Flood Zone Service Contract definition

Flood Zone Service Contract. A transferable contract maintained for a Mortgaged Property with a nationally recognized flood zone service provider for the purpose of obtaining the current flood zone status relating to such Mortgaged Property.
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Flood Zone Service Contract. Servicer’s cost.
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Flood Zone Service Contract. A transferable contract maintained for the Mortgaged Property with a nationally recognized flood zone service provider for the purpose of obtaining the current flood zone status relating to such Mortgaged Property. Xxxxxxx Mac: Xxxxxxx Mac or any successor thereto.
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Examples of Flood Zone Service Contract in a sentence

  • The Seller shall purchase at its own expense a fully assignable life of loan Tax Service Contract and a fully assignable Flood Zone Service Contract.


More Definitions of Flood Zone Service Contract

Flood Zone Service Contract. A life of loan service contract transferable to a nationally recognized flood service provider, maintained for the Mortgaged Property for the purpose of monitoring the Federal Emergency Management Agency (FEMA) map status relating to such Mortgaged Property.
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Flood Zone Service Contract. A contract transferable to a nationally recognized flood service provider, maintained for the Mortgaged Property for the purpose of obtaining the current flood zone status relating to such Mortgaged Property. FNMA: Xxxxxx Xxx, F/K/A Federal National Mortgage Association, or any successor thereto.
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Flood Zone Service Contract. Servicer's cost. MERS Fee: Servicer's cost. Reperformance Fee: 150 basis points of the unpaid principal balance of the Mortgage Loan (as then in effect) if the Mortgage Loan is brought current (after having been delinquent for a period of 90 days or more) without any modification and remains current for a consecutive period of 12 months or is sold prior to the expiration of such 12 months. Modification Fee: 150 basis points of the unpaid principal balance of the Mortgage Loan (as in effect immediately after the consummation of the modification) if the modification includes an interest rate reduction or is classified by the Servicer (acting in accordance with Accepted Servicing Practices) as a full modification; or, if the Servicer participates in the U.S. Treasury's Home Affordable Modification program (or other similar mortgage loan modification programs) and enters into a transaction involving the Mortgage Loan that results in the payment or retention of any incentive payment to the Servicer or Owner and the Servicer is not otherwise entitled to a Modification Fee as set forth above, 150 basis points of the unpaid principal balance of the Mortgage Loan (as in effect immediately after the consummation of the transaction). If the Servicer enters into a transaction involving the Mortgage Loan under the U.S. Treasury Department's Home Affordable Modification program (or other similar mortgage loan modification programs) that results in any incentive payment to the Servicer or Owner and the Servicer has already collected a Modification Fee, the Servicer shall reimburse the Owner the amount of such incentive payments. In the event the Servicer effects a refinancing of a Distressed Whole Loan on behalf of the Owner and not through a third party lender and the resulting Mortgage Loan is readily saleable, or the Servicer originates a Mortgage Loan to facilitate the disposition of REO Property, the Servicer shall be entitled to fees and other compensation in connection with such originations based on market-based pricing and terms that are consistent with the pricing and terms offered by the Servicer to unaffiliated third parties on a retail basis. The amount of the compensation and the pricing and terms offered by the Servicer shall be subject to review by the Owner and the Servicer from time to time to reflect market rates. The Owner shall reimburse the Servicer for any out of pocket expenses that the Servicer incurs in connection with any such origination, incl...
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Related to Flood Zone Service Contract

  • Tax Service Contract As defined in Section 3.09(a).

  • Area of special flood hazard means the land in the floodplain within a community subject to a one percent or greater chance of flooding in any given year.

  • Floodplain or flood-prone area means any land area susceptible to being inundated by water from any source (see definition of “flood”).

  • Flood protection system means those physical structural works for which funds have been authorized, appropriated, and expended and which have been constructed specifically to modify flooding in order to reduce the extent of the area within a community subject to a "special flood hazard" and the extent of the depths of associated flooding. Such a system typically includes hurricane tidal barriers, dams, reservoirs, levees or dikes. These specialized flood modifying works are those constructed in conformance with sound engineering standards.

  • Flood Insurance Study means the official report provided by the Federal Insurance Administration that includes flood profiles, the Flood Insurance Rate Map, the Flood Boundary and Floodway Map, and the water surface elevation of the base flood.