Applicable Servicing Requirements means, as applicable, as of the time of a particular action, omission or event (i) all contractual obligations relating to the Servicing of the Mortgage Loans, including those contractual obligations contained in the applicable Servicing Agreements or in the Mortgage Loan Documents; and (ii) all Applicable Laws applicable to the Servicing of the related Mortgage Loans, including any Order with any Regulator.
Applicable Servicing Requirements means, as of the time of reference: (i) with respect to the Serviced Mortgage Loans, (a) all contractual obligations of a Seller under the Serviced Mortgage Loan Documents or the applicable Servicing Agreements or Subservicing Agreements to which such Seller is a party or by which such Seller is bound or for which such Seller is responsible as Servicer, (b) those servicing practices of prudent lending institutions which service loans of the same type as each Serviced Mortgage Loan serviced under the related Servicing Agreement or Subservicing Agreement in the jurisdiction where the related Serviced Mortgaged Property is located, (c) all guidelines of Insurers and Investors applicable to the Sellers as Servicers or to the Servicing Business and (d) all Laws and Orders binding upon the Sellers as Servicers; and (ii) with respect to the Master Serviced Mortgage Loans, (a) all contractual obligations of a Seller under the applicable Master Servicing Agreements and related documents to which such Seller is a party or by which such Seller is bound or for which such Seller is responsible as Master Servicer, (b) those master servicing practices of prudent lending institutions which master service loans of the same type as each Master Serviced Mortgage Loan serviced under the related Master Servicing Agreement, (c) all guidelines of Insurers and Investors applicable to the Sellers as Master Servicers or the Master Servicing Business and (d) all Laws and Orders binding upon the Sellers as Master Servicers.
Applicable Servicing Requirements means, with respect to the Mortgage Loans, those mortgage servicing practices of prudent mortgage lending institutions which service loans of the same type as the Mortgage Loans in the respective jurisdictions in which the related Mortgaged Properties are located.
Examples of Applicable Servicing Requirements in a sentence
In no event shall Seller have any liability to Purchaser or any other Person for any failure by Seller to service the Mortgage Loans in accordance with Applicable Servicing Requirements to the extent that such failure results from or arises out of the delivery of the Mortgage Loan Documents to Purchaser prior to the Transfer Date in accordance with this Agreement.
During the period commencing on the Purchase Date and ending at the close of business on the day prior to the Transfer Date (the “Interim Servicing Period”), the Seller shall, or with the Purchaser’s consent, cause a sub-servicer to, service the Mortgage Loans for and on behalf of the Purchaser in accordance with all Applicable Servicing Requirements.
More Definitions of Applicable Servicing Requirements
Applicable Servicing Requirements has the meaning assigned to such term in the Servicing Rights Purchase and Sale Agreement inclusive of any definitions incorporated in such term in the Servicing Rights Purchase and Sale Agreement.
Applicable Servicing Requirements means, as of the time of reference and as applicable, (i) all contractual obligations relating to the origination, sale, securitization or servicing of the Mortgage Loans, including without limitation those contractual obligations contained herein, in the applicable Servicing Agreements, in any Guide or other guideline of any Agency, Insurer, Investor or Regulator or in the Mortgage Loan Documents; (ii) all Applicable Laws applicable to the servicing of or the enforcement of, or filing of claims in connection with, the related Mortgage Loans, including, without limitation, the Guide or other guidelines of any Investor or Insurer, or any other Governmental Body, including without limitation any Regulator; and (iii) Accepted Servicing Practices.
Applicable Servicing Requirements means, as of the time of reference and as applicable, (i) all contractual obligations relating to the origination, sale, securitization or servicing of the Subserviced Mortgage Loans, including without limitation those contractual obligations contained herein, in the applicable Servicing Agreements, in any Guide or other guideline of any Agency, Insurer, Investor or Regulator or in the Mortgage Loan Documents; (ii) all Applicable Laws applicable to the servicing of or the enforcement of, or filing of claims in connection with, the related Subserviced Mortgage Loans, including without limitation the Guide or other guidelines of any Investor or Insurer, or any other Governmental Body, including without limitation any Regulator; and (iii) Accepted Servicing Practices. For purposes of this Agreement, (x) the Applicable Servicing Requirements with respect to any Mortgage Held for Sale shall be deemed to include, without limitation, the Guides that would be applicable following the sale (Servicing retained) of such Mortgage Loan to the Investor and the applicable product type in respect of which such Mortgage Loan was originated (as identified on Servicer’s inventory tape) and (y) the Applicable Servicing Requirements with respect to any Mortgage Held for Investment shall be deemed to include, without limitation, the applicable provisions of (A) for those loans classified as “Prime” and “Alt A,” the applicable provisions of the Xxxxxx Mae Selling and Servicing Guide for whole loan servicing that would apply if Xxxxxx Xxx were the Investor for such Mortgage Loans, (B) for FHA/VA loans, the regulations, rules and notices, including handbooks, promulgated by FHA and VA and the applicable provisions of the Xxxxxx Mae Issuers and Servicers Guide, and (C) for the classifications for all other Mortgages Held for Investment, as instructed by Servicer in writing promptly following the Effective Date.