EX-34.2 11 d891594dex342.htm EX-34.2 EX-34.2

Exhibit 34.2

 

KPMG LLP
Suite 1400
55 Second Street
San Francisco, CA 94105

Report of Independent Registered Public Accounting Firm

The Board of Directors

First Republic Bank:

We have examined management’s assessment, included in the accompanying Management Assessment, that First Republic Bank (the Bank) complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for residential mortgage loans serviced for others (the Platform), except for the servicing criteria 1122(d)(1)(iii), 1122(d)(3)(i)(C), and 1122(d)(4)(xv), which the Bank has determined are not applicable to the activities it performs with respect to the Platform, as of and for the year ended December 31, 2014. Appendix A to the Management Assessment identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible for the Bank’s compliance with the servicing criteria. Our responsibility is to express an opinion on management’s assessment about the Bank’s compliance based on our examination.

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

As described in the accompanying Management’s Assessment, for servicing criteria 1122(d)(4)(iv), 1122(d)(4)(xi), and 1122(d)(4)(xii), the Bank has engaged certain vendors to perform the activities required by these servicing criteria. The Bank has determined that none of these vendors are deemed to be “servicers” as defined in Item 1101(j) of Regulation AB, and the Bank has elected to take responsibility for assessing compliance with the servicing criteria applicable to these vendors as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). As permitted by Interpretation 17.06, the Bank has asserted that it has policies and procedures in place designed to provide reasonable assurance that the vendors’ activities comply in all material respects with the servicing criteria applicable to each vendor. The Bank is solely responsible for determining that it meets the SEC requirements to apply Interpretation 17.06 for the vendors and related criteria as described in its assertion, and we performed no procedures with respect to the Bank’s eligibility to apply Interpretation 17.06.

In our opinion, management’s assessment that First Republic Bank complied with the aforementioned servicing criteria, including 1122(d)(4)(iv), 1122(d)(4)(xi), and 1122(d)(4)(xii) for which compliance is determined based on Interpretation 17.06 as described above, as of and for the year ended December 31, 2014 is fairly stated, in all material respects.

 

/s/ KPMG LLP

San Francisco, California

February 27, 2015

KPMG LLP is a Delaware limited liability partnership,

the U.S. member firm of KPMG International Cooperative

(“KPMG International”), a Swiss entity.

Appendix A

 

Investor #

     

Investor Name

    Loan Count      Balance  
  50       First Republic Preferred Capital Corp. I      33       $ 34,740,119.74   
  70       Intrepid LLLP      7       $ 5,674,527.77   
  120       Redwood Trust (Bear Stearns)      26       $ 21,950,455.68   
  122       Sequioa 2007-2      45       $ 45,093,047.34   
  123       SEMT 2007-3      13       $ 18,345,837.27   
  124       CSMC Trust 2014-SAF1      1       $ 888,460.11   
  126       MTGLQ Investors, L.P.      139       $ 103,063,741.54   
  127       OneWest Bank N.A.      771       $ 643,760,103.64   
  128       Sequoia Mortgage Trust 2014-1      75       $ 66,366,575.13   
  129       STIFEL BANK & TRUST      46       $ 47,083,151.62   
  131       Morgan Stanley Mortgage      197       $ 209,222,128.75   
  132       JP Morgan Mortgage Trust 2014-2      332       $ 156,824,181.69   
  133       Sequoia Mortgage Trust 2013-12      47       $ 38,385,072.09   
  134       CSMC 2014-IVR3      61       $ 38,298,317.32   
  135       Citizens Bank, N.A And Various      3       $ 2,077,863.71   
  136       MSRM Loan Trust 2014-1      283       $ 248,678,800.88   
  137       Sequoia Mortgage Trust 2014-3      69       $ 58,277,857.97   
  138       J.P. Morgan Trust 2014-IVR3      93       $ 120,724,648.02   
  141       Delta Community Credit Union      24       $ 30,225,275.87   
  142       Sequoia Mortgage Trust 2013-12      56       $ 49,681,314.66   
  143       CSMC Trust 2014-IVR1      10       $ 9,016,876.51   
  144       CSMC Trust 2013-IVR5      1       $ 639,044.11   
  145       JP Morgan Mortgage TR 2014-1      53       $ 48,410,655.33   
  146       Florida Community Bank, N.A.      42       $ 46,574,295.35   
  147       Citizens Bank of Pennsylvania      98       $ 83,735,591.00   
  149       Hudson Valley Bank      6       $ 8,671,918.72   
  151       CMSC Trust 2013-7      2       $ 1,812,926.56   
  152       Sequoia Mortgage Trust 2013-11      16       $ 14,102,222.94   
  153       Sequoia Mortgage Trust 2013-10      2       $ 1,432,761.41   
  154       CSMC Trust 2013-6      19       $ 21,190,469.62   
  155       JP Morgan Mortgage Trust 2013-3      119       $ 127,861,596.09   
  156       NRP Mortgage Trust 2013-1      447       $ 413,054,672.75   
  157       CSMC Trust 2013-HYB1      323       $ 351,108,854.80   
  158       CSMC Trust 2013-IVR4      36       $ 37,609,855.05   
  162       Citigroup Mortgage Loan Trust Series 2005-6      32       $ 17,114,284.11   
  163       SAMI II 2005-AR2      92       $ 85,075,788.57   
  164       MLCC 2005-3      39       $ 33,039,989.89   
  165       MLMI 2005-A10      31       $ 31,487,043.82   
  166       Redwood Residential Acquisition Corp      181       $ 159,865,223.85   
  167       Sequoia Mortgage Trust 2011-1      29       $ 27,974,460.36   
  168       Sequoia Mortgage Trust 2011-2      76       $ 53,094,103.93   
  169       Sequoia Mortgage Trust 2012-1      81       $ 75,202,377.19   
  172       SEMT 2012-2      91       $ 84,920,208.49   
  173       SEMT 2013-1      20       $ 21,661,957.36   
  174       Sequoia Mortgage Trust 2012-3      77       $ 77,287,081.95   
  175       Harbor View 2003-2 (formerly Greenwich)      6       $ 2,628,829.52   
  176       Harbor View 2004-1 (formerly Greenwich)      22       $ 9,866,750.16   
  177       Harbor View 2004-5 (formerly Greenwich)      7       $ 3,984,002.95   
  178       Harbor View 2006-6      1       $ 401,075.01   
  179       Harbor View 2007-6      1       $ 484,158.17   
  180       MASTR 2003-5 (formerly UBS Warburg)      3       $ 1,919,609.86   
  181       Sequoia Mortgage Trust 2012-5      74       $ 70,291,993.04   
  182       Sequoia Mortgage Trust 2013-2      314       $ 284,437,931.21   
  183       Sequoia Mortgage Trust 2013-3      80       $ 76,572,832.22   
  184       Sequoia Mortgage Trust 2013-4      58       $ 61,645,657.44   
  185       MASTI 2003-4 (formerly UBS Warburg)      7       $ 4,595,449.38   
  187       Sequoia Mortgage Trust 2013-7      14       $ 11,689,933.19   
  188       Sequoia Mortgage Trust 2013-8      4       $ 2,581,364.55   
  189       CSMC Trust 2013-IVR3      30       $ 36,418,802.74   

Appendix A

 

Investor #

     

Investor Name

    Loan Count      Balance  
  191       CSFB 2004-5      2       $ 614,451.60   
  192       CSFB 2004-6      5       $ 884,699.21   
  193       CSFB 2004-7      1       $ 300,373.04   
  194       TIAA-CREF Trust Company, FSB      295       $ 192,451,699.79   
  195       MLMI 2005-A1      17       $ 8,369,269.02   
  196       Merrill Lynch Bank      29       $ 25,013,573.13   
  197       MLCC 2006-2      59       $ 33,519,471.51   
  199       Sequoia Mortgage Trust 2012-4      56       $ 55,973,052.61   
  200       Sequoia Mortgage Trust 2012-6      34       $ 33,015,579.11   
  201       JP Morgan Mortgage Acq. Corp.      1314       $ 1,337,996,283.50   
  203       Scottrade Bank      110       $ 55,422,563.04   
  204       JP Morgan Mortgage Trust 2013-1      272       $ 200,883,658.37   
  207       CSMC Trust 2013-IVR1      103       $ 88,378,639.07   
  209       CSMC Trust 2013-1VR2      176       $ 162,525,143.67   
  210       Washington Mutual (formerly Bank United of Texas)      1       $ 25,365.60   
  215       Bank United N.A.      36       $ 37,858,118.19   
  216       North Valley Bank      13       $ 14,456,729.54   
  217       Signature Bank      17       $ 22,514,523.24   
  218       RBS Financial Products Inc.      2       $ 1,276,490.33   
  227       Washington Mutual (formerly Bank United of Texas)      3       $ 116,885.32   
  243       Chase Mortgage Services, Inc.      1       $ 206,346.40   
  244       Independent National Mortgage      1       $ 349,037.04   
  248       Washington Mutual Bank, Flow Sales (PNC)      2       $ 517,779.73   
  250       CitiMortgage      9       $ 3,487,508.13   
  260       CitiMortgage      14       $ 2,817,580.92   
  312       Residential Funding      27       $ 9,143,979.50   
  313       BofA Funding 2011-SDI      1       $ 659,107.61   
  330       U.S. Bank      2       $ 251,928.72   
  355       Thornburg Mortgage (Wells Fargo Master Servicer)      536       $ 382,743,146.34   
  356       Thornburg 2008-1      3       $ 1,761,970.83   
  357       Everbank      24       $ 22,469,450.03   
  358       DLJ Mortgage Capital, Inc.      31       $ 28,375,964.43   
  360       Northfield Bank      213       $ 182,506,907.88   
  361       JP Morgan Trust 2014-OAK4      12       $ 14,115,811.37   
  362       JP Morgan Mortgage Trust 2014-5      197       $ 138,108,473.03   
  363       Sequoia Mortgage Trust 2014-4      126       $ 111,076,435.22   
  364       JP Morgan Mortgage TR2014-IVR6      386       $ 385,088,266.52   
  414       Federal Home Mortgage Loan Association      7       $ 401,468.57   
  415       FNMA MBS      6       $ 432,331.24   
  510       CitiMortgage      6       $ 709,416.98   
  515       Fannie Mae-Laser      4700       $ 1,585,203,666.02   
  516       Bank of New Canaan      3       $ 4,673,224.00   
  633       Chase Mortgage Services, Inc.      3       $ 133,428.61   
  636       Bank United of Florida      1       $ 26,713.35   
  637       Bank of America      4       $ 268,431.65   
  720       2002-FRB2 REMIC      28       $ 16,452,824.12   
  730       2002-FRBI REMIC      45       $ 25,392,444.06   
  740       2001-FRB1 REMIC      55       $ 38,356,015.51   
  750       Washington Mutual Bank      1       $ 427,738.92   
  760       2000-FRB1 REMIC      20       $ 7,501,407.06   
  770       Bear Stearns      12       $ 3,447,367.50   
  775       AAR BART 2003-5 (Bear Stearns)      28       $ 9,563,064.60   
  777       HVMLT 2006-13      1       $ 747,588.23   
  780       2000-FRB2 REMIC      31       $ 15,340,594.50   
  614       Federal Home Loan Mortgage Association      1       $ 48,273.76   
     

 

 

     

 

 

  

Total

   13,947    $ 9,603,226,391.27