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Underlying Collateral

Secondary Market Investment Vehicle


Tangible
Promissory Security Intangible
Note Instrument
Lender 5 Laws Local
UCC Article 3 Jurisdiction Secondary Market
Custodian
Electronic (Lender 5)
Mortgage
Package Transfer
(Certificate’s Collateral) Lien Negotiation #4 of Note
[Trustee] Rights Recordation (Lien Perfection)
Security Instrument Investment Vehicle
#4
Pooling & Servicing Agreement

Promissory Security
Note Instrument
Lender 4 Laws Local
UCC Article 3 Jurisdiction Secondary Market
Trustee
Electronic (Lender 4)
Mortgage
Package Transfer
(Certificate’s Collateral) Lien Negotiation #3 of Note
[Depositor] Right Recordation (Lien Perfection)
Security Instrument Investment Vehicle
#3
Pooling & Servicing Agreement

Promissory Security
Note Instrument
Lender 3 Laws Local
UCC Article 3 Jurisdiction Secondary Market
Depositor
Electronic (Lender 3)
Mortgage
Package Transfer
(Certificate’s Collateral) Lien Negotiation #2 of Note
[Securitizer] Rights Recordation (Lien Perfection)
#2 Security Instrument Investment Vehicle
Pooling & Servicing Agreement

Promissory Security
Note Instrument
Lender 2 Laws Local
UCC Article 3 Jurisdiction Secondary Market
Investment Vehicle with Underlying Collateral
Securitizer
(Lender 2)
Electronic Transfer
Mortgage Lien Paper Documents
Package Rights Vaulted
(Certificate’s Collateral) #1 Or Destroyed

Collateral (Mortgage Package)


Conversion – Paper to Electronic

Promissory Security Negotiation #1 of Note


Negotiation #1 Of Note Instrument Recordation (Lien Perfection)
Electronic Note Lender 1 Security Instrument
UCC Article 3 UCC Article 9

Security
Paper Paper Mortgage Package Instrument
Promissory
Perfection
Note
Lender 1
Lender 1
UCC Article 3 Loan Origination Laws of Local
Jurisdiction

Copyright 2010 J.McGuire P O Box 1352, Bedford, Texas 76095-1352 Rev (1) May 27, 2010