Applicable Servicing Requirements definition

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.
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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.
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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.
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Examples of Applicable Servicing Requirements in a sentence

  • The Sellers shall pay interest on Escrow Accounts accrued through the Applicable Closing to the extent interest with respect to such accounts is required to be paid under Applicable Servicing Requirements for the benefit of Serviced Mortgagors under the Serviced Mortgage Loans or any other appropriate party.

  • All Servicing Loan Files provided to Purchaser by or on behalf of the Sellers contain all documents, instruments and information (which may include true, correct and complete copies thereof) necessary to service the Serviced Mortgage Loans in accordance with the Applicable Servicing Requirements.

  • All Custodial Accounts and Escrow Accounts are maintained in all material respects in accordance with Applicable Servicing Requirements.

  • Nothing in this Section 7.10(v) affects the Sellers’ obligations under the Applicable Servicing Requirements in connection with the operation of the Business.

  • If required by Applicable Servicing Requirements, the Sellers and Purchaser each shall send the Serviced Mortgagors notification (which may be a joint notification) of the transfer of the Servicing function, which shall comply in all material respects with all Applicable Servicing Requirements, including the Real Estate Settlement Procedures Act, as amended, and Regulation X, as amended.


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.
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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.
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Related to Applicable Servicing Requirements

  • Applicable Servicing Criteria With respect to the Servicer, the Special Servicer or any Servicing Function Participant, the Servicing Criteria applicable to it, as set forth on Exhibit L attached hereto. For clarification purposes, multiple parties can have responsibility for the same Applicable Servicing Criteria and with respect to a Servicing Function Participant engaged by the Servicer or the Special Servicer, the term “Applicable Servicing Criteria” may refer to a portion of the Applicable Servicing Criteria applicable to the Servicer or the Special Servicer, as the case may be.

  • Servicing Transfer Date The date on which a Servicing Transfer occurs.

  • Servicing Reserve means, the product (expressed as a percentage) of (a) 1%, times (b) a fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12 months and the denominator of which is 360.

  • Accepted Master Servicing Practices With respect to any Mortgage Loan, those mortgage master servicing practices of prudent mortgage master servicing institutions which master service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

  • Servicing Transfer Event means any of the events specified in the Servicing Agreement, whereby the servicing of the Mortgage Loan is required to be transferred to the Special Servicer from the Master Servicer.

  • Servicing Transfer Any transfer of the servicing by a Prior Servicer of Mortgage Loans to the Servicer under this Agreement.

  • Customary Servicing Practices means the customary servicing practices of the Servicer or any Sub-Servicer with respect to all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself and others, as such customary servicing practices may be changed from time to time, it being understood that the Servicer and the Sub-Servicers may not have the same “Customary Servicing Practices.”

  • Accepted Servicing Practices With respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

  • Customary Servicing Procedures means procedures (including collection procedures) that the Assuming Institution (or, to the extent a Third Party Servicer is engaged, the Third Party Servicer) customarily employs and exercises in servicing and administering mortgage loans for its own accounts and the servicing procedures established by FNMA or FHLMC (as in effect from time to time), which are in accordance with accepted mortgage servicing practices of prudent lending institutions.

  • Servicing Report has the meaning assigned to that term in Section 6.08(b).

  • Servicing Rate means 1.00% per annum.

  • Monthly Servicing Report shall have the meaning attributed to such term in the Servicing Agreement.

  • Countrywide Servicing Agreement Solely with respect to the Countrywide Mortgage Loans, the Mortgage Loan Purchase and Servicing Agreement, dated as of November 1, 2001, between the Transferor, as purchaser, and Countrywide, as seller and as servicer (as successor to Countrywide Home Loans, Inc. by an assignment dated January 1, 2001, as the same may be amended or supplemented), as the same may be amended from time to time, and any assignments and conveyances related to the Countrywide Mortgage Loans.

  • Periodic Billing Requirement means, for any Remittance Period, the aggregate amount of Charges calculated by the Servicer as necessary to be billed during such period in order to collect the Periodic Payment Requirement on a timely basis.

  • Sale and Servicing Agreement means the Sale and Servicing Agreement, dated as of the Closing Date, between the Seller, the Issuer, the Servicer and the Indenture Trustee, as the same may be amended, modified or supplemented from time to time.

  • Required Special Servicer Rating means with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”, (ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (iii) in the case of Xxxxx’x, such special servicer is acting as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated by Xxxxx’x within the twelve (12) month period prior to the date of determination, and Xxxxx’x has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking by Morningstar equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not issued a ranking with respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and Morningstar has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS, such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by DBRS within the twelve (12) month period prior to the date of determination and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities as a material reason for such downgrade or withdrawal.

  • Servicing Transfer Costs All reasonable costs and expenses incurred by the Trustee in connection with the transfer of servicing from a predecessor servicer, including, without limitation, any costs or expenses associated with the complete transfer of all servicing data and the completion, correction or manipulation of such servicing data as may be required by the Trustee to correct any errors or insufficiencies in the servicing data or otherwise to enable the Trustee to service the Mortgage Loans properly and effectively.

  • Servicing Arrangement is defined in Section 11.06(b).