Flood Zone Service Contract definition

Flood Zone Service Contract. A transferable contract maintained for a Mortgaged Property with a nationally recognized flood zone service provider for the purpose of obtaining the current flood zone status relating to such Mortgaged Property.
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Flood Zone Service Contract. A transferable contract maintained for the Mortgaged Property with a nationally recognized flood zone service provider for the purpose of obtaining the current flood zone status relating to such Mortgaged Property. FNMA: F▇▇▇▇▇ M▇▇ or any successor thereto.
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Flood Zone Service Contract. Servicer’s cost.
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Examples of Flood Zone Service Contract in a sentence

  • The Servicer, at the Owner’s expense, shall cause each Non-Agency Mortgage Loan that is a First Lien Mortgage Loan and is transferred to the Servicer for servicing to be covered (to the extent not already covered) by a Tax Service Contract and/or Flood Service Contract, by (a) a Tax Service Contract and/or (b) a Flood Zone Service Contract.

  • If any Non-Agency Mortgage Loan is missing a required Tax Service Contract or if any Non-Agency Mortgage Loan is missing a required Flood Zone Service Contract at the time of the Inbound Transfer Date, Servicer shall place such Tax Service Contract or Flood Zone Service Contract, as applicable, and shall be entitled to the fee associated with acquiring such contracts as set forth in Exhibit 9.

  • The Servicer, at Owner’s expense, shall cause each Mortgage Loan which is transferred to the Servicer for servicing to be covered by (a) with respect to each First Lien Loan only, a Tax Service Contract and (b) Flood Zone Service Contract.

  • In addition, with respect to any Mortgage Loan that is not subject to an assignable life of loan Flood Zone Service Contract or Tax Servicer Contract as of the related Closing Date, the Seller shall pay the cost incurred by the Purchaser or its designee to obtain such a contract.

  • The Servicer, at Owner’s expense, shall cause each Mortgage Loan which is transferred to the Servicer for servicing to be covered by (a) a Tax Service Contract and (b) Flood Zone Service Contract.

  • The Servicer, at the Owner’s expense, shall cause each First Lien Mortgage Loan that is transferred to the Servicer for servicing to be covered to the extent not covered by a Tax Service Contract and/or Flood Service Contract, by (a) a Tax Service Contract and/or (b) a Flood Zone Service Contract.

  • In addition, with respect to any Mortgage Loan that is not subject to an assignable "life of loan" Flood Zone Service Contract or Tax Servicer Contract as of the related Closing Date, the Servicer shall pay the cost incurred by the Purchaser or its designee to obtain such a contract.

  • The Servicer, at Owner’s expense, shall cause each First Lien Mortgage Loan which is transferred to the Servicer for servicing, to the extent not covered by a Tax Service Contract and/or Flood Service Contract to be covered by (a) a Tax Service Contract and/or (b) a Flood Zone Service Contract.

  • The Seller shall purchase at its own expense a fully assignable life of loan Tax Service Contract and a fully assignable Flood Zone Service Contract.

  • If any Mortgage Loan is missing a required Tax Service Contract or if any Mortgage Loan is missing a required Flood Zone Service Contract at the time of the Servicing Transfer Date, Servicer shall place such Tax Service Contract or Flood Zone Service Contract, as applicable, and shall be entitled to the fee associated with acquiring such contracts as set forth in Exhibit 9.


More Definitions of Flood Zone Service Contract

Flood Zone Service Contract. A transferable contract maintained for the Mortgaged Property with a nationally recognized flood zone service provider for the purpose of obtaining the current flood zone status relating to such Mortgaged Property. ▇▇▇▇▇▇▇ Mac: ▇▇▇▇▇▇▇ Mac or any successor thereto.
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Flood Zone Service Contract. A life of loan service contract transferable to a nationally recognized flood service provider, maintained for the Mortgaged Property for the purpose of monitoring the Federal Emergency Management Agency (FEMA) map status relating to such Mortgaged Property.
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Flood Zone Service Contract. Servicer's cost. MERS Fee: Servicer's cost. Reperformance Fee: 150 basis points of the unpaid principal balance of the Mortgage Loan (as then in effect) if the Mortgage Loan is brought current (after having been delinquent for a period of 90 days or more) without any modification and remains current for a consecutive period of 12 months or is sold prior to the expiration of such 12 months. Modification Fee: 150 basis points of the unpaid principal balance of the Mortgage Loan (as in effect immediately after the consummation of the modification) if the modification includes an interest rate reduction or is classified by the Servicer (acting in accordance with Accepted Servicing Practices) as a full modification; or, if the Servicer participates in the U.S. Treasury's Home Affordable Modification program (or other similar mortgage loan modification programs) and enters into a transaction involving the Mortgage Loan that results in the payment or retention of any incentive payment to the Servicer or Owner and the Servicer is not otherwise entitled to a Modification Fee as set forth above, 150 basis points of the unpaid principal balance of the Mortgage Loan (as in effect immediately after the consummation of the transaction). If the Servicer enters into a transaction involving the Mortgage Loan under the U.S. Treasury Department's Home Affordable Modification program (or other similar mortgage loan modification programs) that results in any incentive payment to the Servicer or Owner and the Servicer has already collected a Modification Fee, the Servicer shall reimburse the Owner the amount of such incentive payments. In the event the Servicer effects a refinancing of a Distressed Whole Loan on behalf of the Owner and not through a third party lender and the resulting Mortgage Loan is readily saleable, or the Servicer originates a Mortgage Loan to facilitate the disposition of REO Property, the Servicer shall be entitled to fees and other compensation in connection with such originations based on market-based pricing and terms that are consistent with the pricing and terms offered by the Servicer to unaffiliated third parties on a retail basis. The amount of the compensation and the pricing and terms offered by the Servicer shall be subject to review by the Owner and the Servicer from time to time to reflect market rates. The Owner shall reimburse the Servicer for any out of pocket expenses that the Servicer incurs in connection with any such origination, incl...
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Flood Zone Service Contract means a transferable contract maintained for the mortgaged property with a nationally recognized flood zone service provider for the purpose of obtaining the current flood zone status relating to such mortgaged property.
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Related to Flood Zone Service Contract

  • Flood Zone means areas having special flood hazards as described in the National Flood Insurance Act of 1968, as amended from time to time, and any successor statute.

  • Area of special flood hazard means the land in the floodplain within a community subject to a one percent or greater chance of flooding in any given year.

  • Regulatory Flood Protection Elevation means the “Base Flood Elevation” plus the “Freeboard”. In “Special Flood Hazard Areas” where Base Flood Elevations (BFEs) have been determined, this elevation shall be the BFE plus two (2) feet of freeboard. In “Special Flood Hazard Areas” where no BFE has been established, this elevation shall be at least two (2) feet above the highest adjacent grade.

  • Floodplain or flood-prone area means any land area susceptible to being inundated by water from any source. See "Flood or flooding."

  • Flood Program means the National Flood Insurance Program created by the U.S. Congress pursuant to the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform Act of 2004, in each case as amended from time to time, and any successor statutes.