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.

Examples of Applicable Servicing Requirements in a sentence

Upon the terms and subject to the conditions of the Purchase Agreement, and subject to the Applicable Servicing Requirements, Seller, on the Sale Date, hereby sells and assigns to Purchaser, and Purchaser purchases and assumes from Seller, all right, title, interest and obligation of Seller in and to the Servicing Rights to the Mortgage Loans identified on the Mortgage Loan Schedule attached hereto as Schedule I and the related Servicing Agreements listed on Schedule II attached hereto.
Notwithstanding the foregoing, Seller and Purchaser may mutually agree to provide joint notifications to the Mortgagors consistent with Applicable Servicing Requirements.
Within one hundred twenty (120) days of receipt of such notification (or such earlier time as required under Applicable Servicing Requirements if requested by Purchaser with respect to a particular Mortgage Loan in order to service such Mortgage Loan in accordance with Applicable Servicing Requirements), Seller shall complete endorsements from its name to Purchaser or the applicable Investor.
Seller and Purchaser shall work jointly to provide servicing transfer notices and any other similar notices to Mortgagors if and as may be required under the Applicable Servicing Requirements, including the Federal Real Estate Settlement Procedures Act codified § 2601 et seq.
Seller and Purchaser shall work cooperatively to ensure that the process of transferring the Servicing Rights complies with Applicable Servicing Requirements, including those of the Regulators, and the Servicing Transfer Instructions shall conform to such Applicable Servicing Requirements.
All Custodial Accounts and Escrow Accounts are maintained in all material respects in accordance with Applicable Servicing Requirements.
Upon the terms and subject to the conditions of this Agreement, and subject to the Applicable Servicing Requirements, Seller shall, on the Sale Date, sell and assign to Purchaser, and Purchaser shall purchase and assume from Seller, all right, title, interest and obligation of Seller in and to the Servicing Rights to the Mortgage Loans identified on the Mortgage Loan Schedule as being sold on that date (the "Purchased Assets").
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.
In connection with any REOs acquired in the name of Seller in accordance with Applicable Servicing Requirements for the account of the applicable Investor, Purchaser, at Seller's sole cost and expense, shall transfer record title from Seller to Purchaser or its designee.
No later than fifteen (15) days after the Transfer Date, Purchaser shall, at Purchaser's expense, in accordance with Applicable Servicing Requirements, notify the Mortgagor of each related Mortgage Loan of the transfer of the servicing to Purchaser and instruct the Mortgagor to remit all monthly payments to Purchaser after the Transfer Date.

More Definitions of Applicable Servicing Requirements

Applicable Servicing Requirements means, with respect to the Mortgage Loans, those mortgage servicing practices of prudent mortgage lending institutions which service loans of the same type as the Mortgage Loans in the respective jurisdictions in which the related Mortgaged Properties are located.

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 ▇▇▇▇▇▇ Mae Selling and Servicing Guide for whole loan servicing that would apply if ▇▇▇▇▇▇ ▇▇▇ 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 ▇▇▇▇▇▇ 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.

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.