Common use of Loan Modifications Clause in Contracts

Loan Modifications. (a) CitiMortgage may agree with any mortgagor to modify or waive any provision of a mortgage loan if the modification or waiver does not · affect the amount or timing of any payment of principal or interest on the mortgage loan, · in CitiMortgage’s judgment, materially impair the security for, or reduce the likelihood of timely payment of amounts due on, the mortgage loan, or · otherwise constitute a “significant modification” within the meaning of Treasury Regulations Section 1.860G-2(b).