Administration and Servicing of Mortgage Loans. 45 Section 3.01. Master Servicer to Act as Servicer...................................45 Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........46
Administration and Servicing of Mortgage Loans. Section 4.01
Administration and Servicing of Mortgage Loans. Section 3.1
Administration and Servicing of Mortgage Loans. BY THE MASTER SERVICER
Administration and Servicing of Mortgage Loans. (a) The Master Servicer shall supervise, monitor and oversee the obligation of the Servicer to service and administer the Mortgage Loans in accordance with the terms of the related Servicing Agreement and shall have full power and authority to do any and all things which it may deem necessary or desirable in connection with such master servicing and administration. In performing its obligations hereunder, the Master Servicer shall act in a manner consistent with Accepted Master Servicing Practices. Furthermore, the Master Servicer shall oversee and consult with the Servicer as necessary from time-to-time to carry out the Master Servicer's obligations hereunder, shall receive, review and evaluate all reports, information and other data provided to the Master Servicer by the Servicer and shall cause the Servicer to perform and observe the covenants, obligations and conditions to be performed or observed by the Servicer under the applicable Servicing Agreement. The Master Servicer shall independently and separately monitor the Servicer's servicing activities with respect to each related Mortgage Loan, reconcile the results of such monitoring with such information provided in the previous sentence on a monthly basis and coordinate corrective adjustments to the Servicer's and Master Servicer's records, and based on such reconciled and corrected information, the Master Servicer shall provide such information to the Securities Administrator as shall be necessary in order for it to prepare the statements specified in Section 4.03, and prepare any other information and statements required to be forwarded by the Master Servicer hereunder. The Master Servicer shall reconcile the results of its Mortgage Loan monitoring with the actual remittances of the Servicer to the Custodial Account pursuant to the applicable Servicing Agreement. The Trustee shall furnish the Servicer and the Master Servicer with any powers of attorney and other documents in form as provided to it necessary or appropriate to enable the Servicer and the Master Servicer to service and administer the related Mortgage Loans and REO Property. The Trustee shall provide access to the records and documentation in possession of the Trustee regarding the related Mortgage Loans and REO Property and the servicing thereof to the Certificateholders, the NIMS Insurer, the FDIC, and the supervisory agents and examiners of the FDIC, such access being afforded only upon reasonable prior written request and during n...
Administration and Servicing of Mortgage Loans. 35 ARTICLE V.....................................................................52
Administration and Servicing of Mortgage Loans. 47 SECTION 3.1 Master Servicer to Service Mortgage Loans.........................................................47 SECTION 3.2 Subservicing; Enforcement of the Obligations of Servicers.........................................48 SECTION 3.3 Rights of the Depositor and the Trustee in Respect of the Master Servicer.........................49 SECTION 3.4 Trustee to Act as Master Servicer.................................................................49 SECTION 3.5 Collection of Mortgage Loan Payments; Certificate Account; Distribution Account...................50 SECTION 3.6 Collection of Taxes, Assessments and Similar Items; Escrow Accounts...............................53 SECTION 3.7 Access to Certain Documentation and Information Regarding the Mortgage Loans......................54 SECTION 3.8 Permitted Withdrawals from the Certificate Account and Distribution Account.......................54 SECTION 3.9 Maintenance of Hazard Insurance; Maintenance of Primary Insurance Policies........................56 SECTION 3.10 Enforcement of Due-on-Sale Clauses; Assumption Agreements........................................57 SECTION 3.11 Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans..................59 SECTION 3.12 Trustee to Cooperate; Release of Mortgage Files..................................................61 SECTION 3.13 Documents Records and Funds in Possession of Master Servicer to be Held for the Trustee..........62 SECTION 3.14
Administration and Servicing of Mortgage Loans. Section 3.01 Master Servicer to Act as Servicer. (See Section 3.01 of the Standard Terms)
Administration and Servicing of Mortgage Loans. Section 3.01. The Servicer. Washington Mutual Bank shall act as Servicer to service and administer the Mortgage Loans on behalf of the Trust in accordance with the terms hereof, consistent with prudent mortgage loan servicing practices and (unless inconsistent with prudent mortgage loan servicing practices) in the same manner in which, and with the same care, skill, prudence and diligence with which, it services and administers similar mortgage loans for other portfolios, and shall have full power and authority to do or cause to be done any and all things in connection with such servicing and administration which a prudent servicer of mortgage loans would do under similar circumstances, including, without limitation, the power and authority to bring actions and defend the Mortgage Pool Assets on behalf of the Trust in order to enforce the terms of the Mortgage Notes. The Servicer may perform its servicing responsibilities through subservicers or other agents or independent contractors, but shall not thereby be released from any of its responsibilities hereunder and the Servicer shall diligently pursue all of its rights against such subservicers or other agents or independent contractors; provided, however, that the Servicer shall, if such reports are required to be filed with the Commission as an exhibit to a Report on Form 10-K, (i) cause each such party, if determined by the Servicer to be a party participating in the servicing function within the meaning of Item 1122 of Regulation AB, to deliver to the Servicer the report on assessment of compliance with applicable servicing criteria and the accounting firm’s attestation report described in Section 3.13(c) and (ii) cause each such party, if determined by the Servicer to meet the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB, to deliver to the Servicer the statement of compliance described in Section 3.13(e). The Servicer shall make reasonable efforts to collect or cause to be collected all payments called for under the terms and provisions of the Mortgage Loans and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any Primary Insurance Policy, any FHA insurance policy or VA guaranty, any hazard insurance policy, and federal flood insurance, cause to be followed such collection procedures as are followed with respect to mortgage loans comparable to the Mortgage Loans and held in portfolios of responsible mortgage lenders in the lo...
Administration and Servicing of Mortgage Loans. Section 3.01. Master Servicer to Service Mortgage Loans..........................................III-1 Section 3.02. Subservicing; Enforcement of the Obligations of Master Servicer....................III-2 Section 3.03. Rights of the Depositor, the Trustee in Respect of the Master Servicer.............III-3 Section 3.04. Trustee to Act as Master Servicer..................................................III-3 Section 3.05.
