Pay-off of Mortgage Loan; Release of Mortgage Loan Documents. (a) Upon pay-off of a Mortgage Loan, the Subservicer will request the applicable Mortgage Loan Documents from the Custodian or the applicable Investor, as the case may be, and upon receipt of same will prepare the appropriate discharge/satisfaction documents, and shall request execution of any document necessary to satisfy the Mortgage Loan or shall execute such document pursuant to a limited power of attorney to be provided by the applicable Investor or shall request such document to be executed by the applicable Investor. The Subservicer shall prepare, execute, and record all satisfactions and releases in accordance with the timeframes and requirements of all Applicable Requirements, and the Subservicer shall reimburse the Owner/Servicer for any and all documented Losses it may incur as a result of the Subservicer’s failure to act in accordance with such Applicable Requirements.
Appears in 4 contracts
Samples: Subservicing Agreement (Ocwen Financial Corp), Subservicing Agreement (New Residential Investment Corp.), Subservicing Agreement (Ocwen Financial Corp)
Pay-off of Mortgage Loan; Release of Mortgage Loan Documents. (a) Upon pay-off of a Mortgage Loan, the Subservicer will request the applicable Mortgage Loan Documents from the Custodian Custodian, Investor, or the applicable InvestorOwner/Servicer, as the case may be, and upon receipt of same will prepare the appropriate discharge/satisfaction documents, and shall request execution of any document necessary to satisfy the Mortgage Loan or shall execute such document pursuant to a limited power of attorney to be provided by the applicable Investor or shall request such document Owner/Servicer to be executed by the applicable Investor. Subservicer in the form attached hereto as Exhibit C. The Subservicer shall prepare, execute, and record all satisfactions and releases in accordance with the timeframes and requirements of all Applicable Requirements, and the Subservicer shall reimburse the Owner/Servicer for any and all documented Losses losses it may incur as a result of the Subservicer’s failure to act in accordance with such Applicable Requirements.
Appears in 2 contracts
Samples: Subservicing Agreement (Walter Investment Management Corp), Subservicing Agreement (Walter Investment Management Corp)
Pay-off of Mortgage Loan; Release of Mortgage Loan Documents. (a) Upon pay-off of a Mortgage Loan, the Subservicer Seller will request the applicable Mortgage Loan Documents from the Custodian or the applicable Investor, as the case may be, and upon receipt of same will prepare the appropriate discharge/satisfaction documents, and shall request execution of any document necessary to satisfy the Mortgage Loan or shall execute such document pursuant to a limited power of attorney to be provided by the applicable Investor or shall request such document to be executed by the applicable Investor. The Subservicer Seller shall prepare, execute, and record all satisfactions and releases in accordance with the timeframes and requirements of all Applicable Requirements, and the Subservicer Seller shall reimburse the Owner/Servicer each Purchaser for any and all documented Losses it which may incur as a result of the SubservicerSeller’s failure to act in accordance with such Applicable Requirements.
Appears in 2 contracts
Samples: Assignment and Assumption Agreement (Ocwen Financial Corp), Assignment and Assumption Agreement (New Residential Investment Corp.)
