Define: P&I Payment
P&I Payment means an unrecovered advance covering shortfalls in scheduled principle and interest on mortgage securities, serviced by the responsible party according to their contract.
P&I Payment means an unrecovered advance covering shortfalls in scheduled principle and interest on mortgage securities, serviced by the responsible party according to their contract.
Relevant Circumstances
- When mortgage servicers cover shortfalls in scheduled principal and interest
- If contractual obligations require advance of unrecovered P&I
- Where reimbursement priorities apply to advances by the servicer