Common use of Mortgage Insurance Providers Clause in Contracts

Mortgage Insurance Providers. If an insurer, guarantor or other third-party provider of Mortgage Insurance is obligated, under the terms of the applicable program, to recognize or deal only with a specified Person (whether that Person is the Master Servicer, a Direct Servicer or another Person) regarding the mortgagee’s rights, benefits and obligations under the related insurance contract, the Direct Servicer will be responsible for assisting the applicable Person in dealing with the insurer on behalf of the Trust. If an insurer, guarantor or other third-party provider of Mortgage Insurance exercises an option under its Mortgage Insurance to purchase a Mortgage Loan or REO Property, the proceeds of the purchase, minus expenses, will be considered to be Pool Proceeds and will be distributed as provided in the related Trust Documents.

Mortgage Insurance Providers. If an insurer, guarantor or other third-party provider of Mortgage Insurance is obligated, under the terms of the applicable program, to recognize or deal only with a specified Person (whether that Person is the Master Servicer, a Direct Primary Servicer or another Person) regarding the mortgagee’s rights, benefits and obligations under the related insurance contract, the Direct Primary Servicer will be responsible for assisting the applicable Person in dealing with the insurer on behalf of the Trust. If an insurer, guarantor or other third-party provider of Mortgage Insurance exercises an option under its Mortgage Insurance to purchase a Mortgage Loan or REO Property, the proceeds of the purchase, minus expenses, will be considered to be Pool Proceeds and will be distributed as provided in the related Trust Documents.Documents.‌

Mortgage Insurance Providers. If an insurer, guarantor or other third-party provider of Mortgage Insurance is obligated, under the terms of the applicable program, to recognize or deal only with a specified Person (whether that Person is the Master Servicer, a Direct Primary Servicer or another Person) regarding the mortgagee’s rights, benefits and obligations under the related insurance contract, the Direct Primary Servicer will be responsible for assisting the applicable Person in dealing with the insurer on behalf of the Trust. If an insurer, guarantor or other third-party provider of Mortgage Insurance exercises an option under its Mortgage Insurance to purchase a Mortgage Loan or REO Property, the proceeds of the purchase, minus expenses, will be considered to be Pool Proceeds and will be distributed as provided in the related Trust Documents.

Mortgage Insurance Providers. If an insurer, guarantor or other third-party provider of Mortgage Insurance is obligated, under the terms of the applicable program, to recognize or deal only with a specified Person (whether that Person is the Master Servicer, a Direct Servicer or another Person) regarding the mortgagee’s rights, benefits and obligations under the related insurance contract, the Direct Servicer will be responsible for assisting the applicable Person in dealing with the insurer on behalf of the Trust. If an insurer, guarantor or other third-third- party provider of Mortgage Insurance exercises an option under its Mortgage Insurance to purchase a Mortgage Loan or REO Property, the proceeds of the purchase, minus expenses, will be considered to be Pool Proceeds and will be distributed as provided in the related Trust Documents.