Transfer of Servicing of Loans. 1. This paragraph (III.K) shall apply to all sales or transfers of servicing, including subservicing. 2. Ordinary Transfer of Servicing from Servicer to Successor Servicer or Subservicer. a. At the time of transfer or sale, Servicer shall inform the successor servicer whether a loss mitigation application is pending. b. Any contract for the transfer or sale of servicing rights entered into by Servicer shall obligate the successor servicer to accept and continue processing pending loss mitigation applications. c. Any contract for the transfer or sale of servicing rights entered into by Servicer shall obligate the successor servicer to honor trial and permanent loan modification agreements or other types of loss mitigation agreements entered into by the prior servicer.
Appears in 9 contracts
Samples: Settlement Agreement, Settlement Agreement, Settlement Agreement
