Proper Servicing Sample Clauses
The Proper Servicing clause requires that a party, typically a servicer or manager, perform its duties in managing assets, loans, or accounts with a standard of care and diligence that is considered appropriate and customary in the relevant industry. This means the servicer must follow established procedures, act in good faith, and take reasonable steps to protect the interests of the asset owner or investor. For example, in a loan servicing context, this could involve timely collection of payments, accurate record-keeping, and prompt communication of issues. The core function of this clause is to ensure that the party responsible for servicing acts responsibly and professionally, thereby minimizing risk and safeguarding the value of the serviced assets.
Proper Servicing. The Mortgage Loan has been serviced by the Seller (or a servicer or subservicer on its behalf) and any predecessor servicer in accordance with Accepted Servicing Practices, applicable laws and regulations and have been in all respects legal and proper and prudent in the mortgage origination and servicing business;
Proper Servicing. The Conduit Mortgage Loan has been serviced by the Seller (or a servicer or subservicer on its behalf) and any predecessor servicer in accordance with Accepted Servicing Practices, applicable laws and regulations and have been in all respects legal and proper and prudent in the mortgage origination and servicing business;
Proper Servicing. Neither Finance, Associates nor any of the other Capri Parties has received any written notice or, to the knowledge of the Issuers any non-written notice, of a servicing impropriety for any Mortgage Loan in the Servicing Rights Portfolio, and each Mortgage Loan serviced or sub-serviced by Finance has been properly serviced or sub-serviced and accounted for in accordance with the applicable Mortgage Servicing Agreement. All amounts payable in respect of a Mortgage Note, Mortgage, or the property covered by a Mortgage which Finance is responsible for paying, directing or on behalf of a mortgagor, have been paid when due and payable. All pools for which Finance is responsible are in substantial compliance with all applicable Mortgage Loan Investor Requirements.