Common use of Collection of Certain Mortgage Loan Payments; Collection Account and Certificate Account Clause in Contracts

Collection of Certain Mortgage Loan Payments; Collection Account and Certificate Account. (a) The Servicer shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows from time to time with respect to home equity mortgage loans in its servicing portfolio that are comparable to the Mortgage Loans; provided that the Servicer shall always at least follow collection procedures that are consistent with or better than standard industry practices. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fees, late payment charges, charges for checks returned for insufficient funds, prepayment fees, if any, or other fees that may be collected in the ordinary course of servicing the Mortgage Loans, (ii) if a Mortgagor is in default or about to be in default because of a Mortgagor's financial condition, arrange with the Mortgagor a schedule for the payment of delinquent payments due on the related Mortgage Loan, or (iii) modify payments of monthly principal and interest on any Mortgage Loan becoming subject to the terms of the Relief Act in accordance with the Servicer's general policies for comparable home equity mortgage loans subject to such Act; provided, however, that with respect to any arrangement referred to in clause (ii) above, the Servicer shall not agree to any extension or modification of the related Mortgage Note unless the Servicer shall have first given the Certificate Insurer telephonic and telecopied notice of its intention to make such extension or modification and the Certificate Insurer, within two Business Days after such notice is given, has not given telephonic and telecopied notice to the Servicer that it does not approve of such extension or modification.

Collection of Certain Mortgage Loan Payments; Collection Account and Certificate Account. (a) The Servicer shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows from time to time with respect to home equity mortgage loans in its servicing portfolio that are comparable to the Mortgage Loans; provided that the Servicer shall always at least follow collection procedures that are consistent with or better than standard industry practices. Consistent with the foregoing, the Servicer may in its discretion (i) waive any assumption fees, late payment charges, charges for checks returned for insufficient funds, prepayment fees, if any, excluding Prepayment Charges, or other fees that may be collected in the ordinary course of servicing the Mortgage Loans, (ii) if a Mortgagor is in default or about to be in default because of a Mortgagor's financial condition, arrange with the Mortgagor a schedule for the payment of delinquent payments due on the related Mortgage Loan, or (iii) modify payments of monthly principal and interest on any Mortgage Loan becoming subject to the terms of the Relief Act in accordance with the Servicer's general policies for comparable home equity mortgage loans subject to such Act; provided, howeverprovided further, that with respect to any arrangement referred to in clause (ii) above, the Servicer shall not agree to any extension or modification of the related Mortgage Note unless the Servicer shall have first given the Certificate Insurer telephonic and telecopied notice of its intention to make such extension or modification and the Certificate Insurer, within two Business Days after such notice is given, has not given telephonic and telecopied notice to the Servicer that it does not approve of such extension or modification.

Collection of Certain Mortgage Loan Payments; Collection Account and Certificate Account. (a) The Servicer shall, to the extent such procedures shall be consistent with this Agreement, follow such collection procedures as it follows from time to time with respect to home equity mortgage loans in its servicing portfolio that are comparable to the Mortgage Loans; provided PROVIDED that the Servicer shall always at least follow collection procedures that are consistent with or better than standard industry practices. Consistent with the foregoing, and subject to the limitations in Section 3.05, the Servicer may in its discretion (i) waive any assumption fees, late payment charges, charges for checks returned for insufficient funds, prepayment fees, if any, excluding Prepayment Charges, or other fees that may be collected in the ordinary course of servicing the Mortgage Loans, (ii) if a Mortgagor is in default or about to be in default because of a Mortgagor's financial condition, arrange with the Mortgagor a schedule for the payment of delinquent payments due on the related Mortgage Loan, or (iii) modify payments of monthly principal and interest on any Mortgage Loan becoming subject to the terms of the Relief Act in accordance with the Servicer's general policies for comparable home equity mortgage loans subject to such Act; providedprovided , however, that with respect to any arrangement referred to in clause (ii) above, the Servicer shall not agree to any extension or modification of the related Mortgage Note unless the Servicer shall have first given give the Certificate Insurer telephonic and telecopied prompt written notice of its intention to make any such extension or modification and the Certificate Insurer, within two Business Days after such notice is given, has not given telephonic and telecopied notice to the Servicer that it does not approve of such extension or modificationaction.