Loss mitigation efforts definition

Loss mitigation efforts means, when a residential mortgage loan borrower is in default or default is reasonably foreseeable, working with the borrower on behalf of the residential mortgage loan servicer to modify, either temporarily or permanently, the obligation or otherwise mitigate loss on an existing residential mortgage loan.
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Loss mitigation efforts means, when a residential mortgage loan borrower is in default or default is reasonably foreseeable, working with the borrower on behalf of the residential
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Examples of Loss mitigation efforts in a sentence

  • If reasonable Loss mitigation efforts and proper documentation are not provided, Radian will enforce the provisions of the Master Policy which may result in a curtailment or denial of a Claim.

  • Radian is flexible in the time frames for completion of the foreclosure proceedings, provided the Servicer pursues sustained Loss mitigation efforts and documents how these efforts resulted in the foreclosure delay.

  • Loss mitigation efforts may involve the temporary use of less energy efficient spare units (and the fuel they use) which may trigger the need to purchase carbon credits to make- up for the increased emissions so caused.

  • Loss mitigation efforts include: repayment plans, forbearance plans, loan modifications, short-sale options and deed in lieu of foreclosure.

  • Wild-Prim% is wilderness, primitive, and other areas approved, as proportion of areas considered.

  • Loss mitigation efforts over several years can constitute substantial compliance.

  • Industry Developments Loss mitigation efforts by mortgage servicers will be closely scrutinized by the CFPB under the Biden administration.◦ The bureau will expect servicers to work closely with distressed mortgage borrowers on loss mitigation strategies in order to avoid foreclosures.◦ The new administration is also expected to push for the Federal Housing Finance Agency and the Federal Housing Administration to extend forbearance programs.

  • The account must be reported until: Loss mitigation efforts are completed; The mortgage is reinstated or paid in full; The property is sold to a third party purchaser at foreclosure sale and no loss claim will be filed; and Servicer submits loss claim package for an REO sold/unsold.

  • Loss mitigation efforts continue throughout the foreclosure process.

  • The Company has the option to acquire a 51% interest in the Properties by incurring minimum expenditures of $250,000 by August 1, 2010 and a total of $750,000 by December 31, 2011 - $285,527 was incurred by July 31, 2010.

Related to Loss mitigation efforts

  • Active efforts means affirmative, active, thorough, and timely efforts intended primarily to maintain or reunite an Indian child with the Indian child's family. If an agency is involved in the child custody proceeding, active efforts must involve assisting the parent or a parent or Indian custodian with the steps of a case plan and including accessing or developing the resources necessary to satisfy the case plan. To the maximum extent possible, active efforts should be provided in a manner consistent with the prevailing social and cultural conditions and way of life of the Indian child's tribe and should be conducted in partnership with the Indian child and the Indian child's parents, extended family members, Indian custodians, and tribe. Active efforts are to be tailored to the facts and circumstances of the case. The term includes:

  • Compensatory mitigation means types of mitigation used to replace project-induced critical area and buffer losses or impacts.

  • Reasonable Efforts means, with respect to any action required to be made, attempted, or taken by an Interconnection Party or by a Construction Party under Tariff, Part IV or Tariff, Part VI, an Interconnection Service Agreement, or a Construction Service Agreement, such efforts as are timely and consistent with Good Utility Practice and with efforts that such party would undertake for the protection of its own interests. Regional Entity:

  • Good Faith Efforts means actions undertaken by a bidder or contractor to achieve a Contract Specific Goal that the CPO or his or her designee has determined, by their scope, intensity, and appropriateness to the objective, can reasonably be expected to fulfill the program’s requirements.

  • Mitigation plan means a proposal that includes the process or means to achieve carbon dioxide mitigation through use of mitigation projects or carbon credits.

  • Diagnosis of autism spectrum disorders means assessments, evaluations, or tests, including the autism diagnostic observation schedule, performed by a licensed physician or a licensed psychologist to diagnose whether an individual has 1 of the autism spectrum disorders.

  • Diagnosis of autism spectrum disorder means medically necessary assessments, evaluations, or tests to diagnose whether an individual has an autism spectrum disorder.

  • Commercially Reasonable Efforts means [***].

  • Mitigation bank means a site providing off-site, consolidated compensatory mitigation that is developed and approved in accordance with all applicable federal and state laws or regulations for the establishment, use and operation of mitigation banks, and is operating under a signed banking agreement.

  • Accepted Servicing Practices With respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related Mortgaged Property is located.

  • extended reduction (qualifying contributory benefits means a reduction under this scheme for which a person is eligible in accordance with paragraph 88 or 95;

  • Direction-indicator lamp means the lamp used to indicate to other road-users that the driver intends to change direction to the right or to the left;

  • Commercial Fishing Worker means Commercial fishing worker as defined in Section 420.503, F.S.

  • Commercial sexual activity means any sex act or sexually explicit performance for which anything of value is given, promised to, or received by any person and includes, but is not limited to, prostitution, participation in the production of pornography, and performance in strip clubs.

  • Clinical nurse specialist means a registered nurse with relevant post-basic qualifications and 12 months’ experience working in the clinical area of his/her specified post-basic qualification, or a minimum of four years’ post-basic registration experience, including three years’ experience in the relevant specialist field and who satisfies the local criteria.

  • Secondary emissions means emissions which occur as a result of the construction or operation of a major stationary source or major modification, but do not come from the major stationary source or major modification itself. For the purposes of this chapter, “secondary emissions” must be specific, well-defined, and quantifiable, and must impact the same general areas as the stationary source modification which causes the secondary emissions. “Secondary emissions” includes emissions from any offsite support facility which would not be constructed or increase its emissions except as a result of the construction or operation of the major stationary source or major modification. “Secondary emissions” does not include any emissions which come directly from a mobile source, such as emissions from the tailpipe of a motor vehicle, from a train, or from a vessel.

  • Medical malpractice insurance means insurance against legal liability incident to the practice and provision of a medical service other than the practice and provision of a dental service.

  • Peer support specialist means an individual who has experienced a severe and persistent mental illness and who has successfully completed standardized training to provide peer support services through the medical assistance program or the Iowa Behavioral Health Care Plan.

  • Good Faith Effort means efforts to achieve a DBE goal or other requirement of this Special Provision which, by their scope, intensity, and appropriateness to the objective, can reasonably be expected to fulfill the program requirement.

  • Autism spectrum disorders means any of the pervasive developmental disorders as defined by the Diagnostic and Statistical Manual of Mental Disorders, 4th edition, published by the American Psychiatric Association, including autistic disorder, Asperger's disorder and pervasive developmental disorder not otherwise specified.

  • Statewide special election means a special election called by the governor or the