Common use of Collection of Certain Home Equity Loan Payments Clause in Contracts

Collection of Certain Home Equity Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow collection procedures for all Home Equity Loans at least as rigorous as those described in the FNMA Guide. Consistent with the foregoing, the Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation. In the event the Servicer shall consent to the deferment of the due dates for payments due on a Note, the Servicer shall (i) notify the Certificate Insurer on a monthly basis of all Home Equity Loans for which any deferment has been granted and the terms of such deferment and (ii) nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 8.09(a) hereof. The Servicer shall not consent to any such deferment with respect to the same Note more than once in any 12 month period or more than 3 times during the life of the Home Equity Loan unless the Certificate Insurer has been given written notice of such proposed action and its consent has been obtained or it has failed to object within ten days of receipt.

Collection of Certain Home Equity Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policy, follow collection procedures for all Home Equity Loans at least as rigorous as those described in the FNMA Guide. Consistent with the foregoing, the Servicer may in its discretion waive or permit to be waived any late payment charge, prepayment charge, assumption fee or any penalty interest in connection with the prepayment of a Home Equity Loan or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation. In the event the Servicer shall consent to the deferment of the due dates for payments due on a Note, the Servicer shall (i) notify the Certificate Insurer on a monthly basis of all Home Equity Loans for which any deferment has been granted and the terms of such deferment action in writing promptly therefore and (ii) nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 8.09(a) hereof. The Servicer shall not consent to any such deferment with respect to the same Note more than once in any 12 12-month period or more than 3 times during the life of the Home Equity Loan unless the Certificate Insurer has been given written notice of such proposed action and its consent has been obtained or it has failed to object has occurred within ten days of receipt.

Collection of Certain Home Equity Loan Payments. The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policyinsurance policies, follow such collection procedures for all as it would follow with respect to home equity loans comparable to the Home Equity Loans at least as rigorous as those described in the FNMA Guideand held for its own account. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive or permit to be waived any late payment chargecharge or, prepayment chargeif applicable, assumption fee or any penalty interest in connection with interest, or (ii) extend the prepayment due dates for the Monthly Payments due on a Mortgage Note for a period of a not greater than 180 days; provided that any extension pursuant to clause (ii) above shall not affect the amortization schedule of any Home Equity Loan for purposes of any computation hereunder, except as provided below; provided further that the NIMs Insurer's prior written consent shall be required for any modification, waiver or any other fee amendment if the aggregate number of outstanding Home Equity Loans which have been modified, waived or charge which amended exceeds 5% of the Servicer would be entitled to retain hereunder number of Home Equity Loans as servicing compensationof the Cut-Off Date. In the event of any such arrangement pursuant to clause (ii) above, the Master Servicer shall make timely advances on such Home Equity Loan during such extension pursuant to Section 4.03 and in accordance with the amortization schedule of such Home Equity Loan without modification thereof by reason of such arrangements, subject to Section 4.03(d) pursuant to which the Master Servicer shall not be required to make any such advances that are Nonrecoverable P&I Advances. Notwithstanding the foregoing, in the event that any Home Equity Loan is in default or, in the judgment of the Master Servicer, such default is reasonably foreseeable, the Master Servicer, consistent with the standards set forth in Section 3.01, may also waive, modify or vary any term of such Home Equity Loan (including modifications that would change the Mortgage Rate, forgive the payment of principal or interest or extend the final maturity date of such Home Equity Loan), accept payment from the related Mortgagor of an amount less than the Stated Principal Balance in final satisfaction of such Home Equity Loan (such payment, a "Short Pay-off") or consent to the deferment postponement of the due dates for payments due on a Note, the Servicer shall (i) notify the Certificate Insurer on a monthly basis of all Home Equity Loans for which strict compliance with any deferment has been granted and the terms of such deferment and (ii) nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 8.09(a) hereof. The Servicer shall not consent term or otherwise grant indulgence to any such deferment with respect to the same Note more than once in any 12 month period or more than 3 times during the life of the Home Equity Loan unless the Certificate Insurer has been given written notice of such proposed action and its consent has been obtained or it has failed to object within ten days of receiptMortgagor.

Collection of Certain Home Equity Loan Payments. The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Home Equity Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable Insurance Policyinsurance policies, follow such collection procedures for all as it would follow with respect to home equity loans comparable to the Home Equity Loans at least as rigorous as those described in the FNMA Guideand held for its own account. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive or permit to be waived any late payment chargecharge or, prepayment chargeif applicable, assumption fee or any penalty interest in connection with interest, or (ii) extend the prepayment due dates for the Monthly Payments due on a Mortgage Note for a period of a not greater than 180 days; provided that any extension pursuant to clause (ii) above shall not affect the amortization schedule of any Home Equity Loan for purposes of any computation hereunder, except as provided below; provided further that the NIMs Insurer's prior written consent shall be required for any modification, waiver or any other fee amendment if the aggregate number of outstanding Home Equity Loans which have been modified, waived or charge which amended exceeds 5% of the Servicer would be entitled to retain hereunder number of Home Equity Loans as servicing compensationof the Cut-Off Date. In the event of any such arrangement pursuant to clause (ii) above, the Master Servicer shall make timely P&I Advances on such Home Equity Loan during such extension pursuant to Section 4.03 and in accordance with the amortization schedule of such Home Equity Loan without modification thereof by reason of such arrangements, subject to Section 4.03(d) pursuant to which the Master Servicer shall not be required to make any such P&I Advances that are Nonrecoverable P&I Advances. Notwithstanding the foregoing, in the event that any Home Equity Loan is in default or, in the judgment of the Master Servicer, such default is reasonably foreseeable, the Master Servicer, consistent with the standards set forth in Section 3.01, may also waive, modify or vary any term of such Home Equity Loan (including modifications that would change the Mortgage Rate, forgive the payment of principal or interest or extend the final maturity date of such Home Equity Loan), accept payment from the related Mortgagor of an amount less than the Stated Principal Balance in final satisfaction of such Home Equity Loan (such payment, a "Short Pay-off") or consent to the deferment postponement of the due dates for payments due on a Note, the Servicer shall (i) notify the Certificate Insurer on a monthly basis of all Home Equity Loans for which strict compliance with any deferment has been granted and the terms of such deferment and (ii) nonetheless make payment of any required Delinquency Advance with respect to the payments so extended to the same extent as if such installment were due, owing and Delinquent and had not been deferred, and shall be entitled to reimbursement therefor in accordance with Section 8.09(a) hereof. The Servicer shall not consent term or otherwise grant indulgence to any such deferment with respect to the same Note more than once in any 12 month period or more than 3 times during the life of the Home Equity Loan unless the Certificate Insurer has been given written notice of such proposed action and its consent has been obtained or it has failed to object within ten days of receiptMortgagor.