Acceptable Servicing Practices definition

Acceptable Servicing Practices. With respect to any Mortgage Loan or REO Property, those servicing, collection, resolution or disposition practices in accordance with Applicable Regulations and terms of the Mortgage and Mortgage Note that are undertaken to maximize the net present value to the Owner of the Owner’s investment in any Mortgage Loan or REO Property by prudent mortgage lending institutions which service mortgage loans, defaulted mortgage loans and REO properties of the same type as such Mortgage Loan or REO Property in the jurisdiction where the related Mortgaged Property or REO Property is located, and in all cases without regard to:
View Source
Acceptable Servicing Practices. With respect to any Mortgage Loan or REO Property, those servicing, collection, resolution or disposition practices that are undertaken to maximize the net present value to the Owner of the Owner’s investment in any Mortgage Loan or REO Property by prudent mortgage lending institutions which service mortgage loans, defaulted mortgage loans and REO properties of the same type as such Mortgage Loan or REO Property in the jurisdiction where the related Mortgaged Property or REO Property is located, and in all cases without regard to:
View Source
Acceptable Servicing Practices. With respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions servicing similar mortgage loans in the jurisdiction where the related Mortgaged Properties are located and that are (i) in compliance with applicable federal, state and local laws, rules and regulations, and (ii) in compliance with the terms of the related Mortgage Loan Documents.
View Source

Examples of Acceptable Servicing Practices in a sentence

  • Thereafter, the Master Servicer may amend the Servicer's Guide from time to time to: (i) correct ambiguous or erroneous provisions; (ii) make changes necessary or helpful to maintain compliance with Acceptable Servicing Practices; or (iii) make such other modifications that the Master Servicer deems advisable that do not materially and adversely increase the obligations of, or decrease the benefits to, the Servicer.

  • The origination and collection practices used with respect to the Mortgage Loan have been in accordance with Acceptable Servicing Practices, and have been in all material respects legal and proper, and in accordance with the terms of the Mortgage Note and Mortgage.

  • The Servicer need not obtain the approval of the Owner prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Acceptable Servicing Practices.

  • The Servicer, as independent contract servicer, shall service and administer the Mortgage Loans on an actual/actual basis in accordance with this Agreement, the terms of the applicable Mortgage Loan Documents and Acceptable Servicing Practices, and shall have full power and authority, acting alone, to do or cause to be done any and all things in connection with such servicing and administration which the Servicer may deem necessary or desirable and consistent with the terms of this Agreement.

  • In servicing and administering the Mortgage Loans, the Servicer shall employ collection procedures consistent with Acceptable Servicing Practices and Applicable Regulations.

  • In the event that any payment due under any Mortgage Loan 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 and such failure continues beyond any applicable grace period, the Servicer shall take such action as is consistent with Acceptable Servicing Practices.

  • In connection with a foreclosure or other conversion, the Servicer shall exercise such rights and powers vested in it hereunder and use the same degree of care and skill in its exercise as prudent mortgage servicers would exercise or use under the circumstances in the conduct of their own affairs and consistent with Applicable Regulations and the Acceptable Servicing Practices with respect to mortgage loans in foreclosure or similar proceedings.

  • The Servicer shall make all required Servicing Advances and shall service and administer the Mortgage Loans in accordance with Acceptable Servicing Practices, Applicable Regulations, the terms of this Agreement and the terms of the Mortgage Loan Documents and shall provide to the Mortgagor any reports required to be provided to it thereby.

  • The Servicer need not obtain the approval of the Owner prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property or REO Property if such release is in accordance with Acceptable Servicing Practices and the terms of this Agreement.

  • Upon the effectiveness of any such termination of the Seller’s servicing obligations with respect to any such REO Property or Loan, the Seller shall deliver all agreements, documents, and instruments related thereto to the Purchaser, in accordance with Accepted Servicing Practices and applicable law and shall transfer servicing to the Purchaser’s designee in accordance with Acceptable Servicing Practices.


More Definitions of Acceptable Servicing Practices

Acceptable Servicing Practices. With respect to any Mortgage Loan or REO Property, those servicing, collection, resolution or disposition practices that are in all respects legal, proper and customary in the mortgage servicing industry in accordance with (a) Applicable Regulations, (b) the terms of the related Mortgage and Mortgage Note, (c) the accepted servicing practices of prudent mortgage lending institutions which service mortgage loans, defaulted mortgage loans and REO properties of the same type as such Mortgage Loan or REO Property in the jurisdiction where the related Mortgaged Property or REO Property is located, (d) any applicable forbearance plan or bankruptcy plan, and (e) the requirements of any applicable insurance policies or insurers, and in all cases without regard to:
View Source

Related to Acceptable 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, as applicable, either (x) those customary mortgage master servicing practices of prudent mortgage servicing institutions that master service mortgage loans of the same type and quality as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located, to the extent applicable to the Trustee or the Master Servicer (except in its capacity as successor to a Servicer), or (y) as provided in the applicable Servicing Agreement, to the extent applicable to any Servicer, but in no event below the standard set forth in clause (x).

  • 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.”

  • Prudent Servicing Practices The standard of care set forth in each Servicing Agreement.

  • 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.