Common use of Interim Servicing of the Mortgage Loans Clause in Contracts

Interim Servicing of the Mortgage Loans. The Seller shall service and administer the related Mortgage Loans from each Closing Date through the related Servicing Transfer Date on the Purchaser's behalf in accordance with this Agreement and Accepted Servicing Practices. Unless otherwise specified in the related Assignment and Conveyance, the related Servicing Transfer Date shall be the first day of the second month following the month in which the related Closing Date occurs. The Seller shall collect any payments due from the related Mortgagors within the first month following the month in which the related Closing Date occurs. Beginning with the second month following the month in which the related Closing Date occurs, the Purchaser or its designee shall collect all payments due from the related Mortgagors. During the Interim Servicing Period, the Seller shall, without the need for the consultation with the Purchaser, perform the following functions in accordance with this Agreement: (a) receive and process Mortgagor payments; (b) make all required disbursements from the Escrow Account in its own name; (c) handle in its own name all collection efforts with the Mortgagors for Mortgage Loans delinquent less than 60 days; and (d) provide and handle all guarantor and insurer delinquency notices in its own name. The Seller shall consult with the Purchaser regarding the servicing of the Mortgage Loans when the matter in question involves the expenditure of sums in excess of $2,000, such matters including, but not limited to, matters relating to the presentation of claims for payment and the disbursement of proceeds collected under Primary Mortgage Insurance Policies relating to the Mortgage Loans and for the commencement of foreclosure proceedings. The Seller shall notify the Purchaser of all such matters by telephone, electronic mail, facsimile transmission or overnight mail. The Purchaser, in a separate verbal or written notice to the Seller by telephone, telecopier, email or mail, has appointed the Contact to deal with all such matters relating to the Mortgage Loans, and the Seller may rely on any determination made by the Contact and communicated to the Seller and shall not be held liable for the result of any action taken or omitted in reliance on any determination made by the Contact.

Interim Servicing of the Mortgage Loans. The Seller shall service and administer the related Mortgage Loans from each Closing Date through the related Servicing Transfer Date on the Purchaser's ’s behalf in accordance with this Agreement and Accepted Servicing Practices. Unless otherwise specified in the related Assignment and Conveyance, the related Servicing Transfer Date shall be the first day of the second month following the month in which the related Closing Date occurs. The Seller shall collect any payments due from the related Mortgagors within the first month following the month in which the related Closing Date occurs. Beginning with the second month following the month in which the related Closing Date occurs, the Purchaser or its designee shall collect all payments due from the related Mortgagors. During the Interim Servicing Period, the Seller shall, without the need for the consultation with the Purchaser, perform the following functions in accordance with this Agreement: (a) receive and process Mortgagor payments; (b) make all required disbursements from the Escrow Account in its own name; (c) handle in its own name all collection efforts with the Mortgagors for Mortgage Loans delinquent less than 60 days; and (d) provide and handle all guarantor and insurer delinquency notices in its own name. The Seller shall consult with the Purchaser regarding the servicing of the Mortgage Loans when the matter in question involves the expenditure of sums in excess of $2,000, such matters including, but not limited to, matters relating to the presentation of claims for payment and the disbursement of proceeds collected under Primary Mortgage Insurance Policies relating to the Mortgage Loans and for the commencement of foreclosure proceedings. The Seller shall notify the Purchaser of all such matters by telephone, electronic mail, facsimile transmission or overnight mail. The Purchaser, in a separate verbal or written notice to the Seller by telephone, telecopier, email or mail, has appointed the Contact to deal with all such matters relating to the Mortgage Loans, and the Seller may rely on any determination made by the Contact and communicated to the Seller and shall not be held liable for the result of any action taken or omitted in reliance on any determination made by the Contact.