Servicing Released Mortgage Loan definition

Servicing Released Mortgage Loan means a Purchased Mortgage Loan that the Seller acquired from a Qualified Originator on a servicing-released basis, with respect to which the Seller owns the Servicing Rights and transfers the same to Buyer as of the related Purchase Date.
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Servicing Released Mortgage Loan. The Mortgage Loans sold by the Seller on a servicing released basis, which Servicing Released Mortgage Loans are serviced pursuant to the Servicing Addendum attached hereto as Exhibit 9.
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Servicing Released Mortgage Loan means a Mortgage Loan acquired by Seller along with the related Servicing Rights.
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Examples of Servicing Released Mortgage Loan in a sentence

  • The Servicer shall forward to the Purchaser, or its designee, all servicing records and the Servicing File in the Servicer's possession relating to each Servicing Released Mortgage Loan including the information enumerated in the related Interim Servicing Agreement.

  • With respect to each Servicing Released Mortgage Loan sold to the Purchaser in a Mortgage Loan Package, on the related Closing Date the Seller shall assign to the Purchaser the related Interim Servicing Agreement, pursuant to which the related Servicer shall act as the contract servicer of the related Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the related Interim Servicing Agreement.

  • Buyer reserves the right, in its discretion, to appoint a successor servicer to subservice any Servicing Released Mortgage Loan (each a “Successor Servicer”).

  • The decision of the Servicing Released Master Servicer to foreclose on a defaulted Servicing Released Mortgage Loan shall be subject to a determination by the Servicing Released Master Servicer that the proceeds of such foreclosure would exceed the costs and expenses of bringing such a proceeding.

  • In connection with any such renewal, Seller or the Servicer, as applicable, shall continue to interim service the Servicing Released Mortgage Loan for a thirty (30) day extension period.

  • If the interim servicing period expires with respect to any Servicing Released Mortgage Loan for any reason other than Seller repurchasing such Servicing Released Mortgage Loan, then such interim servicing period shall automatically terminate if not renewed by Buyer.

  • In the event that any payment due under any Servicing Released Mortgage Loan remains delinquent for a period of 90 days or more, the Seller shall commence foreclosure proceedings.

  • With respect to each Servicing Released Mortgage Loan, on the related Transfer Date, the Purchaser, or its designee, shall assume all servicing responsibilities related to, and the related Servicer shall cease all servicing responsibilities related to, such Servicing Released Mortgage Loans.

  • Buyer may terminate the servicing or subservicing of any Servicing Retained Mortgage Loan or Servicing Released Mortgage Loan, respectively, with the then existing Servicer in accordance with either Section 6.2(f) or Section 6.2(n).

  • In the event that any payment due under any Servicing Released Mortgage Loan remains delinquent for a period of 90 days or more, the Servicer shall commence foreclosure proceedings, provided that prior to commencing foreclosure proceedings, the Servicer shall notify the Purchaser in writing of the Servicer’s intention to do so, and the Servicer shall not commence foreclosure proceedings if the Purchaser objects to such action within ten (10) Business Days of receiving such notice.


More Definitions of Servicing Released Mortgage Loan

Servicing Released Mortgage Loan means a Mortgage Loan acquired by Seller along with the related Servicing Rights. “Servicing Retained Mortgage Loan” means a Mortgage Loan acquired by Seller from an entity that retained the Servicing Rights.
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Related to Servicing Released Mortgage Loan

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • REO Mortgage Loan Any Mortgage Loan which is not a Liquidated Loan and as to which the indebtedness evidenced by the related Mortgage Note is discharged and the related Mortgaged Property is held as part of the Trust Estate.

  • MERS Designated Mortgage Loan Mortgage Loans for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedures Manual and (b) the Seller has designated or will designate the Purchaser as the Investor on the MERS System.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which any Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage Loan Documents have not been delivered to the Custodian.