Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the related Trust Receipt, and subject to the remedies of Purchaser in Section 3, Seller shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage in trust for the benefit of Purchaser, for the sole purpose of facilitating the servicing of such Mortgage Loan.
Appears in 3 contracts
Samples: Whole Loan Purchase and Sale Agreement (Mca Financial Corp /Mi/), Mortgage Loan Purchase Agreement (PMCC Financial Corp), Mortgage Loan Purchase and Sale Agreement (E Loan Inc)
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the issuance and delivery of the related Trust ReceiptConduit Submission Package, and subject to the remedies of Purchaser in Section 3, Seller shall remain the last named payee or endorsee of each Mortgage Note and the mortgagee or assignee of record of each Mortgage (except with respect to a MERS Designated Mortgage Loan) in trust for the benefit of Purchaser, for the sole purpose of facilitating the servicing of such Mortgage Loan.
Appears in 2 contracts
Samples: Mortgage Loan Purchase Agreement (Crescent Banking Co), Mortgage Loan Purchase Agreement (Mortgageit Holdings Inc)
