Statements to Seller. Not later than the fifth (5th) Business Day of each month, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities Administrator, the NIMS Insurer and the Seller which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. In addition, not more than 75 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer, the Securities Administrator and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for the Securities Administrator to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp. 2005 S-3), Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S2), Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S1)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a (a) monthly remittance advice loan data in the format set forth in Exhibit D-1 hereto and a monthly defaulted hereto, (b) default loan report data in the format set forth in Exhibit D-2 hereto and (c) information regarding realized losses and gains in the format set forth in Exhibit D-3 hereto (or in such other format formats mutually agreed to between the Servicer and the Master Servicer) ), in each case relating to the period ending on the last day of the preceding calendar month and month, (ii) all such information required pursuant to clause (ii)(a) above on a magnetic tape tape, electronic mail, or other similar media reasonably acceptable to the Master ServicerServicer and the NIMS Insurer and (iii) all supporting documentation with respect to the information required pursuant to clause (i)(c) above. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer Insurer, a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Not later than 12:00 (Noon) Eastern Standard Time on the seventeenth calendar day of each month (or if such seventeenth calendar day is not a Business Day, 12:00 (Noon) Eastern Standard Time on the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer (a) a monthly payoff remittance advice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the sixteenth day of the month preceding the month of such reporting date, but on or before the fifteenth day of the month of such reporting date, containing such information and in such format as is mutually acceptable to the Master Servicer and the Servicer, and in any event containing sufficient information to permit the Master Servicer to properly report Principal Prepayment in full information to the Trustee under the Trust Agreement and (b) all such information required pursuant to clause (a) above in electronic format, on magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities AdministratorSeller and, at its request, the NIMS Insurer and the Seller Insurer, which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund; provided, however, notwithstanding anything to the contrary contained in any LPMI Policy, the Servicer shall not be required to submit such supplemental reports including the foregoing data with respect to any LPMI Policy until a reporting date that is at least twenty (20) days after the Servicer has received sufficient loan level information from the Seller or the Master Servicer to appropriately code its servicing systems in accordance with such requirements. In addition, not more than 75 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master ServicerTrustee, the Securities Administrator Master Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Trustee and the Master Servicer relating thereto as is necessary for the Securities Administrator Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master ServicerTrustee, the Securities Administrator Master Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-He3), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-He1)
Statements to Seller. Not later than the fifth eighteenth (5th18th) Business Day calendar day of each monthmonth (or if such eighteenth calendar day is not a Business Day, the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a (a) monthly remittance advice loan data in the format set forth in Exhibit D-1 hereto and a monthly defaulted hereto, (b) default loan report data in the format set forth in Exhibit D-2 hereto and (c) information regarding realized losses and gains in the format set forth in Exhibit D-3 hereto (or in such other format formats mutually agreed to between the Servicer and the Master Servicer) ), in each case relating to the period ending on the last day of the preceding calendar month and month, (ii) all such information required pursuant to clause (ii)(a) above on a magnetic tape tape, electronic mail, or other similar media reasonably acceptable to the Master ServicerServicer and the NIMS Insurer and (iii) all supporting documentation with respect to the information required pursuant to clause (i)(c) above. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer Insurer, a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities AdministratorSeller and, at its request, the NIMS Insurer and the Seller Insurer, which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund; provided, however, notwithstanding anything to the contrary contained in any LPMI Policy, the Servicer shall not be required to submit such supplemental reports including the foregoing data with respect to any LPMI Policy until a reporting date that is at least twenty (20) days after the Servicer has received sufficient loan level information from the Seller or the Master Servicer to appropriately code its servicing systems in accordance with such requirements. In addition, not more than 75 60 days after the end of each calendar year, commencing December 31, 20052004, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer, the Securities Administrator and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for the Securities Administrator to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Fremont Home Loan Trust 2004-3), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-7)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer Servicer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities Administrator, the NIMS Insurer and the Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed on any LPMI Policyfiled, (ii) the amount of any claim payments made on any LPMI Policy, and (iii) the amount of claims denied or curtailed curtailed. The Master Servicer will convert such data into a format acceptable to the Trust Administrator and provide monthly reports to the Trust Administrator pursuant to the Trust Agreement. For each Mortgage Loan, the Servicer shall furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, information (e.g., favorable and unfavorable) on any LPMI Policy and (iv) policies cancelled with respect its borrower credit files to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf each of the Trust Fundthree national credit reporting agencies on a monthly basis. In addition, not more than 75 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master ServicerServicer and, upon request by the NIMS Insurer, the Securities Administrator and Master Servicer shall furnish to the NIMS Insurer Insurer, such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto therefrom as is necessary for the Securities Trust Administrator to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Trust Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trust Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trust Administrator within such reasonable time frame as shall enable the Trust Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Fieldstone Mortgage Investment CORP)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied by with a supplemental report provided to the Master Servicer, the Securities Administrator, the NIMS Insurer and the Seller which includes on an aggregate basis for the previous calendar month (i) the amount of claims filed, (ii) the amount of any claim payments made, (iii) the amount of claims denied or curtailed and (iv) policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the Trust Fund. Such supplemental report shall also include the aggregate amount of DA Dividends attributable to DAD Mortgage Loans deposited into the DA Reserve Account for the related Due Period, and the amount of DA Dividends remitted to the Master Servicer for the related Due Period as a result of or relating to a DA Forfeiture Event by the related Mortgagor. The Master Servicer will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from each Seller (with respect to its related Mortgage Loans) to appropriately code its servicing system in accordance with the PMI Insurer’s requirements Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer and the NIMS Insurer and the Seller which includes on an aggregate basis for the previous calendar month (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. For each Mortgage Loan, the Servicer shall furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, information (e.g., favorable and unfavorable) on its borrower credit files to each of the following credit repositories: Equifax Credit Information Services, Inc., Trans Union, LLC and Experian Information Solution, Inc., on a monthly basis. In addition, at the Master Servicer’s or Trustee’s request, not more than 75 60 days after the end of each calendar year, commencing December 31, 20052002, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for the Securities Administrator Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Ff3)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer Servicer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities Administrator, the NIMS Insurer and the Seller which includes on an aggregate basis for the previous Due Period calendar month (i) the amount of claims filed on any LPMI Policyfiled, (ii) the amount of any claim payments made on any LPMI Policy, and (iii) the amount of claims denied or curtailed curtailed. The Master Servicer will convert such data into a format acceptable to the Trust Administrator and provide monthly reports to the Trust Administrator pursuant to the Trust Agreement. For each Mortgage Loan, the Servicer shall furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, information (e.g., favorable and unfavorable) on any LPMI Policy and (iv) policies cancelled with respect its borrower credit files to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf each of the Trust Fundthree national credit reporting agencies on a monthly basis. In addition, not more than 75 days after the end of each calendar year, commencing December 31, 20052003, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master ServicerServicer and, upon request by the NIMS Insurer, the Securities Administrator and Master Servicer shall furnish to the NIMS Insurer Insurer, such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto therefrom as is necessary for the Securities Trust Administrator to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Trust Administrator and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trust Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trust Administrator within such reasonable time frame as shall enable the Trust Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-1)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a (a) monthly remittance advice loan data in the format set forth in Exhibit D-1 hereto and a monthly defaulted hereto, (b) default loan report data in the format set forth in Exhibit D-2 hereto and (c) information regarding realized losses and gains in the format set forth in Exhibit D-3 hereto (or in such other format formats mutually agreed to between the Servicer and the Master Servicer) ), in each case relating to the period ending on the last day of the preceding calendar month and month, (ii) all such information required pursuant to clause (ii)(a) above on a magnetic tape tape, electronic mail, or other similar media reasonably acceptable to the Master ServicerServicer and the NIMS Insurer and (iii) all supporting documentation with respect to the information required pursuant to clause (i)(c) above. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer Insurer, a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Not later than 12:00 (Noon) Eastern Standard Time on the seventeenth calendar day of each month (or if such seventeenth calendar day is not a Business Day, 12:00 (Noon) Eastern Standard Time on the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer (a) a monthly payoff remittance advice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the sixteenth day of the month preceding the month of such reporting date, but on or before the fifteenth day of the month of such reporting date, containing such information and in such format as is mutually acceptable to the Master Servicer and the Servicer, and in any event containing sufficient information to permit the Master Servicer to properly report Principal Prepayment in full information to the Trustee under the Trust Agreement and (b) all such information required pursuant to clause (a) above in electronic format, on magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities AdministratorSeller and, at its request, the NIMS Insurer and the Seller Insurer, which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund; provided, however, notwithstanding anything to the contrary contained in any LPMI Policy, the Servicer shall not be required to submit such supplemental reports including the foregoing data with respect to any LPMI Policy until a reporting date that is at least twenty (20) days after the Servicer has received sufficient loan level information from the Seller or the Master Servicer to appropriately code its servicing systems in accordance with such requirements. In addition, not more than 75 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Trustee, Master Servicer, the Securities Administrator Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Trustee and the Master Servicer relating thereto as is necessary for the Securities Administrator Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Trustee, Master Servicer, the Securities Administrator Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee, within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp 2005-Ar1)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied by with a supplemental report provided to the Master Servicer, the Securities Administrator, the NIMS Insurer and the Seller which includes on an aggregate basis for the previous calendar month (i) the amount of claims filed, (ii) the amount of any claim payments made, (iii) the amount of claims denied or curtailed and (iv) policies cancelled with respect to those Mortgage Loans covered by any PMI Policy purchased by Seller on behalf of the Trust Fund. Such supplemental report shall also include the aggregate amount of DA Dividends attributable to DAD Mortgage Loans deposited into the DA Reserve Account for the related Due Period, and the amount of DA Dividends remitted to the Master Servicer for the related Due Period as a result of or relating to a DA Forfeiture Event by the related Mortgagor. The Master Servicer will convert such data into a format acceptable to the Trustee and provide monthly reports to the Trustee pursuant to the Trust Agreement; provided, however, notwithstanding anything to the contrary contained in a PMI Policy, the Servicer shall not be required to submit any supplemental reports including the foregoing data with respect to a PMI Policy until a reporting date that is at least 15 days after the Servicer has received sufficient loan level information from each Seller (with respect to its related Mortgage Loans) to appropriately code its servicing system in accordance with the PMI Insurer’s requirements Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer and the NIMS Insurer and the Seller which includes on an aggregate basis for the previous calendar month (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. For each Mortgage Loan, the Servicer shall furnish, in accordance with the Fair Credit Reporting Act and its implementing regulations, information (e.g., favorable and unfavorable) on its borrower credit files to each of the following credit repositories: Equifax Credit Information Services, Inc., Trans Union, LLC and Experian Information Solution, Inc., on a monthly basis. In addition, at the Master Servicer’s or Trustee’s request, not more than 75 60 days after the end of each calendar year, commencing December 31, 20052003, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for the Securities Administrator Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a (a) monthly remittance advice loan data in the format set forth in Exhibit D-1 hereto and a monthly defaulted hereto, (b) default loan report data in the format set forth in Exhibit D-2 hereto and (c) information regarding realized losses and gains in the format set forth in Exhibit D-3 hereto (or in such other format formats mutually agreed to between the Servicer and the Master Servicer) ), in each case relating to the period ending on the last day of the preceding calendar month and month, (ii) all such information required pursuant to clause (ii)(a) above on a magnetic tape tape, electronic mail, or other similar media reasonably acceptable to the Master ServicerServicer and the NIMS Insurer and (iii) all supporting documentation with respect to the information required pursuant to clause (i)(c) above. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator and the NIMS Insurer Insurer, a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Not later than 12:00 (Noon) Eastern Standard Time on the seventeenth calendar day of each month (or if such seventeenth calendar day is not a Business Day, 12:00 (Noon) Eastern Standard Time on the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer (a) a monthly payoff remittance advice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the sixteenth day of the month preceding the month of such reporting date, but on or before the fifteenth day of the month of such reporting date, containing such information and in such format as is mutually acceptable to the Master Servicer and the Servicer, and in any event containing sufficient information to permit the Master Servicer to properly report Principal Prepayment in full information to the Securities Administrator [if none, the Trustee] under the Trust Agreement and (b) all such information required pursuant to clause (a) above in electronic format, on magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities AdministratorSeller and, at its request, the NIMS Insurer and the Seller Insurer, which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund; provided, however, notwithstanding anything to the contrary contained in any LPMI Policy, the Servicer shall not be required to submit such supplemental reports including the foregoing data with respect to any LPMI Policy until a reporting date that is at least twenty (20) days after the Servicer has received sufficient loan level information from the Seller or the Master Servicer to appropriately code its servicing systems in accordance with such requirements. In addition, not more than 75 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Securities Administrator, Master Servicer, the Securities Administrator Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Securities Administrator and the Master Servicer relating thereto as is necessary for the Securities Administrator to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Securities Administrator, Master Servicer, the Securities Administrator Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Securities Administrator such information as may be requested by it and required for the completion of any tax reporting responsibility of the Securities Administrator, within such reasonable time frame as shall enable the Securities Administrator to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-7)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a monthly remittance advice in the format set forth in Exhibit D-1 hereto and a monthly defaulted loan report in the format set forth in Exhibit D-2 hereto (or in such other format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and (ii) all such information required pursuant to clause (i) above on a magnetic tape or other similar media reasonably acceptable to the Master Servicer. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master ServicerFor each Mortgage Loan, the Securities AdministratorServicer shall furnish, in accordance with the NIMS Insurer Fair Credit Reporting Act and the Seller which includes its implementing regulations, information (e.g., favorable and unfavorable) on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect its borrower credit files to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf each of the Trust Fundfollowing credit repositories: Equifax Credit Information Services, Inc., Trans Union, LLC and Experian Information Solution, Inc., on a monthly basis. In addition, at the Master Servicer’s or Trustee’s request, not more than 75 60 days after the end of each calendar year, commencing December 31, 20052002, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer relating thereto as is necessary for the Securities Administrator Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Administrator and the NIMS Insurer Servicer pursuant to any requirements of the Code as from time to time are in force.
Appears in 1 contract
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFB)
Statements to Seller. Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a (a) monthly remittance advice loan data in the format set forth in Exhibit D-1 hereto and a monthly defaulted hereto, (b) default loan report data in the format set forth in Exhibit D-2 hereto and (c) information regarding realized losses and gains in the format set forth in Exhibit D-3 hereto (or in such other format formats mutually agreed to between the Servicer and the Master Servicer) ), in each case relating to the period ending on the last day of the preceding calendar month and month, (ii) all such information required pursuant to clause (ii)(a) above on a magnetic tape tape, electronic mail, or other similar media reasonably acceptable to the Master ServicerServicer and the NIMS Insurer and (iii) all supporting documentation with respect to the information required pursuant to clause (i)(c) above. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer Insurer, a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Not later than 12:00 (Noon) Eastern Standard Time on the seventeenth calendar day of each month (or if such seventeenth calendar day is not a Business Day, 12:00 (Noon) Eastern Standard Time on the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer (a) a monthly payoff remittance advice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the sixteenth day of the month preceding the month of such reporting date, but on or before the fifteenth day of the month of such reporting date, containing such information and in such format as is mutually acceptable to the Master Servicer and the Servicer, and in any event containing sufficient information to permit the Master Servicer to properly report Principal Prepayment in full information to the Trustee under the Trust Agreement and (b) all such information required pursuant to clause (a) above in electronic format, on magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities AdministratorSeller and, at its request, the NIMS Insurer and the Seller Insurer, which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund; provided, however, notwithstanding anything to the contrary contained in any LPMI Policy, the Servicer shall not be required to submit such supplemental reports including the foregoing data with respect to any LPMI Policy until a reporting date that is at least twenty (20) days after the Servicer has received sufficient loan level information from the Seller or the Master Servicer to appropriately code its servicing systems in accordance with such requirements. In addition, not more than 75 60 days after the end of each calendar year, commencing December 31, 2005, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master ServicerTrustee, the Securities Administrator Master Servicer and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Trustee and the Master Servicer relating thereto as is necessary for the Securities Administrator Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master ServicerTrustee, the Securities Administrator Master Servicer and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee, within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-He2)
Statements to Seller. (a) Not later than the fifth tenth (5th10th) Business Day calendar day of each monthmonth (or if such tenth calendar day is not a Business Day, the immediately preceding Business Day), the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer (i) a (a) monthly remittance advice loan data in the format set forth in Exhibit D-1 hereto and a monthly defaulted hereto, (b) default loan report data in the format set forth in Exhibit D-2 hereto and (or c) a monthly loan loss report in such other the format mutually agreed to between the Servicer and the Master Servicer) relating to the period ending on the last day of the preceding calendar month and set forth in Exhibit D-3 hereto, (ii) all such information required pursuant to clause (ii)(a) above on a magnetic tape tape, electronic mail, or other similar media reasonably acceptable to the Master ServicerServicer and the NIMS Insurer and (iii) all supporting documentation with respect to the information required pursuant to clause (i)(c) above. Together with such monthly remittance advice, the Servicer shall furnish to the Master Servicer, the Securities Administrator Servicer and the NIMS Insurer Insurer, a report setting forth a calculation of each of the Trigger Events set forth in Section 8.03 relating to the period ending on the last day of the preceding calendar month. Not later than 12:00 (Noon) Eastern Standard Time on the seventeenth calendar day of each month (or if such seventeenth calendar day is not a Business Day, 12:00 (Noon) Eastern Standard Time on the immediately succeeding Business Day), the Servicer shall furnish to the Master Servicer (a) a monthly payoff remittance advice regarding any Principal Prepayments in full applied to the related Mortgage Loan on or after the sixteenth day of the month preceding the month of such reporting date, but on or before the fifteenth day of the month of such reporting date, containing such information and in such format as is mutually acceptable to the Master Servicer and the Servicer, and in any event containing sufficient information to permit the Master Servicer to properly report Principal Prepayment in full information to the Trustee under the Trust Agreement and (b) all such information required pursuant to clause (a) above in electronic format, on magnetic tape or other similar media reasonably acceptable to the Master Servicer. Such monthly remittance advice shall also be accompanied by a supplemental report provided to the Master Servicer, the Securities AdministratorSeller and, at its request, the NIMS Insurer and the Seller Insurer, which includes on an aggregate basis for the previous Due Period (i) the amount of claims filed on any LPMI Policy, (ii) the amount of any claim payments made on any LPMI Policy, (iii) the amount of claims denied or curtailed on any LPMI Policy and (iv) policies cancelled with respect to those Mortgage Loans covered by any LPMI Policy purchased by the Seller on behalf of the Trust Fund. ; provided, however, notwithstanding anything to the contrary contained in any LPMI Policy, the Servicer shall not be required to submit such supplemental reports including the foregoing data with respect to any LPMI Policy until a reporting date that is at least twenty (20) days after the Servicer has received sufficient loan level information from the Seller or the Master Servicer to appropriately code its servicing systems in accordance with such requirements.
(b) In addition, not more than 75 60 days after the end of each calendar year, commencing December 31, 20052007, the Servicer shall provide (as such information becomes reasonably available to the Servicer) to the Master Servicer, the Securities Administrator Trustee and the NIMS Insurer such information concerning the Mortgage Loans and annual remittances to the Master Servicer Trustee relating thereto as is necessary for the Securities Administrator Trustee to prepare the Trust Fund’s federal income tax return and for any investor in the Certificates to prepare any required tax return. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer to the Master Servicer, the Securities Administrator Trustee and the NIMS Insurer pursuant to any requirements of the Code as from time to time are in force. The Servicer shall also provide to the Trustee such information as may be requested by it and required for the completion of any tax reporting responsibility of the Trustee, within such reasonable time frame as shall enable the Trustee to timely file each Schedule Q (or other applicable tax report or return) required to be filed by it.
(c) The Servicer shall promptly notify the Trustee, the Master Servicer and the Depositor (i) of any legal proceedings pending against the Servicer of the type described in Item 1117 (§ 229.1117) of Regulation AB and (ii) if the Servicer shall become (but only to the extent not previously disclosed to the Trustee, the NIMS Insurer, the Master Servicer and the Depositor) at any time an affiliate of any of the parties listed on Exhibit J to this Agreement and (iii) provide to the Depositor a description of such proceedings, affiliations or relationships. If so requested by the Trustee, the Master Servicer or the Depositor on any date following the date on which information was first provided to the NIMS Insurer, the Trustee and the Depositor pursuant to the preceding sentence, the Servicer shall make best reasonable efforts within five (5) Business Days but in no event later than ten (10) Business Days following such request, to confirm in writing the accuracy of the representations and warranties set forth in Section 6.01(l) or, if such a representation and warranty is not accurate as of the date of such request, provide reasonable adequate disclosure of the pertinent facts, in writing, to the requesting party. For the purpose of satisfying the reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Servicer shall (or shall cause each Subservicer to) (i) provide prompt notice to the Master Servicer and the Depositor in writing of (A) any Event of Default under the terms of this Agreement, (B) any merger, consolidation or sale of substantially all of the assets of the Servicer, and (C) the Servicer’s entry into an agreement with a Subservicer to perform or assist in the performance of any of the Servicer’s obligations under this Agreement. As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer shall provide to the Master Servicer and the Depositor, at least 15 calendar days prior to the effective date of such succession or appointment, (x) written notice to the Depositor of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities. In addition to such information as the Servicer, as servicer, is obligated to provide pursuant to other provisions of this Agreement, not later than ten days prior to the deadline for the filing of any distribution report on Form 10-D in respect of any Securitization Transaction that includes any of the Mortgage Loans serviced by the Servicer or any Subservicer, the Servicer or such Subservicer, as applicable, shall, to the extent the Servicer or such Subservicer has knowledge, provide to the party responsible for filing such report (including, if applicable, the Master Servicer) notice of the occurrence of any of the following events along with all information, data, and materials related thereto as may be required to be included in the related distribution report on Form 10-D (as specified in the provisions of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or warranties or transaction covenants (Item 1121(a)(12) of Regulation AB); and
(iii) any pool asset changes (such as, additions, substitutions or repurchases) (Item 1121(a)(14) of Regulation AB). The Servicer shall provide to the Master Servicer and the Depositor, evidence of the authorization of the person signing any certification or statement, copies or other evidence of Fidelity Bond Insurance and Errors and Omission Insurance policy, financial information and reports, and such other information related to the Servicer or any Subservicer or the Servicer or such Subservicer’s performance hereunder as may be reasonably requested by the Master Servicer or the Depositor.
(d) Not later than the tenth calendar day of each month (or if such calendar day is not a Business Day, the immediately preceding Business Day) the Servicer shall provide to the Trustee, the NIMS Insurer, the Master Servicer and the Depositor notice of the occurrence of any material modifications, extensions or waivers of terms, fees, penalties or payments relating to the Mortgage Loans during the related Due Period or that have cumulatively become material over time (Item 1121(a)(11) of Regulation AB) along with all information, data, and materials related thereto as may be required to be included in the related Distribution Report on Form 10-D.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc2)