Delinquency Control Clause Samples
The Delinquency Control clause establishes procedures and consequences for situations where a party fails to make timely payments or fulfill other financial obligations under the agreement. Typically, this clause outlines steps such as the imposition of late fees, interest charges, or the initiation of collection actions if payments are overdue. Its core practical function is to deter late payments and provide a clear framework for addressing delinquencies, thereby protecting the financial interests of the parties involved and ensuring the smooth operation of the contractual relationship.
Delinquency Control. The Seller shall, in accordance with and subject to Applicable Requirements, including without limitation the applicable Servicing Agreement:
(a) Maintain a delinquent mortgage servicing program that shall include an adequate accounting system that indicates the existence of Delinquent Mortgage Loans, a procedure that provides for sending delinquent notices, assessing late charges, and returning inadequate payments, and a procedure for the individual analysis of distressed or chronically delinquent Mortgage Loans;
(b) Maintain a collection department and an on‑line automated collection system that complies in all material respects with Applicable Requirements and the Servicing Procedures;
(c) Conduct property inspections with respect to defaulted Mortgage Loans and REO Properties in accordance with Applicable Requirements, including without limitation the terms of the applicable Servicing Agreement and the Servicing Procedures.
(d) In accordance with Applicable Requirements, administer the foreclosure or other acquisition of the Mortgaged Property relating to any Mortgage Loan in the name of the applicable Investor, process claims for any applicable insurance and until the transfer of such Mortgaged Property to the Investor or a private mortgage Insurer, if applicable, protect such property from waste and vandalism. In no event shall the Seller have title to a Mortgaged Property conveyed in the name of any Purchaser.
(e) The Seller shall take appropriate measures to ensure, on an ongoing basis, the accuracy of all documents filed or otherwise utilized by the Seller or its Vendors, Off-shore Vendors and/or Default Firms in any judicial or non-judicial foreclosure proceeding, related bankruptcy proceeding or in other foreclosure-related litigation, including but not limited to, documentation sufficient to establish ownership of the Mortgage Loan by the related Investor and the right to foreclose at the time the foreclosure action is commenced in the name of the Investor. The Seller shall be required to maintain, and to cause its Vendors, Off-shore Vendors and Default Firms to maintain, current and accurate records relating to any foreclosure or related bankruptcy proceedings or related litigation, with a clear auditable trail of documentation capable of validating foreclosure that the Seller has produced, or has received from a prior servicer, and shall cause its Vendors, Off-shore Vendors and Default Firms to do the same. In connection with any foreclosure ...
Delinquency Control. The Servicer shall:
(a) Be responsible for protecting the Owner’s interest in the Mortgage Loans by dealing quickly and effectively, in accordance with established FNMA, VA or FHA collection guidelines, as applicable, with the Mortgagors who are delinquent or in default. The Servicer’s delinquent mortgage servicing program shall include an adequate accounting system which will immediately and positively indicate the existence of delinquent Mortgage Loans, a procedure that provides for sending delinquent notices, assessing late charges, and returning inadequate payments, and a procedure for the individual analysis of distressed or chronically delinquent loans;
(b) Maintain a collection department and an on-line automated collection system that substantially complies with established FNMA, FHA or VA collection guidelines, as applicable; and
(c) Provide the Owner with a month-end collection and delinquency report identifying and describing the status of any delinquent loans, and from time to time as the need may arise, provide the Owner with loan service reports relating to any items of information which the Servicer is otherwise required to provide hereunder, or detailing any matters the Servicer believes should be brought to the special attention of the Owner.
Delinquency Control. Except as otherwise directed by the Company, the Servicer shall maintain a collection department that substantially complies with the Servicing Standard and protect the Company’s investment in the Loans in accordance with the Servicing Standard with Borrowers who are delinquent or in default.
Delinquency Control. The Servicer shall:
(a) Be responsible for protecting the Trustee’s interest in the Mortgage Loans by dealing quickly and effectively, in accordance with established FNMA, VA or FHA collection guidelines, as applicable, (unless otherwise instructed by Bayview), with the Mortgagors who are delinquent or in default. The Servicer’s delinquent mortgage servicing program shall include an adequate accounting system which will immediately and positively indicate the existence of delinquent Mortgage Loans, a procedure that provides for sending delinquent notices, assessing late charges, and returning inadequate payments, and a procedure for the individual analysis of distressed or chronically delinquent loans;
(b) Maintain a collection department and an on-line automated collection system that substantially complies with established FNMA, FHA or VA collection guidelines, as applicable; and
Delinquency Control. The Servicer shall:
(a) Be responsible for protecting the Trustee’s interest in the Mortgage Loans by dealing quickly and effectively, in accordance with established FNMA, VA or FHA collection guidelines, as applicable, (unless otherwise instructed by Bayview), with the Mortgagors who are delinquent or in default. The Servicer’s delinquent mortgage servicing program shall include an adequate accounting system which will immediately and positively indicate the existence of delinquent Mortgage Loans, a procedure that provides for sending delinquent notices, assessing late charges, and returning inadequate payments, and a procedure for the individual analysis of distressed or chronically delinquent loans;
(b) Maintain a collection department and an on-line automated collection system that substantially complies with established FNMA, FHA or VA collection guidelines, as applicable; and
(c) Provide Bayview and the Master Servicer with a month-end collection and delinquency report identifying and describing the status of any delinquent loans, and from time to time as the need may arise, provide Bayview and the Master Servicer with loan service reports relating to any items of information which the Servicer is otherwise required to provide hereunder, or detailing any matters the Servicer believes should be brought to the special attention of Bayview and the Master Servicer.
Delinquency Control. The Servicer shall in accordance with the Servicing Standard:
(a) Be responsible for protecting the Owner’s interest in the Assets by dealing effectively with the Borrowers who are delinquent or in default. The Servicer’s delinquent Asset servicing program shall include an adequate accounting system which will immediately and positively indicate the existence of delinquent Assets, a procedure that provides for sending delinquent notices, and assessing late charges, and a procedure for the individual analysis of distressed or chronically delinquent Assets;
(b) Maintain a collection department and an on-line automated collection system that substantially complies with the Servicer’s collection guidelines, as applicable; and
(c) Provide the Owner with a month-end collection and delinquency report identifying any delinquent Assets, and from time to time as the need may arise, provide the Owner with Asset service reports relating to any items of information which the Servicer is otherwise required to provide hereunder, or detailing any matters the Servicer believes should be brought to the special attention of the Owner.
Delinquency Control. 123.1 All employer contributions and union deductions shall be remitted by the fifteenth (15th) day of the month following the month for which contributions and deductions were made to the administrator of LU 663 funds together with supporting information on a form as designated by LU 663 and MCAS. At no time shall the contributions, deductions, allowances and/or remittances be paid directly to the employee. If an employer does not have any employees in his employ, he shall submit a nil report in accordance with the above. The nil report shall only be required for the first month when no employees are working in subsequent months. 123.2 In the event, the employer fails to forward or deliver contributions and/or deductions with supporting information in accordance with 123.1 above, the employer shall pay liquidated damages of two (2%) percent of the arrears for each month or part thereof from the due date provided the employer has received ten (10) days prior written notice from the union to correct such delinquency and had not done so.
Delinquency Control. Subservicer shall:
a. Maintain a delinquent mortgage servicing program which shall include an adequate accounting system that indicates the existence of delinquent Mortgage Loans, a procedure that provides for sending delinquent notices, assessing late charges, and returning inadequate payments, and a procedure for the individual analysis of distressed or chronically delinquent Mortgage Loans;
b. Maintain a collection department, which includes an on-line automated collection system, that substantially complies with established FNMA collection guidelines;
c. Provide Owner/Servicer and Investor with a month-end collection and delinquency report identifying and describing the status of any delinquent Mortgage Loans, and from time to time as the need may arise, provide Owner/Servicer and Investor with Mortgage Loan service reports relating to any items of information which Subservicer is otherwise required to provide hereunder, or detailing any matters Subservicer believes should be brought to the special attention of Owner/Servicer and Investor; and
d. Upon the request of Owner/Servicer and Investor, administer the foreclosure or other acquisition of the Mortgaged Property relating to any Mortgage Loan, process claims for any applicable mortgage insurance and until the transfer of such Mortgaged Property to Investor, private mortgage insurer or FHA or VA, as applicable, protect such property from waste and vandalism. Subservicer will have title to the Mortgaged Property conveyed in the name designated by Investor.
Delinquency Control. Servicer shall:
a) Maintain a collection system, delinquent mortgage servicing program, and an adequate accounting system, which will immediately identify delinquent Loans and procedures that will provide for sending all required delinquent notices, assessing late charges and returning inadequate payments.
b) Provide Investor with a month-end collection and delinquency report by the fifteenth (15) business day.
c) For each Loan furnish on a monthly basis, in accordance with the Fair Credit Reporting Act and its implementing regulations, report accurate and complete information on its borrower credit files to at least one of the credit repositories.
d) If requested by the Investor, obtain updated FICO scores for any Loan at the Investor’s expense and shall promptly provide such scores to Investor upon request.
e) Under the sale of such property, on terms as specified by Investor, if payments are deferred and payable under contract or Mortgage, Servicer will service the same until completely liquidated.
Delinquency Control. The Servicer shall in accordance with the Servicing Standard:
(a) Be responsible for protecting each Owner’s interest in the Loans in accordance with the Servicing Standard. The Servicer’s delinquent mortgage servicing program shall include an adequate accounting system which will immediately and positively indicate the existence of delinquent Loans, a procedure that provides for sending delinquent notices, and assessing late charges, and a procedure for the individual analysis of distressed or chronically delinquent loans;
(b) Maintain a collection department and an on-line automated collection system that complies with the Servicing Standard in all material respects; and
(c) Provide the Trustee and the Depositor with a month-end collection and delinquency report identifying any delinquent loans, and from time to time as the need may arise, provide the Trustee and the Depositor with loan service reports relating to any items of information which the Servicer is otherwise required to provide hereunder, or detailing any matters the Servicer believes should be brought to the special attention of the Trustee and the Depositor.