Examples of Repurchased Loan in a sentence
Upon receipt by the Purchaser of a Xxxxxx Mae Repurchase Notice by Xxxxxx Xxx indicating that any Reverse Mortgage Loan is a Mandatory Repurchased Loan, Xxxxxx Mae Defective Loan or Collateral Deficient Loan and requiring repurchase of such Reverse Mortgage Loan, the Purchaser shall give prompt written notice thereof to the Seller.
Upon receipt of such Repurchase Price, Purchaser shall transfer its interest in such repurchased Purchased Loan to Seller on an “AS-IS,” “WHERE-IS” basis, without any representations or warranties other than with respect to Purchaser’s clear and marketable title to such Repurchased Loan.
During the Interim Servicing Period, with respect to the Reverse Mortgage Loans related to the Group 1 Assets, not later than the last Business Day of each month (each a “Group 1 MCA Reporting Date”), Seller shall provide to Purchaser a 98% maximum claim report (the “Group 1 MCA Report”) identifying any Mortgage Loan that has become a Mandatory Repurchased Loan in such month.
Upon deposit by Seller of the related Release Price into the Xxxxxx Xxx Drafting Account, Purchaser shall reassign any such Mandatory Repurchased Loan back to Seller in accordance with Section 3.09(c) below and Seller shall own all right, title and interest in the Mandatory Repurchased Loan, the related Servicing Rights and the related Participations.
At the request of the Seller and to the extent assignable to HUD, the Purchaser, in its capacity as servicer, shall assign any such HMBS Repurchased Loan to HUD and forward any claim proceeds received from HUD for such HMBS Repurchased Loan to the Seller pursuant to the terms of the Subservicing Agreement.