Required Servicing Practices definition

Required Servicing Practices means, with respect to any Mortgage Loan, those mortgage servicing practices (i) provided for in the CMHC Guide and in the NHA and (ii) where not inconsistent with the CMHC Guide and the NHA, established in writing by the Company;
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Required Servicing Practices means: (i) the general servicing standards required by the GSEs regarding the servicing of GSE-owned mortgage Loans; and (ii) the special servicing requirements of delinquent mortgage Loans prescribed by the GSEs; and (iii) such servicing practices as required by Applicable Law; and (iv) any additional practices specified by the Company in its Delinquency and Claims Reference Manual. For the avoidance of doubt, for GSE Loans, GSE prescribed servicing practices shall prevail in the event of an
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Examples of Required Servicing Practices in a sentence

  • In servicing and administering the Mortgage Loans, the Servicer shall employ procedures (including collection procedures) consistent with the provisions of this Agreement, in compliance with Required Servicing Practices and exercise the same care that it customarily employs and exercises in servicing and administering mortgage and hypothecary loans for its own account, giving due consideration to Accepted Servicing Practices and the Company's reliance on the Servicer.

  • For so long as the Servicer is acting as servicer of any Mortgage Loan relating to any REO Property, the Servicer shall submit to the Company all reports with respect to such Mortgaged Property which it is obligated to submit to the CMHC pursuant to Required Servicing Practices.

  • Without limiting the generality of the foregoing, the Servicer shall, in accordance with Required Servicing Practices, execute and deliver all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Mortgage Loans and with respect to the Mortgaged Properties.

  • In the event that any payment due under any Mortgage Loan is not postponed pursuant to Section 2.1 and remains delinquent beyond the expiration of any grace or cure period (or such other period as is required by law in the jurisdiction where the related Mortgaged Property is located), the Servicer shall commence foreclosure proceedings as directed by the Company in accordance with Required Servicing Practices.

  • The Servicer shall cause to be maintained for each Mortgage Loan hazard insurance such that all buildings upon the Mortgaged Property are insured against loss by fire, hazards of extended coverage and such other hazards as are required to be insured pursuant to Required Servicing Practices.

  • In the event that any payment due under any Mortgage Loan and not postponed pursuant to Section 2.1 is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan File and such failure continues beyond any applicable grace period, the Servicer shall take such administrative action as is consistent with Required Servicing Practices.

  • From and after the date hereof, the Servicer, as provider of services, shall service and administer the Mortgage Loans in strict compliance with the servicing provisions of the CMHC Guide and the NHA and shall, subject to such serving provisions, do all things in connection with such servicing and administration which are consistent with the terms of this Agreement and Required Servicing Practices.

  • The Servicer shall be required, consistent with Required Servicing Practices, to enforce on behalf of the Company any "due-on-sale" provision contained in any Mortgage Loan File and to deny assumption by the person to whom the Mortgaged Property has been or is about to be sold whether by absolute conveyance or by contract of sale, whether or not the Mortgagor remains liable on the Mortgage Loan.

  • From and after the Closing Date, the Servicer, as provider of services, shall service and administer the Mortgage Loans in strict compliance with the servicing provisions of the CMHC Guide and the NHA and shall, subject to such serving provisions, do all things in connection with such servicing and administration which are consistent with the terms of this Agreement and Required Servicing Practices.

Related to Required Servicing Practices

  • Customary Servicing Practices means the customary servicing practices of the Servicer or any Sub-Servicer with respect to all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself and others, as such customary servicing practices may be changed from time to time, it being understood that the Servicer and the Sub-Servicers may not have the same “Customary Servicing Practices.”

  • Accepted Servicing Practices With respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

  • Accepted Master Servicing Practices With respect to any Mortgage Loan, those mortgage master servicing practices of prudent mortgage master servicing institutions which master service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

  • Servicer Policies and Practices means, with respect to the Servicer’s duties under Exhibit A to the Servicing Agreement, the policies and practices of the Servicer applicable to such duties that the Servicer follows with respect to comparable assets that it services for itself and, if applicable, others.

  • Servicing Procedures means the servicing procedures of Ford Credit relating to retail installment sale contracts originated or purchased by Ford Credit as the procedures may change.

  • Customary Servicing Procedures means procedures (including collection procedures) that the Assuming Institution (or, to the extent a Third Party Servicer is engaged, the Third Party Servicer) customarily employs and exercises in servicing and administering mortgage loans for its own accounts and the servicing procedures established by FNMA or FHLMC (as in effect from time to time), which are in accordance with accepted mortgage servicing practices of prudent lending institutions.

  • Servicing Standard shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement. The Servicing Standard in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage Loan, must take into account the interests of each Note Holder.

  • Servicing Standards As defined in Section 3.01(a).

  • Servicing In accordance with Regulation AB, the act of servicing, managing or administering the Mortgage Loans or any other assets of the Trust by an entity (other than the Certificate Administrator and the Trustee) that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

  • Interim Servicing Period The period from the Closing Date to the related Servicing Transfer Date.

  • Approved Servicer shall have the meaning assigned to such term in the definition of “Qualified Institutional Lender.”

  • Interim Servicer The servicer under the Interim Servicing Agreement, or its successor in interest, or any successor to the Interim Servicer under the Interim Servicing Agreement, as therein provided.

  • Servicing Contract means, with respect to any Person, the arrangement, whether or not in writing, under which that Person has the right to service Mortgage Loans.

  • Subservicer means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB.

  • Special Servicer means the special servicer appointed to act in such capacity with respect to the Mortgage Loan as provided in the Lead Securitization Servicing Agreement.

  • Interim Servicing Agreement The agreement to be entered into by the Purchaser and the Interim Servicer, providing for the Interim Servicer to service the Mortgage Loans as specified by the Interim Servicing Agreement.

  • Servicing Arrangement is defined in Section 11.06(b).

  • Servicing Portfolio means, as to any Person, the unpaid principal balance of Mortgage Loans serviced by that Person under Servicing Contracts, minus the principal balance of all Mortgage Loans that are serviced by that Person for others under subservicing arrangements.

  • Servicers Wells Fargo Bank, as a Servicer under the related Servicing Agreement. Xxxtially the servicing functions performed by Wells Fargo Bank shall be performed by the Wells Fargo Home Mortgage xxxxxion of Wells Fargo Bank.

  • Servicer means the Master Servicer or the Special Servicer, as the context may require.