Quality Control and Loss Mitigation Clause Samples
The Quality Control and Loss Mitigation clause establishes standards and procedures to ensure that products or services meet specified quality requirements and to minimize potential losses. In practice, this clause may require regular inspections, testing, or audits, and could obligate the responsible party to take corrective actions if deficiencies are found. Its core function is to proactively manage risks related to quality failures, thereby protecting both parties from financial or reputational harm resulting from substandard performance.
Quality Control and Loss Mitigation. The MPF Provider will perform the same level of quality control review and loss mitigation oversight for the Boston Bank’s Program Loans as it performs for its own Loans and will communicate the results of its quality control activities and loss mitigation oversight promptly to the persons designated by the Boston Bank to receive such reports. Consistent with applicable law and regulation, the Boston Bank agrees to provide information to the MPF Provider for monitoring the PFIs’ origination and servicing activities. The Boston Bank agrees to administer its PFI Agreements in accordance with their terms, including the Guides and all incorporated documents. The Boston Bank hereby acknowledges that the MPF Provider, as the drafter of the MPF Program documents, can provide a definitive interpretation of such documents in the event of conflict with a PFI over their meaning. The obligation of the Boston Bank to manage the PFIs’ origination and servicing activities with respect to Program Loans shall survive termination of this Agreement.
Quality Control and Loss Mitigation. The MPF Provider will perform, or cause to be performed, the same level of quality control review for the Pittsburgh Bank’s Mortgage Loans as it performs, or has performed, for its own Mortgage Loans and will communicate the results of its quality control activities promptly to the persons designated by the Pittsburgh Bank to receive such reports. The MPF Provider will review the servicing and loss mitigation oversight of the Pittsburgh Bank’s Mortgage Loans in the same manner as it reviews the servicing and loss mitigation oversight of its own Mortgage Loans and will provide the Pittsburgh Bank with prompt reports of its reviews. The Pittsburgh Bank will be responsible for managing the performance of its PFIs to assure a commercially reasonable standard of performance in the origination and servicing of Mortgage Loans under the MPF Program, including the performance of loss mitigation oversight. Neither the MPF Provider nor any of its shareholders, directors, officers, employees or agents shall be liable to the Pittsburgh Bank for any obligation, undertaking, act or judgment of any PFI. The obligation of the Pittsburgh Bank to manage its PFIs’ performance of these activities with respect to Mortgage Loans in the MPF Program shall survive termination of this Agreement.
Quality Control and Loss Mitigation. The MPF Provider will perform the same level of quality control review and loss mitigation oversight for the Program Loans acquired from the MPF Bank’s PFIs as the MPF Provider would perform if they were its own Program Loans as provided in the FHLB Guide. The Parties agree that quality control reviews for Program Loans shall be in accordance with the FHLB Guide.
Quality Control and Loss Mitigation. The MPF Provider will perform the same level of quality control review and loss mitigation oversight for the Pittsburgh Bank’s Program Loans as it performs for its own Loans and will communicate the results of its quality control activities and loss mitigation oversight promptly to the persons designated by the Pittsburgh Bank to receive such reports. The MPF Provider will use its best efforts to provide additional quality control reviews if requested and paid for by the Pittsburgh Bank. MPF Provider agrees to re-evaluate its Quality Control practices, including sampling adequacy, when business conditions warrant such re-evaluation, to ensure that MPF practices comply with industry and regulatory standards. Consistent with applicable law and regulation, the Pittsburgh Bank agrees to provide information to the MPF Provider for monitoring the PFIs’ origination and servicing activities. The Pittsburgh Bank agrees to administer its PFI Agreements in accordance with their terms, including the Guides and all incorporated documents. The Pittsburgh Bank hereby acknowledges that the MPF Provider, as the drafter of the MPF Program documents, can provide a definitive interpretation of such documents in the event of conflict with a PFI over their meaning. The obligation of the Pittsburgh Bank to manage the PFIs’ origination and servicing activities with respect to Program Loans shall survive termination of this Agreement.
Quality Control and Loss Mitigation. The MPF Provider will perform the same level of quality control review and loss mitigation oversight for the Pittsburgh Bank’s Program Loans as it performs for its own Program Loans which will be performed as provided in the FHLB Guide. If requested and paid for by the Pittsburgh Bank, the MPF Provider will use commercially reasonable efforts to provide additional quality control reviews. MPF Provider agrees to re-evaluate its quality control practices, including sampling adequacy, when business conditions warrant such re-evaluation, to ensure that MPF practices comply with industry and regulatory standards. Nothing in this Section 5.10 shall limit the Pittsburgh Bank from conducting its own quality control reviews or exercising oversight of its PFI’s origination and servicing functions to the extent the Pittsburgh Bank is required to do so under applicable law or regulation or otherwise directed to do so by the FHFB.
Quality Control and Loss Mitigation. The MPF Provider will perform the same level of quality control review and loss mitigation oversight for the Boston Bank’s Program Loans as it performs for its own Program Loans which will be performed as provided in the FHLB Guide. If requested and paid for by the Boston Bank, the MPF Provider will use commercially reasonable efforts to provide additional quality control reviews. MPF Provider agrees to re-evaluate its quality control practices, including sampling adequacy, when business conditions warrant such re-evaluation, to ensure that MPF practices comply with industry and regulatory standards. Nothing in this Section 5.10 shall limit the Boston Bank from conducting its own quality control reviews or exercising oversight of its PFI’s origination and servicing functions to the extent the Boston Bank is required to do so under applicable law or regulation or otherwise directed to do so by the FHFB.