Common use of Delinquency Control Clause in Contracts

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. 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 delinquency 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, use commercially reasonable efforts to protect such property from waste and vandalism. Subservicer will have title to the Mortgaged Property conveyed in the name designated by Investor.