Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the delivery of the related Submission Package, and subject to the remedies of Purchaser set forth in Section 7, the related Seller shall remain the named payee or endorsee of each related 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: Repurchase Agreement (American Home Mortgage Investment Corp), Repurchase Agreement (American Home Mortgage Investment Corp)
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the delivery of the related Submission Package, and subject to the remedies of Purchaser set forth in Section 7, the related Seller shall remain the named payee or endorsee of each related 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 1 contract
Samples: Mortgage Loan Repurchase Agreement (Mortgageit Holdings Inc)
Record Title to Mortgage Loans; Intent of Parties; Security Interest. (a) From and after the delivery of the related Submission Package, and subject to the remedies of Purchaser set forth in Section 7, the related Seller shall remain the named payee or endorsee of each related Mortgage Note and the mortgagee mortgage 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 1 contract
Samples: Mortgage Loan Repurchase Agreement (Crescent Banking Co)
