Servicer Modification definition

Servicer Modification. A modification to the terms of a Mortgage Loan, in accordance with the terms of Section 3.01, as to which the Mortgagor is in default or as to which, in the judgment of the Servicer, default is reasonably foreseeable.
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Servicer Modification means any action by the Servicer, which constitutes any breach of Section 4.01, 4.02, 4.03, 4.04, 4.05 or 4.06 hereof.
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Servicer Modification means, solely with respect to the Series 2016-T2 Notes, modifications to the Transaction Documents to provide for (i) Nationstar, (ii) SPS or an affiliate thereof, (iii) SLS or an affiliate thereof, (iv) Walter or an affiliate thereof and/or (v) NRZ or any subsidiary of NRZ to become the named servicer under any Designated Servicing Agreement (so long as, in the case of NRZ or any subsidiary of NRZ becoming a named servicer, either Nationstar, SLS (or an affiliate thereof), SPS (or an affiliate thereof, Walter (or an affiliate thereof), OLS or an OFC-Owned Servicer services the related Mortgage Loans as a subservicer). After giving effect to any Servicer Modification, there may be multiple named servicers under the Designated Servicing Agreements.
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Examples of Servicer Modification in a sentence

  • Master Servicer, Seller, Special Servicer, Modification Oversight Agent and Servicers May Own Certificates........................................................90 ARTICLE VIII DEFAULT.............................................................................................91 SECTION 8.01.

  • An Advance in respect of principal and/or interest (or other amounts) which are subsequently forgiven as a Servicer Modification shall be deemed a Non-Recoverable Advance.

  • As to any defaulted Mortgage Loan, the Servicer must account to, and report in writing to, the Master Servicer as to any Realized Loss (or gain) upon the Liquidation, Deficient Valuation or Servicer Modification in respect of such Mortgage Loan.

  • With respect to the calculation of a Realized Loss on a Mortgage Loan subject to a Servicer Modification, the amount of the Realized Loss is the difference between the Unpaid Principal Balance of the related Mortgage Loan immediately prior to the Servicer Modification and the Unpaid Principal Balance as reduced by the Servicer Modification and any unpaid interest forgiven by the Servicer as a result of a Servicer Modification.

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  • Effective as of the Amendment Effective Date (as defined below), Section 12.1(a)(xi) of the Indenture is hereby amended by deleting the words “the new issuance” and replacing such words with “such Potential Restructuring or Servicer Modification, as applicable,”.

  • After giving effect to any Servicer Modification, there may be multiple named servicers under the Designated Servicing Agreements.


More Definitions of Servicer Modification

Servicer Modification. With respect to any Mortgage Loan in default, or where default is reasonably foreseeable, is a modification permitted by the Servicer of such Mortgage Loan to reduce its principal balance and/or extend its term to a term not longer than the latest maturity date of any other Mortgage Loan. Any such principal reduction will constitute a Realized Loss at the time of such reduction. An extension of the term will not result in a Realized Loss unless coupled with a principal reduction.
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Servicer Modification. A modification to the terms of a Mortgage Loan, in accordance with the terms of the applicable Servicing Agreement.
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Servicer Modification. Any modification to the Transaction Documents to provide for (i) Nationstar, (ii) SPS or an affiliate thereof, (iii) SLS or an affiliate thereof, (iv) Xxxxxx or an affiliate thereof and/or (v) NRZ or any subsidiary of NRZ to become the named servicer under any Designated Servicing Agreement (so long as, in the case of NRZ or any subsidiary of NRZ becoming a named servicer, either Nationstar, SLS (or an affiliate thereof), SPS (or an affiliate thereof, Xxxxxx (or an affiliate thereof), OLS or an OFC-Owned Servicer services the related Mortgage Loans as a subservicer). After giving effect to any Servicer Modification, there may be multiple named servicers under the Designated Servicing Agreements.
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Servicer Modification means, for purposes of the Series 2015-T3 Notes, one or more restructurings of any or all of the Transaction Documents to provide for (i) Nationstar Mortgage LLC and/or (ii) NRZ or any subsidiary of NRZ to become the named servicer under any Designated Servicing Agreement (so long as, in the case of NRZ or any subsidiary of NRZ becoming a named servicer, either Nationstar Mortgage LLC, OLS or an OFC-Owned Servicer services the related Mortgage Loans as a subservicer). After giving effect to any Servicer Modification, there may be multiple named servicers under the Designated Servicing Agreements.
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Servicer Modification. One or more restructurings of any or all of the Transaction Documents to provide for Nationstar to become the named servicer under any Designated Servicing Agreement. After giving effect to any Servicer Modification, there may be multiple named servicers under the Designated Servicing Agreements. 50
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Related to Servicer Modification

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

  • 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.

  • Substantial modification means modification of a relevant source that results in a significant increase in emissions, excluding any change in emissions resulting from by-product recovery. It shall be a matter for the Party to decide whether a modification is substantial or not;

  • 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.

  • 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.