
$2,000,000
50%/65%
50%/60%
50%/50%
A2
A1
Reserve requirement: Must be verified PITI (ITI for Interest Only Loans) liquid reserves remaining after closing, exclusive of closing costs and cash out received:
2 months required for credit grade A1
3 months required for credit grade A2
1
2
3
4
Minimum Loan amount $75,000

Interest Only feature for FRM-30 is allowed only for Loan amounts >$417,000
Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
EasyFi
Property Type
Primary Residence
Owner Occupied
Single family 1 unit (detached or attached)

Condominium 1-4 stories (Class I, II, III)
Maximum Loan
Amount
One Paystub and Fast Income
Stated Income
LTV/CLTV
No Ratio
A1, A2
A1, A2
A1
$300,000
95%/95%
80%/80%
80%/80%
$400,000
90%/95%
80%/80%
80%/80%
$650,000
$1,000,000
80%/95%
70%/95%
75%/80%
65%/80%
75%/80%
65%/80%
Reserve requirement: None required

Interest Only and 40/30 features are not eligible.
04/17/06
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Pg 426 of 649
Exhibit B-1


Primary Residence, Owner Occupied
LTV/ CLTV
Property Type
Single-family 1-2 unit (attached or detached)

Condominium unlimited stories
Maximum
1
Loan Amount
Purchase Rate/Term
A1 & A2
Cash-out Refinance
A3
A1 & A2
A3
$500,000
100%100%
95%/100%
95%/100%
95%/100%
$650,000
95%/100%
95%/100%
90%/100%
90%/100%
$1,000,000
80%/100%
80%/100%
80%/100%
80%/100%
$1,500,000
75%/100%
75%/100%
75%/100%
75%/100%
$2,000,000
70%/100%
70%/100%
70%/100%
70%/100%
$500,000
100%/100%
95%/100%
95%/95%
95%/95%
$650,000
95%/100%
95%/100%
90%/90%
90%/90%
$1,000,000
80%/100%
80%/100%
75%/75%
65%/70%
$1,500,000
75%/100%
75%/100%
60%/65%
60%/65%
$2,000,000
70%/100%
70%/100%
55%/60%
55%/60%
Reserve requirement: Reserves must be verified PITI (ITI for Interest Only Loans) liquid reserves remaining after closing, exclusive of closing costs and cash out received:
Two months required for credit grades A2 and A3
Secondary Financing: When exists the maximum LTV is 80%.
Foreign nationals: Not allowed for primary residence, owner occupied property.
1
Maximum 75% LTV/CLTV on Loan amounts <= $75,000
2
Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
03/13/06
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Pg 427 of 649
Exhibit B-1

Second/Vacation, Owner Occupied
Property Type
Single-family 1 unit (attached or detached)

Maximum
1
Loan Amount
LTV/ CLTV
2
Purchase Rate/Term
Cash-out Refinance
A1, A2 & A3
A1, A2 & A3
$500,000
95%/100%
95%/100%
$650,000
90%/100%
90%/100%
$1,000,000
80%/100%
80%/100%
$1,500,000
75%/100%
75%/100%
$2,000,000
70%/100%
70%/100%
Foreign nationals: Allowed with maximum 75% LTV up to $1 million Loan amount. Secondary financing not allowed. Additional restrictions may apply. See Foreign Nationals section
for additional requirements.
1
Maximum 75% LTV/CLTV on Loan amounts <= $75,000.
2
Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
03/13/06
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Pg 428 of 649
Exhibit B-1

Non-owner Occupied
Property Type


Condominium > 8 stories
LTV/ CLTV
Maximum
1
Loan Amount
Purchase Rate/Term
Cash-out Refinance
A1, A2 & A3
A1, A2 & A3
$500,000
90%/100%
90%/90%
$650,000
90%/100%
90%/90%
$1,000,000
80%/100%
80%/90%
$1,500,000
75%/100%
75%/90%
$2,000,000
70%/100%
70%/90%
$500,000
90%/100%
75%/90%
$650,000
90%/100%
70%/90%
$1,000,000
80%/100%
55%/65%
$1,500,000
75%/100%
55%/60%
$2,000,000
70%/100%
50%/60%
Six months required for all credit grades
Secondary Financing: when exists the maximum LTV is 80%.
Foreign nationals: Allowed with maximum 75% LTV up to $1 million Loan amount. Secondary Financing not allowed. Additional restrictions may apply. See Foreign Nationals
section for additional requirements.
1
2
Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
03/13/06
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Pg 429 of 649
Exhibit B-1

Property Type

Maximum Loan
1
Amount
LTV/ CLTV
2
Purchase Rate/Term
Cash-out Refinance
A1 & A2
A3
A1 & A2
A3
$500,000
95%/100%
90%/100%
90%/90%
85%/85%
$650,000
90%/100%
85%/100%
80%/80%
80%/80%
$1,000,000
80%/90%
65%/80%
75%/80%
50%/65%
$1,500,000
70%/80%
$2,000,000
65%/80%
$500,000
80%/90%
80%/80%
80%/80%
$650,000
80%/90%
80%/80%
70%/70%
$1,000,000
75%/80%
$1,500,000
70%/80%
$2,000,000
65%/80%
70%/80%
65%/80%
60%/65%
Foreign nationals: Not allowed for primary residence, owner occupied property.
1
2
Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
03/13/06
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Pg 430 of 649
Exhibit B-1

Second/Vacation, Owner Occupied
Occupancy
Second/Vacation
Owner Occupied
Property Type

Maximum
1
Loan Amount
LTV/ CLTV
2
Purchase Rate/Term
Cash-out Refinance
A1 & A2
A3
A1 & A2
$500,000
90%/90%
80%/80%
90%/90%
$650,000
80%/90%
80%/80%
75%/80%
$1,000,000
75%/80%
75%/80%
$1,500,000
70%/80%
70%/80%
$2,000,000
65%/80%
65%/80%
Foreign nationals: Allowed for Stated Income only with maximum 70% LTV up to $1 million Loan amount. Secondary financing not allowed. Additional restrictions may apply. See
Foreign Nationals section for additional requirements.
1
2
Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
03/13/06
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Pg 431 of 649
Exhibit B-1

Non-owner Occupied
LTV/CLTV
Property Type
Maximum Loan Amount


Condominiums > 8 stories
Purchase Rate/Term
Cash-out Refinance
A1 & A2
A3
A1 & A2
$500,000
90%/90%
75%/75%
75%/80%
75%/75%
75%/80%
$650,000
80%/80%
$1,000,000
75%/80%
75%/80%
$1,500,000
70%/80%
70%/80%
$2,000,000
65%/80%
65%/80%
$500,000
80%/80%
65%/65%
75%/75%
65%/65%
70%/70%
$650,000
75%/80%
$1,000,000
75%/80%
$1,500,000
70%/80%
$2,000,000
65%/80%
50%/65%
Foreign nationals: Allowed for Stated Income only with maximum 70% LTV up to $1 million Loan amount. Secondary financing not allowed. Additional restrictions may apply. See
Foreign Nationals section for additional requirements.
1
2

Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
03/13/06
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Pg 432 of 649
Exhibit B-1

Stated Income/Stated Asset, No Income/No Asset and No Doc Documentation
LTV/CLTV
Occupancy
Property Type
Maximum Loan Amount
Purchase Rate/Term
A1 & A2

Primary Residence
Owner Occupied
Single family 3-4 units (attached or detached)

Condominium > 8 stories
Second/Vacation
Owner Occupied


Non-owner occupied PUD (attached or detached)
Cash-out Refinance
A3
A1, A2
90%/90%
$500,000
95%/95%
80%80%
$650,000
80%80%
70%/70%
$1,000,000
65%/80%
60%/80%
$1,500,000
60%/80%
60%/80%
$2,000,000
50%/70%
$500,000
75%/80%
65%/65%
65%/80%
$650,000
75%/80%
65%/65%
65%/80%
$1,000,000
65%/80%
60%/80%
$1,500,000
60%/80%
60%/80%
$2,000,000
50%/60%
50%/60%
$500,000
70%/80%
70%/70%
60%/80%
$650,000
70%/80%
70%/70%
55%/80%
$1,000,000
55%/70%
50%/70%
$1,500,000
50%/60%
50%/60%
$2,000,000
50%/60%
50%/60%
$500,000
65%/80%
65%/70%
$650,000
60%/80%
65%/70%
$1,000,000
55%/70%
$1,500,000
50%/60%
$2,000,000
50%/60%
70%80%
50%/60%
Reserve Requirement: None required.

Foreign nationals: Not allowed for Stated Income/Stated Asset, No Income/No Asset and No Doc.
1
Maximum 90/90 LTV/CLTV on 2-unit property.
2
3
Maximum 75% LTV/CLTV on Loan amounts <= $75,000.

Cash out limits:
$325,000 for LTV > 80%

$500,000 for LTV > 55% <= 80%
03/13/06
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Pg 433 of 649
Exhibit B-1

Uninsured LTV, Full Income Documentation
Occupancy
Property Type
LTV/CLTV
Maximum Loan
Amount
Purchase Rate/Term
$400,000
90%/90%
Primary Residence Owner Occupied Single-family 1-4 unit (attached or detached)

Second/Vacation Owner Occupied PUD (attached or detached)
Condominium unlimited stories (GMAC-RFC Class I, II, and III)
A1
Cash-out Refinance
Reserve Requirement: Two months verified PITI liquid reserves remaining after closing, exclusive of closing costs.
Interest Only: This feature not allowed.
Foreign nationals: Not allowed.
1
Second/vacation homes restricted to one unit.
Condominium-Hotel
Full, Lite, One Paystub, Fast, Stated Income and No Ratio Documentation
LTV
Occupancy
Maximum Loan Amount
Purchase Rate/Term
Full, Lite, One Paystub, Fast
Stated and No Ratio Income
A1, A2, A3
A1 & A2
Primary Residence Owner Occupied
$500,000
75%
70%
$650,000
70%
65%
$1,000,000
60%
55%
Second/Vacation
$500,000
75%
70%
Second/Vacation
$650,000
65%
60%
Second/Vacation
$1,000,000
55%
Non-owner Occupied
$500,000
70%
65%
Non-owner Occupied
$650,000
60%
55%
Full, Lite One Paystub and Fast documentation:
Six months required for non-owner occupied property.
Stated Income and No Ratio Documentation:
Secondary Financing: Not allowed.
Foreign nationals: Allowed for second/vacation and non-owner occupied. Not allowed for No Ratio Income Documentation. Additional restrictions may apply. See Foreign Nationals
section for additional requirements.
03/13/06
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Pg 434 of 649
Exhibit B-1
Payment Option Program At-A-Glance

Occupancy
Primary
Residence,
Owner
Occupied
Property Type
Single-family 1-2 unit

(attached/detached)
PUD (attached/detached)
Condominium unlimited
Stories (Class I,II,III)
Single-family 3-4 unit

(attached/detached)
Loan
1,2,3
Amount
Purchase, Rate/Term
A1-720
A2-680
A3-620
LTV
CLTV
LTV
CLTV
LTV
CLTV
$500,000
95%
$500,000
90%
$650,000
95%
$650,000
90%
90%
$1,000,000
80%
90%
80%
90%
80%
90%
$1,500,000
75%
80%
75%
80%
75%
80%
$3,000,000
70%
95%
90%
90%
Cash-Out Refinance
A1-720
A2-680
LTV
CLTV
LTV
CLTV
A3-620
LTV
CLTV
95%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
80%
80%
80%
80%
80%
80%
75%
75%
75%
75%
75%
75%
80%
80%
80%
80%
70%
80%
70%
95%
90%
70%
$6,000,000
60%
70%
$650,000
$1,000,000
$1,500,000
90%
80%
75%
90%
90%
80%
70%
90%
80%
75%
90%
90%
80%
90%
80%
75%
90%
90%
80%
70%
55%
70%
80%
80%
75%
80%
80%
75%
80%
Reserve Requirements: Reserves must be verified PITI liquid reserves remaining after closing, exclusive of closing costs and cash out received:
2 months for Loans <= $3 million
9 months for Loans > $3 million
Non-permanent resident aliens: Allowed for primary residence purchase, rate/term transactions with maximum 90% LTV/CLTV, maximum 70% LTV/CLTV for cash-out, up to
$1.5 million Loan amount. See Borrower Eligibility section for details.
Foreign nationals: Not allowed for primary residence property
1
2
3
Maximum Loan amount $3 million for 2-unit property.

Rural Property and excess acreage maximum Loan amount $650,000.
Loans > $2 million require prior approval.
LTV/CLTV allowed at minimum credit grade A2 and 700 Credit Score for Loan amounts to $3 million.
LTV/CLTV allowed at minimum credit grade A3 and 660 Credit Score.
6
Maximum Cash Out:
LTV >80%, $325,000
LTV 55.01-80%, $500,000
LTV <=55%, no maximum

5
GMAC-RFC At-A-Glance Payment Option Program
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Pg 435 of 649
Exhibit B-1

Occupancy
Second/
Vacation
Property Type
Single family 1 unit (attached/detached)

Condominium unlimited Stories (Class
I,II,III)
Single-family 1-2 unit (attached/detached)

Condominium unlimited stories (Class
I,II,III)
Non-owner
Occupied
Loan
1,2
Amount
$500,000
$500,000
$650,000
$1,000,000
$1,500,000
$3,000,000
Purchase, Rate/Term
A1-720
A2 & A3-660
A3-620
LTV
CLTV
LTV
CLTV
LTV
CLTV
95%
95%
90%
90%
90%
90%
90%
90%
90%
90%
90%
90%
80%
90%
80%
80%
80%
80%
80%
80%
75%
75%
75%
75%
75%
75%
3
70%
60%
90%
90%
80%
70%
90%
70%
70%
90%
90%
80%
80%
90%
$650,000 90%4
90%
$6,000,000
$500,000
$650,000
$1,000,000
$1,500,000
$500,000
$650,000
$1,000,000
$1,500,000
Cash-Out Refinance
A1-720
A2 & A3-660
A3-620
LTV
CLTV
LTV
CLTV
LTV
CLTV
90%
90%
80%
75%
3
90%
90%
80%
70%
90%
90%
90%
80%
70%
90%
90%
80%
80%
65%
90%
90%
90%
80%
70%
90%
65%
55%
90%
90%
80%
70%
75%
80%
90%
80%
90%
70%
4
80%
70%
80%
80%
80%
70%
80%
70%
80%
65%
80%
70%
75%
55%
55%
90%
90%
80%
75%
90%
90%
80%
75%
90%
90%
80%
75%
90%
80%
80%
75%
90%
80%
80%
75%
70%
70%
90%
90%
80%
70%
90%
90%
90%
80%
70%
75%
90%
90%
80%
70%
90%
75%
70%
65%
60%
75%
90%
90%
80%
60%
90%
90%
70%
90%
70%
90%
55%
55%
60%
60%
55%
55%
60%
60%
75%
60%
60%
6 months for Loans <= $3 million
9 months for Loans > $3 million
Non-permanent resident aliens: Not allowed for non-owner occupied property. Allowed for second/vacation homes on purchase, rate/term transactions with maximum 90%
LTV/CLTV; and maximum 70% LTV/CLTV for cash-out, up to $1.5 million Loan amount. See Borrower Eligibility section for details.
Foreign nationals: Allowed with maximum 75% LTV up to $1 million Loan amount. Secondary Financing not allowed. See the Borrower Eligibility guidelines and foreign nationals
section in Chapter 3, Loan Eligibility for details.
1
2
Rural Property maximum Loan amount $650,000 (excess acreage not allowed for second/vacation and non-owner occupied homes).
LTV/CLTV allowed at minimum credit grade A2 and 680 Credit Score for Loan amounts to $650,000.
Maximum Cash Out:
Second Vacation:
o LTV >80%, $325,000
o LTV 55.01-80%, $500,000
o LTV <=55%, no maximum
Non-owner occupied:
o LTV > 55%, $325,000
o LTV <=55%, no maximum
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Pg 436 of 649
Exhibit B-1

Non-Warrantable Condominium

Condo-Hotel
Purchase, Rate/Term
A1-720
A2-680
A3-620
LTV
CLTV
LTV
CLTV
LTV
CLTV
Primary
$500,000
95%
95%
95%
Residence,
$500,000
90%
90%
90%
90%
80%
80%
Owner
Occupied
$650,000
80%
80%
80%
80%
80%
80%
Second/
$500,000
90%
90%
90%
90%
80%
80%
Vacation
$650,000
75%
75%
75%
75%
75%
75%
$500,000
75%
75%
75%
75%
75%
75%
Non-Owner
Occupied
$650,000
65%
65%
65%
65%
65%
65%
Reserve Requirements: Reserves must be verified PITI liquid reserves remaining
after closing, exclusive of closing costs:
2 months for primary residence
6 months for second/vacation homes and non-owner occupied property
Non-permanent resident aliens: Allowed for primary residence second/vacation
homes only. See Borrower Eligibility guidelines for details. Not allowed for non-owner
occupied property.
Foreign nationals: Not allowed for non-warrantable condominiums.
Non-Warrantable Condominiums: See Chapter 6C for details.
Occupancy
Loan
Amount
Occupancy
Primary Residence,
Owner Occupied
Second/
Vacation
Non-Owner
Occupied
Loan
Amount
$500,000
$650,000
$500,000
$650,000
$500,000
$650,000
Purchase, Rate/Term
A1-720
A2-680
A3-620
LTV CLTV LTV CLTV
LTV
CLTV
80%
80%
80%
80%
80%
80%
75%
75%
75%
75%
75%
75%
80%
80%
80%
80%
80%
80%
75%
75%
75%
75%
75%
75%
80%
80%
80%
80%
80%
80%
75%
75%
75%
75%
75%
75%
Reserve Requirements: Reserves must be verified PITI liquid reserves

remaining after closing, exclusive of closing costs:
Non-permanent resident aliens: Allowed for primary residence and
second/vacation homes only. See Borrower Eligibility guidelines for details. Not
allowed for non-owner occupied property.
Foreign nationals: Not allowed for Condo-Hotels.
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Pg 437 of 649
Exhibit B-1

Occupancy
Property Type
Condominium unlimited stories (Class
I,II,III)
Primary
Residence,
Owner
Occupied
Maximum
Loan
2,3,6
Amount
$500,000
$500,000
$650,000
$1,000,000
$1,500,000
$3,000,000
$6,000,000
$500,000
$650,000
$1,000,000
$1,500,000
Purchase, Rate/Term
A1-720
A2 & A3-660
A3-620
LTV
CLTV
LTV
CLTV LTV CLTV
1
95%
90%
90%
75%
4,5
75%
70%
60%
90%
90%
75%
70%
Cash-Out Refinance
A1-720
A2 & A3-660
A3-620
LTV
CLTV
LTV
CLTV
LTV CLTV
90%
90%
90%
4,5
75%
95%
90%
90%
75%
70%
90%
90%
90%
70%
90%
75%
90%
75%
70%
70%
90%
90%
90%
70%
90%
80%
75%
70%
4
90%
90%
75%
70%
90%
90%
90%
70%
90%
75%
90%
75%
60%
55%
75%
75%
75%
70%
90%
90%
75%
70%
90%
80%
75%
70%
90%
90%
75%
70%
75%
75%
75%
70%
75%
75%
75%
70%
75%
70%
75%
70%
70%
70%
75%
75%
75%
70%
For Loans <=$3 million 3 months
For Loans >$3 million, 12 months
Non-permanent resident aliens: Allowed with maximum Loan amount of $1.5 million:
Maximum 90% LTV/CLTV for purchase, rate/term transactions
Maximum 70% LTV/CLTV for cash out transactions
Foreign nationals: Not allowed for primary residence property. See Borrower Eligibility Guidelines for details.
1
2
3
4
5
6
7
LTV ratios >90% require minimum Credit Score of 680

Rural Property and excess acreage maximum Loan amount $650,000.
Maximum 70% LTV/CLTV for primary residence 2-4 unit properties for Loan amounts to $1.5 million.
Maximum Loan amount $3 million for primary residence 2-unit property.
Maximum Cash
Out:
LTV >80%, $325,000
LTV 55.01-80%, $500,000
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Pg 438 of 649
Exhibit B-1

Occupancy
Second/
Vacation
NonOwner
Occupied
Property Type
Single-family 1 unit (attached/detached)
Condominium unlimited stories (Class I,II,III)

PUD (attached/ detached)
Condominium unlimited stories (Class I,II,II)
Single-family 3-4 unit(attached/detached)
Maximum
Loan
1,2
Amount
$500,000
$650,000
$1,000,000
$1,500,000
$3,000,000
$6,000,000
$500,000
$650,000
$1,000,000
$1,500,000
$500,000
$650,000
$1,000,000
$1,500,000
Purchase, Rate/Term
A1-720
A2 & A3-660
A3-620
LTV
CLTV
LTV
CLTV
LTV
CLTV
Cash-Out Refinance
A1-720
A2 & A3-660
A3-620
LTV CLTV
LTV
CLTV LTV CLTV
90%
80%
75%
70%
90%
75%
75%
70%
90%
80%
75%
70%
90%
80%
75%
70%
90%
80%
75%
70%
65%
60%
70%
70%
80%
80%
75%
70%
75%
75%
75%
70%
80%
80%
75%
70%
75%
75%
75%
70%
75%
65%
80%
80%
80%
80%
75%
70%
75%
75%
75%
70%
80%
80%
75%
70%
75%
75%
75%
70%
90%
75%
75%
70%
90%
75%
75%
70%
90%
75%
75%
70%
75%
75%
75%
70%
75%
70%
45%
75%
75%
75%
70%
75%
70%
65%
75%
75%
60%
55%
70%
70%
75%
75%
75%
70%
75%
70%
45%
75%
75%
75%
70%
75%
70%
65%
For Loans <=$3 million, 6 months
For Loans >$3 million, 12 months
Non-permanent resident aliens: Allowed with maximum Loan amount of $1.5 million:
Second/Vacation Homes
- Maximum 75% LTV/CLTV for purchase, rate/term transactions
- Maximum 65% LTV/CLTV for cash out transactions
Non-owner occupied property not allowed. See Borrower Eligibility Guidelines for details.
Foreign nationals: Allowed for second/vacation home and non-owner occupied property with maximum 70% LTV on Loan amounts to $1 million. Cash out not allowed for Stated
Income. Secondary Financing not allowed. See Borrower Eligibility Guidelines in Chapter 6C, Payment Option and Foreign Nationals Section in Chapter 3, Loan Eligibility for details.
1
2
3
4
Rural Property and excess acreage maximum Loan amount $650,000 (excess acreage not allowed for second/vacation home and non-owner occupied property).
Maximum Cash Out:
Second/vacation:
LTV >80%, $325,000
LTV 55.01-80%, $500,000

Non-owner occupied:
LTV >55%, $325,000
Page 5 of 6
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Pg 439 of 649
Exhibit B-1

Stated Income Documentation Non Warrantable Condominiums
Loan
Amount
Occupancy
Second/ Vacation
Non-Owner Occupied
$500,000
$650,000
$500,000
$650,000
$500,000
$650,000
A1-720
LTV
CLTV
80%
80%
75%
75%
70%
70%
65%
65%
70%
70%
65%
65%
Purchase, Rate/Term
A2-680
LTV
CLTV
80%
80%
75%
75%
70%
70%
65%
65%
70%
70%
65%
65%
Cash-out Refinance
A3-660
LTV
CLTV
80%
80%
75%
75%
70%
70%
65%
65%
Non-permanent resident aliens: Additional restrictions apply. See Borrower Eligibility Guidelines for details. Not allowed for non-owner occupied property.
Foreign nationals: Not allowed for non-warrantable condominiums.
Stated Income/Stated Asset Income Documentation
Occupancy
Property Type

Primary
I,II,III)
Residence,
Owner
Occupied
Second/
Vacation
Single-family 1 unit (attached/detached)

I,II,III)
Loan
2
Amount
$500,000
$500,000
$650,000
$1,000,000
$1,500,000
$500,000
$650,000
$1,000,000
$1,500,000
$500,000
$650,000
Purchase, Rate/Term
A1-720
LTV
A2 & A3-660
Cash-out Refinance
A3-620
A1-720
A2 & A3-660
A3-620
CLTV
LTV
CLTV
LTV
CLTV
LTV
CLTV
LTV
CLTV
LTV
CLTV
95%
90%
80%
75%
65%
80%
80%
75%
65%
90%
90%
80%
75%
70%
80%
80%
75%
70%
90%
90%
80%
75%
70%
80%
80%
75%
70%
90%
90%
75%
90%
75%
90%
70%
70%
90%
70%
70%
90%
70%
70%
90%
70%
70%
75%
75%
80%
75%
80%
75%
75%
70%
70%
75%
70%
70%
75%
70%
70%
75%
70%
70%
70%
80%
75%
80%
90%
80%
75%
65%
80%
80%
75%
65%
90%
75%
1,3
80%
Reserve Requirement: PITI liquid reserves remaining after closing, exclusive of closing costs and cash out received:
6 months for second/vacation homes
Non-permanent resident aliens: Additional restrictions apply. See Borrower Eligibility Guidelines for details.
Foreign nationals: Not allowed with Stated Income/Stated Asset documentation
1
Maximum 90% LTV/CLTV for primary residence 2-unit property
2
Rural Property and excess acreage maximum Loan amount $650,000 (excess acreage
not allowed for second/vacation homes).
3
LTV/CLTV allowed at minimum credit grade A2 and 700 Credit Score.
Maximum Cash Out:
LTV > 80%, $325,000
LTV 55.01%-80%, $500,000
Page 6 of 6
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Pg 440 of 649
Exhibit B-1

Full and Lite Income Documentation
Occupancy
Primary
Residence
Owner Occupied
Property Type

Condominium 1-4 stories (GMAC-RFC Class I, II,
III)

Townhouse/Rowhouse
Second/Vacation Condominium 1-4 stories (GMAC-RFC Class I, II,
Owner Occupied
LTV
LTV
Cash Out Limits

Maximum
Cash Out
Maximum
Cash-in-hand
A1
A2
A3
A4
A1
A2
A3
A4
$250,000
107%
107%
103%
103%
107%
107%
103%
103%
$50,000
$5,000
$300,000
107%
107%
103%
103%
107%
107%
103%
103%
$100,000
$5,000
$400,000
107%
107%
103%
107%
107%
103%
$150,000
$5,000
$500,000
107%
107%
$650,000
107%
$250,000
107%
107%
103%
$300,000
107%
107%
103%
$400,000
107%
107%
$300,000
107%
107%
$400,000
107%
107%
$300,000
107%
107%
$400,000
107%
107%
$300,000
95%
95%
107%
107%
103%
$50,000
$5,000
107%
107%
103%
$100,000
$5,000
107%
107%
$150,000
$5,000
III)
Townhouse/Rowhouse
Non-Owner
Occupied
Rate/Term Refinance
3
Cash-Out Refinance
Purchase
Maximum
Loan
Amount

Condominium1-4 stories (GMAC-RFC Class I, II,
III)
Reserve requirement: Credit grades A1, A2 and A3 two months PITI liquid reserves remaining after closing, exclusive of closing costs and cash out received. For non-owner occupied property
six months PITI liquid reserves remaining after closing, exclusive of closing costs. Credit grade A4 no reserve requirement.
Residual Income requirement for all credit grades is $1,500.
1
2
3
GMAC-RFC Class III warranties required for A4 credit grade.

Minimum LTV is 95.01% except when maximum LTV equals 95%, then minimum LTV is 90.01%.
Rate/term transactions are limited to incidental cash back not to exceed $500. For cash-out transactions, maximum cash out includes total debt payoff and maximum cash out includes total
debt payoff and maximum cash-in-hand to Borrower not to exceed $5,000
10/18/04
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Pg 441 of 649
Exhibit B-1
Occupancy
Primary
Residence
Owner Occupied
Property Type

Condominium 1-4 stories (GMAC-RFC Class I, II,
$300,000
Rate/Term Refinance
Cash-Out Refinance
Purchase
Maximum
Loan
Amount
LTV
A1
A2
100%
95%
LTV
A3
A4
A1
A2
A3
A4
III)
Reserve requirement: Two months PITI liquid reserves remaining after closing, exclusive of closing costs.
1
Minimum LTV is 95.01% for A1 and 90.01% for A2.
10/18/04
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Pg 442 of 649
Exhibit B-1
Maximum LTVs for Full, Fast and Lite Income Documentation (Owner Occupied)
Credit Grade
(12 month Housing
History)
A4
0x30 reported
mortgage history
A5
<12 months
reported mortgage
history
0x30 housing
Ax
1x30 (includes
rolling)
Am
Unlimited 30's,
0x60
B
1x60, 0x90 (nonrolling)
C
Unlimited 60's,
1x90 (non-rolling)
Bankruptcy
Foreclosure
Credit
Score
<=65%
65.01 to
70%
70.01 to
75%
75.01 to
80%
80.01 to
85%
85.01 to
90%
90.01 to
95%
95.01 to
100%
640-700+
620-639
600-619
580-599
540-579
520-539
500-519
620-700+
600-619
580-599
540-579
520-539
500-519
680+
620-679
600-619
580-599
540-579
520-539
500-519
620+
600-619
580-599
560-579
540-559
520-539
500-519
620+
560-619
520-559
500-519
1,000,000
1,000,000
750,000
650,000
500,000
400,000
350,000
1,000,000
750,000
650,000
500,000
400,000
350,000
850,000
750,000
750,000
650,000
500,000
400,000
300,000
650,000
650,000
500,000
500,000
400,000
400,000
300,000
500,000
500,000
400,000
300,000
1,000,000
1,000,000
750,000
650,000
500,000
400,000
350,000
1,000,000
750,000
650,000
500,000
400,000
350,000
850,000
750,000
750,000
650,000
500,000
400,000
300,000
650,000
650,000
500,000
500,000
400,000
400,000
300,000
500,000
500,000
400,000
300,000
1,000,000
1,000,000
750,000
650,000
500,000
400,000
350,000
1,000,000
750,000
650,000
500,000
400,000
350,000
850,000
750,000
750,000
650,000
500,000
400,000
300,000
650,000
650,000
500,000
500,000
400,000
400,000
300,000
500,000
500,000
400,000
300,000
750,000
750,000
750,000
650,000
500,000
400,000
350,000
750,000
750,000
650,000
500,000
400,000
350,000
650,000
650,000
650,000
500,000
500,000
400,000
650,000
650,000
650,000
500,000
500,000
400,000
650,000
650,000
650,000
500,000
400,000
600,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
400
400
400
400
650,000
650,000
500,000
500,000
400,000
650,000
650,000
500,000
400,000
500,000
500,000
500,000
500,000
500,000
500,000
400 1st/100 2nd

400 1st/100 2nd
400 1st/100 2nd
650,000
650,000
650,000
500,000
500,000
600,000
600,000
500,000
500,000
400,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
400
400
400
400
650,000
650,000
500,000
500,000
400,000
600,000
500,000
500,000
500,000
500,000
500,000
500,000
400,000
500,000
500,000
400,000
300,000
520-560+
350,000
300,000
>1 year
>1 year
>2 years
$5,000 may be left open
80/20 Combo
1st/100
1st/100
1st/100
1st/100
1st/100
1st/100
1st/100
1st/100
2nd
2nd
2nd
2nd
2nd
2nd
2nd
2nd
>2 years
>3 years
04/17/06
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Pg 443 of 649
Exhibit B-1
Housing Payment History for Full, Fast and Lite Income Documentation (Owner Occupied)
<=65%
65.01 to
70.01 to
75.01 to
80.01 to
85.01 to
90.01 to
LTV
70% LTV
75% LTV
80% LTV
85% LTV
90% LTV
95% LTV
Requires Institutional Verification of Rent, Private Verification of Rent, or 12 months canceled
checks
If documentation of housing indicates late or missing payments, the credit grade is downgraded
according to the number and severity of the late/missing payments
Borrowers without 12 month

reported mortgage history
A5 Rent Free/Lives with

Relatives
Maximum LTV/CLTV of 90%
95.01 to
80/20 Combo
100% LTV
Credit scores >=600, require
Institutional Verification of
Housing, Private Verification
of Housing, or 12 months
canceled checks
Credit scores <600, require
Institutional Verification of
Housing or 12 months
canceled checks
If documentation of housing
indicates late or missing
payments, the credit grade is
downgraded according to the
number and severity of the
late/missing payments
Not eligible
Maximum CLTV by Credit Score for Full, Lite and Fast Income Documentation (Owner Occupied)
Credit Grade
A4, A5, Ax, Am
B, C
Credit Score
Max CLTV
100%
580+
95%
All Grades
560-579
95%
All Grades
500-559
90%
04/17/06
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Pg 444 of 649
Exhibit B-1
Maximum LTVs for Stated Income Documentation (Owner Occupied)
Credit Grade
(12 month
Housing
History)
A4
0x30 reported
mortgage
history
A5
<12 months
reported
mortgage
history
0x30 housing
Ax
1x30
(includes
rolling)
Am
Unlimited
30's, 0x60
Credit
Score
<=55%
55.01 to
60%
60.01 to
65%
65.01 to
70%
70.01 to
75%
75.01 to
80%
80.01 to
85%
85.01 to
90%
90.01
to 95%
95.01 to
100%
80/20
Combo
640-700+
620-639
600-619
580-599
560-579
540-559
520-539
500-519
640-700+
620-639
600-619
560-599
540-559
520-539
500-519
640-660+
620-639
560-619
540-559
520-539
500-519
620-660+
580-619
560-579
540-559
500-539
560-660+
650,000
650,000
500,000
500,000
500,000
350,000
300,000
250,000
650,000
650,000
500,000
500,000
350,000
300,000
250,000
500,000
500,000
400,000
350,000
300,000
250,000
500,000
400,000
350,000
300,000
250,000
350,000
650,000
650,000
500,000
500,000
500,000
350,000
300,000
250,000
650,000
650,000
500,000
500,000
350,000
300,000
250,000
500,000
500,000
400,000
350,000
300,000
250,000
500,000
400,000
350,000
300,000
250,000
350,000
650,000
650,000
500,000
500,000
500,000
350,000
300,000
250,000
650,000
650,000
500,000
500,000
350,000
300,000
250,000
500,000
500,000
400,000
350,000
300,000
250,000
500,000
400,000
350,000
300,000
250,000
350,000
650,000
650,000
500,000
500,000
500,000
350,000
650,000
650,000
500,000
500,000
500,000
350,000
650,000
650,000
500,000
500,000
500,000
300,000
500,000
500,000
500,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400 1st/100 2nd
650,000
650,000
500,000
500,000
350,000
650,000
650,000
500,000
500,000
350,000
650,000
650,000
500,000
500,000
300,000
500,000
500,000
500,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400 1st/100 2nd
500,000
500,000
400,000
350,000
500,000
500,000
400,000
350,000
500,000
500,000
400,000
300,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400 1st/100 2nd
500,000
400,000
350,000
500,000
400,000
350,000
500,000
400,000
300,000
400,000
400,000
350,000
300,000
300,000
300,000
300,000
250,000
250,000
250,000
B
1x60, 0x90
(non-rolling)
520-559
C
Unlimited
60's, 1x90
(non-rolling)
520-560+
Bankruptcy
Foreclosure
>1 year
>1 year
>2 years
>2 years
>3 years
04/17/06
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Pg 445 of 649
Exhibit B-1
Maximum LTVs for Stated Income Documentation (Owner Occupied)
55.01 to
60.01 to
65.01 to
70.01 to
75.01 to
80.01 to
85.01 to
90.01 to
60%
65%
70%
75%
80%
85%
90%
95%
Requires Institutional Verification of Rent, Private Verification of Rent, or 12 months canceled checks
If documentation of housing indicates late or missing payments, the credit grade is downgraded
according to the number and severity of the late/missing payments
<=55%
Borrowers without 12
month reported mortgage
history
A5 Rent Free/Lives with

Relatives
95.01 to
80/20 Combo
100%
Requires Institutional
Verification of Housing,
Private Verification of
Housing, or 12 months
canceled checks
If documentation of
housing indicates late or
missing payments, the
credit grade is downgraded
according to the number
and severity of the
late/missing payments
Not eligible
Maximum CLTV by Credit Score for Stated Income Documentation (Owner Occupied)
Credit Grade
Credit Score
Maximum CLTV
A4, A5, Ax
600+
100%
Am, B, C
600+
95%
A4
580-599
95%
A5, Ax, Am, B, C
580-599
90%
All Grades
560-579
85%
All Grades
500-559
80%
04/17/06
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Pg 446 of 649
Exhibit B-1
Maximum LTVs for Full, Fast and Lite Income Documentation (Non-owner Occupied)
Credit Grade (12 month
Housing History)
A4
history
A5
<12 months reported
mortgage history
0x30 housing
Ax
1x30 (includes rolling)
Am
Unlimited 30's
0x60
Credit
Score
600-700+
580-599
560-579
540-559
520-539
600-640+
580-599
560-579
540-559
580-660+
560-579
540-559
520-539
620-640+
580-619
560-579
540-559
520-539
560-640+
540-559
560-640+
B
1x60, 0x90 (non-rolling)
C
Unlimited 60's,
1x90 (non-rolling)
540-559
Bankruptcy
Foreclosure
Minimum Loan Amount
Borrower without 12 months mortgage
history
CLTVs
40/30 Balloon, 40 Year Recast
500,000
400,000
350,000
300,000
300,000
500,000
400,000
350,000
300,000
400,000
350,000
300,000
300,000
400,000
350,000
300,000
300,000
300,000
300,000
300,000
300,000
50.01 to
55%
500,000
400,000
350,000
300,000
300,000
500,000
400,000
350,000
300,000
400,000
350,000
300,000
300,000
400,000
350,000
300,000
300,000
300,000
300,000
300,000
300,000
55.01 to
60%
500,000
400,000
350,000
300,000
300,000
500,000
400,000
350,000
300,000
400,000
350,000
300,000
300,000
400,000
350,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
300,000
<=50%
60.01 to
65%
500,000
400,000
350,000
300,000
65.01 to
70%
500,000
400,000
350,000
300,000
70.01 to
75%
500,000
400,000
350,000
300,000
75.01 to
80%
500,000
400,000
350,000
300,000
80.01 to
85%
400,000
400,000
350,000
500,000
400,000
350,000
300,000
400,000
350,000
300,000
500,000
400,000
350,000
300,000
400,000
350,000
300,000
500,000
400,000
350,000
300,000
400,000
350,000
300,000
500,000
400,000
350,000
300,000
400,000
350,000
300,000
400,000
400,000
350,000
400,000
350,000
300,000
300,000
400,000
350,000
300,000
400,000
350,000
300,000
400,000
350,000
300,000
400,000
300,000
300,000
300,000
300,000
300,000
400,000
>1 year
>2 years
>2 years
>3 years
$50,000
Requires Institutional Verification of Rent or 12 months canceled checks
If documentation of housing indicates late or missing payments, the credit grade is downgraded according to the number
and severity of the late/missing payments
Secondary Financing Not eligible
Not eligible
04/17/06
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Pg 447 of 649
Exhibit B-1
Maximum LTVs for Stated Income Documentation (Non-owner Occupied)
Credit Grade (12 month
Housing History)
A4
history
A5
<12 months reported
mortgage history
0x30 housing
Ax 1x30 (includes
rolling)
Am Unlimited 30's,
0x60
B 1x60, 0x90
Credit Score
<=50%
50.01-55%
55.01-60%
60.01-65%
65.01-70%
70.01-75%
75.01-80%
580-700+
560-579
520-559
580-640+
560-579
350,000
250,000
250,000
350,000
250,000
350,000
250,000
250,000
350,000
250,000
350,000
250,000
250,000
350,000
250,000
350,000
250,000
350,000
250,000
350,000
250,000
350,000
350,000
250,000
350,000
250,000
350,000
250,000
350,000
540-559
250,000
250,000
250,000
250,000
560-640+
520-559
580-640+
560-579
520-559
560-640+
540-559
250,000
250,000
250,000
250,000
200,000
250,000
200,000
250,000
250,000
250,000
250,000
200,000
250,000
200,000
250,000
250,000
250,000
250,000
200,000
250,000
200,000
250,000
250,000
250,000
250,000
200,000
250,000
200,000
>1 year
250,000
250,000
250,000
250,000
250,000
Bankruptcy
Foreclosure
Minimum Loan Amount
Borrower without 12 months mortgage
history
Rent free/lives with relatives
CLTVs
>2 years
>3 years
$50,000
Requires Institutional Verification of Rent or 12 months canceled checks
If documentation of housing indicates late or missing payments, the credit grade is downgraded according to the number
and severity of the late/missing payments
Not eligible
Secondary Financing not eligible
Not eligible
04/17/06
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Pg 448 of 649
Exhibit B-1

Income Type
Wage Earner
Full
Lite
Fast
Paystub(s) showing most recent
30-days YTD income

W-2 forms for most recent 2 years
or
Written VOE
30-days YTD income

W-2 forms for most recent year
or
Written VOE
30-days YTD income

W-2 forms for most recent year
or
Written VOE
Additional requirement for B & C:

Verbal VOE 5 days prior to closing.
Additional requirement for B &

C:
Additional requirement for B & C:

Bonus or overtime income: Averaged Bonus or overtime income: Not

over most recent 2 years unless
used for qualifying.
declining, then past 12 months will be
averaged.
Bonus or overtime income:

Averaged over most recent year.
Tips or gratuity income: Averaged

over most recent 2 years unless
declining, then past 12 months will be
averaged.
Tips or gratuity income: Not used Tips or gratuity income: Averaged

for qualifying.
over most recent year.
Commission income: Averaged over

most recent 2 years using personal tax
returns & deducting non-reimbursed
business expenses as reported on IRS
Form 2106. If declining in most recent
tax year, lower income is used.
Commission income: Not used for Commission income: Averaged over

qualifying.
most recent year using personal tax
returns & deducting non-reimbursed
business expenses as reported on IRS
Form 2106.
AlterNet/Credit Gap Income Documentation
Stated
Income must be stated on the
application
Credit grades A4, A5 and Ax only
Verbal VOE required
Owner occupied, primary residence
or second/vacation home
Signed and dated IRS Forms 4506 or
4506-T authorizing the Client or its
03/13/06
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Pg 449 of 649
Exhibit B-1

Income Type
Self-Employed
Full
Lite
Fast
Personal tax returns with all schedules
Personal tax return with all

Business tax returns with all schedules
Proof of existence of business
(business license or confirmation
through phone directory listing) for
most recent 2 years
or
Personal bank statements for most
recent 2 years and proof of existence
of business (business license or
confirmation through phone directory
listing) for most recent 2 years with
conditions as required for
self-employed income
schedules for most recent year

Business tax returns with all
Proof of existence of business
(business license or confirmation
through phone directory listing) for
most recent 2 years
or
Personal bank statements for most
recent year with conditions as
required for self-employed income
Not available
Additional requirement: If >120

days since filing tax return, a signed &
dated P&L is required.
Stated
Income must be stated on the
application
Verification of the existence of the
Borrowers business through
evidence of a business license and
confirmation of a phone directory
listing. If a license is not required for
the business, a signed confirmation
of business is required by Borrowers
accountant or other CPA
Signed and dated IRS Forms 4506 or
4506-T authorizing the Client and/or
its assigns to obtain income
information
Additional requirement: If >120 days

since filing tax return, a signed & dated
P&L is required.
Fixed Income
One of the following is required:

W-2P Form for most recent 2 years
Award Letter or Court Order and
evidence of receipt
1099 Forms for most recent 2 years
Copy of divorce stipulation and decree
or Court Order
Not available
One of the following is required:

Most recent W-2P Form
Award Letter or Court Order and
evidence of receipt
1099 Form for most recent year
Copy of divorce stipulation and
decree or Court Order
Rental Income
Current annual lease

Schedule E for most recent 2 years or
Operating Income Statement
Not available
Current annual lease

Schedule E for most recent year or
Operating Income Statement
Interest and
Dividend
Income
Personal tax returns with Schedules B

Proof of assets to support the interest
or dividend income
Income stated on the 1003
Personal tax return with Schedules B

Not available
for most recent year
Proof of assets to support the
Not available
interest or dividend income
Not available
03/13/06
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Pg 450 of 649
Exhibit B-1

Income Type
Full
Trust Income
Trust Agreement or Trustees Statement

and one of the following:
K-1 Schedule for most recent 2 years
1041 Fiduciary tax returns for most
recent 2 years
Note Income
Copy of Note and one of the following:

Tax returns with all schedules for most
recent 2 years
Bank statements showing Note income
deposited for most recent 2 years
Inherited and
Guaranteed
Income
Temporary
Disability
Income
Seasonal
Unemployment
Compensation
Award Letter

Letter from Borrowers employer
Lite
Fast
Stated
Not available
Trust Agreement or Trustees

Statement and one of the following:
Personal tax returns with all
K-1 Schedule for most recent year
1041 Fiduciary tax returns for most
recent year
Not available
Not available
Copy of Note and one of the following:

Tax returns with all schedules for
most recent year
Bank statements showing Note
income deposited for most recent
year
Not available
Not available
Award Letter
Personal tax returns with all
Not available
Not available

Letter from Borrowers employer


Not available
Not available
Not available
Letter from the Borrowers employer
03/13/06
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Pg 451 of 649
Exhibit B-1

This page left blank for double sided printing.
03/13/06
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Pg 452 of 649
Exhibit B-1

Owner Occupied and Second/Vacation

Full, Lite, Fast and Stated Income Documentation, All Property Types
LTV Percentages
Credit
DTI
Residual Income
Reserves
Trade Lines
Seller Concessions
Temporary Buy Downs
Adverse Credit
US Citizen
Borrower without 12 months reported
Non-occupant co-borrower
Foreign National
Transaction Types
Purchase Mortgage
Rate/Term Refinance Mortgage
Cash Out Refinance Mortgage
Construction/Permanent Mortgage
Lease with option to Purchase
Property Types
Single Family 1 -2 units
(attached or detached)
PUD
AlterNet Underwriting Criteria
<=65 65.01-70
70.01-75
75.01-80
80.01-85
Owner Occupied
Full, Lite, Fast and Stated
85.01-90
90.01-95
95.01-100
GMAC-RFC 80/20 Loan
Maximum DTI 50%; DTI up to 55% allowed with 2 months reserves or $1,500 residual income
For the 40 Year Recast and 40/30 Balloon Features, DTI cannot exceed 50%
No Minimum
$1,500
No Minimum
None Required
None required for Full, Lite or Fast
Stated requires 2 months
Full, Lite & Fast - 3 non-derogatory trades with 1 having 24 month history and 1 active within last 6 months
Stated - 5 non-derogatory trades with 1 having 24 month history and 1 active within last 6 months
Maximum of 6% non recurring
Not eligible
Collection accounts, charge-off accounts, judgments, liens, delinquent property taxes, repossessions, garnishments and accounts
currently 90 days or more delinquent are considered Adverse Credit.
Medical accounts will not be required to be paid.
Aggregate totals exceeding the CLTV limits for the loan transaction will be reviewed on a case-by-case basis.
All property, State, and IRS tax liens, regardless of seasoning, are required to be paid whether or not it currently affects title.
No payment plans or subordination allowed.
Federal tax liens older than ten years are not required to be paid unless the title company requires payoff.
All non-medical adverse credit must be paid if it is <24 months seasoned and exceeds cumulative amounts listed below:
o For LTV <=90%, $5,000 may be left open provided it does not affect title
o For LTV >90%, $1,500 may be left open provided it does not affect title
Any current 90-day or more delinquent account must be brought current before or at closing.
Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and are not required to be
paid.
mortgage history
Maximum LTV/CLTV 90%. No cash-out permitted.
Not eligible
Not eligible
Not eligible
Maximum Cash out of $150,000 (cash-in-hand may be the greater of $50,000 or 30% of Loan Amount)
For credit grade C, no cash-in-hand allowed unless derogatory and revolving debt is paid off.
No cash-out permitted for non-permanent resident aliens.
Not eligible
Not eligible
Not eligible
Second/vacation limited to 1 unit only
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Exhibit B-1

Owner Occupied and Second/Vacation
Full, Lite, Fast and Stated Income Documentation, All Property Types
LTV Percentages
<=65 65.01-70
70.01-75
75.01-80
80.01-85
Owner Occupied
Full, Lite, Fast and Stated
85.01-90
Modularized, Panelized, Pre-cut Home

Second/vacation not eligible. Maximum LTV/CLTV 90%
Single Family 3-4 units
Must meet GMAC-RFC Class II or III warranties
Rural property
Reduce LTV/CLTV 15%, Max Loan amount of $500,000 Not eligible
Mixed Use properties
or maximum allowed for credit grade.
Full, Lite & Fast: Max LTV/CLTV 85% (after reduction)
Stated: Max LTV/CLTV 80% (after reduction)
Occupancy
Restricted to 1 unit only. 2-4 units are not eligible.
Second/Vacation
90.01-95
95.01-100
GMAC-RFC 80/20 Loan
Not eligible
Not eligible
Not eligible
Loan Amount Minimum

Properties with a loan amount less than $50,000 have a maximum LTV/CLTV of 60%
Minimum $20,000 loan amount

for 2nd mortgage (or as specified
by State law)
Secondary Financing
10%-20% LTV allowed on
simultaneous 2nd Lien
Stated Income Requirements
Wage Earners
Self-Employed
Rental Income
Interest Only
Transaction Types
Credit Grades
Minimum Credit Score

Occupancy
Property Types
Term
DTI
Minimum of 580 Credit Score; Grades A4, A5, Ax only (1x30 housing history or better)
Purchase mortgage, rate/term refinance mortgage, or cash-out refinance mortgage only.
A4 0x30 reported mortgage Delinquency in past 12 months

A5 0x30 unreported housing and/or <12 months reported mortgage history
Ax 1x30 mortgage/rental history in past 12 months, rolling lates allowed, no more than 30 days down at closing
Full, Fast, Lite: 580
Stated Income: 640
Owner Occupied, Primary Residence only
Single family 1 -2 units attached or detached

PUD
Modular homes, Panelized homes, Pre-cut homes
Condominiums, unlimited stories with Class II or Class III Warranties
Maximum DTI is 45%

45.01% to 50% DTI allowed with 2 months reserves or $1,500 residual income

Not allowed on 2nd liens
For the 40 Year Recast and 40/30 Balloon Features, maximum 50% DTI
Not allowed on Interest Only feature
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Exhibit B-1

Non-Owner Occupied
Full, Lite, Fast, and Stated Income Documentation, All Property Types
LTV Percentages
Credit
DTI
Residual Income
Reserves
Trade Lines
Seller Concessions
Temporary Buy Downs
Adverse Credit
US Citizen
Borrower without 12 months reported
Non-occupant co-borrower
Foreign National
Transaction Types
Purchase Mortgage
Rate/Term Refinance Mortgage
Cash Out Refinance Mortgage
Construction/Permanent Mortgage
Lease with option to Purchase
Property Types
Single Family 1 -2 units
(attached or detached)
PUD
Modularized, Panelized, Pre-cut Home
Single Family 3-4 units
Rural property
Mixed Use properties
<=50
50.01-60
60.01-65
65.01-70
70.01-75
75.01-80
80.01-85
Maximum of 50%; up to 55% allowed with 2 months reserves or $1,500 residual income
Minimum $1,500
None required for Full, Lite or Fast
Stated requires 2 months
Full, Lite & Fast - 3 non-derogatory trades with 1 having 24 month history and 1 active within last 6 months
Stated - 5 non-derogatory trades with 1 having 24 month history and 1 active within last 6 months
Maximum of 3% non-recurring
Not eligible
Collection accounts, charge-off accounts, judgments, liens, delinquent property taxes, repossessions, garnishments and accounts
currently 90 days or more delinquent are considered Adverse Credit.
Medical accounts will not be required to be paid.
Aggregate totals exceeding the CLTV limits for the loan transaction will be reviewed on a case-by-case basis.
All property, State, and IRS tax liens, regardless of seasoning, are required to be paid whether or not it currently affects title.
No payment plans or subordination allowed.
Federal tax liens older than ten years are not required to be paid unless the title company requires payoff.
All non-medical adverse credit must be paid if it is <24 months seasoned and exceeds $1,500(provided it does not affect title).
Any current 90-day or more delinquent account must be brought current before or at closing.
Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and are not required to be
paid
mortgage history
Not eligible
Not eligible
Not eligible
Maximum Cash out of $150,000 (cash-in-hand may be greater of $50,000 or 30% of loan amount)
For credit grade C, no cash-in-hand allowed unless derogatory and revolving debt is paid off
Not eligible
Not eligible
Not eligible
Second/vacation limited to 1 unit only.
Maximum LTV 75%

Must meet GMAC-RFC Class II or III warranties
Not eligible
Not eligible
Not eligible
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Exhibit B-1

Non-Owner Occupied
Full, Lite, Fast, and Stated Income Documentation, All Property Types
LTV Percentages
<=50
50.01-60
60.01-65
65.01-70
70.01-75
75.01-80
80.01-85
Loan Amount Minimum

$50,000; Maximum 60% LTV/CLTV
Secondary Financing
Secondary Financing is not eligible
Stated Income Requirements
Stated Wage Earners
Self-Employed
Interest Only
Not eligible
Not eligible
Not eligible
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Exhibit B-1

Full, Lite, One Paystub & Fast Income Documentation
Occupancy
Primary Residence
Owner Occupied
Second/Vacation
Owner Occupied
Maximum Loan
Amount
Property Type

2
Condominium over 8 stories (Class III only)

2
1,2
1,2
Purchase, Rate/Term
Cash-Out Refinance
LTV
LTV
A1 (720)
A2 (680)
A3 (660)
A1 (720)
$400,000
95%
95%
90%
85%
85%
$500,000
90%
90%
80%
85%
80%
$650,000
80%
80%
80%
80%
80%
70%
75%
70%
75%
70%
$750,000
75%
75%
A2 (700)
$1,000,000
75%
75%
$300,000
90%
90%
85%
70%
70%
$400,000
90%
90%
70%
70%
70%
$650,000
80%
80%
70%
70%
70%
$1,000,000
65%
65%
55%
55%
55%
Reserve requirement: Two months ITI liquid reserves remaining after closing, exclusive of closing costs and cash out received.
1
Loan amounts > $650,000 not allowed for Condominiums.
Minimum credit score 700.
Credit Grade
Credit Score
A1
720+
A2
680-719
A3
660+
Bankruptcy/Foreclosure
0x30 mortgage/rental Delinquency in Full, Lite, One Paystub and Fast: None in past
4 years
past 12 months; and no 60 plus
None reported in past 24 months
mortgage/rental Delinquency in past 24
months
Chapter 7 measured by discharge or dismissal date, Chapter 13 measured by discharge date.

Adverse accounts > 24 months old that do not affect title will not be considered in grade determination and are not required to be paid.
1st Lien LOC Program
07/22/05
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Exhibit B-1

Property Type
Primary Residence
Owner Occupied
Second/Vacation
Owner Occupied

2

2
Purchase, Rate/Term
Cash-Out Refinance
LTV
LTV
Maximum Loan
Amount
A1 (720)
A2 (680)
A3 (660)
A1 (720)
A2 (700)
$400,000
80%
80%
75%
75%
75%
$500,000
80%
75%
70%
75%
70%
$650,000
80%
75%
70%
75%
65%
$750,000
70%
70%
70%
60%
$1,000,000
70%
65%
70%
60%
$300,000
75%
70%
70%
70%
$400,000
75%
65%
70%
70%
$500,000
70%
65%
65%
65%
$650,000
65%
65%
65%
65%
$1,000,000
60%
60%
1,2
1,2
Reserve requirement: Six months ITI liquid reserves remaining after closing, exclusive of closing costs and cash out received unless the Borrower has at least $50,000
equity investment in the subject property.
1
Condominium units located within a building > eight stories must meet Class III Warranties and be located in areas with proven marketability.
Loan amounts greater than $650,000 not allowed for Condominiums.
Minimum credit score 700.
Legal Document Options
Term
GMAC-RFC will accept State specific,

Home Equity 1st Lien Line of Credit
Agreements from:
Middleberg, Riddle and Gianna (MRG)
www.mrgdocs.com
The Compliance Source, Inc. (CS)
www.compliancesource.com
25 year term:
Borrowers qualify by using the interest
33/38% no compensating factors
10 year interest only draw followed by a only payment. Fully indexed + 200 bps + 33/42% with compensating factors
1st Lien LOC Program
15 year repayment period
Qualifying Payment
Qualifying Ratio
taxes + insurance.
Compensating factors must meet the

requirements of the Client Guide.
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Exhibit B-1

This is summary information only. Refer to the Client Guide for complete and definitive underwriting guidelines
Credit
Max Goal Loan Max Goal Line
Max DTI (%)
Occupancy
Doc Type
CLTV (%)
CLTV (%)
Grade/Score
2
A1 720+
A2 680-719
Full, Lite, One
Paystub and Fast
A3 660-679
Primary Residence
1-4 unit (attached
or detached)
PUD
Condominium
unlimited stories
A3 640-659
A3 620-6394
Stated
Income
& No Ratio1
SISA, NINA & No
Doc4
A1, A2 680+
A3 660-679
Full, Lite, One

Paystub and Fast
SISA, NINA & No

Doc
$300,000
555/45
80
80
555/45
552/50
70
100
70
100
$1,000,000
555/50
100
100
$300,000
555/45
506
45
45
506
45
45
506
45
80
100
90
80
100
90
80
100
80
80
100
90
80
100
90
80
100
80
$500,000
55 /45
100
100
$150,000
555/45
45
45
90
100
80
90
90
70
$200,000
$500,000
$100,000
$200,000
$250,000
$300,000 AVM, Drive By, HUD-1 or Full
$100,000
$200,000
$300,000
$100,000
$150,000
80
$150,000
Full Appraisal
N/A
N/A
$100,000
Full Appraisal
$100,000
Full Appraisal
555/45
555/45
555/45
45
45
45
45
100
90
80
100
80
95
80
100
90
80
100
80
95
80
$150,000
$200,000
$250,000
$100,000
$150,000
AVM, Drive By, HUD-1 or Full
$100,000
$150,000
A3 660-679
A3 620-659
555/45
555/45
45
45
95
90
95
80
95
90
N/A
N/A
$100,000
$150,000
$100,000
$100,000
Full Appraisal
A1-A3 660+
A3 620-659
555/45
45
80
80
N/A
N/A
$100,000
$100,000
Full Appraisal
Full Appraisal
555/45
100
100
$125,000
555/45
90
90
$150,000
555/45
80
80
$200,000
555/45
45
45
45
70
95
80
90
70
80
80
80
$100,000
$150,000
$100,000
555/45
45
95
75
80
70
N/A
N/A
N/A
N/A
A3 660-679
A1, A2 680+
A3 620-659
A1-A3 660+
A3 620-659
A1-A3 660+
A3 620-659
GMAC-RFC At-A-Glance, Home Equity Loan Program
555/45
45
Page 1 of 2
$250,000 AVM, Drive By, HUD-1 or Full
$100,000
$100,000
$100,000
$100,000
Full
Full
Full
Full
Reserve requirements: Reserves must be

verified PITI the following applies to Stated and
No Ratio Income:
Primary residence: 3 months
Second/Vacation, and non-owner occupied: 6
months
Residual Income Requirements:

All of the following are required:
Minimum Residual Income:
o $3,000 for Goal Loans
o $4,000 for Goal Lines
Appraisals: AVM, Drive By or Full Appraisal

permitted unless otherwise noted.
Full appraisal required for Loan amounts >
$200,000, condominiums > 8 stories, or
non-warrantable condominiums
AVM's must be a qualified AVM or provided
through a vendor on the Approved Vendors List
(GMAC-RFC Exhibit 16G05)
AVM's not permitted on 3-4 unit property
Stated Value allowed on owner occupied
primary residence at a 680+ Credit Score and
45 DTI to a 100 CLTV with maximum Loan
Amount of $30,000. Must have $1,500 Residual
Income and 12+ months seasoning from Note
date (Full, Lite, One Paystub and Fast Income
Documentation). Single-family 1-2 unit, PUD
(attached or detached) or condominium 1-8
stories (GMAC-RFC Class I, II, III).
Interest Only not eligible for Goal Loan.
Maximum DTI: DTI 45.01%-55.00% allowed if

following requirements are met:
GMAC-RFC must purchase both the first and
second mortgage
Minimum credit score is 680+
Minimum residual income:
o $3,000 for Goal Loans
o $4,000 for Goal Lines
$150,000
$200,000
90
A3 620-659
Footnotes
The minimum Goal Loan/Line amount is $10,000.

Lines of credit must be originated in $100
increments.
95
80
A3 660-679
SISA, NINA & No

Doc
$100,000
100
45
Full, Lite, One

Paystub and Fast
Stated Income
& No Ratio1
100
100
555/45
45
A1, A2 680+
Non-Owner
Occupied4
1-4 unit (attached
or detached)
PUD
Condominium
unlimited stories
100
555/50
A1-A3 660+
A3 620-659
Stated
Income &
No Ratio1
55 /50
Appraisal Requirement
A3 620-6594
A1, A2 680+
Second/Vacation
Home4
1 unit (attached or
detached)
PUD
Condominium
unlimited stories
Max Loan
Amount
If requirements are not met, DTI maximum is

the lowest DTI listed.
6
Minimum $3,000 Residual Income for Credit
Scores <680 and DTI's > 45%
Appraisal
Appraisal
Appraisal
Appraisal
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Exhibit B-1

Legal Document Options, Goal Loans and Goal Lines
Credit Grade Summary

Credit Grade1
Credit Score
Bankruptcy
Foreclosure
A1
A2
A3
720+
680-719
620-679
All Loan documents (Notes, Security Instruments, Truth-in-lending disclosures, and HUD-1A
settlement statements, Home Equity Line of Credit Notes) must comply with federal, State, and local
laws and must be otherwise acceptable to GMAC-RFC.
0x30 in past 12 months; 0x60 in past 24 months

None reported in past 24 months1
Minimum Loan/Line amount is $10,000.

Note: Simultaneous first and second mortgage transactions must follow the most restrictive grading
policy of the two Loan Programs.
1
Adverse accounts over 24 months that do not affect title will not be considered in grade
determination and are not required to be paid.
GMAC-RFC will accept State specific Home Equity Notes and Home Equity Line of Credit Notes from:
Middleberg, Riddle and Gianna (MRG), www.mrgdocs.com
The Compliance Source, Inc. (CS) www.compliancesource.com
Bankers Systems, Inc. (BSI), www.bankerssystems.com
For more information on legal document options, refer to Home Equity Legal Doc Options (GMAC-RFC
Exhibit 1915).
Allowable First Mortgage Types

Stated Value
Single family, 1-2 unit (attached or detached)

Condominium 1-8 stories (GMAC-RFC Class I,II,III) 1
Occupancy
Primary residence,
Owner Occupied
Doc Type
Full, Lite, One

Paystub and Fast
Credit
Grade
Maximum
Loan/Line
Amount
CLTV
DTI
A1, A2
(680+)
$30,000
100%
45%
Conventional Loan
Program maximums
VA or FHA Loan
Program maximums
Balloon with or without reset or refinance option
Program maximums
Interest Only
Program maximums
Payment Option Loan1,2
Max CLTV 90%
Yield and margin information as stated on current rate sheet. Not available in following states: KS,
NY, TX, VA, WV
2
GMAC-RFC must purchase both the first and second mortgage.
Requires Value as stated by the Borrower on the application

Requires seasoning 12+ months from the Note date on current first mortgage
Requires minimum Residual Income of $1,500
Minimum Loan Amount $10,000
Full appraisal required for non-warrantable condominiums
Term Options
Goal Loan
5 year
10 year
15 year
30/15 balloon
25 year term, 5 year Interest Only/20
year repay
Goal Line (Draw and Repay)1
15
25
15
20
25
30
year
year
year
year
year
year
(5 draw/10 repay)
(15 draw/10 repay)
I/O balloon
(10 I/O draw/10 repay)
Qualifying Goal Line Payment: Interest Only (prime plus margin) based on full line amount.
GMAC-RFC At-A-Glance, Home Equity Loan Program
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Exhibit B-1
125 CLTV Loan Program At-A-Glance

Credit Grade
Credit Score
700+
680-699
660-679
640-659
$75,000
$60,000
$50,000
$35,000
Maximum Loan Amount1,3,4,5

Credit History
Cash Out
2 years (minimum 4 lines)

$30,000
$20,000
Maximum Loan amount $50,000, maximum cash out $10,000, maximum DTI 45%,
minimum Residual Income $2,000 for grades 1 and 2, $2,500 for grade 3.
Foreclosure History3
(Deed in Lieu)
7 years discharged
<$50,000 45%DTI
Property / Occupancy
< 45% w/Residual Income >$1,500 month

45.01-50% w/Residual Income >$2,000 month
1-4 units4, condominiums 8 stories5, owner occupied
None
< 50% w/Residual Income >

$2,500 month
< 45% w/Residual Income >

$3,000 month
1-2 units, condominiums 8 stories5, 1-2 units, condominiums 8 stories5,

owner occupied, SFR
owner occupied, SRF
125% all property types

< $35,000 Stated Value, AVM or appraisal per guidelines
Qualifying Prepayment Penalty 6

Major Adverse Credit 7
None
Waged 2 years
3 years self-employed
CLTV Ratio
Property Valuation4
None
7 years
<$50,000 45%DTI
Employment
Debt Ratios3
NA
0x30 (12 months)

0x60 (24 months)
Mortgage Credit History2

Bankruptcy Filing3
$10,000
< $25,000 Stated Value, AVM or

appraisal per guidelines
< $15,000 Stated Value, AVM or

appraisal per guidelines
3 Year
No adverse credit reported within the last 24 months
Minimum Loan Amount $10,000.

If current Loan has less than 1 year of history, the most recent 12 months housing payment history must be documented.
3 If a bankruptcy or foreclosure has ever occurred, the maximum Loan is $50,000 and the maximum DTI is 45%. See current rate sheet for applicable adjustments.
4 Three to four units the maximum Loan amount is $35,000 and requires an appraisal. See current rate sheet for applicable adjustments.
5 Condominiums 1 to 8 stories; maximum Loan amount $50,000. See current rate sheet for applicable adjustments.
6 Prepayment penalties are acceptable as allowed by applicable State law. Follow individual State guidelines regarding prepayment penalties.
7Adverse accounts over 24 months old that do not affect title will not be considered in grade determination and are not required to be paid.
2
125 Loan Program
11/21/05
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Exhibit B-1
125 CLTV Loan Program At-A-Glance

General Program Parameters
Loan Amount
Maximum $75,000 including all costs
Debt Ratio
Maximum 50% Total Debt Ratio
Use of Funds
Home Improvement
Debt Consolidation
Asset Acquisitions excluding real estate, business use
and privately held Loans
Rates
See Current Rate Sheet. Rates subject to change
without notice
Terms
5, 10, 15, 20 and 25 year available
Equity
None required
Eligible Property Types

Single family, one unit (detached or attached)
Unit within a condominium up to eight stories (must
meet GMAC-RFC Class I, II, or II warranties)
Unit within a PUD
Two to four unit property
Modular pre-cut/panelized housing
Occupancy
Owner occupied only
No non-occupant co-Borrowers
Lien Position
First or second lien
Maximum Cash Out

Maximum $30,000
Documentation
Credit Report
In-file credit report must be obtained evidencing a
score based on the middle of three or the lower of two
Verification of Housing Payment History
12 months history verified by credit report
VOM
Canceled Checks
VOR
Verification of Employment
Two current pay stubs showing year-to-date income
Previous two years W2
At least two full years employment must be
documented
Self Employed (Anyone owning 25% or more of a

business)
Two years complete tax returns
Year-to-date profit and loss
Form 9501 required for California
Form 4506 or 4506-T required in all other States
Automated Value Model (AVM)
Maximum property Value $500,000
Minimum confidence factor 40%
Vendor must be GMAC-RFC approved vendor, see
GMAC-RFC Form 16G05
Multi-unit properties are ineligible
Legal/Compliance
Standard second lien documents
All applicable Federal and State disclosures
Prepayment penalties allowed
Funds Disbursement
Checks for debt consolidation or asset purchase must
be made payable directly to the creditor/vendor or
jointly to both the Borrower and the creditor/vendor
Home Improvement (Refer to Guide)
Income Ratio
Rental Income
Signed Rental/Lease Agreement based on 75% of
actual rents, or
Two years of form 1040 Schedule E required, with IRS
4506 or 4506-T signed by all taxpayers
Minimum three months PITI cash reserves required for
each property up to five properties
Total Monthly Debt Ratio

Principal and interest payments on the Loan
Principal and interest payment on the first mortgage
Hazard and flood insurance premiums
Real estate taxes
Mortgage insurance premiums
Leasehold payments (if applicable)
125 Loan Program
Homeowners association dues (if applicable)

Payments on all installment debts and leases with 11 or
more payments remaining (paying down to fewer than
11 months to qualify is not allowed). Auto leases must
be included in debt ratio, regardless of number of
months remaining.
Real estate rental losses from all non-owner occupied
properties owned by the Borrower.
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GMAC-RFC
Exhibit B-1
Page 8.1
03/13/06
Client Guide
Servicing Released
8
Servicing Released
800
Servicing Released
GMAC-RFCs Servicing Released program provides an outlet for the purchase of servicing
investment-quality Loans that meet GMAC-RFCs program requirements. Servicing Rights
can be sold to GMAC-RFC on a Loan-by-Loan basis either when the Loan is purchased
(Simultaneous Sale of Servicing) or any time after purchase (Post Purchase Sale of
Servicing).
In addition, Servicing Rights can be sold to GMAC-RFC on a negotiated bulk basis as outlined
in the Bulk Servicing Acquisitions Section of this Client Guide.
For information on Home Equity Servicing Transfers, see Chapter 6G, 1st Lien Line of Credit
and Chapter 6H, Home Equity Programs.
801
Program Overview
For all Simultaneous Sales of Servicing, GMAC-RFC will review and purchase the Servicing
Package simultaneously with the Loan package. The Sale Date, therefore, will be the
Loans Funding Date.
Under the Simultaneous Sale of Servicing option, GMAC-RFC will purchase servicing released
Loans on a projected Schedule of Principal Balance. The Effective Date of Transfer will be
the first day of the second month following the Sale Date. The Client will collect any
payment(s) due from the Borrower the first month following the Sale Date. Beginning with
the second month, the Designated Servicer will collect all payments due from the
Borrower. It is the Clients responsibility to continue servicing a Loan and collecting any
payment(s) due up to the Effective Date of Transfer.
In addition, GMAC-RFC offers an Early Scheduled Transfer option. Under this option,
GMAC-RFC will purchase servicing released Loans on a Scheduled Principal Balance. The
Effective Date of Transfer will be the first of the month following the Sale Date. The individual
Product Descriptions requirements will determine the availability of the Early Purchase of
Servicing option. Please see Chapter 6, Loan Programs, for specific requirements.
For all Post Purchase Sales of Servicing, GMAC-RFC will transfer servicing on a Scheduled
Principal Balance. All payments due from the Borrower beginning with the first day of the
month following the Sale Date are to be paid to the Designated Servicer.
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Exhibit B-1
8 GMAC-RFC
Page 8.2
03/13/06
Client Guide
Servicing Released
802
Designated Servicer
GMAC-RFC will designate a Servicer to conduct its servicing released program. The
Designated Servicer is determined by the Loan Program under which the Loan is
submitted. The Designated Servicer Directory (GMAC-RFC Exhibit 1800, Exhibit 1801 or
Exhibit 1805) lists the Designated Servicer information, including address, telephone and
endorsement information.
GMAC-RFC retains the right to designate such Servicer and may change any Servicer at any
time. GMAC-RFC will, however, provide notice of the change to the Client.
803
Contractual Obligations
This Servicing Released Chapter outlines the terms by which the Client may sell Servicing
Rights to GMAC-RFC. When participating in this program, a Client is required to comply with
all provisions of this Client Guide, including, but not limited to, Chapter 2A,
Representations, Warranties and Covenants, and the Remedies Sections of this Client Guide.
The Client enters into a Client contract and is required to have the ability to service Loans in
accordance with this Client Guide.
804
Program Eligibility
In addition to meeting all of the eligibility requirements of a GMAC-RFC Approved Client, this
programs participants must comply with additional representations, warranties,
requirements and procedures as specified in this Servicing Released Chapter.
805
(A) General
In addition to the grounds for disqualification, suspension or inactivation as described in this
Client Guide, a Client will be disqualified, suspended or inactivated for any additional reason
listed below. GMAC-RFC will determine the length of any disqualification, suspension or
inactivation, which will be indefinite, and will prescribe the terms and conditions for
reinstatement.
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Exhibit B-1
GMAC-RFC
Page 8.3
03/13/06
Client Guide
Servicing Released
(B) Grounds for Disqualification, Suspension or Inactivation

GMAC-RFC will disqualify, suspend or inactivate a Client from selling servicing for any of the
following reasons:
The Client fails to deliver any Servicing Documents required by GMAC-RFC
The Client misstates any material fact on any document submitted to GMAC-RFC
The Client fails to assign its Servicing Rights in the manner specified in this Servicing
Released Chapter or attempts to assign Servicing Rights to a party other than GMACRFC without prior written consent
806
Restrictions on Loan Eligibility
GMAC-RFC may purchase Servicing Packages for Loans not conforming to these guidelines
on a negotiated basis. Contact a GMAC-RFC regional marketing office for further information.
Effective with Sale Date, GMAC-RFC will not purchase servicing if the servicing does not
conform to Program guidelines or if any of the following conditions exist:
The Loan is in the process of a payoff (i.e., the Servicer has not issued a payoff
statement to the Borrower)
The Loan is in the process of an assumption
The Loan is subject to any lien, security interest or other encumbrance
The Loan is in bankruptcy (i.e., the Borrower is not the debtor in a pending
bankruptcy)
30 or more days delinquent
Servicing for ARM Loans if payment change occurs within 90 days of the Sale Date
807
Record Maintenance
The Client must maintain complete records of all Loans that GMAC-RFC has purchased for
servicing. These records must be kept in compliance with applicable laws and regulations.
These records must include all documentation relating to the origination, sale and servicing
of the Loan, which occurred up to the Effective Date of Transfer.
808
Final Documents
The Client must forward all Final Documents to GMAC-RFC on Loans sold servicing
released. Those documents pertaining to an individual Loan must comply with the
Submission of Final Documents Section of Chapter 9E.
809
Disclosure of Information; Cooperation
The Client agrees to provide any information to GMAC-RFC or the Designated Servicer, as
requested, which may be deemed necessary to service the Loan properly. The Client also
agrees to cooperate to accomplish the sale and transfer of servicing outlined by this Servicing
Released Chapter.
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Exhibit B-1
8 GMAC-RFC
Page 8.4
03/13/06
Client Guide
Servicing Released
810
Client Representations and Warranties; Events of Servicer Default Prior to Transfer
GMAC-RFC relies upon the accuracy and truth of the Clients warranties and representations
and upon its compliance with the agreements, requirements, terms and conditions set forth
in this Client Guide.
The Client remains responsible to GMAC-RFC, with respect to any Loan, for any and all
events of Servicer default that occurred up to and including the Effective Date of
Transfer.
The Client cannot pledge any of its rights to service Loans sold to GMAC-RFC, pursuant to the
Sale or Transfer of Servicing Section, and GMAC-RFC may require a search of the appropriate
Uniform Commercial Code records. This search will be at the Clients expense in connection
with sale of servicing transactions. If liens on such Servicing Rights are on record, they
must be released.
811
Specific Warranties and Covenants
In addition to the covenants, representations and warranties specified in the Client contract
and this Client Guide, the Client ensures the following:
The covenants, representations and warranties listed below are made as of each Sale Date
and Effective Date of Transfer, unless the specific representation or warranty states
differently. Making them does not release the Client from its obligations with respect to the
representations, warranties and covenants listed in other Sections of this Client Guide.
(A) Eligible Servicing Packages
The Client ensures that each of the Servicing Packages delivered and sold to GMAC-RFC
meets the terms and criteria set forth in this Servicing Released Chapter.
(B) Non-Solicitation
With respect to any Loan, the Servicing Rights of which are sold to GMAC-RFC, Client
ensures the Client has not solicited, sold the customer list, or provided information to
another party for the purpose of solicitation. The Client also agrees not to solicit, sell the
customer list or provide information to another party for the purpose of soliciting any
financial services or products including the refinance of any servicing released Loan or
modification of Loans, second mortgages, equity Loans or insurance products. Solicit is
defined as a direct offer or request for refinance or financial service products on such
servicing released Loan. This definition does not include general solicitations, advertisements
or promotions directed to the general public at large.
(C) Documents
The Client ensures that all documents required under this Servicing Released Chapter have
been completed, executed and delivered in the form and manner specified. In addition, the
Client must submit all required documents, materials and other information to GMAC-RFC in
a complete, accurate and timely fashion.
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Exhibit B-1
GMAC-RFC
Page 8.5
03/13/06
Client Guide
Servicing Released
(D) Flood Certification

The Client ensures that any Loan, the Servicing Rights of which are sold to GMAC-RFC, has
been issued a flood zone determination certificate. The certificate must indicate whether the
dwelling on the subject property lies within a special flood hazard area (SFHA) as identified
by the Federal Emergency Management Agency (FEMA) through the National Flood Insurance
Program (NFIP). The flood zone, flood map number and map date must also be stated.
(E) Life-of-Loan Contract for Continual Flood Zone Determination
In addition to the flood zone determination certificate referenced above, the Client must
obtain a transferable life-of-loan flood zone determination contract from an approved Fannie
Mae or Freddie Mac vendor. This insures that the flood zone determination is effective
throughout the life of the Loan. In the event the Client does not provide a valid transferable
life-of-loan flood zone determination contract, GMAC-RFC will order such a contract. GMACRFC will charge the Client all costs associated with securing the contract. If the Client sets up
the life-of-loan contract, the Client is responsible to notify all flood zone determination
carriers of the change in Servicer prior to the Effective Date of Transfer. All notices must be
prepared as specified in the Designated Servicer Directory (GMAC-RFC Exhibit 1800,
Exhibit 1801 or Exhibit 1805).
(F) Initial Escrow Account Disclosure Statement
The Client agrees that for any Loan, the Servicing Rights of which are sold to GMAC-RFC,
the Loan has been closed in accordance with the HUD Final Escrow Rule using the aggregate
escrow analysis method. The Client will complete and deliver an initial escrow account
disclosure statement that matches the HUD-1 transaction.
(G) Notification
The Client will promptly notify GMAC-RFC of any changes that may affect the Loan's
servicing. In addition, the Client will promptly forward any pertinent documentation to
GMAC-RFC or the Designated Servicer, if requested. Any materials forwarded must
accurately reference the GMAC-RFC Loan number.
(H) Notification of Junior Lienholder
The Client agrees to immediately notify GMAC-RFC and its Designated Servicer of any junior
lienholder (the name and address) to any Loan, the Servicing Rights of which are sold to
GMAC-RFC. If State statute requires the junior lienholder to pay a fee to the senior
lienholder, and when the Client receives such payment, the Client will forward the fee
immediately to GMAC-RFCs Designated Servicer. The Client must see the Designated
Servicer Directory (GMAC-RFC Exhibit 1800) when preparing this notification.
(I) Insurance Policies; Change of Servicer
The Client agrees that it will notify all insurance carriers of the change in Servicer prior to
the Effective Date of Transfer, and that all insurance policies required to be endorsed are
endorsed as the Designated Servicer Directory (GMAC-RFC Exhibit 1800, Exhibit 1801 or
Exhibit 1805) specifies. This includes, but is not limited to, hazard, flood, mortgage,
earthquake, windstorm, condominium and PUD insurance carriers.
(J) Payment of Insurance
The Client must pay all insurance premiums for Loans with escrow accounts that will become
due within 30 days after the Effective Date of Transfer. This includes, but is not limited to,
hazard, flood, mortgage, earthquake, windstorm, condominium and PUD insurance.
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Exhibit B-1
8 GMAC-RFC
Page 8.6
03/13/06
Client Guide
Servicing Released
(K) Tax Service Contracts; Change of Servicer

For any Simultaneous Sale of Servicing, GMAC-RFC will set up a tax service contract. The
Client agrees to pay for all costs associated with securing the new contract. The tax service
fee is $60.00 for each Loan with an additional charge of $10.00 added to the base fee for
every $100,000 or portion thereof that is more than $499,999.
For any Post Purchase Sale of Servicing, the Client must perform either of the following:
Obtain a transferable tax contract with an acceptable tax service
Notify GMAC-RFC to set up a tax contract
The Client agrees to pay for all costs associated with securing a new tax contract. To transfer
the contract to GMAC-RFC, the Client must write the First American tax contract number on
the tax set up sheet and include the tax set up sheet in the Loan file that is delivered to
GMAC-RFC. The Client must notify all tax contract carriers of the change in Servicer prior to
the Effective Date of Transfer. The Client must also prepare all notices as specified in the
Designated Servicer Directory (GMAC-RFC Exhibit 1800, Exhibit 1801 or Exhibit
1805).
(L) Payment of Taxes; Assessments
The Client must pay property taxes for Loans with escrow accounts that are due or will
become due within 30 days of the Effective Date of Transfer or will become delinquent
within 30 days after the Effective Date of Transfer. If applicable, the Client must comply with
State regulations governing tax payments within a designated discount period.
The Client assumes full responsibility for all penalty payments that result from incomplete or
incorrect information or from late or non-payment of any real estate taxes and assessments
that are due within 30 days after the Effective Date of Servicing Transfer.
The Client must provide a tax information sheet for properties with unique tax information.
Examples include:
California - Irrigation districts
Hawaii - Ground rents
Maryland - Ground rents and front footage
Nevada - Improvement districts
Pennsylvania - Nuisance taxes
Texas - Community improvement associates, maintenance funds, civic associates and
Flat Rate irrigation district agencies.
(M)Delinquency, PayOff/Liquidation
The Client represents and warrants that there are no amounts due on the Loan, including,
but not limited to unpaid installments. In addition, the Client ensures there is no pending
payoff or liquidation relating to any servicing being sold to GMAC-RFC.
(N) Compliance with Others
When any person or entity other than the Client performs services for the Client (i.e.,
services they must perform under this Servicing Released Chapter), the Client agrees that
such person or entity has complied and will comply with all requirements of this Client Guide.
Also, the Clients quality control and internal audit procedures must include a sample review
of such services.
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Exhibit B-1
Page 8.7
03/13/06
Client Guide
Servicing Released
(O) Compliance with Local, State and Federal Statutes and Regulations
With respect to any Servicing Rights submitted for purchase under this program, the Client
must comply with all local, State and federal statutes and regulations governing the transfer
of servicing. This includes, but is not limited to, compliance with such statutes and
regulations governing the notification to the Borrower of the change in Servicer.
(P) Compliance with Servicing Warranties
The Client agrees that each Loan sold to GMAC-RFC on a servicing released basis has been
serviced in accordance with the GMAC-RFC Client contract and the Servicer Guide.
(Q) Scheduled Remittances and Reporting
The Client agrees that all remittances and reporting to GMAC-RFC have been completed as
scheduled. For Post Purchase Sales of Servicing, this includes remittances and reports that
the Client is responsible for in conjunction with the accounting cutoff as of the last day of the
month prior to the Sale Date. The Designated Servicer will perform any and all
remittances and reporting for the accounting cutoff as of the last day of the month in which
the Sale Date occurred.
(R) IRS Reporting
The Client agrees to comply with IRS reporting requirements for points and interest paid by
the Borrower, interest on escrow(s) paid by Client, tax disbursements and special
assessments as of the Effective Date of the Servicing Transfer.
(S) Other Actions
The Client agrees that all other actions required by this Servicing Released Chapter have
been taken.
(T) Compliance with MERS Rules and Regulations
With respect to any Servicing Rights submitted for purchase under this Client Guide in
which the Loan has been registered with MERS or the Security Instrument has been
recorded or assigned to MERS, the Client must comply with all rules and regulations of MERS
governing the transfer of servicing including among other things, confirming to GMAC-RFC
the registration with or assignment to MERS.
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Exhibit B-1
8 GMAC-RFC
Page 8.8
03/13/06
Client Guide
Servicing Released
812
Notification of Change in Servicer
When servicing is purchased by GMAC-RFC, it is the Clients responsibility to prepare and
deliver notification of the change of Servicer to the parties outlined below or to MERS if
Client is a member of MERS. The Client must also notify any third-party sub-servicers of the
change of Servicer. The timely and prompt release of servicing is the responsibility of the
Client.
All notifications must be in compliance with all local, State and federal statutes and
regulations governing the transfer of servicing.
The Client must use the information in the Designated Servicer Directory (GMAC-RFC
Exhibit 1800, Exhibit 1801 or Exhibit 1805) when preparing the notifications.
Notifications must be prepared on the Clients letterhead and mailed by the Client within the
timeframes required by laws governing the transfer of servicing.
(A) Borrower Notification by Client
The Client must prepare and deliver a good-bye letter to the Borrower. The Client must
ensure that the letter complies with all applicable local, State and federal statutes and
regulations governing the transfer of servicing.
(B) Borrower Notification by Designated Servicer and Coupon Books
The Designated Servicer will forward a welcome letter and a monthly account statement or
coupon book to the Borrower.
(C) Insurance Carrier Notification
The Client must prepare and deliver notifications to any insurance carriers, including but not
limited to hazard, mortgage, flood, earthquake, condominium and PUD. The notification must
also request endorsements, if applicable, in accordance with the Designated Servicer
Directory (GMAC-RFC Exhibit 1800, Exhibit 1801 or Exhibit 1805).
(D) Credit Life/Disability Insurance
Monthly escrow for the credit life and/or disability insurance coverage must be canceled as of
the Effective Transfer Date. The Client must notify the Borrower that the premiums with
respect to any such policies will no longer be collected with the monthly payment and that
the Borrower will be required to pay the premiums directly.
(E) Tax Service Notification
For Post Purchase Sales of Servicing, if the Client has a transferable tax contract in place with
an acceptable company, the Client must prepare and deliver a transfer notification to this
company.
(F) Flood Zone Determination Notification
For Post Purchase Sales of Servicing, if the Client has a life-of-loan transferable flood zone
determination contract in place with an acceptable company, as described in the Servicing
Released Approved Flood Zone Determination Company (GMAC-RFC Form 1802), the Client
must prepare and deliver to the company a transfer notification.
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Exhibit B-1
GMAC-RFC
Page 8.9
03/13/06
Client Guide
Servicing Released
813
Escrow Account for Postponed Improvements/Repairs
If an escrow account for postponed improvements/repairs has been established at Loan
closing, the Client must monitor the account until the repairs or improvements are done. For
GMAC-RFCs policy on this matter, see the Escrow for Postponed Improvements Section
in Chapter 3C, Financing, of this Client Guide.
The Client must send a final certification to GMAC-RFC, verifying that the repairs or
improvements have been completed. In addition, the Client must advise the Borrower to
contact the Client, not the Designated Servicer, on any matter related to escrows for
postponed improvements/repairs.
814
Interest on Escrows
For Loans with an escrow account where the Client must pay interest to the Borrower, the
Client must calculate the interest in compliance with State requirements through the
Effective Date of Transfer.
815
Termination of Automatic Payment
As of the Effective Date of Servicing Transfer, the Client must terminate any automatic
payment arrangements established to make the Borrowers payment(s).
816
Purchase of Servicing
The following Sections describe the procedure for delivery of the Servicing Package and
required Servicing Documents, purchase of the servicing and the reconciliation of monies
between the Client and GMAC-RFC.
817
Servicing Released Submission of Purchase
Prior to submitting a Servicing Package to GMAC-RFC for purchase, the Client must
complete all documents accurately and send them to:
GMAC-RFC
Suite 100
Attention: Loan Processing & Delivery
MC-03-SDG-MR
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Exhibit B-1
8 GMAC-RFC
Page 8.10
03/13/06
Client Guide
Servicing Released
818
Required Servicing Documents
(A) Servicing Package
For funding, Servicing Packages must include the following documents:
Current hazard insurance policy or binder
Flood certification
Flood insurance policy or binder, if applicable
Life-of-Loan flood zone determination contract (unless GMAC-RFC sets up the
contract).
HUD-1
Initial Escrow Account Disclosure Statement, if applicable
Tax information sheet, if applicable
Mortgage insurance certificate, if applicable
Temporary Buydown agreement, if applicable
Notice of ARM adjustments, if applicable
(B) Credit Documents
The Client must forward the original Credit Documents to GMAC-RFC as part of the Loan
Delivery package. The Client must maintain a copy of its Credit Documents.
See Chapter 9, Commitment, Prior Approval, Delivery and Funding, for specific required
documents.
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GMAC-RFC
Exhibit B-1
Page 8.11
03/13/06
Client Guide
Servicing Released
819
Sale Date and Effective Date of Transfer
(A) Sale of ServicingScheduled Transfer
GMAC-RFC will purchase servicing on a projected Scheduled Principal Balance. Any
payment(s) due from the Borrower the first month following the Sale Date are due to the
Client. All payments due from the Borrower beginning with the second month following the
Sale Date (Effective Date of Transfer) are due to the Designated Servicer within five
Business Days of servicing transfer.
(B) Sale of ServicingEarly Scheduled Transfer
GMAC-RFC will purchase servicing on a Scheduled Principal Balance. All payments due from
the Borrower beginning with the first day of the month following the Sale Date (Effective
Date of Transfer) are due to the Designated Servicer within five Business Days of servicing
transfer.
(C) Sale of ServicingActual Balance Transfer
GMAC-RFC will purchase servicing on an actual principal balance. The Effective Date of
Transfer will be 15 days after the Sale Date or such longer time as GMAC-RFC Determines in
its sole discretion. All payments due from the Borrower as of the Sale Date are due to the
Designated Servicer. Any payment(s) received from the Borrower between the Sale Date and
the Effective Date of Transfer are due to the Designated Servicer within five Business
Days of servicing transfer.
(D) Other Servicing Transfers
Timing of transfer and other terms are at GMAC-RFCs sole discretion.
(E) Remove Loan from GMAC-RFC Portfolio
The Client must remove the Loan from the portfolio it services for GMAC-RFC prior to the
Effective Date of Transfer, to ensure that the Client does not report any future payments to
GMAC-RFC.
(F) Transfer of Servicing ResponsibilityScheduled and Early Scheduled
The Client must continue servicing the Loan and must collect any scheduled payment(s) due
from the Borrower up to the Effective Date of Transfer. If the Client does not receive any such
scheduled payment(s) when due, the Client must immediately notify the Designated
Servicer. See the Designated Servicer Directory (GMAC-RFC Exhibit 1800, Exhibit 1801
or Exhibit 1805).
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Exhibit B-1
8 GMAC-RFC
Page 8.12
03/13/06
Client Guide
Servicing Released
820
Reconciliation by GMAC-RFC
Upon approval of a servicing purchase, GMAC-RFC will reconcile the financial information on
the Loan (including the interest paid-to-date, principal balance, escrow balance and
Temporary Buydown balance) to ensure it is current and correct as of the Sale Date.
(A) Sale of ServicingScheduled Transfer
The servicing will be transferred to the Designated Servicer at the projected scheduled
interest paid-to-date and the Scheduled Principal Balance as of the second month
following the Sale Date.
GMAC-RFC will subtract from the Funding Amount:
(1) Escrow balance as stated on HUD-1/Settlement Statement or Loan history PLUS any
scheduled escrow payments due the Client from the Borrower prior to the Effective
Date of Transfer MINUS any funds withheld for the Client to pay taxes or insurance
(2) Temporary Buydown balance as stated on HUD-1/Settlement Statement or Loan
history minus any scheduled payments to draw from the Temporary Buydown
account prior to the Effective Date of Transfer
(3) Tax service contract fee
(4) Flood zone determination contract fee (if life-of-loan flood zone determination
contract not provided)
(B) Sale of ServicingEarly Scheduled Transfer
The servicing will be transferred to the Designated Servicer at the scheduled interest paidto-date and the Scheduled Principal Balance as of the first month following the Sale
Date.
GMAC-RFC will subtract from the Funding Amount:
contract is not provided)
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Exhibit B-1
GMAC-RFC
Page 8.13
03/13/06
Client Guide
Servicing Released
(C) Post Purchase Sale of Servicing

The servicing will be transferred to the Designated Servicer at the scheduled interest paidto-date and the Scheduled Principal Balance as of the first month following the Sale
Date.
All adjustments necessary to reconcile any difference between the actual and Scheduled
Principal Balance, escrow balance and Temporary Buydown balance will be accounted for
in the reconciliation process. GMAC-RFC will subtract from the Funding Amount:
contract is not provided)
(5) Any prepayments received by the Client prior to the Sale Date
(D) Tax Service Contract
For any Simultaneous Sale of Servicing, GMAC-RFC will set up a tax service contract fee of
$60.00 for each Loan with an additional charge of $10.00 added to the base fee for every
$100,000 or portion thereof that is more than $499,999. GMAC-RFC will deduct this cost
from the Funding Amount paid to the Client.
For any Post Purchase Sale of Servicing, GMAC-RFC will deduct this cost from the
payment of the Servicing Released Premium (SRP) to the Client.
(E) Life-of-Loan Contract for Flood Zone Determination
The Client must either obtain a transferable life-of-loan flood zone determination contract
from an approved Fannie Mae or Freddie Mac vendor, or notify GMAC-RFC to set up a flood
contract. GMAC-RFC will deduct this cost from the Funding Amount paid to the Client in
accordance with the Servicing Released Approved Flood Zone Determination Company and
Fee Schedule (GMAC-RFC Form 1802).
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Exhibit B-1
8 GMAC-RFC
Page 8.14
03/13/06
Client Guide
Servicing Released
821
Notification of Purchase
(A) Simultaneous Sale of Servicing
If the purchase of servicing is approved, GMAC-RFC will send the Client a Purchase Advice
Exhibit (GMAC-RFC Exhibit 1803). This exhibit will outline the cash transactions relating to
the purchase of the Loan and servicing.
(B) Post Purchase Sale of Servicing
If the purchase of the servicing is approved, GMAC-RFC will send the Client a Statement of
Servicing Sold First Mortgage (GMAC-RFC Exhibit 1804) on the first Business Day of the
month after the Sale Date.
822
Monies Paid for Servicing Released
(A) Simultaneous Sale of Servicing
On the Sale Date, GMAC-RFC will wire transfer all funds due the Client to its designated
depository institution. These funds will be plus or minus Loan feature adjustments as well as
adjustments resulting from the reconciliation process described above.
(B) Post Purchase Sale of Servicing
All funds due the Client (plus or minus adjustments) will be sent via Automated Clearing
House (ACH) on the first Business Day of the month following the Sale Date. These funds
will be sent to the Clients designated depository institution. If the designated institution
cannot accept ACH transactions, GMAC-RFC will send a check.
The one time Servicing Released Premium (SRP) paid for Post Purchase Sales of
Servicing is based on the Scheduled Principal Balance as of the month preceding the
Effective Date of Transfer multiplied by the applicable Servicing Released Premium
percentage.
If the Client owes GMAC-RFC any amount for reconciliation adjustments, the Client must
remit that amount within five Business Days. If the remittance is not received, GMAC-RFC
will subtract the funds against future Servicing Released Premiums paid to the Client.
(C) Lender Paid Mortgage Insurance
GMAC-RFC will purchase servicing with lender paid mortgage insurance. If the annual
renewal plan is selected, the Client must increase the amount of Servicing Fee over the
minimum servicing required by GMAC-RFC. GMAC-RFC will not pay the portion of the
Servicing Fee associated with this renewal premium. For more information, consult the
Lender Paid Mortgage Insurance Section in Chapter 3F, Insurance and Survey
Requirements.
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Exhibit B-1
Page 8.15
03/13/06
Client Guide
Servicing Released
823
Monies Due Client
(A) Principal and Interest
The Client may receive any scheduled principal and/or interest due from the Borrower prior
to the Effective Date of Transfer. The Client must attempt to collect all such payment(s)
from the Borrower up to the Effective Date of Servicing Transfer.
If the Client did not receive the scheduled principal and interest due from the Borrower, the
Client must first attempt to collect the funds from the Borrower. If the Borrower sent
payment to the Designated Servicer, the Client must send a request for reimbursement to
the Designated Servicer. Include supporting documentation such as Loan history, collection
history or cancelled checks.
The Designated Servicers and/or GMAC-RFC may deny the Clients request for
reimbursement if it is received six months after the Effective Date of Servicing Transfer. The
Client waives any right to payment for any demand made after that date.
(B) Principal Curtailment
If the Client receives a principal curtailment from the Borrower prior to the Effective Date of
Servicing Transfer, and the principal curtailment is not reflected in the Funding Amount,
the Client must forward all such payment(s) to the Designated Servicer as stated in this
Servicing Released Chapter.
(C) Escrow
If the Client is entitled to receive reimbursement for an escrowed item disbursed after the
Sale Date, the Client must send a request for reimbursement letter to the Designated
Servicer. Include supporting documentation, such as a Loan history and canceled check(s).
The Designated Servicer and/or GMAC-RFC may deny the Clients requests for
reimbursement if it is received three months after the Sale Date. The Client waives any right
to payment for any demand made after that date.
(D) Uncollected Funds
If a Borrowers check for a scheduled payment is not honored due to non-sufficient funds, the
Client must attempt to collect the amount due. If the Client determines the amount is
uncollectible, the Client must notify the Designated Servicer immediately.
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Exhibit B-1
8 GMAC-RFC
Page 8.16
03/13/06
Client Guide
Servicing Released
824
Monies Due Designated Servicer
(A) Principal and Interest
If the Client receives any payment(s) from the Borrower prior to or after the Effective Date of
Servicing Transfer that are due to the Designated Servicer, such payment(s) must be sent
by overnight mail service to the applicable Designated Servicer address within five Business
Days of receipt. See the Designated Servicer Directory (GMAC-RFC Exhibit 1800, Exhibit
1801 or Exhibit 1805). This includes, without limitation, scheduled principal and interest
payments, prepayments of principal and interest and escrow payments.
The Client must prepare a transmittal letter with any such payment(s) and must properly
endorse checks to the Designated Servicer. This letter must include:
Borrowers name
Assigned Designated Servicer Loan number (from Purchase Advice)
The date payment was received by the Client
(B) Principal Curtailment
If the Client receives a principal curtailment(s) from the Borrower prior to or after the
Effective Date of Servicing Transfer that are due to the Designated Servicer, the Client
must forward all such payment(s) to the Designated Servicer following procedures as stated
above under Principal and Interest.
(C) Escrow Funds
If the Client has escrow funds remaining after the Effective Date of Transfer that are due
to the Designated Servicer, the Client must forward all remaining funds to the Designated
Servicer within 30 days of the Effective Date of Transfer following procedures as stated above
under Principal and Interest.
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Exhibit B-1
GMAC-RFC
Page 8.17
03/13/06
Client Guide
Servicing Released
825
Loans Paid in Full
(A) Notification
The Client must notify GMAC-RFC of any Loans that have been paid in full prior to the
Effective Date of Transfer by submitting a Payoff/Liquidation Report (GMAC-RFC Form
2304) by fax within one Business Day of payoff to GMAC-RFCs Loan Accounting
Department at 818.260.1800. In addition, the Client must wire transfer Loan funds to
GMAC-RFC within five Business Days after the event that caused the payoff. See the Loans
Paid in Full Section in Chapter 9, Commitment and Delivery, or see the Servicer Guide for
further information regarding remittance of funds.
The Client must respond to any requests for payoff figures prior to the Effective Date of
Transfer. If the Effective Date of Transfer precedes the anticipated payoff date, the Client
must refer the requester to the Designated Servicer to obtain the quoted payoff figures.
Payoff funds received by the Client after the Effective Date of Transfer must be wire
transferred to the Designated Servicer within one Business Day of receipt of such funds. If
these funds are not wired to the Designated Servicer within one Business Day of their
receipt, the Client will be assessed daily interest.
Failure to provide timely reports and remittance will result in actions and/or penalties as
defined in Failure to Comply with GMAC-RFC Remittance Requirements Section of
Chapter 9D.
(B) Payoff/Liquidation within 90 Days
See the Premium Recapture Section in Chapter 2A for the Premium repayment terms.
See the Loans Paid in Full Section of Chapter 9D, Funding Requirements and Wire
Instructions for instructions of where to wire purchase Price Premium and servicing
premium repayments.
The Client must wire funds within five Business Days to GMAC-RFCs Client Correspondence
Segment, Collection Unit. See Loans Paid in Full Section of Chapter 9D, Funding
Requirements and Wire Instructions or see Servicer Guide for further information regarding
remittance of funds.
826
Servicing Document Corrections
If post-funding corrections are required to the Servicing Documents after Loan purchase,
the Client must submit outstanding items within 15 Business Days of written notification.
If corrections are not made to the satisfaction of GMAC-RFC within 15 Business Days, the
Client may be assessed penalties as determined by GMAC-RFC.
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Exhibit B-1
8 GMAC-RFC
Page 8.18
03/13/06
Client Guide
Servicing Released
827
Bulk Servicing Acquisitions
GMAC-RFC purchases Loans Servicing Rights in bulk packages as well as on a Loan-byLoan basis. In Bulk Servicing Acquisitions, the price, payment, volume, delivery and other
terms are negotiated in order to accommodate the needs and desires of both the Client and
GMAC-RFC. Typically, the sale terms are outlined in a purchase and sale agreement between
the Client and GMAC-RFC. Between the Sale Date and the Effective Date of Servicing
Transfer, as established under that agreement, all Loans will continue to be serviced by the
Client under the terms of an interim servicing agreement between the Client and GMAC-RFC.
Direct all inquiries regarding bulk sales of servicing to the GMAC-RFC Service Delivery Group.
828
Subservicing Election
GMAC-RFC may request that the Client subservice a Loan purchased servicing released for up
to 90 days after its Sale Date. If the Client agrees to honor that request, the Client will
subservice the Loan for the period designated by GMAC-RFC. GMAC-RFC and the Client will
agree upon the fee. Each Loan shall be subserviced under the terms and conditions of this
Client Guide, except as otherwise agreed upon by the Client and GMAC-RFC in writing.
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Exhibit B-1
GMAC-RFC
Page 9.1
11/21/05
Client Guide
Commitment, Prior
Approval, Delivery &
Funding
9
Commitment, Prior Approval, Delivery & Funding
Chapter 9A through Chapter 9E describe the processes for Commitments, prior underwriting
approval, delivery or funding of Loans. Chapters 9A through 9E focus primarily on process,
and do not define or alter the actual Loan Program purchase criteria and eligibility
standards which are contained in other Chapters of this Client Guide.
900
Descriptions of Underlying Chapters
Chapter 9A, Commitments: Process for Client to enter into a Commitment to deliver a Loan.
Chapter 9B, Prior Underwriting Approval: Process for obtaining prior underwriting approval
for certain Loan Programs.
Chapter 9C, Delivery: Process for Client to deliver, and for GMAC-RFC to review, accept or
reject, Funding Documents for a Loan prior to funding.
Chapter 9D, Funding Requirements and Wire Instructions: Process to wire transfer
payments to Client for funded Loans purchased by GMAC-RFC, and the processes for
complying with Clients remittance obligations.
Chapter 9E, Final Documents: Process for Client to submit Final Documents for a Loan.
901
Written Communication
In Chapter 9A through Chapter 9E, wherever this Client Guide states that GMAC-RFC will
provide written communication to Client concerning a decision, notification or other
communication from GMAC-RFC to Client regarding Commitments, prior underwriting
approval, delivery or funding, GMAC-RFC may provide its written communication in any
reasonable method determined by GMAC-RFC to reach the intended recipient. If Client has
provided its postal mail address, email address, fax number or other contact information to
GMAC-RFC for purposes of communicating written communication regarding Commitments,
prior underwriting approval, delivery or funding, GMAC-RFC may rely upon such contact
information and may presume that such written communications have been delivered to the
intended recipient.
902
Assetinfo
Assetinfo is a Client reporting application, available via the Lender Portal, designed to make
Loan pipeline inquiries easy and fast. Using Assetinfo, Clients may obtain 24 hour, 7-day-aweek access to the status of their Loans in process, outstanding Commitments, funded
Loan data, as well as other important information. The current capacities and offerings
through Assetinfo are subject to change at GMAC-RFCs sole discretion, and may be reviewed
by accessing the Assetinfo system. Client should contact its GMAC-RFC Sales Director for
additional information about the Assetinfo system.
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9 GMAC-RFC
Page 9.2
11/21/05
Client Guide
Commitment, Prior
Approval, Delivery
& Funding
Exhibit B-1
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Exhibit B-1
GMAC-RFC
Page 9A.1
11/21/05
Client Guide
Commitments
9A
Commitments
This Chapter describes the process to enter into a Commitment to deliver a Loan.
Questions regarding the terms of this Chapter may be addressed by calling 800.328.2800.
A900
Commitment Defined
A Commitment is an agreement whereby Client commits to deliver to GMAC-RFC a Loan as
described in the Commitment that is in any event eligible for purchase under the terms of
this Client Guide. Clients may enter into Commitments in one of two different typeseither a
Mandatory Delivery Commitment or a Best Efforts Delivery Commitment.
Under a Mandatory Delivery Commitment, Client commits to deliver one or more Loans
eligible for purchase which conform to those described in the Commitment to GMACRFC prior to the end of the Commitment Period.
Under a Best Efforts Delivery Commitment, Client commits that: (i) it will make best
efforts to close the Loan as described in the Commitment; and (ii) if closed then Client
shall deliver the Loan, otherwise eligible for purchase to GMAC-RFC.
Client must enter into a Commitment for each Loan prior to delivering to GMAC-RFC. Client
may choose, at Clients option, to enter into the Commitment prior to or after closing or
disbursing on the Loan.
A Commitment Confirmation is GMAC-RFCs written communication to the Client
confirming that GMAC-RFC has accepted Clients Commitment and additional terms and
conditions applicable to GMAC-RFCs potential purchase of the Loan under such Commitment,
as described in the Commitment Confirmation Section of this Chapter. If Client
subsequently delivers an otherwise eligible Loan within the Commitment Period which fully
and strictly conforms to the Loan described in the Commitment, GMAC-RFC shall receive and
review the Loan for potential purchase under the pricing and terms described in the
Commitment Confirmation.
Additional terms applicable to all Commitments:
Each lien position of a property may have no more than one Commitment outstanding
at any one time with GMAC-RFC.
Client may not assign or transfer a Commitment, in whole or in part, without the prior
express written consent of GMAC-RFC.
Note that the term Commitment is not to be confused with other agreements or terminology
which may be used between Client and GMAC-RFC, such as a master Commitment or a
forward Commitment.
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Exhibit B-1
9A GMAC-RFC
Page 9A.2
11/21/05
Client Guide
Commitments
A901
Requesting a Commitment
GMAC-RFC will respond to Client requests to enter into Commitments only during
Registration Hours. Unless GMAC-RFC has altered the Registration Hours, they are the
times between 8:00 a.m. and 4:00 p.m. (Central Time) on Business Days. Registration
Hours may be changed or suspended by GMAC-RFC at its sole discretion.
Clients may request to make Commitments by either:
Calling the GMAC-RFC Trading Desk at 800.328.2800;
Using the Assetlock Electronic Tool as described in Chapter 4G, Electronic Services; or
Sending a fax to 952.832.9856 using one of the following forms as appropriate to the
circumstances:
Loan Registration Form (GMAC-RFC Form 1905)
Loan Registration Multiple Form (GMAC-RFC Form 1906)
Goal Loan Registration Form (GMAC-RFC Form 1910)
125 CLTV Loan Registration Form (GMAC-RFC Form 16H03)
All Commitment requests must include the following:
Client seller number and identification
Clients own-assigned Loan number (if available)
Contact information (name, telephone and fax number) of person making request
Commitment type (Mandatory or Best Efforts)
Servicing released or servicing retained (if Loan Program is eligible for servicing
retained)
Borrower last name, first name and middle initial
Primary Borrowers Social Security number
Loan application date
Subject property description including street address, unit number, city, State and zip
code
Commitment Period requested
Loan Program, Product and credit grade
Loan principal amount (dollars)
Gross Note rate or net rate
Gross Margin
Loan transaction type (purchase, refinance, cash-out)
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Exhibit B-1
GMAC-RFC
9A
Page 9A.3
11/21/05
Client Guide
Commitments
A902
Commitment Confirmation
After Client has communicated its request to enter into a Commitment, the request is nonrevocable by Client until GMAC-RFC either accepts or rejects the request. Upon receipt of a
request, GMAC-RFC will thereafter determine at its sole discretion if it will accept or reject
the request, the means it will use to communicate its response, and if applicable the terms of
the Commitment including the price and the Commitment Period. GMAC-RFC is not
deemed to have accepted a request to enter into a Commitment until GMAC-RFC has sent its
written communication of a Commitment Confirmation to Client.
Although GMAC-RFC will use commercially reasonable means to receive requests and send
its responses for Commitments, GMAC-RFC is not responsible for any failures of Client to
deliver or receive any such communications, and Client acknowledges that GMAC-RFC will act
in reliance of a Commitment that it has accepted even if Client does not receive the
Commitment Confirmation.
Further, Client acknowledges that prices in a Commitment Confirmation will be those
applicable at the time GMAC-RFC responds to the request for Commitment, and that GMACRFC is not responsible for market changes or other repricing events that may have occurred
between the time of Clients request and GMAC-RFCs response. Clients that wish to mitigate
the risk of market-shifting should use time-sensitive means of communication (such as voice
or the Assetlock Electronic Tool) rather than means without immediate feedback (such as
fax).
Further, Client acknowledges that if GMAC-RFC accepts a Commitment by voice (such as by
telephone), the Commitment will remain subject to all terms and conditions shown in a
subsequently delivered Commitment Confirmation.
Each Commitment Confirmation will provide GMAC-RFCs applicable Commitment number,
which Client must include in all future communications regarding such Commitment.
A903
Commitment Periods
The Commitment Period for any Commitment is the earlier of:
The expiration date set forth in the Commitment Confirmation; or
For Best Efforts Delivery Commitments, 10 calendar days after the projected
closing date stated in the Commitment (inclusive of the closing date); or
For a 1st Lien Line of Credit or a Goal Line of Credit, 30 calendar days from the closing
date of the Home Equity Line Security Agreement or Note.
Commitment Periods end at the end of Registration Hours on the last date calculated
above. If the expiration date falls on a Saturday, Sunday or holiday, the Commitment Period
will expire at the end of Registration Hours on the next Business Day.
Extensions of a Commitment Period may be granted at GMAC-RFCs sole discretion, and shall
be subject to Loan repricing at GMAC-RFCs sole discretion.
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Exhibit B-1
9A GMAC-RFC
Page 9A.4
11/21/05
Client Guide
Commitments
A904
Failure to Deliver or Over-Deliver
(A) Mandatory Delivery Commitments
Unless otherwise stated by the GMAC-RFC Trading Desk, Client must deliver eligible Loans
under a Mandatory Delivery Commitment, conforming with the applicable Loan Program
described therein, with an aggregate outstanding principal balance that is within the
following allowances:
5% (plus or minus) of the Commitment amount for a flow Commitment of less than
$2 million, or
$100,000 (plus or minus) of the Commitment amount for a flow Commitment of $2
million or more, or
as may be negotiated by the GMAC-RFC Trading Desk
To the extent Clients delivery of eligible Loans under a Mandatory Delivery Commitment has
an aggregate outstanding principal balance (subject to the allowances stated above) less
than the Commitment amount, GMAC-RFC may, at its sole discretion, charge Client a
Buyout Fee as described in the Extension and Buyout Fees Section of this Chapter.
To the extent Clients delivery of eligible Loans under a Mandatory Delivery Commitment has
an aggregate outstanding principal balance (subject to the allowances stated above) greater
than the Commitment amount, GMAC-RFC may, at its sole discretion, either: reject any
submitted Loans (as chosen by GMAC-RFC) until the delivery is within the Commitment
amount, reject the entire delivery, or accept and purchase the additional Loans subject to
repricing.
(B) Best Efforts Delivery Commitments
GMAC-RFC permits participation in a Best Efforts Delivery Commitment solely at GMACRFCs discretion, and GMAC-RFC may restrict or halt Clients future participation in a Best
Efforts Delivery Commitment at any time.
Once Client closes a Loan subject to a Best Efforts Delivery Commitment, the Commitment
shall automatically be deemed a Mandatory Delivery Commitment and subject to the above
terms for Failure to Deliver or Over-Deliver: Mandatory Delivery Commitments
Section of this Chapter.
GMAC-RFC may presume that a Loan subject to a Best Efforts Delivery Commitment has
been closed by Client by the end of the Commitment Period unless and until Client
specifically informs GMAC-RFC that the Loan will not close. GMAC-RFC may charge the
appropriate Buyout Fee effective anytime after the 10th calendar day after the anticipated
closing date unless Client has informed GMAC-RFC of the non-closing.
If a Loan fails to close that was under a Best Efforts Delivery Commitment, and Client
informs GMAC-RFC that the Loan has not closed, Client will not be subject to a Buyout Fee for
the particular Commitment. However, if Client fails to deliver eligible Loans equal to at least
75% of the Loan amounts under its Best Efforts Delivery Commitments in any two
consecutive calendar quarters, GMAC-RFC reserves the right to assess Client an additional
fee equal to an amount up to the difference between the aggregate Best Efforts Delivery
Commitment dollar amount and Clients aggregate outstanding principal balance for
delivered and otherwise eligible Loans in those prior quarters.
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Exhibit B-1
GMAC-RFC
9A
Page 9A.5
11/21/05
Client Guide
Commitments
A905
Extension and Buyout Fees
If GMAC-RFC is willing to grant an extension to an existing Commitment Period, GMAC-RFC
may, at its sole discretion, require a repricing of the Commitment. GMAC-RFC may
communicate the repricing in the form of points to be netted against the original pricing,
which will be accounted for at the time of funding for the Loan once purchased.
Client will be required to buyout a Commitment by payment of a Buyout Fee under the
following circumstances:
As described in the Failure to Deliver or Over-Deliver Section of this Chapter; or
Where GMAC-RFC rejects a delivery of a Loan subject to a Commitment and Client is
unable or unwilling to correct the delivery in a timely manner.
Further, if a delivery remains in a pended or declined status for more than 75 days, GMACRFC may at its sole discretion demand that Client buyout the Commitment.
The Buyout Fee at any particular time is based on the then-current Rate Sheet and GMACRFCs formula for buyout rates (available upon request from the GMAC-RFC Trading Desk).
Failure to deliver a Loan that is subject to a Mandatory Delivery Commitment (including a
Best Efforts Delivery Commitment that has subsequently been deemed a Mandatory
Delivery Commitment once the described Loan has been closed by Client) is a material
breach of Clients obligations under this Client Guide, and Clients payment of a Buyout Fee is
not GMAC-RFCs sole remedy for such breach. Without limitation, in addition to the payment
of the Buyout Fee, Client shall remain fully liable to GMAC-RFC for all consequential damages
suffered by GMAC-RFC as a result of Clients failure to fulfill its obligations under a Mandatory
Delivery Commitment.
Once a buyout of a Commitment has been completed and Clients Buyout Fee obligations
have been fully satisfied, GMAC-RFC will make commercially reasonable efforts to return any
submitted Funding Documents and Final Documents for such Loan back to Client.
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9A GMAC-RFC
Page 9A.6
11/21/05
Client Guide
Commitments
Exhibit B-1
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Exhibit B-1
GMAC-RFC
Page 9B.1
11/21/05
Client Guide
Prior Underwriting
Approval
9B
Prior Underwriting Approval
This Chapter describes the process for obtaining prior underwriting approval for certain Loan
Programs.
Prior underwriting review and approval is required for Loans over $2 million to ensure
adherence to program and underwriting standards.
Prior underwriting means that GMAC-RFC will perform a complete underwriting analysis of
the Loan, including credit, income, assets, liabilities and appraisal prior to the Borrower
closing the Loan. A prior underwriting approval may, at GMAC-RFC's sole discretion, include
an exception to Program Criteria and underwriting standards. If GMAC-RFC has granted an
exception to Program Criteria or underwriting standards, then GMAC-RFC ensures the Loan
will not be denied for purchase or returned for repurchase due to non-compliance with the
Program Criteria or underwriting standards for which the exception was granted.
Except where GMAC-RFC has granted a specific exception, Loans must comply with all of
Client's Representations, Warranties and Covenants (including, without limitation, Client's
Representations and Warranties with respect to fraud and misrepresentation) and Client's
other obligations under this Client Guide.
Prior underwriting review is not offered for Loans less than or equal to $2 million.
B900
Prior Underwriting SubmissionDelivery Requirements
The Client must submit one legible copy of the complete credit package. Original documents
are not required. Loans must be clearly identified as prior underwriting request on the Loan
Submission Form (GMAC-RFC Form 16A00) and must be sent to:
GMAC-RFC
Suite 100
MC 03-SDG-MR
Attention: Prior Underwriting Request
B901
Required Documents for Prior Underwriting
The credit package must contain the following documents attached with a two prong fastener
on the right side of the Loan file.
(1) Loan Submission (GMAC-RFC Form 16A00).
(2) Assetwise Findings, if applicable.
(3) Uniform Underwriting and Transmittal Summary (Fannie Mae Form 1008).
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Exhibit B-1
9B GMAC-RFC
Page 9B.2
11/21/05
Client Guide
Prior Underwriting
Approval
(4) If secondary or subordinate financing exists, a copy of the Note or approval for
Secondary Financing to verify terms.
(5) The purchase agreement and any modifications, if applicable.
(6) Construction/permanent Loan, documentation of construction costs, if applicable.
(7) Residential Loan Application (Fannie Mae Form 1003 or Freddie Mac Form 65).
(8) Statement of Assets and Liability (Fannie Mae Form 1003A or Freddie Mac Form
65A), if applicable.
(9) All necessary credit reports with Credit Scores for all Borrowers.
(10) Verification of deposit and verification of the source of down payment (if applicable).
(11) Verification of real estate Loans, if applicable.
(12) Verification of employment/income as required by the income documentation type.
(13) Signed personal federal income tax returns for the previous two years, including all
supporting schedules, if the Borrower is self employed or non-salaried, as required
by the income documentation type.
(14) Self-employment income analysis (GMAC-RFC Form 16A01) if the Borrower is selfemployed. GMAC-RFC will also allow self-employed income to be calculated using
Fannie Maes Self-Employed Income Analysis From 1084A or 1084B and requires
compliance with IRS regulations.
(15) Ground Lease Analysis (Freddie Mac Form 461), if applicable.
(16) Condominium Warranty Certification (GMAC-RFC Form 1303) if applicable.
(17) Residential Appraisal Report (applicable Fannie Mae or Freddie Mac Forms).
with the subject-matter filling the full frame.
(19) Clearly legible photograph prints of each comparable used on the Residential
Appraisal Reportfront scene with the subject-matter filling the full frame.
(20) Clearly legible interior and exterior photos of unique property features or
improvements identified on the appraisal.
(22) The assumption agreement(s), if any.
(23) For refinances, one of the following, as applicable:
Documentation of the original purchase price of the property plus improvements (if
any)
For cash out refinances, evidence that the Borrower has owned the property for at
least 12 months
(24) Any other documents or materials required by the applicable Loan Program or
other requirements specific in this Client Guide or as reasonably requested to
support the credit worthiness of the transaction.
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Exhibit B-1
GMAC-RFC
9B
Page 9B.3
11/21/05
Client Guide
Prior Underwriting
Approval
B902
Notification of Prior Underwriting Loan File Status
A GMAC-RFC underwriter will fax a notification to the Client advising them of the Loan
disposition. The notification of Loan disposition will be sent to the contact person identified by
the Client on the Loan Transmittal (GMAC-RFC Form 16A00).
B903
Returning Loan Files
Loan files submitted for prior underwriting review will not be returned to the Client.
Therefore, GMAC-RFC recommends that Clients do not submit original Credit Documents.
B904
Equal Credit Opportunity Act (ECOA) and Home Mortgage Disclosure Act (HMDA)
Compliance
To comply with ECOA requirements on denied Loans submitted for prior underwriting review,
GMAC-RFC will provide Client with specific denial reasons. If the applicant does not receive a
Loan, Client must provide a Notice of Adverse Action to the applicant. If one notification is
provided on behalf of multiple creditors, the notification must contain GMAC-RFCs name and
address in addition to the names and addresses of any other creditors. The notification must
clearly indicate the denial reasons that relate to each creditor.
On a Loan submitted for prior approval, GMAC-RFC will make the credit decision and will
report the decision made on the application as required under the Home Mortgage Disclosure
Act (HMDA). If GMAC-RFC approves and subsequently purchases the Loan, it will report the
Loan as an origination. To avoid duplicate reporting, Client should not report the Loan as an
origination.
B905
Additional Delivery Documentation
When a prior approval Loan is submitted to GMAC-RFC for purchase, a copy of the Borrowers
rate lock agreement form must be in the file.
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9B GMAC-RFC
Page 9B.4
11/21/05
Client Guide
Prior Underwriting
Approval
Exhibit B-1
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Exhibit B-1
GMAC-RFC
Page 9C.1
11/21/05
Client Guide
Delivery
9C
Delivery
This Chapter describes the process for Client to deliver, and for GMAC-RFC to review, accept
or reject, Funding Documents for a Loan prior to funding.
C900
Delivery Process
For each Loan that Client wishes to sell to GMAC-RFC, Client must first deliver the Loan to
GMAC-RFC per the terms of this Chapter.
After Client has entered into a Commitment, the normal stages of the delivery and
subsequent funding process for a Loan are:
(1) Client closes the Loan and submits the Funding Documents for the Loan to GMACRFC, refer to the Submission of Funding Documents and Funding Documents
Sections of this Chapter;
(2) GMAC-RFC reviews and determines if it will approve the Funding Documents, and if
necessary, Client submits corrected or additional Funding Documents, refer to the
Review and Acceptance of Funding Documents Section of this Chapter;
(3) If the Funding Documents have been accepted and approved by GMAC-RFC, GMACRFC funds the Loan purchase, refer to Chapter 9D, Funding Requirements and Wire
Instructions; and
(4) The Final Documents and further assurances document (if applicable) processes
are completed for the Loan, refer to Chapter 9E.
C901
Submission of Funding Documents
Clients submission of Funding Documents for a Loan subject to a Commitment to GMACRFC is deemed to be Clients irrevocable offer to sell the Loan to GMAC-RFC under the terms
of the then-current Commitment.
For submitting Funding Documents, GMAC-RFC recommends the use of an express delivery
service, specifying priority delivery. Any submissions or transmittals of Funding Documents
package must include the applicable Commitment number. Submissions received by GMACRFC outside of business hours may, at GMAC-RFCs sole discretion, be treated as having
arrived on the following Business Day. Client must submit all Funding Documents to:
GMAC-RFC
Suite 100
MC 03-SDG-MR
Attention: Loan Processing & Delivery
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Exhibit B-1
9C GMAC-RFC
Page 9C.2
11/21/05
Client Guide
Delivery
C902
Funding Documents
Funding Documents are comprised of Legal Documents, Credit Documents and, in
some instances, Servicing Documents. The requirements for each set of documents are
described below. Each delivery must comply and provide the required Funding Documents,
and any deficiency or failure to comply with these requirements may be cause for rejection of
the delivery by GMAC-RFC.
This Client Guide also provides delivery checklists. The delivery checklists are merely for
convenience, and this Section will prevail if there is any conflict between the Section and a
checklist. The appropriate delivery checklists are indicated at the top of the Legal Document
chart below.
For paper-based Deliveries, Client must submit Funding Documents using industry-standard
two-sided Loan folders, with two-prong fasteners. Legal Documents must be on the left side,
Credit Documents must be on the right side, and Servicing Documents (if required) must be
on the left side under the Legal Documents.
(A) Legal Documents
The Legal Documents are as follows. An X in the chart below indicates that the particular
form or document is required for the particular Loan Program indicated above. Each of the
documents in the following table are explained in the key below the table.
Type of Loan
All First Mortgage
Goal Loan and

125 CLTV
1st Lien
Line of Credit
Goal Line
Loan Submission
Form, GMAC-RFC
Form 16A00, page 2,
Checklist
Goal Loan Delivery

Checklist, GMAC-RFC
Form 1912, and
Home Improvement
Cost Breakdown
GMAC-RFC Form
16H01
1st Lien Line of

Credit Delivery
Checklist, GMAC-RFC
Form 1909
Goal Line Delivery

Checklist, GMAC-RFC
Form 1908
Loan Submission Form

(GMAC-RFC Form 16A00)
Assetwise Findings Report

(if applicable)
Original Note endorsed in

Blank
Security Instrument
Assignment in Blank
(if applicable)
Intervening Assignment(s)
(if applicable)
Document
(see key below)
Title Binder/Search
(see Key below)
Title Insurance Policy
Temporary Buydown
Schedule (if applicable)
(see Key below)
(see Key below)

X
X
(see Key below)
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Exhibit B-1
9C
GMAC-RFC
Page 9C.3
11/21/05
Client Guide
Delivery
Type of Loan
Document
(see key below)
All First Mortgage
Goal Loan and

125 CLTV
1st Lien
Line of Credit
Goal Line
Loan Submission
Form, GMAC-RFC
Form 16A00, page 2,
Checklist
Goal Loan Delivery

Checklist, GMAC-RFC
Form 1912, and
Home Improvement
Cost Breakdown
GMAC-RFC Form
16H01
1st Lien Line of

Credit Delivery
Checklist, GMAC-RFC
Form 1909
Goal Line Delivery

Checklist, GMAC-RFC
Form 1908
Variable Rate Interest Rate

and Payment Change Notice
(if required under law)
Truth-in-Lending Statement
Right of Rescission Notice

(if applicable)
Borrower rate lock

agreement (only for Loans
subject to prior
underwriting approval)
Home Equity Line of Credit

Disclosure
Other required documents
or materials for particular
Loan Program
(if applicable)
Key to Legal Documents

(1) Loan Submission Form (GMAC-RFC Form 16A00 or equivalent)
(2) Note: Must be the original Note, endorsed in blank as follows, with any intervening
endorsement(s) if applicable, and any required addenda or riders, as follows:
WITHOUT RECOURSE
PAY TO THE ORDER OF
[blank]
(Name of Client)
(Signature of authorized officer)
(Officers Title)
(3) Security Instrument: Must be the original recorded mortgage with evidence of
being recorded with any addenda or riders attached or a copy of recorded mortgage
certified to be true and correct by the appropriate governmental recording office. If
the mortgage has been submitted for recording but has not been returned from the
public recording office, Client must submit a complete copy of the mortgage Security
Instrument certified to be true and complete by a designated officer of the Client,
title insurance company, closing/settlement escrow agent or the closing attorney.
(4) Assignment in Blank: For Loans not registered in MERS, an Assignment of
Security Instrument (an unrecorded, fully executed original assignment delivered in
recordable form and in compliance with State and county guidelines). The Loan must
be assigned in blank.
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Exhibit B-1
9C GMAC-RFC
Page 9C.4
03/13/06
Client Guide
Delivery
(5) Intervening Assignments: Intervening Assignment(s) of the Security Instrument,

if applicable, including any intervening assignments to MERS. The original recorded
assignment with evidence of being recorded noted or attached or a copy of recorded
assignment certified to be true and correct by the appropriate governmental
recording office. If the assignment has been submitted for recording but has not
been returned from the public recording office, Client must submit a complete copy
of the intervening assignment certified to be true and complete by a designated
officer of the Client, title insurance company, closing/settlement escrow agent or the
closing attorney.
(6) Title Binder/Search
Title Binder/Search means:
Where the Loan is originated simultaneously with a first mortgage: A true
and accurate copy of the first mortgage title insurance policy (a true and
accurate copy of a binder for such title insurance is acceptable of Funding
Documents but not for Final Documents); OR
Where the Loan is originated subsequent to a first mortgage: A true and
accurate copy of a title search
Client may deliver the following Loans with Title Binder/Search in lieu of a Title
Insurance Policy:
Goal Loan where the Loans is in a second (or subordinate) lien position and
the principal amount is for $200,000 or less;
All 125 CLTV Loans; and
Goal Line Loans where the principal amount is for $200,000 or less
All other Loans must be delivered with Title Insurance Policy as described below
(7) Title Insurance Policy
For all Loans that must be delivered with a Title Insurance Policy, Client must
submit (except as set forth below) the original title insurance policy or a duplicate
original signed (or counter signed) by the issuing title insurance company, which
original must include Schedules A and B, and all applicable conditions and
stipulations or comparable information. Electronic Verifications are acceptable.
If the above-described insurance policy has not been issued at the time of Delivery,
Client may submit as Funding Documents - BUT NOT AS Final Documents - a
true and accurate original binder of insurance, which shall include, at a minimum,
the issuers name and contact information and a legal description of the
Mortgaged Premises identical to that shown on the Security Instrument. In the
case of Loans secured by Mortgaged Premises in the State of Iowa, Client must
submit an attorneys certificate of title in lieu of a title insurance policy.
(8) Temporary Buydown Schedule: Temporary Buydown Schedule, if applicable.
(GMAC-RFC Form 1301) is recommended.
(9) Variable Rate Interest Rate and Payment Change Notice: The Client must
provide copies of all Variable Interest Rate and Payment Change Notices that were
provided to the Borrower in accordance with the Truth-in-Lending Act.
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Exhibit B-1
9C
GMAC-RFC
Page 9C.5
10/21/05
Client Guide
Delivery
(10) Right of Rescission Notice: Where required by applicable law for the origination of
the Loan, a fully executed and dated Notice of Right to Rescission
(11) Other required documents or materials: Any other documents or materials
required by the applicable Loan Program or other requirements as specified in this
Client Guide.
If a Loan was acquired by Client in a merger, any endorsement or assignment specified above
must be by _______________, successor by merger to the [name of predecessor]. If the
Loan was acquired or originated by Client while doing business under another name, any
endorsement or assignment specified above must be by ______________ formerly known
as [previous name].
For more information on acceptable Legal Document options, see the exhibit Legal Doc
Options (GMAC-RFC Exhibit 1915 for home equity Loans). Regardless of the form of
documents Client chooses to use, all Legal Documents must be compliant with the terms of
the particular Loan Program as well as any particular documentation requirements set forth
in Chapter 3, Loan Eligibility or Chapter 5, Loan Products.
(B) Servicing Documents
If a Loan being delivered is servicing released, Client must submit the following Servicing
Documents with each delivery. An X in the chart below indicates that the particular form or
document is required for the particular Loan Program indicated above. Each of the
documents in the following table are explain in the key below the table.
Type of Loan
Document
(see key on the next page)
All First Mortgage
Goal Loan, 125 CLTV, 1st

Lien Line of Credit, Goal
Line
Hazard Insurance
Flood Insurance1
Flood Zone Determination
HUD-1 or Disbursement Schedule
Payment History1
Initial Escrow Account Disclosure Statement1
Mortgage Insurance Certificate1

Temporary Buydown Agreement1
Notice of Periodic ARM Adjustments1
Where applicable, per the terms of this Client Guide
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Exhibit B-1
9C GMAC-RFC
Page 9C.6
11/21/05
Client Guide
Delivery
Key to Servicing Documents

(1) Hazard Insurance: A true and accurate copy of the insurance binder or policy
declaration page that clearly indicates the insurance is in effect through the
Effective Date of Transfer of the Loan to GMAC-RFC and that the loss payee is
stated as required under Chapter 11 of this Client Guide.
(2) Flood insurance: If the Flood Zone Determination requires Flood Insurance, a true
and accurate copy of the insurance binder or policy declaration page that clearly
indicates the insurance is in effect through the Effective Date of Transfer of the
Loan to GMAC-RFC and that the loss payee is stated as required under Chapter 11 of
this Client Guide.
(3) Flood Zone Determination: Federal Emergency Management Agency (FEMA)
Standard Flood Hazard Determination Form with Life of Loan coverage
(4) HUD-1 or Disbursement Schedule: A copy of the final HUD-1 delivered to the
Borrower at Loan origination, except for any Home Equity Lines of Credit Loan
Products, submit a Loan Disbursement Schedule (GMAC-RFC Form 16G07) or
indicate the disbursement schedule in the Note as applicable
(5) Payment History: Loan payment history for up to the most recent 12 months
(6) Initial Escrow Account Disclosure Statement, if applicable
(7) Mortgage insurance certificate, if applicable
(8) Temporary Buydown agreement, if applicable
(9) Notice of ARM Adjustments, if applicable
(C) Credit Documents
Client must submit the following Credit Documents with each delivery except for those
documents that have already been submitted during prior underwriting approval.
(1) Uniform Underwriting and Transmittal Summary (Fannie Mae Form 1008, Freddie
Mac Form 1077).
(2) Loan payment history for up to the most recent 12 months.
(3) If the Loan is subordinate to other financing, a copy of the Note for all senior
financing.
(4) Mortgage Insurance Certificate (if applicable)
(5) Final Settlement statement (HUD-1) on the current Loan.
(6) Purchase transactions require verification of the final sales price and disclosure of
any credit or sales concessions. Acceptable documentation includes:
Purchase Agreement;
Final HUD-1;
Certified copy of the escrow instructions;
Disbursement schedule; or
Attorneys closing statement.
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Exhibit B-1
GMAC-RFC
9C
Page 9C.7
12/15/05
Client Guide
Delivery
(7) Refinance transactions require evidence that liens or debt payoffs have occurred as
well as identifying if the Borrower is receiving cash back in the transaction.
Acceptable documentation includes:
Final HUD-1;
(8) The Purchase Agreement or escrow instructions and any modifications.
(9) Construction/permanent Loan, documentation of construction costs (if applicable).
(10) Residential Loan Application (Fannie Mae Form 1003/Freddie Mac Form 65).
(11) Statement of Assets and Liabilities (Fannie Mae Form 1003A/Freddie Mac Form 65A),
if applicable.
(12) All necessary credit reports with Credit Scores for all Borrowers.
(13) Verification(s) of deposit and verification(s) of the source of down payment, if
applicable.
(14) Verification(s) of real estate Loan(s), if applicable.
(15) Verification of employment/income as required by the income documentation type.
(16) Signed personal federal income tax returns for the previous two years, including all
supporting schedules, if the Borrower is self-employed or non-salaried, if applicable.
(17) Self-Employment Income Analysis (GMAC-RFC Form 16A01), if the Borrower is selfemployed or GMAC-RFC will also allow self-employed income to be calculated using
Fannie Maes Self-Employed Income Analysis Form 1084A or 1084B and requires
compliance with IRS regulations.
(18) Ground Lease Analysis (Freddie Mac Form 461), if applicable.
(19) Condominium Warranty Certification (GMAC-RFC Form 1303), if applicable.
(20) Residential Appraisal Report (applicable Fannie Mae/Freddie Mac Form), or, for Loan
Programs where applicable and permitted, an AVM or Qualified AVM that complies
with the terms of the Loan Program.
with the subject-matter filling the full frame.
(22) Clearly legible photograph prints of each comparable used on the Residential
Appraisal Reportfront scene with the subject-matter filling the full frame.
(23) Clearly legible interior and exterior photos of unique property features or
improvements identified on the appraisal.
(25) The assumption agreement(s), if any.
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Exhibit B-1
9C GMAC-RFC
Page 9C.8
03/13/06
Client Guide
Delivery
(26) Refinance transactions require one of the following, as applicable:

Documentation evidencing the original purchase price of the property plus
improvements (if any); or
For cash-out refinances, evidence that the Borrower has owned the property for at
least 12 months.
(27) Goal Loan and 125 Closed End Seconds transactions also require verification of the
final sales price and disclosure of any credit or sales concessions for the original first
mortgage transaction. Acceptable documentation includes:
Purchase Agreement;
Final HUD-1;
(28) Any other documents or materials required by the applicable Loan Program or
other requirements specific in this Client Guide or as reasonably requested to
support the credit worthiness of the transaction.
C903
Review and Acceptance of Funding Documents
GMAC-RFC may, at its sole discretion, inspect or review any or all of a Loan submitted for
delivery. If any of the Funding Documents do not fully comply with this Client Guide or the
applicable Commitment, GMAC-RFC may, at its sole discretion, demand by written
communication that Client submit fully compliant Funding Documents from the later of:
Five Business Days from the date of the GMAC-RFC request for correction or
substitution; or
The expiration date of the Commitment.
GMAC-RFC may, at its sole discretion, negotiate Alternative Delivery date requirements for
bulk Commitments.
If Client does not provide fully compliant Funding Documents within the time frames set forth
above, GMAC-RFC may, at its sole discretion allow or require any of the following (singly or in
any combination):
allow Client additional time;
allow Client additional time subject to payment of an extension fee;
allow Client additional time subject to GMAC-RFCs repricing the Loan;
reject the delivery; or
reject the delivery and require payment by Client of a Buyout Fee.
A Delivery is not deemed accepted by GMAC-RFC unless and until GMAC-RFC has delivered
its purchase advice, substantially in the form of (GMAC-RFC Exhibit 1803) to Client.
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Exhibit B-1
GMAC-RFC
9C
Page 9C.9
11/21/05
Client Guide
Delivery
C904
MERS Loan Registration, Transfer and Delivery Requirements
GMAC-RFC requires Clients to register each delivered Loan with MERS using one of the
following options:
Become a MERS member and name MERS as original mortgagee on the Security
Instrument (MOM Document) or for a Non-MOM Document, create and record an
assignment into MERS and register with MERS; or
Use MERS 1-2-3 to create MOM documents without a MERS membership; or
Client provides an assignment in blank as part of the Funding Documents. GMAC-RFC
will charge Client an additional assignment fee if Client chooses this option.
Client may join MERS by calling 800.646.6377 or complete the online application at:
www.mersinc.org.
Direct registration or transfer of beneficial and Servicing Rights must be done within five
Business Days of purchase by GMAC-RFC.
The following entities must be named in the appropriate fields on the MERS system:
Servicer: 1000440 GMAC Residential Funding Corporation (Conduit); Sub-Servicer:
1000474 Homecomings Financial Network (if servicing released); Investor: 1000440
GMAC Residential Funding Corporation (Conduit)
Note: Servicer is defined as Master Servicer, not the owner of the primary servicing. This
field must reflect GMAC Residential Funding for all Loans sold servicing released and
servicing retained. Sub-Servicer is required for only those Loans sold servicing released.
Example of servicing released MERS direct registration and/or transfers:
Servicer: 1000440 - GMAC Residential Funding Corporation (Conduit)
Sub-Servicer: 1000474 - Homecomings Financial Network
Investor: 1000440 - GMAC Residential Funding Corporation (Conduit)
Example of servicing retained MERS direct registration and/or transfers:
Servicer: 1000440 - GMAC Residential Funding Corporation (Conduit)
Investor: 1000440 - GMAC Residential Funding Corporation (Conduit)
Sub-Servicer: Client must enter appropriate sub-servicer based on the primary
servicing relationship.
1
MERS 1-2-3 is a browser-based application within the MERS System Authorized users can generate, validate,
and reserve a MIN, and link to a MERS-certified document preparation provider for document preparation (full or
partial document packages with MOM Security Instruments) and preliminary registration.
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Exhibit B-1
9C GMAC-RFC
Page 9C.10
11/21/05
Client Guide
Delivery
C905
Alternative Delivery
GMAC-RFC in its sole discretion may approve Client for participation in an Alternative
Delivery process. Alternative Delivery means a process that provides Client with
nonstandard procedures and delivery requirements. GMAC-RFCs approval may be based,
among other things, on Clients ability to meet GMAC-RFCs eligibility requirements for the
process. If GMAC-RFC accepts Client to participate in an Alternative Delivery process, GMACRFC will provide Client with one or more unilateral notices setting out the non-standard
procedures, delivery requirements, as well as the product and the time period for which the
Alternative delivery applies. By participating in the Alternative Delivery process, Client
agrees to abide by the terms and conditions set out in the notices sent by GMAC-RFC to
Client. Except for the variances set out in the Alternative Delivery notices, all other terms and
conditions of this Chapter 9C continue to apply.
If Clients Alternative Delivery terms allow Client to retain any documents after funding,
Client will hold such retained documents in trust for GMAC-RFC. In addition, Client agrees to
deliver all documents in its possession within the time set out in the Alternative Delivery
notice or at such other time as GMAC-RFC requests the documents.
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Exhibit B-1
GMAC-RFC
Page 9D.1
11/21/05
Client Guide
Funding Requirements
and Wire Instructions
9D
Funding Requirements and Wire Instructions
This Chapter describes the process to wire transfer payments to Client for funded Loans
purchased by GMAC-RFC, and the processes for complying with Clients remittance
obligations
D900
Wire Transfer Process
After reviewing the Commitment delivery summary and Funding Documents and
determining their completeness and accuracy, GMAC-RFC will provide a Purchase Advice on
the day prior to funding, accompanied by a cover letter (GMAC-RFC Form 1913) providing
detailed instructions. The Client must sign and return the form before the deadline noted on
the cover letter. Upon receipt of the completed form, GMAC-RFC will be authorized to transfer
funds to the depository institution designated by the Client.
GMAC-RFC will provide the Purchase Advice Form to the Client by email or fax, based on
information provided by the Client. For flow delivery of Loans, the Client must complete the
information on the Loan Submission Form (GMAC-RFC Form 16A00). For bulk delivery of
Loans, the Client must complete a Bulk Client Contact Information Sheet (GMAC-RFC Form
1914).
A copy of the purchase advice is available via the Lender Portal, but only after the Loan has
been funded by GMAC-RFC.
D901
Funding Amount
(A) Servicing Retained Loan Fundings
The wire transfer amount for a servicing retained Loan purchase will include:
The outstanding principal balance of the Loans, as indicated on the Loan Submission
Form (GMAC-RFC Form 16A00) or the Uniform Underwriting and Transmittal
Summary (Fannie Mae Fannie Mae Form 1008), adjusted to the Scheduled Principal
Balance as of the last day of the funding month plus
Interest at the accrual yield minus
Any fees and discounts or plus premiums
The following examples illustrate time adjustments of principal balances.
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Exhibit B-1
9D GMAC-RFC
Page 9D.2
11/21/05
Client Guide
Example 1
The unpaid principal balance is $200,000, with a paid-to-date of October 1
The scheduled Funding Date is November 15
GMAC-RFC will adjust the Scheduled Principal Balance to the last day of the month
in which the Funding Date occurs (November 30), remitting $199,950, which
assumes that the Client will have applied a $50 principal portion of the P&I payment on
November 1
The first monthly remittance for this Loan will need to be a wire transfer in immediately
available federal funds by the Servicer on December 18
Example 2
The unpaid principal balance is $199,950, with a paid to date of November 1
The Scheduled Funding Date is October 18
GMAC-RFC will adjust the Scheduled Principal Balance to the first day of the month in
which the Funding Date occurs (October 31), remitting $200,000, which assumes that
the November 1 principal portion of the P&I payment of $50 has not yet been applied
The first monthly remittance for this Loan will need to be a wire transfer in immediately
available Fed Funds by the Servicer on November 18
(B) Servicing Released Loan FundingsScheduled Transfer
The Effective Date of Transfer will be on the first day of the second month following the
Funding Date.
The wire transfer amount for a servicing released Loan purchase will include:
The outstanding principal balance of the Loan, as indicated on the Loan Submission
Form (GMAC-RFC Form 16A00) or a Loan payment history, adjusted to the
Scheduled Principal Balance as of the day prior to the Effective Date of Transfer
minus
Escrow balance transferred, tax service fee, Temporary Buydown, prepaid or
delinquent payment(s) minus
Fees, discounts or plus premiums
The following example illustrates time adjustments of principal balances.
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Exhibit B-1
GMAC-RFC
9D
Page 9D.3
03/13/06
Client Guide
Example
The unpaid balance is $200,000, with a paid to date of October 1
The scheduled Funding Date is November 15. The Effective Date of Transfer is
January 1
GMAC-RFC will adjust the Scheduled Principal Balance to the day prior to the Effective
Date of Transfer (December 31) remitting $199,900, which assumes the Client will
apply the $100 principal portion of the P&I payment for November 1 and December 1
The Client is responsible to continue servicing the Loan and to collect any payments
due up to the Effective Date of Transfer
The Client is not responsible to make any remittance for this Loan unless they receive
payments from the Borrower, which are due on or after the Effective Date of Transfer
(C) Servicing Released Loan FundingEarly Scheduled Transfer
The Effective Date of Transfer will be on the first day of the month following the Funding
Date. The wire transfer amount for a servicing released Loan purchase will include:
Summary (Fannie Mae 1008), adjusted to the Scheduled Principal Balance as of the
day prior to the Effective Date of Transfer minus
Escrow balance transferred, tax service fee, Temporary Buydown minus
The following example illustrates time adjustments of principal balances:
December 1
GMAC-RFC will adjust the Scheduled Principal Balance to the day prior to the Effective
Date of Transfer (November 30), remitting $199,950, which assumes that the Client
will apply the $50 principal portion of the P&I payment for November 1
The Client is not responsible to make any remittance for this Loan unless they receive
payments from the Borrower, which are due on or after the Effective Date of Transfer
(D) Servicing Released Loan Funding Actual Balance Transfer
The Effective Date of Transfer will be 15 days after the Sale Date. The wire transfer
amount for a servicing released Loan purchase will include:
The outstanding principal balance of the Loan, as indicated on the Loan
Summary (Fannie Mae 1008), minus
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Exhibit B-1
9D GMAC-RFC
Page 9D.4
03/13/06
Client Guide
Escrow balance transferred, tax service fee, Temporary Buydown minus

The following example illustrates time adjustments of principal balances:
December 13
GMAC-RFC will fund the actual principal balance based on the balances provided by the
client prior to the Sale Date
Assuming the Borrower made the November payment to the Client prior to the Sale
Date, GMAC-RFC would remit $199,950, which assumes that the Client will apply the
$50 principal portion of the P&I payment for November 1
Assuming the Borrower did not make the November payment to the Client prior to the
Sale Date, GMAC-RFC would remit $200,000, which assumes there was no payment
collected. If the Borrower made the November payment after the Sale Date to the
Client (November 28), the payment would be forwarded to the designated servicer
upon the arrival of the Effective Date of Transfer (December 13).
The Client is responsible to forward any payment(s) received from the Borrower
between the Sale Date and the Effective Date of Transfer are due to the Designated
Servicer within five Business Days of servicing transfer
D902
Notification of Wire Transfer
GMAC-RFC will notify the Client of each scheduled Funding Date by sending a GMAC-RFC
Purchase Advice (GMAC-RFC Exhibit 1803), via fax to the person and fax number indicated
on the Wire Transfer Authorization (GMAC-RFC Form 1900). GMAC-RFC will initiate each
wire transfer in sufficient time to be credited to the Clients account on the scheduled Funding
Date.
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Exhibit B-1
GMAC-RFC
9D
Page 9D.5
11/21/05
Client Guide
D903
Payoff Prior to Funding Date
If a Loan pays off prior to or on the Funding Date, the Client is required to remit to GMACRFC the full Funding Amount within five Business Days of the Client receiving the payoff.
The Funding Amount includes par times price plus or minus adjustments, plus or minus the
interest paid by or to GMAC-RFC and the Servicing Released Premium, if applicable.
The Client is also required to pay GMAC-RFC a Buyout Fee for failure to deliver an
investment quality Loan, refer to the Extension and Buyout Fees Section of Chapter 9A,
Commitments and for the use of funds from the date of funding through the date the Client
remits the payoff proceeds. This amount is calculated as par plus or minus discount plus
Servicing Released Premium (if applicable) times federal funds plus 75 basis points.
(Total Funding Amount) x (federal funds +.75) x (the number of days/365).
For payoffs occurring prior to the Funding Date, the funds are to be wire transferred to
GMAC-RFCs RCG Finance unit:
Residential Funding
DDA #53-15476
Bank One, National Association; Chicago, IL
ABA # 071000013
Client ID number and name
GMAC-RFC Loan number
Reason: Payoff before Funding
D904
Loans Paid in Full
(A) Notification
The Client must notify GMAC-RFC of any Loans that have been paid in full prior to the
Effective Date of Transfer by submitting the electronic spreadsheet (GMAC-RFC Servicer
Guide Form 2308) via email to the BUR-Seller Payoffs@gmacrfc.com mailbox. In addition,
the Client must wire transfer Loan funds to GMAC-RFC within five Business Days after the
event that caused the payoff.
For payoffs occurring on or after the Funding Date but before the Effective Date of Transfer,
funds are to be wire transferred to GMAC-RFC Loan Accounting:
Residential Funding Corp.
c/o US Bank
Account #104774437644
ABA #091 000 022
Reason: Payoff
Failure to provide timely reports and remittance will result in actions and/or penalties as
defined in Failure to Comply with GMAC-RFC Remittance Requirements Section of this
Chapter.
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Exhibit B-1
9D GMAC-RFC
Page 9D.6
11/21/05
Client Guide
The Client must respond to any requests for payoff figures prior to the Effective Date of
Transfer. If the Effective Date of Transfer precedes the anticipated payoff date, refer the
requestor to the Designated Servicer to obtain the quoted payoff figures. Payoff funds
received by the Client after the Effective Date of Transfer must be wire transferred to the
Designated Servicer within one Business Day of receipt of such funds. If these funds are not
wired to the Designated Servicer within one Business Day of their receipt, the Client will be
assessed accrued daily interest for each day thereafter.
(B) Payoff/Liquidation
In addition to the wire transfer to GMAC-RFC Loan Accounting as stated above, if Client is
required to repay the Premium pursuant to the Premium Recapture Section of Chapter 2A
then Client must wire funds within five days of demand to GMAC-RFCs Client
Correspondence Segment, Collection Unit:
Residential Funding Corp.
DDA #5573416 (GMAC-RFC Premium Account)
Bank One, National Association;
Chicago, IL
ABA # 071000013
Reason: Payoff
D905
Failure to Comply with GMAC-RFC Remittance Requirements
Should the Client fail to comply with the remittance procedures, the Client will be assessed a
cash adjustment for late remittance based on the amount of the late remittance. The Client
acknowledges that the damage GMAC-RFC suffers as a result of a late remittance cannot be
quantified in advance and that the cash adjustment for late remittance constitutes liquidated
damages for the Clients breach of its obligation to make timely remittances. The cash
adjustment for late remittance is in addition to other remedies available to GMAC-RFC.
The cash adjustment for late remittance of all amounts due GMAC-RFC will be calculated
using the highest quoted Prime Rate printed on the first Business Day of each month in
The Wall Street Journal in its regular column entitled Money Rates plus 3%. This adjustment
changes automatically on publication of a different Prime Rate on the first Business Day of a
subsequent month. If the Prime Rate is not published, the adjustment will be determined by
GMAC-RFC.
The amount of the cash adjustment is determined by the amount of the overdue remittance
and the number of days the remittance is late, based on a 365-day year. The amount of the
cash adjustment for late remittance shall be equal to the greater of: (i) $100; or (ii) the
amount of interest that would accrue on such overdue remittance at the rate provided in the
immediately preceding paragraph from and including the date it became overdue until it is
paid in full.
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Exhibit B-1
GMAC-RFC
Page 9E.1
11/21/05
Client Guide
Final Documents
9E
Final Documents
This Chapter describes the process for Client to submit Final Documents for a Loan.
E900
Submission of Final Documents
All Final Documents, as well as any transmittals or other communications from Client to
GMAC-RFC regarding a Loan that has been funded, must clearly show the GMAC-RFC Loan
number. The GMAC-RFC Loan number can be found on the purchase advice and/or via the
GMAC-RFC Lender Portal.
Final Documents include:
Original recorded Security Instrument and any required addenda or riders
Original recorded intervening assignments, including any intervening assignments to
MERS (if applicable)
Title Insurance Policy: For all Loans that must be delivered with a Title Insurance
Policy, Client must submit (except as set forth below) the original title insurance policy
or a duplicate original signed (or counter signed) by the issuing title insurance
company, which original must include Schedules A and B, and all applicable conditions
and stipulations or comparable information. Electronic Verification is acceptable. In
the case of Loans secured by Mortgaged Premises in the State of Iowa, Client must
submit an attorneys certificate of title in lieu of a title insurance policy.
Original Recorded Consolidation, Extension, and Modification Agreement (if applicable)
Original Recorded Modification Agreement (if applicable)
Original Recorded UCC1/UCC3 (if applicable)
Any other original recorded documents specific to the property type (e.g., condos, coops) and/or applicable to lien perfection
If the jurisdiction retains the original recorded Security Instrument or assignment,
GMAC-RFC will accept a county certified copy, provided it contains an original
certification by the judicial or other governmental authority of the jurisdiction where
the Security Instrument was recorded.
All Final Documents pertaining to an individual Loan must be submitted in one submission
to GMAC-RFC within 120 days from the Funding Date.
In the event a Final Document is returned to Client for correction, the Final Document must
be corrected and returned to GMAC-RFC within ten Business Days.
GMAC-RFC may, at its sole discretion, require repurchase and/or charge penalty fees for late
submission of acceptable Final Documents.
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Exhibit B-1
9E GMAC-RFC
Page 9E.2
11/21/05
Client Guide
Final Documents
Extensions of the 120-day Final Document submission period generally are not granted.
GMAC-RFC recognizes, however, that exceptional circumstances may warrant an extension.
In these cases, Client must submit, within the 120-day period, a letter listing the documents
that cannot be delivered, the reason for delay and the estimated date on which the Final
Documents will be submitted. All available Final Documents must accompany the letter.
GMAC-RFC will decide, in its sole discretion, whether the circumstances warrant an extension
and the length of any extensions granted.
Client must NOT submit Abstracts and Certificates of Title to GMAC-RFC. Final Documents
must be submitted to:
GMAC-RFC
Suite 100
MC 03-03-40
Attention: Final Document Intake Department
If a Loan pays in full prior to 120 days from the Funding Date, Client must also provide
GMAC-RFC with sufficient information/documentation to meet State guidelines for filing of
the satisfaction.
E901
Review and Acceptance of Final Documents
If any of Clients tendered Final Documents do not comply with this Client Guide, GMACRFC may demand by written communication that corrections or substitutions be made within
ten Business Days from the date of the GMAC-RFC demand for correction or substitution.
If any of Clients tendered Final Documents do not comply with this Client Guide or fail to
meet the terms of the Commitment, GMAC-RFC may require, by making demand via
written communication, that Client provide corrections or additional Final Documents. Client
shall respond with the corrected or additional Final Documents within ten Business Days of
GMAC-RFCs demand, or under exceptional circumstances may request a further extension
by written request, detailing the reason for delay and the estimated date on which the
corrected or additional Final Documents will be submitted. GMAC-RFC will decide, in its sole
discretion, whether the circumstances warrant an extension and the length of any extensions
granted. If additional time is given, Client may be assessed an additional fee.
Clients failure to comply with GMAC-RFCs demand for corrected or addition Final Documents
may give GMAC-RFC the right to demand Client to repurchase the Loan per the terms of this
Client Guide.
E902
Further Assurance Documents
GMAC-RFC reserves the right to require delivery of further Final Documents over and
above the standard Final Document set as set forth in Chapter 2A, Representations,
Warranties and Covenants of this Client Guide (the Further Assurance Documents). Demands
for Further Assurance Documents may, to the extent described and/or allowed under
Chapter 2A, be made after GMAC-RFC has accepted the Final Documents. Client must
provide the requested Further Assurance Documents within 15 days of GMAC-RFCs sending
of written communication. Clients failure to comply with GMAC-RFCs demand for Further
Assurance Documents may give GMAC-RFC the right to demand Client to repurchase the
Loan per the terms of this Client Guide.
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GMAC-RFC
Exhibit B-1
Page 10.1
11/21/05
Client Guide
Definitions
10
Definitions
The terms defined below shall have the same meaning throughout this Client Guide, unless the
context clearly requires otherwise.
Accrued and Unpaid GMAC-RFC Scheduled Interest
At any time and with respect to any Loan, all interest that has accrued on the Scheduled
Principal Balance of such Loan at the rate provided for in the Note evidencing such Loan net of
the primary Servicing Fee and that has not been paid to GMAC-RFC by the primary Servicer
for such Loan.
Acquisition Team
GMAC-RFC
Suite 100
Attention: [Assigned] Acquisition Team
Adjustment Period
The time during which an ARM interest rate remains effective. After the initial Adjustment Period,
the interest rate may not change more than once in a set period of time (i.e., 6 months, 12
months) based on the movement of the index.
Affiliate
Any person or entity controlling, controlled by or under common control with GMAC-RFC.
Control means the power to direct the management and policies of a person or entity, directly
or indirectly, whether through ownership of voting securities, by contract or otherwise; and
controlling and controlled shall have meanings correlative to the foregoing.
ALTA
American Land Title Association
1828 L Street NW, Suite 705
800.787.ALTA
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Exhibit B-1
10 GMAC-RFC
Page 10.2
11/21/05
Client Guide
Definitions
Alternative Delivery
A process that provides Client with non-standard procedures and delivery requirements, as
described in the Alternative Delivery Section of Chapter 9C.
Ancillary Income
Servicing income derived from any Loan other than Servicing Fees, including, without
limitation, late charges and other incidental fees and fees or expense reimbursements relating to
insurance.
Automated Valuation Model (AVM)
A model using at least one of the two following methodologies to arrive at a determination of
Value for real property without the use of, or with limited intervention by a human appraiser.
Index or repeat sales model: A mathematical model that derives an estimate of current market
Value by taking an old Value from a previous sale or refinance and applying a market rate of
change to reflect a present day Value. The market rate of change percentage is derived from
looking at repeat sales within a limited geographic area (i.e., 5-digit zip); by property type (e.g.,
condominium, single family detached, 2-4 unit); and often within price bands (e.g., <50% of
median price, 50-100% of median, 100 - 150% of median, and >150% of median), for the same
period as the subject property.
Hedonic or regression models: Also referred to as comparable sales models, these models derive
an estimate of current market Value by analyzing the various characteristics of like properties
(e.g., square footage, lot size, number of bedrooms). The model then determines the impact
that each characteristic has on Value by looking at the characteristics of recent sales within a
limited geographic area (i.e., 5-digit zip) and determining an appropriate formula. By applying
the characteristics of the subject property to this formula, a current Value can be derived.
Best Efforts Delivery Commitment
A Commitment under which Client has committed that it shall make best efforts to close on an
eligible-for-purchase Loan, which conforms to the Loan described in the Commitment, and that if
Client does so then Client shall deliver the Loan to GMAC-RFC.
Borrower
The one or more individuals obligated to repay the Loan. (Also see Primary Borrower.)
Business Day
Any day other than a Saturday, Sunday or any of the holidays upon which GMAC-RFC is officially
closed for business, as set forth in the Hours of Operation and Holidays Section of Chapter 1.
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Exhibit B-1
GMAC-RFC
10
Page 10.3
11/21/05
Client Guide
Definitions
Buyups
An increase of the posted Margin/yield by the Client that may result in an increase in the
origination fee.
Buyout Fee
A fee that Client owes GMAC-RFC as a result of Clients failure to meet Clients delivery
obligations in a timely manner under a Commitment.
A Loan whose proceeds are distributed for debt consolidation, cash-in-hand, payoff of
non-seasoned closed-end subordinate mortgages and payoff of Lines of Credit with cash
advances in the past 12 months.
Client
A person or entity that has entered into a Client Contract with GMAC-RFC.
Client Eligibility
In order to become a Client, a mortgage Loan originator must:
Satisfy the GMAC-RFC Client Eligibility Standards
Have its completed Client Application approved by GMAC-RFC
Enter into the Client Contract
Deliver a certified Resolution of Boards of Directors to GMAC-RFC
Client Risk Management
GMAC-RFC
8400 Normandale Lake Blvd.
Suite 600
Attention: Client Risk Management
CLTA
California Land Title Association
1110 K Street, Suite 100
Sacramento, CA 95814
916.444.2647
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Exhibit B-1
10 GMAC-RFC
Page 10.4
3/13/06
Client Guide
Definitions
Commitment
A Best Efforts or Mandatory Delivery Commitment obtained by the Client from GMAC-RFC for
delivery of Loans as described in Chapter 9A, Commitments.
Commitment Confirmation
GMAC-RFCs written communication to the Client confirming that GMAC-RFC has accepted
Clients Commitment and additional terms and conditions applicable to GMAC-RFCs potential
purchase of the Loan under such Commitment as described in the Commitment Confirmation
Section of Chapter 9A.
Commitment Period
The period of time for any particular Commitment during which Client has committed to deliver
an eligible-for-purchase Loan which conforms to the Loan described in the Commitment.
Condo-Hotel
(Condotel)
A project that has a rental or registration desk, short-term occupancy, food and telephone
services and daily cleaning services. It is operated as a commercial hotel even though the units
are individually owned. See Condo-Hotels Section in Chapter 3D, Property Types and
Considerations.
Credit Documents
A subset of the Loan Documents, as described in the Funding Documents Section of Chapter
9C.
Credit Limit
The maximum aggregate principal amount of advances allowed to be outstanding under the
terms of the Agreement (as defined below).
Credit Score
Also known as the FICO Score, Beacon or Empirica an index assessing the Borrowers
credit history. The Credit Score evaluates and considers only the information in a Borrower's file
at a credit reporting agency. As an index, the score reflects the relative risk of serious
Delinquency, default, foreclosure or bankruptcy associated with a Borrower. A Credit Score is
available (as an enhancement to the credit report) through the following repositories:
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Exhibit B-1
10
Page 10.5
3/13/06
Client Guide
Definitions
GMAC-RFC
Equifax and Equifax Canada

Trans Union
Experian
Beacon
Empirica
FICO
Debt-to-Income Ratio
(DTI)
All of the Borrowers applicable monthly debt divided by the Borrower's monthly income, as
detailed in the Total Debt-to-Income Ratios Section of Chapter 4B, Liabilities & Debt Ratios.
Delinquency
Delinquency occurs when all or part of the Borrowers monthly installment of principal, interest
and, where applicable, Escrow/Impound is unpaid after the due date. A Delinquency that
remains uncured as of the close of business of the last Business Day before the next due date
is considered a one-payment or 30-day Delinquency.
Delivery Commitment Number
The number that is assigned to each Delivery Commitment at the time an individual Delivery
Commitment is ordered.
Delivery Date
The date on which GMAC-RFC actually receives the Clients Funding Documents. The posting of
the Funding Documents with the U.S. Postal Service or any other delivery service does not
constitute delivery to GMAC-RFC.
Demand Deposit Account
A deposit account from which funds may be withdrawn by the Servicer/depositor immediately
and without advance notice of intended withdrawal.
Designated Servicer
A person or entity that has been designated by GMAC-RFC to service any Loan with respect to
which GMAC-RFC purchases the Servicing Rights.
Discontinued Loan
A Discontinued Loan is a Loan that meets any of the criteria set out in the Responsible
Lending Representations, Warranties and Covenants Section of Chapter 2A.
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Exhibit B-1
10 GMAC-RFC
Page 10.6
3/13/06
Client Guide
Definitions
Draw Period
The time during the Loan term that the Borrower may request advances and will be required to
make minimum monthly payments on the outstanding principal balance of the Home Equity
Loan. The minimum monthly payment may not fully repay the principal at the end of the Draw
Period. At the end of the Draw Period the Borrower will be required to repay the outstanding
principal balance plus any accrued interest in monthly installments over the repayment period.
Early Scheduled Transfer
The Simultaneous Sale of Servicing with the Sale Date being the date on which the purchase
price of the Loan is funded, and the Effective Date of Transfer being the first day of the month
following the Sale Date.
Effective Date of Transfer
The date on which the responsibility for the servicing of a mortgage Loan is assumed by the
Designated Servicer and responsibility for the servicing representations, warranties and duties
are transferred to the Designated Servicer. In the case of negotiated Bulk Servicing Acquisition
of Servicing Rights, the Effective Date of Transfer shall be the date agreed upon by the Client
and GMAC-RFC. In the case of any sale of Servicing Rights to GMAC-RFC on a Loan-by-Loan
basis, the Effective Date of Transfer:
For a Simultaneous Sale of Servicing is the first day of the second month following the
Sale Date
For an Early Scheduled Transfer, in which case the Effective Date of transfer is the first
day of the month following the Sale Date
For a Post Purchase Sale of Servicing and an Early Purchase of Servicing, is the first
day of the month following the Sale Date
Electronic Verification
A computer-generated document downloaded and printed from the Internet, intranet or included
in an email message that provides all the information contained in the original hard-copy form.
The Electronic Verification must be readable by an image scanner and must be printed and
included in the Loan file. The Borrower may provide the Electronic Verification to Client or Client
may obtain it directly from the employer, depository, appraiser or other institution.
Escrow/Impound
All funds collected by the Client and/or Servicer to cover expenses of the Borrower required to
be paid under the Security Instrument, including, but not limited to, taxes, special
assessments, ground rents, water, sewer and other governmental impositions or charges that
are or may become liens on the Mortgaged Premises prior to that of the Loan, as well as
hazard, flood and mortgage insurance premiums.
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GMAC-RFC
Exhibit B-1
10
Page 10.7
11/21/05
Client Guide
Definitions
Event of Default
The events specified in the Events of Default Section of Chapter 2A.
Exclusionary List
The list by this name, published by GMAC-RFC at GMACResidentialFunding.com, and updated
from time to time.
FDIC
The Federal Deposit Insurance Corporation.
Factory-built Homes
Many types of housing structures are constructed right in the factory and are designed for longterm residential use. There are five categories of Factory-built Homes which include:
Manufactured Home, Modular Home, Mobile Home, Panelized Home and Pre-cut Home
and each are defined individually in this Chapter.
Fannie Mae
The Federal National Mortgage Association.
Fee Simple
The greatest possible interest a person can have in real estate including the right to dispose of
the property or pass it on to ones heirs.
Final Documents
The documents required by the Submission of Final Documents Section of Chapter 9E.
First Interest Rate Cap
A predetermined upper limit (or cap) established for the Borrowers first interest rate change
date.
Freddie Mac
The Federal Home Loan Mortgage Corporation.
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Exhibit B-1
10 GMAC-RFC
Page 10.8
11/21/05
Client Guide
Definitions
Frozen Credit
In certain circumstances, a Borrower has the right to freeze their credit information at one or
more of the three national repositories, prohibiting a third party gaining access to their credit
information.
Funding Amount
The funds wire transferred to the Client on the Funding Date in payment for any Loan and
Servicing (if applicable) sold by the Client to GMAC-RFC.
Funding Date
The date the Funding Amount is wire transferred to the Client in payment for any Loan and
Servicing (if applicable) sold by the Client to GMAC-RFC.
Funding Documents
The documents required by the Funding Documents Section of Chapter 9C.
Ginnie Mae
The Government National Mortgage Association.
GMAC-RFC
A Delaware corporation, its successors and assigns or such other name in which Residential
Funding Corporation (GMAC-RFC) may do business in any State. References to GMAC-RFC in this
Client Guide shall also be deemed to include, as appropriate in connection with the issuance of
one or more securities relating to Loans or as otherwise appropriate, an Affiliate of GMAC-RFC,
a master Servicer, custodian or trustee and/or any other person or entity that:
Is put in place by GMAC-RFC in connection with the issuance of securities relating to Loans
or other disposition of all or part of the rights and duties of GMAC-RFC under the Client/
Servicer Contract, this Client Guide and/or the Servicer Guide
May become obligated to render performance to, or entitled to receive performance from,
a Client or a Servicer OR
Is an assignee or pledgee of all or part of the interest by GMAC-RFC in one or more Loans
resulting from issuing securities
GMAC-RFC may designate others, including but not limited to its attorneys, auditors and
consultants, to perform any of its duties or exercise any of its rights under this Client Guide or
the Servicer Guide. GMAC-RFC reserves the right to require the Client to deliver Loans, and the
Servicer to deliver remittances and reports directly to its designee.
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Exhibit B-1
GMAC-RFC
10
Page 10.9
11/21/05
Client Guide
Definitions
Graduated Payment Mortgage (GPM)

A type of flexible-payment mortgage where the payments increase for a specified period of time
and then level off.
Growing Equity Mortgage (GEM)
A mortgage instrument that provides for annual, semi-annual or monthly increases in a
Borrowers mortgage payments, the proceeds from which are used to accelerate the reduction of
principal on the mortgage. As a result of the increased payments, the Borrower rapidly acquires
equity and is able to payoff the Loan more quickly.
HUD
United States Department of Housing and Urban Development.
Home Equity Line Security Agreement or Note
Also sometimes referred to as the Agreement or Note the applicable form of instrument
evidencing the Home Equity Loan as described in this Client Guide and Home Equity Chapter.
Home Equity Purchase Date
The date GMAC-RFC approves the Loan for purchase and funds the purchase price for such Loan
to the Client. The Property Data for each Loan shall also be deemed to be the Funding Date
for that Loan.
Home Equity Repayment Period
The time during the Loan term that the Borrower must make fully amortizing payments on the
outstanding principal balance. No further advances can be made against the Home Equity Loan
during this period.
Home Equity Simultaneous Transactions
The Home Equity Loan is closed at the same time as a first mortgage Loan transaction.
Home Equity Standalone Transactions
The Home Equity Loan is closed subsequent to any first mortgage Loan transaction.
Initial Advance
The amount of money advanced to the Borrower on the Home Equity Loan by the Client prior to
the purchase of the Home Equity Loan by GMAC-RFC.
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Exhibit B-1
10 GMAC-RFC
Page 10.10
11/21/05
Client Guide
Definitions
Minimum Advance - the smallest amount of money to be advanced to the Borrower at the time
of any draw on a Home Equity Line.
Insured Depository
A depository institution whose deposits are insured either by the FDIC or the NCUSIF.
Institutional VOR
Direct written verification of 12 month rental history from a property management company may
be provided if management company is listed in the local telephone directory. Verification that
property management company exists can be obtained through a reverse telephone directory
look up or can be verified with a business entity verification. File must contain a copy of the
listing, reverse look up, or business entity verification. If the listing, reverse look up, or business
entity verification is not available, 12 month cancelled checks must be provided.
Interest Rate/Payment Adjustment
Adjustments that occur when the interest rate changes, the outstanding principal balance must
be re-amortized over the remaining term of the Loan at the new interest rate. The new principal
and interest payment will be calculated to repay the Loan over its remaining term.
Intermittent Lates
A pattern of late payments that is not consecutive, but is broken into intervals. For example, a
mortgage rating with a three-month history reflecting the following is considered 2x30 for
grading purposes:
First Month:
Second Month:
Third Month:
30-day Delinquency
Current
30-day Delinquency
Land-to-Value
The ratio that results when the lot Value indicated on the appraisal report is divided by the Value
of the Mortgaged Premises.
Leasehold
An estate or interest in real property held by virtue of a lease.
Legal Documents
9C.
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GMAC-RFC
Exhibit B-1
10
Page 10.11
11/21/05
Client Guide
Definitions
Lifetime Cap
The maximum interest rate increase or decrease over the term of the Loan.
Lifetime Floor
The lowest interest rate that could be in effect over the term of the Loan.
Lis Pendens
A notice of public record indicating that the property is in litigation and in danger of an adverse
judgment.
Loan
A Loan sold or intended to be sold by the Client to GMAC-RFC and that meets or is intended to
meet all the requirements of this Client Guide. The term Loan includes all of the Clients rights,
title and interest in and to the Loan, including but not limited to the Loan Documents, the Loan
file and all other material and information collected by the Client in connection with the Loan.
Loan Accounting Department
GMAC-RFC
2255 North Ontario Street, Suite 400
Burbank, CA 91504-3120
Attention: Loan Accounting Department
Loan Documents
Includes originals and copies of the appraisal, the Security Instrument, the Note and all other
documents described in the Client Guide.
Loan Program
Any one or more of the Loan Programs pursuant to which a Client may sell Loans in accordance
with this Client Guide. The Loan Programs are described in Chapter 6, Loan Programs, and
includes both standard and non-standard Loan Programs.
Loan-to-Value
The ratio that results when the Loan amount is divided by the Value of the Mortgaged
Premises. The Combined Loan-to-Value (CLTV) is the ratio of the Loan plus any Secondary
Financing divided by the Value of the Mortgaged Premises.
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Exhibit B-1
10 GMAC-RFC
Page 10.12
3/13/06
Client Guide
Definitions

For credit grades A1, A2 and A3:
Collection accounts, charge-off accounts, judgments, liens, delinquent property taxes,
repossessions, garnishments and accounts showing 90 days or more delinquent are considered
to be Major Adverse Credit.
All State, IRS and property tax liens are required to be paid whether or not they currently
affect title. No payment plans or subordination allowed. Property tax liens on other
properties will be considered Major Adverse Credit. Federal tax liens older than ten years
are not required to be paid unless the title company requires payoff
Adverse accounts over 24 months old that do not affect title will not be considered in grade
Cumulative adverse accounts, less than $500 may be left open provided they do not affect
title
For credit grades A4, A5, Ax, Am, B, and C:
Collection accounts, charge-off accounts, judgments, liens, delinquent property taxes,
repossessions, garnishments and accounts currently 90 days or more delinquent are considered
to be Major Adverse Credit.
Medical accounts will not be required to be paid. Aggregate totals exceeding the CLTV
limits for the Loan transaction will be reviewed on a case by case basis
All State, IRS and property tax liens are required to be paid whether or not they currently
affect title. No payment plans or subordination allowed. Property tax liens on other
properties will be considered Major Adverse Credit. Federal tax liens older than ten years
are not required to be paid unless the title company requires payoff
Any current 90-day or more delinquent account must be brought current before or at
closing
Adverse accounts over 24 months old that do not affect title will not be considered in grade
For Home Solution credit grade A4, cumulative adverse accounts, less than $500 may be
left open provided they do not affect title
For AlterNet, credit grades A4 to C, cumulative adverse accounts and all non-medical
adverse credit less than 24 months seasoned, must be paid off if it exceeds amounts listed
below:
Owner Occupied
Non-owner Occupied
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Exhibit B-1
GMAC-RFC
10
Page 10.13
11/21/05
Client Guide
Definitions
Mandatory Delivery Commitment

A Commitment under which Client has committed to deliver an eligible-for-purchase Loan,
which conforms to the Loan described in the Commitment.
Manufactured Home
A Home built entirely in the factory under a federal building code administered by the
Department of Housing and Urban Development (HUD) is classified as a Manufactured Home.
These homes are constructed to meet the Federal Manufactured Home Construction and Safety
Standards Act (HUD Code) which have been in effect since June 15, 1976. GMAC-RFC does not
consider Manufactured Homes to be an eligible property type under any program.
Margin
The amount added to the index Value to create the mortgage interest rate for an ARM Loan.
MERS
MERSCORP or Mortgage Electronic Registration Systems, Inc. and the MERS System.
MIN
Mortgage Identification Number registered with MERS.
Minimum Advance
The smallest amount of money to be advanced to the Borrower at the time of any draw on a
Home Equity Line.
Mobile Home
Mobile Home is a term applied to homes built prior to June 15, 1976 when the HUD Code went
into effect. In many cases these homes were built to voluntary industry standards. GMAC-RFC
does not consider Mobile Homes to be an eligible property type under any program.
Modular Home
Modular Homes are Factory-built Homes constructed to the State, local or regional building
codes where the home will be located. Modular Homes are multi-sectioned units that are
transported to the site and installed.
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Exhibit B-1
10 GMAC-RFC
Page 10.14
11/21/05
Client Guide
Definitions
Mortgage Insurer
A provider of mortgage insurance that has been approved by GMAC-RFC as listed on GMAC-RFC
Exhibit 1304.
Mortgaged Premises
The land and improvements thereon subject to the lien of the Security Instrument.
Non-Standard Documents
Any documents evidencing or securing a Loan that are not Uniform Instruments.
Note
The applicable form of instrument evidencing the Loan as required under this Client Guide,
including any addenda thereto.
Panelized Home
Panelized Homes are defined as homes where panels (flat units that represent a whole wall with
windows, doors, wiring and outside siding) are constructed in the factory and then transported
to the site and assembled. Panelized Homes are constructed to the State, local or regional
building codes of where the home will be located.
Party Wall
A wall built along the boundary line of adjoining properties and shared by the respective
property owners or tenants.
Payment Change Date
The first day of the month following an interest rate change date. It is the date on which a
payment change, due to an interest rate change, becomes effective.
Periodic Cap
The maximum interest rate increase or decrease at each interest rate Adjustment Period.
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Exhibit B-1
GMAC-RFC
10
Page 10.15
11/21/05
Client Guide
Definitions
Planned Unit Development

A Planned Unit Development (PUD) is a development that has the following characteristics:
(1) The individual unit owners own a parcel of land improved with a dwelling. Ownership is
NOT in common with other unit owners.
(2) The development is administered by a homeowners association (HOA) that owns and is
obligated to maintain property and improvements within the development for the
common use and benefit of the unit owners.
(3) The unit owners have an automatic, non-severable interest in the HOA and pay a
mandatory assessment.
Portfolio Risk Management
GMAC-RFC
Suite 600
Attention: Portfolio Risk Management
Post Purchase Sale of Servicing
The sale of Servicing to GMAC-RFC after purchase of the Loan by GMAC-RFC.
Pre-cut Home
Pre-cut Homes are a type of factory-built housing. Materials for this type of home are factory-cut
(pre-cut) to design specifications, transported to the site and then assembled. Pre-cut Homes
include kit, log and dome homes. Pre-cut Homes are constructed to the State, local or regional
building codes where the home will be located.
Premium
The Premium consists of the Price Premium plus any Servicing Released Premium (SRP).
Price Premium
The amount by which the purchase price less the Servicing Released Premium (SRP)
exceeds the principal balance at the Funding Date. If the purchase price less the Servicing
Released Premium does not exceed the principal balance at the Funding Date, then there is no
Price Premium.
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Exhibit B-1
10 GMAC-RFC
Page 10.16
11/21/05
Client Guide
Definitions
Primary Borrower
If more than one person is obligated to repay the Loan, the Primary Borrower is considered to be
the individual with the highest income. Except for Stated Income, No Ratio, or No Income No
Asset Loans, the Credit Score of the Primary Borrower is used for grading purposes.
Prime Rate
The highest base commercial rate on corporate Loans at large U.S. money center commercial
banks that The Wall Street Journal publishes as the Prime Rate.
Program Criteria
Also known as Home Equity Program Criteria shall mean GMAC-RFCs Home Equity Loan
requirements as described in the Underwriting, Loan Eligibility and Loan Program Chapters of
this Client Guide.
Progressive Cumulative Lates
Delinquencies that increase in severity. The most severe Delinquency reached is considered
one event. For example, a mortgage rating with a three-month history with a 30, 60, 90 day
Delinquency is considered 1x90 for grading purposes.
Property Data
Includes but is not limited to prior sale price, prior Sale Date, prior appraised Value, prior
appraised date, lot size, year built, property type or any other Property Data and/or
characteristics.
Purchase Date
The date GMAC-RFC approves the Home Equity Loan for purchase and funds the purchase price
for such Home Equity Loan to the Client. The Purchase Date for each Home Equity Loan shall
also be deemed to be the Funding Date for that Home Equity Loan, as that term is used in
other Sections of this Client Guide.
Qualified AVM
A report of property valuation issued under an Automated Valuation Model (AVM), where
such valuation report has been ordered from a Qualified AVM Vendor (as specified in GMAC-RFC
Exhibit 16G05, Automated Value Model (AVM) Approved Vendors, using the vendors GMACRFC Qualified AVM system, and the report of valuation has been given the GMAC-RFC Qualified
AVM seal as may be determined through methods and systems issued at GMAC-RFCs sole
discretion.
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Exhibit B-1
GMAC-RFC
10
Page 10.17
11/21/05
Client Guide
Definitions
Qualifying Prepayment Penalty

A Qualifying Prepayment Penalty is in effect for at least 12 months from the Note date. It is more
than or equal to either (a) six months advance interest on the amount by which the total of all
prepayments within any 12 month period exceeds 20% of the original principal amount of the
Loan or (b) x% of the principal amount prepaid, where x shall be 5 if the prepayment occurs
in the first 12 months after the Note Date, x shall be 4 if the prepayment occurs in the 13th
through 24th month from the Note Date, x shall be 3 if the prepayment occurs in the 25th
through the 36th month from the Note Date, x shall be 2 if the prepayment occurs in the 37th
through the 48th month from the Note Date and x shall be 1 if the prepayment occurs in the
49th through 60th month from the Note Date.
Registration Hours
The time periods during which GMAC-RFC is willing to receive requests from Clients to enter into
Commitments. The standard Registration Hours are set forth in the Requesting a
Commitment Section of Chapter 9A.
Re-established Credit
For credit grades A1 to A3, Re-established Credit is calculated from the discharge of bankruptcy
or completion of foreclosure and requires the following:
Minimum of 12 months verified housing payments with no Delinquencies AND
Minimum of four trade lines open for 24 months with no Delinquencies. At least one trade
line must have a credit line of at least $1,000
For credit grades A4 to C, Re-established Credit is calculated from the discharge of bankruptcy or
completion of foreclosure and requires the following:
Minimum of 12 months verified housing payments (any Delinquencies will be considered in
determining the final grade) AND
Minimum of four trade lines open for 12 months. At least one trade line must have a credit
line of at least $1,000
Residual Income
The income remaining after PITI and debts listed on credit report or obtained through other
documentation have been subtracted from the Borrowers gross monthly income.
Rolling Lates
Consecutive, identical Delinquencies. There is no limit to the number of months rolling
Delinquencies can occur to be counted as one event. For example, a mortgage rating with a
three-month history with 30, 30, 30 day Delinquencies is considered 1x30 for grading purposes.
Some grading categories do not allow rolling mortgage Delinquencies.
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Exhibit B-1
10 GMAC-RFC
Page 10.18
3/13/06
Client Guide
Definitions
Rural Property
If any one of the following criteria exists, the property will be classified as rural:
Appraiser classifies the property as rural
Less than 25% of the surrounding market area is developed
If at least 50% of the acceptable comparable properties are not within five miles of the
subject property, unless the appraiser provides sufficient justification for the distance of
the comparables and clarifies that the property is not rural in nature
See specific Loan Programs for acreage limitations.
Sale Date
In the case of any Bulk Servicing Acquisition of Servicing Rights, the Sale Date shall be the
date agreed upon by the Client and GMAC-RFC as the date that title to the Servicing Rights is
transferred to GMAC-RFC. In the case of Simultaneous Sales of Servicing and an Early
Scheduled Transfer and actual balance sale of servicing to GMAC-RFC on a Loan-by-Loan
basis, the Sale Date shall be the date on which the purchase price of the Loan is funded. In the
case of any Post Purchase Sales of Servicing, on a Loan-by-Loan basis, the Sale Date shall be the
date stated in the Statement of Servicing Sold as being the Sale Date for such Servicing Rights.
Scheduled Principal Balance
At any time and with respect to any Loan, the original principal amount of such Loan at the time
it was purchased by GMAC-RFC less that portion of any cash payments received by GMAC-RFC
from the primary Servicer for such Loan that is to be applied toward the reduction of the
outstanding principal balance of the Loan.
Second Mortgage Program
When seen with initial capitalization, refers to all GMAC-RFC Second Mortgage Loan Programs,
i.e., Home Equity Goal Loan, Home Equity Goal Line and 125 CLTV Programs.
Secondary Financing
Any type of indebtedness (including, but not limited to, any indebtedness arising from a Loan,
judgment or unpaid taxes) secured in whole or in part by a lien upon the Mortgaged Premises
regardless of whether the mortgage, deed of trust or other Security Instrument creating or
evidencing that lien was of record in the appropriate real property records on the Funding Date
or Delivery Date.
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Exhibit B-1
GMAC-RFC
10
Page 10.19
11/21/05
Client Guide
Definitions
Section 32 Home Equity Loan

A consumer Loan secured by the consumer's primary residence that is not a purchase money
mortgage, an open-end home equity credit plan, a reverse mortgage or a bridge Loan for
construction with a term of less than one year if:
The annual percentage rate at consummation will exceed by more than ten percentage
points the yield on Treasury securities having comparable periods of maturity to the Loan
maturity as of the 15th day of the month immediately preceding the month in which the
application for the extension of credit is received by the creditor OR
The total points and fees payable by the consumer at or before Loan closing will exceed
the greater of 8% of the total Loan amount or $412. The $412 figure will be adjusted
annually on January 1 by the annual percentage change in the Consumer Price Index that
was reported on the preceding June 1
Security Instrument
The applicable form of mortgage, deed of trust, deed to secure debt or security deed required
under this Client Guide, including any riders, creating a lien on the Mortgaged Premises.
Servicer
A person or entity that has entered into a Servicer Contract with GMAC-RFC.
Servicer Guide
The GMAC-RFC Servicer Guide, as amended from time to time.
Servicing Agent
A Servicer that received GMAC-RFCs authorization to act on behalf of another Servicer in
servicing Loans purchased by GMAC-RFC.
Servicing Documents
9C.
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Exhibit B-1
10 GMAC-RFC
Page 10.20
11/21/05
Client Guide
Definitions
Servicing Fee
For fixed-rate Loans, that percentage is the difference between the Note rate and the yield to
GMAC-RFC. For ARM Loans that percentage is the least of the following:
The difference between the interest rate at the time of purchase of the Loan and the initial
net rate to GMAC-RFC
The difference between the gross Margin and the net Margin to GMAC-RFC
The difference between the maximum allowable interest rate (life cap) on the Note and the
maximum net rate (life cap) due GMAC-RFC
Servicing Package
A funding Servicing Package must include the following documents:
Current hazard insurance policy or binder
Flood certification
Flood insurance policy or binder, if applicable
Life-of-Loan flood zone determination contract (unless GMAC-RFC sets up the contract).
HUD-1
Initial Escrow Account Disclosure Statement, if applicable
Tax information sheet, if applicable
Mortgage insurance certificate, if applicable
Temporary Buydown agreement, if applicable
Notice of ARM adjustments, if applicable
Servicing Released Premium (SRP)
A one-time premium paid to the Client for the Servicing Rights on a mortgage Loan.
Servicing Rights
With respect to each sale and transfer of Servicing Rights, the right, title and interest in and to
the non-recourse servicing of any Loan and the maintenance and Servicing Fee income and any
and all Ancillary Income arising from or in connection with any Loan.
Simultaneous Transactions
The Home Equity Loan is closed at the same time as a first mortgage Loan transaction.
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Exhibit B-1
GMAC-RFC
10
Page 10.21
3/13/06
Client Guide
Definitions
Simultaneous Sale of Servicing

The sale of Servicing to GMAC-RFC concurrently with the sale of the Loan to GMAC-RFC.
Site Condominium
A condominium project consisting of one-unit, detached dwellings.
Standalone Transactions
The Home Equity Loan is closed subsequent to any first mortgage Loan transaction.
State
Any of the 50 States of the United States of America, including the District of Columbia.
Statistical Property Valuation
A form of appraisal which uses some form of Automated Valuation Model (AVM).
Substitution Date
The date on which GMAC-RFC receives a Loan that the Client has substituted for a denied Loan.
Temporary Buydown
An amount of money paid by the Borrower, home-seller, home-builder or other person or entity
that reduces the Borrowers monthly payments on the Note for a number of months at the
beginning of the Loan term and that will, by the terms of the agreement establishing the
Temporary Buydown, be pledged to the Client as additional security for the Loan.
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Exhibit B-1
10 GMAC-RFC
Page 10.22
3/13/06
Client Guide
Definitions
Title Vesting
The manner in which the Borrower takes title to the subject property. Types of Title Vesting are:
individual, joint tenants, tenants in common and living trusts.
Individual: an individual Borrower taking sole ownership (title) to a property
Joint Tenants: a form of co-ownership giving each tenant equal interest and equal rights in
a property, including the right of survivorship
Tenants in Common: a form of individual ownership interest by two or more persons that
provides for no right of survivorship. The interest need not be of equal percentage
Living Trust: See definition in Chapter 3, Loan Eligibility
U.S. Possession or Territory
American Samoa, Guam, Marshall Islands, Federated States of Micronesia, Northern Marianas,
Palau, Puerto Rico, U.S. Virgin Islands.
Uniform Instruments
The standard forms of Loan Documents most recently prepared and released by GMAC-RFC,
Fannie Mae or Freddie Mac for use in evidencing or securing residential mortgage Loans.
Value
The Value of the Mortgaged Premises may be defined differently depending upon the type of
financing, the length of time the property has been owned by the Borrower and the location of
the Mortgaged Premises as established in the Calculating Loan-to-Value Ratios Section of
Chapter 3C, Financing.
Yield/Price Variance
Yield/Price Variances may apply for special features, Loan characteristics or other options as
offered under this Client Guide.
Yield/Price Variances are posted on GMAC-RFCs Internet Portal at GMACResidentialFunding.com
and are subject to change.
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GMAC-RFC
Exhibit B-1
Page 11.1
03/13/06
Client Guide
Forms
11
Forms & Exhibits
The Client must use the current version of GMAC-RFC forms prescribed by this Client Guide.
When GMAC-RFC changes any forms or exhibits, the Client must use the new version. Below
is a list of required GMAC-RFC forms and exhibits. To print GMAC-RFC forms and exhibits in
your office, logon to our web site at GMACResidentialFunding.com. Enter the Client Guide
and open Chapter 11, Forms & Exhibits. Additionally, the Client is required to use the current
version of Fannie Mae/Freddie Mac forms where applicable.
1100
GMAC-RFC Forms & Exhibits
Form
Title
Updated
GMAC-RFC Form 1200
Annual Client Certification
01/01/01
GMAC-RFC Form 1201
Repurchase Liquidation Report
01/01/01
GMAC-RFC Form 1204
Limited Power of Attorney
04/01/03
GMAC-RFC Form 1205
Client Change Notification
01/01/04
GMAC-RFC Form 1301
Temporary Buydown Schedule
01/01/01
GMAC-RFC Exhibit 1302
List of Eligible States
11/21/05
GMAC-RFC Form 1303
Condo Warranty Certification
01/01/05
Acceptable Primary Mortgage Insurers
04/01/05
GMAC-RFC Form 1305
Signature and Acknowledgement Form for Living Trusts
04/01/04
GMAC-RFC Form 1400
Verbal Reverification of Mortgage
01/01/01
Fair Isaac Credit Score Factor Codes
01/01/01
GMAC-RFC Form 1402
Verbal Reverification of Employment
01/01/01
GMAC-RFC Form 1403
Income Analysis of Corporations, Partnerships and Trusts
01/01/01
One Month LIBOR ARM Note and Rider Language
11/21/05
GMAC-RFC Form 1600
Loan Exception Approval Request
03/13/06
GMAC-RFC Form 16A00
03/13/06
GMAC-RFC Form 16A01
Self-Employment Income Analysis
04/01/03
GMAC-RFC Form 16A02
Loan Modification Agreement
01/01/01
GMAC-RFC Form 16F00
Performance Loan Addendum/Rider
01/01/03
GMAC-RFC Form 16G00
Home Equity Loan Exception Request
01/01/04
GMAC-RFC Exhibit 16G03
Home Equity Product-Purchase Advice
01/01/01
GMAC-RFC Form 16G04
Home Equity Revolving Loan Disbursement Schedule
07/22/05
GMAC-RFC Exhibit 16G05
Automated Value Model (AVM), Approved Vendors
03/13/06
GMAC-RFC Form 16G06
Subordination Document Checklist
01/01/05
GMAC-RFC Form 16G07
1st Lien Line of Credit Revolving Loan Disbursement Schedule
07/22/05
GMAC-RFC Form 16H01
Home Improvement Cost Breakdown
01/01/01
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Exhibit B-1
GMAC-RFC
03/13/06
Client Guide
Forms
Form
Title
Updated
GMAC-RFC Form 16H02
125 CLTV Program First Payment Notice
01/01/01
GMAC-RFC Form 16H03
125 CLTV Loan Registration
01/01/01
GMAC-RFC Form 16H04
125 CLTV Program Delivery Checklist
07/01/04
Designated Servicer Directory
03/13/06
Designated Servicer Directory, Home Equity Goal Loan & 125 CLTV
03/13/06
GMAC-RFC Form 1802
Servicing Released Approved Flood Zone Determination
01/01/01
GMAC-RFC Purchase Advice
01/01/01
GMAC-RFC Statement of Servicing Sold-First Mortgage
07/01/04
Home Equity Lines Designated Servicer Directory
01/01/05
File and Document Routing
03/13/06
GMAC-RFC Form 1900
Wire Transfer Authorization
07/22/05
GMAC-RFC Wire Certificate
03/13/06
Notification of Underwriting Denial
01/01/01
GMAC-RFC Form 1905
Loan Registration
03/13/06
GMAC-RFC Form 1906
AlterNet Loan Registration - Multiple
03/13/06
GMAC-RFC Form 1907
Final Document Transmittal
04/01/03
GMAC-RFC Form 1908
Goal Line Delivery Checklist
04/01/05
GMAC-RFC Form 1909
1st Lien Line of Credit Delivery Checklist
04/01/05
GMAC-RFC Form 1910
Goal Loan Registration
01/01/01
GMAC-RFC Form 1911
Goal Loan Document Forms
01/01/01
GMAC-RFC Form 1912
Goal Loan Delivery Checklist
04/01/04
GMAC-RFC Form 1913
Purchase Advice Cover Letter
01/01/03
GMAC-RFC Form 1914
Bulk Client Contact Information Sheet
01/01/03
Home Equity Legal Doc Options
07/22/05
GMAC-RFC Form 2308
Payoff/Liquidation Report
07/22/05
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Exhibit B-1
1200

Compliance Statement
Section A. General Information
Client Name
Date fiscal (audit) year ends
Client Number
Dates covered by this report (if different from fiscal year end)
Principal Office Address
Mailing Address (if different from principal office)
City, State, ZIP
City, State, ZIP
Deposits are insured by (check one)
Indicate the type of institution (check one)
Federal Deposit Insurance Corporation (FDIC)
Corporation
Partnership
National Credit Union Share Insurance Fund (NCUSIF)
Proprietorship
Limited Partnership
Other (explain) ___________________________________

Approvals
HUD
Total amount of unpaid principal balance of servicing portfolio at

fiscal year end
Freddie Mac
$ ________________________________
Fannie Mae (in good standing)

Does this institution have a quality control plan in place?
Yes
Total amount of mortgages originated this fiscal year
No, explanation attached
Is this institution currently operating under regulatory supervision,

receivership, conservatorship or other restrictions?
No
Yes, explanation attached
$ ________________________________
Has there been a change in ownership in the past 12 months?
No
Section B: Total Home Mortgage Originations for the fiscal year being reported
Indicate not applicable where appropriate.
1
Home Mortgages
Origination
Home Mortgages
Originations
FHA/VA
ARM 5 YR
CONV FR
GPM/ARM
ARM 1 YR
Other
ARM 3 YR
2nd Mortgages
Subtotal Column 2
Subtotal Column 4
Total Originations (column 2 + column 4)

GMAC-RFC Form 1200 (01/01/01)
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Exhibit B-1
Pg 535 of
649 Insurance
Section C. Fidelity and Mortgagees Errors and Omissions
(E&O)
Fidelity
Was insurance policy in effect as of fiscal year end?
Mortgagees E&O
Yes
Yes
Has this institutions coverage been changed or canceled after

the fiscal year-end?

No

No
Has this institution filed any claims greater than $100,000

against the policy during the fiscal year?

No

No
Name of insurer . . . . . . . . . . . . . . . . .
Policy number . . . . . . . . . . . . . . . . . .
Amount of coverage..............$
Amount of deductible . . . . . . . . . . . . .$
Attach certificates of insurance evidencing the coverage detailed above.

Section D: Major Investors
List the names of the top five major investors (in terms of sales volume) to whom this institution has sold Mortgages in the past fiscal
year, if the top five major investors has changed since the fiscal year reported. (Indicate not applicable if this question does not apply
or there have been changes.)
___________________________________________________________________________
Name
____________________________________________________________________________________
Name
____________________________________________________________________________________
Name
____________________________________________________________________________________
Name
____________________________________________________________________________________
Name
Provide copies of signature cards evidencing account designations and the most recent bank statements for all P&I and Escrow
accounts.
Section E. Signature
The information contained in this Annual Client Certification report (including the compliance statement, the auditors
statement, and all attachments) is true to the best of my knowledge and belief. I understand that any misrepresentation
constitutes cause for suspension or disqualification to sell to and/or service mortgages for GMAC-RFC and may be cause
for GMAC-RFC to exercise any other remedies available.
Signature of Clients Chief Executive Officer or Chief Financial Officer
Date
Name (typed or printed)
Telephone Number
Title (typed or printed)
The Annual Client Certification report must be completed as of the fiscal year end for each institution to maintain approval as a
GMAC-RFC Client. The complete report must be submitted within 90 days after the institutions fiscal year end to the GMAC-RFC
Corporate Quality and Planning Department in Minneapolis.

GMAC-RFC Form 1200 (01/01/01)
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Exhibit B-1
1201

Client ID#
Servicer ID#
Client Name
Servicer Name
Repurchase Date
Borrower Name
Loan Status
5. Sold - Pool # ______________
6. Unsold - Pool # ____________
7. REO
Yes
No (If yes, skip to D)
For questions regarding the repurchase price, contact Portfolio Risk at 952.806.0536
A. Last period ending unpaid principal balance
$________________________________
B. Payoff/liquidation interest due GMAC-RFC
$________________________________
Note: If Loan was reported current at last accounting cut-off, use following calculation:
__________________
Last period end. UPB
_____________
GMAC-RFC Yield rate/365
X _____________days
# days from 1st of activity month
up to activity date
Note: If Loan was reported delinquent at last accounting cut-off, use following calculation:
__________________
__________________
______________
Plus
______________
X _____________days
Activity Mo. minus last LPI date
reported
X _____________days
from 1st of activity month up to
date
C. Miscellaneous Fees
a. Funding (Discount)/Premiums (unsold Loans only) ________%
$_______________
b. Buyout Fees
$_______________
c. Servicing Released Fees
$_______________
d. Other: ________________________________
$_______________
Total Fees
$________________________________
D. REO Repurchase Price (Attach itemized GMAC-RFC repurchase price worksheet)
$________________________________
TOTAL REPURCHASE PRICE DUE GMAC-RFC (Date of Wire _____________)
$________________________________
Prior To Wiring Funds, Please Fax Or Overnight This Form To:

Attn:
Fax:
GMAC-RFC
Payoff Department
2255 North Ontario Street, Suite 400
Burbank, CA 91504-3120
818.260.1800
Note: Loan Documents will be retrieved from the custodian and the servicer (if applicable) and prepared for release upon
receipt of the wire and this form.

GMAC-RFC Form 1201 (01/01/01)
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Exhibit B-1
___________________________________________________________________________________________________________________
Contact
___________________________________________________________________________________________________________________
Address
___________________________________________________________________________________________________________________
City
State
ZIP Code
___________________________________________________________________________________________________________________
Telephone Number
Prepared by: ________________________________________________Telephone Number: ________________________________________
Authorized Signature: _________________________________________Title: __________________________________________________
GMAC-RFC USE ONLY

Date Form Received_________________________________
Date Funds Received________________________________
Mainframe Input___________________________________
Pool #__________________________________________
Amount Received___________________________________
Status:
Copy 1271 Forwarded to:

Collateral Disposition_________________________________
Portfolio Risk_______________________________________
Servicing Acquisition_______________________________
REO____________________________________________
Total Amount Received

Due From (To) Client
Sold
Unsold
$____________________
$____________________

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Exhibit B-1
(Legal sized PDF available at www.GMACResidentialFunding.com)
1204
[Full legal name of the SELLER] (the Seller), a [State of Incorp.], corporation through the duly authorized
representative whose signature appears below makes and appoints and by this Limited Power of Attorney does make,
constitute and appoint Residential Funding Corporation (hereinafter referred to as GMAC-RFC), a Delaware
corporation, whose address is 8400 Normandale Lake Blvd., Suite 250, Bloomington, MN 55437, the true and lawful
attorney-in-fact for the SELLER; and in the SELLERs name and stead to execute, by the signature of any authorized
GMAC-RFC employee or agent, any and all documents for the purpose of assigning and transferring to GMAC-RFC any
and all mortgages, deeds of trust, Security Instruments, and the related notes, including, but not limited to the assignments
of mortgages, deeds of trust, and Security Instruments; the Note endorsements, affidavit and agreements, for any mortgage
Loan transaction closed and funded in the SELLER's name or transferred and assigned to Seller and committed to GMACRFC by SELLER under the Client Contract(s) between the SELLER and GMAC-RFC [dated
________________________, 20______ and ____________, 20___](the Client Contract(s)); giving and granting unto
the said attorney-in-fact full power and authority to do and perform all and every act and thing whatsoever requisite and
necessary to be done, and to make, correct, amend, endorse, accept, or deliver all agreements and instruments; as fully, to
all intents and purposes, as the SELLER might or could do if present at the doing thereof through one of its authorized
representatives, with full power of substitution and revocation. The Seller hereby ratifies and confirms all that the said
attorney-in-fact shall lawfully do or cause to be done by virtue of this Limited Power of Attorney.
The SELLER may only revoke this Limited Power of Attorney in writing and only upon the expiration of one hundred
eighty (180) days from the effective date of the Client Contract's termination in accordance with the Client Contract's
terms, and this Limited Power of Attorney shall be deemed to be a power coupled with an interest for such purpose.
IN TESTIMONY WHEREOF, I have hereto set my hand and seal this _______ day of _________________, 20___.
SELLER: __________________________________________________________
(Full legal name of SELLER entity and, if applicable, full name of any and all d/b/a entities)
BY:
__________________________________________________________
(Signature of authorized officer of SELLER)
__________________________________________________________
(Printed name of authorized officer)
__________________________________________________________
(Title of authorized officer)
ACKNOWLEDGMENT/CORPORATE
STATE OF ____________________)
)ss
COUNTY OF__________________)
On this ________ day of ______________________, 20____, before me appeared _______________________, to me
personally known, who, being by me duly sworn, did say that (s)he resides at __________________________________,
that (s)he is the ____________________________ of ______________________________________________________,
a _________________________________________ corporation, the corporation described in and which executed the
foregoing instrument, and that (s)he signed his/her name thereto by order of the Board of Directors of such corporation.
[Stamp]
_____________________________________________________
Notary Public
My Commission Expires:_________________________________

GMAC-RFC Form 1204 (04/01/03)
Legal sized PDF available at www.GMACResidentialFunding.com
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This instrument was drafted by:
After Recording Return to:
________________________
GMAC-RFC
________________________
________________________
Exhibit B-1
Suite 250, Final Documents

Bloomington, MN 55437

GMAC-RFC Form 1204 (04/01/03)
Legal sized PDF available at www.GMACResidentialFunding.com
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Exhibit B-1
1205
The form to be completed for name changes, mergers, acquisitions, stock sale, creation of new entity or asset sale as applicable to
either the GMAC-RFC Client and/or Clients parent company.
If you have undergone or are in the process of any of the changes listed above, please complete this form and submit along with the
supporting documentation to GMAC-RFC, One Meridian Crossings, Suite 100, Minneapolis, MN 55423, Attention: Seller Risk
Management, FAX: 952.979.2592.
Clients Current Structure Information

Clients Legal Name:
Date Fiscal Year Ends:
Federal Tax ID Number:
Clients Address:
1. Effective Date of changes:

2. Type of changes:
________ Name change only
________ Merger/acquisition involving the Clients parent company
________ Merger/acquisition involving Client
________ Client acquired another company
________ Client was acquired
________ Stock sale (only applies to corporation)
________ Entirely new entity, but some or all of the same principals or stockholders
________ Asset sale
3. Has your institution type changed? If yes, what is your new institution type?
________ FSA/FSB or State bank________ Corporation
________ Subsidiary of FSA/FSB or State bank
________ National bank________ LLC
________ Subsidiary of national bank
________ State commercial bank
________ Other________ LP
Complete the following information for the resultant entity if different from information stated above.
Clients Structure information (type of entity):
Clients Legal Name:
Date Fiscal Year Ends:
Federal Tax ID Number:
Clients Address:

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Exhibit B-1
4. Changes and/or additions to major stockholders. Provide the names of all individuals and institutions.
Name:
Percentage of ownership:
Name:
Name:
5. Changes or additions to managing executives and key operations personnel.

Name:
Title:
Name:
Title:
Name:
Title:
6. Summarize changes that have taken place.
7. Provide supporting documentation of changes that took place: Supporting documentation includes evidence of the
change (e.g., amendment to articles of incorporation, filed amended name change statement, certificate of merger)
GMAC-RFC may require additional documentation, depending on the nature of the Client change.

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Exhibit B-1
1301
Client ID Number
Client Name
Borrower Name
Client Address
Borrower Address
Client Loan Number
Mortgage Type
Note Rate
Loan Amount
Term
Bought Down
Amount
Monthly
Annual
Buydown
Interest
P&I Payment
Paid by
Assistance
Assistance
Period
Rate*
At Note Rate
Borrower
Payments
Payment
1-12
_________________ ______________ ______________ = ______________x12 _______________
13-24
_________________ ______________ ______________ = ______________x12 _______________
25-36
_________________ ______________ ______________ = ______________x12 _______________
Year
(1)
(2)
(3)
Total ___________
Total amount of
Buydown Funds
*Payment increases may not exceed 7-1/2% annually or 1% interest rate equivalent.

GMAC-RFC Form 1301 (01/01/01)
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Exhibit B-1

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Exhibit B-1
1302
The following matrix applies to open-end lines of credit secured by both first and second liens; and closed end second
mortgage Loans.
An X indicates that the Loan Program is available in the referenced State, subject to any limitations specified in the
footnotes and in the rest of this Client Guide.
1st
Lien
LOC
X
Goal
Line
X
Goal
Loan
X
30/15
Balloon
X
125
CLTV
X
Alaska
Montana
Nebraska1
Nevada
Arizona2
Arkansas
California
New Hampshire
State
Alabama
State
Missouri
1st
Lien
LOC
X
Goal
Line
X
Goal
Loan
X
30/15
Balloon
X
125
CLTV
X
Colorado
New Jersey
Connecticut1
Delaware
New Mexico
New York6,8
Dist. of Col.
Florida1
North Carolina
North Dakota
X
X
Georgia
Ohio
Hawaii
Oklahoma
Idaho
Oregon
Illinois
Pennsylvania
Indiana
Rhode Island
South Carolina7
South Dakota
Tennessee4
X
X
Iowa
Kansas8
Kentucky1
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Texas1,5,8
Utah
Washington
West Virginia1,3,8
Wisconsin
Wyoming
X
X
X
X
X
X
X
X
X
X
Vermont
Virginia8
For all States: Discontinued Loans are not eligible under any GMAC-RFC mortgage Loan Program. Refer to
Discontinued Loan Section in Chapter 2A, Representations Warranties and Covenants (note the Statespecific and product-specific information.)
1 Use of credit cards is subject to restriction.
2 Arizona has a minimum balloon amount of $10,100.
3 West Virginia Loans are not eligible for some products, features, or criteria. See the West Virginia Loans
section and/or Loan Program Chapters.
4 Tennessee maximum Goal Loan/Goal Line term is 15 years.
5 Texas Equity Loans are not eligible.

6 Stated Value is not available in New York State as an acceptable method of establishing property Value.
7 Loan must be secured by the Borrowers primary residence. Investment property and second/vacation
homes are not permitted.
8 Second Mortgages behind Payment Option and negatively amortizing first lien loans not allowed in the following
states: KS, NY, TX, VA, WV
The Client is responsible for assuring compliance with all restrictions and should not rely on this
Form. The restrictions in this Form are some, but not necessarily all, of the restrictions of this
type.

GMAC-RFC Exhibit 1302 (11/21/05)
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Exhibit B-1

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Exhibit B-1
1303

Please indicate number of stories:
1-4
5-8
>8
Warrantable Condominiums
This is to certify that we have reviewed the Condominium documents and other pertinent information
specified in Sections _________________ of the GMAC-RFC Client guide for the _____________________
(condominium name) project. We hereby warrant that the requirements for a Class __________________
Condominium as outlined in Sections _________________________ of the Client Guide are in compliance
without exception as to mortgages we offer to GMAC-RFC within said project.
This certification is in confirmation of, and not in lieu of, the GMAC-RFC Client Guide, Section
_____________________________ warranties and representations.
Date:
Name of Client:
By:
Name:
Title:
Limited Project Review

The Loan meets the criteria as specified in the GMAC-RFC Client Guide for a limited project review of the
Condominium project.
Date:
Name of Client:
By:
Name:
Title:
Non-Warrantable Condominiums
Condominium projects that are not Warrantable due to non-compliance with the classification criteria stated
in Section _______________ of the GMAC-RFC Client Guide. Clients are responsible for ensuring the
project is in compliance with additional requirements of GMAC-RFC including the form and amount of
insurance required as stated in Section _______________ of the Client Guide.
The following criteria are identified as non-warrantable as set forth in the GMAC-RFC Client Guide Section
_______________. All other criteria as set forth in Section _______________ of the Expanded Criteria
non-warrantable condominiums has been met.
Non-warrantable reason
Date:
Name of Client:
By:
Name:
Title:
Condo-Hotel
Is the subject a Condo-Hotel?
Yes
No
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Exhibit B-1

GMAC-RFC Form 1303 (01/01/05)
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Exhibit B-1
1304
CUNA Mutual Group (CMG)

P.O. Box 630046
Dallas, TX 75263-0046
Genworth Financial, Inc.
6620 W Broad St.
Richmond, VA 23230
Mortgage Guaranty Insurance Corporation (MGIC)
MGIC Plaza
270 East Kilbourne Avenue
Milwaukee, Wisconsin 53202
PMI Mortgage Insurance Company
PMI Plaza
3003 Oak Road
Walnut Creek, California 94597
Radian Guaranty Inc.
1601 Market Street
Philadelphia, Pennsylvania 19103
Republic Mortgage Insurance Company (RMIC)
Attn.: Policy Servicing
190 Oak Plaza Blvd.
Winston-Salem, North Carolina 27105
United Guaranty Residential Insurance Company (UGRIC)
230 North Elm Street
P.O. Box 21367
Greensboro, North Carolina 27401
Triad Guaranty Insurance Corp.
101 S. Stratford Road
Winston-Salem, North Carolina 27104

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Exhibit B-1

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Exhibit B-1
Signature and Acknowledgement Form for Living Trusts
1305
Note and Security Instrument Form for Trustee Who is Not a Borrower
Signature: _____________________________________________
_________________________________ as Trustee of the _________________________________
Trust,
under Trust Agreement dated________________________________________, ________________
Note and Security Instrument Form for Individual Who is Both a Borrower and a Trustee
Signature: _____________________________________________
_________________________________ individually and as Trustee of the
___________________________
_________________________________ Trust, under Trust Agreement
dated________________________________________, ________________
GMAC-RFC Signature and Acknowledgement Form for Living Trusts

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Exhibit B-1
GMAC-RFC Signature and Acknowledgement Form for Living Trusts

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Exhibit B-1
1400
Identification
Loan #
Borrower
Lender
Lender Loan #
Lender Phone #
Spoke To
Title/Department
Next Payment Due
Principal Balance
Verified By
Title
Date Verified
Signature
Phone Number
Note: Reverification must be completed within five days prior to closing.

Verifier Comments: ___________________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________
____________________________________________________________________________________________________________

GMAC-RFC Form 1400 (01/01/01)
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Exhibit B-1

GMAC-RFC Form 1400 (01/01/01)
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Exhibit B-1
1401
Adverse Action Reason Codes as they relate to the descriptive statement on the left.
TRW
Reason Statement
Amount owed on accounts is too high
Delinquency on accounts
Too few bank revolving accounts
Too many bank or national revolving accounts
Too many accounts with balances
Consumer finance accounts
Account payment history too new to rate
Too many inquiries last 12 months
Too many accounts opened las 12 months
Proportion of balances to Credit Limits is too high
on bank revolving or other revolving accounts
Amount owed on revolving accounts is too high
Length of revolving credit history is too short
Time since Delinquency too recent or unknown
Length of credit history too short
Lack of recent bank revolving information
Lack of recent revolving account information
No recent non-mortgage balance information
Number of accounts currently paid as agreed
Too few accounts currently paid as agreed
Time since derogatory public record or collection
Amount past due on accounts
Serious Delinquency, derogatory public record, or
collection filed
Too many bank or national revolving accounts with
balances
No recent revolving balances
Proportion of Loan balances to Loan amounts is too
high
Lack of recent installment Loan information
Date of last inquiry too recent
Time since most recent account opening is too short
Number of revolving accounts
Number of bank revolving or other revolving
accounts
Number of retail accounts
Number of established accounts
No recent bankcard balances2
Too few accounts with recent payment information
Payments due on accounts (for BEACON-BK only)
1 Minor rewording for clarity
New
01
02
03
04
05
06
07
08
09
10
Equifax
Canada
01
02
03
04
05
06
07
08
09
10
Tans
Union
Canada
01
02
N/A
N/A
N/A
N/A
07
N/A
09
10
L
M
N
O
P
Q
R
S
T
V
W
X
11
12
13
14
15
16
17
18
19
20
21
22
11
12
13
14
15
16
17
18
19
20
21
22
N/A
12
13
14
15
16
17
18
27
20
21
22
N/A
N/A
N/A
23
N/A
24
33
24
03
U
1
24
33
24
N/A
24
N/A
32
N/A
30
26*1
N/A
04
19
30
N/A
26*
Y
N/A
Z
N/A
N/A
32
N/A
30
26*1
N/A
N/A
29
30
261
N/A
N/A
N/A
30
N/A
N/A
N/A
28
N/A
31
N/A
N/A
282
292
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
28*
N/A
31*
N/A
27
28
N/A
31
36
N/A
N/A
N/A
N/A
N/A
Equifax
01
02
03
04
05
06
07
08
09
10
Tran
Union
01
02
N/A
N/A
05
06
07
08
09
10
Orig
A
B
C
D
E
F
G
H
J
K
11
12
13
14
15
16
17
18
19
20
21
22
11
12
13
14
15
16
17
18
19
20
21
22
23
2 Reason now appears in general score, was previously used only in an Industry Option
* Industry Option only
Reprinted with permission from Fair Isaac Company

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Exhibit B-1

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Exhibit B-1
1402
Identification
Loan #
Borrower Name
Employment History
Employer
Employer Phone #
Spoke To
Title
Date of Employment
Current Status
Prospect of Continued Employment

Position
Salary
Overtime
Bonus
Verification
Verified By
Title
Date Verified
Signature
Note: Reverification must be completed within five days prior to closing.

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Exhibit B-1

GMAC-RFC Form 1402 (01/01/01)
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Exhibit B-1
1403
Income Analysis of Corporation, Partnerships and Trusts
Borrower Name(s) _______________________________________________________________________________________________________

Property Address ________________________________________________________________________________________________________
This form is intended to be used as a guide in underwriting the self-employed Borrower. Analyzing cash flow from tax returns requires knowledge of
changes in legislation affecting tax codes. Underwriters should keep abreast of such changes to properly analyze self-employed Borrowers applications. Underwriters must have an understanding of general business trends and techniques for analyzing financial statements and have a general knowledge of business practices in order to analyze the businesses owned by Borrowers.
A. Corporate Tax Return (Form 1120)*

19
1.
2.
3.
4.
5.
Taxable income (plus or minus)

Subtract total tax
Tax free dividends (from schedule of special deductions)
Net operating loss deduction
Other deductions (need schedule)
a. amortization
b. casualty loss
c. subtract 20% entertainment (amount declared on schedule will be 80% of total)
6. Pension/profit sharing
7. Depletion
8. Depreciation
9. Contributions
10. Subtract jobs credit
11. Negate any gain or loss from Form 4797 (sale of a business asset non-recurring)
12. Negate any capital gain/loss (use schedule D for actual income analysis)
*YTD profit and loss statement and current balance sheet are required. Other income (such as gross
rent, gross royalties, and dividends/interest) should be subtracted if continuity cannot be established.
TOTAL
19
19
(minus)
(minus)
(minus)
B. S Corporation Returns (Form 1120S)

1. Ordinary income (plus or minus)
2. Other deductions (need schedule)
a. amortization
b. casualty loss
c. subtract 20% entertainment
3. Pension/profit sharing
4. Depletion
5. Depreciation
7. Other income, such as gross rent, gross royalties, and dividends/interest, should be subtracted if
continuity cannot be established.
TOTAL
(minus)
C. Partnership Returns (Form 1065)

1. Ordinary income/loss
2. Other deductions (need schedule)
a. amortization
b. casualty loss
3. Retirement plans
4. Depletion
5. Depreciation
7. Other income, such as gross rent, gross royalties, and dividends/interest, should be subtracted if
continuity cannot be established.
TOTAL

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Exhibit B-1
D. Trust Returns (Form 1041)

19
1.
2.
3.
4.
Taxable income of fiduciary

Subtract federal tax withheld
Exemption
Other deductions (need schedule)
a. amortization
b. depreciation
c. depletion
5. Negate any gain/loss from Form 4797
6. Capital gain/loss from schedule D
7. Income/loss from other partnerships (need K-1s)
TOTAL
19
19
(minus)

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Exhibit B-1
One Month LIBOR ARM Note and Rider Language
1503
Required changes to legal documents for One Month LIBOR ARMs under the Jumbo A and Expanded
Criteria Programs.
Lenders may make the changes authorized by Fannie Mae and must create state-specific notes in
accordance with Fannie Mae guidelines in the following states: Alaska, Florida, New Hampshire,
Vermont, Virginia, West Virginia, and Wisconsin.
Fannie Mae Standard

Note
Use Fannie Mae Multistate Adjustable Rate Note Form 3520 with the following modifications:
Revise the language under the heading ADJUSTABLE RATE NOTE to state:
(LIBOR One-Month Index (As Published in The Wall Street Journal)-Payment and Rate Caps)
In place of paragraph 3(B), insert the following:
My initial monthly payment will be in the amount of U.S. $________________. This amount may
change monthly.
In place of paragraph 4(A), insert the following:
The interest rate I will pay may change on the first day of ____________, 20______, and on that
day every month thereafter. Each date on which my interest rate could change is called a Change
Date.
Beginning with the first Change Date, my interest rate will be based on an Index. The Index is
the average of interbank offered rates for one month U.S. dollar-denominated deposits in the
London market (LIBOR), as published in The Wall Street Journal. The most recent Index figure
available as of the date 15 days before each Interest Rate Change Date is called the Current
Index.
If the Index is no longer available, the Note Holder will choose a new index that is based upon
comparable information. The Note Holder will give me notice of this choice.
In place of paragraph 4(D), insert the following:
The interest rate I am required to pay at the first Change Date will not be greater than
________% or less than ________%. Thereafter, my interest rate will never be increased or
decreased on any single Change Date by more than________________ percentage point(s)
(__________%) from the rate of interest I have been paying for the preceding month. My
interest rate will never be greater than_________%.
Rider
Use Fannie Mae Multistate Adjustable Rate Rider LIBOR Six Month Index Form 3138 with the following
modifications:
Revise the language under the heading ADJUSTABLE RATE RIDER to state:
In place of paragraph A(4)(A), insert the following:
Date.
Page 1
One Month LIBOR ARM Note & Rider Language

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Exhibit B-1
In place of paragraph A(4)(B), insert thePg

following:
561 of 649
Index.
In place of paragraph A(4)(D), insert the following:
The interest rate I am required to pay at the first Change Date will not be greater than ______%
or less than ______%. Thereafter, my interest rate will never be increased or decreased on any
single Change Date by more than ________________ percentage point(s) (_________%) from
the rate of interest I have been paying for the preceding month. My interest rate will never be
greater than ________________%.
Freddie Mac Standard

Required changes to legal documents for One Month LIBOR ARMs under the Jumbo A and Expanded
Criteria Programs. Lenders may make the changes authorized by Freddie Mac and must create statespecific notes in accordance with Freddie Mac guidelines in the following states: Alaska, Florida, New
Hampshire, Vermont, Virginia, West Virginia, and Wisconsin.
NOTE
Use Freddie Mac Multistate Adjustable Rate Note Form 5520 with the following modifications:
Revise the language under the heading ADJUSTABLE RATE NOTE to state: LIBOR One-Month
Index (As Published in The Wall Street Journal)-Payment and Rate Caps)
My initial monthly payment will be in the amount of U.S. $___________. This amount may
change monthly.
In place of paragraph 4(A), insert the following:
Date.

Page 2
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Exhibit B-1
In place of paragraph 4(B), insert thePg

following:
562 of 649
Index.
In place of paragraph 4(D), insert the following:
The interest rate I am required to pay at the first Change Date will not be greater than
____________% or less than _____________%. Thereafter, my interest rate will never be
increased or decreased on any single Change Date by more than
__________________________________ percentage point(s) (____________%) from the rate
of interest I have been paying for the preceding month. My interest rate will never be greater than
_______________%.
RIDER
Use Freddie Mac Multistate Adjustable Rate Rider LIBOR Six Month Index Form 5120 with the
following modifications:
Revise the language under the heading ADJUSTABLE RATE RIDER to state:
In place of paragraph A(4)(A), insert the following:
Date.
In place of paragraph A(4)(B), insert the following:
Index.
In place of paragraph 4(D), insert the following: The interest rate I am required to pay at the first
Change Date will not be greater than ____________% or less than _____________%.
Thereafter, my interest rate will never be increased or decreased on any single Change Date by
more than __________________________________ percentage point(s) (____________%)
from the rate of interest I have been paying for the preceding month. My interest rate will never
be greater than _______________%.
Page 3

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Page 4
Exhibit B-1

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Approval Request
Exhibit B-1
1600
Please fax this form with the GMAC-RFC Form 16A00 or Fannie Mae 1008 Transmittal Summary, 1003 Loan Application
and Credit Report including a Credit Score or submit Exception Form with delivery of Loan package for purchase by
GMAC-RFC.
Client Information
Client /Servicer Name: ____________________________________GMAC-RFC S/S#____________________
Contact_____________________________________Phone_____________________FAX___________________
Loan Delivery Information

First Mortgage
Prior Approval Faxed (refer to documentation requirements)
Prior Approval File Delivered
Mandatory Delivery
Bulk Delivery
*GMAC-RFC Loan # ____________________
* GMAC-RFC Loan # ___________________ *Delivery CMT # _________
* GMAC-RFC Loan # ______________________
Second Mortgage
Prior Approval Faxed (refer to documentation requirements)
Prior Approval File Delivered
*GMAC-RFC Loan # ____________________
SIMULTANEOUS (2nd deliver with 1st); or

STANDALONE (2nd only)
Program & Product Information

Program:
Jumbo A
Home Solution
Home Equity
Expanded Criteria
AlterNet (Grade:_____
125 Loans
Product:
Fixed-rate Mortgage (Term:
30 Year
Payment Option
15 Year)
ARM (Adjusted period): ________________; Index Type:
Treasury
LIBOR
COFI
MTA
30/15 Balloon (AlterNet)

Goal Loan (Term:__________________)
Goal Line
Loan:
Closed Loan
LOAN AMOUNT
$___________________________
Uninsured
LOAN PURPOSE
Purchase (1)
Construction-Perm (4)
Rate/Term Refinance (2)
(Cash Back: $______________)
LTV_______________%
Equity Refinance (5)

(Cash Back: $______________)
Line Increase
PROPERTY TYPE
Single family (Select # of units)
1 Unit
2 Unit
3 Unit
4 Unit
Condominium
Condo-Hotel
(Select # of stories)
1-4
5-8
Co-op
9+
(Acquisition Date____/____/____)
CLTV_______________%
Townhouse/Row House
DOCUMENTATION TYPE
ASSET VERIFICATION
PUD
Full Income
Modular
Yes
Fast
Non-warrantable Condominium
No (No Income/No Asset, No Doc)
Stated Income
Rural Property
OCCUPANCY TYPE
No Ratio
Excess Acreage
Leasehold
Owner Occupied
No Income/No Asset
Second / Vacation (Owner occupied)
No Doc
Investor (Non-owner occupied)
Stated Value

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Exhibit B-1
Borrower Information
BORROWER NAME____________________________________SOCIAL SECURITY#_________-______-________
CO-BORROWER______________________________________(must be entered in Single Loan Exception Screen)
ADDRESS_________________________________CITY______________________STATE________ZIP____________
INTERNATIONAL BORROWER
QUALIFYING RATIOS
Non-Permanent Resident Alien

U.S. Citizen Employed Abroad
______________
LIQUID RESERVES AFTER

CLOSING $__________________
______________
Housing
Debt
RESIDUAL INCOME $________________
CREDIT SCORE_________________
PAYMENT CHANGE
1st MTG BALANCE $__________________
CO-BORROWER SCORE_____________
Yes
No
______________
Current
______________
Proposed
NET WORTH $______________________
EXCEPTION REQUESTED (Note: AlterNet product requires Exception Code)_______________________

___________________________________________________________________________________________
___________________________________________________________________________________________
COMPENSATING FACTOR(S) _______________________________________________________________________
___________________________________________________________________________________________
___________________________________________________________________________________________
Exception/Price Adjustment Authorization

EXCEPTION REQUESTED BY _____________________________________ TEAM_________________________
EXT.__________________________ FAX___________________________ DATE_________________________
Decisions
TRADING
Yes
Adjustments To:
Rate
No
If Yes, Loan must be delivered by:

CREDIT RISK
Yes
Margin/
Yield
Approved By
Date
Price
1st _______________
No
2nd _______________
(as necessary)
APO
Yes
No
CONDITIONS OF APPROVAL
PRICE IS:
ACCEPTED
DECLINED BY THE CLIENT
If Exception Request is approved, this form must be signed by the Client and submitted with Loan file. Failure to
submit form will result in Loan ineligibility for purchase. If exception is granted, approval applies specifically to
exception stated above. ANY PRICE and or RATE ADJUSTMENT STATED ABOVE are in addition to applicable
feature adjustments. Final Approval is subject to complete Loan review.

GMAC-RFC Form 1600
(03/13/06)
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Exhibit B-1
16A00
Please complete this form in its entirety for all submissions

Submitted by:
GMAC-RFC Client ID#
GMAC-RFC Client Company Name and ID Needed to Process

Underwriting Contact:
Phone:
Ext.:
Fax:
Closed Loan Contact:
Phone:
Ext.:
Fax:
Purchase Advice
Contact:
Phone:
Ext.:
Fax:
Lock-in Commitment Number Information - REQUIRED for all closed Loans submitted for purchase.
Client inquires on pricing, Commitments, rate sheets, or registration call GMAC-RFC Trading Sales at 1.800.328.2800
GMAC-RFC LOCK-IN Delivery Commitment Number (needed to process)
Borrower Name
Assetwise Loan?
Loan Amount(s) 1st:$
2nd: $
Assetdelivery Loan#
Yes
No
LTV:
CLTV:
Assetwise Submission Reference#
Product Type Please Check One

Jumbo A - Circle one file credit grade
A1
A2
A3
Submitted for funding

Single Loan Program exception submitted for prior approval
Expanded Criteria - Circle one file credit grade
A1
A2
A3

Payment Option - Circle one file credit grade
A1
A2
A3
Prior approval
Home Solution - Circle one file credit grade
A1
A2
A3
A4
Ax
Am

AlterNet - Circle one file credit grade
A4
A5

80/20 Subprime Combo
1st Mortgage____ Simultaneous 2nd Mortgage____

A1
A2
A3

Second Mortgage Product - Please check one
Goal Line
Goal Loan (closed-end second)
125 CLTV
Third-party underwriting approval - Attach approval letter

Third-party location:
Third-party contact:
Other - Please specify: __________________________________________________________________

See Page 2 for Required Documents
GMAC-RFC Form 16A00 (03/13/06)
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Exhibit B-1
Credit Documents
Legal Documents
Servicing Documents
The following are applicable

only if previously underwritten:
Two prong fastened to left

side of folder
Two prong fastened to

left side of folder under
legal documents
Copy of 3rd Party Underwriting Approval

Copy of GMAC-RFCs Notification of
Underwriting Approval
Copy of Automated Underwriting Findings
Report
Other Credit Documents

Two prong fastened to right side
of folder
Uniform Underwriting and Transmittal
Summary (Fannie Mae Form 1008)
Pay History, if applicable
Purchase Agreement or Escrow
Instructions
Residential Loan Application and
Addendum
Final HUD-1
Credit Reports with Credit Scores
VOMs, if applicable
Verification of Assets used for closing
Written VOE or any of the following
Personal & Federal Tax Returns, if
applicable
Year-to-date P&L and Balance Sheet,
if applicable
Residential Appraisal Report with all
addendum
Review Appraisal, if applicable
If cash-out refi and subject owned < 12
months: documentation evidencing
original sales price
Construction/Perm Loans: if cash-out or
non-arms length, document construction
costs
Assetwise Findings Report, if

applicable
Loan Submission Form (GMAC-RFC
16A00)
Original Note (Endorsed in Blank)
Copy of Security Instrument
Assignment of Security Instrument
(Endorsed in Blank)
Intervening Assignments
Title Policy or Binder
MI Certificate, if applicable
Original Truth in Lending
Original Right to Cancel
Commitment Confirmation (Lock In)
Copy of Home Equity Line of Credit
Disclosure, if applicable
Temporary Buydown Schedule, if
applicable
Notice of Periodic Adjustment, if
applicable
Hazard Insurance Policy or

Binder
Flood Insurance Policy or Binder
Life-of-Loan Flood Certification
Initial Escrow Account
Disclosure, if applicable
Tax Information Sheet, if
applicable
Notices of Periodic Adjustments
(ARMs)
Final HUD-1
Payment History
** Send All Packages To:**

GMAC-RFC
Suite 100
Attn: Loan Processing & Delivery
MC-03-SDG-MR

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Exhibit B-1
16A01
Self-Employment Income Analysis

Borrowers Name(s)
Property Address
This form is intended to be used as a guide in underwriting the self-employed Borrower. Analyzing cash flow from tax
returns requires knowledge of changes in legislation affecting tax codes. Underwriters should keep abreast of such
changes to properly analyze self-employed Borrowers applications. Underwriters must have an understanding of
general business trends and techniques for analyzing financial statements and have a general knowledge of business
practices in order to analyze the businesses owned by Borrowers.
A.
Individual Tax Returns (Form 1040)

20
Wages
Alimony Received (need divorce decree for continuity)
IRA distributions
Pension/annuity
Social Security (Form 1099s; need awards letter for continuity)
Schedule A
a. moving expenses (subtract total from Form 4782 if included in W-2 wages)
b. unreimbursed employee expenses (from Form 2106)
7. Schedule B (interest/dividends)
a. total interest
b. subtract partnership/S corporation interest
c. total dividends
d. subtract partnership/S corporation dividends
e. non-taxable distributions
8. Schedule C
a. profit or loss
b. depletion
c. depreciation
d. pension/profit sharing
e. subtract 20% meals/entertainment
f. subtract jobs credit
g. amortization
h. casualty loss
i. business use of home
j. miscellaneous add-backs
9. Schedule D (capital gains/losses)
a. short term gains
b. subtract short term losses
c. long term gains
*d. subtract long term losses
*Subtract losses only if the assets sold were purchased in one of tax years you
are analyzing
10. Installment sale income (Form 6252)
a. payments received during year (1 year payment history plus verification this
cash flow will
continue for a minimum of three years is required.)
11. Schedule E (rental income and loss)
a. total rents received
b. subtract total expenses
c. royalty income
12. Section F
a. profit/loss
b. depreciation
c. subtract jobs credit
d. pensions
e. amortization
f. depletion
g. casualty loss
20
20
1.
2.
3.
4.
5.
6.
(minus)
(minus)
(minus)
(minus)
(minus)
(minus)
(minus)
(minus
(minus)
(minus)
Self-Employed Income Analysis

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Exhibit B-1
Individual Tax Returns (Form 1040)

20
13. Partners K-1 (1065)*

a. subtract capital contribution
b. withdrawals
c. guaranteed payments to partner
Partners K-1 (1065)
b. withdrawals
Partners K-1 (1065)
b. withdrawals
Partners K-1 (1065)
b. withdrawals
*Two years partnership returns and YTD P&L are required if the Borrower is
a general partner.
14. Shareholders K-1 (1120s)**
a. disbursements
**Two years 1120s returns and YTD P&L are required if the Borrower has
controlling ownership interest
15. Beneficiarys K-1 (1041) ***
a. depreciation
b. depletion
c. amortization
***Trust agreement plus trust returns (1041s) and balance sheet are needed
to verify continuity.
16. Other income (include if continuity is established)
TOTAL from 1040s
20
20
(minus)
(minus)
(minus)
(minus)
Self-Employed Income Analysis

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Exhibit B-1
16A02
THIS AGREEMENT, made this______________________ day of_________________ (year) _____, by and

____________________________________________________________________________________
between______________________________________________________________________________
(thereinafter called LENDER) ____________________________________________________________
and__________________________________________________________________________________
(hereinafter called BORROWER),
RECITALS:
(A) LENDER is the owner and holder of that certain Mortgage, Deed of Trust or Deed to Secure Debt
(hereinafter called SECURITY INSTRUMENT) dated _______________________________________
made by the BORROWER TO LENDER, recorded in _________Book________Page ____ Public Records
of ______________________________, securing a debt evidenced by a promissory Note (hereinafter
called NOTE) dated ___________________, in the original amount of ________________________,
which SECURITY INSTRUMENT encumbers property more particularly described in said SECURITY
INSTRUMENT.
(B) BORROWER, the owner in Fee Simple of all of the property subject to SECURITY INSTRUMENT, has
requested LENDER to modify the NOTE and SECURITY INSTRUMENT and the parties have mutually
agreed to modify the terms thereof in the manner hereinafter appearing.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and in consideration
of the sum of TEN DOLLARS ($10.00), each to the other in hand paid, the other valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto mutually covenant and
agree as follows:
(1) As of the date of this Loan Modification Agreement, the unpaid principal balance of NOTE is
______________________________________________________________________________
and that interest has been paid to _________________________________________________.
(2) The terms and provisions of the NOTE are amended and modified by a replacement Note in the
form of Exhibit A, attached hereto and incorporated herein by reference, which is being executed
by Borrower and delivered to Lender in conjunction with this Loan Modification Agreement. If
additional Loan proceeds are being advanced in connection with this Loan modification, such
additional Loan proceeds shall be combined with the outstanding principal amount of the Loan
evidenced by the Note.
(3) The terms and provisions of the SECURITY INSTRUMENT are amended and modified by deleting all
the terms of the SECURITY INSTRUMENT and replacing them with the terms and provisions of
Exhibit B, attached hereto and incorporated herein by reference, entitled
______________________________________.
(4) Nothing herein invalidates or shall impair or release any covenants, condition, agreement or
stipulation in the SECURITY INSTRUMENT and the same, except as herein modified, shall continue
in full force and effect, and the undersigned further covenant and agree to perform and comply
with and abide by each of the covenants, agreements, conditions and stipulations of the
replacement Note referred to above and the SECURITY INSTRUMENT as modified herein.
(5) All LENDER's rights against all parties, including but not limited to all parties secondarily liable, are
hereby reserved.
(6) This Agreement shall be binding upon and shall inure to the benefit of the heirs, executors,
administrators and assigns, or successors and assigns of the respective parties hereto.

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Exhibit B-1
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto the day and year first
above written.
BORROWER
__________________________________
__________________________________
LENDER
By________________________________
By________________________________
STATE OF _________________________________
COUNTY OF _______________________________
I hereby certify that on this day, before me, an officer duly authorized in the State aforesaid and in the
county aforesaid to take acknowledgments, personally appeared _______________________________
(Borrowers) and _____________________________________ President and ______________________,
as _______________________________ of ________________________________________________
(Lender) on behalf of said corporation, to me known to be the person(s) described in and who executed the
foregoing instrument and acknowledged before me that _________________________ executed the same
for the purpose therein expressed.
WITNESS my hand and official seal in the county and State aforesaid this ________________ day of
__________________, (year) ________.
My Commission expires _______________________.
(seal)
________________________________
Notary Public

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Exhibit B-1
16F00
This Addendum/Rider is made as of ____(A)____, and is incorporated into and amends (i) the Note dated on the same date as this
Addendum/Rider from the undersigned Borrower(s) to Lender together with its successors and assigns to evidence Borrower(s)
obligation to repay a Loan in the amount of ____(B)_____ from Lender to Borrower(s), and (ii) a Security Instrument and Adjustable
Rate Rider dated on the same date as this Rider from Borrower(s) to Lender securing said Note and constituting a first mortgage on
property located at:
_______________________________________________(C)__________________________________________________________
________________________________________________________________________
1. The numeric Value provided in paragraph 4(C) of the Note and Adjustable Rate Rider, will be permanently
decreased by __(D)__ percentage points (__(E)__%) if the following conditions are met by the Borrower(s),
however, in no event will the numeric Value in paragraph 4(C) be less than ___(F)___ percentage points
(___(G)___%):
a. At the first Change Date, Lender has received Borrowers monthly payment in full within 30
days of the due date during the 12 month period prior to the Change Date and within
60 days of the due date for the 13 to 24 months prior to the Change Date.
b. The reduction set forth above will result in a reduction in the monthly payment.
c. Payments are considered received by Lender when actually in possession of Lender. Depositing a
payment in the mail or otherwise does not constitute a payment received by Lender. A payment
made by check that is not honored when cashed by Lender will not be considered a payment
received by Lender.
2. Lenders obligation to permit assumption of the Loan if the conditions stated in the section, Transfer of the
Property or a Beneficial Interest in Borrower, of the Note and Adjustable Rate Rider are met, does not arise
until after the date of the first Change Date as stated in Section 4(A) of the Note and Adjustable Rate Rider.*
________________(H)__________________ (Seal) ______________(I)______________

Borrower
Date
________________(H)__________________ (Seal) ______________(I)______________

Borrower
Date
* See instructions for completing Rider on reverse side.

GMAC-RFC Form 16F00 (01/01/01)
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Exhibit B-1
Instructions for Completing the

A. The date the rider is drawn up. This should be the same date as the Note and Security Instrument.
B. The Loan amount.
C. The property address
D. The amount by which the Margin is going to be decreased. Expressed using alpha.
E. The amount by which the Margin is going to be decreased. Expressed using numeric.
F. The Margin floor. Expressed using alpha. (For this program, it is two and one-half.)
G. The Margin floor. Expressed using numeric. (For this program, it is two and one-half.)
H. Borrowers signature.
I. Date Borrower signed.

GMAC-RFC Form 16F00 (01/01/01)
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Exhibit B-1
16G00
Home Equity Exception Request

Client ID # __________________________________________
Date ______________________________
Client Company ______________________________________

Client Contact ________________________________________
Client Phone _________________________________________
Client Fax ___________________________________________
Borrower Name___________________________________________________________________________
Last
First
Middle
Co-Borrower Name________________________________________________________________________
Last
First
Middle
Property Address (City/State)________________________________________________________________

Current First Mortgage Balance _________________________ Loan/Line (CIRCLE ONE) Amount_______
CLTV___________________________________________
Purpose _______________________________
Debt-to-Income Ratio_______________________________
Credit Score ___________________________
Residual Income ___________________________________
Second Vacation Home
Yes
or
No
Total Monthly Debt _________________________________
Stated Value
Yes
or
No
Net Worth ________________________________________
3-4 Units
Yes
or
No
Other Score _______________________________________
Stated Income
Yes
or
No
Exception Request
_____________________________________________________________________________
_____________________________________________________________________________
Compensating Factors
_____________________________________________________________________________
_____________________________________________________________________________
Please fax this form with the Residential Loan Application (Fannie Mae 1003), and the credit report
including a Credit Score to your underwriting contact at GMAC-RFC.
GMAC-RFC Internal Use Only _______________________________________________________________
Approved/Declined By: (Underwriter)___________________________________________________________
Conditions:_______________________________________________________________________________
Margin/Yield (Trading)

GMAC-RFC Form 16G00 (01/01/04)
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Exhibit B-1

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Home Equity Product-Purchase Advice
Exhibit B-1
16G03
Home Equity Product - Purchase Advice

Funding Date 3/27/97
ACQFT001--01
3/27/97 3:51:42 PM
ABA 236073801 Account #010909232

Goal Line
GMAC-RFC Loan #
Commitment #
3377--1
Client Loan #
Line Amount
25,000.00
Warehouse Bank Name
Draw Amount
25,000.00
Borrower Name
Origination Fee
Fund Date
03/27/97
Penalty Fee
Draw Date
03/20/97
Interest
Fully Indexed Rate
12.5000
Interest Penalty
750.00
0.00
59.93
0.00
Initial Rate
Interest Paid to Date
Servicer Name
GMAC Mortgage Corp of PA
Servicer Account #
106990000545395
Servicer Transfer Date
03/27/97
Total Fund Amount
25,809.93
Transaction Summary
Total Asset Funding 03/27/97
Funding Type
Asset Funding
ABA #
Account
Date
010909232
3/27/97
Net Settlement Due Client
25,809.93
0.00

GMAC-RFC Exhibit 16G03 (01/01/01)
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Exhibit B-1

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Exhibit B-1
16G04
Client: ______________________________________
Client Loan Number: ___________________________ Disbursement Date: ______________________
Borrower Name:
____________________________________________________________________
Last
Co-Borrower:
First
Middle
____________________________________________________________________
Last
First
Middle
Property Address: ____________________________________________________________________

Street
City
State
ZIP
Borrower requests the following disbursements and/or advance indicated below. If any estimated amount shown
below varies from the actual paid (as of the date of closing), the Borrower agrees to the actual amount and, if applicable, the corresponding change to the advance shown below. Borrower agrees that any disbursement and/or
advance is made under Borrower's Home Equity Line Security Agreement (Note).
To Borrowers:__________________________________________
To:
__________________________________________
To:
__________________________________________
To:
__________________________________________
To:
__________________________________________
$_____________________
$_____________________
$_____________________
$_____________________
$_____________________
Additional Finance Charges

Broker Fees
$______________________
Points
$________________________
Origination Fees $______________________
Courier Fees $________________________
Other Fees (List) $___________________________________________________________________
Other Loan Fees
Application Fees
Appraisal
Property Survey
Credit Report Fees
Documentation Fees
Filing Fees
Official Fees
Title Search
Title Insurance
Taxes
Mort. Reg. Tax
Other Charges (List)
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
SUBTOTAL (of other Loan fees)
$________________
TOTAL ADVANCE

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Exhibit B-1
If Your Mailing Address is Different From Above

If your mailing address for billing purposes is different from the property address above, please provide the correct
mailing address below.
___________________________________________________________________________
Street
City
State
ZIP
With the signatures below, the Borrower hereby are approved as designated check signer(s) and credit card user(s) (if applicable)
in connection with their Home Equity Line Security Agreement with Client. Check and credit card charges will be honored when
signed by any one or all of the designated signers. If Borrower is in default under their Home Equity Line Agreement with Client,
Client may request that any unused checks and credit card(s) (if applicable) be returned.
Borrower Signature:
_________________________________
Date_____________
Co-Borrower Signature: _________________________________
Date_____________
Date_____________
Date_____________

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Exhibit B-1
16G05
Automated Value Model (AVM) Approved Vendors

(A) Qualified AVM
GMAC-RFC does not accept AVMs when the Client has altered or changed the AVM in any way from the original
product supplied by the vendor.
The following vendors of Automated Valuation Model (AVM) products are authorized GMAC-RFC Qualified AVM
Vendors. However, AVM valuation reports issued by these vendors will only be considered to be a Qualified AVM
report if they are: (1) ordered through the vendors specifically designated Qualified AVM ordering system; and (2)
are specifically issued by such vendor system with a seal indicating that the report is a Qualified AVM.
Qualified AVM Vendors
Vendors System Name for

Ordering
Qualified AVM Products
Qualified AVM Contacts
First American
5601 East La Palma Avenue
Anaheim, CA 92807
www.firstamres.com
847.566.0583
Ray Semple:
Rsemple@firstam.com
RealQuestTM
Vector
Veros Real Estate Solutions

2333 North Broadway
Suite 350
Santa Ana, CA 92706
www.verovalue.com
866.458.3767
David Rasmussen:
drasmussen@veros.com
VeroSELECT
(B) Non-Qualified AVM

GMAC-RFC does not accept AVMs when the Client has input Property Data (other than the property address) or
has altered or changed the AVM in any way from the original product supplied by the vendor.
The following vendors and models are approved by GMAC-RFC. Please note that the Loans submitted with AVMs
that are not qualified through a Qualified AVM carry the Clients representation and warranty that the Value is
accurate as of the date the AVM was provided.
Vendors
Contacts
Products
CoreLogic (formerly C&S Marketing)

10360 Old Placeville Road
Suite 100
Sacramento, CA 95827
www.csmarketing.net
949.249.8598
Steve Morgan:
stevem@csmarketing.net
CASA
Home Value Explorer
PASS
PowerBase 6
ValueFinder
ValuePoint 4
VeroValue
DataQuick Information Systems Inc.

9620 Town Center Drive
San Diego, CA 92121
www.dataquick.com
800.950.9171 Ext 3103
Lauren Guzak:
lguzak@dataquick.com
Home Value Explorer
Equifax Mortgage Services

1550 Peachtree NW
Mail Drop H35
Atlanta, GA 30309
www.emortgage.equifax.com
404.885.8426
Craig Jeidy:
craig.jeidy@equifax.com
Home Value Explorer
Note: AVMs must be dated within 180 days of the Note.

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Contacts
Exhibit B-1
Products
First American
5601 East La Palma Avenue
Anaheim, CA 92807
www.firstamres.com
847.566.0583
Ray Semple:
Rsemple@firstam.com
Fiserv CSW, Inc.

125 Cambridge Park Drive
Cambridge, MA 02140
www.ValuServ.com
866.279.3622
Mark Crosby:
mark.crosby@fiserv.com
CASA
FNIS Market Intelligence

37 Birch Street
Milford, MA 01757
www.mivalue.com
800.577.6602
Jennifer Alves: jalves@fnis.com
CASA
Home Value Explorer
PASS
LandSafe, Inc.
7105 Corporate Drive
Plano, TX 75024
www.landsafe.com
877.572.5673
appraisal@landsafe.com
ValueFinder
Platinum Data Solutions

23881 Via Fabricante Suite 504
Mission Viejo, CA 92691
www.platdata.com
877.711.1200
Rocky Donathan:
rocky@pvads.com
Trans Union
2708 N Snelling Avenue, Suite 309
Roseville, MN 55113
www.tuc.com
651.639.0007 Ext. 227
Richard Hogendorf:
Rhogendo@transunion.com
CASA
Home Value Explorer
PASS
Veros Software
2333 North Broadway
Suite 350
Irvine, CA 92706
www.veros.com
714.415.6300
David Rasmussen:
drasmussen@veros.com
Home Value Explorer

PASS
PowerBase 6
ValueFinder
ValuePoint 4
CASA
Home Value Explorer
PASS
PowerBase 6
ValueFinder
ValuePoint 4
VeroValue
CASA
Home Value Explorer
Pass
PowerBase 6
ValuePoint 4
VeroValue
Note: AVMs must be dated within 180 days of the Note.

Page 2

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Exhibit B-1
16G06
Re: Loan Number

To apply for a Subordination Agreement, please return this checklist, along with each of the listed items to:
Homecomings Financial
CorrespondenceSubordinations
2711 North Haskell Avenue, Suite 900
Dallas, TX 75204
Please note that we do not accept original subordination requests via facsimile, and requests are reviewed
on a first-come, first-serve basis. We cannot honor a request to expedite the subordination process under
ANY circumstances.
For all requests, we require documentation of all of the following information:
A check in the amount of $165 to cover the subordination processing fee. This fee is nonrefundable. (This fee is not applicable for Loans in South Carolina and Colorado)
Terms of the existing first mortgage (documentation could include VOM, payoff statement,
billing statement, promissory Note, screen prints from the current lenders servicing system)
Terms of the new first mortgage (documentation could include loan application (1003),
underwriting transmittal summary (1008), or a commitment letter)
A title report less than three months old indicating all liens with recording information (dates,
instrument number, etc.)
Please note, the subordination worksheet is NOT considered sufficient documentation for these items.
If this is a cash-out refinance, we also require the following documentation in addition to the
items above:
Underwriting Transmittal Summary (1008) or any other documentation that reflects the current
debt-to-income (DTI) ratio.
Current (less than 6 months old) full certified appraisal (interior and exterior) reflecting the
current market Value of the property. Please note we do NOT accept drive-by appraisals.
Current credit report (less than 90 days old) that reflects FICO scores of the Borrowers.

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Exhibit B-1
Subordination Value Worksheet
Re: Loan Number
Current first mortgage data:

Original amount of current (existing) first mortgage
Current balance of current or (existing) first mortgage
Payment amount of existing first mortgage (principal
and Interest Only)
Interest rate of existing first mortgage
Interest rate cap (if ARM Loan)
New first mortgage data:

Loan type (FRM, ARM, balloon, etc.) of new first
mortgage
Original amount of new first mortgage
Interest rate of new first mortgage
Interest rate cap (if ARM Loan)
Payment amount of new first mortgage (principal and
interest only)
Cash-out amount (if any)
Current appraised Value (if cash-out refinance)
Contact Information:
Company Name and address (all correspondence and
the completed Subordination Agreement will be sent to
this address)
Contact Name
Contact Phone Number
Contact Fax Number

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Exhibit B-1
16G07
Client: ______________________________________
Client Loan Number: ___________________________ Disbursement Date: ______________________
Borrower Name:
____________________________________________________________________
Last
Co-Borrower:
First
Middle
____________________________________________________________________
Last
First
Middle
Property Address: ____________________________________________________________________

Street
City
State
ZIP
Borrower requests the following disbursements and/or advance indicated below. If any estimated amount shown
below varies from the actual paid (as of the date of closing), the Borrower agrees to the actual amount and, if applicable, the corresponding change to the advance shown below. Borrower agrees that any disbursement and/or
advance is made under Borrowers Line of Credit Agreement (Note).
To Borrowers:__________________________________________
To:
__________________________________________
To:
__________________________________________
To:
__________________________________________
To:
__________________________________________
$_____________________
$_____________________
$_____________________
$_____________________
$_____________________
Additional Finance Charges

Broker Fees
$______________________
Points
$________________________
Origination Fees $______________________
Courier Fees $________________________
Other Fees (List) $___________________________________________________________________
Other Loan Fees

Application Fees
Appraisal
Property Survey
Credit Report Fees
Documentation Fees
Filing Fees
Official Fees
Title Search
Title Insurance
Taxes
Mort. Reg. Tax
Other Charges (List)
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
$______________
SUBTOTAL (of other Loan fees)
$________________
TOTAL ADVANCE

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Exhibit B-1
If Your Mailing Address is Different From Above

If your mailing address for billing purposes is different from the property address above, please provide the correct
mailing address below.
___________________________________________________________________________
Street
City
State
ZIP
With the signatures below, the Borrower hereby are approved as designated check signer(s) and credit card user(s) (if
applicable), in connection with their Line of Credit Agreement with Client. Check and credit card charges will be honored when signed by any one or all of the designated signers. If Borrower is in default under their Line of Credit Agreement with Client, Client may request that any unused checks and credit card(s) (if applicable) be returned.
Borrower Signature:
_________________________________
Date_____________
Date_____________
Date_____________
Date_____________

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Exhibit B-1
16H01
Borrower/Property Information
Name: _______________________________________________________________________________________________________________________________
Property Address to be Improved:
_____________________________________________________________________________________________________________________________________
_____________________________________________________________________________________________________________________________________
Instructions
Please complete a detailed itemization for your planned home improvements. The combined total of your estimated costs must match the Loan amount being borrowed.
All Loan proceeds must be used for materials or outside labor. In the last column, please indicate who will be performing the work by using one of the following codes:
C (work to be completed by contractor); B (work to be completed by Borrower(s) or TBD (to be determined).
Description of Improvement
Quantity
Unit Cost
Total Est. Cost
Work by C, B or TBD
Roofing
New
Repair
Type:
Sq. Feet
Gutters/Downspouts
Interior Finishing - Kitchen

Built in Appliance
Type:
Built in Appliance
Type:
Built in Appliance
Type:
Floor Covering
Type:
Sq. Yard
Gallons
Painting
Wallpaper
Cabinets
Rolls
Type:
Counter tops
Type:
Plumbing Fixtures
Type:
Size
Door(s)
Type:
Size
Window(s)
Type:
Size
Other
Other
Bathtub
Shower
Sink
Faucet
Toilet
Interior Finishing - Bathroom(s)
Floor Covering
Type:
Painting
Wallpaper
Cabinets
Sq. Feet
Gallons
Rolls
Type:
Counter tops
Type:
Size
Door(s)
Type:
Size
Window(s)
Type:
Size
Sq. Yard
Gallons
Other
Other
Interior Finishing - Bedroom(s)
Floor Covering
Type:
Painting
Wallpaper
Closet(s)
Rolls
Type:
Door(s)
Type:
Size
Window(s)
Type:
Size
$
GMAC-RFC Form 16H01 (01/01/01)
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Other
Sq. Yard
Gallons
Other
Exhibit B-1
Interior Finishing
Floor Covering
Type:
Painting
Wallpaper
Rolls
Repair
Other
Other
Door(s)
New
Initials: ____________________________ ______________________________

Home Improvement Cost Breakdown - Page 2
Borrower/Property Information
Name: _______________________________________________________________________________________________________________________________
Property Address to be improved: _________________________________________________________________________________________________________
_____________________________________________________________________________________________________________________________________
Description of Improvement
Quantity
Unit Cost
Total Est. Cost
Work by C, B, or TBD
Room Addition
Type of Room
Size
Detail
Type:
Heater/Furnace
Type:
Solar System
Type:
Other
Insulation
Type:
Exterior Finishing
Gallons
Size
Heating, Cooling, Ventilation

Air Conditioner
Painting
Entry Door
Type:
Awning:
Type:
Other
Miscellaneous
Electrical Wiring
Decking
Type:
Size
Patio Cover
Type:
Size
Patio Enclosure
Type:
Size
Concrete
Type:
Size
Garage Door
Type:
Size
Type:
Size
Retaining Wall
Type:
Size
Fencing
Type:
Size
Walkway
Planters
Sprinklers
Type:
Landscaping
Shrubs:
Landscaping
Trees:
Landscaping
Sod:
Sq. Yard

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$
Landscaping
Seed:
Landscaping
Other:
Landscaping
Other:
Permits
Exhibit B-1
Plans
Other
Other
Other
Other
Other
Other
Closing Costs (financed)
Total of Home Improvements (Must Match Loan Amount): $__________________

The undersigned acknowledges that the Loan proceeds will be used for the home improvements estimated above.
These estimates represent information to the best of my/our knowledge.
_____________________________
__________________________ Date: ____________________

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Exhibit B-1

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Exhibit B-1
16H02
(Letterhead of Lender)
THE FIRST PAYMENT ON YOUR LOAN WILL BE DUE AT LEAST 30 DAYS FROM THE DATE OF
THE DISBURSEMENT. THIS DATE MAY BE DIFFERENT FROM THE FIRST PAYMENT DUE DATE
STATED ON YOUR NOTE. YOU WILL BE NOTIFIED OF ANY PAYMENT DUE DATE CHANGE.
ACKNOWLEDGED:
_____________________________________________
BORROWER
___________________
DATE
_____________________________________________
BORROWER
___________________
DATE
_____________________________________________
BORROWER
___________________
DATE
_____________________________________________
BORROWER
___________________
DATE
This section to be completed only if payment modification is required.

To: [Borrower]
Loan No. ___________________________
DATE _______________________
Re:
MODIFICATION TO FIRST PAYMENT DATE
You recently signed a Note dated ____________________ in the amount of $____________________. In the Note
the first payment date is shown as _____________________. Based on the date your funds were disbursed,
________________, your first payment will be due ___________________. Your payments will continue to be due
on the ____________ day of each month until __________________. All other terms of your Loan will remain
unchanged.
Questions regarding this matter should be directed to our Funding Department:

Sincerely,
Funding Department

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Exhibit B-1

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Exhibit B-1
125 Loan Registration Form

Client ID# ___________________________________
16H03
Date ____________________
Client Company ___________________________________

Client Loan Number ________________________________
Client Contact _____________________________________
Client Phone # _____________________________________
Client Fax # _______________________________________
Commitment, Delivery and Term

Delivery Commitment Type
Mandatory
Delivery
Term
60-Day
15-Year
20-Year
25-Year
Borrower Name
Last
Social Security Number

Credit Score
GMAC-RFC #
First
Middle
Loan Amount
Notes
Registered By:

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Exhibit B-1

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Exhibit B-1
16H04
Borrower
Date
Property Address
Loan Number
City, State, ZIP Coder

$
Debt Consolidation
Cash Out
Home Improvement
Legal and Servicing Documents

All legal and Servicing Documents should be secured with a prong fastener on the left side of a legal
size folder
Loan Submission Form (GMAC-RFC Form 16A00)
Assetwise Findings Report (if applicable)
Original Note, ENDORSED IN BLANK, and any required addenda/riders
Copy of Security Instrument, and any required addenda/riders.
Original Assignment, fully executed, ASSIGNED IN BLANK
Signed and dated Notice of Right to Rescission
Final Truth-in-Lending Disclosure
HUD-1A Settlement Statement with Disbursement Date indicated
Copy of the Title Binder, search or policy
Proof of Hazard Insurance: copy of declaration page or binder
Proof of Flood Insurance if applicable: copy of declaration page or binder
Federal Emergency Management Agency (FEMA) Standard Flood Hazard Determination Form
Other
Credit Documents
All credit documents should be secured with a two prong fastener on the right side of a legal size folder.
Copy of first Mortgage Note
Copy of HUD-1 Settlement Statement (if property purchased within last 12 months)
Uniform Underwriting and Summary Transmittal (Fannie Mae 1008) or internal underwriting
worksheet
Residential Loan Application (Fannie Mae 1003)
Valuation Documentation. Appraisal/Property Evaluation or equivalent documentation.
Credit Report with Credit Score for each Borrower
12 month mortgage payment history (if not disclosed on credit report)
Employment/Income Verification
Federal income tax returns and IRS 95-01 (California) form signed by all taxpayers (if applicable)
IRS Form 4506 or 4506-T & W-9. Current Profit and Loss Statement (if self-employed)
Improvement cost breakdown/Contractor Bids (if applicable)
Home Owners Association Coupon (if applicable) or name and address of association and number of
stories.

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Exhibit B-1

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Designated Servicer Directory, First Mortgages
Exhibit B-1
1800
The Client should refer to this directory when preparing and submitting Servicing Packages for Jumbo A,
Expanded Criteria, Payment Option, Home Solution and AlterNet first mortgage servicing released
programs.
Designated Servicer
Transfer Notification Requirements
All property insurance policy endorsements should state the following:
Homecomings Financial,
its successors and/or assigns
PO 100585
Florence, SC 29501-0585
All taxing authority correspondence and bills should be sent to:
P.O. Box 890037
Dallas, TX 75389
All mortgage insurance correspondence should be sent to:
MI Department
P.O. Box 890035
Dallas, TX 75389
Payments
Borrowers should be advised to use this address when mailing payments:
U.S. Mail
Overnight Address
P.O. Box 650515
1820 E. Sky Harbor Circle South
888 South Greenville Avenue
Phoenix, AZ 85034-9700
Dallas, TX 75265
Payments due the Designated Servicer must be endorsed to Homecomings Financial and forwarded upon
receipt by overnight mail service to the above address.
Customer Service
Borrowers should also be advised to direct inquiries and correspondence to:
P.O. Box 890036
Dallas, TX 75389
The toll-free telephone number for Customer Service is 1.800.206.2901.
Client/Servicer Inquiries
2711 North Haskell Avenue
Suite 900
Dallas, TX 75204
Refund request, payment address or other transfer related issues phone: 214.874.2408. Refund request
documentation for payment of escrow FAX: 214.874.2032 or email:
reconciliations_fax@homecomings.com.
Refer to the Monies Due Client Section in Chapter 8, Servicing Released of the GMAC-RFC Client Guide for
guidelines on how to expedite resolution of any servicing transfer discrepancies.
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Exhibit B-1

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Exhibit B-1
Designated Servicer Directory, Home Equity Goal Loans & 125 Loans
1801
The Client should refer to this directory when preparing and submitting Servicing Packages for Home Equity
Goal Loans and 125 CLTV Loans.
Designated Servicer
Endorsement Requirements (All insurance policy endorsements should state the following)
its Successors and/or Assignors
PO 100585
Recorded Legal Documents/Legal Notices

GMAC-RFC
MS 03-06-60
Attn: Final Document Intake Department
Payments (Borrowers should be advised to use this address when mailing payments)
U.S. Mail
P.O. Box 650515
Dallas, TX 75265-0515
Overnight Payments
1820 E Sky Harbor Circle South
Customer Service 1.800.206.2901

Borrowers should also be advised to direct inquiries and correspondence, including subordinations to:
U.S. Mail
PO Box 890036
Dallas, TX 75389
Attn: Correspondence
Overnight Packages
Suite 900
Dallas, TX 75204
Suite 900
Dallas, TX 75204
documentation for payment of escrow FAX: 214.874.2032 or email reconciliations_fax@homecomings.com.
Home Equity Goal Loans & 125 Loan Designated Servicer Directory
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Exhibit B-1
Home Equity Goal Loans & 125 Loan Designated Servicer Directory
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Exhibit B-1
1802
Servicing Released Approved Flood Zone Determination Company and Fee Schedule
(First Mortgage Products)
Flood Data Services, Inc. (FDSI)
Effective January 1, 1996
For any Simultaneous Sale of Servicing, where the Client does not provide a life of Loan Flood Zone Determination Contract,
GMAC-RFC will charge a fee to set up a flood zone determination contract. This cost will be deducted from the Funding Amount paid
to the Seller.
FOR PROPERTIES LOCATED IN ANY STATE
$10.00

GMAC-RFC Form 1802 (01/01/01)
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Exhibit B-1

GMAC-RFC Form 1802 (01/01/01)
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Exhibit B-1
1803

RUN ON: 04/07/97
AT: 10:30:18
GMAC-RFC
PAGE 1
PURCHASE ADVICERFMPP040--01
S/S NUMBER: ABC - ABC MORTGAGE

WAREHOUSE/TITLE#: 000 - WARHOUSE BANK
FUNDING DATE: 04/04/97
GMAC-RFC LOAN NBR: 1111111111
COMMIT LOAN
NUMBER PROG
S/S LOAN NBR: AAAAA
BORROWER NAME: SMITH
LOAN PURCHASE NOTE/INIT ACCRUAL PRICE ACCRUED

PURP PRINCIPAL INT RATE YIELD PERCENT PRICE INTEREST

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Exhibit B-1

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Exhibit B-1
1804
RUN: 10/31/03 21:54:38

FOR: 10/31/03
RFMPP526-01
PAGE 1
RESIDENTIAL FUNDING CORPORATION

STATEMENT OF SERVICING SOLD - POST
FIRST MORTGAGE
BY AAA THIRD BANK MORTGAGE, INC. FOR THE PERIOD OF 10/01/03 TO 10/31/03
POST PURCHASE LOANS TRANSFERRED THIS PERIOD
EFFECTIVE DATE OF TRANSFER 11/01/03
YOUR LOAN #
RFC LOAN BASE

#
PRICE
EXCESS
SVC
PRODUCT
GROUP
SALE DATE SVC FEE
PREMIUM
1111122222
1234567890 1.00000
ESCROW SEASON
ADJ
SCHEDULE SERVICIN FUNDS DUE

D
G
PREVL
RATE
PRICE % PRIN BAL
PREMIUM (TO)/FROM
RFC
1.00000
1,998.32
199,831.97
(1,413.75)
--------------- --------------- --------------POST TOTALS:
# OF TRANSFERS =
199,831.97
1,998.32
(1,413.75)
--------------- --------------- --------------TOTALS:
# OF TRANSFERS =
199,831.97
TOTAL
1,998.32
(1,413.75)
POST
SIMULTANEOUS
0.00
SERVICING PREMIUM SUBTOTAL
1,998.32
1,998.32
FUNDS DUE (TO)/FROM RFC
(1,413.75)
(1,413.75)
0.00
PRIOR PERIOD ADJUSTMENTS SERVICING PREMIUM
0.00
0.00
0.00
PRIOR PERIOD ADJUSTMENTS FUNDS DUE (TO)/FROM RFC

TOTAL AMOUNT DUE THIRD BANK MORTGAGE, INC.
0.00
0.00
0.00
------------------
------------------
------------------
584.57
584.57
0.00

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Exhibit B-1

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Exhibit B-1
Designated Servicer Directory, 1st Lien Lines and Home Equity Lines
1805
The Client should refer to this directory when preparing and submitting Servicing Packages for 1st Lien Lines of Credit and
Home Equity Goal Lines of Credit servicing released programs.
Designated Servicer
Endorsement Requirements
All insurance policy endorsements should state the following:
Homecomings Financial, its successors and/or assigns,
PO 100585
All recorded legal documents or legal notices should be sent to:
GMAC-RFC
Suite 100
Attn: Central Document Repository
Payments
Borrowers should be advised to use this address when mailing payments:
U.S. Mail
Overnight Address
P.O. Box 105682
1640 Phoenix Blvd. Suite 110
Atlanta, GA 30348-5682
College Park, GA 30349-5563
Payments due the Designated Servicer must be endorsed to Homecomings Financial and forwarded upon receipt by overnight
mail service to the above address.
Customer Service
Borrowers should also be advised to direct inquiries and correspondence, including subordinations to:
P.O. Box 890036
Dallas, TX 75389
The toll-free telephone number for Customer Service is 1.800.206.2901.
Suite 900
Dallas, TX 75204
documentation for payment of escrow FAX: 214.874.2032 or email
reconciliations_fax@homecomings.com.
1st Lien Lines and Home Equity Lines Designated Servicer Directory
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Exhibit B-1
1st Lien Lines and Home Equity Lines Designated Servicer Directory
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Exhibit B-1
1806

Pre Funding (Submission for purchase)
GMAC-RFC
Suite 100
Attn: Loan Processing & Delivery 03-03-50
Note: Pending purchase conditions should be sent to the attention of the associate handling the file.
Post Funding (Submission of original recorded Final Documents.)

GMAC-RFC
Suite 100
Attn: Final Document Intake 03-06-60
Note: The GMAC-RFC Loan number must be provided on all documents.
The following Final Documents are due within 120 days from purchase
Security InstrumentOriginal Recorded or Original County Certified
Original or certified copy of the final title policy or the attorneys certificate*
Intervening AssignmentOriginal Recorded or Original County Certified (if applicable)
Consolidation, Extension, and Modification AgreementOriginal Recorded or Original County Certified (if
applicable)
Modification AgreementOriginal Recorded or Original County Certified (if applicable)
UCC1/UCC3Original Recorded or Original County Certified (if applicable)
* Only required for second mortgages if the Loan is in first lien position or greater than $100,000.
Servicing Released Trailing Mail

Property Insurance
PO 100585
Payments
P.O. Box 650515
Dallas TX 75265-0515
Overnight Payments
1820 E Sky Harbor Circle South
Home Equity Lines of Credit use the following address for Payments
Payments
P.O. Box 105682
Atlanta, GA 30348-5682
Overnight Payments
1640 Phoenix Blvd. Suite 110
College Park, GA 30349-5563
Note: The GMAC-RFC Loan number must be provided on all documents.

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Exhibit B-1

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Exhibit B-1
1900
Wire Transfer Authorization Instructions

Client Information
Full Legal Name
GMAC-RFC Seller ID
Address
City/State/Zip
Funding Advice Notification Contact

Contact Name
Phone Number
Fax Number
Wire Instructions
Action (choose one)
Type of Instructions (choose one)

Warehouse Line
Non-warehouse Line
One-time Use
ADD
DELETE
Warehouse Provider
Warehouse Contact Name
Warehouse Phone #
Account Name
Account Number
Special Attention
Bank Name
City/State
ABA Number
Note: If more than one set of wire instructions, please photo copy this page and provide one set of wire
instructions per page.
Client Authorization (must be authorized signer and on Corporate Resolution)

Officers Signature
Date
Printed Name of Officer
Title
Risk Use Only

GMAC-RFC Risk Associates Signature
Original Bailee Acceptable:

Yes
No
Extension
Bailee Negotiated:
Yes
Date
Current Bailee Acceptable:

No
Yes
No
Type of Addendum, if any:
Treasury Use Only

Entered
Approved
Date
Approved
Bank Code

GMAC-RFC Form 1900 (7/22/05)
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Exhibit B-1

GMAC-RFC Form 1900 (7/22/05)
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Exhibit B-1
1902

Certificate No:
Issue Date:
Expiration Date: (90 days issue date)
Issued To:
ATTN:
Loan Amount:
Other Financing:
Value:
Loan-to-Value:
Loan Status:
Borrower Name:
Prop Address:
Long Terms:
Property:
Documentation:
Units:
UNCLOSED
Commit
PURPOSE:
Maximum interest rate at which the Borrower will qualify:

Loan Number:
Level of Loan rating (Ax, Am, B, C):
Type of Loan for which approval is valid (if applicable):
Conditions to be satisfied by date of funding for
purchase of Certified Loan:
This Certificate is dated as of the date set forth above, and is presented by GMAC-RFC to the entity identified above (the Customer).
GMAC-RFC has reviewed Loan files collectively, the Loan File) provided to it by the Customer with respect to the residential mortgage
Loan (the GMAC-RFC has determined that, except with respect to any Loan Deviations (Loan Deviations) and/or Conditions Conditions)
indicated above, the Certified Loan satisfies the GMAC-RFC Underwriting Guidelines currently in effect as of the date of this Certificate.
The foregoing certification is made exclusively on the basis of the information contained in the Loan File (including, without limitation, the
information needed to calculate the Loan-to-Value ratio with respect to the Certified Loan) without further investigation of any kind.
Subject to the satisfaction of the Conditions and the following terms and conditions, GMAC-RFC agrees to purchase the Certified Loan (i)
from any entity with whom GMAC-RFC then has a currently effective Client Contract (an Approved Client) if there are no Loan Deviation or
(ii) from any Approved Client if that Approved Client has received from GMAC-RFC a written waiver addressed to that Approved Client with
respect to each Loan Deviation or (iii) from the Customer if the Customer is an Approved Client, regardless of whether there are any Loan
Deviations.
1. GMAC-RFCs agreement to purchase the Certified Loan shall be limited to a purchase for which funding occurs during the period
from the issue date set forth above, to and including the expiration date set forth above, on which date GMAC-RFCs Commitment
to purchase the Certified Loan shall terminate automatically without any action of any kind; and
2. If the Certified Loan is submitted to GMAC-RFC for purchase, it may only be sold to GMAC-RFC pursuant to and subject in all
respects to the terms and conditions of, the applicable Approved Clients Client Contract with GMAC-RFC, including, but not
limited to, the representations and warranties (each of which must, as a condition precedent to GMAC-RFCs obligation to purchase
the Certified Loan, be true and correct as of the date of the funding of the purchase price of the Certified Loan), the repurchase
provisions, and the delivery, Commitment and Loan documentation requirements set forth in the GMAC-RFC Client Guide
incorporated therein by reference, as amended from time to time.
This Certificate shall be transferable by the Customer to any Approved Client that has good and marketable title to the Certified Loan if no Loan
Deviations are indicated above. This Certificate may not be transferred without GMAC-RFCs prior written consent and any expressly permitted
transferee shall be entitled to rely upon, or derive any legal rights from, this Certificate.
GMAC-RFC
Residential Funding
Corporation
CERTIFICATE

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Exhibit B-1

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Exhibit B-1
1903
GMAC-RFC
NOTIFICATION OF UNDERWRITING DENIAL
DENIAL DATE
GMAC-RFC LOAN #:
COMMIT #:
ATTN:
BORROWER NAME:
BORROWER ADDRESS:
WE REGRET TO INFORM YOU THAT THE APPLICATION ON THE ABOVE REFERENCED BORROWER(S) HAS BEEN
DECLINED FOR THE REASONS STATED BELOW:
SINCERELY,
CREDIT RISK ASSOCIATE

GMAC-RFC
PHONE NUMBER:
FAX NUMBER:

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Exhibit B-1

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Loan Registration
Client ID #
__________________________
Lock-In Date:_________________
Client Company
__________________________
Fax Numbers:
Client Loan Number __________________________
Exhibit B-1
1905
Flow Submissions 952.832.9856
Client Contact
__________________________
Client Phone #
__________________________
Client Fax #
__________________________
Borrower(s) Name
____________________________________________________________
Application Date
_____/_____/_____
Property Address
____________________________________________________________
Last
First
Middle
Street
____________________________________________________________
City
State
ZIP
Jumbo A/Expanded Criteria Delivery

Delivery Period (check one)
10-day
Product Type
(check one)
30-day 45-day 65-day

(Mandatory Only)
Mandatory
Jumbo A
Best efforts
Expanded Criteria
FRM-30
FRM-15
FRM-30
FRM-15
Six Month LIBOR ARM

One Year LIBOR ARM
Three-One LIBOR ARM
Five-One LIBOR ARM
Seven-One LIBOR ARM
Ten-One LIBOR ARM
As available on the Internet Portal at www.gmacresidentialfunding.com
Loan Amount
$_________________________
Gross Note Rate
_________________________
Loan Type (check one)
Purchase
Gross Margin__________
Rate/Term Refinance
Estimated Closing Date _____/_________/________
Cash-out Refinance
Concurrent Funding
Loan Registration
GMAC-RFC Form 1905 (03/13/06)
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Exhibit B-1
AlterNet Delivery
Delivery Period (check one)
30-day
65-day
Other______days
Grade _________
Product Type (check one)

FRM-30
FRM-15
Six Month LIBOR ARM
2-28 Performance Loan
3-27 Performance Loan
Other
Loan Amount $_____________________
Gross Note Rate _____________________
Loan Type (check one)
Purchase
Gross Margin__________
Rate/Term Refinance
Estimated Closing Date ______/______/______
Cash-out Refinance
Concurrent Funding
For GMAC-RFC Use Only
PC # _____________________________
Loan Program _____________________
GMAC-RFC Net/Gross Rate _________________
Commitment # _____________________
GMAC-RFC Net/Gross Price _________________
Expiration ________________________
Loan Registration
GMAC-RFC Form 1905 (03/13/06)
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Exhibit B-1
1906
Lock-In Date
______________________________
Page __________ of __________
Client ID #
______________________________
Fax Numbers: _______________________________
Client Company
______________________________
Bulk Submissions 952.832.7124
Client Contact
______________________________
Flow Submissions 952.832.9856 until 3:30 p.m. Central Time
Client Phone
______________________________
Client Fax
______________________________
Mortgager Name
(First, Middle, Last)
Client Loan #
(Please call before sending a fax.)

Telephone Registration 800.328.2800 until 4:00 p.m. Central Time
App. Date
Property Address
City/State/Zip/County
Delivery Period
30-Day
Other
30-Day
Other
30-Day
Other
30-Day
Other
30-Day
Other
30-Day
Other
30-Day
Other
Product/
Loan Program
Grade
Type
Loan Amount
Note Rate
Loan Type
Est.Close Date
Conforming
Non-conforming
Purchase
Rate/Term Refinance
Cash-Out
Concurrent
Conforming
Non-conforming
Purchase
Rate/Term Refinance
Cash-Out
Concurrent
Conforming
Non-conforming
Purchase
Rate/Term Refinance
Cash-Out
Concurrent
Conforming
Non-conforming
Purchase
Rate/Term Refinance
Cash-Out
Concurrent
Conforming
Non-conforming
Purchase
Rate/Term Refinance
Cash-Out
Concurrent
Conforming
Non-conforming
Purchase
Rate/Term Refinance
Cash-Out
Concurrent
Conforming
Non-conforming
Purchase
Rate/Term Refinance
Cash-Out
Concurrent
GMAC-RFC
Commitment #

GMAC-RFC Form 1906 (03/13/06)
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Exhibit B-1
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Exhibit B-1
1907
Final Documentation Transmittal
Client Name
GMAC-RFC Loan Number (required)*
Street Address
Client ID Number
City, State, ZIP
Borrower Name
Contact Person
Client Loan Number
Telephone Number
To document the captioned mortgage Loan file, we hereby submit and enclose the following documents:
Original recorded or county certified copy Security Instrument, and any addenda or riders:
Original recorded or county certified copy intervening assignments (if applicable).
Title Policy
Other
Final Documents must be submitted to the following address:
GMAC-RFC
Suite 100
MC 03-03-40
Attention: Final Document Intake Department
* Deliveries without the GMAC-RFC Loan number may be returned at the Clients expense.
Photocopies of legal documents are not acceptable.

GMAC-RFC Form 1907 (04/01/03)
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Exhibit B-1

GMAC-RFC Form 1907 (04/01/03)
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Exhibit B-1

Borrower:
Property Address:
City, State, ZIP:
1908
Date:
Loan #:
Simultaneous
Stand-Alone

size file folder.
Original Note, ENDORSED IN BLANK, and any required addenda/riders*
Copy of the Security Instrument with any required riders**
Signed Right of Recision Notice
Revolving Loan Disbursement Schedule with disbursement date indicated
Copy of the Title Binder from FIRST MORTGAGE, if simultaneous origination; OR copy of title search/
binder for home equity lines originated subsequent to a first mortgage
Copy of the Home Equity Line of Credit Disclosure
Other
Credit Documents
Exception Request (if applicable)
Copy of the HUD-1 settlement statement from the new first mortgage if originated simultaneously
(ADD TO FILE IF APPLICABLE)
Copy of the Note for the first mortgage Loan, or verification of first mortgage product type
Uniform Underwriting and Summary Transmittal (Fannie Mae 1008) with contact name, phone and
fax number, or internal underwriting worksheet
Residential Loan Application (Fannie Mae 1003) or GMAC-RFC Home Equity Loan Application
Appraisal with original or legible copies of photos
A Credit Report with a Credit Bureau Score for each Borrower
12 month payment history for current or previous first mortgage if not disclosed on the credit report
Verification of income (to include all documents used to determine income)
Other
*The Note must be a GMAC-RFC approved second mortgage Note.
**The Security Instrument must be a GMAC-RFC approved second Security Instrument.

GMAC-RFC Form 1908 (04/01/05)
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Exhibit B-1

GMAC-RFC Form 1908 (04/01/05)
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Exhibit B-1

Borrower:
1909
Date:
Property Address:
Loan #:
City, State, ZIP:
Simultaneous
Stand-Alone

size file folder.
Original Note, ENDORSED IN BLANK, and any required addenda/riders1
Copy of the Security Instrument with any required riders
Original signed and dated Right of Rescission Notice
1st Lien Line of Credit Revolving Loan Disbursement Schedule with disbursement date indicated
(GMAC-RFC Form 16G07)
Title Policy
Federal Emergency Management Agency (FEMA) Standard Flood Hazard Determination Form with
Life of Loan coverage
Proof of Flood Insurance if applicable: copy of policy binder
Copy of the Home Equity Line of Credit Disclosure
Other
1
The Note must be a GMAC-RFC approved 1st Lien Line of Credit Agreement.
For credit documents, see the following page.

GMAC-RFC Form 1909 (04/01/05)
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Exhibit B-1
Credit Documents
Exception Request, if applicable
Uniform Underwriting and Summary Transmittal (Fannie Mae 1008) or internal underwriting
worksheet
Signed and dated Residential Line Application (Fannie Mae 1003) or other applications approved by
GMAC-RFC
Final Settlement statement (HUD-1) on the current Loan
The Purchase Agreement or escrow instructions and any modifications
Statement of Assets and Liabilities (Fannie Mae Form 1003A/Freddie Mac Form 65A), if applicable
All necessary Credit Report(s), with a Credit Score for all Borrowers
12-month payment history for the current or previous first mortgage, if not disclosed on the credit
report
Verification(s) of deposit and verification(s) of the source of down payment
Verification(s) of real estate Loan(s), if applicable
Verification(s) of employment/income
Two most recent years tax returns for self-employed or non-salaried Borrowers
Ground Lease Analysis (Freddie Mac Form 461), if applicable
Condominium Warranty Certification (GMAC-RFC Form 1303), if applicable
Residential Appraisal Report (applicable Fannie Mae/Freddie Mac Form)
Three original or digital photographs of the property (front, rear and street scene) or legible copies
(originals must be furnished upon request)
One original or digital photograph of each comparable used on the Residential Appraisal Report (front
scene) or legible copies (originals must be furnished upon request)
Documentation evidencing the original purchase price of the property plus improvements (if any)
(for refinances, if applicable)
Evidence that the Borrower has owned the property for at least 12 months (for cash-out refinances,
if applicable)
1 The Note must be a GMAC-RFC approved 1st Lien Line of Credit Agreement.

GMAC-RFC Form 1909 (04/01/05)
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Exhibit B-1
1910
Goal Loan Registration Form

Client ID#
Date____________________________
Client Company Name

Client Loan Number
Client Contact
Client Phone #
Client Fax #
Commitment, Delivery and Term
Delivery Commitment Type
Delivery
Term
Mandatory
10-Day
5-Year
Best Efforts
30-Day
10-Year
60-Day
15-Year
# of Loans ______________________
30/15 Year Balloon

Borrower Name
Last
First
Middle
Soc. Sec. # ______________________Credit Score_____________________Loan Amount ________________

Notes
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________

GMAC-RFC Form 1910 (01/01/01)
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Exhibit B-1

GMAC-RFC Form 1910 (01/01/01)
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Exhibit B-1
1911
RFC-CESMN (State) - Note (State Specific or Multi-State)

BSI RE-MTG or DT-(State) - Security Instrument (State Specific)
VMP-780 Truth-in-Lending Disclosure Statement
VMP-504 HUD-1A Settlement Statement
Any VMP Good Faith Estimate
Qualifying Prepayment Addendum
or
VMP-75 (State) - Note (State Specific)
VMP-76 (State) - Security Instrument (State Specific)
VMP-780 - Truth-in Lending Disclosure Statement
VMP-504 - HUD-1A Settlement Statement
Any VMP - Good Faith Estimate
Qualifying Prepayment Addendum
Balloon Rider

GMAC-RFC Form 1911 (01/01/01)
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Exhibit B-1

GMAC-RFC Form 1911 (01/01/01)
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Exhibit B-1

Borrower
Date
Property Address
Loan #
City, State, ZIP
1912
Simultaneous
Stand-Alone
All legal and Servicing Documents should be secured with a prong fastener on the left side of a legal size file folder.
Original Note, ENDORSED IN BLANK, and any required addenda/riders*
Copy of the Security Instrument with any required riders**
Signed and dated Notice of Right of Rescission (if applicable)
Truth-in-Lending Disclosure
Payment History
HUD-1A Settlement Statement with disbursement date indicated
Copy of the Title Binder from FIRST MORTGAGE, if simultaneous origination; OR copy of title search/binder for
closed-end second originated subsequent to a first mortgage
Other
Credit Documents
Exception Request (if applicable)
Copy of the HUD-1 settlement statement from the new first mortgage if originated simultaneously (ADD TO FILE
IF APPLICABLE)
Copy of the Note for the first mortgage Loan, or verification of first mortgage product type
Uniform Underwriting and Summary Transmittal (Fannie Mae 1008) or internal underwriting worksheet
Residential Loan Application (Fannie Mae 1003) or GMAC-RFC Home Equity Loan Application
Appraisal with original or legible copies of photos
A Credit Report with a FICO Score for each Borrower
12 month payment history for current or previous first mortgage if not disclosed on the credit report
Verification of income (to include all documents used to determine income)
*The Note must be a GMAC-RFC approved second mortgage Note.
**The Security Instrument must be a GMAC-RFC approved second Security Instrument.

GMAC-RFC Form 1912 (04/01/04)
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Exhibit B-1

GMAC-RFC Form 1912 (04/01/04)
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Company:
FAX:
Contact:
Phone:
From:
FAX:
Date:
Phone:
Borrower:
Loan:
Exhibit B-1
1913
The First Mortgage Flow Team has developed the following process to ensure an accurate timely funding. We
will be asking Clients to confirm funding data prior to receiving wire transfers. This will help eliminate any
funding adjustments that may affect your price. Please review the attached purchase advice and confirm that all
the information is correct.
The purchase advice will need to be signed and returned by _____________ PM Central Time today. Loans will
not be funded until a signed purchase advice is received by fax. The fax number is _______________________.
Any questions should be referred to the Operations Associate listed above.

GMAC-RFC Form 1913 (01/01/03)
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Exhibit B-1

GMAC-RFC Form 1913 (01/01/03)
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Exhibit B-1
1914
First Mortgage Bulk Team
Client/Company:
Client ID:
Underwriting Contact:
Phone Number:
FAX Number:
Email Address:
Closed Loan Contact:

Phone Number:
FAX Number:
Email Address:
Purchase Advice Contact:

Phone Number:
FAX Number:
Email Address:

GMAC-RFC Form 1914 (01/01/03)
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Exhibit B-1

GMAC-RFC Form 1914 (01/01/03)
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Exhibit B-1
1915

If you prepare your own legal docs
Middleberg, Riddle & Gianna (MRG)
Provides electronic documents and updates through a download from their web page with a written
warranty that the documents are compliant.
Documents can be incorporated into your Loan Origination System.
Cost to you for documents and updates is $4,000 annually, regardless of the number of Loans or
specific States or products.*
Contact an MRG Customer Service Representative at 800.688.7335 or go to www.mrgdocs.com.
The Compliance Source, Inc. (CS).
Provides electronic documents and updates that can be ordered on the internet with written warranty
that the documents are compliant.
Cost to you for documents and updates is $250 yearly fee (per State) OR $1,200 yearly fee which
includes all RFC approved forms for all States and also includes notifications concerning changes to
any form, email compliance news alerts and notification of upcoming regulatory changes.*
Contact a Compliance Source Customer Service Representative at 972.980.2178 or go to
www.compliancesource.com to sign up automatically.
Bankers Systems, Inc. (BSI)
Provides electronic documents and updates (via disks) with a written Express Warranty that the
documents are compliant.
Cost to you for documents is billed quarterly based on annual Loan volumes. Fees vary based on a
sliding scale. For example: 251-500 Loans per year would be $2,565; 901-1200 Loans per year
would be $3,990 and 3001-4000 Loans per year would be $9,255. For fee breakdowns between the
Loan amounts indicated, please contact BSI.*
Contact a BSI customer service representative at 800.274.2711 or go to www.bankerssystems.com
* Fees and charges shown indicate current pricing and are subject to change.

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If you use a doc prep company to prepare legalPg
docs
Exhibit B-1
Middleberg, Riddle & Gianna (MRG)

Offers Miracle Extreme a web-enabled, PC based software system that prepares and delivers legally
compliant documents with representations and warranties for all GMAC-RFC products and programs.
Rules are built into Miracle Extreme to ensure that the document packages are compliant with
GMAC-RFCs requirements as well as all State and federal legal and regulatory requirements.
Cost to you is $35 per Loan with no redraw fee or minimum volume requirement.*
The Compliance Source, Inc. (CS)
Offers doc prep services through Digital Docs, Inc. that will prepare compliant, automatically updated
documents with representation and warranties directly from Compliance Source.
Compliance Source has already developed products for the most popular Loan Origination Systems
(LOS) that integrates data directly to Digital Docs, Inc. Thus avoiding double data entry.
Cost to you is $10 per transmission with a maximum fee of $25 per Loan.*
30 days use of Digital Docs, Inc. at no additional charge is included in the $1,200 Compliance Source
subscription fee; this allows immediate access to Loan Programs.
If you Integrate GMAC-RFC approved forms with a third-party doc prep providers computer system,
you must also purchase the individual subscription at the $250 per State price or the $1,200 annual
fee. This allows full access to the Compliance Source website for immediate availability to all new
forms, compliance tools and news alerts independent of the third-party doc prep provider.
Doc prep Companies
If you're already using a doc prep company that does not have GMAC-RFC documents, the doc prep
company can obtain them from MRG, BSI or CS.
Cost to the doc prep company is either a $4,000 annual fee from MRG, a $5,000 annual fee from
Compliance Source or a $10 per Loan fee from BSI.
Cost to you will vary depending on agreement with the doc prep company, typically between $35.00
and $75.00 per Loan.
Notes
In all cases you will need to sign an agreement with MRG, BSI, Compliance Source or another thirdparty doc prep company.
MRG, BSI and CS warrant the documents for compliance to the doc prep companies, any
modifications made by the doc prep company are the responsibility of you and the doc prep company.
The exact terms and conditions of BSIs compliance warranty is set forth in the Express Warranty
contained in the agreement you would sign with BSI.
MRG, BSI and CS provide docs and doc prep services for our closed-end second mortgages and 125
CLTV Loans.
MRG also provides doc prep services for all GMAC-RFC first mortgage products.
* Fees and charges shown indicate current pricing and are subject to change.

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Exhibit B-1
GMAC-RFC Payoff Reporting Instructions
1. You may report multiple transactions in a single file; however, you may not report multiple
transaction types (see valid Reason Codes) within a single file.
Valid Reason Codes:
01 Borrower Payoff
02 Third Party Sale (full)
03 ARM Conversion
04 Servicer Repurchase (other)
2. A single wire must be remitted for the total of each file.
3. Files must be submitted via email attachment sent to the attention of your Loan Accounting
contact (see instructions, below).
4. Payoff Interest Due calculation formula for odd due date loans (due dates other than 1st day
of month) for loans remitted scheduled/scheduled:
Ending unpaid scheduled balance as of your last, scheduled month-end reporting,
Multiplied by the loan-level interest rate due to GMAC-RFC per your servicing contract,
divided by 365 days,
Multiplied by the number of days between the due date of the last borrower payment
applied and the payoff transaction date,
Minus scheduled interest due as of your last scheduled month-end reporting
5. Deadlines for submission:
Borrower payoff-within 24 hours of payoff date
Third-party sale (full), ARM conversion, Servicer repurchase-by last business day of month
in which transaction occurs.
Email address for GMAC-RFC Loan Accounting contacts:

firstname.lastname@gmacrfc.com
2308
14-01915-mg
Doc 45-3
GMAC-RFC Payoff/Liquidation Report
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 639 of 649
Exhibit B-1
2308
Transaction reason code type:
Field
Description
Field Format
Max - 9 digits
GMAC-RFC Loan
Number
Payoff, 3rd-party
Sale (full), ARM
Date of File
Conversion or
Submission to
Servicer
GMAC-RFC
Repurchase Date
Prepayment
Net Interest Due to
Principal Balance
Penalty Fees Due
GMAC-RFC on
Due
& Included in This
This Transaction.
Remittance
dd-mmm-yyyy
Max- 11 digits ; 2
places to right of
decimal, no
commas;
negative values
should have
minus sign in
front of number
Payoff Date
dd-mmm-yyyy
Submit Date
Principal Due
Max- 11 digits ; 2
places to right of
decimal, no
commas;
negative values
should have
minus sign in
front of number
Max- 9 digits ; 2
places to right of
decimal, no
commas;
negative values
should have
minus sign in
front of number
Payoff Interest
Due
Prepayment
Penalty Fees Due
& Included in This
Remittance
Total Remittance
Due to GMACRFC (principal +
net interest prepayment
penalty fees)
0
0
0
0
0
0
0
0
Total Wire Due
Page 2 of 2
$0.00
GMAC-RFC Payoff/Liquidation Report

GMAC-RFC Form 2308 (06/03)
14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 640 of 649
GMAC-RFC
Exhibit B-1
Page 1
03/13/06
Client Guide
Index
Index
Numerics
1st Lien Line of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.72
A
Accrued and Unpaid Residential Funding Scheduled Interest . . . . . . . . . . . . . . . 10.1
Acquisition Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1
Additional Client Representations, Warranties and Covenants for the Home Equity Loan
Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2A.15
Additional Review Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4F.15
Adjustable Rate Mortgages (ARM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9
Adjustment Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1
Affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1
Age Of Appraisal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4F.5
ALTA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.1
Alternative Delivery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2
Ancillary Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2
Appraisal Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4F.6
Appraisal Requirements . . . . . . . . . . . . . . . . . . . . . . . 4F.2, 6A.9, 6B.9, 6C.9, 6E.11
Appraisal Value Documentation Requirements . . . . . . . . . . . . . . . . . . . . . . . . . 6H.8
Appraiser Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4F.2
Arms Length Transaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3B.4
Assessments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6
Audits and Inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8
Automated Valuation Model . . . . . . . . . . . . . . . . . . . . . . . . . . 4F.5, 6H.8, 6I.9, 10.2
AVM Option for Property Value Documentation up to 180 Days From Note Date . 6I.9
B
Balloon Mortgages . . . . . . . . . . .
Bankruptcy . . . . . . . . . . . . . . . . .
Best Efforts Delivery Commitment
Borrower . . . . . . . . . . . . . . . . . .
Borrower Capacity . . . . . . . . . . .
Bridge Financing . . . . . . . . . . . . .
Bulk Servicing . . . . . . . . . . . . . .
Business Day . . . . . . . . . . . . . . .
Business Debt . . . . . . . . . . . . . .
Buydowns . . . . . . . . . . . . . . . . .
Buyout Fee . . . . . . . . . . . . . . . . .
Buyups . . . . . . . . . . . . . . . . . . .
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. . . . . . . . . . 5.70
. . . . . 4A.5, 4A.12
. . . . . . . . . . 10.2
. . . . . . . . . . 10.2
. . . . . . . . . . 4B.4
. . . . . . . . . . 4C.2
. . . . . . . . . . 8.18
. . . . . . . . . . 10.2
. . . . . . . . . . 4B.4
. 2A.13, 6H.7, 6I.8
. . . . . . . . . . 10.3
. . . . . . . . . . 10.3
14-01915-mg
Page 2
03/13/06
Client Guide
Index
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 641 of 649
Exhibit B-1
GMAC-RFC
C
Calculating LTV Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash to Close . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash-out Refinance Mortgage . . . . . . . . . . . . . . . . . . . . . . . .
Change Of Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Client . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Client Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Client Contract Warranties . . . . . . . . . . . . . . . . . . . . . . . . . .
Client Eligibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Client Representations Warranties and Covenants . . . . . . . . .
Client Responsibilities and Exclusions . . . . . . . . . . . . . . . . . .
Client Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . .
Client Underwriting Responsibilities . . . . . . . . . . . . . . . . . . .
CLTA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Collateral Property Underwriting . . . . . . . . . . . . . . . . . . . . . .
Commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commitment Confirmation . . . . . . . . . . . . . . . . . . . . . . . . . .
Commitment Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Compliance With Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Condo-Hotel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Condominium Classifications . . . . . . . . . . . . . . . . . . . . . . . .
Condominium Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . .
Condominium Unit Located in a Building . . . . . . . . . . . . . . . .
Condominium Warranties for Class I and Class II Condominium
Condominium Warranties for Class III Condominium Projects .
Construction/Permanent Mortgages . . . . . . . . . . . . . . . . . . .
Consumer Credit Counseling . . . . . . . . . . . . . . . . . . . . . . . .
Continuing Client Obligations . . . . . . . . . . . . . . . . . . . . . . . .
Contract For Deed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Co-Signed Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit Evaluation Overview . . . . . . . . . . . . . . . . . . . . . . . . .
Credit Limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit Quality Standards . . . . . . . . . . . . . . . . . . . . . . . . . . .
Credit Score . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Customer Loan Status Inquiry Application . . . . . . . . . . . . . . .
.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
.......
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.......
.......
.......
.......
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Projects
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.......
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.......
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.......
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. . . . . 3C.1
. . . . . 4C.1
. . . . . 10.3
. . . 8.5, 8.6
. . . . . 10.3
. . . . . . 2.4
. . . . 2A.13
. . 2.1, 10.3
. . . . . 2A.1
. . . . . 4G.2
. . . . . 10.3
. . . . . . 2.4
. . . . . 10.3
. . . . . 4F.1
. . . . . 10.4
. . . . . 10.4
. . . . . 10.4
. . . . . 2A.7
. 3D.4, 10.4
. . . . . 3D.6
. . . . . 3F.8
. . . . . 3D.2
. . . . . 3D.7
. . . . . 3D.9
. . . . . 3B.4
. 4A.6, 6E.8
. . . . . . 2.4
. . . . . 3B.5
. . . . . 4B.4
. . . . . 10.4
. . . . . 4A.3
. . . . . 10.4
. . . . . 6I.5
. 4A.7, 10.4
. . . . . . 9.1
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D
Debris . . . . . . . . . . . . . . . . .
Debt Payoff . . . . . . . . . . . . .
Debt-To-Income Ratio . . . . . .
Debt-to-Income Ratio . . . . . .
Deferred Maintenance . . . . . .
Delinquency . . . . . . . . . . . . .
Delivery Commitment Number
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4F.10
. 4B.4
. 4B.2
. 10.5
4F.10
. 10.5
. 10.5
14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 642 of 649
Exhibit B-1
Page 3
03/13/06
Client Guide
Index
GMAC-RFC
Delivery Date . . . . . . . . . . . . . . . . . . . . .
Delivery Process . . . . . . . . . . . . . . . . . . .
Demand Deposit Account . . . . . . . . . . . . .
Designated Servicer . . . . . . . . . . . . . . . .
Determination of Value . . . . . . . . . . . . . .
Disclosure of Information . . . . . . . . . . . . .
Discontinued Loan . . . . . . . . . . . . . . . . .
Discontinued Loans . . . . . . . . . . . . . . . . .
Disqualification or Suspension . . . . . . . . .
Divorce Debt . . . . . . . . . . . . . . . . . . . . .
Draw Period . . . . . . . . . . . . . . . . . . . . . .
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.
. . . . . 10.5
. . . . . 4G.4
. . . . . 10.5
. . 8.2, 10.5
. . . . . 3C.1
. . . 2.8, 8.3
. . . . . 10.5
. 6B.8, 6C.9
. . . . . . 2.4
. . . . 2A.26
. . . . . 4B.4
. . . . . 10.6
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. . . . . . . . . . . . . . . . . 10.6
. . . . . . . . . . . . . . . . . 8.11
. . . . . . . . . . . . . . . . . 10.6
. . . . . . . . . . . . . . . . . . 4.2
. . . . . . . . . . . . . . . . . 10.6
. . . . . . . . . . 2.2, 6H.1, 6I.1
. . . . . . . . . . . . . . . . . . 8.4
. . . . . . . . . . . . . . . . . 4D.1
. . . . . . . . . . . . . . . . 2A.12
. . . . . . . . . . . . . . . . . . 8.9
. . . . . . . . . . . . . . . . . 3C.6
. . . . . . . . . . . . . . . . . 10.6
. . . . . . . . . . . . . . . . . 10.7
. . . . . . . . . . . . . . . . 2A.20
. . . . . . . . . . . . . . . . . . 8.4
6B.5, 6C.5, 6E.4, 6H.4, 6I.3
. . . . . . . . . . . . . . . . . 10.7
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E
Early Scheduled Transfer . . . . . . . . . . . . .
Effective Date of Servicing Transfer . . . . .
Effective Date of Transfer . . . . . . . . . . . .
Electronic Documentation Standards . . . . .
Electronic Verification . . . . . . . . . . . . . . .
Eligibility Standards . . . . . . . . . . . . . . . .
Eligible Servicing Packages . . . . . . . . . . .
Employment and Income Analysis . . . . . .
Enforceability . . . . . . . . . . . . . . . . . . . . .
Escrow Account . . . . . . . . . . . . . . . . . . .
Escrow For Postponed Improvements . . . .
Escrow/Impound . . . . . . . . . . . . . . . . . . .
Event of Default . . . . . . . . . . . . . . . . . . .
Events of Default . . . . . . . . . . . . . . . . . .
Events of Servicer Default Prior to Transfer
Excess Acreage . . . . . . . . . . . . . . . . . . . .
Exclusionary List . . . . . . . . . . . . . . . . . . .
F
Factory-built Homes . . . . . .
Family Trusts . . . . . . . . . . .
Fannie Mae . . . . . . . . . . . . .
FDIC . . . . . . . . . . . . . . . . .
Fee Simple . . . . . . . . . . . . .
Final Documents . . . . . . . . .
First Interest Rate Cap . . . .
First-time Homebuyer . . . . .
Fixed Income . . . . . . . . . . .
Fixed-Rate Mortgages (FRM)
Flood Certification . . . . . . . .
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. . . . . 10.7
. . . . . 3A.5
. . . . . 10.7
. . . . . 10.7
. 3A.7, 10.7
. . 8.3, 10.7
. . . . . 10.7
. . . . . 6I.6
. . . . . 4D.5
. . . . . . 5.3
. . . . . . 8.5
14-01915-mg
Page 4
03/13/06
Client Guide
Index
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 643 of 649
Exhibit B-1
GMAC-RFC
Flood Zone Determination

Foreclosure . . . . . . . . . .
Freddie Mac . . . . . . . . . .
Frozen Credit . . . . . . . . .
Funding Amount . . . . . . .
Funding Date . . . . . . . . .
Funding Documents . . . .
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. . . . . . . 8.5
. 4A.5, 4A.12
. . . . . . 10.7
. . . . . . 10.8
. . . . . . 10.8
. . . . . . 10.8
. . . . . . 10.8
Ginnie Mae . . . . . . . . . . . . . . . . . . .
GMAC-RFC . . . . . . . . . . . . . . . . . . .
Graduated Payment Mortgage (GPM)
Graffiti . . . . . . . . . . . . . . . . . . . . . .
Growing Equity Mortgage (GEM) . . . .
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. 10.8
. 10.8
. 10.9
4F.10
. 10.9
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Note
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. 4E.1
. 4D.2
2A.27
. 6H.7
. 6J.1
. 4D.8
. 3B.6
. 10.9
10.10
10.10
. . 8.9
10.10
10.10
. . 8.7
H
Hazard Insurance . . . . . . . . . . . . . . . .
High Rise Condominiums . . . . . . . . . . .
Home Equity Line Security Agreement or
Home Equity Purchase Date . . . . . . . . .
Home Equity Repayment Period . . . . . .
Home Equity Simultaneous Transactions
Home Equity Standalone Transactions . .
HUD . . . . . . . . . . . . . . . . . . . . . . . . .
3F.1
6E.5
10.9
10.9
10.9
10.9
10.9
10.9
I
Income Documentation Standards
Income Types . . . . . . . . . . . . . . .
Indemnification . . . . . . . . . . . . . .
Ineligible First Mortgages . . . . . . .
Ineligible Loans . . . . . . . . . . . . .
Inherited And Guaranteed Income
Inherited Properties . . . . . . . . . .
Initial Advance . . . . . . . . . . . . . .
Institutional VOR . . . . . . . . . . . .
Insured Depository . . . . . . . . . . .
Interest on Escrows . . . . . . . . . .
Interest Rate/Payment Adjustment
Intermittent Lates . . . . . . . . . . . .
IRS Reporting . . . . . . . . . . . . . . .
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14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 644 of 649
Exhibit B-1
Page 5
03/13/06
Client Guide
Index
GMAC-RFC
L
Land-to-Value . . . . . . . . . . . . . .
Leasehold . . . . . . . . . . . . . . . .
Legal Documents . . . . . . . . . . .
Legal Non-Conforming Properties
Liabilities . . . . . . . . . . . . . . . . .
Liens . . . . . . . . . . . . . . . . . . . .
Life-of-Loan Contract . . . . . . . .
Lifetime Cap . . . . . . . . . . . . . . .
Lifetime Floor . . . . . . . . . . . . . .
Lis Pendens . . . . . . . . . . . . . . .
Loan . . . . . . . . . . . . . . . . . . . .
Loan Accounting Department . . .
Loan Audit . . . . . . . . . . . . . . . .
Loan Documents . . . . . . . . . . . .
Loan Program . . . . . . . . . . . . . .
Loans Paid in Full . . . . . . . . . . .
Loans to One Borrower . . . . . . .
Loan-to-Value . . . . . . . . . . . . . .
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. . . . . . . . . . 10.10
.2A.13, 3A.7, 10.10
. . . . . . . . . . 10.10
. . . . . . . 4F.8, 6E.4
. . . . . . . . . . . 4B.3
. . . . . . . . . . 2A.10
. . . . . . . . . . . . 8.5
. . . . . . . . . . 10.11
. . . . . . . . . . 10.11
. . . . . . . . . . 10.11
. . . . . . . . . . 10.11
. . . . . . . . . . 10.11
. . . . . . . . . . . 2.11
. . . . . . . . . . 10.11
. . . . . . . . . . 10.11
. . . . . . . . . . . 8.17
. . . . . . . 3A.5, 3B.6
. . . . . . . . . . 10.11
Maintenance of Records . . . . . . . .
Major Adverse Credit . . . . . . . . . .
Mandatory Delivery Commitment .
Manufactured Home . . . . . . . . . .
Margin . . . . . . . . . . . . . . . . . . . .
Merger or Consolidation of Client .
MERS . . . . . . . . . . . . . . . . . . . . .
MIN . . . . . . . . . . . . . . . . . . . . . .
Minimum Advance . . . . . . . . . . . .
Minimum Credit History . . . . . . . .
Minimum Improvement . . . . . . . .
Mixed Use Properties . . . . . . . . . .
Mobile Home . . . . . . . . . . . . . . .
Modular Home . . . . . . . . . . . . . .
Modular, Panelized, Pre-Cut Homes
Monies Due Client . . . . . . . . . . . .
Monies Due Designated Servicer .
Monies Paid for Servicing Released
Mortgage Insurance . . . . . . . . . .
Mortgage Insurer . . . . . . . . . . . .
Mortgage Payment History . . . . . .
Mortgaged Premises . . . . . . . . . .
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. . . . . . . . . . . . . . . . . . . 2.9
. . . . . . . . . . . . . 6E.8, 10.12
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . 2A.28
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . . 4A.2
. . . . . . . . . . . . . . . . . . 4F.9
. . . . . . . . . . 3D.4, 4F.9, 6E.4
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . 10.13
. . . . . . . . . . . . . . . . . . 3D.2
. . . . . . . . . . . . . . . . . . 8.15
. . . . . . . . . . . . . . . . . . 8.16
. . . . . . . . . . . . . . . . . . 8.14
3F.3, 6A.9, 6B.10, 6C.9, 6D.8
. . . . . . . . . . . . . . . . . 10.14
. . . . . . . . . . . . . . . . . . 4A.4
. . . . . . . . . . . . . . . . . 10.14
14-01915-mg
Page 6
03/13/06
Client Guide
Index
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 645 of 649
Exhibit B-1
GMAC-RFC
N
Net worth requirements . . . . . . . . . . .
No Income/No Asset . . . . . . . . . . . . .
No Ratio . . . . . . . . . . . . . . . . . . . . . .
Non Owner-Occupied Property 3. . . . .
Non-arms Length Transaction . . . . . . .
Non-Occupant Co-Borrower . . . . . . . .
Non-Permanent Resident Alien . . . . . .
Non-Permitted Additions . . . . . . . . . .
Non-Solicitation . . . . . . . . . . . . . . . .
Non-Standard Documents . . . . . . . . .
Non-Standard Loan Program . . . . . . .
Non-Taxable Income . . . . . . . . . . . . .
Non-Warrantable Condominiums . . . .
Note . . . . . . . . . . . . . . . . . . . . . . . .
Note Income . . . . . . . . . . . . . . . . . .
Notification . . . . . . . . . . . . . . . . . . . .
Notification of Change in Servicer . . . .
Notification of Changes in Client Status
Notification of Purchase . . . . . . . . . . .
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. . . . . . . . 2.2
. . . . . . 4E.12
. . . . . . 4E.11
. . . . . . . 3A.2
. . . . . . . 3B.5
. . . . . . . 3A.2
. . . . . . . 3A.3
. . . . . . 4F.10
. . . . . . . . 8.4
. 2A.17, 10.14
. . . . . . . 6J.1
. . . . . . . 4D.5
. . 3D.3, 4F.17
. . . . . . 10.14
. . . . . . . 4D.8
. . . . . . . . 8.5
. . . . . . . . 8.8
. . . . . . 2A.28
. . . . . . . 8.14
O
Other Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4D.7
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4G.2
Ownership Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3A.5
P
Panelized Home . . . . . . . . . . .
Party Wall . . . . . . . . . . . . . . .
Payment Change Date . . . . . . .
PayOff/Liquidation . . . . . . . . . .
Periodic Cap . . . . . . . . . . . . . .
Permanent Resident Alien . . . .
Planned Unit Developments . . .
Portfolio Risk Management . . . .
Post Purchase Sale of Servicing
Pre-cut Home . . . . . . . . . . . . .
Premium . . . . . . . . . . . . . . . .
Price Premium . . . . . . . . . . . .
Primary Borrower . . . . . . . . . .
Primary Mortgage Insurance . .
Prime Rate . . . . . . . . . . . . . . .
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10.14
10.14
10.14
. . 8.6
10.14
. 3A.3
10.15
10.15
10.15
10.15
10.15
10.15
10.16
2A.11
10.16
14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 646 of 649
Exhibit B-1
Page 7
03/13/06
Client Guide
Index
GMAC-RFC
Program Criteria . . . . . . . . . . . . . . . . . . . . . . . . . .
Progressive Cumulative Lates . . . . . . . . . . . . . . . . .
Proof of Compliance . . . . . . . . . . . . . . . . . . . . . . .
Property Conditions . . . . . . . . . . . . . . . . . . . . . . . .
Property Data . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Types . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Value Documentation Older Than 12 Months
Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Value Documentation Requirements . . . . .
Property Value Documentation up to 12 Months From
PUD Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . .
PUD Warranties . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase Date . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . 10.16
. . . . . . . . . . . . . . . . . . . 10.16
. . . . . . . . . . . . . . . . . . . 2A.18
. . . . . . . . . . . . . . . . . . . 4F.10
. . . . . . . . . . . . . . . . . . . 10.16
. . . . . . . . . . . . . . . . 6B.4, 6C.4
but Less Than 24 Months From Note
. . . . . . . . . . . . . . . . . . . 6I.10
. . . . . . . . . . . . . . . . . . . . 6I.9
Note Date . . . . . . . . . . . 6I.10
. . . . . . . . . . . . . . . . . . . 3F.11
. . . . . . . . . . . . . . . . . . . . 3D.6
. . . . . . . . . . . . . . . . . . . 10.16
Q
Qualified AVM . . . . . .
Qualifying Debt Ratios
Qualifying Prepayment
Qualifying Ratios . . . .
Quality Control . . . . .
......
......
Penalty
......
......
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10.16
4A.10
10.17
. 4B.1
. . 2.9

Reconciliation by GMAC-RFC . .
Record Maintenance . . . . . . . .
Re-established Credit . . . . . . .
Registration Hours . . . . . . . . .
Remedies of GMAC-RFC . . . . . .
Rental Income . . . . . . . . . . . .
Reporting Requirements . . . . .
Repurchase . . . . . . . . . . . . . .
Repurchase Obligations . . . . . .
Repurchase Price . . . . . . . . . .
Required Servicing Documents .
Residual Income . . . . . . . . . . .
Right of Set-Off . . . . . . . . . . .
Rolling Lates . . . . . . . . . . . . . .
Rural Property . . . . . . . . . . . .
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. . . . 3B.3
. . . . 8.12
. . . . . 8.3
. . . 10.17
. . . 10.17
. . . 2A.20
4D.6, 6I.5
. . . . . 2.6
. . . 2A.21
. . . 2A.21
. . . 2A.22
. . . . 8.10
. . . 10.17
. . . 2A.28
. . . 10.17
. . . 10.18
S
Sale Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.11, 10.18
14-01915-mg
Page 8
03/13/06
Client Guide
Index
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 647 of 649
Exhibit B-1
GMAC-RFC
Sales Concessions . . . . . . . . . . . . . . . . . . . . . . . .
Sales Concessions or Home-Seller Subsidy . . . . . .
Scheduled Principal Balance . . . . . . . . . . . . . . . . .
Second Mortgage Program . . . . . . . . . . . . . . . . . .
Secondary Financing . . . . . . . . . . . . . . . . . . . . . .
Secondary Or Subordinate Financing . . . . . . . . . .
Section 32 Home Equity Loan . . . . . . . . . . . . . . .
Securitization . . . . . . . . . . . . . . . . . . . . . . . . . . .
Security Instrument . . . . . . . . . . . . . . . . . . . . . .
Selecting Credit Score . . . . . . . . . . . . . . . . . . . . .
Self-Employed Income Earners . . . . . . . . . . . . . . .
Servicer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Servicer Guide . . . . . . . . . . . . . . . . . . . . . . . . . .
Servicing Agent . . . . . . . . . . . . . . . . . . . . . . . . .
Servicing Document Corrections . . . . . . . . . . . . . .
Servicing Documents . . . . . . . . . . . . . . . . . . . . .
Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . . . .
Servicing Package . . . . . . . . . . . . . . . . . . . . . . . .
Servicing Released . . . . . . . . . . . . . . . . . . . . . . .
Servicing Released Premium (SRP) . . . . . . . . . . . .
Servicing Rights . . . . . . . . . . . . . . . . . . . . . . . . .
Simultaneous Sale of Servicing . . . . . . . . . . . . . .
Simultaneous Transactions . . . . . . . . . . . . . . . . . .
Site Condominium . . . . . . . . . . . . . . . . . . . . . . .
Specific Representations, Warranties and Covenants
Specific Representations, Warranties and Covenants
Standalone Transactions . . . . . . . . . . . . . . . . . . .
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stated Income . . . . . . . . . . . . . . . . . . . . . . . . . .
Statistical Property Valuation . . . . . . . . . . . . . . . .
Student Loan . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subservicing . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Substitution Date . . . . . . . . . . . . . . . . . . . . . . . .
Supplemental 125 CLTV Program Information . . . .
Swing Financing . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . 6E.10
. . . . . . . . . . . . . . . . . . . . . 3C.5
. . . . . . . . . . . . . . . . . . . . 10.18
. . . . . . . . . . . . . . . . . . . . 10.18
. . . . . . . . . . . . . . . . . . . . 10.18
. . . . . . . . . . . . . . . . . . . . . 3C.4
. . . . . . . . . . . . . . . . . . . . 10.19
. . . . . . . . . . . . . . . . . . . . 2A.14
. . . . . . . . . . . . . . . . . . . . 10.19
. . . . . . . . . . . . . . . . . . . . . 4A.2
. . . . . . . . . . . . . . . . . . . . . 4D.3
. . . . . . . . . . . . . . . . . . . . 10.19
. . . . . . . . . . . . . . . . . . . . 10.19
. . . . . . . . . . . . . . . . . . . . 10.19
. . . . . . . . . . . . . . . . . . . . . 8.17
. . . . . . . . . . . . . . . . . . . . 10.19
. . . . . . . . . . . . . . . . . . . . 10.20
. . . . . . . . . . . . . . . . . . . . 10.20
. . . . . . . . . . . . . . . . . . . . . . 8.1
. . . . . . . . . . . . . . . . . . . . 10.20
. . . . . . . . . . . . . . . . . . . . 10.20
. . . . . . . . . . . . . . . . . . . . 10.21
. . . . . . . . . . . . . . . . . . . . 10.20
. . . . . . . . . . . . . . . . . . . . 10.21
Concerning Client . . . . . . . 2A.2
Concerning Individual Loans 2A.5
. . . . . . . . . . . . . . . . . . . . 10.21
. . . . . . . . . . . . . . . . . . . . 10.21
. . . . . . . . . . . . . . . . . . . . . 4E.9
. . . . . . . . . . . . . . . . . . . . 10.21
. . . . . . . . . . . . . . . . . . . . . 4B.4
. . . . . . . . . . . . . . . . . . . . . 8.18
. . . . . . . . . . . . . . . . . . . . 10.21
. . . . . . . . . . . . . . . . . . . . 6I.13
. . . . . . . . . . . . . . . . . . . . . 4C.2
T
Tax Service Contracts . . . . . . . . .
Temporary Buydown . . . . . . . . . .
Termination of Automatic Payment
Third-Party Originators . . . . . . . .
Title Insurance . . . . . . . . . . . . . .
Title Vesting . . . . . . . . . . . . . . . .
Townhouse/Row House . . . . . . . .
Trash . . . . . . . . . . . . . . . . . . . . .
Trust Income . . . . . . . . . . . . . . .
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. . 8.6
10.21
. . 8.9
2A.19
. 2A.9
10.22
. 3D.1
. 4D.8
4F.10
. 4D.8
14-01915-mg
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 648 of 649
Exhibit B-1
Page 9
03/13/06
Client Guide
Index
GMAC-RFC
Two To Four Unit Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4F.15
U
U.S. Possession or Territory . . . . . . . . .
Unacceptable Property Conditions . . . . .
Unacceptable Sources Of Down Payment
Uniform Instruments . . . . . . . . . . . . . .
Upgrading the Credit Quality . . . . . . . .
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10.22
4F.10
. 4C.4
10.22
4A.11
V
Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.22
W
Wage Earners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4D.2
Y
Yield/Price Variance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.22
14-01915-mg
Page 10
03/13/06
Client Guide
Index
Doc 45-3
Filed 02/04/15 Entered 02/04/15 09:22:33

Pg 649 of 649
GMAC-RFC
Exhibit B-1

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14-01915-mg

Filed 02/04/15 Entered 02/04/15 09:22:33

Filed 02/04/15 Entered 02/04/15 09:22:33

Filed 02/04/15 Entered 02/04/15 09:22:33

2006 Residential Funding Corporation. All rights reserved.

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 2 Client Eligibility

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 2A Representations, Warranties and Covenants

Chapter 3 Loan Eligibility

Descriptions of Underlying Chapters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1

Chapter 3A Occupancy, Borrower & Ownership Status

Filed 02/04/15 Entered 02/04/15 09:22:33

Determining Amount to Be Financed . . . . .

Chapter 3D Property Types & Considerations

Chapter 3E Loan Documents & Notes

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 3F Insurance & Survey Requirements

Chapter 3G Prepayment Penalties

Description of Underlying Chapters .

Credit Report Requirements . . . . . . . . . . . . . . . . . .

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 4B Liabilities & Debt Ratios

Chapter 4C Cash to Close

Chapter 4D Income Types

Chapter 4E Income Documentation

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 4F Appraisal Requirements & Property Underwriting

Collateral Property Underwriting .

Chapter 4G Electronic Services

Chapter 6 Loan Programs

Loan Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1

Chapter 6A Jumbo A Loan Program

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 6B Expanded Criteria Loan Program

Expanded Criteria Program . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 6C Payment Option Loan Program

Payment Option Program . . . . . . . . . . . . . . .

Chapter 6D Home Solution Loan Program

Chapter 6E AlterNet Loan Program

Chapter 6F Performance Loan Program

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 6G 1st Lien Line of Credit Loan Program

Chapter 6H Home Equity Loan Program

Home Equity Program . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 6I 125 CLTV Loan Program

Chapter 6J Non-Standard Loan Program

Program At-A-Glances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 8 Servicing Released

Servicing Released . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1

Chapter 9 Commitment, Prior Approval, Delivery &

Descriptions of Underlying Chapters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 9B Prior Underwriting Approval

Prior Underwriting SubmissionDelivery Requirements . . . . . . . . . . . . . 9B.1

Chapter 9D Funding Requirements and Wire Instructions

Wire Transfer Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Filed 02/04/15 Entered 02/04/15 09:22:33

Chapter 9E Final Documents

Filed 02/04/15 Entered 02/04/15 09:22:33

This page intentionally left blank.

Filed 02/04/15 Entered 02/04/15 09:22:33

Effective: April 17, 2006