Interim Servicing definition

Interim Servicing means the Seller's performance of Servicing functions during the Interim Period, including, but not limited to, (a) collecting and disbursing funds held in Escrow Accounts to pay taxes, hazard insurance, flood insurance, private mortgage insurance, and other items as they become due, (b) collecting and processing Mortgage Loan Payments, (c) collecting and remitting P&I payments from the Custodial Account to the Agencies, (d) recovering payments from, handling foreclosures for, and otherwise resolving defaulted Mortgage Loans, (e) providing delinquency notices to all applicable guarantors and/or insurers, (f) preparing and forwarding all remittances due during the Interim Period and the month during which the Transfer Date occurs, (g) preparing and submitting all cutoff reports relating to the Interim Period and the month during which the Transfer Date occurs, (h) causing to be maintained for each Mortgaged Property any hazard insurance, flood insurance, private mortgage insurance, and any other insurance policy required by the Applicable Requirements, (i) enforcing any due on sale clause contained in the applicable Mortgage Note or Mortgage after obtaining any applicable consents and, to the extent required by the Applicable Requirements, entering into assumption agreements with a person to whom the Mortgaged Property will be conveyed, (j) handling and settling losses resulting from damage to any Mortgaged Property and making arrangements to restore such Mortgaged Property from insurance proceeds, (k) preparing, executing, and delivering all instruments of satisfaction, cancellation, partial or full release, and all other such instruments required by the Applicable Requirements in connection with the Mortgaged Property, (l) preparing and submitting claims for insurance benefits payable by any insurer in a manner so as to maximize the amount of such insurance benefits, (m) making any interest rate and payment adjustments required by the Mortgage Note, Mortgage, and the Applicable Requirements, (n) paying to Mortgagors any interest on Escrow Accounts required by the Applicable Requirements, (n) submitting all required reports to the Agencies under the terms of the applicable Guide, (o) providing to the Buyer standard reports available under the EDP System after each Investor cutoff date, including, but not limited to, the month during which the Transfer Date occurs, (p) obtaining the Buyer's prior written consent before waiving or modifying the terms of a Mo...
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Interim Servicing. During the Interim Servicing Period, the Seller shall cause the Servicer to refrain from (i) exercising any of its authority to modify any Mortgage Loan or provide loss mitigation with respect to any Mortgage Loan or (ii) making any servicing advances, in each case, without notifying the Seller in writing and obtaining the prior written consent of the Seller (which Seller shall not give without first obtaining the consent of the Purchaser); and during the Interim Servicing Period, the Seller shall cause the Servicer to service the Mortgage Loans pursuant to the Servicing Agreement and in accordance with all applicable laws. The Seller confirms to the Purchaser that the Mortgage Loans will be serviced pursuant to the Servicing Agreement and the Servicing Agreement will remain in full force and effect until and including the Servicing Transfer Date.
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Examples of Interim Servicing in a sentence

  • The Purchaser shall retain the Interim Servicer as contract servicer of the Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein).

  • The Seller shall cause the Interim Servicer to execute the Interim Servicing Agreement on the initial Closing Date.

  • Subject to and upon the terms and conditions of this Agreement and the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights.

  • Subject to, and upon the terms and conditions of this Agreement and the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Seller hereby sells, transfers, assigns, conveys and delivers to the Purchaser the Servicing Rights.

  • The Purchaser shall retain the Seller as contract servicer of the Mortgage Loans for an interim period pursuant to and in accordance with the terms and conditions contained in the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein).

  • The Interim Servicer shall conduct such servicing in accordance with the Interim Servicing Agreement.

  • The Seller is the sole owner and holder of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note, and upon recordation the Purchaser or its designee will be the owner of record of the Mortgage and the indebtedness evidenced by the Mortgage Note, and upon the sale of the Mortgage Loan to the Purchaser, the Seller will retain any Mortgage File documents during the Interim Servicing Period in its possession in trust for the Purchaser.

  • The Seller shall cause the Interim Servicer to transfer the servicing of the Mortgage Loans on each Transfer Date in accordance with the terms of the Interim Servicing Agreement.

  • The Seller shall apply all payments received in respect of the Mortgage Loans during the Interim Servicing Period and after the Transfer Date in accordance with the Servicing Transfer Instructions.

  • The Seller shall cause the Interim Servicer to release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement or the Interim Servicing Agreement, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to Subsection 9.03 or if required under applicable law or court order.

Related to Interim Servicing

  • Interim Servicer The servicer under the Interim Servicing Agreement, or its successor in interest, or any successor to the Interim Servicer under the Interim Servicing Agreement, as therein provided.

  • Interim Servicing Agreement The agreement to be entered into by the Purchaser and the Interim Servicer, providing for the Interim Servicer to service the Mortgage Loans as specified by the Interim Servicing Agreement.

  • Interim Servicing Period The period from the Closing Date to the related Servicing Transfer Date.

  • Countrywide Servicing Countrywide Home Loans Servicing LP, a Texas limited partnership and its successors and assigns.

  • Countrywide Servicing Agreement Solely with respect to the Countrywide Mortgage Loans, the Mortgage Loan Purchase and Servicing Agreement, dated as of November 1, 2001, between the Transferor, as purchaser, and Countrywide, as seller and as servicer (as successor to Countrywide Home Loans, Inc. by an assignment dated January 1, 2001, as the same may be amended or supplemented), as the same may be amended from time to time, and any assignments and conveyances related to the Countrywide Mortgage Loans.