Common use of Mortgage Payments Received After Transfer Date Clause in Contracts

Mortgage Payments Received After Transfer Date. The amount of any related Monthly Payments received by the Seller or the Servicer after the Transfer Date shall be forwarded to the Purchaser by overnight mail on the date of receipt. The Seller shall, or shall cause the Servicer to, notify the Purchaser of the particulars of the payment, which notification requirement shall be satisfied if the Seller or the Servicer forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall, or shall cause the Servicer to, assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller or the Servicer after the Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by the it after the Transfer Date.

Mortgage Payments Received After Transfer Date. The amount of any related Monthly Payments received by the Seller or the Servicer its designee after the related Transfer Date shall be forwarded to the Purchaser or its designee by overnight mail on the date of receipt. The Seller shall, or its designee shall cause the Servicer to, notify the Purchaser or its designee of the particulars of the payment, which notification requirement shall be satisfied if the Seller or the Servicer its designee forwards with its payment sufficient information to permit appropriate processing of the payment by the PurchaserPurchaser or its designee. The Seller shall, or its designee shall cause the Servicer to, assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller or the Servicer its designee after the Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by the it after the Transfer Dateinstructions.

Mortgage Payments Received After Transfer Date. The amount of any related Monthly Payments received by the Seller or the Servicer after the Transfer Date shall be forwarded to the Purchaser by (i) with respect to Monthly Payments received on or prior to 30 days after the related Transfer Date, overnight mail on the date of receipt and (ii) with respect to Monthly Payments received after 30 days from the related Transfer Date, regular mail on the date of receipt. The Seller shall, or Servicer shall cause the Servicer to, notify the Purchaser of the particulars of the payment, which notification requirement shall be satisfied if the Seller or the Servicer forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall, or Servicer shall cause the Servicer to, assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller or the Servicer after the related Transfer Date with respect to related Servicing Released Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by the it after the Transfer Dateinstructions.