Administration and Servicing of Mortgage Loans Sample Clauses

Administration and Servicing of Mortgage Loans. Section 3.01 Countrywide to Act as Servicer. Countrywide shall service and administer Mortgage Loans sold pursuant to this Agreement in accordance with the terms of this Agreement and shall have full power and authority, acting alone, to do or cause to be done any and all things, in connection with such servicing and administration, that Countrywide may deem necessary or desirable and consistent with the terms of this Agreement. In servicing and administering the Mortgage Loans, Countrywide shall employ procedures in accordance with the customary and usual standards of practice of prudent mortgage servicers. Notwithstanding anything to the contrary contained herein, in servicing and administering Government Mortgage Loans, Countrywide shall not take, or fail to take, any action that would result in the denial of coverage under any LGC or MIC, as applicable. Without limiting the generality of the foregoing, with respect to any Government Mortgage Loan, Countrywide shall be permitted to deviate from the servicing practices set forth herein if such deviation would be consistent with the servicing practices employed in connection with any similar mortgage loan constituting a part of a GNMA mortgage-backed security. In accordance with the terms of the related mortgage loan purchase agreement, Countrywide may waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in Countrywide's reasonable and prudent determination such waiver, modification, postponement or indulgence is not materially adverse to the Purchaser; provided, however, that Countrywide shall not permit any modification with respect to any Mortgage Loan that would decrease the Mortgage Interest Rate (other than by adjustments required by the terms of the Mortgage Note), result in the denial of coverage under a PMI Policy, LGC or MIC, reduce the outstanding principal amount (except for actual payments of principal) forgive the payment of principal or interest, or extend the final maturity date on such Mortgage Loan without the Purchaser's consent. Countrywide may permit forbearance or allow for suspension of Monthly Payments for up to one hundred and eighty (180) days if the Mortgagor is in default or Countrywide determines in its reasonable discretion, that default is imminent and if Countrywide determines that granting such forbearance or suspension is in the best interest of the ...
Administration and Servicing of Mortgage Loans. SECTION 3.1 Master Servicer to Service Mortgage Loans. For and on behalf of the Certificateholders, the Master Servicer shall service and administer the Mortgage Loans in accordance with the terms of (i) the Servicing Rights Transfer and Subservicing Agreement, pursuant to which First Tennessee Mortgage Services, Inc. engaged the Master Servicer to subservice the Mortgage Loans, (ii) this Agreement and (iii) the customary and usual standards of practice of prudent mortgage loan servicers; provided that if there is a conflict between the terms of the Servicing Agreement and the Servicing Rights Transfer and Subservicing Agreement, on the one hand, and this Agreement, on the other hand, the terms of this Agreement shall prevail. In connection with such servicing and administration, the Master Servicer shall have full power and authority, acting alone and/or through Subservicers as provided in Section 3.2 hereof, to do or cause to be done any and all things that it may deem necessary or desirable in connection with such servicing and administration, including but not limited to, the power and authority, subject to the terms hereof (i) to execute and deliver, on behalf of the Certificateholders and the Trustee, customary consents or waivers and other instruments and documents, (ii) to consent to transfers of any Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages (but only in the manner provided in this Agreement), (iii) to collect any Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion of the ownership of the Mortgaged Property securing any Mortgage Loan; provided that the Master Servicer shall not take any action that is inconsistent with or prejudices the interests of the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and interests of the Depositor, the Trustee and the Certificateholders under this Agreement. The Master Servicer shall represent and protect the interests of the Trust Fund in the same manner as it protects its own interests in mortgage loans in its own portfolio in any claim, proceeding or litigation regarding a Mortgage Loan, and shall not make or permit any modification, waiver or amendment of any Mortgage Loan which would cause any REMIC created hereunder to fail to qualify as a REMIC or result in the imposition of any tax under Section 860F(a) or Section 860G(d) of the Code. Without limiting the generality of the foregoing, the Master...
Administration and Servicing of Mortgage Loans. BY THE MASTER SERVICER
Administration and Servicing of Mortgage Loans. Section 4.01
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. 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. 5 Section 3.01. The Servicer.................................................................................5 Section 3.02. Collection of Certain Mortgage Loan Payments.................................................7 Section 3.03. Withdrawals from the Collection Account......................................................9 Section 3.04. Maintenance of Hazard Insurance; Property Protection Expenses...............................10 Section 3.05. Modification Agreements.....................................................................11 Section 3.06. Trust Estate; Related Documents.............................................................11 Section 3.07. Realization Upon Defaulted Mortgage Loans...................................................12 Section 3.08. Company and Indenture Trustee to Cooperate..................................................14 Section 3.09. Servicing Compensation; Payment of Certain Expenses by Servicer.............................15 Section 3.10. Annual Statement as to Compliance...........................................................15 Section 3.11. Annual Servicing Report.....................................................................16 Section 3.12. Access to Certain Documentation and Information Regarding the Mortgage Loans................16 Section 3.13. Maintenance of Certain Servicing Insurance Policies.........................................16 Section 3.14. Information Required by the Internal Revenue Service Generally and Reports of Foreclosures and Abandonments of Mortgaged Property......................................17 Section 3.15. Optional Repurchase of Defaulted Mortgage Loans.............................................17
Administration and Servicing of Mortgage Loans. Section 3.01
Administration and Servicing of Mortgage Loans. 47 Section 3.01. Servicer to Act as Servicer......................................48 Section 3.02. Subservicing Agreements Between Servicer and Subservicers; Enforcement of Subservicers' and Sellers' Obligations............49
Administration and Servicing of Mortgage Loans. Section 4.01 Servicer to Act as Servicer..................................................................17 Section 4.02 Liquidation of Mortgage Loans................................................................18 Section 4.03 Collection of Mortgage Loan Payments.........................................................19 Section 4.04 Establishment of and Deposits to Custodial Account...........................................20 Section 4.05