Initial Response Notice definition
Initial Response Notice. As defined in Section 2.3. In-process Loan Modification: A trial or permanent loan modification offered by the Subservicer or any prior servicer that was either accepted by the Mortgagor or for which the time for the Mortgagor to accept the offer has not expired and the offer has not been rejected. The term also means and includes (a) trial modifications in which the Subservicer or any prior servicer agreed to modify the payment terms of the Mortgage Loan unless the Subservicer or a prior servicer has clear written evidence that the Mortgagor has failed to perform under the trial loan modification terms and (b) modifications in which the Mortgagor completed making the trial payments, but the permanent modification was not input into the Subservicer or any prior servicer’s system. Insurer: FHA, VA, USDA or any private mortgage insurer, pool insurer and any insurer or guarantor under any standard hazard insurance policy, any federal flood insurance policy, any title insurance policy, any earthquake insurance policy or other insurance policy, and any successor thereto, with respect to the Mortgage Loan or the Mortgaged Property.
Examples of Initial Response Notice in a sentence
Buyer shall then have five (5) days from receipt of the Initial Response Notice to either (i) terminate this Agreement by written notice to Seller or (ii) waive its prior notice as to the Buyer Objections which Seller has elected not to cure, in which event such exceptions shall be deemed Permitted Exceptions.
If Seller thereafter determines in good faith that it is unable to cure any title exception identified in the Initial Response Notice, Seller shall promptly give notice thereof to Buyer (the “Subsequent Response Notice”).