Common use of OVERSIGHT SERVICES Clause in Contracts

OVERSIGHT SERVICES. Oversight Servicer agrees to oversee the Loan Servicing activities of Midland on behalf of Owner with respect to each of the Mortgage Loans, upon and subject to the terms of this Agreement. Oversight Servicer shall perform such Oversight Servicing in a commercially reasonable and professional manner and consistent with Accepted Servicing Practices, which shall include but not be limited to the following: (a) appointing a knowledgeable, single point-of-contact for the relationship with Midland to ensure direct communication of any issues, concerns or requests; (b) accessing Midland’s system of record to perform a series of data integrity checks relative to primary servicing functions, including timely and accurate boarding and set up of all Mortgage Loans; (c) reviewing a number of reports from Master Servicer, including reserve, payment and delinquency status, to confirm that Master Servicer is performing in accordance with the Servicing Agreement and Accepted Servicing Practices; (d) downloading information from the system of record to produce customized borrower performance reports to aid Owner in tracking Mortgage Loan performance; (e) reviewing Master Servicer’s accounting and cash management processing procedures to verify that payments are timely and accurately applied; (f) meeting at least monthly with Master Servicer to review data, reports and other appropriate topics related to Master Servicer’s performance of services under the Midland Servicing Agreement; (g) developing a vendor scorecard to evaluate Master Servicer on appropriate commercial servicing obligations including compliance with regulations, investor guidelines and Owner’s policies; (h) reviewing Master Servicer’s escrow administration procedures to confirm that taxes and insurance are timely paid, reserves are properly calculated, and escrow analysis is performed in accordance with Accepted Servicing Practices; (i) analyzing Master Servicer’s asset management process, including tracking of Mortgage Loan covenants, property inspection procedures, and Borrowers’ financial statement collection and analysis, if applicable; (j) assessing Master Servicer’s customer service quality, including average time to answer calls, average response time to email and written inquiries, website functionality, call handling process, dispute resolution success, and complaint handling; (k) assisting Owner in monitoring Master Servicer’s process for collecting delinquent payments and managing delinquencies, if applicable; (l) reviewing calculations of interest and penalties to ensure Master Servicer’s compliance to the Mortgage Loan Documents, if applicable; (m) reviewing Master Servicer’s process for sending deferred maintenance notices in order to preserve the value of Mortgage Property; (n) assisting Owner in timely reporting investors and ensuring that Master Servicer, including in its capacity as Special Servicer of the MSS Mortgage Loans if applicable, provides all necessary information for such reporting, if applicable; (o) monitoring Midland’s performance of special servicing activities on MSS Mortgage Loans, including loan workouts, foreclosure, bankruptcy and REO management, if applicable; (p) monitoring Master Servicer’s forbearance activity to ensure appropriate handling, if applicable; (q) reviewing Master Servicer’s investor reporting capabilities, including accuracy and timeliness of reports and ability to create ad hoc reports; (r) assessing Master Servicer’s investor remittance capabilities; (s) assessing the strengths and weaknesses of Master Servicer’s system of record, including technology initiatives, data backup procedures, and disaster recovery and business continuity plans; (t) reviewing Master Servicer’s staffing levels, employee training, hiring practices, and employee performance and monitoring; (u) assessing the quality of Master Servicer management’s response to audit findings and quality control reviews; (v) reviewing Master Servicer’s litigation and regulatory inquiry management process; (w) reviewing Master Servicer’s policies and procedures and process for updating such P&Ps; and, (y) reviewing Master Servicer’s vendor management process and procedures, including for appraisers, environmental and engineering firms, attorneys, receivers, property managers and real estate agents; and, (z) performing any other tasks outlined as “PennyMac Owner” or “PennyMac Owner Oversight” tasks in the Servicer Responsibility Matrix attached as an exhibit to the Midland Servicing Agreement.

OVERSIGHT SERVICES. Oversight Servicer agrees to oversee the Loan Servicing activities of Midland on behalf of Owner with respect to each of the Mortgage Loans, upon and subject to the terms of this Agreement. Oversight Servicer shall perform such Oversight Servicing in a commercially reasonable and professional manner and consistent with Accepted Servicing Practices, which shall include but not be limited to the following: (a) appointing a knowledgeable, single point-of-contact for the relationship with Midland to ensure direct communication of any issues, concerns or requests; (b) accessing Midland’s system of record to perform a series of data integrity checks relative to primary servicing functions, including timely and accurate boarding and set up of all Mortgage Loans; (c) reviewing a number of reports from Master Servicer, including reserve, payment and delinquency status, to confirm that Master Servicer is performing in accordance with the Servicing Agreement and Accepted Servicing Practices; (d) downloading information from the system of record to produce customized borrower performance reports to aid Owner in tracking Mortgage Loan performance; (e) reviewing Master Servicer’s accounting and cash management processing procedures to verify that payments are timely and accurately applied; (f) meeting at least monthly with Master Servicer to review data, reports and other appropriate topics related to Master Servicer’s performance of services under the Midland Servicing Agreement; (g) developing a vendor scorecard to evaluate Master Servicer on appropriate commercial servicing obligations including compliance with regulations, investor guidelines and Owner’s policies; (h) reviewing Master Servicer’s escrow administration procedures to confirm that taxes and insurance are timely paid, reserves are properly calculated, and escrow analysis is performed in accordance with Accepted Servicing Practices; (i) reviewing Master Servicer’s procedures for confirming that adequate property and liability insurance coverage is in place in accordance with Accepted Servicing Practices; (j) analyzing Master Servicer’s asset management process, including tracking of Mortgage Loan covenants, property inspection procedures, and Borrowers’ financial statement collection and analysis, if applicable; (jk) assessing Master Servicer’s customer service quality, including average time to answer calls, average response time to email and written inquiries, website functionality, call handling process, dispute resolution success, and complaint handling; (kl) assisting Owner in monitoring Master Servicer’s process for collecting delinquent payments and managing delinquencies, if applicable; (lm) reviewing calculations of interest and penalties to ensure Master Servicer’s compliance to the Mortgage Loan Documents, if applicable; (mn) reviewing Master Servicer’s process for sending deferred maintenance notices in order to preserve the value of Mortgage Property; (no) assisting Owner in timely reporting investors and ensuring that Master Servicer, including in its capacity as Special Servicer of the MSS Mortgage Loans if applicable, provides all necessary information for such reporting, if applicable; (op) monitoring Midland’s performance of special servicing activities on MSS Mortgage Loans, including loan workouts, foreclosure, bankruptcy and REO management, if applicable; (pq) monitoring Master Servicer’s forbearance activity to ensure appropriate handling, if applicable; (qr) reviewing Master Servicer’s investor reporting capabilities, including accuracy and timeliness of reports and ability to create ad hoc reports; (rs) assessing Master Servicer’s investor remittance capabilities; (st) assessing the strengths and weaknesses of Master Servicer’s system of record, including technology initiatives, data backup procedures, and disaster recovery and business continuity plans; (tu) reviewing Master Servicer’s staffing levels, employee training, hiring practices, and employee performance and monitoring; (uv) assessing the quality of Master Servicer management’s response to audit findings and quality control reviews; (vw) reviewing Master Servicer’s litigation and regulatory inquiry management process; (wx) reviewing Master Servicer’s policies and procedures and process for updating such P&Ps; and, (y) reviewing Master Servicer’s vendor management process and procedures, including for appraisers, environmental and engineering firms, attorneys, receivers, property managers and real estate agents; and,; (z) performing any other tasks outlined as “PennyMac Owner” or “PennyMac Owner Oversight” tasks in the Servicer Responsibility Matrix attached as an exhibit to the Midland Servicing Agreement; (aa) reviewing Master Servicer’s process on ▇▇▇▇▇▇▇ Mac SBL Loan for monitoring the expiration dates of financing statements filed and recorded with respect to ▇▇▇▇▇▇▇ Mac’s perfected security interest in personal property and timely filing continuation statements; (bb) to the extent not addressed in 3.01(z), performing any other post-purchase reporting tasks required by the Guide, preparing and executing remittance and reporting respecting ▇▇▇▇▇▇▇ Mac SBL Loan repurchases in compliance with Chapters 53 and 54 of the Guide, preparing and executing remittances due for ▇▇▇▇▇▇▇ Mac SBL Loan Defaulted Mortgages, reporting, no later than the 1st day of each month, a balance for the SBL Cash Collateral Account from the depository institution, and other mutually agreed services for the ▇▇▇▇▇▇▇ Mac SBL loans, all of the above subject to Oversight Servicer’s completion of the training required by ▇▇▇▇▇▇▇ Mac and in coordination with Master Servicer.

OVERSIGHT SERVICES. Oversight Servicer agrees to oversee the Loan Servicing activities of Midland on behalf of Owner with respect to each of the Mortgage Loans, upon and subject to the terms of this Agreement. Oversight Servicer shall perform such Oversight Servicing in a commercially reasonable and professional manner and consistent with Accepted Servicing Practices, which shall include but not be limited to the following: (a) appointing a knowledgeable, single point-of-contact for the relationship with Midland to ensure direct communication of any issues, concerns or requests; (b) accessing Midland’s system of record to perform a series of data integrity checks relative to primary servicing functions, including timely and accurate boarding and set up of all Mortgage Loans; (c) reviewing a number of reports from Master Servicer, including reserve, payment and delinquency status, to confirm that Master Servicer is performing in accordance with the Servicing Agreement and Accepted Servicing Practices; (d) downloading information from the system of record to produce customized borrower performance reports to aid Owner in tracking Mortgage Loan performance; (e) reviewing Master Servicer’s accounting and cash management processing procedures to verify that payments are timely and accurately applied; (f) meeting at least monthly with Master Servicer to review data, reports and other appropriate topics related to Master Servicer’s performance of services under the Midland Servicing Agreement; (g) developing a vendor scorecard to evaluate Master Servicer on appropriate commercial servicing obligations including compliance with regulations, investor guidelines and Owner’s policies; (h) reviewing Master Servicer’s escrow administration procedures to confirm that taxes and insurance are timely paid, reserves are properly calculated, and escrow analysis is performed in accordance with Accepted Servicing Practices; (i) reviewing Master Servicer’s procedures for confirming that adequate property and liability insurance coverage is in place in accordance with Accepted Servicing Practices; (j) analyzing Master Servicer’s asset management process, including tracking of Mortgage Loan covenants, property inspection procedures, and Borrowers’ financial statement collection and analysis, if applicable; (jk) assessing Master Servicer’s customer service quality, including average time to answer calls, average response time to email and written inquiries, website functionality, call handling process, dispute resolution success, and complaint handling; (kl) assisting Owner in monitoring Master Servicer’s process for collecting delinquent payments and managing delinquencies, if applicable; (lm) reviewing calculations of interest and penalties to ensure Master Servicer’s compliance to the Mortgage Loan Documents, if applicable; (mn) reviewing Master Servicer’s process for sending deferred maintenance notices in order to preserve the value of Mortgage Property; (no) assisting Owner in timely reporting investors and ensuring that Master Servicer, including in its capacity as Special Servicer of the MSS Mortgage Loans if applicable, provides all necessary information for such reporting, if applicable; (op) monitoring Midland’s performance of special servicing activities on MSS Mortgage Loans, including loan workouts, foreclosure, bankruptcy and REO management, if applicable; (pq) monitoring Master Servicer’s forbearance activity to ensure appropriate handling, if applicable; (qr) reviewing Master Servicer’s investor reporting capabilities, including accuracy and timeliness of reports and ability to create ad hoc reports; (rs) assessing Master Servicer’s investor remittance capabilities; (st) assessing the strengths and weaknesses of Master Servicer’s system of record, including technology initiatives, data backup procedures, and disaster recovery and business continuity plans; (tu) reviewing Master Servicer’s staffing levels, employee training, hiring practices, and employee performance and monitoring; (uv) assessing the quality of Master Servicer management’s response to audit findings and quality control reviews; (vw) reviewing Master Servicer’s litigation and regulatory inquiry management process; (wx) reviewing Master Servicer’s policies and procedures and process for updating such P&Ps; and, (y) reviewing Master Servicer’s vendor management process and procedures, including for appraisers, environmental and engineering firms, attorneys, receivers, property managers and real estate agents; and,; (z) performing any other tasks outlined as “PennyMac Owner” or “PennyMac Owner Oversight” tasks in the Servicer Responsibility Matrix attached as an exhibit to the Midland Servicing Agreement; (aa) reviewing Master Servicer’s process on F▇▇▇▇▇▇ Mac SBL Loan for monitoring the expiration dates of financing statements filed and recorded with respect to F▇▇▇▇▇▇ Mac’s perfected security interest in personal property and timely filing continuation statements; (bb) to the extent not addressed in 3.01(z), performing any other post-purchase reporting tasks required by the Guide, preparing and executing remittance and reporting respecting F▇▇▇▇▇▇ Mac SBL Loan repurchases in compliance with Chapters 53 and 54 of the Guide, preparing and executing remittances due for F▇▇▇▇▇▇ Mac SBL Loan Defaulted Mortgages, reporting, no later than the 1st day of each month, a balance for the SBL Cash Collateral Account from the depository institution, and other mutually agreed services for the F▇▇▇▇▇▇ Mac SBL loans, all of the above subject to Oversight Servicer’s completion of the training required by F▇▇▇▇▇▇ Mac and in coordination with Master Servicer.