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

• If Loss Mitigation Types other than those above are used, the Servicer must supply Xxxxx Fargo Bank with a description of each of the Loss Mitigation Types prior to sending the file.

• MM/DD/YYYY LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As; LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with instructions to begin foreclosure proceedings.

• In all matters relating to this Agreement, the Loss Mitigation Advisor shall be acting as an independent contractor.

• The Loss Mitigation Advisor shall assume all liabilities or obligations imposed by any one or more of such laws with respect to the employees of the Loss Mitigation Advisor in the performance of this Agreement.

• All such notices and reports may be sent to the Loss Mitigation Advisor by telecopier, electronic mail, express mail or regular mail.

More Definitions of Loss Mitigation

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 Creditor, or both, including but notlimited to, loan modification, loan refinance, forbearance, short sale, or surrender of the Eligible Property in full satisfaction of obligations arising under an Eligible Loan.

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

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. Any loan trial or permanent modification, forbearance, deferral, waiver, or other loss mitigation, foreclosure alternative or foreclosure prevention effort or process, including pursuant to any federal (including HAMP), state or local program, or proprietary program, initiated or offered to the related Mortgagor with respect to any Mortgage Loan.

Loss Mitigation. Any 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 Seller and made available to the Mortgagor. MERS: Mortgage Electronic Registration Systems, Inc., or any successor thereto.