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1980-075 CRA
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1980-075 CRA
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Last modified
1/3/2012 12:23:08 PM
Creation date
3/8/2005 11:38:49 AM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1980-75
Date
7/1/1980
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<br />. <br /> <br />. <br /> <br />. <br />. <br /> <br />. <br />. <br /> <br />"",'N""',""" <br /> <br />require that Qualified Mortgage Lenders and Servicers hold ,the Agency, the <br />Trustee and the Bondholders harmless for non-compliance with' such rules and <br />regulations. <br /> <br />(H) All servicing Agreements entered into pursuant to this <br />Resolution shall provide that: <br /> <br />(1) In the event that a Mortgage Loan becomes a Defaulted, <br />Mortgage Loan, the Servicer shall certify to the Trustee the identification <br />number of such Defaulted Mortgage Loan and the principal aroount then due on <br />the Mortgage Loan. <br /> <br />(2) The Trustee shall, upon receipt of an Officer 's <br />Certificate so directing, execute and deliver an assignment for collection to <br />the'Servicer of the Defaulted Mortgage Loan, duly recorded ~n the office Of <br />the County Recorder of the County of Orange, together with the original <br />promissory note of the Mortgagor, the deed of trust or other lien instrument <br />evidencing the 1 ien of the Mortgage and the Mortgage Insurance certificate. <br />The Servicer, at the direction of the Agency, and upon receipt of said <br />documents from the Trustee, shall diligently take all steps, actions and <br />proceedings necessary to assign such Defaulted Mortgage Loan to the Mortgage <br />Insurer thereof or, if such assignment is not permitted, to foreclose the lien <br />of the Mortgage, and, upon such assignment or foreclosure, collect the <br />insurance or guaranty applicable to the Defaulted Mortgage Loan. The Servicer <br />may, with the approval of the Agency and the Trustee, grant forbearance as <br />appropriate under applicable rules and regulations of the Mortgage Insurer. <br /> <br />(3) If a Servicer disposes of a Defaulted Mortgage Loan or a <br />Mortgaged Residence securing such Defaulted Mortgage Loan, the proceeds paid <br />to the Trustee upon such disposal shall be not less than total aroount of the <br />then unpaid principal balance, together with all delinquent interest accrued <br />thereon. <br /> <br />(4) If the Mortgage Insurer shall pay the insurance or <br />guaranty applicable to the Defaulted Mortgage Loan, but shall determine not to <br />accept an assignment of the Mortgage Loan, then the Servicer shall liquidate <br />such Mortgage Loan (or, if applicable, the mortgaged Residence) at the best <br />price reasonably obtainable and shall deliver the proceeds of liquidation <br />(less the Servicer's necessary expenses) to the Trustee. <br /> <br />(5) The Servicer shall regularly bill for and collect all <br />payments due on the Mortgage Loan and shall deposit all Escrow Payments in an <br />escrow payment fund, retain its servicing fees, and pay the balance of such <br />payments to the Trustee for deposit in the Revenue Fund. <br /> <br />(6) All Servicing Agreements shall require the Servicer to <br />del iver the proceeds of any Prepayment, any Prepayment penalties, the proceeds <br />of Mortgage Insurance or foreclosure or sale of the roortgaged Residence or <br />liquidation of a Mortgage Loan or the net proceeds of any Hazard Insurance or <br />Special Hazard Insurance, to the extent such proceeds are in excess of <br /> <br />42 <br />
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