Common use of Audit Reporting Requirements Clause in Contracts

Audit Reporting Requirements. ‌ In the event the PFI or Servicer is audited by any agency such as Xxxxxx Xxx, Freddie Mac, HUD, etc., the PFI or Servicer must send a copy of each such audit to the MPF Provider with the Annual Eligibility Certification. Where a PFI or Servicer is servicing loans in an MPF Security, including but not limited to the MPF Shared Funding® Program Series, the PFI will be required to provide to the Master Servicer a Regulation AB 1122 certification annually, for the prior year, no later than March 15th. A PFI or Servicer of any Government MBS Mortgage agrees that at any reasonable time, as notified by the MPF Provider, Xxxxxx Xxx or its designated agent may examine and audit the Mortgage Loans serviced by the PFI or Servicer, and all books, records, or information of the PFI or Servicer or relating to any Government MBS Mortgage Loans serviced by the PFI or Servicer or its participation in the Government MBS product, or bearing on the PFI’s or Servicer’s compliance with the requirements of the MPF Program with respect to the Government MBS product, its management or its financial structure, including but not limited to, all mortgage documents, mortgage servicing records, mortgage records, and banking records for funds directly or indirectly related to the Government MBS Mortgage Loans. Xxxxxx Xxx also shall have the right to perform such audits on any of the PFI’s or Servicer’s Subservicers, trustees, agents or other representatives of PFI or Servicer including, but not limited to, an affiliate of a PFI or Servicer that services Government MBS Mortgage Loans.

Audit Reporting Requirements. ‌ In the event the PFI or Servicer is audited by any agency such as Xxxxxx Xxx, Freddie Mac, HUD, etc., the PFI or Servicer must send a copy of each such audit to the MPF Provider with the Annual Eligibility Certification. Where a PFI or Servicer is servicing loans in an MPF Security, including but not limited to the MPF Shared Funding® Program Series, the PFI will be required to provide to the Master Servicer a Regulation AB 1122 certification annually, for the prior year, no later than March 15th. A PFI or Servicer of any Government MBS Mortgage agrees that at any reasonable time, as notified by the MPF Provider, Xxxxxx Xxx or its designated agent may examine and audit the Mortgage Loans serviced by the PFI or Servicer, and all books, records, or information of the PFI or Servicer or relating to any Government MBS Mortgage Loans serviced by the PFI or Servicer or its participation in the Government MBS product, or bearing on the PFI’s or Servicer’s compliance with the requirements of the MPF Program with respect to the Government MBS product, its management or its financial structure, including but not limited to, all mortgage documents, mortgage servicing records, mortgage records, and banking records for funds directly or indirectly related to the Government MBS Mortgage Loans. Xxxxxx Xxx also shall have the right to perform such audits on any of the PFI’s or Servicer’s Subservicers, trustees, agents or other representatives of PFI or Servicer including, but not limited to, an affiliate of a PFI or Servicer that services Government MBS Mortgage Loans. CHAPTER 5. FAILURE TO PERFORM‌ 5.1 Disqualification or Suspension‌ The MPF Bank or MPF Provider, as applicable, may, at its discretion, disqualify or suspend a PFI or Servicer. During the period of disqualification or suspension, the MPF Bank may, at its discretion, determine whether outstanding Delivery Commitments held by the PFI must be honored or the outstanding balance of the Delivery Commitment fulfilled by using the pair-off procedure. The MPF Bank or MPF Provider, as applicable, will, at its discretion, determine the length of any suspension period and may prescribe the terms and conditions for reinstatement.