A Loan Servicing Agreement is used when a lender or loan owner wishes to outsource the administration of their loan portfolio to a specialized servicer. This arrangement is common in both consumer and commercial lending, particularly in securitization structures. The agreement, governed by English and Welsh law, details the servicer's responsibilities, performance standards, regulatory obligations, and fee arrangements. It's essential for ensuring compliance with UK financial services regulations and establishing clear accountability for loan portfolio management.
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1. Parties: Identification of the loan servicer and the loan owner/lender
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement including regulatory references
4. Appointment and Authority: Scope of servicer's appointment and delegated authorities
5. Services: Detailed description of services to be provided by the loan servicer
6. Standard of Care: Performance standards and service levels required from the servicer
7. Fees and Expenses: Payment terms and fee structure for servicing activities
8. Term and Termination: Duration of the agreement and termination provisions
9. Representations and Warranties: Key statements and assurances from both parties
10. Compliance with Laws: Obligations regarding regulatory compliance and maintaining authorizations
1. Sub-delegation: Terms for appointing sub-servicers and conditions for delegation of duties
2. Special Servicing: Provisions for managing defaulted loans and special situations
3. Co-operation with Rating Agencies: Requirements for rating agency reporting and cooperation
4. Business Continuity: Provisions for ensuring service continuation in extraordinary circumstances
5. Brexit Provisions: Specific provisions dealing with Brexit-related regulatory changes
1. Service Level Agreement: Detailed performance metrics and service standards
2. Fee Schedule: Detailed breakdown of fees and charging structure
3. Loan Portfolio: Details of loans being serviced under the agreement
4. Reporting Requirements: Format and frequency of required reports and notifications
5. Data Protection Requirements: Specific data protection and security requirements
6. Form of Power of Attorney: Standard form for delegating authority to servicer
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