Common use of Release of Mortgage Files Clause in Contracts

Release of Mortgage Files. (a) Upon the payment in full of a Mortgage Loan and within two Business Days of its receipt of a Request for Release, the Custodian will either (i) release the related Mortgage File to or upon the order of the requesting party, as directed in the Request for Release, or (ii) notify the requesting party in writing or in a mutually agreed upon electronic format of the Rejected Release Request and take no further action on the Request for Release.

Release of Mortgage Files. (a) Upon the payment in full of a Mortgage Loan and within two Business Days of its receipt of a Request for Release, the Custodian will either (i) release the related Mortgage File to or upon the order of the requesting partyServicer, as directed in the Request for Release, or (ii) notify the requesting party Servicer in writing or in a mutually agreed upon electronic format of the Rejected Release Request and take no further action on the Request for Release.