This Loan Servicing Agreement is designed for use in the Irish market where a loan owner/lender wishes to appoint a professional servicer to manage and administer their loan portfolio. The agreement is particularly relevant in the context of loan portfolio acquisitions, securitizations, or where institutions wish to outsource their loan administration functions. It incorporates requirements under Irish financial services legislation, including the Credit Servicing Firms Act 2018, Central Bank regulations, data protection laws, and consumer protection requirements where applicable. The document covers all aspects of the servicing relationship, including operational requirements, regulatory compliance, service levels, reporting obligations, and termination provisions. It is structured to accommodate various types of loans, from commercial to consumer loans, and can be adapted for specific portfolio requirements.
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1. Parties: Identifies the loan owner/lender and the loan servicer
2. Background: Sets out the context of the agreement and the intention to appoint a loan servicer
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Appointment and Term: Formal appointment of servicer and duration of the agreement
5. Scope of Services: Detailed description of core servicing obligations and responsibilities
6. Regulatory Compliance: Obligations regarding compliance with applicable laws and regulations
7. Service Levels: Performance standards and service level requirements
8. Fees and Expenses: Payment terms, fee structure, and reimbursable expenses
9. Data Protection and Confidentiality: Obligations regarding data protection, GDPR compliance, and confidentiality
10. Representations and Warranties: Standard representations and warranties from both parties
11. Record Keeping and Reporting: Requirements for maintaining records and providing reports
12. Audit Rights: Rights of the loan owner to audit the servicer's operations
13. Liability and Indemnification: Allocation of liability and indemnification obligations
14. Force Majeure: Provisions for handling events beyond parties' control
15. Termination: Termination rights and processes
16. Post-Termination: Obligations following termination including transition services
1. Collections and Enforcement: Include when servicer will handle collections and enforcement activities
2. Property Management: Include for secured loans where servicer manages property assets
3. Sub-Contracting: Include if sub-servicers or other third parties may be engaged
4. Consumer Protection: Include specific provisions when servicing consumer loans
5. Insurance: Include detailed insurance requirements if servicer handles insurance matters
6. Security and Business Continuity: Include specific IT security and business continuity requirements if needed
7. Anti-Money Laundering: Include detailed AML procedures if servicer handles customer onboarding or payments
1. Schedule 1 - Services Description: Detailed breakdown of all services to be provided
2. Schedule 2 - Service Levels: Detailed service level agreements and KPIs
3. Schedule 3 - Fees: Detailed fee structure and calculation methodology
4. Schedule 4 - Form of Reports: Ƶ and requirements for regular reporting
5. Schedule 5 - Loan Portfolio: Details of the loans being serviced
6. Schedule 6 - Systems and Data Requirements: Technical specifications for systems and data handling
7. Schedule 7 - Key Personnel: List of key personnel and their roles
8. Schedule 8 - Business Continuity Plan: Overview of business continuity and disaster recovery procedures
9. Appendix A - Power of Attorney: Form of power of attorney if required for servicing activities
10. Appendix B - Compliance Requirements: Detailed regulatory compliance requirements and procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Credit Services
Asset Management
Real Estate Finance
Mortgage Services
Debt Collection
Investment Management
Alternative Lending
FinTech
Relevant Teams
Legal
Compliance
Risk Management
Operations
Finance
Treasury
Credit Administration
Collections
Portfolio Management
Data Protection
Commercial
Client Services
Regulatory Affairs
Relevant Roles
Chief Financial Officer
Head of Loan Operations
Compliance Officer
Legal Counsel
Risk Manager
Portfolio Manager
Operations Director
Credit Manager
Servicing Manager
Collections Manager
Commercial Director
Chief Operating Officer
Data Protection Officer
Regulatory Compliance Manager
Treasury Manager
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