Notice of Problems. Subservicer shall promptly furnish to FNMC (a) any notice it receives from any governmental authority, Insurer, Investor, Agency or Mortgagor of a possible or asserted claim or lawsuit against Subservicer or FNMC for repurchase of a Mortgage Loan, indemnification for damages, rescission of an insurance policy or denial of an insurance claim, or other possible remedy or sanction based upon an alleged breach or violation by Subservicer, or any prior servicer, of any Applicable Requirement with respect to the Servicing Rights it subservices hereunder, or (b) notice of any prior servicing or origination deficiency of which it receives notice or discovers following its assumption of servicing responsibilities hereunder, and in either case, shall consult with FNMC.
Appears in 2 contracts
Sources: Servicing Rights Purchase and Sale Agreement (Taylor Capital Group Inc), Servicing Rights Purchase and Sale Agreement (Taylor Capital Group Inc)