Servicing Standards definition

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

Servicing Standards means the mortgage servicing standards contained in Exhibit A;

Servicing Standards means at any time the quality of the Servicer's performance with respect to (i) compliance with the terms of this Agreement and (ii) adequacy, measured in accordance with industry standards and current and historical standards of the Servicer, in respect of the servicing of all Contracts serviced by the Servicer, regardless of whether any such Contract is owned by the Servicer or otherwise.

Examples of Servicing Standards in a sentence

• The program is to ensure that the Mortgage Loans are originated and serviced in accordance with Accepted Servicing Standards and the Underwriting Guidelines; guard against dishonest, fraudulent, or negligent acts; and guard against errors and omissions by officers, employees, or other authorized persons.

• The Internal Review Group shall have personnel skilled at evaluating and validating processes, decisions, and documentation utilized through the implementation of the Servicing Standards.

• In formulating, implementing, and amending the Work Plan, Servicer and the Monitor may consider any relevant information relating to patterns in complaints by borrowers, issues or deficiencies reported to the Monitor with respect to the Servicing Standards, and the results of prior Compliance Reviews.

• Following implementation of the Work Plan, Servicer shall be required to compile each Metric beginning in the first full Quarter after the period for implementing the Servicing Standards associated with the Metric, or any extension approved by the Monitor in accordance with Section A, has run.

• In the event of a penalty based on a violation of a term of the Servicing Standards that is specifically related to conduct in bankruptcy, the penalty shall be allocated to the United States or as otherwise directed by the Director of the United States Trustee Program.

More Definitions of Servicing Standards

Servicing Standards. As defined in Section 10.2(k).

Servicing Standards at any given time means the relevant standards and practices set out in the then Servicing Guidelines and, to the extent that a servicing function is not covered by the Servicing Guidelines, the standards and practices of a prudent lender in the business of making retail home loans.

Servicing Standards means, at any time, the quality of the Servicer's performance with respect to (i) compliance with the terms of this Agreement and the Collection Policy and (ii) adequacy, measured in accordance with industry standards and current and historical standards of the Servicer, in respect of the servicing of all Contracts serviced by the Servicer, regardless of whether any such Contract is owned by the Servicer or otherwise.

Servicing Standards means the collection and servicing procedures the Servicer follows with respect to assets comparable to the Collateral Debt Obligations that it services for itself, its Affiliates or others, which shall be procedures that the Servicer reasonably believes to be consistent with the procedures used by institutional servicers of national standing of comparable assets.

Servicing Standards has the meaning stated in Section 7.1.

Servicing Standards. As defined in Section 8.1(a) hereof.

Servicing Standards. The standards set forth in Section 3.01.