Loss Mitigation. With respect to any Loan, in accordance with the Accepted Servicing Practices, Servicer shall use commercially reasonable efforts to realize upon Loans in such a manner that reasonably attempts to maximize the receipt of principal and interest for Purchaser, including pursuing any Loan Modification pursuant to Section 3.1 or pursuing other loss mitigation or other default recovery actions consistent with the Accepted Servicing Practices.
Loss Mitigation. Within 90 days of bank closing, the Assuming Institution shall submit to the FDIC for approval a written loss mitigation plan. The loss mitigation plan shall be updated annually and submitted to FDIC. On a quarterly basis the Assuming Institution shall deliver to the FDIC the internal management reports utilized to monitor the status of loan restructurings in process for assets on Schedule 4.15B as well as assets that have successfully undergone documented loan restructurings.
Loss Mitigation. You must take all reasonable steps to avoid or reduce any loss or occurrence of any circumstance which may lead to a claim under this Policy.
Loss Mitigation. These requirements are intended to apply to both government-sponsored and proprietary loss mitigation programs and shall apply to subservicers performing loss mitigation services on Servicer’s behalf. Loss mitigation application means an oral or written request for a loss mitigation option that is accompanied by any information required by the Servicer for evaluation for a loss mitigation option. Loss mitigation option means an alternative to foreclosure offered by the owner or assignee of a mortgage loan that is made available through the Servicer to the borrower.
A. Loan Modification Requirements.
1. Servicer shall offer and facilitate loan modifications for borrowers rather than initiate foreclosure when such loan modifications for which they are eligible meet investor, guarantor, insurer, and program requirements.
2. Servicer shall, after receiving the final trial period payment, promptly send by written means a final modification agreement to borrowers who have enrolled in a trial period plan and who have made the required number of timely trial period payments, where the modification is underwritten prior to the trial period and has received any necessary investor, guarantor, or insurer approvals. The borrower shall then be converted by Servicer to a permanent modification upon execution of the final modification documents, consistent with applicable program guidelines, absent evidence of fraud.
3. Servicer shall ensure that a borrower’s permanent modification principal and interest payment is substantially the same as the borrower’s trial period principal and interest payment, except in limited instances in which the payment change is reasonable and warranted to permit the permanent modification to proceed.
Loss Mitigation. A. Short Sale
1. Recent Property Valuation
2. Sales Contract
3. HUD-1 Settlement Statement, estimated
4. Realtor/Broker contact information
5. Borrower financials
6. Borrower hardship letter
7. Approval letter (if approved and not closed prior to servicing transfer)
B. Modification: A report should be provided within 3 Business Days of the related Servicing Transfer Date.
1. Recent Property Valuation
2. Title Search
3. Modification Agreement or terms of Modification
4. Document/Title co. contact information
5. Borrower financials
6. Borrower hardship letter
7. Identification of any funds collected that remain unapplied or in suspense in conjunction with modification.
C. Deed-in-Lieu of Foreclosure
1. Recent Property Valuation
2. Title Search
3. D-I-L Agreement 4. Document/Title co. contact information
Loss Mitigation. As a material provision of this Agreement, the parties hereto agree to act in a manner that will serve to mitigate any and all losses that may be incurred by the other party through the timely communication of any and all issues that may arise during the performance of services under this Agreement.
Loss Mitigation. (a) If the Named Insured reasonably determines during the Policy Period that urgent action is needed in order to avoid or minimise the risk of a Circumstance or Claim for which coverage under this Policy would apply, the Insured shall be entitled to retain a loss mitigation advisor to provide services in connection with avoiding or minimising such risk.
(b) The Underwriters shall pay the Insured for the reasonable fees, costs and expenses incurred by or on behalf of the Insured, with the Underwriters’ prior written consent (such consent not to be unreasonably withheld or delayed), for such loss mitigation services. This Automatic Extension shall not cover the Insured’s own time spent in mitigating any such risk.
(c) This coverage is subject to a Sublimit of Liability of $250,000 unless otherwise specified in Item 5 of the Schedule.
Loss Mitigation. SSS. Short Sale
1. Recent Property Valuation
2. Sales Contract
3. HUD-1 Settlement Statement, estimated
4. Realtor/Broker contact information
5. Borrower financials
6. Borrower hardship letter
7. Approval letter (if approved and not closed prior to servicing transfer) TTT. Modification: A report should be provided within 3 Business Days of the related Servicing Transfer Date.
1. Recent Property Valuation
2. Title Search
3. Modification Agreement or terms of Modification
4. Document/Title co. contact information
5. Borrower financials
6. Borrower hardship letter
7. Identification of any funds collected that remain unapplied or in suspense in conjunction with modification. UUU. Deed-in-Lieu of Foreclosure
1. Recent Property Valuation
2. Title Search
3. D-I-L Agreement
4. Document/Title co. contact information
5. Borrower financials
6. Borrower hardship letter
Loss Mitigation. The insurance granted by this section is extended to indemnify you against additional expenditure necessarily and reasonably incurred by you for the sole purpose of:
a) preventing or minimising impending damage that would result in the loss of functions normally carried out by or on the building services equipment and for which cover is provided under this clause;
b) recompiling or restoring data or software or replacing third party proprietary software in direct consequence of damage to the building services equipment, provided that:
i) the damage would be reasonably expected in the absence of such measures;
ii) we are satisfied that the damage has been avoided or reduced in consequence of the measures taken;
iii) this clause shall not be construed to cover any costs incurred for the regular, scheduled servicing or maintenance of the building services equipment; and
iv) our liability under this clause does not extend beyond three (3) months indemnity period and shall not exceed £5,000 any one occurrence.
Loss Mitigation. Within 90 days of bank closing, the Assuming Institution shall submit to the FDIC for approval a written loss mitigation plan. The loss mitigation plan Module 1 – Whole Bank w/ Optional Shared Loss Agreements Version 3.1.1 – COMMERCIAL SHARED-LOSS AGREEMENT April 27, 2011 C-1 Xxx Xxxxxxx Xxxx Xxxxxxx, Xxxxxxx xxall be updated annually and submitted to FDIC. On a quarterly basis the Assuming Institution shall deliver to the FDIC the internal management reports utilized to monitor the status of loan restructurings in process for assets on Schedule 4.15B as well as assets that have successfully undergone documented loan restructurings.
