Difference between revisions of "Loan Servicer"
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== Definition == | == Definition == | ||
| − | '''Loan Servicer'''. A party which is performs the [[Credit Servicing | Loan Servicing]] function. Credit Servicing functions are distinct from [[Credit Referencing]] and [[Credit Rating]] activities. | + | '''Loan Servicer'''. A party which is performs the [[Credit Servicing | Loan Servicing]] function. A legal person that, in the course of its business, manages and enforces the rights and obligations related to a creditor’s rights under a non-performing credit agreement, or to the non-performing credit agreement itself, on behalf of a credit purchaser, and carries out at least one or more credit servicing activities. |
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| + | Credit Servicing functions are distinct from [[Credit Referencing]] and [[Credit Rating]] activities. | ||
The Loan Servicer may be the original lender or it may be someone else. For instance, if the originating bank is acquired by another party, its loan portfolio may be given to some third party for servicing. | The Loan Servicer may be the original lender or it may be someone else. For instance, if the originating bank is acquired by another party, its loan portfolio may be given to some third party for servicing. | ||
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[[Category:Loans Parties]] | [[Category:Loans Parties]] | ||
| + | [[Category:NPL Directive]] | ||
{{#set: isDefinedBy | https://spec.edmcouncil.org/fibo/ontology/LOAN/Loans/LoansParties/index-en.html }} | {{#set: isDefinedBy | https://spec.edmcouncil.org/fibo/ontology/LOAN/Loans/LoansParties/index-en.html }} | ||
__SHOWFACTBOX__ | __SHOWFACTBOX__ | ||
Revision as of 20:21, 7 February 2022
Contents
Definition
Loan Servicer. A party which is performs the Loan Servicing function. A legal person that, in the course of its business, manages and enforces the rights and obligations related to a creditor’s rights under a non-performing credit agreement, or to the non-performing credit agreement itself, on behalf of a credit purchaser, and carries out at least one or more credit servicing activities.
Credit Servicing functions are distinct from Credit Referencing and Credit Rating activities.
The Loan Servicer may be the original lender or it may be someone else. For instance, if the originating bank is acquired by another party, its loan portfolio may be given to some third party for servicing.
Synonyms
- Credit Servicer
- Debt Servicer
See Also
Disclaimer
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.
