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Master Agreement For Servicers Escrow Custodial Account HUD-11720 - Official Federal Forms

Master Agreement For Servicers Escrow Custodial Account Form. This is a national form and can be used in US Department Of Housing And Urban Development .
 Fillable pdf Last Modified 12/7/2008
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Master Agreement for Servicer's Escrow Custodial Account U.S. Department of Housing and Urban Development Government National Mortgage Association OMB Approval No. 2503-0033 (Exp. 11/30/2008) Public reporting burden for this collection of information is estimated to average less than a minute per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information. This agency may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number. The information is required by Sec. 306(g) of the National Housing Act or by Ginnie Mae Handbook 5500.3, Rev. 1 to evidence the establishment or existence of a custodial account for the deposit of sums payable under mortgages pooled for and guaranteed by Ginnie Mae. The information will not be disclosed outside the Department without prior consent, except as required by law. Escrow Bank ID Number (ABA/Federal Routing Number) Date Initial Renewal The attached list of Pools and Loan packages is covered by this agreement Name and Address of Institution (and Branch) (include full address) You are hereby authorized and requested to establish a custodial account to be specifically designated "_________________ __________________________________________________________________________________________ Trustee of Servicer's Escrow Custodial Account for Various Mortgagors, Ginnie Mae Mortgage-Backed Securities" for various pools or loan packages issued by the Issuer that are designated to use this account as shown on the form HUD-11705 or on the form HUD 11705H for each securities issue. All deposits made in such account shall be subject to withdrawal therefrom signed by the Issuer named below, or by the subcontract servicer named below, and shall also be subject to withdrawal therefrom by the Government National Mortgage Association. No other agent of the Issuer except the named subcontract servicer shall be authorized to withdraw funds from the account. You are also authorized to pay immediately to the Government National Mortgage Association at any time upon its written demand, which need not name a specific amount, the entire amount in such account. This demand shall be made in Ginnie Mae's sole discretion. You are further authorized upon request of the Government National Mortgage Association to refuse to honor any instrument drawn upon such account by parties other than the Government National Mortgage Association and to change the name of the aforesaid account to "Government National Mortgage Association." In no instance shall the funds in the Escrow Custodial Account be used to offset funds which may have been advanced to, or on behalf of, the Issuer or any other entity by the custodian institution. This agreement is submitted to you in duplicate. Please execute the duplicate copy of the certificate below, acknowledging the existence of this agreement, so that we may present the copy signed by you to the Government National Mortgage Association or its agent. If this account is not being used for tax and insurance escrows, please check the appropriate box(es) for which funds are deposited in the account covered by this agreement: Section 203(k) Escrow funds Latent Defects Escrow MIP Escrow Name of Subcontract Servicer Reserve for Replacement Escrow Residual Receipts Escrow Other Escrow (explain) Operating Deficit Escrow Tenant Services Escrow Debt Service Reserve Repairs Escrow Subcontract Servicer Issuer ID No. Name of Issuer Issuer ID Number By (Signature) By (Signature) Title Title The undersigned institution certifies to the Government National Mortgage Association that the account above identified is in existence in this institution under account number ________________________________ and agrees with the Issuer named above and the Government National Mortgage Association to honor demands on such account in the manner provided in the above agreement. The undersigned institution further agrees upon the request of the Government National Mortgage Association to refuse to honor any instruments drawn upon such account by parties other than the Government National Mortgage Association and to change the name of the aforesaid account to "Government National Mortgage Association." This demand shall be made in Ginnie Mae's sole discretion. In no instance shall the funds in the Escrow Custodial Account be used to offset funds which may have been advanced to, or on behalf of, the Issuer or any other entity by the custodian institution. Deposits in this institution are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, and this institution meets the requirements specified in the Ginnie Mae Mortgage-Backed Securities Guide, Rev. 1. Name of Institution By Title Date Previous editions are obsolete; replaces HUD-11720-M Page 1 of 1 form HUD-11720 (01/2006) ref. Ginnie Mae Handbook 5500.3, Rev. 1 American LegalNet, Inc. www.FormsWorkflow.com
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