Responsibility for Mortgage Loan Administration Clause Samples
The "Responsibility for Mortgage Loan Administration" clause defines which party is accountable for managing and overseeing the day-to-day operations of a mortgage loan. This typically includes tasks such as collecting payments from borrowers, maintaining records, handling escrow accounts, and ensuring compliance with applicable laws and regulations. By clearly assigning these duties, the clause helps prevent confusion or disputes over who is responsible for loan servicing, thereby ensuring smooth administration and protecting the interests of all parties involved.
Responsibility for Mortgage Loan Administration. The Master Servicer shall manage, administer, service and make collections on the Mortgage Loans and perform or cause to be performed all contractual and customary undertakings of the holder of the Mortgage Loans to the Mortgagors. The Trustee, at the request of a Servicing Officer, shall execute any reasonable documents or take any action reasonably requested, necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties hereunder. CIT Consumer Finance is hereby appointed the Master Servicer until such time as any Service Transfer shall be effected under Article VII.
Responsibility for Mortgage Loan Administration. The Master Servicer shall, and shall cause the Sub-Servicer to, manage, administer, service and make collections on the Mortgage Loans and perform or cause to be performed all contractual and customary undertakings of the holder of the Mortgage Loans to the Mortgagors. The Trustee, at the request of a Servicing Officer, shall execute any reasonable documents or take any action reasonably requested, necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties hereunder. CIT Consumer Finance is hereby appointed the Master Servicer until such time as any Service Transfer shall be effected under Article VII.