Loan Modifications definition

Loan Modifications. Unless advance written approval is provided by, or obtained from, the Company, the Insured may not make any change in the terms of a Loan, including the borrowed amount, interest rate, term or amortization schedule of the Loan, except as permitted by terms of the Loan; nor make any change in the Property or other collateral securing the Loan; nor release the Borrower from liability on a Loan; nor subordinate the Second Deed of Trust.
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Loan Modifications means an agreement tochange existing loan terms in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a trial payment plan followed by a reduction of the interest rate, an extension of the length of the loan, a change in the type of loan, e.g. adjustable rate to fixed rate, or any combination.
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Examples of Loan Modifications in a sentence

  • Thompson, Foreclosing Modifications: How Servicer Incentives Discourage Loan Modifications, 86 Wash.

  • Pre- clinical investigations also revealed decreased activation of the anterior cingulate cortex (ACC) and the subcallosal gyrus (SG) in patients with PTSD; these brain regions play an important role in curbing the manifestations of arousal, viz.

  • Alys Cohen, Nat’l Consumer Law Ctr., Snapshots of Struggle: Saving the Family Home After a Death or Divorce, Successors Still Face Major Challenges in Obtaining Loan Modifications (Mar.

  • For further information on loan modifications, including those that may not be eligible under Section 4013 or for which an institution elects not to apply Section 4013, institutions may refer to the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised), issued April 7, 2020, and the Joint Statement on Additional Loan Accommodations Related to COVID-19 issued August 3, 2020.

  • Accounting for Loan Modifications Modifications of loan terms do not automatically result in TDRs. According to U.S. GAAP, a restructuring of a debt constitutes a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider.

  • On April 7, 2020, the agencies issued revised guidance that included information about Section 4013 of the CARES Act, which allows banks flexibility in accounting related to TDRs. For more, see FDIC, “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus,” March 22, 2020, at https://www.fdic.gov/news/news/press/2020/pr20038a.pdf.

  • This statement was developed principally in consultation with ASF’s Subprime Mortgage Finance Task Force and Loan Modifications Working Group, with input from other ASF members and committees.

  • Alys Cohen, Nat’l Consumer Law Ctr., Snapshots of Struggle: Saving the Family Home After a Death or Divorce, Successors Still Face Major Challenges in Obtaining Loan Modifications 17-18 (Mar.

  • These arrangements can also be broad in scope (even global, e.g. exchanges conducted within the context of the CGIAR9) or limited to a region (e.g. networks such as that which includes the SADC 10 countries or the ECP/ GR 11 programme) or to a genepool (e.g. crop genetic resources networks).

  • In addition, when seeking approval of a mortgage loan modification in a Chapter 13 Case, Debtor’s Counsel should also review Clerk’s Notice 09-03 Notice Regarding Procedure for Obtaining Approval of Mortgage Loan Modifications in Chapter 13.

Related to Loan Modifications

  • Loan Modification Agreement means a Loan Modification Agreement in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, among the Borrower, the other Loan Parties, one or more Accepting Lenders and the Administrative Agent.

  • Loan Modification Offer has the meaning specified in Section 2.24(a).

  • Material Modifications means any modifications to the material related party transactions which were approved by the Audit Committee or Shareholders during the year which will change the complete nature of the transaction and in case of monetary thresholds which is in excess of 10% of the originally approved transaction, in case of exigencies only.

  • Minor modification means a modification that does not significantly alter the nongovernmental function or purpose of the software or is of the type customarily provided in the commercial marketplace.

  • Permitted Modifications As defined in Section 2.02(a) of the Servicing Agreement.

  • Major modification means any physical change in or change in the method of operation of a major stationary source that would result in a significant emissions increase of a regulated NSR pollutant and a significant net emissions increase of that pollutant from the major stationary source.

  • Permit modification means a revision to a Title V operating permit that cannot be accomplished under the provisions for administrative permit amendments found at rule 567—22.111(455B). A permit modification for purposes of the acid rain portion of the permit shall be governed by the regulations pertaining to acid rain found at rules 567—22.120(455B) to 567—22.147(455B). This definition of “permit modification” shall be used solely for purposes of this chapter governing Title V operating permits.

  • Material Modification means any modification to an Interconnection Request that has a material adverse effect on the cost or timing of Interconnection Studies related to, or any Network Upgrades or Local Upgrades needed to accommodate, any Interconnection Request with a later Queue Position.

  • Refinancing Revolving Loans has the meaning assigned to such term in Section 2.26(a).

  • Refinancing Facility Agreement means a Refinancing Facility Agreement, in form and substance reasonably satisfactory to the Agent, among Holdings, the Borrower, each Subsidiary of the Borrower party to this Agreement, the Agent and one or more Refinancing Lenders, establishing Refinancing Commitments and effecting such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.26.

  • Refinancing Loans means the Refinancing Revolving Loans and the Refinancing Term Loans.

  • Facility Agreements means the agreements of that name between the Issuer and different

  • Local Facility Agreements means any agreement under which a Local Facility is made available.

  • Modification Loss Amount With respect to each Payment Date, the excess, if any, of the aggregate Modification Shortfall over the aggregate Modification Excess for such Payment Date.

  • Contract Modification means any changes in the terms or provisions of the Contract which are reduced to writing and fully executed by both parties.

  • Extended Loans has the meaning specified in Section 2.17(a).

  • Loan Application is defined in Section 5.16(a).

  • Permitted Modification shall have the meaning ascribed thereto in Section 4.02.

  • Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).

  • Existing Loans shall have the meaning assigned to such term in Section 2.21(a).

  • Mortgage Amendments as defined in Section 6.11(a).

  • Refinancing Loan shall have the meaning provided in Section 2.14(h)(i).

  • Incremental Facility Agreement means an Incremental Facility Agreement, in form and substance reasonably satisfactory to the Agent and the Borrower, among the Borrower, the Agent and one or more Incremental Lenders, establishing Incremental Commitments and effecting such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.18.