Bulk Primary First Lien Master Policy (2006)Full Document 

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SCHEDULE ENDORSEMENT TO
BULK PRIMARY FIRST LIEN MASTER POLICY
(the “Policy”)


POLICY ISSUED TO:
ATTACHED TO AND FORMING
 
PART OF POLICY NUMBER:
   
U.S. Bank National Association solely
21046-0030-1
In its Capacity as Trustee for
 
BNC Mortgage Loan Trust 2006-1
 
60 Livingston Avenue
 
Saint Paul, Minnesota 55107
 
   
EFFECTIVE DATE OF POLICY:
EFFECTIVE DATE OF SCHEDULE
 
ENDORSEMENT: 
September 1, 2006
September 1, 2006

The Schedule Endorsement hereby extends coverage under the above Policy of Insurance, from and after the date of this Schedule Endorsement, to those Loans listed in the Certificate Schedule attached hereto and made a part to this Schedule Endorsement (herein called “Schedule A”).

The term “Effective Date” for the Loan(s) covered by this Schedule Endorsement shall mean the date stated above.

Except for the foregoing amendments, the Policy and all terms, conditions, provisions, and limitations of the Policy remain in full force and effect. None of the terms, conditions, provisions and limitations of the Policy have been varied, waived, altered or extended in any manner except as expressly set forth in this Schedule Endorsement.

IN WITNESS WHEREOF, the Company has caused this Endorsement to be signed by its duly authorized officers as of the Effective Date first above stated.


PMI MORTGAGE INSURANCE CO.

BY:
 
BY:
 
President
   
Secretary



No
Certificate Number
Loan Number
Coverage %
Loan Level Premium
1
40575332
121819296
37
2.438
2
40575341
121819676
34
1.902
3
40575359
121819734
34
1.641
4
40575367
121820062
34
2.582
5
40575375
121820252
30
0.698
6
40575383
121820708
32
1.379
7
40575391
121821276
37
0.797
8
40575405
121821284
30
1.090
9
40575413
121821359
40
1.987
10
40575421
121821375
34
2.365
11
40575430
121821615
40
2.307
12
40575448
121821656
30
1.123
13
40575456
121821748
34
2.055
14
40575464
121822415
26
0.770
15
40575472
121822928
28
0.929
16
40575481
121823157
30
2.604
17
40575499
121824338
30
0.575
18
40575502
121824346
34
1.360
19
40575511
121824932
34
1.334
20
40575529
121825194
37
2.543
21
40575537
121826135
30
0.984
22
40575545
121826424
39
1.919
23
40575553
121827067
37
0.593
24
40575561
121827893
34
1.252
25
40575570
121828537
34
2.249
26
40575588
121829212
30
1.063
27
40575596
121829220
34
0.497
28
40575600
121829287
34
1.364
29
40575618
121830020
37
2.494
30
40575626
121830343
37
2.736
31
40575634
121830350
30
1.003
32
40575642
121830442
34
1.692
33
40575651
121830467
32
1.438
34
40575669
121830632
37
2.314
35
40575677
121831010
32
1.309
36
40575685
121831127
36
2.819
37
40575693
121831143
30
0.506
38
40575707
121832273
30
1.017
39
40575715
121832794
30
1.018
40
40575723
121832844
37
0.970
41
40575731
121832950
37
1.550
42
40575740
121833016
37
1.816
43
40575758
121833321
37
1.290
44
40575766
121834097
37
2.533
45
40575774
121834675
30
1.078
46
40575782
121834998
30
0.822
47
40575791
121835201
31
0.662
48
40575804
121835417
30
0.994
49
40575812
121835532
29
1.028
50
40575821
121836787
37
1.033
51
40575839
121836928
30
0.526
52
40575847
121837330
34
1.470
53
40575855
121837439
34
0.774
54
40575863
121837470
29
0.754
55
40575871
121837926
34
1.703
56
40575880
121837975
34
1.654
57
40575898
121838031
30
1.020
58
40575901
121838064
30
0.944
59
40575910
121838155
30
1.701
60
40575928
121838197
33
0.805
61
40575936
121838254
34
1.596
62
40575944
121838437
30
1.040
63
40575952
121838510
36
1.178
64
40575961
121838643
34
1.626
65
40575979
121838726
34
1.548
66
40575987
121839930
33
1.745
67
40575995
121841241
30
1.846
68
40576002
121841886
30
1.454
69
40576011
121842058
30
2.735
70
40576029
121842074
30
1.199
71
40576037
121842090
34
1.854
72
40576045
121842140
40
2.644
73
40576053
121842215
30
1.149
74
40576061
121843510
30
0.926
75
40576070
121844179
30
0.907
76
40576088
121844393
30
0.621
77
40576096
121844484
40
1.320
78
40576100
121845531
30
2.526
79
40576118
121845796
34
0.814
80
40576126
121845960
40
3.253
81
40576134
121846125
34
0.503
82
40576142
121846513
30
0.715
83
40576151
121846570
37
1.574
84
40576169
121847487
30
1.181
85
40576177
121847503
30
1.206
86
40576185
121847560
37
1.895
87
40576193
121847669
36
1.670
88
40576207
121847800
27
2.566
89
40576215
121848295
34
1.418
90
40576223
121848378
37
1.291
91
40576231
121848402
34
0.618
92
40576240
121848543
29
0.660
93
40576258
121848840
30
0.874
94
40576266
121849053
34
0.982
95
40576274
121849061
35
2.328
96
40576282
121849467
30
0.738
97
40576291
121849814
34
0.575
98
40576304
121849830
40
2.811
99
40576312
121850135
34
0.705
100
40576321
121850291
30
1.506
101
40576339
121850960
30
2.272
102
40576347
121851083
34
0.647
103
40576355
121851091
34
0.789
104
40576363
121851489
37
2.170
105
40576371
121851547
34
0.517
106
40576380
121851919
30
0.610
107
40576398
121852214
30
0.431
108
40576401
121852586
34
1.412
109
40576410
121853014
30
0.879
110
40576428
121853071
30
1.171
111
40576436
121853147
34
1.374
112
40576444
121853410
34
1.552
113
40576452
121853501
28
0.739
114
40576461
121853519
37
0.757
115
40576479
121854715
40
2.571
116
40576487
121855035
30
1.760
117
40576495
121855084
33
1.896
118
40576509
121855225
34
2.098
119
40576517
121855282
30
0.948
120
40576525
121855308
34
1.392
121
40576533
121855472
34
0.752
122
40576541
121855589
40
1.250
123
40576550
121855688
40
2.538
124
40576568
121855746
34
0.818
125
40576576
121855787
34
1.077
126
40576584
121855803
30
2.246
127
40576592
121856066
34
1.898
128
40576606
121856090
34
1.989
129
40576614
121856595
30
0.641
130
40576622
121856991
34
1.597
131
40576631
121857627
34
1.550
132
40576649
121857668
30
1.112
133
40576657
121857734
37
2.102
134
40576665
121857999
34
2.753
135
40576673
121858351
37
2.444
136
40576681
121858807
34
0.529
137
40576690
121859144
30
0.371
138
40576703
121859771
30
1.649
139
40576711
121859797
40
2.192
140
40576720
121859821
30
1.169
141
40576738
121859847
34
1.521
142
40576746
121860050
34
1.078
143
40576754
121860126
30
0.892
144
40576762
121860415
37
2.075
145
40576771
121860613
30
2.574
146
40576789
121860993
40
2.073
147
40576797
121861074
34
2.085
148
40576801
121861157
30
1.535
149
40576819
121861322
34
2.176
150
40576827
121861330
32
1.416
151
40576835
121861637
30
1.139
152
40576843
121863070
37
2.544
153
40576851
121863302
30
0.683
154
40576860
121863583
37
0.775
155
40576878
121863757
37
1.845
156
40576886
121863872
37
2.485
157
40576894
121864235
40
2.803
158
40576908
121865794
37
0.902
159
40576916
121866222
37
1.686
160
40576924
121866404
33
1.168
161
40576932
121867469
27
0.878
162
40576941
121867683
34
1.134
163
40576959
121867964
37
0.899
164
40576967
121868210
34
1.049
165
40576975
121868319
35
0.704
166
40576983
121868376
34
1.331
167
40576991
121868772
37
1.819
168
40577009
121868830
34
1.402
169
40577017
121870463
34
2.123
170
40577025
121871297
34
1.343
171
40577033
121871370
30
1.495
172
40577041
121871495
34
1.487
173
40577050
121872030
37
3.381
174
40577068
121872279
30
0.916
175
40577076
121872394
30
1.494
176
40577084
121872436
37
1.058
177
40577092
121873020
34
1.694
178
40577106
121874762
30
0.961
179
40577114
121875090
34
0.541
 


PMI Mortgage Insurance Co.
 
BULK PRIMARY FIRST LIEN MASTER POLICY
BULK QUALITY PROGRAM ENDORSEMENT


 
BULK QUALITY PROGRAM ENDORSEMENT TO
BULK PRIMARY FIRST LIEN MASTER POLICY,
FORMS UW 2510.00 (09/00) &
UW 2511.00 TX (09/00)


Section VI., C., (Representations and Reliance; Incontestability) is hereby deleted in its entirety and there is substituted in its place the following:

C.  Representations and Reliance; Incontestability - The Company is extending coverage under the Policy to Loans pursuant to the Bulk Quality Program in reliance upon the truth and accuracy of the information contained in the Application, including information in the Insured's Loan files and the statements made in the electronic transmittal of Loan information to PMI. The Insured agrees that statements made by any First Party in any documents submitted to the Insured at the time the Loan is originated, are deemed to be the representations of the Insured. No Claim payable under this Policy with respect to a Loan, arising from a Default otherwise covered under the Policy, will be denied, nor will the Certificate for such Loan be rescinded based on any misrepresentation made by any person other than a First Party in the Application or in the electronic transmittal of Loan information to PMI.
 
All conditions of the Policy not modified by this Endorsement remain in full force and effect for all Loans insured under the Policy.

 
This Bulk Quality Program Endorsement attaches to Bulk Primary Master Policy Number_21046-0030-0_ and is effective as of _09/01/06__

 
PMI Mortgage Insurance Co.
 
BULK PRIMARY MASTER POLICY
BULK QUALITY PROGRAM ENDORSEMENT


 
ENDORSEMENT TO
BULK PRIMARY FIRST LIEN MASTER POLICY,
FORMS UW 2510.00 & UW 2511.00 TX

 
It is understood and agreed that the Bulk Primary First Lien Master Policy (“Policy”) is amended as follows:
 
The following provision is added as a new Section III.,L. (“Blocked Persons Exclusion”):

 
L.
Any Claim arising from or related to a Loan made null and void by any of the provisions of the Office of Foreign Asset Control Regulations found in Title 31, Chapter V, Parts 500 through 598 of the United States Code of Federal Regulations, or any other state or federal statute or regulation prohibiting the making of a Loan to a specified Person.
 
 
All other terms and conditions of the Policy remained unchanged.

 
BULK PRIMARY
FIRST LIEN MASTER POLICY


3003 Oak Road
Walnut Creek, California 94597


PMI Mortgage Insurance Co. (an Arizona corporation hereinafter called the "Company") agrees to pay to the Insured, in consideration of the premium or premiums to be paid as hereinafter specified and in reliance upon the Insured's representations and statements made in any Application for coverage under this Policy, any loss due to the Default by a Borrower on a Loan, subject to the terms and conditions contained herein.

To obtain information about this Policy, to register a complaint or to obtain information about related mortgage guaranty insurance products and services offered by the Company, the insured or its servicer may call the Company toll free at 800-288-1970.


U.S. Bank National Association solely in its capacity as                           21046-0030-0
Trustee for BNC Mortgage Loan Trust 2006-1
60 Livingston Avenue
Saint Paul, Minnesota 55107

IN WITNESS WHEREOF, the Company has caused its Corporate Seal to be affixed hereto and these presents to be signed by its duly authorized officers in facsimile to become effective as its original seal and signature and binding on the Company.

PMI Mortgage Insurance Co.
 

 
David Katkov, President
 
Victor J. Bacigalupi, Secretary

Authorized Representative
 
1

 
BULK PRIMARY
FIRST LIEN MASTER POLICY



TERMS AND CONDITIONS

I.
Definitions

 
A.
Acquisition Option means the method of determining the amount of the Insurance Benefit with respect to a Loan as set forth in Section V., C., 1.

 
B.
Advances means the reasonable and necessary sums paid by the Insured with respect to Loan after Default, for the following:

 
1.
Hazard insurance premiums;

 
2.
Real estate property taxes;

 
3.
Property protection and preservation expenses;

 
4.
Property sales expenses;

 
5.
Customary foreclosure costs including Court Expenses and reasonable attorney's fees;

 
6.
Costs of other customary legal proceedings, as may be necessary to obtain Good and Merchantable Title to or Possession of the Property; and

 
7.
Loss mitigation expenses.

 
C.
Anticipated Loss means, in connection with a Claim, an amount equal to the Company's cost of paying the full Claim Amount calculated in accordance with Section V., B., less the amount the Company reasonably anticipates receiving as net proceeds of the sale of the Property, subtracting also from such proceeds all anticipated costs of the sale and holding costs, but in any event, such amount shall never be greater than the Loss calculated under the Percentage Option in accordance with Section V., C., 2.
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