Assumption Processing. Within three (3) Business Days of receipt by the Company of a request by a Mortgagor to be released from liability for payment of a Mortgage Loan in connection with an assumption of the related Mortgage Note, the Company shall notify the Owner of such request. The Company shall thereafter cooperate with the Owner, and follow all reasonable directions provided by the Owner. The Owner shall be responsible for administering the request directly with the Mortgagor, including, but not limited to the sending of all applicable disclosures required by law, obtaining all necessary financial information from the proposed new obligor, and obtaining any additional documentation and execution of documents. Upon the completion of the assumption processing, the Owner shall provide the Company with all necessary information to enable the Company to update its EDP.
Appears in 4 contracts
Samples: Portfolio Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Portfolio Servicing Agreement (Merrill Lynch Mort Invest Inc MLCC 2003-B Mort Ps THR Cert), Portfolio Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
