Servicing Files Sample Clauses
The 'Servicing Files' clause defines the requirements and procedures for maintaining, updating, and providing access to documents and records related to the servicing of a contract or agreement. Typically, this clause outlines what types of files must be kept, the format in which they should be maintained, and who is entitled to access them, such as both parties or designated auditors. Its core practical function is to ensure transparency and accountability in the management of records, thereby reducing the risk of disputes and facilitating compliance with contractual or regulatory obligations.
Servicing Files. To the extent that Purchaser or its successors or any subservicer, as applicable, is unable, despite its or its successor servicer’s best efforts, to service a Mortgage Loans in accordance with Applicable Requirements because the related Servicing File does not contain the documents or information required to be maintained by the Seller under Applicable Requirement and are necessary to service the applicable Mortgage Loan in compliance with Applicable Requirements, Seller shall reimburse the Purchaser for any reasonable out-of-pocket expenses incurred by Purchaser in curing such deficiency and indemnify Purchaser for any Losses that it incurs due to the inability to service in accordance with Applicable Requirements; provided that the Purchaser shall have (and shall have caused its successors and any subservicer to) used best efforts to obtain reimbursement from the applicable Investor for any such unreimbursed expenses or Losses prior to making a claim hereunder.
Servicing Files. The Servicing Files included in the Purchased Assets contain true, correct and complete copies of all documents, instruments and information necessary to service the Serviced Mortgage Loans and Other Serviced Loans serviced by Seller in accordance with the Applicable Requirements in all material respects.
Servicing Files a. Each Servicing File maintained by the Servicer for each Mortgage Loan shall be clearly identified and marked to reflect Angel Oak’s or related Investor’s ownership of the related Mortgage Loan, shall be kept by Servicer as bailee for the sole benefit of Angel Oak and the related Investor, in conformance with applicable Requirements and Accepted Servicing Practices, and shall contain copies of the following items, to the extent received by the Servicer upon the Servicer’s request from Angel Oak or its agent:
(i) the Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of [insert related Investor], without recourse”; or in blank and signed in the name of the previous endorsee by an authorized officer;
(ii) the Mortgage, with evidence of recording thereon;
(iii) all assumption, modification, consolidation or extension agreements, with evidence of recording thereof;
(iv) evidence (which may be a certificate of insurance) of all insurance required by such Mortgage;
(v) the Title Insurance Policy;
(vi) all intervening Assignments of Mortgage with evidence of recording thereof; and
(vii) any other material documents.
b. Notwithstanding any provision herein to the contrary, blanket insurance policies may be kept by the Servicer in a separate blanket file and need not be included in each Servicing File.
c. Each Servicing File shall also contain the following documents or photocopies thereof, to the extent received by the Servicer in connection with the Servicer’s duties under this Agreement:
(i) the Appraisal Report made at the time the Mortgage Loan was originated;
(ii) the settlement statement for the purchase and financing or refinancing of the Mortgaged Property under the Mortgage Note and Mortgage;
(iii) the originals of any tax service contract;
(iv) documentation relating to modifications to the original Mortgage Loan documents;
(v) documentation relating to any releases of any collateral supporting the Mortgage Loan;
(vi) collection letters or form notices sent to the Mortgagor, but only if the Servicer does not maintain collection files;
(vii) foreclosure correspondence and legal notifications, if applicable;
(viii) water and irrigation company stock certificates, if applicable;
(ix) the loan application, any credit reports, verification of employment, verification of any deposit, and tax returns;
(x) the originals of all RESPA and Truth in Lending Act disclosure statements executed by the Mortgagor; and
(xi) all other document...
Servicing Files. Seller shall deliver to GMACM a servicing file for each loan in the Manual Transfer. Files will contain, but not be limited to, the documents identified below (as applicable) which are critical for boarding the loans to GMACM’s system: Legal Description (Exhibit A) / Tax Contract (copy) Homeowner authorization if NY or NJ Copy of Note with all riders Interest Only Addendum Buydown agreement/rider Copy of recorded Mortgage/Deed of Trust with riders (if recorded copy is not available; provide copy of unrecorded document) Funding Letter/First Payment Letter RESPA/Escrow Account Disclosure HUD-1 Settlement Statement – final Loan Application Form 1003 (initial and final signed application) Appraisal/PSAR (with all attachments) Certificate of Flood Zone Rating Evidence of Insurance Applicable Mortgage Insurance: PMI commitment, FHA MIC, VA LGC PMI Disclosure statement Tax Certification System master file record Payment history from origination to current year-to-date
Servicing Files. See Shipping instructions & Preparing Materials for Shipment form from Archive Systems and file Archiving Sheet
Servicing Files. The Seller shall forward to the Purchaser or its designee all documents and records relating to the Mortgage Loans constituting the servicing files no later than three (3) business days prior to the Servicing Transfer Date.
Servicing Files. Pursuant to the provision in the Servicing Agreement, Owner acknowledges that the files held by HOME SERVICING, LLC with respect to the Loans and Properties (the "Servicing Files") shall be transferred to SNSC under the term of the Servicing Agreement. SNSC further acknowledges that upon receipt of any original Servicing Files, it shall act as bailee on behalf of the Owner of such files.
Servicing Files. With respect to each Mortgage Loan, the Mortgage File may include each of the following items to the extent in the possession or the possession of Seller or Seller’s Servicer; however Seller makes no representation or warranty as to the content of the Servicing File: Tax receipts, insurance premium receipts, ledger sheets, payment history from date of origination, insurance claim files including correspondence with respect thereto, correspondence, current and historical computerized data files, and all other processing, underwriting and closing papers and records which are customarily contained in a mortgage loan file and which are required to document the Mortgage Loan or to service the Mortgage Loan; and the original or copy of hazard insurance policy and, if required by law, flood insurance policy, with extended coverage of the hazard insurance policy. THIS ▇▇▇▇ OF SALE AND ASSIGNMENT OF MORTGAGE LOAN DOCUMENTS, dated , from [SELLER] a [ Corporation], having an address at (the “Seller”) to , a [ ] Company, having an address at (the “Buyer”). All terms used herein which are not defined herein shall have the meanings given to them in the Mortgage Loan Purchase and Sale Agreement dated as of even date herewith by and between Buyer and Seller (the “Purchase Agreement”).
Servicing Files. 2. Seller shall deliver to GMAC Mortgage a servicing file for each loan in the Manual Transfer. Files will contain, but not be limited to, the documents identified below (as applicable) which are critical for boarding the loans to GMAC Mortgage’s system:
2. Please refer to Section V for information on file labels and shipping. TRANSFER OF RECORDS Servicer shall deliver to GMAC Mortgage all documents, files, reports, and similar items. Any documents transferred from Servicer to GMAC Mortgage at any time in connection herewith shall include the Servicer loan number and be grouped based on type of material, e.g. insurance, tax, customer service. All reports and information as detailed within these Transfer Instructions, must be received by GMAC Mortgage within 3 Business Days after the Transfer Date unless otherwise designated.
A) INFORMATION REQUIRED FOR EACH ACCOUNT
1. One (1) copy of mortgage histories from origination to current year-to-date on CDROM (If CPI - please provide the Customer Account Activity Statements - Report P45C and Loan History ) a) Must include release transaction, with principal balance removed and interest on escrow posted Provide transaction code cross-reference list to interpret payment history transactions One (1) CD-ROM copy of most recent escrow analysis for each account, if applicable. On-line note activity to be provided on CD-ROM for each loan.
B) ASSIGNMENT OF GMAC MORTGAGE LOAN NUMBERS
1. GMAC Mortgage will assign loan numbers and provide Seller a cross-reference list for identification of mail received after the transfer date.
C) SUSPENSE BALANCES
1. For all loans with suspense balances, Servicer shall provide a report identifying the reason funds were placed in suspense (e.g., payment plan – ½ payment, bankruptcy, etc.). If CPI, please provide CPI-5XS report with code definitions.
D) CORPORATE ADVANCE BALANCES
1. For all loans with corporate advance balances, Servicer shall provide a report identifying the reason for the advance.Documentation supporting the advance shall be included in the applicable servicing file.
Servicing Files. (a) The Purchaser, as beneficial owner of the Receivables, revocably appoints the Servicer, and the Servicer accepts such appointment, to act as the agent of the Purchaser and as custodian of the Servicing File with respect to each Receivable. Such retention and possession by the Servicer is in a custodial capacity only. With the prior written consent of the Administrative Agent, the Servicer may retain any third-party service provider to perform Servicer’s duties as custodian hereunder, provided that Servicer shall remain fully liable with respect to such duties notwithstanding Administrative Agent’s consent to the retention of any such third-party custodian. The Servicer shall be solely responsible for the payment of any and all fees, costs and other expenses of such third-party service provider. The Servicer shall be deemed to have received proper instructions from the Purchaser with respect to the Servicing Files upon its receipt of written instructions signed by a responsible officer of the Administrative Agent.
(b) The Servicer’s appointment as custodian of the Servicing Files with respect to the Receivables hereunder shall become effective on the Closing Date, and shall continue in full force and effect until the termination of this Agreement. The Administrative Agent may terminate the Servicer’s appointment as custodian of the Servicing Files at any time at the Administrative Agent’s sole and absolute discretion upon written notification to the Servicer, and such termination shall be binding on the Purchaser. Any termination of the Servicer as servicer of the Receivables shall also constitute a termination of the Servicer as custodian of the Servicing Files of the Receivables. As soon as practicable after any termination of such appointment (but in no event more than five (5) Business Days after any such termination of appointment), the Servicer shall deliver the Servicing Files to the Purchaser or the Purchaser’s agent (including, without limitation, any Successor Servicer) at such place or places as the Administrative Agent (or any Successor Servicer on its behalf) may reasonably designate. The Servicer shall cooperate with the Purchaser, the Administrative Agent and any Successor Servicer in making the transfer and shall bear all of the Servicer’s costs and expenses with respect to such transfer. Notwithstanding the termination of the Servicer as custodian of the Servicing Files, the Purchaser agrees that upon any such termination, the Purchaser...