ADMINISTRATION AND SERVICING OF THE OCWEN MORTGAGE LOANS; ACCOUNTS Sample Clauses

This clause defines the responsibilities and procedures for the administration and servicing of the Ocwen mortgage loans and the management of related accounts. It typically outlines how payments are collected, how records are maintained, and the standards or guidelines the servicer must follow in handling the loans. By establishing clear rules for servicing and account management, the clause ensures that all parties understand their obligations and helps prevent disputes or mismanagement of loan funds.
ADMINISTRATION AND SERVICING OF THE OCWEN MORTGAGE LOANS; ACCOUNTS. SECTION 3.01. Ocwen to Act as a Servicer. Ocwen shall service and administer the Ocwen Mortgage Loans on behalf of the Trust Fund and in the best interests of and for the benefit of the Certificateholders (as determined by Ocwen in its reasonable judgment) in accordance with the terms of this Agreement and the respective Ocwen Mortgage Loans and all applicable law and regulations and, to the extent consistent with such terms, in the same manner in which it services and administers similar mortgage loans for its own portfolio, giving due consideration to customary and usual standards of practice of prudent mortgage lenders and loan servicers administering similar mortgage loans but without regard to: (i) any relationship that Ocwen or any Affiliate of Ocwen may have with the related Mortgagor; (ii) the ownership of any Certificate by Ocwen or any Affiliate of the Servicer; (iii) Ocwen's obligation to make P&I Advances or Servicing Advances; or (iv) Ocwen's right to receive compensation for its services hereunder. To the extent consistent with the foregoing, Ocwen shall also seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes related to the Ocwen Mortgage Loans and shall waive (or permit a Sub-Servicers to waive) a Prepayment Charge only under the following circumstances: (i) such waiver is standard and customary in servicing similar Mortgage Loans and such waiver is related to a default or reasonably foreseeable default and would, in the reasonable judgement of Ocwen, maximize recovery of total proceeds taking into account the value of such Prepayment Charge and the related Ocwen Mortgage Loan and, if such waiver is made in connection with a refinancing of the related Ocwen Mortgage Loan, such refinancing is related to a default or a reasonably foreseeable default or (ii) such Prepayment Charge is unenforceable in accordance with applicable law or the collection of such related Prepayment Charge would otherwise violate applicable law. Notwithstanding any provision in this Agreement to the contrary, in the event the Prepayment Charge payable under the terms of the Mortgage Note related to an Ocwen Mortgage Loan is less than the amount of the Prepayment Charge set forth in the Prepayment Charge Schedule or other information provided to Ocwen, Ocwen shall not have any liability or obligation with respect to such difference, and in addition shall not have any liability or obligation to pay the amount of any uncollec...
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Related to ADMINISTRATION AND SERVICING OF THE OCWEN MORTGAGE LOANS; ACCOUNTS

  • ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS Master Servicer to Act as Master Servicer; Administration of the Mortgage Loans; Sub-Servicing Agreements; Outside Serviced Mortgage Loans 175 Section 3.02 Liability of the Master Servicer and the Special Servicer 189 Section 3.03 Collection of Certain Mortgage Loan Payments 189 Section 3.04 Collection of Taxes, Assessments and Similar Items; Escrow Accounts 191

  • Administration and Servicing of Mortgage Loans 45 Section 3.01. Master Servicer to Act as Servicer...................................45 Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........46

  • Servicing of the Mortgage Loans The Mortgage Loans have been sold by the Seller to the Purchaser on a servicing released basis. 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 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. Pursuant to the Interim Servicing Agreement (with respect to each Mortgage Loan, for an interim period, as specified therein), the Interim Servicer shall begin servicing the Mortgage Loans on behalf of the Purchaser and shall be entitled to a Servicing Fee with respect to such Mortgage Loans until the applicable Transfer Date. The Interim Servicer shall conduct such servicing in accordance with the Interim Servicing Agreement. The Interim Servicer may enter into subservicing agreements with subservicers for the servicing and administration of the Mortgage Loans and for the performance of any and all other activities of the Interim Servicer as provided in the Interim Servicing Agreement. The Purchaser hereby acknowledges that the Seller shall assign its obligation to service the Mortgage Loans for the benefit of the Purchaser to its interim subservicer, which, on the date of this Agreement, is either Option One Mortgage Corporation or Litton Loan Servicing, LP.

  • Administration and Servicing of Receivables Prior to the Certificate Trust Termination Date, the Receivables shall be serviced as provided in the Pooling and Servicing Agreement, and this ARTICLE III will have no effect. On and after the Certificate Trust Termination Date:

  • Administration and Servicing of the Trust Fund Section 3.01 Master Servicer to Act as Master Servicer; Special