New Century Capital Corporation Secondary Marketing Policies

SECONDARY MARKETING
Policies – Table Of Contents
Page 1 of 77 (10/13/05) Latest revised items in bold blue.
Table of Contents
General ............................................................................................................................... 4
Mission Statement......................................................................................................... 4
Secondary Marketing ................................................................................................... 4
Secondary Marketing Functions ................................................................................. 5
Organization Chart..................................................................................................... 10
Secondary Marketing Functions ............................................................................... 11
Data Management............................................................................................................ 17
Overview ...................................................................................................................... 17
General Policy ............................................................................................................. 20
Import of Funded Loans ............................................................................................ 20
General Policy ............................................................................................................. 22
Import of Servicing Data............................................................................................ 22
General Policy ............................................................................................................. 24
Forward Commitment Pool Formation .................................................................... 24
General Policy ............................................................................................................. 27
Premium Loan Bid Pool Formation.......................................................................... 27
General Policy ............................................................................................................. 30
Discount Loan Pool Formation.................................................................................. 30
General Policy ............................................................................................................. 33
Update Sold Loan Inventory Information................................................................ 33
Update Sold Loan Inventory Information................................................................ 34
General Policy ............................................................................................................. 35
Repurchase Import ..................................................................................................... 35
Repurchase Import ..................................................................................................... 36
General Policy ............................................................................................................. 37
Sweeps .......................................................................................................................... 37
General Policy ............................................................................................................. 42
Periodic Inventory Reporting .................................................................................... 42
Knowledge Management
SECONDARY MARKETING
Periodic Inventory Reporting .................................................................................... 43

Transaction Management................................................................................................ 44
Overview ...................................................................................................................... 44
General Policy ............................................................................................................. 48
Assist in Establishing Forward Commitments......................................................... 48
Assist in Establishing Forward Commitments......................................................... 49
General Policy ............................................................................................................. 49
Forward Commitment and Premium Pool Formation............................................ 50
General Policy ............................................................................................................. 51
Review and Analyze Discount Loans ........................................................................ 51
Review and Analyze Discount Loans ........................................................................ 52
General Policy ............................................................................................................. 53
Submit Applicable Discount Loans for Re-Underwriting....................................... 53
Submit Applicable Loans for Re-Underwriting....................................................... 54
General Policy ............................................................................................................. 54
Discount Loan Pool Formation and Bid Process ..................................................... 55
Discount Loan Pool Formation and Bid Process ..................................................... 56
General Policy ............................................................................................................. 57
Analyze Bids and Award Sale.................................................................................... 57
Analyze Bids and Award Sale.................................................................................... 58
General Policy ............................................................................................................. 59
Schedule Due Diligence............................................................................................... 59
General Policy ............................................................................................................. 60
Coordinate and Finalize Pool Sale Population......................................................... 61
General Policy ............................................................................................................. 62
Review and Verify Funds ........................................................................................... 63
Loan Repurchases Overview ..................................................................................... 66
General Policy ............................................................................................................. 68
Receive and Record Initial Repurchase Requests.................................................... 68
General Policy ............................................................................................................. 70
SECONDARY MARKETING
Forward Repurchase Requests and Track Progress ............................................... 70

General Policy ............................................................................................................. 73
Coordinate the Return of Repurchased Loan Files ................................................. 73
General Policy ............................................................................................................. 75
Coordinate the Wire Request for a Repurchased Loan .......................................... 75
General Policy ............................................................................................................. 77
Coordinate Repurchase Information with Data Management............................... 77
Secondary Marketing
Policies –General
General
Mission Statement
Primary Mission The primary mission of Secondary Marketing is to accumulate
and analyze mortgage assets held by New Century Capital
Corporation and either hold such assets within inventory as
investment assets or selectively aggregate such assets into
groups available for sale to third party Investors or a
securitization trust.
Secondary Marketing
Objectives The objectives of Secondary Marketing are to ensure adequate
liquidity on existing warehouse lines of credit and to maximize
the value received, to the extent possible, for each loan or pool
of loans sold by NCCC.
Responsibilities As part of its primary mission, Secondary Marketing is
responsible for:
• Downloading closed loan information from the Loan
Origination System (“LOS”) and maintenance of a
Secondary Marketing database that includes information
on all loans previously sold and available for sale.
• Monthly clearing of warehouse funding facilities.
• Aggregation of loans into pools for sale to third party
Investors.
• Negotiation of the pricing of pools with third party
Investors.
• Coordination of transfer of loan pools to the purchasing
Investor
• Receipt of verification of funds from the sale of such loan
pools
• Repurchasing loans that may breach the
Representations and Warranties established with third
party investors.
• Aggregation of loans for sale to a securitization trust
(See Securitization Policy and Procedures)
Secondary Marketing
Policies –General
Secondary Marketing Functions

Functions President of NCCC – Responsible for the management of New
Century Capital Corporation. Also responsible for negotiating
commitments with largest Investors.
Senior Vice-President of Secondary Marketing – Responsible

for the oversight of the Secondary Marketing Department. Also
responsible for inventory management and negotiation of
commitments with largest Investors.
NCCC Loan Sales Management – Includes both the President

of NCCC and the Senior Vice-President of Secondary
Marketing, both of which are authorized to approve and monitor
loan sales transactions for NCCC.
Secondary Marketing Analyst – Responsible for maintaining

the Secondary Marketing Database, PowerSeller, that (i) tracks
funded loans available for sale, (ii) creates pools of loans for
sale to Investors, and (iii) tracks the pricing paid for such loans
or pools. In addition to loan inventory management and pool
creation, the Secondary Marketing Analyst is also responsible
for the monthly clearing of the warehouse funding facilities to
ensure adequate liquidity for the funding of future loans.
Trader/Trading Activities (VP of Secondary Marketing or

Above) – Responsible for (i) negotiation of purchase
commitments by Investors, (ii) the process of bidding premium
whole loan pools or discount loan pools to investors to maximize
the value received from those sales, and (iii) on-going Investor
relations.
Transaction Management – Responsible for scheduling due

diligence, reviewing commitment letters, coordinating the
correction of collateral problems with the Shipping
Department, finalizing the sale population, verifying the
final sale price, and producing wire instructions and
obtaining warehouse line payoffs an releases.
Repurchase Specialist – (Reports to Manager of

Transaction Management) Responsible for communication and
coordination with the legal department and with Investors
concerning loans that are repurchased by NCCC due to a
breach in certain representation and warranty agreements.
Secondary Marketing
Policies –General

Approval, Pool Sales may be authorized by the following personnel:
Authority • AVP and VP of Secondary Marketing are approved to
Limits, and enter into transactions of up $50 million.
Access • SVP of Secondary Marketing is approved to enter
into transactions of up to $400 million
• The President of NCCC has the authority to enter
into transactions of up to $1 billion.
• Any amount over $1 billion must be authorized by
the SVP or President of NCCC and one member of
the Executive Committee. The President of NCCC
(as a member of the Executive Committee)
cannot be the approving member of the
Executive Committee.
Repurchases
• NCCC Loan Sales Management is authorized to
approve the repurchase of any loan from an Investor.
Access to Systems and Files

Access to PowerSeller, containing NCCC loan inventory
information, will be limited to designated users by user access
rights and passwords. Passwords should be changed every 6
months and should also be changed immediately following a
termination or personnel change within Secondary Marketing.
The following personnel are designated to have access rights
to PowerSeller:
• Secondary Marketing Analyst
• Secondary Marketing Business Analyst
• Trader
• NCCC Loan Sales Management
Finalized sold loan pool data files should be saved on the
NCCC network and should be kept within limited access folders
on the network. The following personnel are designated to
have access rights to such folders:
• Secondary Marketing Analyst
• Secondary Marketing Business Analyst
• Trader
• NCCC Loan Sales Management
Secondary Marketing
Policies –General

Monitoring and Monitoring and oversight of Secondary Marketing is achieved
Oversight through secondary reviews, transaction approval limits,
reconciliation, documentation, and internal audit. Specific
monitoring responsibilities include:
Data Management:
• The Trader and NCCC Loan Sales Management review
uncommitted inventory reports on a weekly basis
• Inventory reports are reconciled with accounting records
on a monthly basis
• Sweeps are reconciled with accounting records each
month
Commitment Loan Sales:

• Commitment Letters are approved by NCCC Loan Sales
Management and the NCCC Legal Department
• Transactions have authority levels and require final
review by NCCC Loan Sales Management
• Transaction details and files are saved on the NCCC
network for no less than 1 year after the sale
• Sold loans are reconciled with Loan Administration
records and Custodian Records
• Loans sales are reconciled by the Accounting
Department using accounting records and funding
schedules
Premium and Discount Loan Sales:

• Transactions have authority levels and require final
review by NCCC Loan Sales Management
• Transaction details and files are saved on the NCCC
network for no less than 1 year after the sale
• Sold loans are reconciled with Loan Administration
records and Custodian records
• Loans sales are reconciled by the Accounting
Department using accounting records and funding
schedules
Secondary Marketing
Policies –General

Monitoring and Loan Repurchases
Oversight • Loan Repurchases are reviewed and approved by
NCCC Loan Sales Management
• Loan Repurchases are reconciled with the Legal
Department by the Repurchase Specialist
• Loan Repurchases are reconciled by Data Management
and Loan Administration
Other Areas Relating to Secondary Marketing:

• Internal Audit and/or NCCC Loan Sales Management
may periodically review procedures and documentation
for accuracy and consistency
• The Trader and Loan Administration are responsible for
notifying the New Century Product Development Team
and the Credit Committee in writing of the results of
Investor due diligence reviews as they pertain to
collateral, credit, and appraisal findings.
Disaster The following personnel are approved to perform designated

Recovery and functions in the event that the primary authorized person is
unable to perform such duties:
Back-Up
• Data Management: The designated alternate for
Procedures performing Data Management functions is the
Secondary Marketing Business Analyst.
• Loan Sales: The designated alternate for performing
Loan Sales and Trader functions is NCCC Loan Sales
Management.
• Loan Repurchases: The designated alternate for
performing loan repurchase functions is the Trader.
NCCC has established corporate business contingency and

systems back-up procedures for continuing operations during
extraordinary circumstances. See Attachment 1 for a copy of
the NCCC Disaster Recover Plan.
Secondary Marketing
Policies –General

Secondary NCCC Secondary Marketing plays a vital role in the
Marketing’s establishment of pricing for new products. NCCC’s business
strategy is to sell all funded loans at a premium price to either a
Role in Product
third party Investor or a securitization trust. As third party
Pricing Investors purchase a large portion of NCCC funded loans,
Secondary Marketing is responsible for communicating to the
NCCC Product Pricing Committee current Investor “buy rates”
and Investor loan requirements.
Investor buy rates are the interest rate at which the Investor will
pay par value for a loan. To the extent that the interest rate on
a loan exceeds the buy rate, the Investor will pay a premium
determined by the amount of excess interest rate over the buy
rate. In addition, Investors seek to purchase loans with certain
characteristics or certain product types. In the event that
NCCC originates a loan outside of Investors purchase
parameters, such loans may not be sellable to an Investor.
NCCC Secondary Marketing has established a representative

on the Product Pricing Committee. This representative will
report to the committee the necessary Investor expectations
and market information to allow the committee to adjust NCCC
loan products and pricing to meet the revenue requirements
established by NCCC Management.
Secondary Marketing
Policies –General
Organization Chart
New Century Capital Corporation

Organizational Chart
NCCC
Kevin Cloyd
SVP VP VP VP
VP
Loan Structured Production Alternative
Capital Mkts Orig
Administration Finance Performance Products
Lee Holbein
Robin Cook Warren Licata Rick Rhinehart Rick Holguin
Financial Analyst Financial Analyst

Matt Mullins Jeff Klein
(NCCC Organization Chart Pending Revision As Of 9/2005.)
Secondary Marketing
Policies –General

Summary of The following systems are used by Secondary Marketing
Key Systems personnel:
User Manual
Utilized by
System Revision Date
Secondary
• PowerSeller
Marketing • Microsoft Excel
• Microsoft SQL Server
• Microsoft Access
• MortgageServ (Servicing System)
• Investor Reporting Database
The Investor Reporting Database is maintained by the Investor
Reporting Department and captures all loan kickouts
information from an Investor Due Diligence. This information is
generated through system reports and provided to Data
Management to be reconciled with PowerSeller.
An updated copy of each systems user manual should be
located on the NCCC network (electronic version) or in the
Secondary Marketing files (hard copy).
Secondary NCCC utilizes three Secondary Marketing execution strategies:

Marketing whole loan sales, securitization, and held for investment in
NCCC portfolio (on balance sheet). Whole loan sales occur
Execution
when loan pools are sold into the whole loan market shortly
Strategies after origination and results in a premium being paid for sold
loans. Securitizations are financing vehicles where securities
(typically in the form of bonds) are issued and secured by
mortgage loans. Principal and Interest payments received from
the loan are used to repay the issued securities. The difference
in the interest rates received on the collateral and the interest
paid on the securities are the proceeds paid to the Securitizer.
Held for investment in the NCCC portfolio results in NCCC
holding the loan until the loan matures, thereby retaining all
principal and interest payments made on such loans.
Secondary Marketing
Policies –General

Secondary Due to the timing of profit receipt under each strategy,
Marketing decisions on whether to hold loans in portfolio or to securitize
loans should be made by NCCC Loan Sales Management. In
Execution
the case of loans held in portfolio, NCCC Loan Sales
Strategies Management is responsible for determining the desired loan
characteristics of the loans to be held in portfolio. The loan
characteristics should be documented through meeting
minutes. Loans that meet the requirements established by
NCCC Loan Sales Management will be randomly selected from
current inventories.
As the loan pool characteristics have a large impact on the

economics of a securitization transaction, the Vice President of
Structured Finance will dictate the loan characteristics desired
to achieve the best securitization transaction pricing. These
loan characteristics should be documented and communicated
to NCCC Loan Sales Management. Loans that meet the
required loan characteristics set by the Vice-President of
Structured Finance will be randomly chosen from current
inventories until the desired volume is reached.
Investor Whole Premium loan pools are submitted to several Investors to

Loan Sales ensure competitive pricing conditions. However, loan pools
may be submitted to fewer Investors should the pool
Bidding and
characteristics limit the number of available Investors within the
Pricing market.
Guidelines
Performing discount loan pools and Non-Performing discount
loan pools are also to be submitted to several Investors to
ensure competitive pricing conditions.
All Investor bid proposals (or at least a summary of each bid

proposal) should be saved within NCCC files for a minimum of
1 year. The two primary factors in awarding the sale of a pool
are pricing and projected sales execution. The Trader is
responsible for tracking and analyzing historical Investor sales
execution rates. The bid with the highest pricing with respect to
execution rates should be awarded the sale of the pool, except
in instances where NCCC is developing a relationship with a
new Investor as approved by NCCC Loan Sale Management.
Secondary Marketing
Policies –General

Investor Whole A summary description of the reasons/support for awarding the
Loan Sales sale of a pool to an Investor should be saved within NCCC files
and provided to NCCC Loan Sales Management for approval if
Bidding and
authority limits require such approval.
Pricing
Guidelines
Staff Training Continued training for all Secondary Marketing personnel is
Requirements required to maintain or advance skill sets at each staff level.
The number of hours of training or continuing professional
education (CPE) should be established each year by NCCC
Loan Sales Management (a minimum of 8 hours of training per
year) and communicated to each member of staff during their
annual review. Recommended training areas include:
Advanced SQL Server Training, PowerSeller update and
refresher courses, underwriting training, product reviews, and
mortgage related seminars or conferences.
Guidelines for With the exception of Global Financial Institutions such as

Establishing Morgan Stanley, Barclays, Lehman Brothers, GMAC/RFC
and domestic federal and state chartered banks, new
New Investors
Investors will be required to submit the following at the
and Re- time of or prior to bidding: Summary Financial Statements
qualifying and Management Information and Descriptions. This
Existing information will be reviewed and approved by the
Investors President and SVP of NCCC and Legal Counsel.
Secondary Marketing
Policies –General

Guidelines for As NCCC’s servicing operations continue to develop, NCCC
Servicing has the option of selling its loans while retaining the right to
service such loans (“servicing retained”) or selling its loans
Release or
along with their servicing rights (“servicing released”), to third
Servicing party Investors. As the value of a loan includes the fees
Retained received in connection with the servicing of that loan, selling a
loan servicing released will decrease the sale value of such
loan.
In the event that New Century Management establishes a

directive to increase its servicing portfolio, the Trader is to
obtain a bid from its Investors for each pool based on both
servicing retained and servicing released. These bid pricings,
coupled with historical sales executions and servicing volume
requirements, are to be taken into considerations during the
award process. An analysis is be performed for each pool that
compares the bid value of the sale of the pool, servicing
released, to the bid value of the sale pool, servicing retained,
plus the discounted present value of the servicing fees
projected to be received for retaining the servicing.
Secondary Marketing
Policies –General

Repurchases Periodically, funded loans that are sold to Investors or a
securitization trust may be repurchased by NCCC due to
breaches of certain covenants in the purchase agreement.
These covenants include, but are not limited to:
• first payment defaulted loans
• fraudulent loans
• loans that violate the representations and
warranties as stated n our agreements.
Requests for NCCC to repurchase a loan from an Investor or a

securitization trust should be communicated with the NCCC
Legal Department. The decision to repurchase a loan will be
made by NCCC Loan Sales Management. In some cases,
loans will be forwarded to the Legal Department for review.
Upon agreement by the Legal Department that such loans are
required to be repurchased under such representation and
warranty agreements, the Repurchase Specialist is responsible
for notifying the Secondary Marketing Analyst that such
repurchased loan is to be re-added to inventory. Any
repurchase request made concerning a loan that does not
breach representation and warranty agreements must be
approved by NCCC Loan Sales Management with
documentation of the reasons for the repurchase. A report of all
loan repurchases and their status should be provided to NCCC
Loan Sales Management each month.
Reporting The following reports are to be supplied to NCCC Loan Sales

Requirements Management each month:
Report Provider
• Uncommitted Inventory (Detailed) SM Analyst
• Bid Pool Summaries Traders
• Amounts Paid for Pools Traders
• Investor declines (Detailed) Loan Administration
• Non-Performing Loans (Detailed) SM Analyst
• Repurchased Loans (Detailed) Repurchase Spec.
Secondary Marketing
Policies –General

Reporting The following reports are to be included in the Board of
Requirements Directors report each month:
Report Provider
• Uncommitted Inventory Summary SM Analyst
• Premiums Paid Summaries Traders
• Non-Performing Loan Summary SM Analyst
• Repurchased Loan Summary Repurchase Spec.
• Market Pricing Update VP-Sec. Marketing
• New Investor Product Update VP-Sec. Marketing
Changes to Any additions or deletions of approved signatories for the

Authorized following documents must be approved by the NCCC Board of
Directors:
Company
• Commitment Letters
Signatories
• Purchase and Sale Agreements (Bid Awards)
• Bailment Letter Agreements
• Request for Release (Custodian)
• Request for Release (Warehouse Credit Facilities)
• Repurchase Agreements
Any changes to Sale Authority Limits established in these

Policies and Procedures are to be approved by the NCCC
Board of Directors.
Secondary Marketing Policies
Data Management
Data Management
Overview
The primary responsibilities of the Secondary Marketing Analyst relating to data
management include:
• Import funded loan information from the Data Warehouse into the Secondary
Marketing Database, PowerSeller
• Research loans with exceptions or missing data by obtaining correct
information from the originator or the servicer, by reviewing documentation,
etc.
• Update funded loan outstanding balances and servicing information for funded
loans maintained in PowerSeller by importing loan level information from
applicable servicing systems
• Create Commitment Pools required to fulfill sales commitments between
NCCC and certain Investors
• Create Premium Loan Bid Pools for bid by Investors
• Create Discount Pools for bid by Investors
• Update Sold Loan Information within PowerSeller
• Remove repurchased loans from the loans shipped database and import
repurchased loans back into NCCC inventory
• At the direction of the Controller of NCCC, loans held in individual bank
warehouse lines are to be moved to either the Citigroup or Morgan Stanley
aggregated warehouse lines
• Periodic inventory reporting
The systems utilized by the Secondary Marketing Analyst include:

• PowerSeller
• Data Warehouse
• Microsoft Excel
• Encompass
Skills required to perform Data Management functions include:

• Proficiency in Database Management (MS SQL Server and MS Access)
• Expertise in Excel
• Extraction of information from the Ocwen and MortgageServ servicing
systems
Data Management
Overview
The following summarizes the Data Management processes for Secondary Marketing:
• Import of Funded Loans: The Secondary Marketing Analyst utilizes an

automated process to import funded loan information from the data warehouse to
the Secondary Marketing Database, PowerSeller, on a daily basis. Early each
Tuesday through Friday of the business week, a text file of all funded loans or
loans with a field change made within the last 5 days is extracted from the Loan
Origination System (“LOS”) to the data warehouse. After the extraction, the text
file is imported from the data warehouse into PowerSeller. This process
aggregates all loans funded by NCCC on a daily basis for purposes of pooling the
available loans for sale.
• Import of Servicing Data: Each morning, the Secondary Marketing Analyst is to

update the individual loans in PowerSeller with current loan balances and payment
status through a manual or automated import of information from either the Ocwen
or MortgageServe servicing systems. This will ensure that loan information used
by the Secondary Marketing Analyst is timely and up to date.
• Forward Commitment Pool Formation: In some instances, NCCC enters into

forward commitments with its Investors to maximize the premiums received from
the sale of such loans. These forward commitments, which can be in effect for 1 or
more months, dictate a specified loan pool size and certain loan characteristic
requirements to be sold to the Investor in a particular period. The Secondary
Marketing Analyst interacts with the Trader to create a pool of available loans from
NCCC inventory that meet the commitment requirements.
• Premium Loan Bid Pool Formation: Loans held in inventory by NCCC may be
pooled together and subsequently bid on by Investors wishing to purchase such
pools of loans. The Secondary Marketing Analyst, at the direction of the Trader,
creates pools of loans that are performing and that meet Investor requirements.
• Discount Pool Formation: Closed loans that are not performing or that may have
been rejected from prior premium loan bid pools may be combined together and
subsequently bid on by Investors wishing to purchase such pools of loans. The
Secondary Marketing Analyst, at the direction of the Trader, creates pools of loans
that meet such criteria.
Data Management
Overview
• Update Sold Loan Information: Once the final purchase of pooled loans occurs,
the Secondary Marketing Analyst is responsible for updating sold loan
information within PowerSeller.
• Repurchase Imports: Periodically, funded loans that are sold to Investors may be
repurchased by NCCC due to breaches of certain covenants in a purchase
agreement. These covenants include, but are not limited to, first payment
defaulted loans, fraudulent loans, or loans that do not meet other Investor criteria.
Such repurchased loans are re-added to the NCCC inventory of assets.
• “Sweeping” of funded loans from individual bank warehouse lines to the

Citigroup/Morgan Stanley aggregated funding line: On a monthly basis, NCCC
must create funding capacity by selectively moving loans financed by certain bank
warehouse credit facilities and transferring them to Citigroup, Morgan Stanley,
Bear Stearns, Barclays, CSFB, or Von Karman aggregated warehouse credit
facilities. The Staff Accountant is responsible for selecting the loans to be
moved, notifying the individual banks of the removal of such loans from their
warehouse lines, and notifying the banks with the aggregate warehouse lines of
the addition of such loans.
• Periodic Inventory Reporting: The Staff Accountant is responsible for all

funded loan inventory reporting.
Data Management
General Policy
Import of The Secondary Marketing Analyst is responsible for ensuring the
Funded import of funded loan information from the Data Warehouse to the
Secondary Marketing Database each business day.
Loans
Import of Funded Loans

Process The Secondary Marketing Analyst is responsible for ensuring the
import of funded loan information from the data warehouse to the
Secondary Marketing Database, PowerSeller. This process has
been automated for Tuesday through Friday mornings through the
use of a macro function that will import a text file from the data
warehouse at a designated time. A manual import is typically
performed on Monday mornings. In this case, the Secondary
Marketing Analyst uses PowerSeller to manually “update and
append” funded loans information from the text file produced by the
data warehouse. (See [detailed procedures] for the manual import
of funded loans)
The information imported includes prior day funded loan data and
an update of loan information on funded loans where a data field
has changed during the past five (5) days. By importing any data
changes to prior funded loans (which may have already been
imported into PowerSeller), Secondary Marketing ensures that all
data stored within PowerSeller is the most current information
available.
It is possible that some records will not be imported during the initial
import due to data inconsistencies, such as a missing loan number
or the incorrect formatting of a loan number. Any records not
imported are available on an error report screen within PowerSeller
after the import is run. The records that are not imported will have
to be manually researched and corrected within the original text file.
Once the information is added or corrected in the original text file,
the import process is manually run again to import the corrected
loan information.
Continued…
Data Management
Import of Funded Loans

Timing Between 3:00 am and 8:00 am on Tuesday through Friday of each
business week, a text file is extracted from the Loan Origination
System (“LOS”) and imported into the Data Warehouse. After the
initial extraction, the timed macro function importing funded loan
information from the Data Warehouse to PowerSeller should be run.
The manual import of funded loan information from the Data
Warehouse to PowerSeller that occurs on Monday morning should
be performed early in the day. All records not imported due to data
inconsistencies should be investigated and cleared promptly.
Review A periodic review of imported loan information should be performed

Require- by NCCC Internal Audit to ensure inventory accuracy. Available
ments inventory reports are reconciled with accounting and origination
reports by the Secondary Marketing Analyst.
Approval The Secondary Marketing Analyst is approved to perform all import

Require- functions. Any other personnel performing the import of funded
ments loans must be approved by NCCC Loan Sales Management.
Access to PowerSeller is password protected and limited by user
access rights. Passwords should be changed every six months or
in the event of a change in personnel.
Back Up If the Secondary Marketing Analyst is unable to perform the import

Procedures function and clear the import errors by the end of the business day,
an auxiliary approved person should perform these duties. Refer to
the disaster recovery document in Attachment 1 for NCCC
approved procedures in the event of a business disruption.
In the event of database or system problems, contact the New

Century DBA Department.
Data Management
General Policy
Import of The Secondary Marketing Analyst is responsible for ensuring the
Servicing update of loans in PowerSeller with current loan balances and
payment status through a manual or automated import of
Data
information from both the Ocwen and MortgageServe servicing
systems.
Import of Servicing Data

Process On a weekly basis, the Secondary Marketing Analyst will update
PowerSeller with servicing information obtained from both the
Ocwen and MortgageServe servicing system. Ocwen is an
independent company that performs collections and servicing duties
on certain NCCC funded loans. MortgageServe is the servicing
system used by NCCC for those funded loans where NCCC
performs collections and servicing duties.
Each morning, the Secondary Marketing Analyst will receive an

emailed file (an Excel file in the case of Ocwen or a text file in the
case of MortgageServe) containing current loan level information on
serviced loans within the NCCC portfolio. In the case of the file
received from Ocwen, the Secondary Marketing Analyst must
convert such file to a text format.
The Secondary Marketing Analyst runs an import of the text files

into PowerSeller using a pre-defined import map. This import map
defines the location of where data attributes are located within the
text file and imports such data to the correct fields within
PowerSeller. This import must be performed once each day for
loans designated as available for sale and for loan designated as
shipped to investors. The Secondary Marketing Analyst may
perform the import manually or may utilize an import macro function
provided by PowerSeller. (See [detailed procedures] for import
instructions and creating the import macro)
Continued…
Data Management
Import of Servicing Data

Process Once the servicing data is imported into PowerSeller, the
Secondary Marketing Analyst manually updates payoff status
information within PowerSeller. (See [detailed procedures] for
instructions on updating payoff status).
Timing The import of servicing information into PowerSeller should be

performed at least twice each business week or prior to the creation
of a sales pool.
Review A periodic review of servicing information imports should be

Require- performed by the Secondary Marketing Business Analyst to ensure
ments data integrity and data mapping consistency. A reconciliation may
be performed by the Secondary Marketing Analyst using additional
information provided by Ocwen or the Servicing Department.
Approval The Secondary Marketing Analyst is approved to perform all

Require- servicing data import functions. Any other personnel performing
ments the import of servicing information must be approved by NCCC
Loan Sales Management. Access to PowerSeller is password
protected and limited by user access rights. Passwords should be
changed every six months or in the event of a change in personnel.
Back Up If the Secondary Marketing Analyst is unable to perform the

Procedures servicing import functions, an auxiliary approved person should
perform these duties. Refer to the disaster recovery document in
Attachment 1 for NCCC approved procedures in the event of a
business disruption.
In the event of database or system problems, contact the New

Century DBA Department.
Data Management
General Policy
Forward The Secondary Marketing Analyst is responsible for creating a data
Commit- file, which represents a pool of loans from the available funded loan
inventory that meet the commitment requirements dictated by the
ment Pool
Forward Commitment Letter.
Formation
Forward Commitment Pool Formation

Process In some instances, NCCC enters into forward commitments with its
Investors to maximize the premium received for such loans. These
forward commitments, which can be in effect for 1 or more months,
dictate a specified loan pool size and certain loan characteristic
requirements to be sold to a specific Investor. The Secondary
Marketing Analyst interacts with the SVP and Trader to create a
data file, which represents a pool of available loans from the NCCC
inventory that meet the forward commitment requirements. (See
[detailed procedures] for creating a pool data file)
Prior to establishing the forward commitment pool data file, the

Secondary Marketing Analyst updates PowerSeller with information
from the Investor Reporting Database. This is to ensure that each
loan within PowerSeller has an up to date account of which
Investors have previously reviewed and declined such loans for
purchase and to ensure that previously reviewed loans that are
deemed to be within NCEN Underwriting policy are not
inadvertently re-submitted to the same Lender/Investor. (See
[detailed procedures] for instructions on updating Investor review
information)
The Secondary Marketing Analyst will be provided the forward

commitment requirements (either verbally or written) from either
NCCC Loan Sales Management or the Trader. Using the desired
loan characteristics and total loan amounts established in the
commitment letter, the Secondary Marketing Analyst uses the filter
tools within PowerSeller/Astera to comprise a list of loans that meet
the commitment requirements. Astera is the optimization
software used in conjunction with PowerSeller and used for
pooling purposes.
Continued…
Data Management

Process Once the loans that meet the forward commitment requirements
have been identified within PowerSeller, the Secondary Marketing
Analyst will produce a Pool Characteristic Report in PowerSeller
that details specific information about the pool, such as total loan
amounts, weighted average interest rate, percentage of first liens to
second liens, etc. The Trader/SVP will review the Pool
Characteristic Report to ensure that the requirements of the forward
commitment are met.
After the Trader/SVP approval, the Secondary Marketing Analyst

exports the loans from the created pool into an Excel spreadsheet.
Some loan characteristic data that is exported is not needed for the
data file that will be sent to the Investor. The spreadsheet requires
manual deletion of certain loan attributes and formatting for other
certain loan attributes. (See [detailed instructions] on the manual
deletion of loan attributes)
After the establishment of the forward commitment pool data file in

Excel, such file is forwarded to the Trader (via electronic mail) for
review and finalization, where upon approval, the Trader will submit
the data file to the Investor(s) (via electronic mail).
Timing The Forward Commitment Pool Trade Information is to be

obtained immediately (within 24 hours) from NCEN Loan Sales
Management or the Trader. The initial forward commitment pool
creation is typically performed by the 10th business day of the
month. If a Forward Commitment Letter is not finalized by the both
NCCC and an Investor by the first day of the business month, but is
expected by NCCC Loan Sales Management to be finalized in a
short time period, NCCC Loan Sales Management may provide
verbal or documented projected forward commitment requirements
to the Secondary Marketing Analyst so that the pool creation
process can begin.
Data Management

Review The Transaction Manager/Trader/SVP is responsible for
Require- reviewing the forward commitment pool data file and finalizing the
ments final forward commitment pool loan population prior to approval of
the pool for submitting to the Investor.
Approval The Secondary Marketing Analyst is approved to perform all forward

Require- commitment pooling functions. However, final approval of the
ments forward commitment pool is to be given by NCCC Loan Sales
Management/the AVP of Transaction Management/ or the
Trader, depending on their authority limits [see section Section 1 of
the Secondary Marketing Policies and Procedures for Authority
Limits] if all characteristics do not deviate significantly from the
original pool characteristics. Should the pool characteristics
deviate significantly from original pool characteristics, NCCC
Loan Sales Management needs to approve.
Back Up If the Secondary Marketing Analyst is unable to perform the forward

Procedures commitment pool creation function, an auxiliary approved person
should perform these duties. Refer to the disaster recovery
document in Attachment 1 for NCCC approved procedures in the
event of a business disruption.
Required The Secondary Marketing Analyst keeps a copy of the Forward

Documen- Commitment Letter, in their files along with written approval (trade
tation ticket) by the approved authority, of the final commitment data file
submitted to the Investor. Final forward commitment loan pool data
files are to be saved on the NCCC network can be broad access
but, access limited to view only.
Distribution The forward commitment pool data file is distributed to the

Require- Transaction Manager/Trader and NCCC Loan Sales Management
upon finalization of the pool. A copy of the final forward
ments
commitment pool data file, as determined by the Trader, will be
distributed by the Secondary Marketing Analyst to the Transaction
Manager (for sending to the Investor) and the Loan Administration
Department (in order for Vault personnel to pull the files for the
Investor’s due diligence review) by electronic mail.
Data Management
General Policy
Premium The Secondary Marketing Analyst is responsible for creating data
Loan Bid files, which represent pools of loans from the available funded loan
inventory, that meet the purchase requirements of Investors.
Pool
Formation
Premium Loan Bid Pool Formation

Process Closed loans held in inventory by NCCC may be pooled together
and subsequently bid on by Investors wishing to purchase such
pools of loans. The Secondary Marketing Analyst, at the direction
of the Trader, creates pools of loans that are non-delinquent at that
time and that meet general Investor requirements.
Prior to establishing a premium loan bid pool data file, the

Secondary Marketing Analyst updates PowerSeller with information
from the Investor Reporting Database. This is to ensure that each
loan within PowerSeller has an up to date account of which
Investors have previously reviewed such loans for sale and to
ensure that previously reviewed loans that are deemed to be
within NCEN Underwriting policy are not inadvertently re-
submitted to the same Lender/Investor. (see [detailed procedures]
for instructions on updating Investor review information)
The Secondary Marketing Analyst receives pool characteristic

requirements and pool size recommendations from either NCCC
Loan Sales Management or the Trader. Using the provided loan
characteristics and pool size recommendations, the Secondary
Marketing Analyst uses the filter tools within PowerSeller/Astera to
compile a list of loans that meet premium loan bid pool
requirements. Astera is the optimization software used in
conjunction with PowerSeller and used for pooling purposes.
Continued…
Data Management

Process Once the loans that meet the premium loan bid pool requirements
have been identified within PowerSeller, the Secondary Marketing
Analyst exports the loan characteristics associated with such loans
to an Excel spreadsheet, the premium loan bid pool data file. Some
loan characteristic data that is exported is not needed for the data
file that will be sent to the Investor. The spreadsheet requires
manual deletion of certain loan attributes and formatting for other
loan attributes (See [detailed procedures] for instructions on the
data file formatting)
The premium loan bid pool data file is forwarded to the Trader for
review, where upon approval, the Trader will submit the data file to
the Investor(s) (via email).
Timing Timing expectations will be set by NCCC Loan Sales Management

or the Trader dependent on negotiations with Investors. The
Secondary Marketing Analyst will be notified of the timing of the
pool sale via electronic mail and be tracked by the Secondary
Marketing Analyst on the secondary marketing calendar.
Review The Transaction Manager/Trader/SVP is responsible for

Require- reviewing the premium loan bid pool data file and making a final
ments determination of the final pool population prior to approving the
pool for submission to the Investor.
Approval The Secondary Marketing Analyst is designated to perform all

Require- premium loan bid pooling functions. However, final approval of the
ments premium loan bid pool is to be given by NCCC Loan Sales
Management/the AVP of Transaction Management/ or the Trader,
depending on their authority limits. [see Section 1 of the Secondary
Marketing Policies and Procedures for Authority Limits] Should the
pool characteristics deviate significantly from original pool
characteristics, NCCC Loan Sales Management needs to
approve.
Data Management

Procedures premium loan pool creation function, an auxiliary approved person
Required The Secondary Marketing Analyst keeps a copy of the premium

Documen- loan bid pool requirements in their files along with written approval
tation (trade ticket), by the approved authority, of the final premium loan
bid pool data file submitted to the Investor. Final premium loan bid
pool data files are to be saved on the NCCC network.
Distribution The premium loan bid pool data file is distributed to the
as needed. A copy of the final premium bid pool data file will be
ments
distributed by the Secondary Marketing Analyst to the Transaction
Manager (for sending to the Investor) and the Loan Administration
Department (in order for Vault personnel to pull files for the
Investor’s due diligence review) by electronic mail.
Data Management
General Policy
Discount The Secondary Marketing Analyst is responsible for creating data
Loan Pool files, which represent pools of loans from the available funded loan
inventory that may not be to Premium Investors due to delinquency
Formation
or some other underwriting exception that excludes it from the
Investors requirements.
Discount Loan Pool Formation

Process Closed loans that are not performing or that have been rejected
from prior premium loan pools may be combined together and
subsequently bid on by Investors wishing to purchase such pools of
loans. The Secondary Marketing Analyst, at the direction of the
Trader, creates pools of loans that meet such criteria and that can
be sold to Discount Investors. (see [detailed procedures] for
creating loan pools)
Prior to establishing a discount loan pool data file, the Secondary

Marketing Analyst updates PowerSeller with information from the
Investor Reporting Database concerning prior file reviews by each
Investor. This is to ensure that each loan within PowerSeller has an
up to date account of the number of times it has been reviewed by
an Investor. Loans that have been reviewed and rejected by one or
more Investors may be submitted in a discount loan pool. The
determination of which loans that are to be included in the pool that
is presented to potential Discount Investors are made by the Trader.
(see [detailed procedures] for instructions on updating Investor
review information)
The Secondary Marketing Analyst receives discount loan pool

formation instructions from either NCCC Loan Sales Management
or the Trader.
Continued…
Data Management

Process Using the provided pool attribute recommendations, the Secondary
Marketing Analyst uses the filter tools within PowerSeller to
comprise a list of loans that meet discount loan pool requirements.
Once the loans that meet the discount loan pool requirements have
been identified within PowerSeller, the Secondary Marketing
Analyst exports the loan characteristics associated with identified
loans to an Excel spreadsheet, the discount loan pool data file.
The discount loan pool data file requires formatting prior to
finalization (See [detailed procedures] for instructions on the data
file formatting)
The discount loan pool data file is forwarded to the Trader for
review, where upon approval, the Trader will submit the data file to
the Investor.
Timing Timing expectations will be set by NCCC Loan Sales Management

or the Trader dependent on negotiations with Investors. The
Secondary Marketing Analyst will be notified of the timing of the
pool sale via electronic mail and be tracked by the Secondary
Marketing Analyst on the secondary marketing calendar.
Review The Trader is responsible for reviewing the discount pool data file
Require- and finalizing the discount pool population prior to approval of the
ments pool for submission to the Investor.

Require- discount loan pooling functions. However, final approval of the
ments discount pool is to be given by NCCC Loan Sales Management/the
AVP of Transaction Management/ or the Trader, depending on
their authority limits. [see Section 1 of the Secondary Marketing
Policies and Procedures for Authority Limits] if all characteristics
do not deviate significantly from the original pool
characteristics. Should the pool characteristics deviate
significantly from original pool characteristics, NCCC Loan
Sales Management needs to approve.
Data Management

Procedures discount loan pool creation function, an auxiliary approved person
Required The Secondary Marketing Analyst keeps a copy of the discount

Documen- pool requirements in their files along with written approval, (trade
tation ticket) by the approved authority, the final discount loan pool data
file submitted to the Investor. Final discount pool data files are to be
saved on the NCCC network with access limited to NCCC Loan
Sales Management, the Trader, and the Secondary Marketing
Analyst through password protection.
Distribution The discount loan pool data file is to be distributed to the

as needed. A copy of the final discount loan pool data file, as
ments
determined by the Trader, will be distributed by the Secondary
Marketing Analyst to the Transaction Manager (for sending to the
Investor) and the Loan Administration Department (in order for Vault
personnel to pull the files for the Investor’s due diligence review) by
electronic mail.
Data Management
General Policy
Update Sold Once the purchase of pooled loans become final, the Secondary
Loan Marketing Analyst is responsible for updating sold loan information
within PowerSeller.
Inventory
Information
Update Sold Loan Inventory Information

Process After a pool has been sold and funds have been received from the
Investor, the Secondary Marketing Analyst is responsible for
importing the sold loan level information into PowerSeller. This
information includes purchaser name, purchase date, unpaid
principal at time of purchase, and the amount paid for the loan. In
most instances, a single price percentage is applied to an entire
pool and therefore each loan within the pool is applied that same
price percentage. However, some Investors will price individual
loans within a pool at different pricing rates.
The Secondary Marketing Analyst is to obtain from the Trader an

Excel spreadsheet containing the sale information. With this
information, the Secondary Marketing Analyst will update the
“Shipped” Table (which represents all loans shipped to Investors)
within PowerSeller by importing the spreadsheet and mapping the
information to the individual sold loan profiles. (see [detailed
procedures] for instructions on updating sold loan inventory)
Timing The recording of sold loan information is to be performed promptly

after the receipt of funds from the sale of a pool.
Review The Trader is responsible for reviewing the discount pool data file
Require- and finalizing the discount pool population prior to submitting to the
ments Investor.
Continued…
Data Management
Update Sold Loan Inventory Information

Approval The Trader is responsible for reviewing the sold loan information
Require- spreadsheet prior to submitting to the Secondary Marketing
ments Analyst. (A copy of Funding memo should be signed by the
Trader and should be kept within Secondary Marketing Files.)

Procedures of sold loan information into PowerSeller, an auxiliary approved
person should perform these duties. Refer to the disaster recovery
Required The Secondary Marketing Analyst is to save a copy of the sold loan
Documen- information spreadsheet on the NCCC network after the import
process is completed. These sold loan information spreadsheets
tation may be used by the Trader to track the historical purchases by
Investors.
Distribution A summary report of the loans sold and related pricing should be
Require- distributed to NCCC Loan Sales Management via electronic mail
each month end.
ments
Data Management
General Policy
Repurchase Upon notification of a repurchased loan by the Repurchase
Import Specialist, the Secondary Marketing Analyst is required to remove
the repurchased loan from the “shipped loan” table and add the
repurchased loan to the NCCC Loan Inventory in PowerSeller.
Repurchase Import
Process Periodically, funded loans that are sold to Investors may be
repurchased by NCCC due to breaches of certain covenants in a
purchase agreement. These covenants include, but are not limited
to, first payment defaulted loans, fraudulent loans, or loans that do
not meet other Investor criteria. Such repurchased loans must be
re-added to the NCCC inventory of assets.
The Repurchase Specialist is to provide to the Secondary Marketing

Analyst the loan number, the repurchase date, and the reason for
repurchase as soon as the repurchase procedures for a loan are
completed. This information should be provided in a spreadsheet
that has been converted to a text format. With this information, the
Secondary Marketing Analyst should update PowerSeller through
an import of the spreadsheet into the PowerSeller database. An
import map has been established within PowerSeller that allows the
Secondary Marketing Analyst to remove the repurchased loan from
the loan “shipped table” and transfer it to the “loan table”. The “loan
table” represents all loans in inventory that are available for sale.
Timing The repurchase procedures should be performed within 24 hours of

notification of a repurchase by the Repurchase Specialist. An email
response should be provided to the Repurchase Specialist by the
Secondary Marketing Analyst indicated that such loans have been
transferred to NCCC inventory.
Continued…
Data Management
Repurchase Import
Review NCCC Loan Sales Management and the Repurchase Specialist are
Require- responsible for reviewing monthly “Repurchased added to
ments inventory” reports to ensure that all repurchases have been
accounted for.
Approval The Secondary Marketing Analyst is approved to perform all imports

Require- of repurchased loans.
ments
Procedures of repurchased loans into PowerSeller, an auxiliary approved
Required The Secondary Marketing Analyst is to save a copy of the

Documen- repurchase spreadsheet on the NCCC network. Repurchase
information should be stored of the network for a minimum of 1 year
tation in the case that there are errors in the import process.
Distribution A summary report of repurchased loans should be distributed to

Require- NCCC Loan Sales Management, the Trader, Loan Administration,
and the Servicing Department at the end of each month. A
ments
summary report of repurchased loans should be prepared by the
Secondary Marketing Analyst and included in the Board of Directors
report each month.
Data Management
General Policy
Sweeps At the direction of the Controller, the Staff Accountant is
responsible for removing funded loans, referred to as “sweeping”,
from the bank warehouse credit facilities (also referred to as bank
lines) and transferring them to one of the aggregated warehouse
credit facilities. This will ensure that there is capacity on the bank
warehouse credit facility to continue to fund loans. A sweep usually
removes the prior months funded loans from the individual bank
warehouse credit facilities. All loans removed from the bank
warehouse credit facilities are to be alternately placed in one of the
six aggregated warehouse credit facilities. However, each
aggregated warehouse credit facility may have sub-limits or specific
loan acceptance criteria. Only those loans which meet the
aggregated warehouse credit facility requirements should be
transferred to such accounts.
Sweeps
Process On a periodic basis, NCCC will create funding capacity by
selectively moving closed loans financed by certain bank
warehouse lines and transferring them to Citigroup, Morgan
Stanley, Bear Stearns, Barclays, CSFB, or Von Karman
aggregated warehouse lines. The Secondary Marketing analyst is
responsible for selecting the loans to be moved, notifying the
individual banks in writing of the removal of such loans from their
warehouse lines, and notifying the banks with the aggregate
warehouse lines in writing of the addition of such loans.
Upon notification by the Controller, the Secondary Marketing

Analyst will identify funded loans currently on the warehouse lines in
the Line Totals Report and save such loans in a separate file in
Excel. This file represents all funded loans currently held by
Continued…
Data Management
Sweeps
Process Deutsche Bank as custodian for the files. This data file will be
emailed to the designated Deutsche Bank personnel as Deutsche
Bank must prepare the actual files for shipment to the designated
custodian for the aggregated warehouse lines. An exception report
must also be requested.
From the above created file, a separate excel file is also created for
import into PowerSeller. This report, which is to be saved in text
format, should contain only the loan numbers of the selected loans
in a 10 digit format. (see [detailed procedures] for instruction on
producing and formatting the data file)
An import map has been established in PowerSeller for use in the

import. The purpose of this import is to identify the loans to be
removed from the bank warehouse lines in PowerSeller so that a
more complete file, containing numerous loan characteristics, can
be created to submit to the designated bank warehouse personnel.
An export map and filter have been established in PowerSeller to
assist with the creation of this file. (See [detailed procedures] for
importing information into PowerSeller)
The new Excel file requires some manual manipulation, or

“scrubbing”, prior to it’s completion as blank fields may need to be
researched or additional calculations may need to be performed.
(see [detailed procedures] for data scrubbing) This data file is then
subdivided into separate files containing loans from each bank
warehouse credit facility. Each data file is then submitted to the
designated bank warehouse personnel along with a Request for
Release Letter signed by the proper NCCC authority (see Approval
Requirements). This release letter must be submitted to each bank
48 hours prior to any activity and must be signed by approved
NCCC personnel.
Finally, after the bank warehouse personnel have been alerted to

the removal of certain loans from such facilities, the Secondary
Marketing Analyst must also notify the aggregated warehouse line
personnel of the intended transfer. A complete file containing all of
the loans to be transferred will be sent to the designated aggregated
warehouse line personnel. The Secondary Marketing Analyst
should alternate each month between aggregated credit facilities.
Data Management
Sweeps
Process The data file sent to Citigroup is required to be in a specific format.
(See [detailed procedures] for formatting the file)
Timing The timing of the sweep is to be dictated by the Controller of NCCC

to ensure that there is adequate capacity to fund future loans on the
existing bank warehouse lines. Such timing will by communicated
by the Controller of NCCC to the Staff Accountant in writing via
electronic mail.
Review Review of the loans to be swept should be performed by either the

Require- Controller of NCCC or NCCC Loan Sales Management prior to the
notification of transfer. This approval should be documented and
ments
saved in Secondary Marketing files.
Approval Approval of the loans to be swept should be obtained by either the

Require- Controller of NCCC or NCCC Loan Sales Management prior to the
notification of transfer. This approval should be documented and
ments
saved in Secondary Marketing files.
Current authorized signers for the Bank of America, CDC, UBS,

Morgan Stanley, and Citigroup Request for Release Letters are as
follows:
• Kevin Cloyd
• Pat Flanagan
• Robyn Cook-Auerbach
• Komarith Touk
• Bob Lent

Procedures of pricing information into PowerSeller, an auxiliary approved
Data Management
Sweeps
Required The Staff Accountant is to save a copy of the data files sent to all
Documen- designated warehouse line personnel on the NCCC network with
tation access limited to NCCC Loan Sales Management, the Controller,
and the Secondary Marketing Analyst through password protection.
Also, a signed copy of the Request for Release Letter should be
maintained in Secondary Marketing files.
Distribution The following contact information is to be used for transfer

Require- notifications:
ments
Deutsche Bank (Custodian)
• Aimee Kemmeter -- 714-247-6052
• Andrew Hays -- 714-247-6036
• Scott Tofukufi -- 714-247-6046
• Vishal Karingada -- 714-247-6029
Deutsche Bank (New York/Von Karman)

• Jessica Richmond -- 212-250-5861
• Orinthia Skeete -- 212-250-7876
Bank of America
• Chris Young -- 704-388-8403
• Jennifer Kovish -- 704-386-3614
CDC
• John Racy -- 212-891-5816
• Chris Matzelle -- 212-891-5826
• Robert Les -- 212-891-5828
UBS
• Steve D'Orazio -- 212-352-8881
• Cheryl Johnson -- 212-352-8883
Citigroup
• Bobbie Theivakumaran -- 212-723-6753
• Ellen Simone -- 212-615-7725
• Lou Rebecchi -- 212-615-9264
Continued…
Data Management
Sweeps
Distribution Morgan Stanley

Require- • Donna Garcia -- 212-537-1795
ments • Christine Grippo -- 212-537-1733
Bear Stearns
• Cynthia Knowles -- 212-272-7015
• Nick Wells -- 212-272-3368
• Lars Berg -- 212-272-3676
• Matt Lederman -- 212-272-5686
Barclays
• Glenn Pearson -- 973-576-3179
• Hansel Nieves -- 973-576-3189
• Walter Kunisch -- 973-576-3321
CSFB
• Tim Callahan -- 609-627-5053
• Kelly Corby -- 609-627-5032
• Gary Timmerman -- 609-627-5026
Data Management
General Policy
Periodic The Secondary Marketing Analyst is responsible for all funded loan
Inventory inventory reporting.
Reporting
Periodic Inventory Reporting

Process The Secondary Marketing Analyst is responsible for maintaining the
NCCC inventory database within PowerSeller. Reports concerning
inventory information will be requested by Management periodically.
Additionally, standard queries have already been established in the
database to run general reports such as Unsold Inventory Reports,
Unsold Inventory Current Pools Reports, and Unsold Inventory
Hold.
Timing Inventory Reports may be requested by NCCC Loan Sales

Management, the Trader, or other members of NCCC at any time.
A Total Unsold Inventory Report and an Aged Inventory Committed
Report must be able to be created and distributed to NCCC Loan
Sales Management anytime it is requested. A Total Unsold
Inventory Report is also created for the Board of Directors Package
at the end of the month.
Review The Secondary Marketing Analyst should cross reference each

Require- periodic inventory report produced with accounting and servicing
ments records for data consistency.
Continued…
Data Management
Periodic Inventory Reporting

Require- inventory reporting.
ments
Back Up If the Secondary Marketing Analyst is unable to perform the periodic
Procedures inventory reporting function, an auxiliary approved person should
perform these duties. Refer to the disaster recovery document in
Attachment 1 for NCCC approved procedures in the event of a
business disruption.
Required The Secondary Marketing Analyst is to save copies of any reports

Documen- produced on the NCCC network. These reports should be kept for
tation a minimum of 1 year and may be used for subsequent historical
reporting.
Distribution The Total Unsold Inventory and Aged Investor Committed Reports
Require- should be distributed to NCCC Loan Sales Management by the end
of each business day. The month end Total Unsold Inventory
ments
should be distributed to the person responsible for preparing the
Board of Directors Package.
Transaction Management
Overview
Transaction Management includes the selection, pooling, and selling of pools of loans
from NCCC Inventory. These pools of loans may consist of either premium loans or
discount loans. While many of the processes of selecting, pooling, and selling of
pools of loans are similar for both pool types (premium and discount), there are
certain procedures specific to each pool type. A “Trader” is responsible for the
management of this process.
The primary responsibilities of the Trader include:
For Premium Loan Pools:

• In conjunction with NCCC Loan Sales Management, negotiate forward
commitment agreements with certain approved Investors
• Create forward commitment pools and premium loan bid pools for
presentation to potential Investors
For Discount Loan Pools:

• Review and analyze funded loans that have been declined by Premium
Investors and non-performing loans
• Submit funded loans that have been declined by Premium Investors for re-
underwriting, if applicable
• Create discount loan pools for bid by Discount Investors
For All Pools:

• Analyze submitted Investor bids for discount loan pools and award the sale of
the pool to the approved Investor
• Schedule due diligence process both with the purchasing Investor and NCCC
Loan Administration
• Coordinate and finalize the final pool population for sale
• Review and verify funds received for the sale of discount loan pools
Definition of Discount Loans (two types) and Premium Loans:

• Performing Discount Loans– loans that are current or no worse than 59 days
delinquent and which include one or more of the following characteristics:
LTV exceptions, debt ratios beyond standard limits, Broker Price Opinion
(BPO) exceptions, compliance issues, missing docs, and prior Premium
Investor declines.
• Non-Performing Discount Loans– loans that are 60 days or more past due
• Premium Loans – all other loans not classified as Discount
Overview
The systems utilized by the Trader include:

• PowerSeller
• Microsoft Excel
Skills required to perform Transaction Management include:

• Proficiency in Database Management
• Knowledge of NCCC product characteristics, Investor loan requirements, and
loan pricing
Overview
The following summarizes the processes for the Trader:
For Premium Loan Pools:

• Assist in Establishing Forward Commitments: For certain Investors, NCCC
may enter into forward sale commitments with such Investors. In many cases, the
terms of any forward commitments are negotiated by NCCC Loan Sales
Management with the assistance of the Trader. However, in some instances, the
Trader may negotiate a forward commitment directly with an Investor with NCCC
Loan Sales Management’s approval.
• Forward Commitment and Premium Loan Bid Pool Formation: At the

beginning of each month, NCCC Loan Sales Management and the Trader will
discuss and coordinate forward commitments and premium loan bid pool sales
strategies. From these discussions, NCCC Loan Sales Management or the
Trader will provide the Secondary Marketing Analyst with the loan characteristics
or parameters to create forward commitment pool(s) and/or premium loan bid
pools. The Secondary Marketing Analyst will combine pools of loans within the
NCCC Inventory to meet the pool requirements. The Trader will submit to the
commitment Investor or to bid Investors, based upon the pool, an electronic file
containing loan level information of the pool.
For Discount Loan Pools:

• Review and Analyze Discount Loans: Each month, the Trader will request from
the Secondary Marketing Analyst reports of all uncommitted inventory that have
been previously declined by Premium Investors, are outside of Premium Investor
guidelines, or which are non-performing. With these reports, the Trader will
review such loans to determine whether they are available for sale to Discount
Investors.
• Submit Applicable Discount Loans for Re-Underwriting: The Trader is

responsible for submitting newly identified performing discount loans to the Vice
President – Loan Enhancement for re-examination. In some instances, an
identified discount loan may be re-underwritten or modified within company
guidelines and subsequently presented to Premium Investors.
• Discount Loan Pool Formation and Bid Process: The Discount Loan Trader
will provide the Secondary Marketing Analyst with the loan characteristics or
parameters to create discount loan pools. With knowledge of various Discount
Investor’s purchase requirements, purchase history, and pricing, the Discount
Loan Trader will create discount pools to maximize the pricing paid and sale
execution for such discount loans. An electronic file containing loan level
information on the discount pool will be submitted to Discount Investors for their
review and subsequent bid for purchase.
Overview
For Premium and Discount Bid Pools:
• Analyze Bids and Award Sale: Once a premium loan pool or discount loan pool
is created, it will be submitted to several Investors for bidding (No bid process is
necessary for forward commitment pools). The Trader is responsible for
analyzing and reviewing each bid by the Investors to maximize the pricing paid
and the sale execution for each loan pool. The Trader, with approval of NCCC
Loan Sales Management, will award the sale of a pool to the appropriate Investor
and create a Trade Ticket.
For All Pools:

• Schedule Due Diligence: Each Investor awarded the sale of a loan pool (or the
forward commitment pool) will perform a file review on a sample of the loan
population proposed for sale. The Transaction Manager will notify the Loan
Administration Department of the loans included in the pool and will coordinate
the timing of the due diligence review with the Investor. The Loan Administration
Department is responsible for preparing the loan files for Investor review.
• Coordinate and Finalize Final Pool Population: During the due diligence
process, certain loans may be added or removed from the proposed pool. After
review of loan files, the Investor will determine which loans they will purchase from
the pool. The Transaction Manager will then prepare a final tape of the loan
pool. The Trader must also request the collateral of the final pool population be
shipped to the Investors custodian.
Review and Verify Funds Received from Sale: Once the final purchase of loan
pool occurs, the Transaction Manager will verify that the agreed upon funds have
been received from the sale of the pool. The Transaction Manager will also notify
various NCCC departments of the closing of the transaction.
For Premium and Commitment Pool Creation
General Policy
Assist in From time to time, NCCC may enter into forward commitments with
Establishing Investors. These commitments dictate specific loan characteristics
and volumes requested by the Investor for purchase. The
Forward
Transaction Manager is responsible for assisting NCCC Loan
Commit- Sales Management in negotiating forward commitments or
ments establishing forward commitments within authority limits. See
Section 1 of the Loan Sales Policies and Procedures for Authority
Limits.
Assist in Establishing Forward Commitments

Process For certain Investors, NCCC may enter into forward sale
commitments. In many cases, the terms of any forward
commitments are negotiated by NCCC Loan Sales Management
with the assistance of the Transaction Manager. However, in
some instances, the Trader may negotiate a forward commitment
with an Investor with NCCC Loan Sale Management’s approval.
Assistance with the establishment of a forward commitment

includes researching historical Investor premiums paid for loan
pools, analyzing current loan inventories, analyzing expected New
Century future originations, and examining current market
conditions. Once a commitment is negotiated, NCCC Loan Sales
Management or the Transaction Manager will prepare a
commitment letter dictating the terms of the commitment and
forward to an Investor for their signature.
Timing Typically, commitments are established at the beginning of the

month. However, a commitment may be established at any time.
Continued…
Assist in Establishing Forward Commitments

Approval NCCC Loan Sales Management is responsible for approving all
Require- commitments with Investors.
ments
Back Up If the Trader is unable to assist in the establishment of a
Procedures commitment, NCCC Loan Sales Management may request
assistance from other members of Secondary Marketing.
General Policy
Forward The Trader is responsible for providing the pool characteristic
Commit- requirements and pool amounts for forward commitments and
premium loan pools to the Secondary Marketing Analyst. The
ment and
Secondary Marketing Analyst will create pools of loans from NCCC
Premium Inventory that meet such requirements.
Pool
Formation
Forward Commitment and Premium Pool Formation

Process At the beginning of each month, NCCC Loan Sales Management
and the Trader will discuss and coordinate forward commitments
and premium loan bid pool sales strategies. From these
discussions, NCCC Loan Sales Management or the Trader will
provide the Secondary Marketing Analyst with the loan
characteristics or parameters to create a commitment pool or
premium loan bid pool. If available, the Secondary Marketing
Analyst will be provided the commitment letter stating the pool
requirements. However, NCCC Loan Sales Management or the
Trader may communicate the pool parameters to the Secondary
Marketing Analyst either verbally or through an electronic mail file.
The Secondary Marketing Analyst will prepare an electronic data file
containing information on loans that meet the pool requirements.
Upon the receipt of the electronic pool data file from the Secondary
Marketing Analyst, the Trader will review the data file and delete
any loan information not necessary for the Investors review. The
data file will then be emailed to the commitment Investor (if the pool
is a commitment pool) or to multiple Investors for independent sale
bids (if the pool is a bid pool). The Trader will maintain a
spreadsheet to track specific pools, Investors that the pools are sent
to, and for bid pools, the cut off date and times for Investors to
respond by. This spreadsheet, as well as contact information for all
Investors, should be maintained on the NCCC network in an
Investor subdirectory.
Timing Forward commitment and premium loan bid pools are created and
sent to Investors during the first half of the month to allow adequate
time for the sales process. For premium bid pools, bid responses
are requested from Investors approximately 3 to 4 days after the
premium loan pool is initially sent to the prospective Investors.
Review The Trader is responsible for reviewing the forward commitment or

Require- premium loan bid pool data file accuracy or missing data prior to
ments submitting to Investors.
Back Up If the Trader is unable to perform the pool formation or bid process,
Procedures an auxiliary approved person should perform these duties.
Required The Trader is to save the commitment pool and premium loan bid
Documen- data files on the NCCC network. For premium loan bid pools, the
Trader should also save the spreadsheet containing Investor
tation contact information and the cutoff date and times on the NCCC
network. (See Approval, Authority Limits, and Access section of the
Loan Sales Policies and Procedures for authorized access)
For Discount Pool Creation
General Policy
Review and The Trader is to review monthly reports containing all uncommitted
Analyze inventory. This inventory may include funded loans that have been
declined by Premium Investors or loans that are non-performing.
Discount
Loans
Review and Analyze Discount Loans

Process Each month, the Trader will request from the Secondary Marketing
Analyst reports or data files of all uncommitted inventory that have
been previously declined by Premium Investors or which are non-
performing. The reports produced by the Secondary Marketing will
be saved on the NCCC network. With these reports, the Trader will
review such loans to determine whether they are available for sale
to Discount Investors.
Loans eligible for sale to Discount Inventors include loans that are
not delinquent more than 59 days, but include one or more of the
following characteristics: LTV exception, debt ratios outside of
standard limits, BPO exceptions, compliance issues, missing docs,
or prior Premium Investor declines. Pools of non-performing loans,
which include loans delinquent 60 or more days, may also be sold
to certain Discount Investors. Loans that are in review by the
NCCC legal department are not eligible for sale through either the
premium or discount sales.
Timing Initial reports of uncommitted inventory are provided by the

Secondary Marketing Analyst to the Trader within the first 5 to 6
business days of each month. Subsequent reports may be
requested by the Trader on a periodic basis.
Continued…
Review and Analyze Discount Loans

Review The Trader should promptly review initial reports of uncommitted
Require- inventory once provided by the Secondary Marketing Analyst.
ments
Approval The Trader or NCCC Loan Sales Management is approved to
Require- perform any review or analysis of discount loans in preparing a pool
ments for Investors.
Back Up If the Trader is unable to review the initial reports of uncommitted

Procedures inventory, an auxiliary approved person should perform these
duties. Refer to the disaster recovery document in Attachment 1 for
NCCC approved procedures in the event of a business disruption.
Continued…
General Policy
Re-Under- The Trader is responsible for identifying performing discount loans
that may be eligible for re-underwriting. Such loans will be
writing forwarded to the Vice President – Loan Enhancement for review.
Submit Applicable Discount Loans for Re-Underwriting

Process The Trader is responsible for submitting newly identified performing
discount loans to the Vice President – Loan Enhancement for re-
examination. In some instances, an identified discount loan may be
re-underwritten and subsequently re-shown to Premium Investors.
Using the uncommitted inventory reports provided by the Secondary

Marketing Analyst, the Trader should review the reason(s) listed as
to why a loan is classified as a discount loan. Loans with decline
reasons of debt ratios outside of standard limits or missing
documents may be re-underwritten under different programs that
may make them eligible for sale to Premium Investors. The Trader
should provide the Vice President – Loan Enhancement with a list of
potential loans for additional review.
Any loans successfully re-underwritten will be removed from the

discount pool inventory and placed in inventory available for sale to
Premium Investors.
Timing The list of potential loans eligible for re-underwriting must be

submitted to the Vice President – Loan Enhancement prior to the
formation of any discount loan pools.
Continued…
Submit Applicable Loans for Re-Underwriting

Approval The Trader is approved to identify potential loans for re-
Require- underwriting. However, actual re-underwriting of a loan must be
ments performed by a qualified loan underwriter under the direction of the
VP – Loan Enhancement.
Back Up If the Trader is unable to review the uncommitted inventory reports

Procedures for potential re-underwriting, the Vice President – Loan
Enhancement may be instructed by NCCC Loan Sales
Management to review the reports to identify such loans. Refer to
the disaster recovery document in Attachment 1 for NCCC
Distribution The Trader is to distribute a list of the identified loans for re-
Require- underwriting to the Vice President – Loan Enhancement.
ments
General Policy
Discount The Trader is responsible for developing the pool characteristic
Loan Pool requirements for discount pools. Using knowledge of Discount
Investor’s appetites for certain discount loans and the market pricing
Formation
for such loans, the Trader will create one or more discount pools for
and Bid sale to Discount Investors.
Process
Discount Loan Pool Formation and Bid Process

Process The Trader will provide the Secondary Marketing Analyst with the
loan characteristics or requirements to create one or more discount
loan pools. With knowledge of various Discount Investor’s purchase
requirements, purchase history, and pricing, the Trader will create
the discount pool(s) to maximize the pricing paid or sale execution
for such discount loans. Discount Investor purchase requirements
and past purchase history information of NCCC pools should be
recorded by the Trader and maintained on the NCCC network in an
Investor subdirectory.
Upon the receipt of the discount pool data file(s) from the
Secondary Marketing Analyst, the Trader will review the data file(s)
and delete any loan information not necessary for the bidding
process from the data file(s). The data(s) file will then be emailed to
one or more Discount Investors for independent sale bids. The
Trader will maintain a spreadsheet to track specific pools, Discount
Investors that the pools are sent to, cut off dates and times for
Discount Investors to respond by. This spreadsheet, as well as
contact information for all Discount Investors, should be maintained
on the NCCC network in the Discount Loan Sales subdirectory.
Continued…
Discount Loan Pool Formation and Bid Process

Timing Discount loan pools should be created and submitted to prospective
Discount Investors by the middle of the month to allow adequate
time for the sales process. Bid responses are to be requested from
Discount Investors approximately 3 to 4 days after the discount loan
pool is initially sent to prospective Investors.
Review NCCC Loan Sales Management is responsible for reviewing and

Require- approving the discount loan pool data file prior to submitting to
ments Discount Investors.
Approval The Trader is approved to submit discount loan pools for bid to
Require- Discount Investors in amounts within their authority limits (see
ments Section 1 of these Policies and Procedures for authority limits). The
discount loan pool strategy should be discussed with and approved
by NCCC Loan Sales Management each month.
Back Up If the Trader is unable to perform the discount pool formation or bid
Procedures process, an auxiliary approved person should perform these duties.
Refer to the disaster recovery document in Attachment 1 for NCCC

Required The Trader is to save the discount loan data files and a spreadsheet
Documen- of bid submission information on the NCCC network. (See
tation Approval, Authority Limits, and Access section for authorized
access)
For Premium and Discount Loan Bid Pools:
General Policy
Analyze The Trader is responsible for analyzing and reviewing each Investor
Bids and bid response for bid pools. Based on bid pricing and sale execution
history, the Trader, with approval by NCCC Loan Sales
Award Sale
Management, selects the winning bidder. The goal of the Trader is
to maximize the number of loans sold in a pool at the least
discounted price. A Trade Ticket is to be created upon the
awarding of a pool sale to the winning bidder.
Analyze Bids and Award Sale

Process Once a premium bid pool or discount bid pool is created, it will be
submitted to several Investors for bidding. The Trader is
responsible for analyzing and reviewing each bid by Investors to
maximize the pricing paid and the sale execution for each premium
discount loan pool. Historical execution percentages are to be
reviewed by the Trader to ensure that the purchasing Investor has a
history of purchasing a significant number of loans within a pool with
minimal denials or kick-outs. For example, an Investor who offers
the best price for a pool may have a history of only purchasing 50%
of the offered pool with the remaining 50% having to be sold to a
separate investor at a greatly reduced price. For Discount Pools,
each Investor is also required to provide Broker Price Opinion
(BPO) value drops at 0%, 10%, and 20% with each bid.
Prior to selection of the winning bidder, the Trader is to discuss all

bid offers and prospective award selections with NCCC Loan Sales
Management. NCCC Loan Sales Management must approve the
award of a pool sale to the winning bidder if the size of the pool is
outside of established authority limits.
Continued…
Analyze Bids and Award Sale

Process The Investor with the winning bid should be notified by the Trader
within 24 hours of the bid submission cutoff time. Subsequently, the
Investor will prepare and send a Commitment Letter to the Investor.
Such Commitment Letter will be reviewed, approved, and signed by
NCCC Loan Sales Management, generally after review by the
Legal department.
Timing The analysis and awarding of bids occurs within 24 hours of the bid
submission cutoff time.
Approval The Trader is approved to review Investor Bids and award the sale
Require- of a pool within their approval limits. However, final approval of
ments awarding the sale of the bid pool that is outside of establish
authority limits is to be given by NCCC Loan Sales Management.
Back Up If the Trader is unable to perform the analysis and review of Investor
Procedures bids, NCCC Loan Sales Management is to perform these duties.
Refer to the disaster recovery document in Attachment 1 for NCCC
Required The Trader gives the Transaction Manager the Loan Sales Bid
Documen- Matrix and keeps copies of all bid submissions in the NCCC Loan
tation Sale file. This would be a copy of the Loan Sale Bid Matrix used by
the Trader to gather bid data prior to awarding the bid. In addition,
a copy of the Commitment Letter should be kept within the Traders
files.
The Trader completes the Loan Sale Bid Matrix while gathering
data prior to awarding pool. Upon awarding pool, the Trader
gives Loan Sale Bid Matrix to Transaction Manager. The
Transaction Manager keeps Loan Sale Bid Matrix in the Loan
Sales File and all other relevant deal documentation for a
period of one year.
Note: The Loan Sale file includes, but is not limited to the
following:
• Trade Ticket
• Loan Sale Bid Matrix
• Commitment Letter
• Wire Instructions
• Security Releases
• Final Reconciliation page of Investor funding schedule
• Funding Memo completed by Transaction Manager (signed
off by VP, SVP, or President of NCCC).
For All Pools:
General Policy
Schedule The Transaction Manager is responsible for coordinating the due
Due diligence process with the winning bidder and notifying the Loan
Administration Department to pull the loan files for review by the
Diligence
purchasing Investor.
Schedule Due Diligence

Process Each Investor awarded the sale of a discount loan pool will perform
a file credit and appraisal review on a portion of the loan population
proposed for sale on-site at NCCC. This is to ensure that the
collateral is genuine and the attributes provided on the bid tape are
accurate as compared to the actual loan files. Each Investor may
focus on different aspects of the loan file, therefore, the Trader is to
obtain the Investors file requirements and coordinate these
requirements with the Loan Administration Department prior to the
Investors review.
The Trader will notify the Loan Administration Department of the

discount loans included in the pool by sending an email with an
electronic data file containing information on the loans, including
loans numbers, in the awarded pool. The Loan Administration
Department is responsible for pulling copies of the designated loan
files from storage and preparing them for Investor review.
The Trader must also request from the Servicing Department loan
level pay histories and collection notes. This request is made by
sending an email with an electronic data file containing information
on the loans to an appropriate person in servicing. Servicing will
forward this information to Loan Administration for inclusion in each
loan file being reviewed by the Investor.
Continued…
Schedule Due Diligence

Timing The scheduling of the due diligence process should occur within 24
hours of notification of the award of sale to the winning bidder. The
Loan Administration Department and the Servicing Department
should be notified by the Trader of the pool population at the time of
the award.
Approval The Trader/ Transaction Manager is responsible for coordinating

Require- the scheduling of the due diligence review between the Investor and
ments the Loan Administration Department.
Distribution The Transaction Manager is responsible for submitting the list of

Require- the loans in the pool to both the Loan Administration Department
ments and Servicing Department.
General Policy
Finalize Upon final review and approval of the proposed bid pool by the
Pool Investor, the Trader prepares the final pool tape and coordinate with
the Investor for the shipment of the collateral files to the Investor’s
Population
custodian.
Coordinate and Finalize Pool Sale Population

Process During the Investor’s due diligence visit, certain loans may be added
or removed from the proposed pool. Any paid in full loans or loans
with missing files must be removed from the final pool. After review
of the loan files, The Investor will determine which loans they will
purchase from the proposed pool in conjunction with the Loan
Sales Coordinator and the Transaction Manager. The
population is tied-out or is reconciled between the Investor and
the population identified in the NCCC Investor’s reporting
application. The Trader must notify the NCCC custodian (currently
Deutsche Bank) to prepare the collateral files from the final pool
population to be shipped to the Investor’s designated file custodian.
The Transaction Manager should notify the NCCC Warehouse

Lender of the pool population via a Request for Release Letter.
The Request for Release Letter should be signed by the
warehouse lender and NCCC Loan Sales Management and then
forwarded to NCCC's custodian. A Bailment Letter Agreement
(Bailee Letter) will be prepared and signed by the custodian
and included with the actual shipment of collateral files to the
Investor's custodian. The majority of Investors, with the
exception of City Financial and GMAC/RFC forward funds in an
amount equal to the required payoff as dictated by the
warehouse lender and noted on the Security Release. Then,
forwards the loan proceeds directly to NCEN accounting that
are due to NCCC. City Financial and GMAC require all
proceeds due to NCCC to be sent directly to the warehouse
lenders and then the warehouse lender forwards excess
proceeds (should be equivalent to interest, premium, and
servicing fee) to NCEN Accounting. Transaction Management
forwards to NCEN Accounting, the Funding schedule after
which Accounting reconciles both proceeds to NCCC and
warehouse lenders.
The custodian will review the loan files and issue a missing
document exception report to the Trader. The Trader is responsible
for ensuring that the exception report is communicated to the NCCC
shipping department. The NCCC shipping department is
responsible for clearing exceptions. Any collateral exceptions that
cannot be cleared within two days of notification of the exception will
be removed from the sale pool.
Continued…
Coordinate and Finalize Pool Sale Population

Process Upon agreement between the Investor and the Transaction
Manager on the final loans to be included in the sale pool, the
Investor will provide the Transaction Manager with a signed
commitment letter along with a loan-level funding schedule. The
Transaction Manager is responsible for reviewing the funding
schedule to ensure that the agreed upon pricing will be paid for
each loan within the pool. If pricing deviates from the original
agreed upon price, the Transaction Manager will bring this to
the attention of the NCCC Loans Sales Management to approve
such deviation. The Funding Memo is to be reviewed and
signed by the AVP of Transaction Management or above. If the
Transaction Manager is the AVP of Transaction Management,
the Funding Memo must be signed by a VP or above. This
commonly occurs, as the original population and final
population are never the same.
Timing The coordination and finalizing of a discount pool may take from 7
to 10 days from the awarding of a sale pool.
Required The Transaction Manager keeps a copy of the final agreed upon
Documen- schedule on the NCCC network at G/Shared/SecondaryLoanSale
tation (See Approval, Authority Limits, and Access section for authorized
access). Also, a copy of the Trade Ticket, Loan Sale Bid Matrix,
Commitment Letter, Wire Instructions, Security Releases, Final
Reconciliation page of Investor funding schedule, Funding
Memo, and the Request for Release Letters should be included in
Secondary Marketing files.
General Policy
Review and Once the final approval and purchase of the loan pool occurs, the
Verify Transaction Manager will verify that the agreed upon funds have
been received from the sale of the discount pool. The Transaction
Funds
Manager is also responsible for notifying various NCCC
departments of the closing of the transaction after the payment for
the pool is received by NCCC.
Review and Verify Funds

Process Upon the agreement of the final sale population of the pool, The
Trader will prepare wire instructions for the Investor. Typically,
Investors will prefer to pay off NCCC’s warehouse lines directly. In
this case, NCCC will obtain Release Letter’s from each warehouse
line dictating wire instructions and the amounts they are to receive
to release their respective interest in the loans. Wire instructions
sent to the Investor should be on company letterhead and match the
amounts and instructions contained in Release Letter’s provided by
the warehouse lenders.
The Trader is to obtain the FED Reference Number for the funds
sent by the Investor and forward this information to the Accounting
Department. The Accounting Department will notify the Trader by
email when the funds have been received.
At the successful completion of the sale of a discount pool, the

Trader is responsible for notifying various departments within NCCC
that the transaction has closed.
Timing The review and verification of funds should be completed at the time
funds are received from the Investor.
Continued…
Review and Verify Funds

Approval The Trader is responsible for reviewing the sale proceeds. A
Require- summary of the settlement proceeds is prepared by the Trader for
ments NCCC Loan Sales Management.
Back Up In the event the Trader is unable to review and verify the funds from
Procedures the settlement, NCCC Loan Sales Management is designated to
perform such duties.
Notification Upon the completion of the pool sale, the Trader is responsible for
Require- distributing a notification to the following departments:
ments • Accounting – to reconcile the accounting records
• Loan Administration – to track sold files
• Secondary Marketing Data Management – to update
Powerseller
• Servicing – to take over and work with the investor on
transferring servicing rights and sending out of servicing
release notice to the borrowers, if applicable
• Legal – to update their records
• Shipping and Vault – to update their records
The notification should include a listing of the loans sold within the
pool.
Secondary Marketing - Policies
Loan Repurchases
Loan Repurchases Overview
The primary responsibilities of the Repurchase Specialist include:
• Receive and record initial repurchase requests from Investors

• Forward repurchase requests to either the NCCC legal department or other
Secondary Marketing personnel as directed by the Vice President of
Secondary Marketing based on the reason for repurchase
• Track the status of repurchase requests
• Coordinate the return of the loan files from the Investor’s Custodian to NCCC’s
Custodian
• After receiving the approval to repurchase the loan from NCCC Loan Sales
Management, coordinate the wiring of funds to the Investor for the repurchase
of the loan
• Coordinate repurchased loan information with the Secondary Marketing
Analyst for the inclusion of such loan into PowerSeller
The systems utilized by the Repurchase Specialist may include:

• PowerSeller
• Microsoft Excel
Skills required to perform the loan repurchase functions include:

• Knowledge of Investor Representations and Warranty Agreements
Loan Repurchases
Loan Repurchases Overview

The following summarizes the processes for the Repurchase Specialist:
• Receive and Record Initial Repurchase Requests: The Repurchase Specialist

is the designated NCCC contact person for Investors to submit repurchase
requests. Any Investor repurchase requests that come into any other NCCC
Department or NCMC departments are to be forwarded to the Repurchase
Specialist. An Investor will request NCCC to repurchase a loan for any one of the
following reasons: first payment default, fraud, appraisal value discrepancies,
regulatory compliance issue, title issues, and breach of representation and
warranty agreements. The Repurchase Specialist will log the receipt of the
request, obtain specific repurchase information, and complete a Repurchase
Summary Form. The log is located at G/Shared/SecondaryRepurchase.
• Forward Repurchase Requests to Appropriate NCCC Department: The

Repurchase Specialist submits all repurchase requests to NCCC Loan Sales
Management for review. At the direction of the VP of Secondary Marketing or
NCCC Loan Sales Management, the Repurchase Specialist will either forward the
repurchase request to another member of Secondary Marketing for investigation
or to the NCCC Legal Department, if warranted. The Repurchase Specialist will
track the progress of the investigation for the repurchase request on an on-going
basis.
• Coordinate the Return of the Loan File to NCCC: In the event that a loan is
repurchased by NCCC, the Repurchase Specialist will coordinate the return of the
collateral from the Investor to the NCCC Custodian.
• Coordinate the Wire Request for a Repurchased Loan: Upon the approval of
NCCC Loan Sales Management to repurchase a loan, the Repurchase Specialist
will complete a wire request form, which after being signed and approved by
NCCC Loan Sales Management will be forwarded to the NCCC Accounting
Department.
• Coordinate Repurchases with Data Management: Loans that have been

repurchased are added to NCCC inventory. The Repurchase Specialist will
coordinate with the Secondary Marketing Analyst to ensure that the repurchased
loan information is added to current Inventory in PowerSeller.
At the end of the month, the Repurchasing Specialist will print out a complete
copy of the Repurchase transaction spreadsheet and distribute it to the AVP, VP
and SVP of Secondary Marketing for review.
Loan Repurchases
General Policy
Receive and The Repurchase Specialist is the primary contact person for any
Record repurchase requests made by an Investor. The Repurchase
Specialist will log the receipt of the request and direct the
Initial
repurchase request to NCCC Loan Sales Management for their
Repurchase review.
Request
Receive and Record Initial Repurchase Requests

Process The Repurchase Specialist is the designated NCCC contact person
for Investors to submit repurchase request. An Investor will request
NCCC to repurchase a loan for any one of the following reasons:
• First payment default
• Fraud
• Appraisal value discrepancies
• Regulatory compliance issue
• Title issues
• Breach of representation and warranty agreements.
A request for repurchase will come from an Investor in the form of a

written letter detailing the loan to be repurchased, the repurchase
amount, and the reason(s) for the request. In the event the request
for repurchase letter is received by any other personnel in
Secondary Marketing or other departments within NCCC, such letter
should be forwarded to the Repurchase Specialist. The
Repurchase Specialist will log in the receipt of the request in a
tracking spreadsheet on the NCCC network, obtain additional
repurchase information from the Investor if required, and complete a
Repurchase Summary Form. (See Attachment 2 for a sample of
the Repurchase Summary Form.) The Repurchase Specialist will
present the Repurchase Summary Form and the request for
repurchase letter to NCCC Loan Sales Management for their
review.
Continued…
Loan Repurchases
Receive and Record Initial Repurchase Request

Timing An Investor may submit a repurchase request at any time. The
Repurchase Specialist should log the repurchase request promptly
upon receipt.
Back Up If the Repurchase Specialist is unable to receive and record the

Procedures initial repurchase request, the Trader may perform such duties.
Required The Repurchase Specialist is to save the tracking log on the NCCC
Documen- network. A copy of the of the Investor’s request for repurchase
tation should be attached to the Repurchase Summary Form and a copy
should also be saved in the Secondary Marketing files. Requests
for repurchase that are received, but denied, should also be saved
in the Secondary Marketing files for future reference.
Continued…
Loan Repurchases
Forward Repurchase Requests and Track Progress
General Policy
Forward The Repurchase Specialist is responsible for providing the
Repurchase Repurchase Summary Form and a copy of the Investor’s request for
repurchase letter to NCCC Loan Sales Management. NCCC Loan
Requests
Sales Management will determine whether the repurchase requests
and Track will be granted without investigation or if research by Secondary
Progress Marketing personnel or the NCCC Legal Department is necessary
to support the approval. The Repurchase Specialist is also
responsible for tracking the current progress of investigations
concerning repurchase requests.

Process The Repurchase Specialist will submit the Repurchase Summary
Form and the Investor’s request for repurchase letter to NCCC Loan
Sales Management for review. At the direction of NCCC Loan
Sales Management, the Repurchase Specialist will either forward
the Repurchase Summary Form and the repurchase request letter
to another member of Secondary Marketing for research or to the
NCCC Legal Department for further review and action.
In general, Secondary Marketing personnel will investigate and/or

substantiate an Investors repurchase claim if such claim is related
to:
• First payment defaults
• Appraised Values
The NCCC Legal Department will investigate and/or substantiate

and Investors repurchase claim if such claim is related to:
• Title Claims
• Litigation
• Fraud
• Violations of Representation and Warranty Agreements
In the event that a repurchase request is forwarded to the NCCC

Legal Department, the Loan Specialist will also notify the Legal
Department if they are permitted to contact the Investor directly or if
Continued…
Loan Repurchases

Process contact to the Investor should be coordinated through Secondary
Marketing. This determination is made by NCCC Loan Sales
Management and is noted on the Repurchase Summary Form. The
Legal Department will make a determination as to the validity of the
claim and will take one of the following courses of action: confirm
the need to repurchase, deny the repurchase request in writing, or
confirm that the issues are curable in the time window as specified
in the Purchase and Sales Agreements with that Investor. (See
Legal Department Policy and Procedures for the responsibilities of
the Legal Department concerning repurchases)
The Repurchase Specialist will create a hard copy file upon receipt
of the Repurchase Request. Such file will contain any
correspondence received between NCCC and the Investor. For
repurchase requests that are forwarded to the Legal Department,
the Legal Department will provide to the Repurchase Specialist a bi-
monthly report that tracks the chronology of events and work
performed on any loan repurchase request. These bi-monthly
reports will also be maintained in the Repurchase Specialist’s files.
The Repurchase Specialist will update NCCC Loan Sales
Management on outstanding repurchase requests and the loan-by-
loan status of repurchase requests each month.
NCCC Loan Sales Management will determine if NCCC will

repurchase a loan from an Investor. This decision will be based on
a review of the request and recommendations from the NCCC Legal
Department or other Secondary Marketing personnel that have
investigated the reason for repurchase. NCCC Loan Sales
Management will also determine the price at which the loan will be
repurchased. NCCC Loan Sales Management will negotiate with
the Investor should there be a discrepancy in the repurchase price
estimated by NCCC and the repurchase price requested by the
Investor. NCCC Loan Sales Management will notify the
Repurchase Specialist, through an email or written approval on the
Repurchase Summary Form, that the repurchase has been
approved.
Loan Repurchases

Timing Repurchase requests will be forwarded once NCCC Loan Sales
Management has determined the course of action regarding such
repurchase. Repurchase request progress tracking will be
performed by the Repurchase Specialist on an on-going basis.
Back Up If the Repurchase Specialist is unable to forward the repurchase

Procedures request or monitor the progress of repurchase requests, the Trader
should perform these duties.
Required The Repurchase Specialist is to maintain a hard copy file containing

Documen- all Investor correspondence, progress reports provided by the Legal
tation Department.
Loan Repurchases
General Policy
Coordinate The Repurchase Specialist is responsible for coordinating the return
the Return of the repurchased loan file from the Investor’s custodian to the
NCCC Custodian.
of Re-
purchased
Loan Files
Coordinate the Return of Repurchased Loan Files

Process In the event that NCCC Loan Sales Management approves the
repurchase of a loan from an Investor, the Repurchase Specialist is
responsible for coordinating the return of the loan file from the
Investor’s custodian to the NCCC Custodian. The Repurchase
Specialist is to direct the Investor (or the Investor’s Custodian if
requested to do so by the Investor) to send the permanent loan file
(containing original loan and title documents) to the NCCC
Custodian. The NCCC Custodian will review the file upon receipt
and discuss with the Repurchase Specialist any documents that are
missing from the File. In such a case, the Repurchase Specialist
will contact the Investor to request the missing documents. Actions
regarding the repurchase should be recorded in the repurchase
tracking log.
Loan Files that are returned to NCCC or its custodian are done so
using a Bailee Letter to protect each party’s interest. (See
Transaction Management for a description of the Bailee Letter)
In some cases, the Investor may also possess the original credit
portion of the file (appraisal, credit reports, etc.). In this case, the
Repurchase Specialist will direct the Investor via email
correspondence to send such file to the NCCC Loan Administration
(the Vault). Otherwise, the Repurchase Specialist will contact the
Loan Administration Department and request that they obtain the
credit file from permanent storage and relocate such file to the
Vault.
Continued…
Loan Repurchases
Coordinate the Return of Repurchased Loans Files

Timing The coordination of the return of repurchased loan files may occur
over a period of time. However, such process should be initiated
once the approval for repurchase of the loan is given by NCCC
Loan Sales Management.
Back Up If the Repurchase Specialist is unable to coordinate the return of the

Procedures repurchased loan files, the Trader is to perform these duties.
Required The Repurchase Specialist is to keep a copy of the Bailee Letter if

Documen- applicable, in the Secondary Marketing Repurchase File for that
tation loan.
Loan Repurchases
General Policy
Coordinate The Repurchase Specialist is responsible for obtaining from the
the Wire Investor the amount required to repurchase a loan. The
Repurchase Specialist will prepare a Wire Request Form and
Request
submit such form to NCCC Loan Sales Management for approval.
Coordinate the Wire Request for a Repurchased Loan

Process At the time of the repurchase, there may exist legal expenses,
negative escrows, interest, and corporate advance expenses
incurred by the Investor relating to the loan being repurchased. The
Repurchase Specialist is to obtain a detailed schedule of the
amounts comprising the repurchase price requested by the Investor,
as well as the wiring instructions for such Investor. The Repurchase
Specialist will forward such information to NCCC Loan Sales
Management for review. It is the responsibility of NCCC Loan Sales
Management to negotiate the repurchase price, if necessary.
Upon the verbal or written approval of NCCC Loan Sales

Management to repurchase a loan at the agreed upon price and the
receipt of the loan file from the Investor, the Repurchase Specialist
will prepare a Wire Request Form. (See Attachment 3 for a copy of
a Wire Request Form) The completed Wire Request Form will be
provided to NCCC Loan Sales Management for signature. After
signing such approval, the Repurchase Specialist will forward the
Wire Request Form to the NCCC Accounting Department for
dispersal of Funds.
Continued…
Loan Repurchases
Coordinate the Wire Request for a Repurchased Loan

Timing The Wire Request Form is to be completed by the Repurchase
Specialist upon the approval and signature of NCCC Loan Sales
Management. In addition, the Wire Request Form may not be
submitted until the loan file has been received from the Investor or
it’s custodian.
Approval NCCC Loan Sales Management is required to approve and sign the
Require- Wire Request Form for a repurchased loan.
ments
Back Up In the event the Repurchase Specialist is unable to complete the
Procedures Wire Request Form for a repurchased loan, the Trader is
designated to perform such duties.
Required The Repurchase Specialist is to keep a copy of the Wire Request

Documen- Form in the Secondary Marketing Repurchase File for that loan.
tation
Loan Repurchases
General Policy
Coordinate The Repurchase Specialist is responsible for ensuring that the
Repurchase Secondary Marketing Analyst is supplied with updated loan
information regarding repurchased loans. The Secondary
Information
Marketing Analyst will update PowerSeller with this information and
with Data ensure that the repurchased loan is added to NCCC loan inventory.
Manage-
ment
Coordinate Repurchase Information with Data Management

Process Loans that are repurchased by NCCC are to be added to inventory
by the Secondary Marketing Analyst. The Repurchase Specialist
will provide the Secondary Marketing Analyst with a spreadsheet
containing the Loan Number of the repurchased loan, the date of
repurchase, and the reason for repurchase. This spreadsheet
should be saved in a text format. The Secondary Marketing Analyst
will then import the spreadsheet into PowerSeller to update current
loan inventory. (See Data Management – Repurchase Import for
additional procedures.)
Timing The Repurchase Specialist is responsible for providing the

repurchased loan spreadsheet to the Secondary Marketing Analyst
promptly after the approval of the repurchase by NCCC Loan Sales
Management.
Back Up If the Repurchase Specialist is unable to create the repurchased

Procedures loan information spreadsheet, the Trader may perform these duties.
Required The Repurchase Specialist should save a copy of the repurchase

Documen- information spreadsheet on the NCCC network.
tation
SHIPPING
Procedure – Process Fatal Exceptions For Collateral
Packages
Overview
The following summarizes the main functions of the Shipping Department:
• Process Servicing & Collateral Packages: The Shipping Department
receives Servicing and Collateral Packages for funded loans from the
Vault area on a daily basis. The Shipping Analyst forwards the Servicing
and Collateral Packages to the Shipping Process Analyst. The Shipping
Process Analyst then sends the Servicing Package to the New Century
Mortgage Servicing Division.
• Audit The Collateral Package: The Shipping Process Analyst audits the
Collateral Package and reviews data in the Loan Origination System
(LOS). If guidelines are not met, the Shipping Process Analyst forwards
the Collateral Package to the Shipping Supervisor. If guidelines are met,
the Shipping Process Analyst generates a Corporate Assignment and
prepares the Note Endorsement to complete the Collateral Package. The
Shipping Process Analyst ships the complete Collateral Packages to
Deutsche Bank on a daily basis.
• Process Fatal Exceptions For Collateral Packages: The Shipping
Assistant receives the Daily & Aggregate Fatal Exception Reports from
You
Are Deutsche Bank. The Shipping Assistant may request the Base File (if
Here needed) or access the Imaging System to locate missing documents. The
Shipping Assistant “cures” any fatal exceptions by obtaining any missing
documents and/or correcting any documents with assistance of funder.
The “cured” documentation is then sent to Deutsche Bank in an envelope
with the daily collateral by overnight delivery.
• Monitor The Zero Collateral Report: The Shipping Supervisor receives
the Deutsche Bank Aging Report and Data Repository Shipping Report
Packages. The Shipping Supervisor compares both reports for outstanding
items that have not been received from the Branches / Offices. These
outstanding items become Zero Collateral Amounts if not received within
specified timeframes. The Shipping Supervisor reviews the Zero Collateral
Amount Exceptions from the previous day and documents all outstanding
exceptions on the Zero Collateral Report. The Shipping Supervisor
monitors the clearing of all Zero Collateral Amount Exceptions.
• Distribute The Zero Collateral Report: The Shipping Supervisor
generates the Zero Collateral Report on a daily basis. The Shipping
Supervisor distributes the report by e-mail to all appropriate parties.
Continued….
SHIPPING
Packages
Overview
• Inventory Control Audit Process: The ICAP Specialist locates the
Funding Control Sheet in the Base File and verifies the loan number and
borrower name. The ICAP Specialist reviews the HUD-1 statement and
determines whether it is an estimated or final HUD-1. The ICAP Specialist
places a barcode on the document. The ICAP Specialist enters information
into Uniform and reviews documents in the Base File. Lastly, the ICAP
Specialist turns in Base Files to the vault so that they may be imaged by
the Imaging Vendor.
• Appendix: The following information is found listed within the Shipping
Procedures: Acceptable Collateral Guidelines.
SHIPPING
Packages
(7 Steps)
Process Fatal Exceptions For Collateral Packages

The Shipping Assistant receives the Daily & Aggregate Fatal Exception Reports
from Deutsche Bank. The Shipping Assistant may request the Base File (if
needed) or access the Imaging System to locate missing documents. The
Shipping Assistant “cures” any fatal exceptions by obtaining any missing
documents and/or correcting any documents with assistance of Funder. The
“cured” documentation is then sent to Deutsche Bank in an envelope with the
daily collateral by overnight delivery.
Continued….
SHIPPING
Packages
(7 Steps)
Receive Deutsche Bank Reports
Step 1 The Shipping Assistant receives two Deutsche Bank reports

on a daily basis.
Instructions • The Shipping Assistant receives the following 2 reports

from Deutsche Bank by e-mail:
• Daily Fatal Exception Report.
• Aggregate Fatal Exception Report.
• The Shipping Assistant reviews the reports for items that
need to be immediately cleared (e.g., missing
documents).
• If needed, the Shipping Assistant:
• Requests Base Files from the Vault area by:
- The Shipping Assistant accesses the
LoanTracking System (LTS),
- The Shipping Assistant determines the location
for the Base Files,
- The Shipping Assistant requests the Base Files
by e-mail,
- The Shipping Assistant follows up for the timely
receipt of the files; OR
• Uses the Imaging System to access online copies of
the loan file documents.
Continued…
SHIPPING
Packages
(7 Steps)
Obtain Missing Documents
Step 2 The Shipping Assistant reviews the Base File or the Imaging
System to locate any missing documents.
Instructions • The Shipping Assistant reviews the Base File or the

Imaging System to locate any missing documents as
indicated on the Deutsche Bank Reports.
• If the documents are in the file or have been imaged, the
Shipping Assistant makes a copy of the documents.
• If the documents are not in the file or have not been
imaged, the Shipping Assistant contacts the appropriate
parties (Funder and/or Account Manager) to obtain the
documents or needed funding corrections.
• The Shipping Assistant follows up for the timely receipt of
the documents and/or funding corrections.
• After receiving the documents, the Shipping Assistant
places the documents aside until they are ready to be
shipped to Deutsche Bank. Refer to Step 5, Forward
“Cured” Fatal Exceptions To Deutsche Bank.
Continued…
SHIPPING
Packages
(7 Steps)
Correct LOS Data Errors
Step 3 After reviewing the Base File or Imaging System, the Shipping
Assistant corrects any information in the appropriate Loan
Origination System (LOS).
Instructions • The Shipping Assistant reviews the Base File or the

Imaging System for any incorrect information indicated on
the Deutsche Bank Reports.
• The Shipping Assistant corrects the information (e.g.,
typos) in the appropriate LOS screens that Shipping has
access to.
• The Shipping Assistant also request LOS changes from
the Funder or Account Manager when any LOS data is
locked.
• The Shipping Assistant also re-prints any documents from
the LOS after correcting LOS data, if applicable.
• The Shipping Assistant places the documents aside until
they are ready to be shipped to Deutsche Bank. Refer to
Step 5, Forward “Cured” Fatal Exceptions To Deutsche
Bank.
Continued…
SHIPPING
Packages
(7 Steps)
Create Collateral Production Report
Step 4 The Shipping Assistant creates the Collateral Production

Report on a daily basis
Instructions • The Shipping Assistant accesses the Loan Origination

System (LOS).
• The Shipping Assistant generates the Collateral
Production Report from the LOS.
• The Shipping Assistant transfers the report into Excel
format.
• The Shipping Assistant sends the Excel Format Report to
the appropriate distribution list at the end of each day.
Continued…
SHIPPING
Packages
(7 Steps)
Forward “Cured” Fatal Exceptions To Deutsche Bank
Step 5 The Shipping Assistant forwards proof of the “cured” fatal

exceptions to Deutsche Bank.
Instructions • The Shipping Assistant creates a transmittal list for the

“cured” fatal exceptions.
• The Shipping Assistant places the proof for the “cured”
fatal exceptions in an envelope along with the transmittal
list.
• The Shipping Assistant sends envelope to Deutsche Bank
with the daily collateral delivery by overnight courier.
• The Shipping Assistant receives a confirmation from
Deutsche Bank that the documentation has been
received.
Continued…
SHIPPING
Packages
(7 Steps)
Requests For Corporate Assignments
Step 6 The Shipping Assistant also may respond to requests for

Corporate Assignments received by e-mail, fax or regular
mail.
Instructions • The Shipping Assistant receives the request for the

Corporate Assignments.
• The Shipping Assistant generates the State Specific
Corporate Assignment from the LOS.
• The Shipping Assistant audits the State Specific
Corporate Assignment for accuracy.
• The Shipping Assistant ensures that the Corporate
Assignment is signed and executed properly.
• The Shipping Assistant forwards the Corporate
Assignment to the requesting party.
Continued…
SHIPPING
Packages
(7 Steps)
Resolve Collateral Issues
Step 7 The Shipping Assistant also may respond to requests to

resolve collateral issues.
Instructions • The Shipping Assistant receives a request to resolve a

collateral issue (e.g., lost Note).
• The Shipping Assistant resolves the collateral issue (e.g.,
create Lost Note Affidavit).
• The Shipping Assistant ensures that the collateral
resolution is executed properly, if needed.
• The Shipping Assistant forwards the collateral resolution
to the requesting party.

New Century Capital Corporation Secondary Marketing Policies

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SECONDARY MARKETING

Policies – Table Of Contents

Page 1 of 77 (10/13/05) Latest revised items in bold blue.

Page 2 of 77 (10/13/05) Latest revised items in bold blue.

Periodic Inventory Reporting .................................................................................... 43

Page 3 of 77 (10/13/05) Latest revised items in bold blue.

Forward Repurchase Requests and Track Progress ............................................... 70

Page 4 of 77 (8/22/05) Latest revised items in bold blue.

Page 5 of 77 (8/22/05) Latest revised items in bold blue.

Secondary Marketing Functions

Senior Vice-President of Secondary Marketing – Responsible

NCCC Loan Sales Management – Includes both the President

Secondary Marketing Analyst – Responsible for maintaining

Trader/Trading Activities (VP of Secondary Marketing or

Transaction Management – Responsible for scheduling due

Repurchase Specialist – (Reports to Manager of

Page 6 of 77 (8/22/05) Latest revised items in bold blue.

Secondary Marketing Functions

Access to Systems and Files

Page 7 of 77 (8/22/05) Latest revised items in bold blue.

Secondary Marketing Functions

Commitment Loan Sales:

Premium and Discount Loan Sales:

Page 8 of 77 (8/22/05) Latest revised items in bold blue.

Secondary Marketing Functions

Other Areas Relating to Secondary Marketing:

Disaster The following personnel are approved to perform designated

NCCC has established corporate business contingency and

Page 9 of 77 (8/22/05) Latest revised items in bold blue.

Secondary Marketing Functions

NCCC Secondary Marketing has established a representative

Page 10 of 77 (8/22/05) Latest revised items in bold blue.