A Servicing Rights Purchase Agreement is a written, legally binding contract by and between a buyer and seller of mortgage or loan servicing rights. Mortgage servicing rights refer to the rights to service a mortgage, including the right to collect the monthly payments, manage the escrow funds, take care of the taxes and insurance, and other activities. An experienced real estate lawyer usually drafts the agreement. Servicing rights purchase agreements can involve the sale of servicing rights for one mortgage or more than100,000 mortgages. Regardless of the size, the concepts are the same. Servicing rights purchase agreements must address which mortgages’ servicing rights are being bought and sold, how much the buyer is paying, when the agreement becomes effective, and many other generic contractual provisions.

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