Subserviced Mortgage Loan definition
Examples of Subserviced Mortgage Loan in a sentence
Subservicer shall give Servicer or its authorized representative, including without limitation Servicer’s Regulators and any Agency or Investor, the opportunity at any time during its normal business hours and following reasonable prior written notice to examine Subservicer’s books and records related to the Subserviced Mortgage Loans (including, in the event of any Subserviced Mortgage Loan that is a second Mortgage Loan, any and all records pertaining to the first lien on such Mortgaged Property).
Except as permitted by the terms of the Applicable Servicing Requirements and the terms of the related Subserviced Mortgage Loans, not accept any prepayment of any Subserviced Mortgage Loan nor waive, modify, release or consent to postponement on the part of the Mortgagor of any term or provision of the Mortgage Loan Documents without the written consent of Investor or as directed by the applicable Investor’s written loss mitigation guidelines.
All payments into and disbursements from and calculations with respect to Custodial Accounts and Escrow Accounts have been executed and performed in compliance with the Applicable Servicing Requirements, except where the failure to do so would not have a material adverse effect on the Servicer or the servicing rights or obligations with respect to any Subserviced Mortgage Loan.
Each Subserviced Mortgage Loan was originated, sold and securitized, as applicable, in compliance with all Applicable Servicing Requirements, Applicable Laws and Accepted Servicing Practices, except where such lack of compliance would not have a material adverse effect on the ability of Subservicer to perform its obligations under this Agreement or on the ability of Subservicer or Servicer to enforce any Subserviced Mortgage Loan.
All calculations required to be made by the Servicer with respect to the amount of principal, interest, payments of Escrow Funds and other amounts due and owing by a Mortgagor from time to time under each Subserviced Mortgage Loan have been made in compliance with all Applicable Servicing Requirements, except where failure to do so would not have, in the aggregate, a material adverse effect on the Servicer or the servicing rights or obligations with respect to any Subserviced Mortgage Loan.
If a Private Investor is the Investor for a Subserviced Mortgage Loan to be subserviced hereunder, and if required for the performance of its obligations under the Servicing Agreement or this Agreement, Servicer is an approved servicer in good standing with such Private Investor.
The Servicing Fee for the Subserviced Mortgage Loans shall be the monthly fee set forth for each such Subserviced Mortgage Loan on Exhibit Two hereto.
If directed by the Special Servicer and solely at the Special Servicer’s option, the Master Servicer or a Servicer other than WMMSC and First Nationwide (a “Transferring Servicer”) shall transfer the servicing of any Non-Designated Mortgage Loan (other than the WMMSC Serviced Mortgage Loans and First Nationwide Subserviced Mortgage Loans) or any Cendant Subserviced Mortgage Loan 90 days or more delinquent to the Special Servicer.
Servicer has complied in all respects with all of its contractual obligations under each Servicing Agreement, except to the extent that any such failure to comply would not have, individually, or in the aggregate, and would not reasonably be expected to have, a material adverse effect on the Servicer or the servicing rights or obligations with respect to any Subserviced Mortgage Loan.
Subservicer thereupon shall account for such repurchased Subserviced Mortgage Loan as a Mortgage Held for Investment and shall service such repurchased Subserviced Mortgage Loan in accordance with the terms of this Agreement.