The Loan Servicing Agreement is essential for financial institutions operating in the UAE who engage third-party servicers to manage their loan portfolios. This document is particularly relevant in the context of the UAE's sophisticated banking sector, where efficient loan administration is crucial for both conventional and Islamic banking products. The agreement must comply with UAE Federal Law No. 14 of 2018 (UAE Central Bank Law) and related regulations governing banking operations. It typically includes detailed provisions for loan administration, payment processing, borrower communications, default management, and regulatory compliance. The document becomes particularly important when financial institutions want to outsource loan servicing operations while maintaining control over portfolio quality and regulatory compliance.
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1. Parties: Identification of the loan servicer and the loan owner/financial institution
2. Background: Context of the agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement including regulatory and technical terminology
4. Appointment and Scope: Formal appointment of servicer and detailed scope of services
5. Servicer's Duties and Responsibilities: Comprehensive list of core servicing obligations and responsibilities
6. Service Levels: Performance standards and metrics for service delivery
7. Fees and Expenses: Compensation structure and reimbursement terms
8. Compliance Requirements: Obligations to comply with UAE banking laws and regulations
9. Reporting and Documentation: Required reports, records, and documentation maintenance
10. Representations and Warranties: Standard declarations by both parties
11. Term and Termination: Duration of agreement and termination provisions
12. Confidentiality: Protection of confidential information and data
13. Liability and Indemnification: Risk allocation between parties
14. Dispute Resolution: Process for resolving disputes under UAE law
15. General Provisions: Standard boilerplate clauses including governing law, notices, etc.
1. Shariah Compliance: Required when dealing with Islamic banking products
2. Sub-contracting: Include when servicer may need to delegate certain functions
3. Business Continuity: Detailed disaster recovery provisions for critical services
4. Data Protection: Enhanced data protection clauses for international transactions
5. Foreign Currency Provisions: Required for cross-border lending arrangements
6. Special Asset Management: Include for non-performing loan servicing
7. Transfer Provisions: Include when portfolio transfers are contemplated
1. Schedule 1 - Services Description: Detailed description of all servicing activities
2. Schedule 2 - Fee Schedule: Detailed breakdown of fees and payment terms
3. Schedule 3 - Service Levels: Specific performance metrics and KPIs
4. Schedule 4 - Required Reports: Format and frequency of required reporting
5. Schedule 5 - Operating Procedures: Detailed procedures for loan servicing activities
6. Schedule 6 - Compliance Checklist: Specific UAE regulatory requirements and checks
7. Schedule 7 - Contact Details: Key personnel and escalation contacts
8. Appendix A - Document Forms: Standard forms and templates for servicing activities
9. Appendix B - Systems Requirements: Technical specifications for systems integration
10. Appendix C - Regulatory Licenses: Copies of required UAE licenses and permits
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Islamic Banking
Fintech
Real Estate Finance
Consumer Finance
Commercial Lending
Asset Management
Debt Collection
Financial Technology
Credit Services
Relevant Teams
Legal
Compliance
Risk Management
Operations
Finance
Credit Administration
Collections
Portfolio Management
Treasury
Client Relations
Loan Administration
Islamic Banking
Contract Management
Relevant Roles
Chief Financial Officer
Head of Loan Operations
Loan Servicing Manager
Compliance Officer
Legal Counsel
Risk Manager
Operations Director
Portfolio Manager
Credit Manager
Relationship Manager
Treasury Manager
Collections Manager
Chief Operating Officer
Contracts Manager
Financial Controller
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