Repurchase or Substitution of Mortgage Loans by Originator. (a) If an Originator repurchases a Mortgage Loan due to a breach of representations and warranties, such Mortgage Loan shall no longer be subject to this Agreement and removed from the Mortgage Loan Schedule. The Servicer shall release the Mortgage Loan to, and effect the transfer of the related servicing, to the Originator or its designated servicer. In such event, the Servicer shall be entitled to the applicable Exit Fee set forth or referenced in the applicable Servicer Acknowledgement.
Appears in 7 contracts
Samples: Mortgage Loan Servicing Agreement (Sequoia Residential Funding Inc), Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-7), Flow Mortgage Loan Servicing Agreement (Sequoia Mortgage Trust 2013-3)
