BY OVERNIGHT DELIVERY PRIVATE
Date: March 11, 1996
To: Prospective Bidders
Re: FHA Single Family Mortgage Loan Sale #2
This is the Final Supplement ("Supplement") to the Bid Package dated February 5, 1996 ("Bid Package") relating to the referenced offering of Mortgage Loans by the Federal Housing Administration, an organizational unit in the United States Department of Housing and Urban Development. This Supplement contains certain general information that amends, supplements and updates the information contained in the Bid Package.
Bids will be accepted during the period from 9:00 a.m. through 3:30 p.m. ET, March 20, 1996, by:
Hamilton Securities Advisory Services, Inc.
John Marshall Boardroom, ANA Hotel
2401 M Street, NW
Washington, DC 20037
The outside of the envelope must be marked:
FHA National Single Family Mortgage Loan Sale #2
Each sealed bid MUST contain:
Two executed copies of the Loan Sale Agreement.
A completed and executed Bid Form.
Completed Bid Diskette identifying each Mortgage Loan Block on which Bidder is submitting a Bid.
A completed Return Wire Transfer Form.
A completed and executed Bidder Qualification statement (all bidders must submit a fully executed new qualification statement provided at Tab 3 herein).
If applicable, each sealed bid MUST also contain:
A completed and executed "Special Purpose Vehicle" Qualification Statement for any bidding entity that intends to perform a one-time transfer of loans (assignment) following closing from the special purpose vehicle to the independent companies that comprise the special purpose vehicle (must submit a fully executed qualification statement provided at Tab 4 herein).
An original power of attorney for any broker or agent executing any document on behalf of Bidder.
2. Bid Disk Instructions (Tab 1)
3. Wire and Return Transfer Instructions (Tab 2)
4. Qualification Statement (Tab 3)
5. Special Purpose Vehicle Qualification Statement (Tab 4)
6. Questions and Answers Package #2 (Tab 5)
7. Placed-Based Summary (Tab 6)
8. Updated Block Summary (Tab 7)
9. CRA Letters (Tab 8)
10. File Layout for Cut-Off Date Disk (Tab 9)
11. Accessing Data on the CD's with Third Party Software (Tab 10)
12. Loans with Updated Broker's Price Opinions Since 2/26/96 (Tab 11)
13. Loans Deleted Since 2/26/96 (Tab 12)
The Mortgage Loan Schedule Diskette for the FHA National Single Family Mortgage Loan Sale #2 is being provided to potential bidders in accordance with Section 1.67 of the Loan Sale Agreement.
No representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained on this diskette is made by HUD or FHA, or any or their respective Contractors, Representatives or Agents, or any Officer, Director, Employee, Agent or Representative of any of them, except as provided in the Loan Sale Agreement.
The following information is included as of the Cut-Off Date, only with respect to each Performing Mortgage Loan, as defined in the Loan Sale Agreement: (i) The Principal Paid to Date ("prin_ptd"); (ii) the accrued and unpaid interest ("int_due"); and the accrued and unpaid HUD Service Charge ("fees_svc").
The following footnotes appear on the Mortgage Loan Schedule Diskette where applicable:
Footnote G:
Loan type GPM (graduated payment mortgage) or GEM (growing equity mortgage). The Monthly Payment ("curr_pi") stated in the Mortgage Loan Schedule Diskette is the monthly payment of principal and interest as of the Cut-Off Date (as modified by any Modification) which may thereafter change in accordance with the Mortgage Loan Documents.
Footnote A:
Loan type ARM (adjustable rate mortgage). The Mortgage Interest Rate ("curr_rate") stated in the Mortgage Loan Schedule Diskette is the rate of interest in effect as of the Cut-Off Date (as modified by any Modification) which may thereafter change in accordance with the Mortgage Loan Documents.