Additional Payments to Consumers Affected by Loan Modification Escrow, and Foreclosure Practices Clause Samples

Additional Payments to Consumers Affected by Loan Modification Escrow, and Foreclosure Practices. Within twenty-five (25) calendar days of the Effective Date of this Order, Nationstar shall deposit $15,623,305 into an escrow account established by the Fund Administrator referenced in this Paragraph (the “Fund Account”). The Fund Account will be administered pursuant to the Redress Plan, described in subparagraph a below, by a settlement administrator (“Fund Administrator”) who has been retained and will be paid for by Nationstar without any charge against the escrowed funds. The Fund Administrator will provide the redress as required by, and in accordance with, the Redress Plan, as additional remediation for consumers pursuant to the following terms: a. For loan modification issues (impermissible increases in monthly payments as trial modifications became permanent), Thirteen Million, And Five Hundred Thousand Dollars ($13,500,000) to certain borrowers whom Nationstar collected monthly modified mortgage loan payment amounts where the amounts charged for principal and interest exceeded the principal and interest amounts contained in the trial plan agreement (collectively the “Modification Payment Increase Borrowers”; individually a “Modification Payment Increase Borrower”). Within 30 days of the Effective Date, Nationstar must submit to the State Mortgage Regulators on the Executive Committee for review and non-objection a comprehensive written plan for providing redress to the Modification Payment Increase Borrowers consistent with this paragraph of the Agreement (“Redress Plan”). The State Mortgage Regulators on the Executive Committee, in consultation with the other State Mortgage Regulators, will have the discretion to make a determination of non- objection to the Redress Plan or direct Nationstar to revise it. If the State Mortgage Regulators on the Executive Committee direct Nationstar to revise the Redress Plan, Nationstar must revise and resubmit the Redress Plan to the State Mortgage Regulators on the Executive Committee within 20 days. After receiving notification that the State Mortgage Regulators on the Executive Committee has made a determination of non-objection to the Redress Plan, Nationstar must implement and adhere to the steps, recommendations, deadlines, and timeframes outlined in the Redress Plan. The Redress Plan must: i. Specify how Nationstar will identify each Modification Payment Increase Borrower for the purpose of providing redress under this paragraphs of the Agreement; ii. Certify that all remediation provided for under the...
View SourceView Similar (9)

Related to Additional Payments to Consumers Affected by Loan Modification Escrow, and Foreclosure Practices

  • Collection; Foreclosure Upon the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.