PMSI utilizes substantially the same personnel, servicing platform and servicing policies and procedures as had been historically utilized by Equity One.
Accordingly, Equity One is meeting its servicing obligations under the transactions covered by this report entirely through its contractual subservicing arrangement with PMSI.
Prior to 11:59 p.m. on May 31, 2006, PMSI was not engaged in any material mortgage loan servicing activity.
Notwithstanding Equity One's subservicing arrangement with PMSI, Equity One remains contractually liable for its servicing duties and obligations as if it alone was acting as such servicer.
Revised Article 9 expressly provides that a security interest will not lose its "purchase money" status if: (1) the obligation is also secured by non- purchase money collateral; and (2) the purchase money collateral also secures non-purchase money obligations; or (3) the PMSI is renewed, refinanced, consolidated or restructured.