Servicing Files Sample Clauses
The 'Servicing Files' clause defines the requirements and procedures for maintaining, updating, and providing access to documents and records related to the servicing of a contract or agreement. Typically, this clause outlines what types of files must be kept, the format in which they should be maintained, and who is entitled to access them, such as both parties or designated auditors. Its core practical function is to ensure transparency and accountability in the management of records, thereby reducing the risk of disputes and facilitating compliance with contractual or regulatory obligations.
Servicing Files. The Servicing Files included in the Purchased Assets contain true, correct and complete copies of all documents, instruments and information necessary to service the Serviced Mortgage Loans and Other Serviced Loans serviced by Seller in accordance with the Applicable Requirements in all material respects.
Servicing Files a. Each Servicing File maintained by the Servicer for each Mortgage Loan shall be clearly identified and marked to reflect Angel Oak’s or related Investor’s ownership of the related Mortgage Loan, shall be kept by Servicer as bailee for the sole benefit of Angel Oak and the related Investor, in conformance with applicable Requirements and Accepted Servicing Practices, and shall contain copies of the following items, to the extent received by the Servicer upon the Servicer’s request from Angel Oak or its agent:
(i) the Mortgage Note bearing all intervening endorsements, endorsed “Pay to the order of [insert related Investor], without recourse”; or in blank and signed in the name of the previous endorsee by an authorized officer;
(ii) the Mortgage, with evidence of recording thereon;
(iii) all assumption, modification, consolidation or extension agreements, with evidence of recording thereof;
(iv) evidence (which may be a certificate of insurance) of all insurance required by such Mortgage;
(v) the Title Insurance Policy;
(vi) all intervening Assignments of Mortgage with evidence of recording thereof; and
(vii) any other material documents.
b. Notwithstanding any provision herein to the contrary, blanket insurance policies may be kept by the Servicer in a separate blanket file and need not be included in each Servicing File.
c. Each Servicing File shall also contain the following documents or photocopies thereof, to the extent received by the Servicer in connection with the Servicer’s duties under this Agreement:
(i) the Appraisal Report made at the time the Mortgage Loan was originated;
(ii) the settlement statement for the purchase and financing or refinancing of the Mortgaged Property under the Mortgage Note and Mortgage;
(iii) the originals of any tax service contract;
(iv) documentation relating to modifications to the original Mortgage Loan documents;
(v) documentation relating to any releases of any collateral supporting the Mortgage Loan;
(vi) collection letters or form notices sent to the Mortgagor, but only if the Servicer does not maintain collection files;
(vii) foreclosure correspondence and legal notifications, if applicable;
(viii) water and irrigation company stock certificates, if applicable;
(ix) the loan application, any credit reports, verification of employment, verification of any deposit, and tax returns;
(x) the originals of all RESPA and Truth in Lending Act disclosure statements executed by the Mortgagor; and
(xi) all other document...
Servicing Files. To the extent that Purchaser or its successors or any subservicer, as applicable, is unable, despite its or its successor servicer’s best efforts, to service a Mortgage Loans in accordance with Applicable Requirements because the related Servicing File does not contain the documents or information required to be maintained by the Seller under Applicable Requirement and are necessary to service the applicable Mortgage Loan in compliance with Applicable Requirements, Seller shall reimburse the Purchaser for any reasonable out-of-pocket expenses incurred by Purchaser in curing such deficiency and indemnify Purchaser for any Losses that it incurs due to the inability to service in accordance with Applicable Requirements; provided that the Purchaser shall have (and shall have caused its successors and any subservicer to) used best efforts to obtain reimbursement from the applicable Investor for any such unreimbursed expenses or Losses prior to making a claim hereunder.
Servicing Files. Seller shall deliver to GMACM a servicing file for each loan in the Manual Transfer. Files will contain, but not be limited to, the documents identified below (as applicable) which are critical for boarding the loans to GMACM’s system: Legal Description (Exhibit A) / Tax Contract (copy) Homeowner authorization if NY or NJ Copy of Note with all riders Interest Only Addendum Buydown agreement/rider Copy of recorded Mortgage/Deed of Trust with riders (if recorded copy is not available; provide copy of unrecorded document) Funding Letter/First Payment Letter RESPA/Escrow Account Disclosure HUD-1 Settlement Statement – final Loan Application Form 1003 (initial and final signed application) Appraisal/PSAR (with all attachments) Certificate of Flood Zone Rating Evidence of Insurance Applicable Mortgage Insurance: PMI commitment, FHA MIC, VA LGC PMI Disclosure statement Tax Certification System master file record Payment history from origination to current year-to-date
Servicing Files. See Shipping instructions & Preparing Materials for Shipment form from Archive Systems and file Archiving Sheet
Servicing Files. The Servicing Files contain true, correct and complete copies of all documents, instruments and information necessary to service the Serviced Loans in accordance with the Applicable Requirements in all material respects.
Servicing Files. Each Servicing File delivered to the Servicer shall be held in trust by the Servicer for the benefit of the applicable Owner; provided, however, that the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the applicable Owner or its designee. The Servicer’s possession of any portion of the mortgage loan documents shall be at the will of the applicable Owner for the sole purpose of facilitating servicing of the related Loan pursuant to this Agreement, and such retention and possession by the Servicer shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the applicable Owner and the ownership of all records and documents with respect to the related Loan prepared by or which come into the possession of the Servicer shall immediately vest in the applicable Owner and shall be retained and maintained, in trust, by the Servicer at the will of the applicable Owner in such custodial capacity only. The Servicer shall release from its custody the contents of any Servicing File retained by it only in accordance with the written instructions of the applicable Owner.
Servicing Files. Servicing files shall contain the documents as defined in Section I B.
Servicing Files. Following the Sale Date, the Interim Servicer shall service the Loans pursuant to the terms of a reconstitution agreement entered into pursuant to Section 2.6 of this Agreement.
Servicing Files. The Seller shall forward to the Purchaser or its designee all documents and records relating to the Mortgage Loans constituting the servicing files no later than three (3) business days prior to the Servicing Transfer Date.