Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 2 contracts
Samples: Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar9), Sale and Servicing Agreement (Bear Stearns ARM Trust 2007-2)
Books and Records; Transfers of Mortgage Loans. All Except as otherwise provided in this Agreement, all rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner Owners as owner of the Mortgage Loans, and the Servicer shall retain any record title to the related Mortgages that the Servicer may have or acquire shall be for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the related Owner. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with document retention requirements in accordance with Applicable Requirements. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser the Owners or its designee the related Retained Mortgage File and Servicing File during the time the Owner Owners retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws Applicable Requirements. The Servicer shall make available to the related Owner on occasion, at no additional cost to any Owner, access (with access to any electronic data system to be on a read-only basis) to allow the Owners to monitor or otherwise manage their respective assets on-site at the Servicer’s offices during regular business hours upon advance notice which is reasonable given the related circumstances. On a daily basis, the Servicer shall provide the related Owner with such data and regulationsreports to allow the Owners to monitor or otherwise manage their respective assets. The Servicer shall use commercially reasonable efforts to provide the related Owner continuous read-only electronic access to allow the Owners to monitor or otherwise manage their respective assets remotely. Such on-site access shall include a means for the Owners to view the status of its Mortgage Loans, a phone, printer and fax machine. The Servicer shall keep at its servicing office office, or such other location as the Servicer may designate from time to time, books and records in which, subject to such reasonable policies, procedures, rules and regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person person as the owner of the Mortgage Loan. The related Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The related Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx its books and records to reflect the ownership of the Mortgage Loans of such assigneeassignee and, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by unless the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expenseagrees otherwise, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In responsible for servicing the event that the Servicer fails to make delivery of the requested Retained transferred Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the OwnerLoan.
Appears in 2 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Books and Records; Transfers of Mortgage Loans. All Except as otherwise provided in this Agreement, all rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain any record title to the related Mortgages that the Servicer may have or acquire shall be for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the Owner. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with document retention requirements in accordance with Applicable Requirements. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser the Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulationsApplicable Requirements. The Servicer shall keep at its servicing office office, or such other location as the Servicer may designate from time to time, books and records in which, subject to such reasonable policies, procedures, rules and regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx its books and records to reflect the ownership of the Mortgage Loans of such assigneeassignee and, and unless the Servicer agrees otherwise, the Servicer shall release not be responsible for servicing the previous Owner from its obligations hereunder with respect to transferred Mortgage Loan. If the Mortgage Loans sold or transferred. Such Servicer receives notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer less than five (5) Business Days before the last Business Day calendar day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 3 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 2 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Management Corp)
Books and Records; Transfers of Mortgage Loans. All Except as otherwise provided in this Agreement, all rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain any record title to the related Mortgages that the Servicer may have or acquire shall be for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the Owner. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with document retention requirements in accordance with Applicable Requirements. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser the Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulationsApplicable Requirements. The Servicer shall keep at its servicing office office, or such other location as the Servicer may designate from time to time, books and records in which, subject to such reasonable policies, procedures, rules and regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, assignee and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by unless the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expenseagrees otherwise, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In responsible for servicing the event that the Servicer fails to make delivery of the requested Retained transferred Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the OwnerLoan.
Appears in 1 contract
Samples: Loan Servicing Agreement (Franklin Credit Management Corp/De/)
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with the requirements of the Fannie Mae Selling and Servicing Guide, as amended from time to time. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx mark its books and records to reflect the ownership of the Mortgage Loans Xxxxs of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s 's duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Ownerfollowing Monthly Accounting Cut-off Date.
Appears in 1 contract
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with the requirements of the Fannie Mae Selling and Servicing Guide, as amended from time to time. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx mark its books and records to reflect the ownership of the Mortgage Loans of Loaxx xf such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s 's duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Ownerfollowing Monthly Accounting Cut-off Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs-FFMLT 2006-Ff13)
Books and Records; Transfers of Mortgage Loans. All From and after the Closing all rights arising out of the Mortgage Loans, including, Loans including but not limited to, to all funds received on or in connection with the Mortgage LoansLoans after the Cut-off Date, shall be received and held by the Servicer in trust for the benefit of the Owner Purchaser as owner of the Mortgage Loans, and the Servicer shall retain Company, as owner of the Junior Participation and record title to of the related Mortgages shall be transferred to Purchaser. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the sole purpose ownership of facilitating each Mortgage Loan by the servicing and the supervision of the servicing of the Mortgage LoansPurchaser. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection and use by any purchaser Purchaser or its designee the related Retained Mortgage File and Servicing File during the time the Owner Purchaser retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The On or before January 15 of each year during the term hereof and at such other times as Purchaser may request, Servicer shall keep at will use its servicing office books and records best efforts to provide to Purchaser copies of all correspondence issued or received in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance preceding year with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect regards to the Mortgage Loans sold and which has not previously been delivered to Purchaser. In addition, at all times during normal business hours upon reasonable notice from Purchaser, Servicer will make available to Purchaser and its agents, accountants, attorneys or transferredother representatives access to all files maintained by Servicer in regard to the Mortgage Loans and Purchaser shall have the right to make copies of any and all such files and the materials therein. Such notification of a transfer Neither party shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day divulge or otherwise make available any of the month. If such notification is not received as specified above, Mortgage Loan Documents or the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request contents of any Retained Mortgage Servicing File or document therein, or copies thereof, to the Owner at the direction in contravention of the Owner. The Owner shall return any Retained Mortgage File applicable loan documents or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Ownerapplicable law.
Appears in 1 contract
Samples: Purchase, Warranties, Participation and Servicing Agreement (LTC Properties Inc)
Books and Records; Transfers of Mortgage Loans. All Except as otherwise provided in this Agreement, all rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner Owners as owner of the Mortgage Loans, and the Servicer shall retain any record title to the related Mortgages that the Servicer may have or acquire shall be for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the related Owner. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with document retention requirements in accordance with Applicable Requirements. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser the Owners or its designee the related Retained Mortgage File and Servicing File during the time the Owner Owners retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws Applicable Requirements. The Servicer shall make available to the related Owner on occasion, at no additional cost to any Owner, access (with access to any electronic data system to be on a read-only basis) to allow the Owners to monitor or otherwise manage their respective assets on-site at the Servicer’s offices during regular business hours upon advance notice which is reasonable given the related circumstances. On a daily basis, the Servicer shall provide the related Owner with such data and regulationsreports to allow the Owners to monitor or otherwise manage their respective assets. The Servicer shall use commercially reasonable efforts to provide the related Owner continuous read-only electronic access to allow the Owners to monitor or otherwise manage their respective assets remotely. Such on-site access shall include a means for the Owners to view the status of its Mortgage Loans, a phone, printer and fax machine. The Servicer shall keep at its servicing office office, or such other location as the Servicer may designate from time to time, books and records in which, subject to such reasonable policies, procedures, rules and regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person person as the owner of the Mortgage Loan. The related Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The related Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans of such assigneeassignee and, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by unless the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expenseagrees otherwise, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In responsible for servicing the event that the Servicer fails to make delivery of the requested Retained transferred Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the OwnerLoan.
Appears in 1 contract
Samples: Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain any record title to the related Mortgages that the Servicer may have or acquire shall be for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the Owner. In accordance with the Applicable Requirements, the documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulationsApplicable Requirements. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans, provided, however, that in no event shall there be more than [four] Persons at any given time having the status of “Owner” hereunder. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such If the Servicer receives notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer less than five (5) Business Days before the last Business Day calendar day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 3.02 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 1 contract
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx mark its books and records to reflect the ownership of the Mortgage Loans Lxxxx of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s 's duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s 's expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and and, when applicable, the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with the requirements of the Fannie Mae Selling and Servicing Guide, as amended from time to tixx. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx mark its books and records to reflect the ownership of the Mortgage Loans Mortgagx Xxans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s 's duties to remit and report as required by Section 5 shall begin with the next following Due Period. With respect to the Owned Mortgage Loans, upon Upon request from the Owner, at the Owner’s 's expense, the Servicer shall deliver no later than fifteen thirty (1530) Business Days days after such request any Retained Mortgage Servicing File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage Servicing File or document therein delivered pursuant to this Section no later than ten (10) Business Days days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 1 contract
Samples: Servicing Agreement (Banc of America Funding 2006-5 Trust)
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and and, when applicable, the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with the requirements of the Xxxxxx Xxx Selling and Servicing Guide, as amended from time to time. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next following Due Period. With respect to the Owned Mortgage Loans, upon Upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen thirty (1530) Business Days days after such request any Retained Mortgage Servicing File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage Servicing File or document therein delivered pursuant to this Section no later than ten (10) Business Days days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 1 contract
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage LoansLoans and REO Properties, including, but not limited to, all funds received on or in connection with the Mortgage LoansLoans and REO Properties, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage LoansLoans and REO Properties. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds, and Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds or Putback Litigation Proceeds, documents maintained by the Servicer shall retain record title may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with Accepted Servicing Practices, as amended from time to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loanstime. The Servicer shall maintain with respect to each Mortgage Loan or REO Property and shall make available for inspection by any purchaser the Owner, the Administrator or its respective designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan or REO Property and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage LoansLoans and REO Properties. No transfer of a Mortgage Loan or REO Property may be made unless such transfer is in compliance with the terms hereofof this Agreement. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person Person, other than the Owner or the Administrator, with respect to this Agreement or Agreement, the Mortgage Loans or REO Properties unless the books and records show such Person as the owner of the Mortgage LoanLoan or REO Property. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transferLoans or REO Properties. Upon receipt of notice of the transfer, the Servicer shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans or REO Properties of such assignee, and shall release the previous Owner and the Administrator from its obligations hereunder with respect to the Mortgage Loans or REO Properties sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Ownertransfer date.
Appears in 1 contract
Samples: Servicing Agreement (Franklin Credit Holding Corp/De/)
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. Notwithstanding the foregoing, beneficial ownership of each Mortgage and the related Mortgage Note shall be vested solely in the Owner or the appropriate designee of the Owner, as the case may be. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with the requirements of the Fannie Mae Selling and Sexxxxxxg Xxide, as amended from time to time. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx mark its books and records to recordx xx reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s 's duties to remit and report as required by Section 5 shall begin with the next following Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 1 contract
Samples: Servicing Agreement (HSI Asset Loan Obligation Trust 2006-2)
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with the requirements of the Xxxxxx Mae Selling and Servicing Guide, as amended from time to time. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Ownerfollowing Monthly Accounting Cut-off Date.
Appears in 1 contract
Samples: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Ar2)
Books and Records; Transfers of Mortgage Loans. All Except as otherwise provided in this Agreement, all rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain any record title to the related Mortgages that the Servicer may have or acquire shall be for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the Owner. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with document retention requirements in accordance with Applicable Requirements. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser the Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulationsApplicable Requirements. The Servicer shall keep at its servicing office office, or such other location as the Servicer may designate from time to time, books and records in which, subject to such reasonable policies, procedures, rules and regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, assignee and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by unless the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expenseagrees otherwise, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In responsible for servicing the event that the Servicer fails to make delivery of the requested Retained transferred Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the OwnerLoan.
Appears in 1 contract
Samples: Loan Servicing Agreement (Franklin Credit Management Corp)
Books and Records; Transfers of Mortgage Loans. All rights arising out From and after the transfer of the Mortgage Loans, including, but not limited toLoans to the Investor, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner Investor as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage LoansParticipation Interests. The Servicer shall maintain with respect to be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan and which shall make be marked clearly to reflect the ownership of each Participation Interest in a Mortgage Loan by the Investor. In particular, the Servicer shall maintain in its possession, available for inspection by any purchaser the Investor, or its designee designee, and shall deliver to the related Retained Mortgage File Investor upon demand, evidence of compliance with all federal, state and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws local laws, rules and regulations, and requirements of any Agency, including but not limited to documentation as to the method used in determining the applicability of the provisions of the Flood Disaster Protection Act, as amended to the Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by the Agency and records of periodic inspections as required by Section 4.13. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Participation Interests in Mortgage Loans. No transfer transferee of a Mortgage Loan may shall be made recognized by the Servicer hereunder unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner mayInvestor shall have the right to sell, transfer or assign, in whole or in part, its interest in some or all of the Participation Interests, as applicable, subject to the terms provisions of any other ancillary agreements related to such Participation Interests. However, in such event, this AgreementAgreement will not be assignable, sell and transfer one or more of unless otherwise agreed by the Servicer, in its sole discretion. If the successor owner desires to retain the Servicer as servicer, the successor owner will be required to enter into a separate servicing agreement with respect to such Mortgage Loans. The Owner also shall advise Notwithstanding the Servicer of the transfer. Upon receipt of notice of the transferforegoing, the Servicer shall mxxx its books and records to reflect the ownership of the Mortgage Loans of such assigneeno sale, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold assignment or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension 2.02 shall relieve the Investor of this date may be requested from any of its obligations hereunder that exist at the Ownertime of such sale, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File assignment or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Ownertransfer.
Appears in 1 contract
Samples: Servicing Agreement (Wells Fargo Real Estate Investment Corp.)
Books and Records; Transfers of Mortgage Loans. All From and after each related Closing Date, all rights arising out of the with respect to each Mortgage LoansLoan sold pursuant to any Transfer Supplement, including, including but not limited to, to all funds received on or in connection with the each Mortgage LoansLoan, shall be received and held by the Servicer in trust for the benefit of the Owner as owner Purchaser. Pursuant to the Custodial Agreement, the Custodian shall hold all of the Mortgage LoansNotes, Mortgages and Assignments of Mortgages as described in the Custodial Agreement. The Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the Purchaser. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer shall retain record title to may be in the related Mortgages for form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage LoansServicer complies with its Customary Servicing Procedures. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by the Purchaser, the Collateral Agent, any purchaser SLN Placement Agent, the Depositary or its designee their respective designees, upon reasonable advance notice, at the offices of the Servicer during normal business hours the related Retained Mortgage File and Servicing File during the time the Owner Purchaser retains ownership of a Mortgage Loan and thereafter in accordance with pursuant to applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 1 contract
Samples: Mortgage Loan Purchase and Servicing Agreement (New Century Financial Corp)
Books and Records; Transfers of Mortgage Loans. All rights arising out of the Mortgage Loans, including, but not limited to, all funds received on or in connection with the Mortgage Loans, shall be received and held by the Servicer in trust for the benefit of the Owner as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds or Insurance Proceeds, documents maintained by the Servicer may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Servicer complies with the requirements of the Xxxxxx Xxx Selling and Servicing Guide, as amended from time to time. The Servicer shall maintain with respect to each Mortgage Loan and shall make available for inspection by any purchaser Owner or its designee the related Retained Mortgage File and Servicing File during the time the Owner retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer shall be under no obligation to deal with any Person with respect to this Agreement or the Mortgage Loans unless the books and records show such Person as the owner of the Mortgage Loan. The Owner may, subject to the terms of this Agreement, sell and transfer one or more of the Mortgage Loans. The Owner also shall advise the Servicer of the transfer. Upon receipt of notice of the transfer, the Servicer shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Ownerfollowing Monthly Accounting Cut-off Date.
Appears in 1 contract
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)
Books and Records; Transfers of Mortgage Loans. Record title to each Mortgage and the related Mortgage Note as of the applicable Closing Date shall be in the name of the Purchaser or as the Purchaser shall designate. All rights arising out of the Mortgage Loans, Loans including, but not limited to, all funds received by the Company after the related Cut-off Date on or in connection with a Mortgage Loan shall be vested in the Purchaser; provided, however, that all funds received on or in connection with a Mortgage Loans, Loan shall be received and held by the Servicer Company in trust for the benefit of the Owner Purchaser as owner of the Mortgage Loans, and the Servicer shall retain record title to the related Mortgages for the sole purpose of facilitating the servicing and the supervision of the servicing of the Mortgage Loans. The Servicer Company shall maintain with respect to each Mortgage Loan and shall make available for inspection during business hours by any purchaser the Purchaser or its designee the related Retained Mortgage File and Servicing File during the time the Owner Purchaser retains ownership of a Mortgage Loan and thereafter in accordance with applicable laws and regulations. The Servicer sale of each Mortgage Loan in a Mortgage Loan Package shall be reflected on the Company’s balance sheet and other financial statements as a sale of assets by the Company. The Company shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Mortgage Loan which shall be marked clearly to reflect the ownership of each Mortgage Loan by the Purchaser. In particular, the Company shall maintain in its possession, available for inspection by the Purchaser, or its designee and shall deliver to the Purchaser upon demand, evidence of compliance with all federal, state and local laws, rules and regulations, and requirements of Xxxxxx Mae or Xxxxxxx Mac, including but not limited to documentation as to the method used in determining the applicability of the provisions of the Flood Disaster Protection Act of 1973, as amended, to the Mortgaged Property, documentation evidencing insurance coverage and eligibility of any condominium project for approval by Xxxxxx Mae. To the extent that original documents are not required for purposes of realization of Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds, documents maintained by the Company may be in the form of microfilm or microfiche or such other reliable means of recreating original documents, including but not limited to, optical imagery techniques so long as the Company complies with the requirements of the Xxxxxx Xxx Selling and Servicing Guide, as amended from time to time. The Company shall keep at its servicing office books and records in which, subject to such reasonable regulations as it may prescribe, the Servicer Company shall note transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless such transfer is in compliance with the terms hereof. For the purposes of this Agreement, the Servicer Company shall be under no obligation to deal with any Person person with respect to this Agreement agreement or the Mortgage Loans unless the books and records show such Person person as the owner of the Mortgage Loan. The Owner Purchaser may, subject to the terms of this Agreement, sell and transfer one or not less than ten of the Mortgage Loans (subject to the immediately succeeding sentence), provided, however, that with respect to each Mortgage Loan Package, in no event shall there be more than three Persons at any given time having the status of “Purchaser” hereunder. In the event that the Purchaser sells and transfers less than ten (10) of the Mortgage Loans, the Purchaser and the Seller agree to work together to determine a compensation level that is reasonable for the services to be provided by the Seller. The Owner Purchaser also shall advise the Servicer Company of the transfer. Upon receipt of notice of the transfer, the Servicer Company shall mxxx xxxx its books and records to reflect the ownership of the Mortgage Loans of such assignee, and shall release the previous Owner Purchaser from its obligations hereunder with respect to the Mortgage Loans sold or transferred. Such notification of a transfer shall include a final loan schedule which shall be received by the Servicer no fewer than five (5) Business Days before the last Business Day of the month. If such notification is not received as specified above, the Servicer’s duties to remit and report as required by Section 5 shall begin with the next Due Period. With respect to the Owned Mortgage Loans, upon request from the Owner, at the Owner’s expense, the Servicer shall deliver no later than fifteen (15) Business Days after such request any Retained Mortgage File or document therein, or copies thereof, to the Owner at the direction of the Owner. The Owner shall return any Retained Mortgage File or document therein delivered pursuant to this Section no later than ten (10) Business Days after receipt thereof. An extension of this date may be requested from the Owner, which consent shall not be unreasonably withheld. In the event that the Servicer fails to make delivery of the requested Retained Mortgage File or document therein, or copies thereof, as required under this Section 2.02, the Servicer shall repurchase, in accordance with the related Commitment Letter, the related Mortgage Loan within thirty (30) Business Days after receipt of a request to do so by the Owner.
Appears in 1 contract