Curtailments. The Servicer may accept Curtailments at any time. All installments to bring the Mortgage Loan current, however, shall have been made by the Borrower. If a Mortgage Loan is delinquent, funds received shall be applied to bring the Mortgage Loan current. If there are excess funds after the application of amounts received from the Borrower to Monthly Payments, the excess funds represent a Curtailment and may be applied as a partial principal prepayment. A Curtailment may not be used to reduce the Monthly Payment or the Note Rate for any Mortgage Loan, or to postpone the Due Date of any payment. Curtailments shall be deposited into the P & I Account within one Business Day of receipt.
Appears in 2 contracts
Sources: Sale and Master Servicing Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2), Sale and Master Servicing Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-1)