Servicing Transfer Procedures Clause Samples
The Servicing Transfer Procedures clause outlines the process and requirements for transferring the responsibility of servicing a loan or portfolio from one party to another. It typically details the steps for notifying all relevant parties, the timeline for the transfer, and the obligations of both the outgoing and incoming servicer, such as the handover of records and ongoing customer communications. This clause ensures a smooth and orderly transition, minimizing disruption for borrowers and maintaining compliance with contractual and regulatory obligations.
Servicing Transfer Procedures. Servicer and Ocwen each covenant and agree to following the Servicing Transfer Procedures agreed pursuant to the Sale Supplement with respect to each Subject Servicing Agreement.
Servicing Transfer Procedures. Servicer and Ocwen each covenant and agree to follow the Servicing Transfer Procedures set forth in each related Subservicing Supplement in all material respects and take all steps necessary or appropriate to effectuate and evidence the transfer of the subservicing of the related Mortgage Loans to Ocwen in accordance therewith. Servicer shall deliver to Ocwen the Mortgage Loan Schedule relating to a Subservicing Supplement on the related Servicing Transfer Date(s).
Servicing Transfer Procedures. The procedures by which the Seller shall effect the transfer to the Purchaser of the Servicing Rights, including the Servicing Files and in accordance with Agency Requirements which procedures are attached hereto as Exhibit F-2(b).
Servicing Transfer Procedures. (a) Upon termination on expiration of the subservicing of a Mortgage Loan pursuant to the terms of this Agreement, Subservicer will follow the procedures set forth in the Service Release Transfer Instructions. If additional services are required to transfer the servicing of the Mortgage Loans, Subservicer will, at Owner/Servicer’s expense, reasonably cooperate with the successor servicer in transferring the servicing.
(b) In addition to the Service Transfer Instructions, in the event this Agreement is terminated in whole or in part, the Subservicer agrees to reasonably cooperate with the Owner/Servicer and with any party designated as the successor servicer in transferring the servicing to such successor servicer in accordance with Applicable Requirements, including sending the transferor’s notice of transfer of servicing or “goodbye letter” in accordance with the requirements of Applicable Law. The Owner/Servicer agrees to cooperate with the Subservicer to provide any required information necessary to complete an orderly servicing transfer which shall include a loan schedule no less than thirty (30) days prior to the actual servicing transfer date (the “Termination Date”).
(c) Within five (5) Business days following the Termination Date, the Subservicer shall deliver to the successor servicer any and all Mortgage Files in the possession of the Subservicer. The Subservicer shall provide the successor servicer with the net funds held in the Escrow Account and suspense funds related to the Mortgage Loans within five (5) Business Days following the Termination Date.
(d) If the Subservicer is named as the mortgagee of record, the Subservicer may prepare certain documents which are necessary to effect the transfer of servicing from the Subservicer, including but not limited to the transfer and endorsement or assignment of the related Mortgage Loans and related documents at the Owner/Servicer’s request. The Subservicer shall cause MERS to designate on the MERS system the Owner/Servicer or its designee as the beneficial holder with respect to such Mortgage Loan. All reasonable out of pocket expenses incurred in connection with the preceding two sentences and otherwise in connection with any transfer of servicing shall be borne by the Owner/Servicer.
(e) The Subservicer shall invoice Owner/Servicer for the estimated Exit Fees with respect to any deconversion at least thirty (30) days prior to any such deconversion and Owner/Servicer shall pay such estimated Exit F...
Servicing Transfer Procedures. The Seller shall comply with the servicing transfer procedures set forth on Exhibit L hereto.
Servicing Transfer Procedures