Common use of Conveyance of Mortgage Loan Servicing Files; Possession of Mortgage Loan Servicing Files Clause in Contracts

Conveyance of Mortgage Loan Servicing Files; Possession of Mortgage Loan Servicing Files. The Owner shall deliver the Mortgage Loan Servicing Files to the Servicer in accordance with the Transfer Instructions. The contents of each Mortgage Loan Servicing File are and shall be held in trust by the Servicer for the benefit of the Owner as the owner thereof and the Servicer’s possession of each Mortgage Loan Servicing File so retained is at the will of the Owner for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Servicer is in a custodial capacity only. The Mortgage Loan Servicing File may be retained in microfilm, microfiche, optical storage or magnetic media in lieu of hard copy. The Servicer shall maintain records confirming the Owner’s ownership interest in the Mortgage Loan Servicing File. The Servicer shall release from its custody the contents of any Mortgage Loan Servicing File only in accordance with written instructions from the Owner, unless such release is required as incidental to the Servicer’s servicing of the Mortgage Loans. Owner may request the release of the contents of any Mortgage Loan Servicing File at any time; Servicer shall deliver the requested contents within five (5) business days of its receipt of Owner’s written request, and Owner shall reimburse Servicer for Servicer’s reasonable out of pocket expenses in connection with such delivery.