Common use of Record Title to Mortgage Loans Clause in Contracts

Record Title to Mortgage Loans. Record title to the Mortgage Loans shall be retained by the Owner or its designee. The ownership of each Mortgage Loan, including the Mortgage Note, the Mortgage, the contents of the related Mortgage File and all rights, benefits, proceeds and obligations arising therefrom or in connection therewith, is vested in the Owner. All rights arising out of the Mortgage Loans including, but not limited to, all funds received on or in connection with the Mortgage Loans and all records or documents with respect to the Mortgage Loans prepared by or which come into the possession of the Servicer shall be received and held by the Servicer in trust for the benefit of the Owner as the Owner of the Mortgage Loans.