Loan Modification definition

Loan Modification means, for compensation or

Loan Modification shall have the meaning specified in Section 10.02(b).

Loan Modification means, for compensation or gain, either directly or indirectly offering or negotiating on behalf of a borrower or homeowner to adjust the terms of a residential mortgage loan in a manner not provided for in the original or previously modified mortgage loan.

Examples of Loan Modification in a sentence

• The Company represents that the following facts are accurate to the best of its knowledge and belief: With respect to Bankruptcy Cases filed before January 1, 2015, the Company historically did not always run annual escrow analyses for certain Mortgage Loan accounts for Borrowers in 2 Requirements regarding the approval of the Loan Modification may differ based on jurisdictional practice or rules.

• Historically, the Company or a prior servicer did not consistently seek approval and provide notice to bankruptcy courts through either a Motion for Approval, APOC, and/or PCN when a Borrower in an active Bankruptcy Case entered into a Loan Modification.

• For example, some jurisdictions may require the Borrower to file a Motion to Approve the Loan Modification.

• These issues were complicated by the nature of Streamlined Loan Modifications, where the review of the account for bankruptcy status was not typically conducted prior to Loan Modification solicitation.

• If the Company (a) received any arrearage payments greater than the amount properly noticed or (b) capitalized arrearage amounts into the Loan Modification, and then applied the overpayment to the account after the implementation of the Loan Modification on the system of record (and such payments were not previously refunded), the Company refunded the arrearage payments applied to the account after the implementation of the Loan Modification to the Chapter 13 Trustee.

More Definitions of Loan Modification

Loan Modification means, with respect to a Mortgage Loan, a change in the terms of such Mortgage Loan or the valuation of the property covered by the relevant Mortgage ordered by a bankruptcy court in a case filed under Chapter 7, 11 or 13 of the federal Bankruptcy Code.

Loan Modification means, with respect to any Loan, any waiver, modification or variance of any term or any consent to the postponement of strict compliance with any term or any other grant of an indulgence or forbearance to the related Borrower in accordance with the Accepted Servicing Practices pursuant to Section 3.1.

Loan Modification has the meaning set forth in Section 5.1.9.

Loan Modification means a temporary or permanent change to the terms of a borrower's existing mortgage loan agreement, mutually agreed to between a borrower and a lender.

Loan Modification shall have the meaning assigned to it in Section 12.2(a).

Loan Modification means a permanent change in one or more of the terms of an existing mortgage, deed of trust, or equivalent security instrument while the existing promissory note and the mortgage or deed of trust will remain intact.

Loan Modification means a change in one or more res- idential mortgage loan terms or conditions and includes for- bearances, repayment plans, a change in interest rates, loan term (length), loan type (fixed or adjustable), the capitaliza- tion of arrearages, and principal reductions. "Loan modifica- tion" does not include services that result in refinancing a res- idential mortgage loan.