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.
Sample 1Sample 2Sample 3
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
Sample 1Sample 2Sample 3

Examples of Loss mitigation efforts in a sentence

  • Loss mitigation efforts in process versus loss mitigation efforts closed for month of January 2008.

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

  • Loss mitigation efforts continue throughout the foreclosure process.

  • This conclusion was confirmed by the court's application of U.C.C. section 2-207,which establishes a legal rule that proceeding with a contract after receiving a writing that purports to define the terms of the parties' original contract is not sufficient to establish the party's consent to the terms of the writing.

  • 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.

Related to Loss mitigation efforts

  • 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.

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

  • 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 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.

  • Qualifying exigency means a situation where the eligible employee seeks leave for one or more of the following reasons:

  • Qualifying patient means a person who:

  • Temporary Assistance for Needy Families-Unemployed Parent or "TANF-UP" means the Temporary Assistance for Needy Families program for families in which both natural or adoptive parents of a child reside in the home and neither parent is exempt from the Virginia Initiative for Employment Not Welfare (VIEW) participation under § 63.2-609.