USA Interim Loan Servicing Agreement
This USA Interim Loan Servicing Agreement is a contract for temporary servicing of mortgage loans during a sale transaction.
- The loan servicer will temporarily service the mortgage loans until the loans have been transferred to the purchaser.
- The loan servicer acts as an independent contractor on behalf of the purchaser, and will transfer all records and accounts to the purchaser upon termination of the Agreement.
- The loan servicing activities include collection and remittance of mortgage payments, maintenance of records, reports to the purchaser, maintenance of related escrow accounts, payment of taxes and insurance.
- The loan servicer will proceed with collection and/or foreclosure proceedings in the event of default in payment of the mortgage loan.
- All collections, remittances, payments, and record keeping will be done in full compliance with applicable local, state and federal laws.
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Last Updated: 14-April-2016