Common use of Early Pay Off Clause in Contracts

Early Pay Off. An early payoff is defined as any loan, whether a first or second lien loans, that pays off in full within one hundred and eighty (180) days after the purchase date of the loan by GMFS LLC. When an early payoff occurs if the payoff proceeds were sent to the Correspondent, the Correspondent is obligated to forward the payoff proceeds to GMFS LLC. Further, the Correspondent is obligated to refund the servicing release premium and other premium pricing paid to the Correspondent by GMFS LLC for the early payoff loan. GMFS LLC will send the Correspondent a bill for the refund of the service release premium and/or premium pricing for all early payoff loans. If the loan has been sold by GMFS LLC to an investor, the bill may also include an assessment for interest due in the month of payoff.

Early Pay Off. An early payoff is defined as any loan, whether a first or second lien loans, that pays off in full within one hundred and eighty twenty (180120) days after the purchase date of the loan by GMFS LLC. When an early payoff occurs occurs, if the payoff proceeds were sent to the CorrespondentClient, the Correspondent Client is obligated to forward the payoff proceeds to GMFS LLC. Further, the Correspondent Client is obligated to refund the servicing release premium and other premium pricing paid to the Correspondent Client by GMFS LLC for the early payoff loan. GMFS LLC will send the Correspondent Client a bill xxxx for the refund of the service release premium and/or premium pricing for all early payoff loans. If the loan has been sold by GMFS LLC to an investor, the bill xxxx may also include an assessment for interest due in the month of payoff.

Early Pay Off. An early payoff is defined as any loan, whether a first or second lien loans, that pays off in full within one hundred and eighty (180) days after the purchase date of the loan by GMFS LLC. When an early payoff occurs if the payoff proceeds were sent to the CorrespondentClient, the Correspondent Client is obligated to forward the payoff proceeds to GMFS LLC. Further, the Correspondent Client is obligated to refund the servicing release premium and other premium pricing paid to the Correspondent Client by GMFS LLC for the early payoff loan. GMFS LLC will send the Correspondent Client a bill for the refund of the service release premium and/or premium pricing for all early payoff loans. If the loan has been sold by GMFS LLC to an investor, the bill may also include an assessment for interest due in the month of payoff.

Early Pay Off. An early payoff is defined as any loan, whether a first or second lien loans, that pays off in full within one hundred and eighty (180) days after the purchase date of the loan by GMFS LLC. When an early payoff occurs if the payoff proceeds were sent to the Correspondent, the Correspondent is obligated to forward the payoff proceeds to GMFS LLC. Further, the Correspondent is obligated to refund the servicing release premium and other premium pricing paid to the Correspondent by GMFS LLC for the early payoff loan. GMFS LLC will send the Correspondent a bill xxxx for the refund of the service release premium and/or premium pricing for all early payoff loans. If the loan has been sold by GMFS LLC to an investor, the bill xxxx may also include an assessment for interest due in the month of payoff.

Early Pay Off. An early payoff is defined as any loan, whether a first or second lien loans, that pays off in full within one hundred and eighty twenty (180120) days after the purchase date of the loan by GMFS LLC. When an early payoff occurs occurs, if the payoff proceeds were sent to the CorrespondentClient, the Correspondent Client is obligated to forward the payoff proceeds to GMFS LLC. Further, the Correspondent Client is obligated to refund the servicing release premium and other premium pricing paid to the Correspondent Client by GMFS LLC for the early payoff loan. GMFS LLC will send the Correspondent Client a bill for the refund of the service release premium and/or premium pricing for all early payoff loans. If the loan has been sold by GMFS LLC to an investor, the bill may also include an assessment for interest due in the month of payoff.