Mortgage Loan Repurchases. In connection with any Mortgage Loan purchased from the Company by the Service Provider and in respect of which the Company has a claim for repurchase, indemnity or otherwise as against a Correspondent, the Service Provider shall be entitled to pursue any such claim through or in the name of the Company, and the Company agrees to facilitate any such claim. Any action taken by the Service Provider under this Section 3.04 shall be at the Service Provider’s sole cost and expense, and any costs, expenses or losses of any kind incurred by the Company shall be reimbursed in full by the Service Provider.
Mortgage Loan Repurchases. MLCC may enforce repurchases of Mortgage Loans by the Correspondent Lenders for breaches of covenants, representations and warranties based on information provided by Cendant pursuant to Section 2.02 hereof.
Mortgage Loan Repurchases. (a) Notwithstanding anything herein or in any Securitization Agreement to the contrary, in no event shall the Purchaser be required under any Securitization Agreement to purchase any Mortgage Loan subject to a Securitization Agreement as a result of a breach of representation or warranty with respect to such Mortgage Loan or for any other reason. Such purchase obligations shall remain solely the obligation of the Seller and its affiliates in accordance with the terms of the related Securitization Agreement.
(b) In the event that a Securitization Agreement permits the Seller or any of its affiliates to purchase, at its option, any Mortgage Loans that are contractually delinquent beyond a specified number of days, the Purchaser acknowledges and agrees that on and after the Closing Date the Seller or an affiliate, as applicable, shall retain the right, if any, to purchase such delinquent Mortgage Loans in accordance with the terms of the related Securitization Agreement.
Mortgage Loan Repurchases. (i) If Xxxxxx Xxx requires Seller to repurchase the Mortgage Loan, Servicer shall, unless otherwise mutually agreed to by the Servicer and the Seller, require Seller to repurchase the Servicing Rights and transfer Servicing rights to Seller. Seller shall then be required to refund the price paid by Servicer for the Servicing Rights in accordance with the schedule in Exhibit A to this Agreement.
(ii) Servicer may charge Seller a $200.00 repurchase fee in the event Seller is required to repurchase the Mortgage Loan. Seller shall remit payment of such repurchase fees directly to Servicer.
(iii) In the event that for any Mortgage Loan for which Servicer has purchased the Servicing Rights, the first, second or third monthly payment due Servicer becomes sixty (60) or more days delinquent (each such Mortgage Loan, an “EPD Mortgage Loan”) after the applicable Purchase Date, Seller shall reimburse Servicer for the original purchase price paid for said EPD Mortgage Loan, along with an early payment default fee of $1,500 per EPD Mortgage Loan. Seller shall wire to Servicer the applicable amount within seven (7) Business Days from the date of Servicer’s written request, which request may be an email request to the email address within the signature block, or other subsequent email address supplied by the Seller.
(iv) If it is discovered after the Purchase Date with respect to a Mortgage Loan that a Private Mortgage Insurance Policy is not in force or has been canceled with respect to such Mortgage Loan as of the Purchase Date, and the failure of such a policy to be in force on or after the Purchase Date is due to negligence on the part of Seller, Seller shall, no later than thirty (30) days after Seller’s receipt of notification thereof, either (a) take all such actions as are necessary to cause such policy to be in force or to be reinstated by the applicable insurer, or (b) replace such policy or (c) repurchase the related Servicing Rights from Servicer at the Servicing Rights Repurchase Price. If Seller fails to comply with the preceding sentence with respect to a Mortgage Loan, Servicer shall notify Xxxxxx Mae, to initiate the repurchase process with respect to such Mortgage Loan. At no time shall Servicer be made to advance funds to reinstate any Private Mortgage Insurance Policy or pass-through to Xxxxxx Xxx any losses due to reasons stated in this subsection.
(v) Notwithstanding the provisions of this Section 7.4, if Xxxxxx Mae requires Seller to repurchase a Mo...
Mortgage Loan Repurchases. 23 Section 5.02 Annual Statement as to Compliance..............................................................23 Section 5.03 Bankruptcy Court Approval Proceedings..........................................................23 Section 5.04 Nonsolicitation................................................................................23 Section 5.05 Prepayment Penalties...........................................................................24 Section 5.06 Clean-up Call Rights...........................................................................24 Section 5.07 Information; Reports...........................................................................25 Section 5.08 Ongoing Inducement Fee.........................................................................25 Section 5.09 Bidding Procedures.............................................................................25 Section 5.10 Indemnification................................................................................25 Section 5.11 Calculating Agent Responsibilities.............................................................26 Section 5.12 Transition Services to be Provided by the Seller...............................................26 ARTICLE VI
Mortgage Loan Repurchases. Notwithstanding anything herein or in any Securitization Agreement to the contrary, in no event shall the Purchaser be required under any Securitization Agreement to purchase any Mortgage Loan subject to a Securitization Agreement as a result of a breach of representation or warranty with respect to such Mortgage Loan or for any other reason. Such purchase obligations shall remain solely the obligation of the Seller and its affiliates in accordance with the terms of the related Securitization Agreement.
