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Mortgage Servicing Agreement for India

Mortgage Servicing Agreement Template for India

This document establishes the legal framework for mortgage servicing operations in India, governed by Indian banking and financial services laws. It outlines the relationship between mortgage originators/lenders and mortgage servicers, detailing the responsibilities for managing loan portfolios, including payment processing, borrower communication, default management, and regulatory compliance. The agreement incorporates requirements from key Indian legislation including the Banking Regulation Act, SARFAESI Act, and RBI guidelines, while establishing service levels, fee structures, and operational procedures for effective mortgage servicing.

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What is a Mortgage Servicing Agreement?

A Mortgage Servicing Agreement is essential when a financial institution in India wishes to outsource or formally structure its mortgage servicing operations. This document becomes necessary when a mortgage lender decides to engage a specialized servicer to handle the day-to-day administration of mortgage loans, including payment processing, borrower communications, and default management. The agreement ensures compliance with Indian banking regulations, particularly RBI guidelines on housing finance and outsourcing of financial services. It details the servicer's responsibilities, performance standards, compliance requirements, and fee structures while incorporating necessary protections for borrower data and establishing clear operational procedures. This document is particularly relevant in the current Indian financial market where specialized mortgage servicing is becoming increasingly common, especially among housing finance companies and banks with large mortgage portfolios.

What sections should be included in a Mortgage Servicing Agreement?

1. Parties: Identifies the contracting parties - typically the mortgage originator/lender and the mortgage servicer

2. Background: Explains the context of the agreement, including the lender's desire to outsource mortgage servicing and the servicer's capabilities

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Appointment and Scope of Services: Details the formal appointment of the servicer and outlines the comprehensive scope of mortgage servicing activities

5. Servicer's Obligations: Specifies the detailed responsibilities and duties of the mortgage servicer

6. Lender's Obligations: Outlines the responsibilities of the lender, including providing necessary information and support

7. Service Levels: Establishes performance metrics and service quality standards

8. Fees and Payment Terms: Details the fee structure, payment calculations, and payment procedures

9. Compliance Requirements: Addresses compliance with Indian banking laws, RBI guidelines, and other relevant regulations

10. Reporting and Documentation: Specifies required reports, documentation, and record-keeping obligations

11. Default Management: Procedures for handling borrower defaults and loan workouts

12. Data Protection and Confidentiality: Requirements for protecting borrower information and maintaining confidentiality

13. Term and Termination: Duration of the agreement and circumstances for termination

14. Liability and Indemnification: Allocation of risks and responsibilities between parties

15. Dispute Resolution: Procedures for resolving disputes between parties

16. General Provisions: Standard contractual provisions including notices, amendments, and governing law

What sections are optional to include in a Mortgage Servicing Agreement?

1. Disaster Recovery and Business Continuity: Required when servicing involves critical systems or large loan portfolios, detailing backup and recovery procedures

2. Sub-contracting: Include when the servicer may need to engage sub-contractors for specific services

3. Insurance Requirements: Detailed insurance obligations when the servicer handles insurance-related aspects of mortgages

4. Transfer and Migration: Include when there's potential for servicing transfer to another provider

5. Special Loan Programs: Required when servicing includes government-sponsored or special mortgage programs

6. Collection and Enforcement Procedures: Detailed procedures section needed for servicers handling collections directly

What schedules should be included in a Mortgage Servicing Agreement?

1. Schedule 1 - Services Description: Detailed description of all servicing activities and responsibilities

2. Schedule 2 - Service Levels and KPIs: Specific performance metrics, targets, and measurement methods

3. Schedule 3 - Fee Schedule: Detailed breakdown of all fees, charges, and payment calculations

4. Schedule 4 - Required Reports: List and formats of all required regulatory and operational reports

5. Schedule 5 - Compliance Requirements: Specific regulatory and compliance obligations under Indian law

6. Schedule 6 - Systems and Technology Requirements: Technical specifications for servicing systems and interfaces

7. Appendix A - Form of Reports: Templates for required reports and documentation

8. Appendix B - Contact Details: Key contacts and escalation matrix for both parties

9. Appendix C - Power of Attorney: If required, format of power of attorney for servicing activities

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

India

Publisher

Genie AI

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions















































Clauses








































Relevant Industries

Banking

Financial Services

Real Estate

Housing Finance

Mortgage Industry

FinTech

Debt Services

Asset Management

Relevant Teams

Legal

Compliance

Operations

Risk Management

Finance

Information Technology

Customer Service

Collections and Recovery

Portfolio Management

Business Development

Audit

Data Protection

Relevant Roles

Chief Operations Officer

Head of Mortgage Services

Compliance Officer

Legal Counsel

Risk Manager

Operations Manager

Portfolio Manager

Collections Manager

Default Services Manager

Relationship Manager

Contract Manager

Financial Controller

Chief Financial Officer

Chief Technology Officer

Data Protection Officer

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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