DEFICIENCY COLLECTIONS. (a) Establish the exact amount of the deficiency, using the repossession worksheet. This includes all fees and per diem interest.
(b) Attempt verbal and/or written negotiations with the debtor to settle the deficiency.
(c) Send a certified letter to the debtor and cosigner(s) stating that we need $X by ___________, 19__ (7-10 days), or we will begin legal action. If no reasonable response is received move to (d).
(d) Complete a General Claim Form. Send the form to [applicable local court].
(e) We should receive notification of the court's decision within one week. If we receive notice of judgment, it is possible that the debtor will pay the court and the court will then pay the Servicer. As this usually does not happen, proceed to exercise on the judgment as follows:
(1) File both the Transcript of Judgment and the Affidavit of Identification of Judgment Debtor with [appropriate office].
(2) Order a Writ of Execution from [appropriate office].
DEFICIENCY COLLECTIONS. Under separate agreement, SST may provide deficiency collections services on a contingency fee basis.
DEFICIENCY COLLECTIONS. Under separate agreement, SST may provide deficiency collections services on a contingency fee basis.
(1) These items shall only apply to SST's performance of successor servicing duties and constitute the fees and reimbursable expenses due SST as successor servicer as described in the definition of Servicing Fee as modified by Schedule III, item 1 to the Backup Servicing Agreement.
DEFICIENCY COLLECTIONS. Under separate agreement, the Backup Servicer may provide deficiency balance collections services on a contingency fee basis. EXHIBIT H-1 XXXXX FARGO BANK, N.A. SCHEDULE OF FEES CPS AUTO RECEIVABLES TRUST 2007-A
I. ACCOUNT ACCEPTANCE FEE: $5,000 This fee covers all initial services including the examination of the governing documents, acceptance of the transaction and establishment of the necessary records and accounts. Fee payable at closing.
DEFICIENCY COLLECTIONS. Under separate agreement, the Backup Servicer may provide deficiency balance collections services on a contingency fee basis. WXXXX FARGO BANK, N.A.
I. Account Acceptance Fee: $6,000
II. Monthly Trustee Fee: $1,000
III. Monthly Backup Servicing Fee: $4,000
IV. Collateral Custody Fees: Deposit and Certification of Loan Files: $2.50 Annual Safekeeping Fee: $2.40 Final/Trailing Documents $1.25
DEFICIENCY COLLECTIONS. Under separate agreement, SST may provide deficiency balance collections services on a contingency fee basis. _________________________________________
(1) Basis points are annualized (i.e., applicable basis points/12), and shall be based on the beginning of month principal balance for each individual Active Receivable serviced by SST.
(2) SST shall receive this fee on a pro-rata basis as of the date of boarding for all Active Receivables for any month where it functions as the Sub-Servicer, provided, however, that accounts with a deferred first payment shall not be subject to this fee until the month before the month in which the first payment is due. The Servicing Fee is based on certain assumptions concerning the type and anticipated credit quality of the Receivables assigned to SST for servicing.
(3) This fee is based on an initial volume of approximately 85,000 Receivables to be forwarded to Sub-Servicer by Company, consisting of accounts currently in Company's portfolio having a FICO score less than 620. Company and Sub-Servicer contemplate that Company may begin sending newly purchased Receivables having a FICO less than 620. Any such new Receivables shall have a remaining life of not less than 24 months. In the event Company commits to a minimum one year flow of at least 1,500 Receivables per month, the Monthly Fee shall be reduced to $13.00. In the event SST is no longer willing or able to perform servicing duties for new Receivables delivered by Company, then SST shall provide Company with 90 days prior written notice of that fact. Upon expiration of the 90 day period following delivery of the said written notice from SST to Company, SST shall have no obligation to receive or board additional Receivables from Company. Absent such notice, Company may rely on SST to perform servicing duties in deciding to deliver new Receivables to SST.
(4) In the event SST commits a Performing Loan Trigger Event (see Exhibit D), SST shall reduce its base Monthly Fee by 10% until such time as the Performing Loan Trigger Event is cured. Conversely, if SST exceeds the performance standards (as set forth in Exhibit D) by a factor in excess of 15%, SST shall receive a 10% increase in the base Monthly Fee until such time as SST's performance fails to exceed 15% of the applicable performance standards.
DEFICIENCY COLLECTIONS. Under separate agreement, the Substitute Servicer may provide deficiency balance collections services on a contingency fee basis. SUPPLEMENTARY SERVICING AGREEMENT This Supplementary Servicing Agreement (this "Agreement"), dated as of April 1, 1999, by and among MF Receivables Corp. IV, a Delaware corporation (the "Borrower"), Systems & Services Technologies, Inc., a Delaware corporation, as Substitute Servicer (the "Substitute Servicer"), and The Chase Manhattan Bank, in its capacity as verification agent (the "Verification Agent") and as collateral agent (the "Collateral Agent").
DEFICIENCY COLLECTIONS. Under separate agreement, the Substitute Servicer may provide deficiency balance collections services on a contingency fee basis.
DEFICIENCY COLLECTIONS. Under separate agreement, SST may provide deficiency collections services on a contingency fee basis.
(1) Standby services limited to: (i) receipt of an electronic end of month loan data transmission, including all relevant obligor contact information including address and phone numbers, loan balance, payment information, and comment histories; (ii) receipt of monthly servicer statements/reports; and (iii) opening the monthly loan data transmissions to ensure the same are readable. SST shall use its best efforts to identify any discrepancies or confirm the calculations based solely on the information provided on said statements/reports.
(2) Basis points are annualized (i.e., applicable basis points/12), and shall be based on the beginning of month aggregate principal balance of each individual Active Contract (as defined below).
(3) SST shall receive this fee for all Active Contracts for any full or partial month where it functions as the servicer. Active Contract is defined as any contract other than: (i) prepaid, fully satisfied contracts; (ii) contracts in which the asset has been liquidated and SST has posted the liquidation proceeds or any other anticipated proceeds (e.g., credit enhancement insurance); or (iii) contracts in which SST has completed all work in connection with processing and receiving insurance payoffs. There shall be a $0.50 monthly servicing fee for each contract that is not an Active Contract until such time as SST is duly instructed to write the obligor's balance down to $0.00.
(4) These items shall only apply to SST's performance of successor servicing duties.
DEFICIENCY COLLECTIONS. SST may provide deficiency collections services on a contingency fee basis pursuant to a separate agreement. Schedule C Page 5 ANNEX B TO SCHEDULE C SST SUMMARY OF SERVICES The following outlines the services to be provided by SST. The procedures identified herein are to be implemented at the discretion of SST depending on the needs and circumstances of the individual account.
A. MAIL CENTER o Maintain integrity of all deliveries and provide audit trail. o Maintain security of payment instrument, including cash. o Subject to dual-control cash management (Mail Center and Payment Processing Department). o Process recorded by security camera. o Incoming mail other than cash or checks forwarded to appropriate department.
B. BOARDING & FILING o Loan data boarded electronically by Data Processing Department. o Loan package receipted and checked for payment instrument which is returned to Mail Center. o Documents sorted into proper order as defined by "Boarding Check List." o Perfection of Interest ("POI") documents verified for completeness. o Loan package referenced against client check list. o Originator defined "Critical Errors" returned to Company for resolution.
