Misapplied Payments definition

Misapplied Payments. “Misapplied payment” shall mean a Mortgagor payment for which funds have been deposited in an incorrect Escrow Account or applied to an incorrect Mortgagor’s account. The existence of a canceled Mortgagor payment bearing the endorsement of Servicer, for which funds have not been allocated to the proper Escrow Accounts, shall be considered conclusive evidence of a misapplied payment. Misapplied payments shall be processed as follows:
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Misapplied Payments. The party receiving a notice of misapplied payment, occurring after the Transfer Date, will immediately notify the other party. • Requests for corrections should be emailed to: ▇▇▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. • Retiring Servicer will provide the payment history from the point of error to the Transfer Cut- off Date and a copy of the cancelled check bearing the endorsement of the Retiring Servicer responsible for the posting of the missing funds. • In the event a misapplied payment cannot be identified by either party and said misapplied payment has resulted in a mortgage account shortage, the Retiring Servicer will reimburse Nationstar Mortgage, LLC within 20 days after receipt of written demand by Nationstar Mortgage, LLC. • Any check issued under provisions of this section must be accompanied by a statement indicating the purpose of the check, borrower name, subject property, and the corresponding Retiring Servicer and/or Nationstar Mortgage, LLC account number. Data Requirements
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Misapplied Payments. “Misapplied payment” shall mean a Mortgagor payment for which funds have been deposited in an incorrect Escrow Account or applied to an incorrect Mortgagor’s account.The existence of a canceled Mortgagor payment bearing the endorsement of Servicer, for which funds have not been allocated to the proper Escrow Accounts, shall be considered conclusive evidence of a misapplied payment.Misapplied payments shall be processed as follows: Both parties shall cooperate in correcting misapplication errors by providing the payment history from point of error to the Transfer Cutoff Date and a copy of the canceled check bearing the endorsement of the servicer responsible for the posting of the missing funds. The party receiving notice of a misapplied payment occurring prior to the Transfer Date and discovered after the Transfer Date shall immediately notify the other party. If a misapplied payment cannot be identified by either party and said misapplied payment has resulted in a shortage in a Mortgage account, Servicer shall be liable for the amount of such shortage. Servicer shall reimburse GMACM for the amount of such shortage within twenty (20) days after receipt of written demand from GMACM. Any check issued under the provisions of this paragraph shall be accompanied by a statement indicating the purpose of the check, the mortgagor and property address involved, and the corresponding Servicer and/or GMACM account number.
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Examples of Misapplied Payments in a sentence

  • The Calculation Agent has obtained knowledge of the Misapplied Payment[s] described on Exhibit A hereto and has reviewed certain statements, reports and/or communications regarding such Misapplied Payment[s], copies of which are enclosed herewith.

  • Processing Errors Encoding Misapplied Payments [***] in [***] [***] in [***] Encoding + Misapplied + Not Posted + Check Onlys* = Total Errors Timeliness Mail [***]% [***]% Total Items Total Items (Total Items Holdover Items)/ Total Items = Percentage MICR Encoding Errors -No issue [***] the [***] and [***] are [***].

  • The Servicer shall notify the Purchaser or its designee of the particulars of the payment, such as the account number, dollar amount, date received and any special Mortgagor application instructions with respect to such Monthly Payments received by the Servicer; Misapplied Payments.