Common use of ORIGINATOR'S DUTIES Clause in Contracts

ORIGINATOR'S DUTIES. Until the principal, interest and any other amounts due on each Loan are paid in full, each Originator shall: A. Proceed diligently to collect all payments due under the terms of each Loan as they become due. B. Keep a complete and accurate account of and properly apply all sums collected by it from the mortgagor on account of each such Loan for principal and interest, and upon request, furnish evidence acceptable to the Servicer of all expenditures for taxes, assessments and other public charges and hazard insurance premiums. In the event any Obligor fails to make a payment to an Originator required to be made under the terms of any such Loan, such Originator will notify the Servicer of such fact within 20 days after the same shall have become due and payable. C. Deposit all funds received in respect of each Loan in an account in an institution the accounts of which are insured by an agency of the United States government. Unless directed otherwise by the Servicer such account shall be held by a Originator, which shall maintain or shall cause to be maintained detailed records to show the respective interest of each individual mortgagor in the account. D. Pay into the related Principal and Interest Accounts (as defined in the Sale and Servicing Agreement) all amounts of principal and interest collected under the Mortgage Loans. E. Submit to the Servicer at least annually an accounting of the balances in each such account, if any. F. Perform such other customary duties, furnish such other reports and execute such other documents in connection with its duties hereunder as the Servicer from time to time reasonably may require.