Adjustable Rate Mortgage Loans. Each Mortgage Loan that is an adjustable rate Mortgage Loan and that has a residential loan application date on or after September 13, 2007, complies in all material respects with the Interagency Statement on Subprime Mortgage Lending, 72 FR 37569 (July 10, 2007), regardless of whether the Mortgage Loan’s originator or Seller is subject to such statement as a matter of law.
Adjustable Rate Mortgage Loans. As to each Adjustable Rate Mortgage Loan, the Servicer shall make periodic Mortgage Interest Rate and Monthly Payment adjustments on the related Adjustment Date, as applicable, in strict compliance with the terms of the related Mortgage and Mortgage Note and applicable requirements. The Servicer shall establish procedures to monitor the Index in order to ensure that it uses the appropriate value for the Index in determining an interest rate change. The Servicer shall validate prior adjustments with respect to an Adjustable Rate Mortgage Loan within 30 days of such Mortgage Loan being serviced under this Agreement. The Servicer shall execute and deliver all appropriate notices required by the terms of the related Mortgage and Mortgage Note and all applicable laws regarding such Mortgage Interest Rate adjustments and Monthly Payment adjustments. Upon request by the Owner, the Servicer shall deliver to the Owner, within five Business Days, or as reasonably agreed by the Owner upon request of Servicer, copies of such adjustment notifications, and shall describe with particularity the values and methods used to calculate and implement such adjustments. If Servicer fails to make a timely and correct Mortgage Interest Rate adjustment or Monthly Payment adjustment, the Servicer shall (a) deposit in the Custodial Account out of its own funds any amounts necessary to satisfy any shortage in the Mortgagor’s Monthly Payment for so long as such shortage continues, or (b) reimburse the Mortgagor out of its own funds any amounts necessary to satisfy any overage in the Mortgagor’s Monthly Payment for so long as such overage lasted. In the event the Index, as specified in the related Mortgage Note, becomes unavailable for any reason, the Servicer shall select an alternative index in accordance with the terms of such Mortgage Note and provide written notice to the Owner of such alternative index, and such alternative index shall thereafter be the Index for such Mortgage Loan unless the Servicer is otherwise directed by the Owner to select a specified index in accordance with the terms of the Mortgage Note. The Servicer shall use any alternative index as specified by the Owner so long as such index is in accordance with the terms of the Mortgage Note.
Adjustable Rate Mortgage Loans. 3 Advance..................................................................................................3 Affiliate................................................................................................3
Adjustable Rate Mortgage Loans. (a) With respect to each Mortgage Loan, the Servicer shall adjust the Mortgage Rate on the related Adjustment Date in compliance with the requirements of applicable law and the related Mortgage and Mortgage Note. The Servicer shall execute and deliver any and all necessary notices required under applicable law and the terms of the related Mortgage Note and Mortgage regarding the Mortgage Rate adjustments. Upon the discovery by the Servicer or the receipt of notice from the Master Servicer that the Servicer has failed to adjust a Mortgage Rate in accordance with the terms of the related Mortgage Note, the Servicer shall immediately deposit in the Custodial Account from its own funds the amount of any interest loss or deferral caused thereby.
(b) In the event that the Index for any Mortgage Loan, as specified in the related Mortgage Note, becomes unavailable for any reason, the Servicer shall select an alternative index in accordance with the terms of such Mortgage Note or, if such Mortgage Note does not make provision for the selection of an alternative index in such event, the Depositor shall, subject to applicable law, select an alternative index based on information comparable to that used in connection with the original Index and, in either case, such alternative index shall thereafter be the Index for such Mortgage Loan.
Adjustable Rate Mortgage Loans. The Servicer shall enforce each Mortgage Loan in accordance with its terms and shall timely calculate, record, report and apply all interest rate adjustments in accordance with the related Mortgage Note. The Servicer's records shall, at all times, reflect the then Coupon Rate and monthly payment and the Servicer shall timely notify the Mortgagor of any changes to the Coupon Rate or the Mortgagor's monthly payment. If the Servicer fails to make either a timely or accurate adjustment to the Coupon Rate or monthly payment or to notify the Mortgagor of such adjustments, upon the Servicer's discovery of such error and such continued failure, the Servicer shall pay from its own funds any shortage. If the Servicer's continued failure after notice thereof to make a scheduled change affects the Trust's rights to make future adjustments under the terms of such Mortgage Loan, the Servicer shall repurchase such Mortgage Loan in accordance with the provisions of Article II hereof. Any amounts paid by the Servicer pursuant to this Section shall not be an advance and shall not be reimbursable from the proceeds of any Mortgage Loan.
Adjustable Rate Mortgage Loans. 68 SECTION 4.18 Prepayment Premiums................................... 69 SECTION 4.19 Credit Reporting; Gramm Xxxxx Xxxxxx Act.............. 69 SECTION 4.20 Transfers of Mortgaged Property....................... 70 TABLE OF CONTENTS
Adjustable Rate Mortgage Loans. 60 Section 4.24 Administration of the Issuer..........................................................60 ARTICLE V
Adjustable Rate Mortgage Loans. Each Mortgage Loan that is an adjustable rate Mortgage Loan complies in all material respects with the Interagency Statement on Subprime Mortgage Lending, 72 FR 37569 (July 10, 2007), regardless of whether the Mortgage Loan’s originator or Seller is subject to such statement as a matter of law. Such Mortgage Loan is not a Negative Amortization Mortgage Loan.
Adjustable Rate Mortgage Loans. If the Mortgage Loan Documents provide that the interest rate or installment or payment amount of the Mortgage Note may be adjusted prospectively, then: (i) all of the terms of the Mortgage Loan Documents may be enforced by the holder thereof, its successors and assigns, (ii) any such adjustments will not, or did not, affect the priority of the lien or the related Mortgage Instrument, and (iii) adjustments have been or were made, as applicable, and the respective Mortgagors advised thereof, in accordance with the Applicable Requirements; and
Adjustable Rate Mortgage Loans a) On each adjustment date, Servicer shall make interest rate adjustments for each Adjustable Rate Mortgage Loan (“ARM”) and shall adjust the Monthly Payment in compliance with the requirements of the related Mortgage and Mortgage Note and Applicable Requirements. Servicer shall execute and deliver the notices required by each Mortgage and Mortgage Note and Applicable Requirements regarding interest rate adjustments. Servicer also shall provide timely notification to Owner of all applicable data and information regarding such interest rate and Monthly Payment adjustments and Servicer’s methods of implementing such interest rate adjustments. Upon the discovery by Servicer or Owner that Servicer has failed to adjust a Mortgage Interest Rate or a Monthly Payment pursuant to the terms of the related Mortgage, Mortgage Note or Applicable Requirements, Servicer shall promptly deposit in the related Custodial Account from its own funds the amount of any interest loss caused thereby without reimbursement therefor.
b) Servicer shall not have any liability for any failure to properly adjust a Mortgage Interest Rate or Monthly Payment to the extent that such failure is primarily due to the actions or inactions of the Prior Servicer. These actions or inactions include, but are not limited to: incomplete information, inaccurate information and/or incomplete documentation.
