Common use of Optional ESCROW/IMPOUNDS SERVICE Clause in Contracts

Optional ESCROW/IMPOUNDS SERVICE. Servicer can provide the following property insurance and property tax tracking service for an additional fee per loan (see Fee Schedule) per month for Loans under the Performing Loan Program. This fee will be added to the monthly loan servicing fee. The request for this service must be included in writing at the time a Loan is submitted to Servicer and is for first position loans only. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer must receive copies of Tax and Insurance bills in a timely manner for payment. Servicer is not responsible for non-payment of taxes or insurance if the tax bills and insurance bills are not received by servicer. If this optional service is requested in writing or by email by Client and accepted in writing or by email by Servicer, and if all required information is supplied per the Servicer Loan Servicing Checklist, and associated fees are paid, when the borrower’s monthly payment includes amounts for the payment of insurance and/or property taxes, Servicer will collect and hold those proceeds in a trust account insured by the Federal Deposit Insurance Corporation and disburse the scheduled payments to the respective authority as scheduled. Any funds remaining in the account after full repayment of the loan shall be released to the borrower. Servicer may, upon acceleration of the Loan due to default, in its sole subjective discretion, apply the funds it receives toward reduction of the amount owed under the Loan documents (applied to advances, principal, interest or other expenses, in the Servicer’s sole discretion), completion of any work on the property securing the Loan, protection of the property or other purposes permitted by this Agreement, the Loan documents or law, or any combination thereof. Servicer is not responsible for the consequences of any non payment of insurance or property taxes. If any interest on the balances aggregated is required by applicable law to be paid to the borrower for impounding borrower’s monies, Client will be responsible to pay such interest on demand by Servicer. If a borrower’s escrow funds are insufficient to pay insurance and/or property taxes, Client shall immediately advance to Servicer’s escrow account funds sufficient to cover the shortage. Whenever possible, Client’s advance will be recovered from borrower’s subsequent payments into escrow for insurance and/or property taxes proceeds. Client’s failure to do so may jeopardize Client’s lien position due to the failure of insurance and/or property taxes, and Servicer accepts no responsibility for Client’s failure to make such an advance. Fees for certain documents and services, if available, will be charged according to the General Fee Schedule. For clients who do not wish to engage Xxxxxxxx on the additional fee per loan per month basis for billing and collection of payments from borrowers, and where Client expressly agrees that it will undertake such duties, Client agrees that Servicer shall in no respect be responsible for collection of funds from the particular borrower. þ YES, I want Optional Escrow/Impounds Service Client initial: CS Note: On loans that do not use the optional Escrow/Impound service, it is the responsibility of the Client and/or Investor to file a Loss Payee Notice with the insurance company and verify insurance coverage annually, check for payment of taxes annually or use a Tax Service, and (if applicable) file a Request for notice of foreclosure with any senior lien holder or use a senior lien foreclosure tracking service for non-notice states.

Appears in 2 contracts

Samples: Loan Servicing Agreement (CWS Investments Inc), Loan Servicing Agreement (CWS Investments Inc)

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Optional ESCROW/IMPOUNDS SERVICE. To the extent required by the Loan documents, Servicer can provide the following property insurance and property tax tracking service for an additional fee first position Loans for $15 per loan (see Fee Schedule) Loan per month for Loans under the Performing Loan Programmonth. This fee will be added to the monthly loan servicing fee. The request for this service must be included in writing at fee and prorated to the time a Loan is submitted to Servicer and is for first position loans only. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer must receive copies of Tax and Insurance bills in a timely manner for payment. Servicer is not responsible for non-payment of taxes or insurance if the tax bills and insurance bills are not received by servicerrespective Lenders. If this optional service is requested in writing or by email by Client and accepted in writing or by email by Servicer, and if all required information is supplied per the Servicer Loan MAE Capital Mortgage Servicing Checklist, and associated fees are paid, when the borrower’s monthly payment includes amounts for the payment of insurance and/or property taxes, Servicer will collect and hold those proceeds in a trust account insured by the Federal Deposit Insurance Corporation and disburse the scheduled payments to the respective authority as scheduled. Any funds remaining in the account after full repayment of the loan Loan shall be released to the borrower. Servicer mayClient may direct Servicer, upon acceleration of the Loan due to default, in its Client’s sole subjective discretion, subject to any applicable law, including RESPA which may prohibit such direction, how to apply the funds it receives toward reduction of the amount owed under the Loan documents (applied to advances, principal, interest or other expenses, in the Servicer’s sole discretion), completion of any work on the property securing the Loan, protection of the property or other purposes permitted by this Agreement, the Loan documents or law, or any combination thereof. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer is not responsible for the consequences of any non non-payment of insurance or property taxes. If any interest on the balances aggregated is required by applicable law to be paid to the borrower for impounding borrower’s monies, Client will be responsible to pay such interest on demand by Servicer. If a borrower’s 's escrow funds are insufficient to pay insurance and/or property taxes, Client shall immediately advance to Servicer’s Xxxxxxxx's escrow account funds sufficient to cover the shortage. Whenever possible, ; Client’s advance will be recovered from borrower’s subsequent payments into escrow for insurance and/or property taxes proceeds. Client’s 's failure to do so may jeopardize Client’s 's lien position due to the failure of insurance and/or property taxes, and Servicer accepts no responsibility for Client’s 's failure to make such an advanceadvance provided such failure was not the result of an act or omission of Servicer or its agents, employees or vendors. Fees for certain documents and servicesWhenever possible, if available, Client's advance will be charged according to the General Fee Schedule. For clients who do not wish to engage Xxxxxxxx on the additional fee per loan per month basis recovered from borrower's subsequent payments into escrow for billing and collection of payments from borrowers, and where Client expressly agrees that it will undertake such duties, Client agrees that Servicer shall in no respect be responsible for collection of funds from the particular borrower. þ YES, I want Optional Escrow/Impounds Service Client initial: CS Note: On loans that do not use the optional Escrow/Impound service, it is the responsibility of the Client insurance and/or Investor to file a Loss Payee Notice with the insurance company and verify insurance coverage annually, check for payment of property taxes annually or use a Tax Service, and (if applicable) file a Request for notice of foreclosure with any senior lien holder or use a senior lien foreclosure tracking service for non-notice statesproceeds.

Appears in 1 contract

Samples: Loan Servicing Agreement

Optional ESCROW/IMPOUNDS SERVICE. (11.1) To the extent required by the Loan Documents, Client may request Servicer can to provide the following property insurance and property tax tracking service for an additional fee per loan (see Fee Schedule) per month for first position Mortgage Loans under in accordance with the Performing Loan Programfees structure set forth in Exhibit A hereto. This fee will be added to the monthly loan servicing fee. The request for this service must be included in writing at fee and prorated to the time a Loan is submitted to Servicer and is for first position loans only. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer must receive copies of Tax and Insurance bills in a timely manner for payment. Servicer is not responsible for non-payment of taxes or insurance respective Lenders, if the tax bills and insurance bills are not received by servicerappropriate. If this optional service is requested in writing or by email by Client and accepted in writing or by email by Servicer, and if all required information is supplied per the Servicer Land Home Financial Services Loan Servicing Checklist, and associated fees are paid, when the borrowerMortgagor’s monthly payment includes amounts for the payment of insurance and/or property taxes, Servicer will collect and hold those proceeds in a trust account insured by the Federal Deposit Insurance Corporation and disburse the scheduled payments to the respective authority as scheduled. Any funds remaining in the account after full repayment of the loan Mortgage Loan shall be released to the borrowerMortgagor. Servicer mayClient may direct Servicer, upon acceleration of the Mortgage Loan due to default, in its Client’s sole subjective discretion, subject to any applicable law, including RESPA which may prohibit such direction, how to apply the funds it receives toward reduction of the amount owed under the Loan documents Documents (applied to advances, principal, interest or other expenses, in the Servicer’s sole discretion), completion of any work on the property securing the Mortgage Loan, protection of the property or other purposes permitted by this Agreement, the Loan documents Documents or law, or any combination thereof. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer is not responsible for the consequences of any non non-payment of insurance or property taxes. If any interest on the balances aggregated is required by applicable law to be paid to the borrower Mortgagor for impounding borrowerMortgagor’s monies, Client will be responsible to pay such interest on demand by Servicer. If a borrowerMortgagor’s escrow funds are insufficient to pay insurance and/or property taxes, Client shall immediately advance to Servicer’s Service. if as escrow account funds sufficient to cover the shortage. Whenever possible, Client’s advance will be recovered from borrower’s subsequent payments into escrow for insurance and/or property taxes proceeds. ; Client’s failure to do so may jeopardize Client’s lien position due to the failure of insurance and/or property taxes, and Servicer accepts no responsibility for Client’s failure to make such an advanceadvance provided such failure was not the result of an act or omission of Servicer or its agents, employees or vendors. Fees for certain documents and servicesWhenever possible, if available, Client’s advance will be charged according to the General Fee Schedule. For clients who do not wish to engage Xxxxxxxx on the additional fee per loan per month basis recovered from Mortgagor’s subsequent payments into escrow for billing and collection of payments from borrowers, and where Client expressly agrees that it will undertake such duties, Client agrees that Servicer shall in no respect be responsible for collection of funds from the particular borrower. þ YES, I want Optional Escrow/Impounds Service Client initial: CS Note: On loans that do not use the optional Escrow/Impound service, it is the responsibility of the Client insurance and/or Investor to file a Loss Payee Notice with the insurance company and verify insurance coverage annually, check for payment of property taxes annually or use a Tax Service, and (if applicable) file a Request for notice of foreclosure with any senior lien holder or use a senior lien foreclosure tracking service for non-notice statesproceeds.

Appears in 1 contract

Samples: Special Loan Servicing Agreement (Af 2018 NPL a LLC)

Optional ESCROW/IMPOUNDS SERVICE. To the extent required by the Loan documents, Servicer can provide the following property insurance and property tax tracking service for an additional fee first position Loans for $15 per loan (see Fee Schedule) Loan per month for Loans under the Performing Loan Programmonth. This fee will be added to the monthly loan servicing fee. The request for this service must be included in writing at fee and prorated to the time a Loan is submitted to Servicer and is for first position loans only. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer must receive copies of Tax and Insurance bills in a timely manner for payment. Servicer is not responsible for non-payment of taxes or insurance if the tax bills and insurance bills are not received by servicerrespective Lenders. If this optional service is requested in writing or by email by Client and accepted in writing or by email by Servicer, and if all required information is supplied per the Servicer Loan MAE Capital Mortgage Servicing Checklist, and associated fees are paid, when the borrower’s monthly payment includes amounts for the payment of insurance and/or property taxes, Servicer will collect and hold those proceeds in a trust account insured by the Federal Deposit Insurance Corporation and disburse the scheduled payments to the respective authority as scheduled. Any funds remaining in the account after full repayment of the loan Loan shall be released to the borrower. Servicer mayClient may direct Servicer, upon acceleration of the Loan due to default, in its Client’s sole subjective discretion, subject to any applicable law, including RESPA which may prohibit such direction, how to apply the funds it receives toward reduction of the amount owed under the Loan documents (applied to advances, principal, interest or other expenses, in the Servicer’s sole discretion), completion of any work on the property securing the Loan, protection of the property or other purposes permitted by this Agreement, the Loan documents or law, or any combination thereof. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer is not responsible for the consequences of any non non-payment of insurance or property taxes. If any interest on the balances aggregated is required by applicable law to be paid to the borrower for impounding borrower’s monies, Client will be responsible to pay such interest on demand by Servicer. If a borrower’s 's escrow funds are insufficient to pay insurance and/or property taxes, Client shall immediately advance to Servicer’s 's escrow account funds sufficient to cover the shortage. Whenever possible, ; Client’s advance will be recovered from borrower’s subsequent payments into escrow for insurance and/or property taxes proceeds. Client’s 's failure to do so may jeopardize Client’s 's lien position due to the failure of insurance and/or property taxes, and Servicer accepts no responsibility for Client’s 's failure to make such an advanceadvance provided such failure was not the result of an act or omission of Servicer or its agents, employees or vendors. Fees for certain documents and servicesWhenever possible, if available, Client's advance will be charged according to the General Fee Schedule. For clients who do not wish to engage Xxxxxxxx on the additional fee per loan per month basis recovered from borrower's subsequent payments into escrow for billing and collection of payments from borrowers, and where Client expressly agrees that it will undertake such duties, Client agrees that Servicer shall in no respect be responsible for collection of funds from the particular borrower. þ YES, I want Optional Escrow/Impounds Service Client initial: CS Note: On loans that do not use the optional Escrow/Impound service, it is the responsibility of the Client insurance and/or Investor to file a Loss Payee Notice with the insurance company and verify insurance coverage annually, check for payment of property taxes annually or use a Tax Service, and (if applicable) file a Request for notice of foreclosure with any senior lien holder or use a senior lien foreclosure tracking service for non-notice statesproceeds.

Appears in 1 contract

Samples: Loan Servicing Agreement

Optional ESCROW/IMPOUNDS SERVICE. (11.1) To the extent required by the Loan Documents, Client may request Servicer can to provide the following property insurance and property tax tracking service for an additional fee per loan (see Fee Schedule) per month for first position Mortgage Loans under in accordance with the Performing Loan Programfees structure set forth in Exhibit A hereto. This fee will be added to the monthly loan servicing fee. The request for this service must be included in writing at fee and prorated to the time a Loan is submitted to Servicer and is for first position loans only. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer must receive copies of Tax and Insurance bills in a timely manner for payment. Servicer is not responsible for non-payment of taxes or insurance respective Lenders, if the tax bills and insurance bills are not received by servicerappropriate. If this optional service is requested in writing or by email by Client and accepted in writing or by email by Servicer, and if all required information is supplied per the Servicer Land Home Financial Services Loan Servicing Checklist, and associated fees are paid, when the borrowerMortgagor’s monthly payment includes amounts for the payment of insurance and/or property taxes, Servicer will collect and hold those proceeds in a trust account insured by the Federal Deposit Insurance Corporation and disburse the scheduled payments to the respective authority as scheduled. Any funds remaining in the account after full repayment of the loan Mortgage Loan shall be released to the borrowerMortgagor. Servicer mayClient may direct Servicer, upon acceleration of the Mortgage Loan due to default, in its Client’s sole subjective discretion, subject to any applicable law, including RESPA which may prohibit such direction, how to apply the funds it receives toward reduction of the amount owed under the Loan documents Documents (applied to advances, principal, interest or other expenses, in the Servicer’s sole discretion), completion of any work on the property securing the Mortgage Loan, protection of the property or other purposes permitted by this Agreement, the Loan documents Documents or law, or any combination thereof. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer is not responsible for the consequences of any non non-payment of insurance or property taxes. If any interest on the balances aggregated is required by applicable law to be paid to the borrower Mortgagor for impounding borrowerMortgagor’s monies, Client will be responsible to pay such interest on demand by Servicer. If a borrowerMortgagor’s escrow funds are insufficient to pay insurance and/or property taxes, Client shall immediately advance to Servicer’s escrow account funds sufficient to cover the shortage. Whenever possible, Client’s advance will be recovered from borrower’s subsequent payments into escrow for insurance and/or property taxes proceeds. ; Client’s failure to do so may jeopardize Client’s lien position due to the failure of insurance and/or property taxes, and Servicer accepts no responsibility for Client’s failure to make such an advanceadvance provided such failure was not the result of an act or omission of Servicer or its agents, employees or vendors. Fees for certain documents and servicesWhenever possible, if available, Client’s advance will be charged according to the General Fee Schedule. For clients who do not wish to engage Xxxxxxxx on the additional fee per loan per month basis recovered from Mortgagor’s subsequent payments into escrow for billing and collection of payments from borrowers, and where Client expressly agrees that it will undertake such duties, Client agrees that Servicer shall in no respect be responsible for collection of funds from the particular borrower. þ YES, I want Optional Escrow/Impounds Service Client initial: CS Note: On loans that do not use the optional Escrow/Impound service, it is the responsibility of the Client insurance and/or Investor to file a Loss Payee Notice with the insurance company and verify insurance coverage annually, check for payment of property taxes annually or use a Tax Service, and (if applicable) file a Request for notice of foreclosure with any senior lien holder or use a senior lien foreclosure tracking service for non-notice statesproceeds.

Appears in 1 contract

Samples: Special Loan Servicing Agreement (Af 2019 NPL a LLC)

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Optional ESCROW/IMPOUNDS SERVICE. Servicer can provide the following property insurance and property tax tracking service for an additional fee per loan (see Fee Schedulefee schedule) per month for Loans under the Performing Loan Program. This fee will be added to the monthly loan servicing fee. The request for this service must be included in writing at the time a Loan is submitted to Servicer and is for first position loans only. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer must receive copies of Tax and Insurance bills in a timely manner for payment. Servicer is not responsible for non-non payment of taxes or insurance if the tax bills and insurance bills are not received by servicer. If this optional service is requested in writing or by email by Client and accepted in writing or by email by Servicer, and if all required information is supplied per the Servicer Loan Servicing Checklist, and associated fees are paid, when the borrower’s monthly payment includes amounts for the payment of insurance and/or property taxes, Servicer will collect and hold those proceeds in a trust account insured by the Federal Deposit Insurance Corporation and disburse the scheduled payments to the respective authority as scheduled. Any funds remaining in the account after full repayment of the loan shall be released to the borrower. Servicer may, upon acceleration of the Loan due to default, in its sole subjective discretion, apply the funds it receives toward reduction of the amount owed under the Loan documents (applied to advances, principal, interest or other expenses, in the Servicer’s sole discretion), completion of any work on the property securing the Loan, protection of the property or other purposes permitted by this Agreement, the Loan documents or law, or any combination thereof. Servicer is not responsible for the consequences of any non payment of insurance or property taxes. If any interest on the balances aggregated is required by applicable law to be paid to the borrower for impounding borrower’s monies, Client will be responsible to pay such interest on demand by Servicer. If a borrower’s escrow funds are insufficient to pay insurance and/or property taxes, Client shall immediately advance to Servicer’s escrow account funds sufficient to cover the shortage. Whenever possible, Client’s advance will be recovered from borrower’s subsequent payments into escrow for insurance and/or property taxes proceeds. Client’s failure to do so may jeopardize Client’s lien position due to the failure of insurance and/or property taxes, and Servicer accepts no responsibility for Client’s failure to make such an advance. Fees for certain documents and services, if available, will be charged according to the General Fee Schedule. For clients who do not wish to engage Xxxxxxxx on the additional fee per loan per month basis for billing and collection of payments from borrowers, and where Client expressly agrees that it will undertake such duties, Client agrees that Servicer shall in no respect be responsible for collection of funds from the particular borrower. þ YES, I want Optional Escrow/Impounds Service Client initial: CS _____________ Note: On loans that do not use the optional Escrow/Impound service, it is the responsibility of the Client and/or Investor to file a Loss Payee Notice with the insurance company and verify insurance coverage annually, check for payment of taxes annually or use a Tax Service, and (if applicable) file a Request for notice of foreclosure with any senior lien holder or use a senior lien foreclosure tracking service for non-notice states.

Appears in 1 contract

Samples: Loan Servicing Agreement (CWS Investments Inc)

Optional ESCROW/IMPOUNDS SERVICE. Servicer can provide the following property insurance and property tax tracking service for an additional fee per loan (see Fee Schedulefee schedule) per month for Loans under the Performing Loan Program. This fee will be added to the monthly loan servicing fee. The request for this service must be included in writing at the time a Loan is submitted to Servicer and is for first position loans only. Servicer accepts no responsibility for the consequences of incorrect information supplied by Client or Lender. Servicer must receive copies of Tax and Insurance Master Servicing Agreement 06-24-2014 Servicer initial: KJC Client Initial: bills in a timely manner for payment. Servicer is not responsible for non-payment of taxes or insurance if the tax bills and insurance bills are not received by servicer. If this optional service is requested in writing or by email by Client and accepted in writing or by email by Servicer, and if all required information is supplied per the Servicer Loan Servicing Checklist, and associated fees are paid, when the borrower’s monthly payment includes amounts for the payment of insurance and/or property taxes, Servicer will collect and hold those proceeds in a trust account insured by the Federal Deposit Insurance Corporation and disburse the scheduled payments to the respective authority as scheduled. Any funds remaining in the account after full repayment of the loan shall be released to the borrower. Servicer may, upon acceleration of the Loan due to default, in its sole subjective discretion, apply the funds it receives toward reduction of the amount owed under the Loan documents (applied to advances, principal, interest or other expenses, in the Servicer’s sole discretion), completion of any work on the property securing the Loan, protection of the property or other purposes permitted by this Agreement, the Loan documents or law, or any combination thereof. Servicer is not responsible for the consequences of any non non-payment of insurance or property taxes. If any interest on the balances aggregated is required by applicable law to be paid to the borrower for impounding borrower’s monies, Client will be responsible to pay such interest on demand by Servicer. If a borrower’s escrow funds are insufficient to pay insurance and/or property taxes, Client shall immediately advance to Servicer’s escrow account funds sufficient to cover the shortage. Whenever possible, Client’s advance will be recovered from borrower’s subsequent payments into escrow for insurance and/or property taxes proceeds. Client’s failure to do so may jeopardize Client’s lien position due to the failure of insurance and/or property taxes, and Servicer accepts no responsibility for Client’s failure to make such an advance. Fees for certain documents and services, if available, will be charged according to the General Fee Schedule. For clients who do not wish to engage Xxxxxxxx Servicer on the additional fee per loan per month basis for billing and collection of payments from borrowers, and where Client expressly agrees that it will undertake such duties, Client agrees that Servicer shall in no respect be responsible for collection of funds from the particular borrower. þ YES, I want Optional Escrow/Impounds Service Client initial: CS Note: On loans that NO, I do not use the optional want Optional Escrow/Impound service, it is the responsibility of the Impounds Service Client and/or Investor to file a Loss Payee Notice with the insurance company and verify insurance coverage annually, check for payment of taxes annually or use a Tax Service, and (if applicable) file a Request for notice of foreclosure with any senior lien holder or use a senior lien foreclosure tracking service for non-notice states.initial:

Appears in 1 contract

Samples: Master Loan Servicing Agreement

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