Post-Closing Audit of Station's Operations Sample Clauses

Ocwen Mortgage Servicing Definition | Legislation Insider

Associated to Ocwen Mortgage Servicing

Mortgage Servicer means the entity that every now and then is designated by Lender to gather funds and deposits and obtain notices underneath the Observe, the Mortgage Settlement, the Safety Instrument and another Mortgage Doc, and in any other case to service the Mortgage Mortgage for the good thing about Lender. Except Borrower receives discover on the contrary, the Mortgage Servicer shall be the Lender initially named on the Abstract of Mortgage Phrases.

Countrywide Servicing Countrywide Dwelling Loans Servicing LP, a Texas restricted partnership and its successors and assigns.

Non-Serviced Mortgage Mortgage Particular Servicer means, with respect to any Non-Serviced Mortgage Mixture, the relevant “particular servicer” underneath the associated Non-Serviced Mortgage Mortgage Pooling and Servicing Settlement.

Countrywide Servicing Settlement Solely with respect to the Countrywide Mortgage Loans, the Mortgage Mortgage Buy and Servicing Settlement, dated as of November 1, 2001, between the Transferor, as purchaser, and Countrywide, as vendor and as servicer (as successor to Countrywide Dwelling Loans, Inc. by an project dated January 1, 2001, as the identical could also be amended or supplemented), as the identical could also be amended every now and then, and any assignments and conveyances associated to the Countrywide Mortgage Loans.

Serviced Complete Mortgage Particular Servicer Any Particular person answerable for performing the duties of Particular Servicer hereunder with respect to a Serviced Complete Mortgage or any associated Serviced REO Property.

Non-Serviced Mortgage Mortgage Grasp Servicer means, with respect to any Non-Serviced Mortgage Mixture, the relevant “grasp servicer” underneath the associated Non-Serviced Mortgage Mortgage Pooling and Servicing Settlement.

Countrywide Mortgage Loans The Mortgage Loans recognized as such on the Mortgage Mortgage Schedule for which Countrywide is the relevant Vendor.

Particular Servicer Servicing Personnel The divisions and people of the Particular Servicer who’re concerned within the efficiency of the duties of the Particular Servicer underneath this Settlement.

Particular Servicing Mortgage Occasion With respect to the Belief Mortgage or the Mortgage Mortgage, (i) the Borrower has not made two consecutive Month-to-month Funds (and has not cured not less than one such delinquency by the following Fee Date underneath the Mortgage Mortgage Paperwork) in respect of the Mortgage Mortgage; (ii) the Servicer and/or the Trustee have made two consecutive Month-to-month Fee Advances with respect to the Belief Mortgage or the Mortgage Mortgage (no matter whether or not such Month-to-month Fee Advances have been reimbursed); (iii) the Borrower fails to make your complete Balloon Fee when due, and the Borrower has not delivered to the Servicer, on or earlier than the due date of such Balloon Fee, a totally executed time period sheet, refinancing dedication or signed buy and sale settlement that’s fairly passable in type and substance to the Servicer from a suitable lender or servicer that gives that such refinancing or sale will happen inside 120 days after the date on which such Balloon Fee will change into due (supplied {that a} Particular Servicing Mortgage Occasion will happen if both (x) such refinancing doesn’t happen earlier than the expiration of the time interval for refinancing laid out in such documentation or (y) the Servicer is required to make a Month-to-month Fee Advance at any time previous to such refinancing or sale); (iv) the Servicer has obtained discover that the Borrower has change into the topic as debtor of any chapter, insolvency or comparable continuing, admitted in writing the shortcoming to pay its money owed as they arrive due or made an project for the good thing about collectors; (v) the Servicer has obtained discover of a foreclosures or threatened foreclosures of any lien on the Property; (vi) the Borrower has expressed in writing to the Servicer or Particular Servicer an incapacity to pay the quantities owed underneath the Mortgage Mortgage in a well timed method, (vii) within the judgment of the Servicer (according to Accepted Servicing Practices), a default within the fee of principal or curiosity underneath the Mortgage Mortgage within reason foreseeable; or (viii) a default underneath the Mortgage Mortgage of which the Servicer has discover (apart from a failure by the Borrower to pay principal or curiosity) and that materially and adversely impacts the pursuits of the Certificateholders, the VRR Curiosity Proprietor or any Companion Mortgage Holder has occurred and stays unremedied for the relevant grace interval specified within the Mortgage Mortgage Paperwork (or, if no grace interval is specified, 60 days); supplied, {that a} Particular Servicing Mortgage Occasion shall stop (a) with respect to the circumstances described in clauses (i), (ii) and (iii) above, when the Borrower has introduced the Mortgage Mortgage present and, with respect to clauses (i) and (ii) above, thereafter made three consecutive full and well timed Month-to-month Funds on the Mortgage Mortgage, and within the case of any of clauses (i), (ii) or (iii) pursuant to the exercise of the Mortgage Mortgage, or (b) with respect to the circumstances described in clauses (iv), (v), (vi), (vii) and (viii) above, when such circumstances stop to exist within the judgment of the Servicer (according to the Accepted Servicing Practices); supplied, in any case, that at the moment no different circumstance exists (as described above) that might represent a Particular Servicing Mortgage Occasion.

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Grasp Servicer Servicing Personnel The divisions and people of the Grasp Servicer who’re concerned within the efficiency of the duties of the Grasp Servicer underneath this Settlement.

GreenPoint Mortgage Loans The Mortgage Loans for which GreenPoint is listed as “Servicer” on the Mortgage Mortgage Schedule.

Mortgage Servicing Rights The rights and tasks of Vendor with respect to servicing the Mortgage Loans underneath the Servicing Agreements, together with any and the entire following if and to the extent supplied therein: (a) all rights to service a Mortgage Mortgage; (b) all rights to obtain servicing charges, Ancillary Earnings, reimbursements or indemnification for servicing the Mortgage Mortgage, and any funds obtained in respect of the foregoing and proceeds thereof; (c) the precise to gather, maintain and disburse escrow funds or different funds with respect to the Mortgage Mortgage and any quantities truly collected with respect thereto and to obtain curiosity revenue on such quantities to the extent permitted by Relevant Legislation; (d) all accounts and different rights to fee associated to any of the property described on this paragraph; (e) possession and use of any and all Credit score Information pertaining to the Mortgage Mortgage or pertaining to the previous, current or potential servicing of the Mortgage Mortgage; (f) to the extent relevant, all rights and advantages regarding the direct solicitation of the associated Mortgagors for refinance or modification of the Mortgage Loans and attendant proper, title and curiosity in and to the checklist of such Mortgagors and knowledge regarding their respective Mortgage Loans; and (g) all rights, powers and privileges incident to any of the foregoing.

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Different Companion Mortgage Pooling and Servicing Settlement means a pooling and servicing settlement regarding a Non-Serviced Companion Mortgage or a Serviced Companion Mortgage that creates a business mortgage securitization belief, as relevant. The Different Companion Mortgage Pooling and Servicing Settlement associated to the Belief as of the Closing Date is the MSBAM 2015-C21 Pooling and Servicing Settlement.

Servicing Shift Mortgage Mortgage Pooling and Servicing Settlement With respect to a Servicing Shift Mortgage Mortgage or a Servicing Shift Mortgage Mixture, on and after the associated Servicing Shift Date, the associated pooling and servicing settlement or different comparable settlement governing the creation of the Exterior Securitization Belief that holds the associated Pari Passu Companion Mortgage evidenced by the associated Servicing Shift Lead Observe.

Mortgage Mortgage Sale Settlement The mortgage loan sale and project settlement dated as of Might 1, 2004, for the sale of the Mortgage Loans by the Vendor to the Depositor.

Servicing Shift Complete Mortgage Any Complete Mortgage serviced underneath this Settlement as of the Closing Date, which features a Mortgage Mortgage included within the Belief Fund and a number of Companion Loans not included within the Belief Fund, however the servicing of which is anticipated to shift to the associated Non-Serviced PSA entered into in reference to the securitization, if any, of the associated Servicing Shift Management Observe on the associated Servicing Shift Date. The desk and footnotes underneath the heading “Complete Loans” within the Preliminary Assertion hereto establish the Servicing Shift Complete Loans associated to the Belief.

Wells Fargo Serviced Mortgage Loans The Mortgage Loans for which Wells Fargo is listed as “Servicer” on the Mortgage Mortgage Schedule.

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Servicing Financial institution means the Agent or the Safety Trustee;

Grasp Servicing Settlement As outlined in Part 8.2(a).

GreenPoint Servicing Settlement Solely with respect to the GreenPoint Mortgage Loans, the Grasp Mortgage Buy and Servicing Settlement, dated as of March 1, 2003, between the Transferor, as purchaser, and GreenPoint, as vendor and as servicer, and because the similar could also be amended additional every now and then, and any assignments and conveyances associated to the GreenPoint Mortgage Loans.

Mortgage Mortgage Vendor Every of (i) Wells Fargo Financial institution, Nationwide Affiliation, a nationwide banking affiliation, or its successor in curiosity, (ii) Financial institution of America, Nationwide Affiliation, a nationwide banking affiliation, or its successor in curiosity, (iii) Morgan Stanley Mortgage Capital Holdings LLC, a New York restricted legal responsibility firm, or its successor in curiosity, and (iv) Nationwide Cooperative Financial institution, N.A., a nationwide banking affiliation, or its successor in curiosity.

Servicing Shift Mortgage Mixture Any Mortgage Mixture that’s initially serviced underneath this Settlement supplied, that upon the inclusion of a delegated associated Companion Mortgage in a future securitization, the servicing of such Mortgage Mixture will shift to the pooling and servicing settlement or different comparable settlement governing the securitization of such associated Companion Mortgage (whether or not by itself or with different mortgage belongings). A Servicing Shift Mortgage Mixture can be (i) a Serviced Mortgage Mixture previous to the associated Servicing Shift Date servicing and (ii) an Exterior Serviced Mortgage Mixture on and after the associated Servicing Shift Date. The one Servicing Shift Mortgage Combos associated to the Belief as of the Closing Date are the Mortgage Combos as to which “Servicing Shift” is ready forth within the Mortgage Mixture Desk underneath the column heading “Servicing Kind.” For the avoidance of doubt, there isn’t any Servicing Shift Mortgage Mixture regarding the Belief and, due to this fact, all references on this Settlement to “Servicing Shift Mortgage Mixture” shall be disregarded.

Excluded Mortgage Mortgage Particular Servicer With respect to any Excluded Particular Servicer Mortgage Mortgage, a Particular Servicer that’s not a Borrower Social gathering and satisfies the entire eligibility necessities relevant to the Particular Servicer set forth on this Settlement.

GMAC Servicing Settlement The Servicing Settlement listed in Exhibit E hereto between the Vendor and GMAC Mortgage Company.

JPMCB Mortgage Loans Every Mortgage Mortgage transferred and assigned to the Depositor pursuant to the JPMCB Buy Settlement.

GACC Mortgage Loans Every Mortgage Mortgage transferred and assigned to the Depositor pursuant to the GACC Buy Settlement.