Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein: (i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and (ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 37 contracts
Sources: Correspondent Servicing Agreement (Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-22), Correspondent Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust), Correspondent Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] titled, Avelo Mortgage, L.L.C., in trust for the benefit of Aurora Loan Services Inc.[insert Owner’s name] Residential Fixed and Adjustable Rate Mortgage Loans, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." ” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderby the FDIC and as otherwise acceptable to the Rating Agencies. The Servicer and the Owner intend that the Escrow Accounts be Special Deposit Accounts. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 10 contracts
Sources: Servicing Agreement (GSR Mortgage Loan Trust 2007-5f), Flow Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Servicing Agreement (GSR 2007-Oa2)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted titled, "Greenpoint Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Funding Inc., in trust for the benefit ▇▇▇▇▇▇ Brothers Bank, FSB, purchaser of Aurora Loan Services Inc.Conventional Residential Adjustable and Fixed Rate Mortgage Loans, as Master Servicer and the Owner of Residential Mortgage Loans Group No. 2003-FLOW, and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.075.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 E-1 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit B-2 E-2 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts on a daily basisnot later than one Business Date after receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.075.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 8 contracts
Sources: Mortgage Loan Purchase Agreement (Structured Adjustable Rate Mortgage Loan Rate), Mortgage Loan Purchase Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-34a), Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Sturctured Asset Securities Corp Mort Pass Thru Ser 2004-1)
Establishment of and Deposits to Escrow Account. The Servicer Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] titled, “▇▇▇▇▇ Fargo Bank, N.A., in trust for the benefit Purchaser under the Second Amended and Restated Master Seller’s Warranties and Servicing Agreement dated as of Aurora Loan Services Inc.November 1, as Master Servicer and the Owner 2005 and/or subsequent purchasers of Residential Mortgage Loans Loans, and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." Mortgagors - T & I.” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Upon request of the Purchaser and within ten (10) days thereof, the Company shall provide the Purchaser with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer Company in accordance with Section 4.074.7. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer Company shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of the Company’s receipt, and retain therein:
(i1) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii2) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(3) all amounts representing proceeds of any PMI Policy. The Servicer Company shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.7. The Servicer Company shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Company shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. The Company shall reimburse the Escrow Account for any losses incurred as a result of the investment of amounts on deposit in the Escrow Account.
Appears in 7 contracts
Sources: Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar2), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-1f), Master Seller’s Warranties and Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled titled, "[Name of Servicer] ▇▇▇▇▇ Fargo Bank, N.A., in trust for the benefit Owner and/or subsequent purchasers of Aurora Loan Services Inc.residential Mortgage Loans, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors.Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The existence of an Escrow Account shall be evidenced by an account certification and shall be provided on the Servicing Date. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property;
(iii) all payments on account of Buydown Funds; and
(iv) all Servicing Advances for Mortgagors whose Escrow Payment are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 6 contracts
Sources: Flow Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar3), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ar5), Flow Servicing Agreement (Citigroup Mortgage Loan Trust 2007-2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled titled, "[Name of Servicer] ▇▇▇▇▇ Fargo Bank, N.A., in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various and/or subsequent Owners of Residential Mortgage Loans Loans, and various Mortgagors.Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Within ten (10) days of the Transfer Date , the Servicer shall provide the Owner with written confirmation of the existence of such Escrow Account in the form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in a clearing account on a daily basis and in the Escrow Account or Accounts on a daily basiswithin two Business Days of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Sources: Servicing Agreement (HSI Asset Securitization CORP Trust 2007-Nc1), Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He2), Servicing Agreement (HASCO Trust 2007-He2)
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted titled, “GreenPoint Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Funding, Inc., in trust for the benefit ▇▇▇▇▇▇ Brothers Bank, FSB, purchaser of Aurora Loan Services Inc.Conventional Residential Adjustable and Fixed Rate Mortgage Loans, as Master Servicer and the Owner of Residential Mortgage Loans Group No. 2006-FLOW, and various Mortgagors"”. The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer Seller in accordance with Section 4.075.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 E-1 hereto, in the case of an account established with the ServicerSeller, or by a letter agreement in the form of Exhibit B-2 E-2 hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent Ownerpurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts on a daily basisnot later than two Business Days after receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.075.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Sources: Flow Mortgage Loan Purchase, Warranties and Servicing Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2007-5), Servicing Agreement (Lehman Mortgage Trust 2007-10), Servicing Agreement (LXS 2007-3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled titled, "[Name of Servicer] ▇▇▇▇▇ Fargo Bank, N.A., in trust for the benefit Bank of Aurora Loan Services Inc.America, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc.National Association, as Master Servicer and the various its successors or assigns and/or subsequent Owners of Residential Mortgage Loans Loans, and various Mortgagors.Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of such Escrow Account in the form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of Servicer's receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(c) all payments on account of Buydown Funds. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Sources: Servicing Agreement (Banc of America Funding 2007-2 Trust), Servicing Agreement (Banc of America Funding 2007-6 Trust), Servicing Agreement (Banc of America Funding 2007-4 Trust)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted titled, “Greenpoint Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Funding Inc., in trust for the benefit of Aurora Loan Services Inc.L▇▇▇▇▇ Brothers Bank, as Master Servicer FSB Residential Fixed and the Owner of Residential Adjustable Rate Mortgage Loans Loans, Group No. 2001- ____, and various Mortgagors"”. The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Interim Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 4 contracts
Sources: Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp2), Interim Servicing Agreement (Lehman XS Trust Series 2006-Gp1), Interim Servicing Agreement (Lehman XS Trust Series 2006-4n)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] titled, Avelo Mortgage, L.L.C., in trust for the benefit of Aurora Loan Services Inc.▇▇▇▇▇▇▇ Sachs Mortgage Company Residential Fixed and Adjustable Rate Mortgage Loans, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." ” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderby the FDIC and as otherwise acceptable to the Rating Agencies. The Servicer and the Owner intend that the Escrow Accounts be Special Deposit Accounts. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of receipt thereof, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Servicing Agreement (GSR 2006-4f), Servicing Agreement (GSR Mortgage Loan Trust 2006-2f), Servicing Agreement (GSR 2006-5f)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account titled “Countrywide Home Loans Servicing LP, in trust for Escrow Payments relating to Reconstituted Mortgage Loans DB Structured Products, Inc. and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitutionvarious Mortgagors”. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified DepositoryDepository as a Special Deposit Account, in a manner which shall provide maximum available insurance thereunderby the FDIC and as otherwise acceptable to the Rating Agencies. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the ServicerServicer (provided the Servicer qualifies as a Qualified Depository), or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner on or prior to the execution of this Agreement and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:therein the following collections received by the Servicer (such collections being those received by Servicer within two Business Days prior to actual deposit into the Escrow Account):
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this his Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any Any interest paid on funds deposited in the Escrow Account by the depository institutioninstitution shall accrue to the benefit of the Servicer, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall be responsible to pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab3), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled titled, "[Name of Servicer] Fremont Investment & Loan, in trust for the benefit of Aurora Loan Services Inc., as Master Servicer Goldman Sachs Mortgage Company Residential Fixed and the Owner of Residential Mortgage Loans Adjustable Rate Mo▇▇▇▇▇▇ L▇▇▇▇ and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Interim Servicer and the Purchaser intend that the Escrow Accounts be special deposit accounts. Funds deposited in the Escrow Account may be drawn on by the Interim Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3), Pooling and Servicing Agreement (GSAMP Trust 2006-He3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] titled, “Franklin Credit Management Corporation, in trust for the benefit Owner and/or subsequent the Owners of Aurora Loan Services Inc.residential Mortgage Loans, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." Mortgagors — T & I.” The Escrow Accounts shall be established with a Qualified Depository. Upon request of the Owner and within ten (10) days thereof, in a manner which the Servicer shall provide maximum available insurance thereunderthe Owner with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner2.7. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of the Servicer’s receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.7. The Servicer shall be entitled to retain any interest or other Float Benefits paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes. Notwithstanding the foregoing sentence, any interest paid to a Mortgagor which exceeds any benefit to the Servicer derived from the Escrow Account, as described in this paragraph, shall be reimbursable in accordance with the terms of this Agreement.
Appears in 3 contracts
Sources: Loan Servicing Agreement (Franklin Credit Management Corp), Loan Servicing Agreement (Franklin Credit Holding Corp/De/), Loan Servicing Agreement (Franklin Credit Holding Corp/De/)
Establishment of and Deposits to Escrow Account. The Special Servicer shall segregate and hold all funds collected and received pursuant to a Transferred Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled titled, "[Name of (Special Servicer] ), in trust for the benefit ▇▇▇▇▇▇ Capital, A Division of Aurora Loan Services ▇▇▇▇▇▇ Brothers Holdings Inc., as Master Servicer and the Owner owner of Residential Mortgage Loans Loans, Group No. _______, and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Special Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 D hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Ownerowner of the Transferred Mortgage Loans. The Special Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Transferred Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Liquidation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty relating to a Transferred Mortgage Loan. The Special Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Special Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Special Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (American Residential Eagle Inc), Servicing Agreement (Structured Asset Securities Corp/Ny)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account titled, “GMAC Mortgage, LLC, in trust for Escrow Payments relating to Reconstituted Owners of Residential Fixed and Adjustable Rate Mortgage Loans Loans, and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitutionvarious Mortgagors”. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner no later than the initial Transfer Date and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) therein all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) . The Servicer shall deposit in a suspense account on a daily basis, and retain therein all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The suspense account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account or a suspense account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-1), Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Option One Mortgage Corporation in trust for the benefit of Aurora Loan Services Inc.▇▇▇▇▇ Fargo Bank Minnesota, National Association, as Master Servicer and the Owner of Trustee for Amortizing Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc.Collateral Trust, as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors2002-BC5." The Escrow Accounts shall be established with a Qualified Depository, Depository in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Owner Trustee, the Master Servicer and the NIMS Insurer and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the benefit of the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 2 contracts
Sources: Subservicing Agreement (Structured Asset Securities Corp), Servicing Agreement (Structured Asset Securities Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled titled, "[Name of Servicer] in Wells Fargo Bank, N.A., ▇▇ trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various and/or subsequent Owners of Residential Mortgage Loans Loans, and various Mortgagors.Mortgagors - T & I." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Within ten (10) days of the Transfer Date , the Servicer shall provide the Owner with written confirmation of the existence of such Escrow Account in the form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in a clearing account on a daily basis and in the Escrow Account or Accounts on a daily basiswithin two Business Days of the Servicer's receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all payments on account of Buydown Funds. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (HSI Asset Loan Obligation Trust 2006-2)
Establishment of and Deposits to Escrow Account. (a) The Servicer shall establish and maintain one or more accounts (an “Escrow Account”), designated “Escrow Account of [Name of Servicer], as Servicer f/b/o First NLC Trust 200_-_ and various Mortgagors.” Each Escrow Account shall be established as an Eligible Account, and any funds therein shall at all times be insured to the fullest extent allowed by applicable law. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and assets. Within five Business Days following any request of the Master Servicer, the Servicer shall establish and maintain two (2) separate Escrow Accounts, each in provide the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and with written confirmation of the Owner existence of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for such Custodial Account.
(b) To the benefit of Aurora Loan Services Inc.extent permitted by law, as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited funds on deposit in the Escrow Account may be drawn on by invested at the Servicer in accordance with Section 4.07. The creation direction of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification The Servicer shall be furnished entitled to retain any interest paid on funds deposited in the Owner andEscrow Account, upon request, other than interest on escrowed funds required by law to be paid to any subsequent OwnerMortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to a Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
(c) The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two Business Days of Servicer’s receipt, and retain therein, the following collections received by the Servicer:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. .
(d) The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes4.8.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First NLC Securitization, Inc.)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account titled “HomeBanc Corp. in trust for Escrow Payments relating to Reconstituted U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Loans and one for Escrow Payments relating to all Trust 2005-1,” provided that so long as HomeBanc Mortgage Loans that are not subject to a Reconstitution. The Corporation is the subservicer under the Subservicing Agreement, each Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] “HomeBanc Mortgage Corporation in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential HomeBanc Mortgage Loans and various MortgagorsTrust 2005-1 Mortgage Backed Notes." ” The Escrow Accounts shall be established with an Eligible Account. Nothing herein shall require the Servicer to compel a Qualified Depository, Mortgagor to establish an Escrow Account in a manner which shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 E hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and in the Escrow Account or Accounts no later than 48 hours after receipt of funds, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that the interest earnings paid thereon is are insufficient for such purposes.
Appears in 1 contract
Sources: Transfer and Servicing Agreement (HMB Acceptance Corp.)
Establishment of and Deposits to Escrow Account. The Interim Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted titled, “GreenPoint Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] Funding, Inc., in trust for the benefit of Aurora Loan Services Inc.▇▇▇▇▇▇▇ Sachs Mortgage Company Residential Fixed and Adjustable Rate Mortgage Loans, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors"”. The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Interim Servicer and the Purchaser intend that the Escrow Accounts be special deposit accounts. Funds deposited in the Escrow Account may be drawn on by the Interim Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the Interim Servicer, or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Interim Servicer. A copy of such certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Interim Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Interim Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Interim Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Interim Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Interim Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Oh1)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of titled, “Collection Account, Aurora Loan Services LLC, as Master Servicer] , in trust for the benefit of Aurora Loan Services Inc.the Holders of L▇▇▇▇▇ XS Trust Mortgage Pass-Through Certificates, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various MortgagorsSeries 2006-GP2." ” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 C hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer and the NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts not deposited into a suspense account representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty or released to the Mortgagor. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp2)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] titled, “ , in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of and/or subsequent Owners Residential Mortgage Loans Loans, and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." Mortgagors - T & I.” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of such Escrow Account. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.072.07. The creation Servicer shall deposit in a suspense account on a daily basis, and retain therein all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Escrow Account Mortgaged Property. The suspense account shall be evidenced by established with a certification in the form of Exhibit B-1 heretoQualified Depository, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification manner which shall be furnished to the Owner and, upon request, to any subsequent Ownerprovide maximum available insurance thereunder. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are including amounts required to be deposited pursuant to Section 2.10 (other than proceeds to be held in a suspense account and applied to the restoration or repair of any the Mortgaged PropertyProperty or released to the Mortgagor in accordance with Section 2.14); and
(iii) all payments on account of Buydown Funds. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest or other Float Benefits paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account titled, “GMAC Mortgage Corporation, in trust for Escrow Payments relating to Reconstituted Owners of Residential Fixed and Adjustable Rate Mortgage Loans Loans, and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. various Mortgagors”.The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. .Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 4 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 5 hereto, in the case of an account held by a depository other than the Servicer. .A copy of such certification shall be furnished to the Owner no later than the initial Transfer Date and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) therein all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) . The Servicer shall deposit in a suspense account on a daily basis, and retain therein all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The suspense account shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.072.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account or a suspense account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To ▇▇▇▇▇▇▇▇▇.▇▇ the extent required by law, the Servicer shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Deutsche Alt-a Securities Inc)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust “Ocwen Loan Servicing, LLC, for the benefit of Aurora the Trustee on behalf of the registered holders of BASIC Mortgage Loan Services Inc.Pass-Through Certificates, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors2006-1." ” The Escrow Accounts shall be established with a Qualified Depositoryeither (i) as an Eligible Account or (ii) in an account or accounts the deposits in which are insured by the FDIC to its limits, provided that any deposits therein that are not so insured shall be held in an Eligible Account in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 heretoC. On or prior to the Closing Date, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner Securities Administrator, the Program Administrator and the NIMS Insurer, if any, and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] titled, “▇▇▇▇▇ Fargo Bank, N.A., in trust for the benefit Bank of Aurora Loan Services Inc.America, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc.National Association, as Master Servicer and the various its successors or assigns and/or subsequent Owners of Residential Mortgage Loans Loans, and various Mortgagors." Mortgagors - T & I.” The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Upon request of the Owner and within ten (10) days thereof, the Servicer shall provide the Owner with written confirmation of the existence of such Escrow Account in the form attached hereto as Exhibit F. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, upon request, to any subsequent Owner. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin two (2) Business Days of Servicer’s receipt, and retain therein:
(ia) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(iib) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(c) all payments on account of Buydown Funds. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.07. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer Seller shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow or Accounts shall be established with a Qualified DepositoryDepositary, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account Accounts may be drawn on by the Servicer Seller in accordance with Section 4.072.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 D hereto, in the case of an the account established with the ServicerSeller, or by a letter agreement in the form of Exhibit B-2 E hereto, in the case of an account held by a depository other than the ServicerSeller. A copy of such certification shall be furnished to the Owner Purchaser and, upon request, to any subsequent OwnerPurchaser. The Servicer Seller shall deposit in the Escrow Account or Accounts on a daily basiswithin one Business Day of receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreementthe Mortgage Loan Documents; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged PropertyProperty in accordance with the Mortgage Loan Documents. The Servicer Seller shall make withdrawals from the Escrow Account only to effect such payments as are required under the Mortgage Loan Documents and this Agreement, Agreement as set forth in Section 4.072.07. The Servicer Seller shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer Seller shall pay from its own funds interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest noninterest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Residential Servicing Agreement (Peoples Preferred Capital Corp)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account titled “U.S. Bank National Association, as Trustee for Escrow Payments relating to Reconstituted the Structured Asset Securities Corporation Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Pass-Through Certificates, Series 2006-BC3.” Each Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow an Eligible Deposit Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Sasco 2006-Bc3)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] “Aurora Loan Services LLC, in trust for the benefit of Aurora Loan Services Inc.Trustee for Structured Asset Securities Corporation Mortgage Pass-Through Certificates, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Series 2006-BC4.” Each Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential Mortgage Loans and various Mortgagors." The Escrow Accounts shall be an Eligible Deposit Account established with a Qualified Depository, an Eligible Institution in a manner which that shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. C. A copy of such certification or letter agreement shall be furnished to the Owner Master Servicer and the NIMS Insurer no later than 30 days after the Closing Date and, upon request, to any subsequent Ownerowner of the Mortgage Loans. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which that are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. Additionally, any other benefit derived from the Escrow Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Servicing Agreement (Sasco 2006-Bc4)
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account titled “HomeBanc Corp. in trust for Escrow Payments relating to Reconstituted U.S. Bank National Association, as Indenture Trustee, for the HomeBanc Mortgage Loans and one for Escrow Payments relating to all Trust 2005-1,” provided that so long as HomeBanc Mortgage Loans that are not subject to a Reconstitution. The Corporation is the subservicer under the Subservicing Agreement, each Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] “HomeBanc Mortgage Corporation in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust Indenture Trustee, for the benefit of Aurora Loan Services Inc., as Master Servicer and the various Owners of Residential HomeBanc Mortgage Loans and various MortgagorsTrust 2005-1 Mortgage Backed Notes." ” The Escrow Accounts shall be established with an Eligible Account. Nothing herein shall require the Servicer to compel a Qualified Depository, Mortgagor to establish an Escrow Account in a manner which shall provide maximum available insurance thereunderviolation of applicable law. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.074.02(g). The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 E hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification or letter agreement shall be furnished to the Owner and, upon request, to any subsequent OwnerMaster Servicer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basis, and in the Escrow Account or Accounts no later than 48 hours after receipt of funds, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and;
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property; and
(iii) all Servicing Advances for Mortgagors whose Escrow Payments are insufficient to cover escrow disbursements. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.074.02(g). The Servicer shall be entitled to retain any interest earnings paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.the
Appears in 1 contract
Establishment of and Deposits to Escrow Account. The Servicer shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain two (2) separate one or more Escrow Accounts, each in the form of time deposit or demand accounts, one account for Escrow Payments relating to Reconstituted Mortgage Loans and one for Escrow Payments relating to all Mortgage Loans that are not subject to a Reconstitution. The Escrow Account relating to all Mortgage Loans that are not then subject to a Reconstitution shall be titled "[Name of Servicer] titled, “▇▇▇▇▇ Fargo Bank, N.A. in trust for the benefit of Aurora Loan Services Inc.U.S. Bank National Association, as Master Servicer and the Owner of Residential Trustee for Structured Asset Securities Corporation Mortgage Loans and various Mortgagors". The Escrow Account relating to all Reconstituted Mortgage Loans shall be titled "[Name of Servicer] in trust for the benefit of Aurora Loan Services Inc.Pass-Through Certificates, as Master Servicer and the various Owners of Residential Mortgage Loans and various MortgagorsSeries 2005-S3." ” The Escrow Accounts shall be Eligible Deposit Accounts established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunderan Eligible Institution. Funds deposited in the Escrow Account may be drawn on by the Servicer in accordance with Section 4.073.06. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit B-1 C hereto, in the case of an account established with the Servicer, or by a letter agreement in the form of Exhibit B-2 hereto, in the case of an account held by a depository other than the Servicer. A copy of such certification shall be furnished to the Owner and, Master Servicer and upon requestrequest by the NIMs Insurer, to any subsequent Ownerthe NIMS Insurer. The Servicer shall deposit in the Escrow Account or Accounts on a daily basiswithin one (1) Business Day of the Servicer’s receipt, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all amounts representing Insurance Proceeds or Condemnation Proceeds which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals from the Escrow Account only to effect such payments as are required under this Agreement, as set forth in Section 4.073.06. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution, other than interest on escrowed funds required by law to be paid to the Mortgagor. To the extent required by law, the Servicer shall pay interest on escrowed funds to the Mortgagor notwithstanding that the Escrow Account may be non-interest bearing or that interest paid thereon is insufficient for such purposes.
Appears in 1 contract
Sources: Securitization Subservicing Agreement (Structured Asset Securities Corp. 2005 S-3)