Wilmington Trust, N.A. -
Trustee
Wilmington Trust -
Indenture Trustee
Navient Solutions -
Servicer and Administrator
Earnest Operations LLC -
Depositor
Collection Period 07/01/2019 - 07/31/2019
Distribution Date 08/26/2019
Monthly Servicing Report
Deal Parameters I.
07/31/2019 06/30/2019
Variable Rate Pool Student Loan Portfolio Characteristics
A Fixed Rate Pool Variable Rate Pool Fixed Rate Pool
132.67 131.91
Weighted Average Remaining Term 109.49 109.08
271 264 Number of Loans 912 895 271 264 Number of Borrowers 910 893 Pool Factor 0.292818705 5.39% 5.38% 6.04% 6.06% Weighted Average Net Coupon
Weighted Average Coupon (WAC) 6.31% 5.63% 6.28% 5.64%
Adjusted Pool Balance $ 11,395,032.35 $ 43,600,148.81 $ 10,942,648.88 $ 41,826,171.13
Reserve Account Balance $ 76,938.00 $ 156,249.00 $ 76,938.00 $ 156,249.00
$ 43,443,899.81 $ 10,865,710.88 $ 41,669,922.13
Pool Balance $ 11,318,094.35
Debt Securities Cusip/Isin
B 07/25/2019 08/26/2019 27034MAA2 A1 $9,457,876.85 $9,082,398.57 27034MAB0 A2 $36,188,123.51 $34,715,722.04 27034MAC8 B $4,619,595.22 $4,432,580.88 27034MAD6 C $2,199,807.25 $2,110,752.80 AllBonds $999.00 $999.00
Class B Liquidity Account $ 20,047.50 $ 20,047.50
$ 156,249.00 $ 156,249.00
Class A-2 Reserve Account
C Account Balances 07/25/2019 08/26/2019
$ 76,938.00 $ 76,938.00
Class A-1 Reserve Account
Class C Liquidity Account $ 8,881.50 $ 8,881.50
Actual Overcollateralization Amount $1,937,155.50 $1,860,250.31
Specified Overcollateralization Amount $1,937,155.50 $1,860,250.31
17.00% 17.00% 08/26/2019 07/25/2019 Asset / Liability D
Class A-1 Overcollateralization Percentage
Class A-2 Overcollateralization Percentage 17.00%
Specified Overcollateralization Amount Actual Overcollateralization Amount
$7,412,025.30 $7,412,025.30
17.00% $7,110,449.09
Class B Overcollateralization Percentage Specified Overcollateralization Amount Actual Overcollateralization Amount
8.60% $4,729,585.58 $4,729,585.58 Class C Overcollateralization Percentage
Specified Overcollateralization Amount Actual Overcollateralization Amount
$ 0.00 Excess Transferred from Other Accounts
I
$ 0.00
H Initial Deposits to Collection Account
$ 0.00 Loan Sale or Purchase Proceeds
G
$ 0.00 Funds Repaid from Prior Collection Period
F
$ 0.00 Funds Borrowed from Next Collection Period
E
$ 4,352.94
D Investment Income Recoveries on Realized Losses
C $ 500.00
Student Loan Interest Receipts
B
$ 195,962.52 Total Interest Receipts
$ 0.00 Other Interest Deposits
$ 0.00 Delinquent Interest Purchases by Servicer
$ 0.00 Servicer Interest Reimbursement
$ 0.00 Seller Interest Reimbursement
$ 0.00 Consolidation Activity Interest
$ 195,962.52 Borrower Interest
$ 1,773,974.45 Total Principal Receipts
$ 0.00 Other Principal Deposits
$ 0.00 Delinquent Principal Purchases by Servicer
$ 0.00 Servicer Principal Reimbursement
$ 0.00 Seller Principal Reimbursement
$ 0.00 Consolidation Activity Principal
$ 1,773,974.45 Borrower Principal
Student Loan Principal Receipts
A Variable Rate Pool Fixed Rate Pool
II. 2016-D Trust Activity 07/01/2019 through 07/31/2019
L Other Deposits $ -
$ 0.00 Gross Swap Receipt
K
$ 0.00
J Borrower Benefit Reimbursements
$ 0.00 Other Fees Collected
M O Q $ 1,974,789.91 $ 0.00 AVAILABLE FUNDS $ 0.00 $ 3.23 P
Aggregate Loan Substitutions
Aggregate Purchased Amounts by the Depositor, Servicer or Seller N
Non-Cash Principal Activity During Collection Period
Variable Rate Pool
07/31/2019 06/30/2019
Wtd Avg Coupon # Loans Principal % of Principal Wtd Avg Coupon # Loans Principal % of Principal
REPAYMENT: CURRENT 6.26% 262 $10,676,426.60 98.26% 6.28% 268 $11,085,403.10 97.94%
31-60 DAYS DELINQUENT 0.00% 0 $0.00 0.00% 7.27% 1 $45,266.36 0.40%
61-90 DAYS DELINQUENT 7.25% 1 $45,266.36 0.42% 0.00% 0 $0.00 0.00%
FORBEARANCE 7.79% 1 $144,017.92 1.33% 7.77% 2 $187,424.89 1.66%
TOTAL 264 $10,865,710.88 100.00% 271 $11,318,094.35 100.00%
Fixed Rate Pool
07/31/2019 06/30/2019
Wtd Avg Coupon # Loans Principal % of Principal Wtd Avg Coupon # Loans Principal % of Principal
INTERIM: DEFERMENT 6.48% 6 $260,314.62 0.62% 6.48% 6 $260,535.46 0.60%
REPAYMENT: CURRENT 5.63% 886 $41,322,144.43 99.17% 5.62% 903 $42,968,788.93 98.91%
61-90 DAYS DELINQUENT 0.00% 0 $0.00 0.00% 6.84% 1 $50,741.52 0.12%
FORBEARANCE 5.50% 3 $87,463.08 0.21% 7.14% 2 $163,833.90 0.38%
TOTAL 895 $41,669,922.13 100.00% 912 $43,443,899.81 100.00%
III. Portfolio Characteristics
III.
Variable Rate Pool Fixed Rate Pool
7/31/2019 6/30/2019 7/31/2019 6/30/2019 $10,865,710.88 264 264 6.28% 131.91 $56,473.83 $43,576.76 $11,318,094.35 271 271 6.31% 132.67 $57,158.23 $41,910.70 $41,669,922.13 895 893 5.64% 109.08 $193,892.20 $143,448.88 $43,443,899.81 912 910 5.63% 109.49 $194,690.36 $145,598.85 2016-DR Portfolio Characteristics (cont'd)
Pool Balance Total # Loans Total # Borrowers Weighted Average Coupon Weighted Average Remaining Term Borrower Interest Accrued for Period Outstanding Borrower Interest Accrued
$99.00 $99.00 $99.00 $99.00
1.
G
Gross Principal Realized Loss - Periodic $0.00 $0.00 $0.00 $0.00
2.
G
Gross Principal Realized Loss - Cumulative $119,642.41 $119,642.41 $455,746.61 $455,746.61
3.
D
Delinquent Principal Purchased by Servicer - Periodic $0.00 $0.00 $0.00 $0.00
4.
D
Delinquent Principal Purchased by Servicer - Cumulative $0.00 $0.00 $0.00 $0.00
5.
R
Recoveries on Realized Losses - Periodic $0.00 $0.00 $500.00 $250.00
6.
R
Recoveries on Realized Losses - Cumulative $0.00 $0.00 $28,350.00 $27,850.00
7.
N
Net Losses - Periodic $0.00 $0.00 -$500.00 -$250.00
8.
N
Net Losses - Cumulative $0.00 $0.00 $183,078.30 $183,578.30
9.
C
Cumulative Gross Defaults $119,642.41 $119,642.41 $455,746.61 $455,746.61
9
1.
Change in Gross Defaults $0.00 $0.00 $0.00 $0.00
0.07% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.07% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.15% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.15% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Loan Substitutions
IV. 2016-D Portfolio Statistics by Loan Program
VARIABLE RATE POOL
Weighted Average
Coupon # LOANS $ AMOUNT % *
- Private Credit Consolidation
100.000% 100.000% $ 10,865,710.88 $ 10,865,710.88 264 264 6.28% 6.28% Total
FIXED RATE POOL
Weighted Average
Coupon # LOANS $ AMOUNT % *
- Private Credit Consolidation
100.000% 100.000% $ 41,669,922.13 $ 41,669,922.13 895 895 5.64% 5.64% Total
* Note: Percentages may not total 100% due to rounding
$10,865,710.88 LIBOR Indexed Loans
V. 2016-D Reserve Account and Principal Distribution Calculations
Class A-1 Reserve Account A.
$ 76,938.00 Specified Reserve Account Balance
Class A-2 Reserve Account
Specified Reserve Account Balance $ 156,249.00
Actual Reserve Account Balance $ 156,249.00
$ 76,938.00 Actual Reserve Account Balance
Class B Reserve Account
Specified Reserve Account Balance $ 20,047.50
Actual Reserve Account Balance $ 20,047.50
Class C Reserve Account
Specified Reserve Account Balance $ 8,881.50
Actual Reserve Account Balance $ 8,881.50
$ 41,826,171.13 $ 10,942,648.88
Adjusted Pool Balance
Class A Notes Outstanding $ 9,457,876.85 $ 36,188,123.51
B. First Priority Principal Distribution Amount Class A-1 / Variable Rate Pool Class A-2 / Fixed Rate Pool
First Priority Principal Distribution Amount $ 0.00 $ 0.00
$ 89,054.45
Class C Principal Distribution Amount
$ 2,427,365.72 Specified Overcollateralization Amount
Adjusted Pool Balance $ 52,768,820.01
$ 2,199,807.25 Class C Notes Outstanding (prior distribution)
$ 4,432,580.88 $ 43,798,120.61 Class A Notes Outstanding (current distribution applied)
Class B Notes Outstanding (current distribution applied)
Class C Principal Distribution Amount
$ 187,014.34
Class B Principal Distribution Amount
$ 4,538,118.52 Specified Overcollateralization Amount
$ 52,768,820.01 Adjusted Pool Balance
$ 4,619,595.22 Class B Notes Outstanding (prior distribution)
$ 43,798,120.61 Class A Notes Outstanding (current distribution applied)
Class B Principal Distribution Amount
$ 1,472,401.47 $ 375,478.28
Regular Principal Distribution Amount
Adjusted Pool Balance
$ 1,860,250.31
Specified Overcollateralization Amount $ 7,110,449.09
$ 41,826,171.13 $ 10,942,648.88
Class A Notes Outstanding $ 9,457,876.85 $ 36,188,123.51
2016-D Reserve Account and Principal Distribution Calculations (cont'd) V.
Triggers C.
Rolling 6-month Average Deferment/Forbearance Cumulative Default Rate
Pool Balance is less than 10% of Initial Pool Balance
Subordinate Lockout D.
(i) On each Monthly Payment Date occurring before February 25, 2017
(ii) On any other Monthly Payment Date if any of the below are Yes: (a) Rolling Six-Month Average Deferment/Forbearance Rate exceeds 8% (b) Cumulative Default Rate exceeds 4%
(c) Pool Balance is less than 10% of Initial Pool Balance
E. Class B Cap Rate Class C Cap Rate
VI. 2016-D Waterfall for Distributions
Variable Rate Pool Fixed Rate Pool
$ 0.00 $ 103,094.16 $ 103,094.16 $ 103,094.16 $ 103,094.16 $ 192,148.61 $ 379,162.95 $ 379,162.95 $ 379,162.95 $ 379,162.95 $ 1,851,564.42 $ 1,857,948.78 $ 1,869,554.07 $ 1,869,554.07 $ 1,869,554.07 $ 1,951,580.48 $ 1,951,580.48 $ 1,973,302.43 $ 103,094.16 $ 0.00 $ 0.00 $ 0.00 $ 89,054.45 $ 187,014.34 $ 0.00 $ 0.00 $ 0.00 $ 1,472,401.47 $ 6,384.36 $ 11,605.29 $ 0.00 $ 0.00 $ 82,026.41 $ 0.00 $ 21,721.95 $ 1,487.48 $ 0.00 $ 91,977.06 $ 91,977.06 $ 91,977.06 $ 91,977.06 $ 91,977.06 $ 91,977.06 $ 91,977.06 $ 91,977.06 $ 91,977.06 $ 467,455.34 $ 469,118.61 $ 472,142.04 $ 472,142.04 $ 472,142.04 $ 502,962.11 $ 502,962.11 $ 0.00 $ 5,659.05 $ 91,977.06 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 375,478.28 $ 1,663.27 $ 3,023.43 $ 0.00 $ 0.00 $ 30,820.07 $ 1,974,789.91 Funds Balance Paid Funds Balance Administrator Fees Trustee Fees $ 387.52
Senior Transaction Fees A
$ 508,621.16
Rating Agency Fee
B Class A Noteholders Interest Distribution Amount
C Class A Reserve Account Reinstatement
D Class A Noteholders First Priority Principal Distribution Amount E Class B Noteholders Interest Distribution Amount F Class C Noteholders Interest Distribution Amount G Class A Noteholders Regular Principal Distribution Amount H Any shortfall in amounts needed, for the above distributions I Class B Liquidity Account Reinstatement
J Class C Liquidity Account Reinstatement K Class B Noteholders Principal Distribution Amount L Class C Noteholders Principal Distribution Amount
M Class B Noteholders, Carryover Amount (with respect to Class B Notes) N Class C Noteholders, Carryover Amount (with respect to Class C Notes)
O Subordinate Transaction Fees (Extraordinary Expenses) P Excess Distribution to Certificateholders
$ 509,008.68
Paydown Factor 0.007320406 0.014135145 0.013992842
Ending Principal Balance $ 9,082,398.57 $ 34,715,722.04 $ 4,432,580.88
Principal Paid $375,478.28 $ 1,472,401.47 $ 187,014.34
Interest Shortfall $ - $ - $ -
Interest Paid $ 30,820.07 $ 82,026.41 $ 14,628.72
Total Interest Due $ 30,820.07 $ 82,026.41 $ 14,628.72
Interest Shortfall from Prior Period Plus Accrued Interest $ - $ - $ -
Current Interest Due $ 30,820.07 $ 82,026.41 $ 14,628.72
Accrued Interest Factor 0.003258667 0.002266667 0.003166667
Interest Rate* 3.66600% 2.72000% 3.80000%
Daycount Fraction 0.09166667 0.08888889 0.08333333
Accrual Period End 8/26/2019 8/25/2019 8/25/2019
Accrual Period Begin 7/25/2019 7/25/2019 7/25/2019
Record Date (Days Prior to Distribution) 1 NEW YORK BUSINESS DAY 1 NEW YORK BUSINESS DAY 1 NEW YORK BUSINESS DAY
Spread/Fixed Rate 1.40% 2.72% 3.80%
Index LIBOR FIXED FIXED
Beginning Balance $ 9,457,876.85 $ 36,188,123.51 $ 4,619,595.22
Cusip/Isin 27034MAA2 27034MAB0 27034MAC8
A1 A2 B
Distribution Amounts
2016-D Distributions VII.
.
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.navient.com/about/investors/data/abrate.txt.
0.331655883 0.333273065
0.015040441 Paydown Factor
$ 2,110,752.80 Ending Principal Balance
$ 89,054.45 Principal Paid $ - Interest Shortfall $ 8,047.63 Interest Paid $ 8,047.63 Total Interest Due
$ - Interest Shortfall from Prior Period Plus Accrued Interest
$ 8,047.63 Current Interest Due
0.003658334 Accrued Interest Factor
4.39000% Interest Rate*
0.08333333 Daycount Fraction
8/25/2019 Accrual Period End
7/25/2019 Accrual Period Begin
Record Date (Days Prior to Distribution) 1 NEW YORK BUSINESS DAY 4.39% Spread/Fixed Rate FIXED Index $ 2,199,807.25 Beginning Balance 27034MAD6 Cusip/Isin C Distribution Amounts VII. 2016-D Distributions 0.356485864 Ending Balance Factor