CORRESP 1 filename1.htm

weintraub | tobin

 

 

 

Keith A. Kandarian

415.772.9620 direct

kkandarian@weintraub.com

 

September 20, 2016

 

 

Katherine Hsu, Office Chief

Lulu Cheng, Special Counsel

Office of Structured Finance

Division of Corporation Finance

Securities and Exchange Commission

Washington, DC 20549

 

Re: Sequoia Mortgage Trust 2012-1, Sequoia Mortgage Trust 2012-2,
  Sequoia Mortgage Trust 2012-3, Sequoia Mortgage Trust 2012-5,
  Sequoia Mortgage Trust 2012-6, Sequoia Mortgage Trust 2013-1,
  Sequoia Mortgage Trust 2013-4, Sequoia Mortgage Trust 2013-6,
  Sequoia Mortgage Trust 2013-7 and Sequoia Mortgage Trust 2013-8
  Forms 10-K for Fiscal Year Ended December 31, 2015
  Filed March 30, 2016
  File Nos. 333-159791-05, 333-159791-06, 333-179292-02, 333-179292-04,
  333-179292-05, 333-179292-06, 333-179292-09, 333-185882-02,
  333-185882-03 and 333-185882-04

 

Dear Ms. Hsu and Ms. Cheng:

 

On behalf of Sequoia Residential Funding, Inc. (the “Registrant”), we are responding to the Staff’s oral comment of June 29, 2016 regarding certain of the above-referenced Form 10-Ks (the “June 29, 2016 Comment”).

 

The June 29, 2016 Comment relates to comment number 2 of the Staff’s May 16, 2016 comment letter (the “Comment Letter”), and the response on behalf of the Registrant filed on June 28, 2016 (the “June 28, 2016 Response”).

 

The June 28, 2016 Response proposed to amend the body of the applicable Form 10-Ks to confirm that First Republic Bank (the “Bank”) satisfied the criterion with respect to Item 1122(d)(2)(iv) relating to the servicing of the Sequoia securitizations by maintaining separate accounts related to the Sequoia transactions, and as required in each of the applicable transaction agreements. The Staff’s June 29, 2016 Comment acknowledged Registrant’s offer, but pointed out that an explicit attestation from the Bank, as Servicer, would be necessary to confirm the Bank’s responsibility for assessing compliance with the applicable servicing criteria set forth in Item 1122(d)(2)(iv).

 

 

weintraub | tobin law corporation

475 Sansome Street, Suite 1800, San Francisco, California 94111 (415) 433.1400 Fax: (415) 433.3883 www.weintraub.com

 

 

September 20, 2016

Page 2

 

 

For your convenience, the Registrant’s response to the June 29, 2016 Comment is preceded by a boldface recitation of the Comment Letter’s comment number 2.

 

2.Except for Sequoia Mortgage Trust 2013-6, the tables included under Item 1122 of each Form 10-K indicate that First Republic Bank is responsible for assessing compliance with Item 1122(d)(2)(iv). However, the assessment reports provided by First Republic Bank on Exhibit 33.2 or Exhibit 33.3, as applicable, indicate that First Republic Bank is not responsible for assessing compliance with this item. Please revise or advise.

 

Response:

 

Registrant proposes to file, upon confirmation from the Staff that such filings will fully address the Staff’s June 29, 2016 Comment, a Form 10-K/A for each applicable Form 10-K to address the exclusion of item 1122 (d)(2)(iv) from the assessment reports dated February 26, 2016 provided by the Bank and previously filed with the applicable Form 10-Ks on March 30, 2016.

 

Each Form 10-K/A will include an Exhibit 33.2 or 33.3, and an Exhibit 34.2 or 34.3, as applicable, in the forms attached hereto. Exhibit 33.2 or 33.3 is an assessment report provided by the Bank dated September 14, 2016 (“Management Assessment”), amending its assessment of compliance report dated February 26, 2016.

 

In its amended Management Assessment, the Bank confirms that it is responsible for assessing compliance with the applicable servicing criteria set forth in Item 1122(d) of Regulation AB of the Securities and Exchange Commission relating to the servicing of residential mortgage loans serviced for others (the “Platform”), and that it has amended its assessment of compliance to include the applicable servicing criteria in Item 1122(d)(2)(iv), having determined that the criterion in Item 1122(d)(2)(iv) are in fact applicable to the activities it performs with respect to the Platform.

 

In addition, each Exhibit 34.2 or 34.3 is an auditor’s report by KPMG LLP dated September 14, 2016 (“Report of Independent Registered Public Accounting Firm”), amending its auditor’s report dated February 26, 2016 (which was also filed on March 30, 2016), and expressing their opinion that the Bank’s amended Management Assessment that the Bank complied with the applicable servicing criteria under Item 1122(d) of Regulation AB as of and for the year ended December 31, 2015, is fairly stated, in all material respects.

 

As previously noted in the June 28, 2016 Response, FRB has represented to Registrant that future reports of assessment compliance with the servicing criterion of Item 1122(d)(2)(iv) they provide to the Registrant to be included as Exhibit 33.2 and Exhibit 33.3, as applicable, to Registrant’s Form 10-K filings, will indicate that FRB is responsible for assessing compliance with this item with respect to the servicing of the applicable Sequoia securitizations.

 

 

weintraub | tobin law corporation

475 Sansome Street, Suite 1800, San Francisco, California 94111 (415) 433.1400 Fax: (415) 433.3883 www.weintraub.com

 

 

September 20, 2016

Page 3

 

 

Registrant independently confirms that, in future filings on Form 10-K, assessment reports provided by FRB to be included as Exhibit 33.2 or 33.3, as applicable, will indicate that FRB is responsible for assessing compliance with Item 1122(d)(2)(iv) with respect to the servicing of the applicable Sequoia securitizations.

 

If you have any questions or would like further information, please do not hesitate to contact me at (415) 772-9620 or my colleague Phillip R. Pollock at (415) 772-9679.

 

Very truly yours,

 

weintraub | tobin

 

/s/ Keith A. Kandarian

 

Keith A. Kandarian

 

 

enc.

cc: Andrew Stone, Sequoia Residential Funding, Inc.

 

 

weintraub | tobin law corporation

475 Sansome Street, Suite 1800, San Francisco, California 94111 (415) 433.1400 Fax: (415) 433.3883 www.weintraub.com

 

 

 

[FIRST REPUBLIC BANK LOGO]

 

 

 

 

 

Management Assessment

 

Management of First Republic Bank (the Bank) is responsible for assessing compliance with the applicable servicing criteria set forth in Item 1122(d) of Regulation AB of the Securities and Exchange Commission relating to the servicing of residential mortgage loans serviced for others (the Platform) as of and for the year ended December 31, 2015, except for servicing criteria 1122(d)(1)(iii), 1122(d)(3)(i)(c), and 1122(d)(4)(xv), which the Bank has determined are not applicable to the activities it performs with respect to the Platform. Appendix A identifies the individual asset-backed transactions and securities defined by management as constituting the Platform.

 

We have determined that servicing criteria 1122(d)(1)(v) is applicable to the activities the Bank performs with respect to the Platform only as it relates to those transactions and securities issued after November 23, 2015. Appendix B identifies the individual asset-backed transactions and securities for which criteria 1122(d)(1)(v) is applicable. For transactions and securities issued on or before November 23, 2015, the Bank’s management has assessed compliance with servicing activities described in servicing criteria 1122(d)(1)(v) under other applicable servicing criteria in accordance with the SEC Division of Corporation Finance’s Manual of Publicly Available Interpretations on Regulation AB and Related Rules, Interpretation 11.03.

 

With respect to servicing criteria 1122(d)(4)(iv), 1122(d)(4)(xi), and 1122(d)(4)(xii), management has engaged various vendors to perform the activities required by these servicing criteria. The Bank’s management has determined that none of these vendors is considered a “servicer” as defined in Item 1101(j) of Regulation AB, and the Bank’s management has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by the SEC’s Compliance and Disclosure Interpretation (“C&DI”) 200.06, Vendors Engaged by Servicers (C&DI 200.06) (formerly SEC Manual Telephone Interpretation 17.06). Management has policies and procedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria applicable to each vendor. The Bank’s management is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendors and related criteria.

 

The Bank’s management has assessed the Bank’s compliance with the applicable servicing criteria as of and for the year ended December 31, 2015. In making this assessment, management used the criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB.

 

Based on such assessment, management believes that, as of and for the year ended December 31, 2015, the Bank has complied in all material respects with the servicing criteria set forth in Item 1122(d) of Regulation AB of the Securities and Exchange Commission relating to the servicing of the Platform.

 

 

 

The Bank has amended its assessment of compliance dated February 26, 2016 to include the applicable servicing criteria 1122(d)(1)(v) and 1122(d)(2)(iv). Although these criteria were previously deemed “not applicable” as of and for the year ended December 31, 2015, the Bank has subsequently determined that they are in fact applicable to the activities it performs with respect to the Platform. The transactions to which criterion 1122(d)(1)(v) is applicable are identified in Appendix B. We have determined that servicing criterion 1122(d)(2)(iv) is applicable to all transactions and securities in the Platform.

 

KPMG LLP, an independent registered public accounting firm, has issued an attestation report with respect to management’s assessment of compliance with the applicable servicing criteria as of and for the year ended December 31, 2015.

 

 

 

 

/s/ Michael J. Roffler 9/14/16
Michael J. Roffler Date
Executive Vice President and Chief Financial Officer  
   
   
   
/s/ Nancy Segreto 9/14/16
Nancy Segreto Date
Senior Vice President, Lending Services  
   
   
   
/s/ John Glander 9/14/16
John Glander Date
Vice President, Lending Strategies, Products, and Sales  

 

 

 

Appendix A

 

Investor #   Investor Name  Loan Count   Balance 
 50   First Republic Preferred Capital Corp. I   29   $31,161,485.30 
 120   Redwood Trust (Bear Stearns)   24   $20,256,499.75 
 122   Sequioa 2007-2   43   $42,026,140.37 
 123   SEMT 2007-3   8   $9,694,802.13 
 124   CSMC Trust 2014-SAF1   1   $850,363.47 
 126   MTGLQ Investors, L.P.   120   $86,513,484.64 
 127   OneWest Bank N.A.   680   $553,424,637.26 
 128   Sequoia Mortgage Trsut 2014-1   63   $55,369,095.34 
 129   STIFEL BANK & TRUST   40   $39,807,572.99 
 131   Morgan Stanley Mortgage   93   $93,972,081.36 
 132   JP Morgan Mortgage Trust 2014-2   306   $134,078,690.61 
 133   Sequoia Mortgage Trust 2013-12   42   $33,881,016.64 
 134   CSMC 2014-IVR3   58   $35,112,408.37 
 135   Citizens Bank, N.A And Various   3   $2,042,480.53 
 136   MSRM Loan Trust 2014-1   246   $211,543,427.42 
 137   Sequoia Mortgage Trust 2014-3   65   $52,872,814.27 
 138   J.P. Morgan Trust 2014-IVR3   80   $103,477,318.07 
 141   Delta Community Credit Union   20   $20,955,483.60 
 142   Sequoia Mortgage Trust 2013-12   47   $41,455,480.46 
 143   CSMC Trust 2014-IVR1   10   $8,878,486.21 
 144   CSMC Trust 2013-IVR5   1   $625,814.12 
 145   JP Morgan Mortgage TR 2014-1   45   $40,917,466.58 
 146   Florida Community Bank, N.A.   37   $39,817,383.57 
 147   Citizens Bank of Pennsylvania   91   $75,038,167.19 
 149   Hudson Valley Bank   6   $8,470,867.97 
 151   CMSC Trust 2013-7   2   $1,711,033.47 
 152   Sequoia Mortgage Trust 2013-11   14   $11,983,153.15 
 153   Sequoia Mortgage Trust 2013-10   2   $1,372,434.96 
 154   CSMC Trust 2013-6   19   $20,931,447.55 
 155   JP Morgan Mortgage Trust 2013-3   115   $121,024,014.74 
 156   NRP MortgageTrust2013-1   425   $384,997,651.89 
 157   CSMC Trust 2013-HYB1   278   $299,001,824.95 
 158   CSMC Trust 2013-IVR4   35   $36,418,311.88 
 162   Citigroup Mortgage Loan Turst Series 2005-6   28   $14,051,836.18 
 163   SAMI II 2005-AR2   77   $69,372,530.91 
 164   MLCC 2005-3   31   $24,418,565.03 
 165   MLMI 2005-A10   25   $27,215,002.51 
 166   Redwood Residential Acquisition Corp   17   $12,761,569.35 
 169   Sequoia Mortgage Trust 2012-1   68   $59,066,452.35 
 172   SEMT 2012-2   73   $63,961,565.00 
 173   SEMT 2013-1   17   $18,484,467.42 
 174   Sequoia Mortgage Trust 2012-3   72   $68,347,234.89 
 175   Harbor View 2003-2(formerly Greenwich)   6   $2,511,678.20 
 176   Harbor View 2004-1(formerly Greenwich)   19   $7,796,032.60 
 177   Harbor View 2004-5(formerly Greenwich)   7   $3,820,691.97 
 178   Harbor View 2006-6   1   $386,154.63 
 180   MASTR 2003-5(formerly UBS Warburg)   2   $1,589,284.40 
 181   Sequoia Mortgage Trust 2012-5   65   $60,428,229.30 
 182   Sequoia Mortgage Trust 2013-2   287   $255,840,603.41 
 183   Sequoia Mortgage Trust 2013-3   72   $67,098,191.44 
 184   Sequoia Mortgage Trust 2013-4   57   $59,769,305.26 
 185   MASTI 2003-4 (formerly UBS Warburg)   6   $3,217,914.32 
 187   Sequoia Mortgage Trust 2013-7   13   $10,927,431.65 
 188   Sequoia Mortgage Trust 2013-8   4   $2,475,602.01 
 189   CSMC Trust 2013-IVR3   29   $34,234,123.08 
 191   CSFB 2004-5   2   $447,768.73 
 192   CSFB 2004-6   4   $582,192.07 
 193   CSFB 2004-7   1   $223,401.62 
 194   TIAA-CREF Trust Company, FSB   273   $166,200,454.08 

 

 

 

Appendix A

 

Investor #   Investor Name  Loan Count   Balance 
 195   MLMI 2005-A1   13   $6,493,903.20 
 196   Merrill Lynch Bank   28   $22,855,792.70 
 197   MLCC 2006-2   53   $28,841,347.74 
 199   Sequoia Mortgage Trust 2012-4   48   $47,682,018.43 
 200   Sequoia Mortgage Trust 2012-6   32   $30,502,749.17 
 201   JP Morgan Mortgage Acq. Corp.   172   $136,599,495.92 
 203   Scottrade Bank   102   $48,085,184.30 
 204   JP Morgan Mortgage Trust 2013-1   251   $169,709,327.80 
 207   CSMC Trust 2013-IVR1   99   $82,505,687.20 
 209   CSMC Trust 2013-IVR2   163   $148,510,252.22 
 215   Bank United N.A.   29   $30,723,502.40 
 216   North Valley Bank   12   $13,520,460.41 
 217   Signature Bank   13   $17,947,392.79 
 244   Independent National Mortgage   1   $328,423.42 
 248   Washington Mutual Bank, Flow Sales (PNC)   2   $434,020.27 
 250   CitiMortgage   8   $2,199,496.51 
 260   CitiMortgage   12   $2,537,145.74 
 312   Residential Funding   18   $5,791,602.24 
 330   U.S. Bank   2   $222,747.28 
 356   Thornburg 2008-1   3   $1,661,970.83 
 357   Everbank   18   $15,292,599.37 
 358   DLJ Mortgage Capital, Inc.   1   $1,600,000.00 
 360   Northfield Bank   287   $277,192,921.95 
 361   JP Morgan Trust 2014-OAK4   11   $12,911,483.17 
 362   JP Morgan Mortgage Trust 2014-5   186   $119,757,099.69 
 363   Sequoia Mortgage Trust 2014-4   121   $103,684,910.88 
 364   JP Morgan Mortgage TR2014-IVR6   335   $330,721,573.49 
 365   CSMC TRUST 2105-WIN1   6   $4,943,543.60 
 366   JP Morgan Mortgage Trust 2015-1   795   $790,866,625.61 
 367   Sequoia Mortgage Trust 2015-1   117   $97,647,389.36 
 368   Nexbank SSB   86   $79,453,670.04 
 369   CSMC Trust 2015-1   5   $4,549,322.79 
 370   JP Morgan Mortgage TR2015-IVR2   357   $343,632,109.47 
 371   CSMC TRUST 2015-2   8   $6,112,623.16 
 372   CSMC TRUST 2015-3   5   $3,598,272.70 
 373   Dime Bank   35   $28,921,622.28 
 375   Sequoia Mortgage Trust 2015-2   22   $16,093,959.12 
 376   RWT FINANCIAL, LLC   355   $305,722,395.23 
 377   CSMLT 2015-1   21   $16,542,704.70 
 378   JP MORGAN MORTGAGE TR 2015-3   84   $77,481,565.04 
 380   SEQUOIA MORTGAGE TR 2015-3   43   $39,799,119.20 
 381   GUARANTY BANK & TRUST COMPANY   65   $49,340,795.42 
 382   CSMLT 2015-2 TRUST   2   $1,909,949.28 
 383   Landmark Community Bank   21   $15,194,369.69 
 384   GOLDEN PACIFIC BANK, NA   6   $4,032,557.58 
 385   J.P. MORGAN MORTGAGE TR 2015-4   167   $131,100,516.29 
 386   J.P. MORGAN MORTGAGE TR 2015-5   458   $439,200,734.51 
 387   Colorado Federal Savings Bank   71   $96,841,713.07 
 388   Nationwide Bank   284   $240,480,457.33 
 389   Wilmington Sav Fund Society   91   $93,114,552.35 
 390   J.P. MORGAN MORTGAGE TR 2015-6   78   $72,232,928.32 
 391   CSMLT 2015-3 TRUST   17   $13,017,569.83 
 392   Sequoia Mortgage Trust 2015-4   59   $44,675,757.52 
 393   Broadway Federal Bank   103   $99,055,258.29 
 394   New Residential Mortgage Loan   1   $400,196.40 
 395   NATIIONSTAR MORTGAGE LLC., AS   1   $1,000,000.00 
 414   Federal Home Mortgage Loan Association   7   $487,240.16 
 415   FNMA MBS   5   $254,188.89 
 420   THORNBURG MORTGAGE THB2003-1   3   $1,952,362.61 
 421   THORNBURG MORTGAGE THB2003-2   5   $2,667,788.41 
 422   THORNBURG MORTGAGE THB2003-3   1   $927,582.46 

 

 

 

Appendix A

 

Investor #   Investor Name  Loan Count   Balance 
 423   THORNBURG MORTGAGE THB2003-4   7   $5,196,115.63 
 424   THORNBURG MORTGAGE THB2003-5   14   $10,471,416.92 
 425   THORNBURG MORTGAGE THB2003-6   16   $10,764,234.62 
 426   THORNBURG MORTGAGE THB2004-1   9   $5,196,455.94 
 427   THORNBURG MORTGAGE THB2004-2   12   $8,466,896.05 
 428   THORNBURG MORTGAGE THB2004-3   16   $10,969,288.31 
 429   THORNBURG MORTGAGE THB2004-4   26   $15,705,076.35 
 430   THORNBURG MORTGAGE THB2005-1   46   $23,211,139.52 
 431   THORNBURG MORTGAGE THB2005-2   35   $23,269,414.17 
 432   THORNBURG MORTGAGE THB2005-3   37   $28,764,130.13 
 433   THORNBURG MORTGAGE THB2005-4   13   $7,329,264.64 
 434   THORNBURG MORTGAGE THB2006-1   8   $7,306,154.33 
 435   THORNBURG MORTGAGE THB2006-2   15   $9,626,563.95 
 436   THORNBURG MORTGAGE THB2006-3   20   $14,964,485.55 
 437   THORNBURG MORTGAGE THB2006-4   10   $10,739,475.27 
 438   THORNBURG MORTGAGE THB2006-5   10   $5,089,140.43 
 439   THORNBURG MORTGAGE THB2006-6   35   $17,005,700.56 
 440   THORNBURG MORTGAGE THB2007-1   5   $4,346,000.00 
 441   THORNBURG MORTGAGE THB2007-2   46   $36,848,971.99 
 442   THORNBURG MORTGAGE THB2007-3   14   $8,259,291.18 
 443   THORNBURG MORTGAGE THB2007-4   3   $4,011,382.91 
 510   CitiMortgage   6   $650,347.66 
 515   Fannie Mae-Laser   4946   $1,630,762,795.20 
 516   Bank of New Canaan   3   $3,729,250.00 
 614   Federal Home Loan Mortgage Association   1   $40,314.06 
 633   Chase Mortgage Services, Inc   3   $97,910.79 
 636   Bank United of Florida   1   $18,765.36 
 637   Bank of America   2   $134,983.11 
 720   2002-FRB2 REMIC   27   $15,082,818.47 
 730   2002-FRB1 REMIC   40   $21,305,545.98 
 740   2001-FRB1 REMIC   48   $31,286,133.09 
 760   2000-FRB1 REMIC   19   $6,859,357.38 
 770   Bear Stearns   10   $2,498,835.64 
 775   AAR BART 2003-5 (Bear Stearns)   24   $8,234,515.22 
 777   HVMLT 2006-13   1   $718,283.42 
 780   2000-FRB2 REMIC   28   $13,528,329.93 
      Total     15,264    10,438,964,956.81 
                

 

 

 

Appendix B

 

Investor #   Investor Name  Loan Count   Balance 
  166     Redwood Residential Acquisition Corp     16     $ 11,775,599.29  
  376     RWT Financial, LLC     12     $ 11,616,772.66  
  387     Colorado Federal Savings Bank     40     $ 43,287,019.23  
  391     CSMLT 2015-3 TRUST     1     $ 503,997.02  
  393     Broadway Federal Bank     102     $ 98,755,833.50  
395     Nationstar Mortgage LLC., AS     1     $ 1,000,000.00  
  515     Fannie Mae-Laser     75     $ 29,791,284,74  
         Total       247     $ 196,730,506.44  
                         

 

 

 

KPMG LLP

Suite 1400

55 Second Street

San Francisco, CA 94105

Report of Independent Registered Public Accounting Firm

The Board of Directors

First Republic Bank:

We have examined management’s assessment, included in the accompanying Management Assessment, that First Republic Bank (the Bank) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for residential mortgage loans serviced for others (the Platform), as of and for the year ended December 31, 2015, except for servicing criteria 1122(d)(1)(iii), 1122(d)(3)(i)(C), and 1122(d)(4)(xv), which the Bank has determined are not applicable to the activities it performs with respect to the Platform. Appendix A to Management Assessment identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Bank’s compliance with the servicing criteria. Our responsibility is to express an opinion on management’s assessment about the Bank’s compliance based on our examination.

The Bank has determined that servicing criterion 1122(d)(1)(v) is applicable to the activities the Bank performs with respect to the Platform only as it relates to those transactions and securities issued after November 23, 2015. Appendix B to Management Assessment identifies the individual asset-backed transactions and securities for which criteria 1122(d)(1)(v) is applicable. For transactions and securities issued on or before November 23, 2015, the Bank has assessed compliance with servicing activities described in servicing criterion 1122(d)(1)(v) under other applicable servicing criteria in accordance with the SEC Division of Corporation Finance’s Manual of Publicly Available Interpretations on Regulation AB and Related Rules, Interpretation 11.03 as of and for the year ended December 31, 2015.

Our examination was conducted in accordance with the attestation standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Bank’s compliance with the servicing criteria specified above and performing such other procedures as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Bank processed those selected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were limited to the selected transactions and servicing activities performed by the Bank during the period covered by this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts calculated or reported by the Bank during the period covered by this report for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Bank’s compliance with the servicing criteria.

KPMG LLP is a Delaware limited liability partnership,

the U.S. member firm of KPMG International Cooperative

(“KPMG International”), a Swiss entity.

 

 

 

As described in the accompanying Management Assessment, for servicing criteria 1122(d)(4)(iv), 1122(d)(4)(xi), and 1122(d)(4)(xii), the Bank has engaged various vendors to perform the activities required by these servicing criteria. The Bank has determined that none of these vendors is considered a “servicer” as defined in Item 1101(j) of Regulation AB, and the Bank has elected to take responsibility for assessing compliance with the servicing criteria applicable to each vendor as permitted by the SEC’s Compliance and Disclosure Interpretation (“C&DI”) 200.06, Vendors Engaged by Servicers (C&DI 200.06) (formerly SEC Manual Telephone Interpretation 17.06). As permitted by C&DI 200.06, the Bank has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria applicable to each vendor. The Bank is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the vendors and related criteria as described in its assertion, and we performed no procedures with respect to the Bank’s eligibility to apply C&DI 200.06.

As discussed in the accompanying Management Assessment, the Bank has amended its assessment of compliance dated February 26, 2016 to include the applicable servicing criteria 1122(d)(2)(iv) and 1122(d)(1)(v).

In our opinion, management’s assessment that First Republic Bank complied with the aforementioned servicing criteria, including servicing criteria 1122(d)(4)(iv), 1122(d)(4)(xi), and 1122(d)(4)(xii) for which compliance is determined based on C&DI 200.06 as described above, as of and for the year ended December 31, 2015 is fairly stated, in all material respects.

San Francisco, California

September 14, 2016