Servicing Commitments Sample Clauses
Servicing Commitments. In order to ensure that Borrowers receive timely and appropriate consideration for modifications or Fixed Rate Conversion options, ▇▇▇▇▇ Fargo will:
1. Maintain a dedicated, adequately staffed help line to serve Eligible Borrowers, including Spanish-speaking borrowers;
2. Make and communicate to Eligible Borrowers in writing, decisions on their MAP2R modifications within 30 calendar days of receiving all required documentation from the Eligible Borrower. This notice may be included within any notice required in connection with the consideration of the Eligible Borrower for a HAMP modification;
3. ▇▇▇▇▇ Fargo will assign a primary point of contact at ▇▇▇▇▇ Fargo to each Eligible Borrower seeking a modification;
4. Establish a formal second-look and escalation protocol for all Eligible Mortgages covered by the Assurance; and
Servicing Commitments. In order to ensure that Borrowers are appropriately considered for a MAP2R Modification in a timely manner, the Defendants shall:
a. Maintain a dedicated, adequately staffed help line to handle inquiries from Settlement Class Members, including Spanish-speaking Settlement Class Members;
b. Assign a primary point of contact to each Settlement Class B Member and Settlement Class C Member seeking a loan modification;
c. Notify Settlement Class Members in writing within ten (10) business days of their submitting a modification request of any documents believed to be missing and necessary for evaluation for a MAP2R Modification;
d. Provide Settlement Class Members who do not qualify for HAMP or MAP2R Modifications, within thirty (30) calendar days of the Defendants’ receipt of all required documentation from the Settlement Class Member, with a written explanation, which shall be copied to Lead Class Counsel, which clearly explains the reasons that the modification was denied;
e. Establish a formal second-look and escalation protocol for all Settlement Class B Members and Settlement Class C Members seeking a loan modification.
Servicing Commitments. Upon the terms and subject to the conditions hereinafter set forth, until the Servicing Conversion Date, each Servicing Lender agrees, severally but not jointly, to lend (and upon repayment prior to the Servicing Conversion Date, to relend) to the Borrower, at such times and in such amounts as the Borrower shall request, up to an aggregate principal amount at any time outstanding not to exceed such Servicing Lender's Servicing Commitment Amount, subject to the following limitations:
(i) the aggregate principal amount of each Servicing Lender's Servicing Advances shall not exceed its Servicing Commitment Amount; and
(ii) the aggregate principal amount outstanding under the Servicing Notes after the making of any requested Servicing Advances shall not exceed the Qualified Servicing Portfolio Value (including any portion of the Qualified Servicing Portfolio acquired with the proceeds of such Servicing Advances).