Servicing Released Sample Clauses
The "Servicing Released" clause defines the transfer of servicing rights for a loan from the original lender to another party at the time of sale or assignment. In practice, this means that the buyer of the loan will assume all responsibilities for collecting payments, managing escrow accounts, and handling borrower communications, rather than the original lender continuing to service the loan. This clause ensures a clear transition of servicing duties, preventing confusion for borrowers and clarifying the obligations of each party involved in the loan transfer.
Servicing Released. Each Loan subject to a servicing agreement shall have been released from such servicing agreement upon the sale to the Department hereunder. The Seller shall be responsible for, and shall have paid, any de-boarding, deconversion or related fees or expenses to the related servicer. The Department shall obtain all rights to service such Loan and may, in its sole discretion require deconversion of such Loan in order to service the loan itself or through a third-party servicer of its designation.
Servicing Released. The Lender agrees to transfer to Utah Housing the Servicing Rights of each Mortgage Loan purchased hereafter by Utah Housing subject to the following terms:
1. Utah Housing shall pay to the Lender a servicing release fee (SRP) or premium at the time a Mortgage Loan is purchased by Utah Housing. The Lender’s authorized officer may request a copy of the current SRP and premium schedule from Utah Housing’s Vice President of Mortgage Banking.
2. Utah Housing will not pay an SRP for the Subordinate Loan.
3. Nothing herein shall prevent Utah Housing from transferring its rights to service any Mortgage Loan subject to this Agreement.
Servicing Released. For the avoidance of doubt, Seller retains no economic rights to the servicing of the Purchased Loans provided that Seller shall continue to service the Purchased Loans hereunder as part of its Obligations hereunder. As such, Seller expressly acknowledges that the Purchased Loan are sold to Buyer on a “servicing released” basis.
Servicing Released. (i) Servicing of the Accounts shall be transferred by Seller to Buyer as of the Closing Date. As soon as practicable following the Closing, GCFP shall use its best efforts to send, and GCFP shall be responsible for the costs of, appropriate "goodbye letters" to all the parties obligated on the Accounts advising them of the sale of their Account and directing them as to the method for making future payments. Buyer shall send, and be responsible for the costs of, similar "hello letters" within fourteen (14) days thereafter. Such forms of letters shall be subject to the prior review and approval of all parties.
(ii) Specifically, as referenced in subparagraph 4.l(xii) above, with respect to the servicing and collection agencies agreements: (a) GCFP will cooperate with Buyer in giving any required notices to FCA and EDS to terminate their agreements and to Debtors relative to the transfer of their Accounts and (b) Buyer will maintain the EDS and FCA contracts until at least April 30, 1998 on the condition that Buyer is afforded the same terms and conditions as Seller.
(iii) Moreover, Buyer and GCFP will cooperate with Hibernia as reasonably requested by Hibernia connection with the resolution of any matters relating to Hibernia's interest in the Accounts, including, without LIMITATION, promptly sending to Hibernia copies of any correspondence from any attorney or governmental agency which may have an adverse effect on Hibernia.
Servicing Released. The sale of Mortgage Loans by Seller to Purchaser pursuant to this Agreement, includes the rights to service such Mortgage Loans and such is a “servicing released” purchase and sale transaction for all intents and purposes, subject to the provisions of the Interim Servicing Agreement.
Servicing Released. The Bank shall have released rights to service Loans in which Affiliates of the Bank purchased participation interests, but with respect to which the Bank did not retain any ownership, and such servicing obligations shall have been assumed by a party other than the Bank. The Bank shall have obtained releases for any actions taken as a servicer of such Loans.
Servicing Released. On the Closing Date, Seller shall sell and convey the Loans to Buyer on a whole loan basis with servicing released to Buyer.