Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipt, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; (iii) all payments on account of Buydown Funds; and (iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 6 contracts
Samples: Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar7), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar6), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo IndyMac Bank, N.A.F.S.B., as Servicer, in trust for the Owner and/or subsequent purchasers Purchaser of residential Conventional Residential Fixed Rate and Adjustable Rate Mortgage Loans, Loans and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Samples: Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Af1), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Alternative Note Asset Trust, Series 2007-Oar2), Master Seller's Warranties and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.RBC Mortgage Company, in trust for the Owner and/or subsequent purchasers of residential Xxxxxx Brothers Bank, FSB Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-2, and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Samples: Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2004-14), Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Interim Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.titled “Countrywide Home Loans Servicing LP, in trust for the Owner and/or subsequent purchasers [Name of residential Mortgage Loans, Owner] and various Mortgagors - T & I." Mortgagors”. The Escrow Accounts Account shall be established with a Qualified DepositoryDepository as a Special Deposit Account, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification the FDIC and shall be provided on as otherwise acceptable to the Servicing DateRating Agencies. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on or prior to the second Business Day of Servicer’s receiptfollowing receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 5 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-1f), Servicing Agreement (GSR 2006-5f), Servicing Agreement (GSR Mortgage Loan Trust 2006-3f)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers Owners of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Within ten (10) days of the Transfer Date , the Servicer shall provide the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on in the Servicing Date. form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in a clearing account on a daily basis and in the Escrow Account or Accounts within one (1) two Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Samples: Servicing Agreement (HSI Asset Securitization CORP Trust 2007-Nc1), Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He1), Servicing Agreement (HASCO Trust 2007-He2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner Bank of America, National Association, its successors or assigns and/or subsequent purchasers Owners of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on in the Servicing Date. form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s 's receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iiic) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Samples: Servicing Agreement (Banc of America Funding 2007-6 Trust), Servicing Agreement (Banc of America Funding 2006-8t2 Trust), Servicing Agreement (Banc of America Funding 2007-2 Trust)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo BankHome Mortgage, N.A.Inc., in trust for the Owner Purchaser and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser or any subsequent purchaser, upon request. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 03 2a), Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp), Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp Mort Pa THR Ce Ser 2001-18a)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.“Franklin Credit Management Corporation, in trust for the Owner and/or subsequent purchasers the Owners of residential Mortgage Loans, and various Mortgagors - — T & I." ” The Escrow Accounts shall be established with a Qualified Depository. Upon request of the Owner and within ten (10) days thereof, in a manner which the Servicer shall provide maximum available insurance thereunder. The the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.7. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.7. The Servicer shall be entitled to retain any interest or other Float Benefits paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. Notwithstanding the foregoing sentence, any interest paid to a Mortgagor which exceeds any benefit to the Servicer derived from the Escrow Account, as described in this paragraph, shall be reimbursable in accordance with the terms of this Agreement.
Appears in 3 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent subsxxxxxt purchasers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 3 contracts
Samples: Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-1ar), Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar), Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“National City Mortgage Co., N.A.as Servicer, in trust for the Owner Xxxxxx Xxxxxxx Mortgage Capital Inc. and/or subsequent purchasers of residential Mortgage Loans, Loans and various Mortgagors - T & I." Mortgagors.” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), Master Seller’s Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.SIB Mortgage Corp., in trust for the Owner and/or subsequent purchasers of residential Xxxxxx Brothers Bank, FSB Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2002-2, and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Interim Servicing Agreement (Structured Asset Securities Corp), Interim Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-37a), Interim Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo IndyMac Bank, N.A.F.S.B., in trust for the Owner and/or subsequent purchasers of residential Xxxxxx Brothers Bank, FSB Residential Fixed Rate Mortgage Loans, Loans and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsProperty or Cooperative Unit, as applicable. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mort Pas THR Cer Se 2002-2), Flow Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Flow Interim Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo BankAvelo Mortgage, N.A.L.L.C., in trust for the Owner and/or subsequent purchasers of residential Xxxxxxx Sachs Mortgage Company Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors - T & I." Mortgagors.” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderby the FDIC and as otherwise acceptable to the Rating Agencies. The existence of an Servicer and the Owner intend that the Escrow Account shall Accounts be evidenced by an account certification and shall be provided on the Servicing DateSpecial Deposit Accounts. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s receiptreceipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-2f), Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR 2006-5f)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.Fremont Investment & Loan, in trust for the Owner and/or subsequent purchasers of residential Goldman Sachs Mortgage Loans, Company Residential Fixed and Adjustable Rate Moxxxxxx Lxxxx and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Interim Servicer and the Purchaser intend that the Escrow Account shall Accounts be evidenced by an account certification and shall be provided on the Servicing Datespecial deposit accounts. Funds deposited in the Escrow Account may be drawn on by the Interim Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depositoryan Eligible Institution, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit G. A copy of such certification or letter agreement shall be furnished to the Purchaser or any subsequent purchaser, upon request. The Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of ServicerCompany’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds or Subsidy Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-5), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-4), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-6)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled “PNMAC Loan Svc LLC as agent, "Xxxxx Fargo Bank, N.A., ITF ttee and/or bailee for PNMAC LLC and/or pmts of var mtgrs &/or owners of int in trust for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." lns- T&I”. The Escrow Accounts Account shall be established with a Qualified Depository, in Depository as a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateSpecial Deposit Account. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner on or prior to the execution of this Servicing Agreement. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:therein the following collections received by the Servicer (such collections being those received by Servicer within two Business Days prior to actual deposit into the Escrow Account):
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Servicing Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Servicing Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Samples: Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.), Flow Servicing Agreement (Pennymac Financial Services, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Securitized Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more an Escrow AccountsAccount, in the form of a time deposit or demand accountsaccount, titledtitled “Txxxxxxxx Mortgage Home Loans, "Xxxxx Fargo Bank, N.A., Inc. in trust for the Owner and/or subsequent purchasers of residential one or more Txxxxxxxx Mortgage Loans, and various Mortgagors - T & I." Securities Trusts.” The Escrow Accounts Account shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of the Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. A copy of such certification or letter agreement shall be furnished to each Trustee and the Master Servicer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Securitized Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the related Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2004-2), Servicing Agreement (Thornburg Mortgage Securities Trust 2007-4)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." . The Escrow Account or Accounts shall be established with a Qualified DepositoryDepositary, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts may be drawn on by the Seller in accordance with Section 2.07. The existence creation of an any Escrow Account shall be evidenced by a certification in the form of Exhibit D hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit E hereto, in the case of an account held by a depository other than the Seller. A copy of such certification and shall be provided on furnished to the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07Purchaser and, upon request, to any subsequent Purchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;the Mortgage Loan Documents; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsProperty in accordance with the Mortgage Loan Documents. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under the Mortgage Loan Documents and this Agreement, Agreement as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest noninterest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Commercial Servicing Agreement (Peoples Preferred Capital Corp), Commercial Servicing Agreement (Peoples Preferred Capital Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“GMAC Mortgage, N.A.LLC, in trust for the Owner and/or subsequent purchasers Owners of residential Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors - T & I." Mortgagors”. The Escrow Accounts Account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner no later than the initial Transfer Date and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) therein all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) . The Servicer shall deposit in a suspense account on a daily basis, and retain therein all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on . The suspense account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsshall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account or a suspense account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-1), Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit E. A copy of such certification or letter agreement shall be furnished to the Purchaser or any subsequent purchaser, upon request. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-21), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-23)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo BankCountrywide Home Loans, N.A.Inc., in trust for the Owner and/or subsequent purchasers Purchaser of residential Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-2 and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts within one (1) two Business Day Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h), Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 01 16h)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.Fremont Investment & Loan, in trust for the Owner and/or subsequent purchasers Barclays Bank PLC as Purchaser of residential Mortgage Loans, Loans and various Mortgagors - T & I.Mortgagors." The Escrow Accounts Account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts may be drawn on by the Interim Servicer in accordance with Section 2.07. The existence creation of an any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification and shall be provided on furnished to the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the applicable mortgage loan documents to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Sabr Trust 2005-Fr2), Pooling and Servicing Agreement (Sabr Trust 2005-Fr3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansXxxxx Fargo Bank Minnesota, and various Mortgagors - T & I." National Association, as Trustee for Structured Asset Investment Loan Trust, 2003-BC12.” The Escrow Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12), Subservicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wxxxx Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar9), Sale and Servicing Agreement (Bear Stearns ARM Trust 2007-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Securitized Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more an Escrow AccountsAccount, in the form of a time deposit or demand accountsaccount, titledtitled "Thornburg Mortgage Home Loans, "Xxxxx Fargo Bank, N.A., Inc. in trust for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I.one or more Thornburx Xxxxxxxe Securities Trusts." The Escrow Accounts Account shall be established esxxxxxxxxx with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of the Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. A copy of such certification or letter agreement shall be furnished to each Trustee and the Master Servicer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Securitized Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the related Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5), Servicing Agreement (Thornburg Mortgage Securities Trust 2007-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo BankHome Mortgage, N.A.Inc., in trust for the Owner Purchaser and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account in the form of Exhibit F, attached hereto, which shall be evidenced by an account certification and shall be provided on furnished to the Servicing DatePurchaser upon request. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of ServicerCompany’s receiptreceipt , and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay pay, from its own funds, interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Mortgage Investments Inc), Servicing Agreement (Greenwich Capital Acceptance Inc)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.“Franklin Credit Management Corporation, in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansVantium Capital Markets, L.P., and various Mortgagors - — T & I." ” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account Depository and shall be evidenced by an account a certification in the form of Exhibit C-2 and any other evidence reasonably requested by the Owners to confirm the establishment of such account. Upon request of the Owners and within three (3) Business Days thereof, the Servicer shall be provided on provide the Servicing DateOwners with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.7. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iiic) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.7. The Servicer shall be entitled to retain any interest or other Float Benefits paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law Applicable Requirements to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by lawApplicable Requirements, the Servicer shall pay interest on escrowed funds to the Mortgagor (without reimbursement thereof to the extent that as of the applicable Determination Date interest earned from funds deposited in the Escrow Account, on an aggregate basis, would otherwise be available to pay such amount) notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., Pinnacle Financial Corporation in trust for the Owner and/or subsequent purchasers of residential Xxxxxx Brothers Bank, FSB, Residential Fixed Rate Mortgage Loans, Group No. 2004-1 and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Interim Servicing Agreement (Structured Asset Securities Corp), Interim Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“Countrywide Home Loans, N.A.Inc., in trust for the Owner and/or subsequent purchasers Lxxxxx Brothers Bank, purchaser of residential Residential Mortgage Loans, Group No. 2006-Flow, and various Mortgagors - T & I." Mortgagors”. The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.075.07. The Servicer creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent purchaser. The Company shall deposit in the Escrow Account or Accounts within one (1) two Business Day Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.075.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner Purchaser under the Seller's Wxxxxxties and Servicing Agreement dated as of August 1, 2004 and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.074.7. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s the Company's receipt, and retain therein:
(i1) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii2) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv3) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsamounts representing proceeds of any Primary Mortgage Insurance Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.7. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity Trust 2005-3), Trust Agreement (GSAA Home Equity Trust 2005-3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., in trust for the Owner Purchaser under the Amended and Restated Master Seller’s Warranties and Servicing Agreement dated as of March 1, 2006 and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." ” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicerthe Company’s receipt, and retain therein:
(i1) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii2) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii3) all payments on account of Buydown Funds; and
(iv4) all Servicing Advances for Mortgagors whose Escrow Payment Payments are insufficient to cover escrow disbursementsinsufficient. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the Company’s investment of any amount on deposit in the Escrow Account.
Appears in 2 contracts
Samples: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.“GreenPoint Mortgage Funding Inc., in trust for the Owner and/or subsequent purchasers Lxxxxx Capital, A Division of residential Lxxxxx Brothers Holdings Inc. Residential Fixed and Adjustable Rate Mortgage Loans, Group No 2006-FLOW, and various Mortgagors - T & I." Mortgagors”. The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Seller shall deposit in the Escrow Account or Accounts on a daily basis, within one two (12) Business Day Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Flow Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp2), Flow Interim Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers subsequxxx xurchasers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 2 contracts
Samples: Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-13arx), Seller's Warranties and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Securitized Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more an Escrow AccountsAccount, in the form of a time deposit or demand accountsaccount, titledtitled "Thornburg Mortgage Home Loans, "Xxxxx Fargo Bank, N.A., Inc. in trust for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I.one or more Thornbuxx Xxxxxxge Securities Trusts." The Escrow Accounts Account shall be established exxxxxxxxxd with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of the Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. A copy of such certification or letter agreement shall be furnished to each Trustee and the Master Servicer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Securitized Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the related Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2007-2), Servicing Agreement (Thornburg Mortgage Securities Trust 2006-6)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, titled "Xxxxx Fargo Bank, N.A.Countrywide Home Loans Servicing LP, in trust for the Owner and/or subsequent purchasers [Name of residential Mortgage Loans, Owner] and various Mortgagors - T & I." Mortgagors". The Escrow Accounts Account shall be established with a Qualified DepositoryDepository as a Special Deposit Account, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification the FDIC and shall be provided on as otherwise acceptable to the Servicing DateRating Agencies. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on or prior to the second Business Day of Servicer’s receiptfollowing receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity 2005-12), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-4)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“National City Mortgage Co., N.A.as Servicer, in trust for the Owner and/or subsequent purchasers Purchaser of residential Fixed and ARM Rate Conventional, FHA or VA Residential Mortgage Loans, Loans and various Mortgagors - T & I." Mortgagors”. The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Flow Master Seller’s Warranties and Servicing Agreement (JPMMT 2007-A6), Flow Master Seller’s Warranties and Servicing Agreement (J.P. Morgan Mortgage Trust 2006-S1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit G. A copy of such certification or letter agreement shall be furnished to the Purchaser or any subsequent purchaser, upon request. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-2), Seller's Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.National City Mortgage Co., in trust for the Owner Purchaser under the Flow Seller's Warranties and Servicing Agreement dated as of May 1, 2003 and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I.." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.074.7. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s the Company's receipt, and retain therein:
(i1) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii2) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv3) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsamounts representing proceeds of any Primary Mortgage Insurance Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.7. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. Notwithstanding the forgoing, the Company shall be responsible to reimburse the Purchaser for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.“Franklin Credit Management Corporation, in trust for the Owner and/or subsequent purchasers the Owners of residential Mortgage Loans, and various Mortgagors - T & I." ” The Escrow Accounts shall be established with a Qualified Depository. Upon request of the Owner and within ten (10) days thereof, in a manner which the Servicer shall provide maximum available insurance thereunder. The the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.7. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.7. The Servicer shall be entitled to retain any interest or other Float Benefits paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. Notwithstanding the foregoing sentence, any interest paid to a Mortgagor which exceeds any benefit to the Servicer derived from the Escrow Account, as described in this paragraph, shall be reimbursable in accordance with the terms of this Agreement.
Appears in 2 contracts
Samples: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.Fremont Investment & Loan, in trust for the Owner and/or subsequent purchasers Morgan Stanley Mortgage Capital Inc. as Purchaser of residential Mortgage Loans, Loans and various Mortgagors - T & I.xxxxxux Xxxxxagors." The Interim Servicer and the Purchaser intend that the Escrow Accounts Account be a special deposit account. The Escrow Account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts may be drawn on by the Interim Servicer in accordance with Section 2.07. The existence creation of an any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification and shall be provided on furnished to the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07Purchaser and, upon request, to any subsequent Purchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on the Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law or the applicable mortgage loan documents to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He3), Pooling and Servicing Agreement (Morgan Stanley Home Equity Loan Trust 2007-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo BankAvelo Mortgage, N.A.L.L.C., in trust for the Owner and/or subsequent purchasers of residential Goldman Sachs Mortgage Company Residential Fixed and Adjustable Raxx Xxxxgage Loans, and various Mortgagors - T & I.Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderby the FDIC and as otherwise acceptable to the Rating Agencies. The existence of an Servicer and the Owner intend that the Escrow Account shall Accounts be evidenced by an account certification and shall be provided on the Servicing DateSpecial Deposit Accounts. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s receiptreceipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “HomeBanc Mortgage Corporation in trust for U.S. Bank National Association, as Trustee, for the Owner and/or subsequent purchasers of residential HomeBanc Mortgage Loans, and various Mortgagors - T & I." Trust 2006-1 Mortgage Pass-Through Certificates.” The Escrow Accounts shall be established with an Eligible Account. Nothing herein shall require the Servicer to compel a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of Mortgagor to establish an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Datein violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.074.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day on a daily basis, and in the Escrow Account or Accounts no later than 48 hours after receipt of Servicer’s receiptfunds, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, if required, for the purpose of effecting timely payment of any such items as required under the terms of this AgreementAgreement to be paid by the related Mortgagor to the Servicer;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iviii) all Servicing Advances for Mortgagors whose Escrow Payment Payments are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Homebanc Corp), Pooling and Servicing Agreement (HomeBanc 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“Countrywide Home Loans, N.A.Inc., in trust for the Owner and/or subsequent purchasers Xxxxxx Brothers Bank, purchaser of residential Residential Mortgage Loans, Group No. 2006-Flow, and various Mortgagors - T & I." Mortgagors”. The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.075.07. The Servicer creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit D hereto. A copy of such letter agreement shall be furnished to the Purchaser and, upon request, to any subsequent purchaser. The Company shall deposit in the Escrow Account or Accounts within one (1) two Business Day Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.075.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Samples: Servicing Agreement (Sail 2006-3), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sasco 2006-Bc4)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers puxxxxxers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Company and the Purchaser intend that the Escrow Account be a special deposit account. The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2005-8.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-8)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.RBC Mortgage Company, in trust for the Owner and/or subsequent purchasers of residential Lxxxxx Brothers Bank, FSB Residential Fixed and Adjustable Rate Mortgage Loans, Group No. 2003-2, and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, 2005-10.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-10)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.[ - ], in trust for [Name of the Owner Purchaser] and/or subsequent purchasers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Within ten days of written request by the Purchaser, the Servicer shall provide the Purchaser with written confirmation of the existence of an the Escrow Account shall be evidenced by an account substantially in the form of the certification and shall be provided on the Servicing Dateattached hereto as Exhibit D-2. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts Accounts, within one (1) two Business Day of Days after the Servicer’s 's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer may direct any depository institution which holds the Escrow Account to invest the funds in the Escrow Account in one or more Permitted Investments bearing interest. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Flow Servicing Agreement (Luminent Mortgage Trust 2006-7)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, 2005-6.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-6)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.titled “Aurora Loan Services LLC, in trust for the Owner and/or subsequent purchasers of residential Trustee for Structured Asset Securities Corporation Mortgage LoansPass-Through Certificates, and various Mortgagors - T & I." The Series 2006-BC5.” Each Escrow Accounts Account shall be an Eligible Deposit Account established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan XXX constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.Escrow Account, in trust for the Owner and/or subsequent purchasers Purchaser, pursuant to that certain Sale and Servicing Agreement dated as of residential ______ [2000], by and between Bear Xxxxxxx Mortgage Loans, Capital Corporation and various Mortgagors - T & I.________." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of Any funds deposited in an Escrow Account shall at all times be evidenced by an account certification and shall fully insured to the full extent permitted under applicable law or must be provided on invested in Permitted Investments for the Servicing Datebenefit of the Purchaser. Funds deposited in the any Escrow Account may be drawn on by the Servicer in accordance with Section 4.075.7. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit F-1 hereto and a letter agreement in the form of Exhibit F-2 hereto shall be executed in connection therewith with said Depository. The Servicer shall deposit in the such Escrow Account or Accounts within one (1) Business Day of Servicer’s receipt, on a daily basis and retain therein:
(i1) all Escrow Payments collected on account of the Mortgage LoansXXXx, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii2) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv3) all Servicing Advances for Mortgagors whose XXXx and the Escrow Payment Payments with respect to which are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the any Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.075.7. The Servicer shall be entitled to retain any interest paid on funds deposited in the such Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the such Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Samco Mortgage Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.SIB Mortgage Corp., in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansLehman Brothers Bank, FSB Residential Fixed and Adjustable Rate Mortgxxx Xxans, Group No. 2002-2, and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Seller, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Seller. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Interim Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2005-9.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-9)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2006-4.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2006-4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, 2006-2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (Sail 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential U.S. Bank National Association, as Trustee for BNC Mortgage Loans, and various Mortgagors - T & I." Loan Trust 2006-2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.M&T Mortgage Corporation, in trust for the Owner and/or subsequent purchasers Owners of residential Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors - T & I." Mortgagors". The Escrow Accounts Account shall be established with a Qualified DepositoryDepository as a Special Deposit Account, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.09. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) therein all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) . The Servicer shall deposit in a suspense account on a daily basis, and retain therein all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on . The suspense account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsshall be established with a Qualified Depository as a Special Deposit Account, in a manner which shall provide maximum available insurance thereunder. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.09. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account or a suspense account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.Fleet Mortgage Corp., in trust for the Owner and/or subsequent purchasers Xxxxxx Capital, A Division of residential Mortgage Loans, and various Mortgagors - T & I.Xxxxxx Brothers Holdings Inc." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Accounts. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification substantially in the form of Exhibit E-1 hereto, in the case of an account established with the Servicer, or by a letter agreement substantially in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter, as applicable, shall be furnished to the Purchaser upon request. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;Agreement and the related Mortgage Notes; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient Property pursuant to cover escrow disbursementsSection 4.14. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Structured Asset Securities Corporation)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in xx trust for the Owner and/or subsequent purchasers Owners of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Within ten (10) days of the Transfer Date , the Servicer shall provide the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on in the Servicing Date. form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in a clearing account on a daily basis and in the Escrow Account or Accounts within one (1) two Business Day Days of the Servicer’s 's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (HSI Asset Loan Obligation Trust 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., “Chase Manhattan Mortgage Corporation in trust for LaSalle Bank National Association, as Trustee for the Owner and/or subsequent purchasers of residential Mortgage LoansStructured Asset Investment Loan Trust, and various Mortgagors - T & I." Series 2004-BNC1”. The Escrow Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Datein violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer and, if required, the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-Bnc1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wxxxx Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence creation of an any Escrow Account shall be evidenced by an account a certification and in the form of Exhibit K hereto. A copy of such certification shall be provided on furnished to the Servicing DatePurchaser or to any subsequent owner of the Mortgage Loans upon request. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of ServicerCompany’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HSI Asset Loan Obligation Trust 2007-Wf1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2005-11.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for U.S. Bank National Association, as Trustee for the Owner and/or subsequent purchasers of residential BNC Mortgage Loans, and various Mortgagors - T & I." Loan Trust 2006-1.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.Option One Mortgage Corporation, in trust for the Owner and/or subsequent purchasers Purchaser of residential Conventional Residential Adjustable and Fixed Rate Mortgage Loans, Group No. 1997-LB/00, and various Mortgagors - T & I." Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-non- interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Structured Asset Securities Corp/Ny)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“GMAC Mortgage, N.A.LLC, as servicer, in trust for the Owner and/or subsequent purchasers benefit of residential the Holders of GreenPoint Mortgage LoansFunding Trust Mortgage Pass-Through Certificates, and various Mortgagors - T & I." Series 2006-AR8.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account by the Servicer shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) two Business Day Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient Property or released to cover escrow disbursementsthe Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar8)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled “Fieldstone Servicing Corp. (or Chase Manhattan Mortgage Corporation, "Xxxxx Fargo Bank, N.A., as Subservicer) in trust for HSBC Bank USA, as Indenture Trustee, for the Owner and/or subsequent purchasers of residential Fieldstone Mortgage LoansInvestment Trust, and various Mortgagors - T & I." Series 2004-2.” The Escrow Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Datein violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.074.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit F hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Asset Backed Sec Corp Fieldstone Mort Inv Tr Ser 2004-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2006-3.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sail 2006-3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.Option One Mortgage Corporation, in trust for the Owner Bank of America, National Association and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. With respect to each Mortgage Loan, the Company may not waive (or permit a subservicer to waive) the requirement for an Escrow Account shall be evidenced by an escrow deposit account certification and shall be provided on unless (i) the Servicing DatePurchaser agrees in writing to the waiver or (ii) such waiver is required under state or federal law. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.074.08. The Servicer Company shall deposit into a clearing account (which must be established with a Qualified Depository) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis and in no event later than one (1) Business Day following receipt thereof, and thereafter shall deposit in the Escrow Account or Accounts within one (1) Business Day after the deposit of Servicer’s receiptsuch funds in the clearing account, and retain therein:
(i) all Escrow Payments collected on account of the escrowed Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.08. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Flow Sale and Servicing Agreement (ABFC 2006-Opt3 Trust)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2006-BNC3.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sail 2006-Bnc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, 2005-3.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-3)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." . The Escrow Account or Accounts shall be established with a Qualified DepositoryDepositary, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Accounts may be drawn on by the Seller in accordance with Section 2.07. The existence creation of an any Escrow Account shall be evidenced by a certification in the form of Exhibit D hereto, in the case of the account established with the Seller, or by a letter agreement in the form of Exhibit E hereto, in the case of an account held by a depository other than the Seller. A copy of such certification and shall be provided on furnished to the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07Purchaser and, upon request, to any subsequent Purchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;the Mortgage Loan Documents; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsProperty in accordance with the Mortgage Loan Documents. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under the Mortgage Loan Documents and this Agreement, Agreement as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest noninterest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Residential Servicing Agreement (Peoples Preferred Capital Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, 2005-11.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-11)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., “New Century Mortgage Corporation in trust for LaSalle Bank National Association, as Trustee for the Owner and/or subsequent purchasers of residential Mortgage LoansStructured Asset Securities Corporation, and various Mortgagors - T & I." Series 2005-NC1.” The Escrow Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Datein violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer and, if required, the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (SASCO Mortgage Pass Through Certificates, Series 2005-Nc1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers Owners of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on in the Servicing Date. form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in a mortgage clearing account on a daily basis and in the Escrow Account or Accounts within one (1) no later than the second Business Day of after Servicer’s receiptreceipt of funds, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“National City Home Loan Services, N.A., Inc. in trust for U.S. Bank National Association, as Trustee for the Owner and/or subsequent purchasers of residential First Franklin Mortgage LoansLoan Trust, and various Mortgagors - T & I." Series 2005-FF9.” The Escrow Accounts shall be an Eligible Deposit Account established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2005-Ff9)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wxxxx Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Closing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of ServicerCompany’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (RBSGC Mortgage Loan Trust 2007-B)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers of residential Owners xx Xesidential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on in the Servicing Date. form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s 's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gs-FFMLT 2006-Ff13)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers purcxxxxxs of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s 's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Thornburg Mortgage Securities Trust 2006-5)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.“Option One Mortgage Corporation, in trust for the Owner Bank of America, National Association and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." ” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. With respect to each Mortgage Loan, the Company may not waive (or permit a subservicer to waive) the requirement for an Escrow Account shall be evidenced by an escrow deposit account certification and shall be provided on unless (i) the Servicing DatePurchaser agrees in writing to the waiver or (ii) such waiver is required under state or federal law. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.074.08. The Servicer Company shall deposit into a clearing account (which must be established with a Qualified Depository) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis and in no event later than one (1) Business Day following receipt thereof, and thereafter shall deposit in the Escrow Account or Accounts within one (1) Business Day after the deposit of Servicer’s receiptsuch funds in the clearing account, and retain therein:
(i) all Escrow Payments collected on account of the escrowed Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.08. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Flow Sale and Servicing Agreement (ABFC 2006-Opt2 Trust)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers purcxxxxxs of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the case of an account held by a depository other than the Company each in the forms attached hereto as Exhibit G. A copy of such certification or letter agreement shall be furnished to the Purchaser or any subsequent purchaser, upon request. The Company shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2006-1.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2006-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.ABN AMRO Mortgage Group Inc., in trust for the Owner Purchaser under the Seller's Warranties and Servicing Agreement dated as of August 1, 2001 and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s the Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account amounts representing proceeds of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsany Primary Mortgage Insurance Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx “Wxxxx Fargo Bank, N.A., N.A. in trust for U.S. Bank National Association, as Trustee for the Owner and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." SASCO 2007-EQ1.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sasco 2007-Eq1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.“GMAC Mortgage Corporation, in trust for the Owner and/or subsequent purchasers Owners of residential Residential Fixed and Adjustable Rate Mortgage Loans, and various Mortgagors - T & I." Mortgagors”.The Escrow Accounts Account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. .Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit 5 hereto, in the case of an account held by a depository other than the Servicer.A copy of such certification shall be furnished to the Owner no later than the initial Transfer Date and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) therein all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) . The Servicer shall deposit in a suspense account on a daily basis, and retain therein all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on . The suspense account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsshall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account or a suspense account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To Xxxxxxxxx.Xx the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (Deutsche Alt-a Securities Inc)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titledtitled “Fieldstone Servicing Corp. (or Chase Manhattan Mortgage Corporation, "Xxxxx Fargo Bank, N.A., as Subservicer) in trust for HSBC Bank USA, as Indenture Trustee, for the Owner and/or subsequent purchasers of residential Fieldstone Mortgage LoansInvestment Trust, and various Mortgagors - T & I." Series 2004-1.” The Escrow Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Datein violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.074.02(g). The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit F hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Merrill Lynch Mort Inv Fieldstone Mort Inv Tr Ser 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank“National City Home Loan Services, N.A., Inc. in trust for U.S. Bank National Association , as Trustee for the Owner and/or subsequent purchasers of residential First Franklin Mortgage LoansLoan Trust, and various Mortgagors - T & I." Series 2006-FF2.” The Escrow Accounts shall be an Eligible Deposit Account established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. No later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes; provided, that, the accounts are maintained at an Eligible Institution selected by the Servicer.
Appears in 1 contract
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“New Century Mortgage Corporation in trust for Xxxxx Fargo Bank, N.A., in trust as Trustee for the Owner and/or subsequent purchasers of residential Mortgage LoansStructured Asset Securities Corporation, and various Mortgagors - T & I." Series 2005-NC2.” The Escrow Accounts shall be Eligible Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of Nothing herein shall require the Servicer to compel a Mortgagor to establish an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Datein violation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C hereto. A copy of such certification or letter agreement shall be furnished to the Master Servicer and, if required, the NIMS Insurer within thirty days of the establishment of such account. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of Servicer’s receipton a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Servicing Agreement (SASCO Mortgage Pass Through Certificates, Series 2005-Nc2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Banktitled “Option One Mortgage Corporation in trust for Citibank, N.A., in trust as Trustee for the Owner and/or subsequent purchasers of residential Structured Adjustable Rate Mortgage LoansLoan Trust, and various Mortgagors - T & I." 2005-3XS.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. A copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-3xs)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A., titled “Option One Mortgage Corporation in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, 2005-5.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a letter agreement in the form of Exhibit C. Not later than 30 days after the Closing Date, a copy of such certification or letter agreement shall be furnished to the Master Servicer and the NIMS Insurer and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts within one (1) on a daily basis, on or prior to the Second Business Day of Servicer’s receipt, following receipt thereof and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Subservicing Agreement (Structured Asset Investment Loan Trust 2005-5)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wells Fargo Bank, N.A., in trust for the Owner and/or subsequent purchasers of residential Ownxxx xf Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on in the Servicing Date. form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s 's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo “Welxx Xxrgo Bank, N.A., N.A. in trust for U.S. Bank National Association, as Trustee for the Owner and/or subsequent purchasers of residential BNC Mortgage Loans, and various Mortgagors - T & I." Loan Trust 2006-2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the first Servicing Transfer Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2005-HE2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-He2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2006-2.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sail 2006-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx “Wells Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansLaSalle Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Securxxxxx Corporation Trust 2005-WMC1.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date and to the NIMS Insurer, upon request. The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (SASCO Mortgage Pass-Through Certifidates, Series 2005-Wmc1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., in trust for the Owner Bank of America, National Association, its successors or assigns and/or subsequent purchasers Owners of residential Residential Mortgage Loans, and various Mortgagors - T & I." ” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on in the Servicing Date. form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The Servicer shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iiic) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2005-HE3.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-He3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "“Xxxxx Fargo Bank, N.A., N.A. in trust for the Owner and/or subsequent purchasers of residential Mortgage LoansU.S. Bank National Association, and various Mortgagors - T & I." as Trustee for Structured Asset Investment Loan Trust, Series 2005-4.” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateEligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit C hereto. A copy of such certification shall be furnished to the Master Servicer no later than 30 days after the Closing Date (and to the NIMS Insurer upon request). The Servicer shall deposit in the Escrow Account or Accounts within one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-4)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Wxxxx Fargo Bank, N.A., in trust for the Owner Purchaser and/or subsequent purchasers of residential Residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depositoryan Eligible Institution, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer creation of any Escrow Account shall be evidenced by a certification in the case of an account established with the Company, or by a letter agreement in the case of an account held by a depository other than the Company each in the forms attached as Exhibit G. A copy of such certification or letter agreement shall be furnished to the Purchaser or any subsequent purchaser, upon request. The Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of ServicerCompany’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds or Subsidy Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment Payments are insufficient to cover escrow disbursements. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Servicing Agreement (LXS 2007-3)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo Bank, N.A.ABN AMRO Mortgage Group Inc., in trust for the Owner Purchaser under the Seller's Warranties and Servicing Agreement dated as of January 1, 2002 and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s the Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account amounts representing proceeds of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsany Primary Mortgage Insurance Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "Xxxxx Fargo BankBank of America, N.A., in trust for the Owner Purchaser under the Seller's Warranties and Servicing Agreement dated as of December 21, 2001 and/or subsequent purchasers of residential Mortgage Loans, and various Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of an such Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing DateAccount. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.07. The Servicer Company shall deposit in the Escrow Account or Accounts within one two (12) Business Day Days of Servicer’s the Company's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;; and
(iii) all payments on account amounts representing proceeds of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursementsany Primary Mortgage Insurance Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Samples: Seller's Warranties and Servicing Agreement (Gs Mortgage Securities Corp)