Loan servicing activities definition
Loan servicing activities means the collection or remittance for a lender, noteowner, noteholder, or the licensee's own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage servicing agreement or a mortgage loan subject to the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684, or a mortgage servicing agreement or secondary mortgage loan subject to the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, or an agreement with the mortgagor.
Loan servicing activities means the collection or remittance for a lender, noteowner, noteholder, or the licensee’s own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage servicing agreement or a mortgage loan subject to the mortgage brokers, lenders, and servicers licensing
Examples of Loan servicing activities in a sentence
To better enable Administrative Agent to monitor Borrower’s Mortgage Loan servicing activities, Borrower shall deposit and maintain escrow depository accounts with the Administrative Agent.
The Borrower shall at all times maintain, in order to permit the Agent to better monitor the Borrower’s Mortgage Loan servicing activities, operating accounts and escrow depositary accounts as set forth in a separate agreement between the Agent and the Borrower (the “Minimum Deposits Agreement”).
Loan servicing activities, to the extent required prior to loan deliveries to third parties, for the loans identified in paragraph 1 above, which shall include, among other things, the issuance of IRS form 1098 to the extent required, 3.