Advance Mortgage Corp. v. Concordia Mutual Life Ass'n

Plaintiff, mortgage servicer/lender, entered into a “Purchase and Servicing Agreement” with defendant (Investor), whereby plaintiff agreed to sell to defendant certain mortgages on which plaintiff would collect all payments due and make diligent effort to cause the mortgaged premises to be insured and the taxes levied thereon to be paid in accordance with the requirements of the mortgage.

Following an assignment of a particular mortgage and a subsequent default by the mortgagor, plaintiff paid out of its own funds taxes and insurance premiums on the mortgaged premises, resulting in an escrow…