Loss Mitigation definition

Loss Mitigation. A circumstance where a default by the Mortgagor has occurred or is imminent and the Servicer is likely to collect more funds with respect to a Mortgage Loan by waiving a prepayment penalty than by not waiving a prepayment penalty.

Loss Mitigation. With respect to any Mortgage Loan, any modified or proposed payment arrangement, proposed, trial or permanent loan modification, In-process Loan Modification, forbearance plan, short sale, deed-in-lieu agreement, HAMP and any other non-foreclosure home retention or non-retention option offered by the Subservicer or any prior servicer that is made available to the Mortgagor by or through the Subservicer or any prior servicer, including any application or request of a Mortgagor for any of the foregoing. For avoidance of doubt, this definition shall apply only to Mortgage Loans in loss mitigation or where a loss mitigation application is pending.

Loss Mitigation. Those efforts, other than foreclosure, taken to lessen losses to the Owner when collection efforts have not resulted in a Mortgagor curing a delinquency or if required by Applicable Requirements. Such efforts may include advising Mortgagors of various relief alternatives to foreclosure, receipt and analysis of a Mortgagor’s financial information, determining the value of the Mortgaged Property and recommending to the Owner approval or denial of a relief alternative, as applicable. LPMI: Lender paid mortgage insurance.

Examples of Loss Mitigation in a sentence

• Loan-level monthly reports shall be properly coded by the Subservicer to identify Mortgage Loans affected by Loss Mitigation efforts or other changes in payment terms and such reports shall reflect such pending payment terms.

• The Subservicer shall be entitled to all amounts, to the extent paid, allowed to a servicer from time to time by any governmental or quasi-governmental programs or PMI Companies, as applicable, for engaging in Loss Mitigation with respect to the Mortgage Loans.

• The Seller shall be entitled to all amounts, to the extent paid, allowed to a servicer from time to time by any governmental or quasi-governmental programs or PMI Companies, as applicable, for engaging in Loss Mitigation with respect to the Mortgage Loans.

• Loan-level monthly reports shall be properly coded by the Seller to identify Mortgage Loans affected by Loss Mitigation efforts or other changes in payment terms and such reports shall reflect such pending payment terms.

• Except for Section 5.9 (Loss Mitigation) and Article VII (relating to Indemnified Parties), this Agreement is for the sole benefit of the Parties and their respective successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any Person (including employees), other than the Parties and such respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

More Definitions of Loss Mitigation

Loss Mitigation means modified payment arrangements, trial, permanent and in-process loan modifications, forbearance plans, short sales, deed-in-lieu agreements and any other non-foreclosure home retention or non-retention option offered by the owner or assignee of a mortgage loan that is made available to the consumer through a

Loss Mitigation. Any loan modification (including trial modification), loss mitigation, foreclosure alternative or foreclosure prevention effort or process, including pursuant to any federal, state or local program, or proprietary program of the related Seller, an Interim Servicer or the Bank, initiated or offered to the related borrower by the related Seller, Interim Servicer or the Bank with respect to any Mortgage Loan.

Loss Mitigation means the full range of solutions that may prevent either the loss of a Debtor’s eligible property to foreclosure, increased costs to the Lender, or both, including but not limited to, loan modification, loan refinance, forbearance, short sale, or surrender of the property in full satisfaction of obligations arising under an eligible loan.

Loss Mitigation means any process designed to explore and pursue alternatives to foreclosure, including an evaluation of the facts and circumstances of a mortgage loan secured by residential property to determine:

Loss Mitigation means an alternative to foreclosure offered by a creditor to a homeowner in default or facing imminent default.

Loss Mitigation or “Loss Mitigation Mortgage Loan”: With respect to any Mortgage Loan, any modified or proposed payment arrangement, proposed, trial or permanent loan modification, In-process Loan Modification, forbearance plan, short sale, deed-in-lieu agreement and any other non-foreclosure home retention or non-retention option offered by the Seller, the Agency or any Prior Servicer that is made available to the Mortgagor by or through the Seller, the Agency, or any Prior Servicer, including any application or request of a Mortgagor for any of the foregoing. For the avoidance of doubt, this definition shall apply only to Mortgage Loans in loss mitigation or where a loss mitigation application is pending (e.g., a Mortgage Loan for which a permanent modification was consummated more than [***] days prior to the Transfer Date is not a loan in loss mitigation).

Loss Mitigation. With respect to a HECM Loan, any payment plan modification or other such loss mitigation or foreclosure alternative efforts applicable to the HECM Loans.