Servicing Objectives Sample Clauses
The Servicing Objectives clause defines the key goals and standards that a service provider must meet when managing assets or performing services under an agreement. It typically outlines the expected level of care, diligence, and compliance with applicable laws or industry practices, and may specify particular tasks or performance benchmarks. By clearly stating these objectives, the clause ensures that both parties have a mutual understanding of the service provider’s responsibilities, thereby reducing ambiguity and helping to prevent disputes over service quality or performance.
Servicing Objectives. The purpose of any collection effort is to cure a Delinquency in the shortest possible time. The Servicer should treat each Delinquency individually. Discussions with the Borrower must cover the cause of such Delinquency and the time frame in which such Delinquency shall be cured. The Servicer should use notices, letters, telegrams, telephone calls, face-to-face contact and other responsible collection techniques consistent with Prudent Servicing Practices. The Servicer is required to maintain all collection records. The Servicer must vary its collection techniques to fit individual circumstances, avoiding a fixed collection pattern which may be ineffective in dealing with particular Borrowers. The Servicer should recognize the importance of telephone and face-to-face contact in any collection program. As part of its collection procedures, the Servicer shall closely monitor all newly originated Mortgage Loans.
Servicing Objectives. The Lender must originate and service guaranteed loans in accordance with applicable regulatory and program requirements throughout the life of the loan or guarantee, whichever is less. In exceptional circumstances the Government, in its sole discretion, may permit the transfer of servicing from the originating Lender to a servicer. A lender-servicing plan must be designed and implemented to achieve the following objectives.
A. To preserve the value of the loan and the collateral.
B. To avoid a loss to the Lender or the Government and to limit exposure to potential loss.
C. To protect the interest of the tenants.
D. To further program objectives.