The Loan Servicing Agreement is essential when a lender or creditor wishes to outsource the administration and management of their loan portfolio to a specialized service provider in Hong Kong. This document is particularly relevant in scenarios involving large loan portfolios, complex administration requirements, or when lenders want to focus on core lending activities while delegating servicing operations. The agreement must comply with Hong Kong's regulatory framework, including financial services regulations, data privacy laws, and consumer protection requirements. It typically includes detailed provisions for loan administration, payment processing, defaulted loan management, reporting requirements, and compliance obligations. The agreement becomes especially important in structured finance transactions, loan portfolio acquisitions, or when establishing ongoing servicing arrangements for existing loan books.
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1. Parties: Identification of the loan servicer and the lender/creditor
2. Background: Context of the agreement, including the loan portfolio to be serviced
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Appointment and Scope of Services: Formal appointment of the servicer and detailed scope of services to be provided
5. Term and Termination: Duration of the agreement and termination provisions
6. Servicer's Obligations: Detailed responsibilities including loan administration, collection, reporting
7. Standard of Care: Performance standards and service levels required
8. Fees and Expenses: Compensation structure, payment terms, and reimbursable expenses
9. Compliance Requirements: Regulatory compliance obligations and requirements
10. Records and Reporting: Record-keeping requirements and reporting obligations
11. Data Protection: Obligations regarding personal data handling and privacy
12. Representations and Warranties: Statements of fact and assurances from both parties
13. Indemnification: Mutual indemnification provisions and liability limitations
14. Confidentiality: Protection of confidential information
15. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
16. General Provisions: Standard boilerplate clauses including notices, amendments, assignment
1. Sub-contracting: Rules for engaging sub-servicers, used when sub-contracting is permitted
2. Special Servicing: Provisions for handling defaulted or problematic loans, included for portfolios with higher risk
3. Transfer and Migration: Procedures for portfolio transfers, included when initial migration is needed
4. Insurance Requirements: Specific insurance obligations, included for high-value portfolios
5. Business Continuity: Disaster recovery and business continuity requirements, for critical service arrangements
6. Step-in Rights: Lender's rights to take over servicing, included for significant portfolios
7. Multi-currency Provisions: Specific provisions for handling multiple currencies, when applicable
1. Service Level Agreement: Detailed performance metrics and service standards
2. Fee Schedule: Detailed breakdown of fees and payment terms
3. Operating Procedures: Detailed procedures for loan servicing activities
4. Reporting Requirements: Templates and specifications for required reports
5. Form of Reports: Standard formats for various reports required
6. Contact Details: Key personnel and escalation contacts
7. Data Protection Requirements: Detailed data handling and security requirements
8. System Requirements: Technical specifications for systems and interfaces
9. Form of Power of Attorney: Standard form for authorizing the servicer to act
10. Portfolio Details: Description of the loan portfolio being serviced
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Asset Management
Credit Services
Mortgage Services
Consumer Finance
Commercial Lending
Debt Collection
FinTech
Real Estate Finance
Relevant Teams
Legal
Compliance
Finance
Operations
Risk Management
Credit Administration
Collections
Customer Service
Information Technology
Data Management
Treasury
Portfolio Management
Relationship Management
Relevant Roles
Chief Financial Officer
Head of Loan Operations
Compliance Officer
Legal Counsel
Portfolio Manager
Credit Risk Manager
Operations Director
Servicing Manager
Collections Manager
Relationship Manager
Finance Director
Treasury Manager
Risk Officer
Data Protection Officer
Chief Operating Officer
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