Custodial Accounts definition

Custodial Accounts. Each custodial account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Purchasing and Servicing Agreement or Servicing Agreement, as applicable.

Examples of Custodial Accounts in a sentence

  • As of the Sale Date and Servicing Transfer Date, the characteristics of the Mortgage Loans, Servicing Rights, Custodial Accounts and Advances (including, without limitation, delinquency rates, escrow balances, average weighted servicing spread, interest rates, outstanding principal balances and loan modifications) are accurate in all material respects and the information included in each report delivered by the Seller to the Purchaser pursuant to this Agreement is true and correct in all material respects.

  • As of the Sale Date and Servicing Transfer Date, custodial Funds received by or on behalf of the Seller have been credited to the appropriate Custodial Account in a timely manner and in compliance with Applicable Requirements and Accepted Servicing Practices and have been retained in and disbursed from the Custodial Accounts in compliance with Applicable Requirements and Accepted Servicing Practices.

  • The Purchaser reserves the right to independently verify the sufficiency of the Custodial Accounts.

  • As of the Sale Date and Servicing Transfer Date, all Custodial Accounts required to be maintained by the Seller have been established and continuously maintained in compliance with Applicable Requirements and Accepted Servicing Practices.

  • Should the Purchaser, any Investor or an auditor determine that the Custodial Account(s) did not contain the required deposits as of the applicable Servicing Transfer Date, then upon receipt of written documentation from Purchaser correctly evidencing such shortage, the Seller shall immediately reconcile all such accounts and deliver to the Purchaser the amount of the identified shortage (without interest thereon).

More Definitions of Custodial Accounts

Custodial Accounts means any custodial accounts or clearing accounts established in the name of the Company or any Guarantor in the ordinary course of business to hold funds on behalf of a third party in connection with the origination or funding of any mortgage or other consumer loans or pursuant to or containing funds received solely in connection with Servicing Agreements in such Grantor’s capacity as servicer, bailee or custodian and any related accounts maintained in the ordinary course of such Grantor’s origination or servicing businesses in the name of such Grantor that are used solely for the collection, maintenance and disbursement of such funds on behalf of third parties for insurance payments, tax payments, suspense payments and other similar payments required to be made by such Grantor in its capacity as originator or servicer; provided that the books and records of such Grantor indicate that such accounts are being heldin trust for” or on behalf of another Person; provided further that the accounts listed on a schedule to be agreed to the Security Agreement shall not qualify as Custodial Accounts.
Custodial Accounts. The accounts in which Custodial Funds are deposited and held by the Servicer.
Custodial Accounts means the accounts in which Custodial Funds are to be deposited and maintained by Servicer.
Custodial Accounts. All escrow, impound, suspense (loan level and other) and custodial accounts maintained with respect to the Mortgage Loans for purposes of receiving and disbursing payments of principal, interest, taxes, insurance, assessments and similar charges (and interest, if any, accrued on such funds for the benefit of mortgagors) relating to Mortgage Loans.