Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and the standard of care employed by prudent mortgage servicers which service mortgage loans of the same type as the Mortgage Loans in the jurisdictions in which the related Mortgaged Properties are located. Such standard of care shall not be lower than that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account and shall be in full compliance with all federal, state and local laws, ordinances, rules and regulations.
Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and standard of care employed by prudent mortgage servicers. Such standard of care (i) shall not be lower than that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account, (ii) shall be in accordance with the requirements of the Servicer's policies and procedures, (iii) shall be, at a minimum, at least as prudent as the requirements of Fannie Mae as set forth from time to time in the Fannie Mae Selling and Xxxxxcing Guide, as amended from time to time, axx (xx) xxall be in full compliance with all federal, state and local laws, ordinances, rules and regulations. Agreement: This Servicing Agreement, including all exhibits and schedules hereto, and all amendments hereof and supplements hereto.
Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and the standard of care employed by prudent mortgage servicers that service mortgage loans of the same type as the Mortgage Loans in the jurisdictions in which the related Mortgaged Properties are located. Such standard of care shall not be lower than that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account and shall be in full compliance with all applicable federal, state and local laws, ordinances, rules and regulations. Account: The account or accounts created and maintained pursuant to Section 2.4 of this Agreement.
Examples of Acceptable Servicing Procedures in a sentence
The Servicer may remit such proceeds to the Mortgagor toward the restoration or repair of the related property in a manner, and shall otherwise take such actions in connection with such restoration and repair, as shall be consistent with Acceptable Servicing Procedures.
Any amounts collected by the Servicer under any such policies shall be paid over or applied by the Servicer in accordance with Acceptable Servicing Procedures for the restoration or repair of the Mortgaged Property subject to the related Mortgage, for release to the Mortgagor in accordance with Acceptable Servicing Procedures, or for application in reduction of the Mortgage Loan.
The Servicer shall monitor the payment status of such charges (including renewal premiums) by the related Mortgagor, and shall effect payment thereof in a manner consistent with Acceptable Servicing Procedures, and in all events prior to the foreclosure of any lien against the Mortgaged Property resulting from non-payment of such property taxes, assessments and other charges and prior to the termination of any such insurance coverage.
If a Mortgage Loan requires Escrow Payments, the Servicer shall obtain, from time to time, all bills for the payment of such charges (including renewal premiums) and shall effect payment thereof prior to the applicable penalty or termination date in a manner consistent with Acceptable Servicing Procedures, employing for such purpose Mortgagor deposits in the Escrow Account.
The Servicer may remit such proceeds to the Mortgagor for the restoration or repair of the related property and shall otherwise take such actions in connection with such restoration and repair in a manner consistent with Acceptable Servicing Procedures.
More Definitions of Acceptable Servicing Procedures
Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and standard of care employed by prudent mortgage servicers. Such standard of care (i) shall not be lower than that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account, (ii) shall be in accordance with the requirements of the Servicer's policies and procedures, (iii) shall be, at a minimum, at least as prudent as the requirements of Fannie Mae as set forth from time to time in the Fannie Mae Selling and Xxxxxcing Guide, as amended from time to time anx (xx) xxxll be in full compliance with all federal, state and local laws, ordinances, rules and regulations. Advance: A Monthly Advance or Servicing Advance.
Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and standard of care employed by prudent mortgage servicers. Such standard of care (i) shall not be lower than that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account, (ii) shall be in accordance with the requirements of the Servicer's policies and procedures, (iii) shall be, at a minimum, at least as prudent and customary in the mortgage origination and servicing business and (iv) shall be in full compliance with all federal, state and local laws, ordinances, rules and regulations. Advance: A Monthly Advance or Servicing Advance.
Acceptable Servicing Procedures. As defined in the Servicing Agreement.
Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and the standard of care (I) employed by prudent mortgage servicers which service mortgage loans of the same type as the Mortgage Loans in he jurisdictions in which the related Mortgage Properties are located and (ii) in accordance with FNMA Guide, subject to any variances negotiated with FNMA and subject to the express provisions of this Agreement. Such standard of care shall not be lower than that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account and shall be in full compliance with all federal, state, and local laws, ordinances, rules and regulations.
Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and the standard of care employed by prudent mortgage servicers that service mortgage loans of the same type as the Mortgage Loans in the jurisdictions in which the related Mortgaged Properties are located. Such standard of care shall not be lower than that the Servicer customarily employs and exercises in servicing and administering similar mortgage loans for its own account and shall be in full compliance with all federal, state and local laws, ordinances, rules and regulations. Agreement: This Servicing Agreement, including all exhibits and schedules hereto, and all amendments hereof and supplements hereto.
Acceptable Servicing Procedures. The procedures, including prudent collection and loan administration procedures, and the standard of care employed by prudent mortgage servicers that service mortgage loans of the same type as the Mortgage Loans in the jurisdictions in which the related Mortgaged Properties are located. Such standard of care shall not be lower than that the Seller customarily employs and exercises in servicing and administering similar mortgage loans for its own account and shall be in compliance with all applicable federal, state and local laws, ordinances, rules and regulations. Adjustable Rate Mortgage Loan A Mortgage Loan which provides for the adjustment of the Mortgage Interest Rate payable in respect thereto. Agreement: This Master Mortgage Loan Purchase and Servicing Agreement and all amendments hereof and supplements hereto.
Acceptable Servicing Procedures. THE PROCEDURES, INCLUDING PRUDENT COLLECTION AND LOAN ADMINISTRATION PROCEDURES, AND THE STANDARD OF CARE (I) EMPLOYED BY PRUDENT MORTGAGE SERVICERS WHICH SERVICE MORTGAGE LOANS OF THE SAME TYPE AS THE MORTGAGE LOANS IN HE JURISDICTIONS IN WHICH THE RELATED MORTGAGE PROPERTIES ARE LOCATED AND (II) IN ACCORDANCE WITH FNMA GUIDE, SUBJECT TO ANY VARIANCES NEGOTIATED WITH FNMA AND SUBJECT TO THE EXPRESS PROVISIONS OF THIS AGREEMENT. SUCH STANDARD OF CARE SHALL NOT BE LOWER THAN THAT THE SERVICER CUSTOMARILY EMPLOYS AND EXERCISES IN SERVICING AND ADMINISTERING SIMILAR MORTGAGE LOANS FOR ITS OWN ACCOUNT AND SHALL BE IN FULL COMPLIANCE WITH ALL FEDERAL, STATE, AND LOCAL LAWS, ORDINANCES, RULES AND REGULATIONS.