Application of Mortgage Loan Payments. A payment from the Borrower will normally consist of interest, principal, deposits for insurance and taxes and late charges, if applicable. Payments received from Borrowers shall be applied in the following order unless otherwise required by, the Mortgage Loan Documents, applicable state and federal requirements or by a Mortgage Insurer: (a) Deposits for taxes and insurance; and (b) Required monthly interest; and (c) Required monthly principal; and (d) All other fees or penalties.
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Samples: Loan Servicing Agreement (Preferred Credit Corp), Loan Servicing Agreement (New Century Financial Corp)
Application of Mortgage Loan Payments. A payment from the Borrower will normally consist of interest, principalprincipal and, if applicable, deposits for insurance and taxes and late charges, if applicable. Payments received from Borrowers shall be applied in the following order unless otherwise required by, the Mortgage Loan Documents, applicable state and federal requirements or by a Mortgage Insurer:
(a) Deposits for taxes and insurance; and
(b) Required monthly interest; and
(c) Required monthly principal; and
(d) All other fees or penalties.
Appears in 1 contract
Application of Mortgage Loan Payments. A payment from the Borrower will normally consist of interest, principalprincipal and, if applicable, deposits for insurance and taxes and late charges, if applicable. Payments received from Borrowers shall be applied in the following order unless otherwise required by, the Mortgage Loan Documents, applicable state and federal requirements or by a Mortgage Insurer:
(a) Deposits for taxes and insurance; and;
(b) Required monthly interest; and;
(c) Required monthly principal; and
(d) All other fees or penalties.
Appears in 1 contract
