Service or Servicing means the following activities:
(1) The billing and collecting of the private loan payments from the borrower;
(2) Notifying the Administrator promptly of any default in the payment of principal and interest on the private loan and submitting a report, as soon as possible thereafter, setting forth the servicer's views as to the reasons for the default, how long the servicer expects the borrower to be in default, and what corrective actions the borrower states it is taking to achieve a current debt service position;
(3) Notifying the Administrator of any known violations or defaults by the borrower under the lending agreement, loan guarantee agreement, the mortgage, or related security instruments, or conditions of which the servicer or the lender is aware which might lead to nonpayment, violation or other default; and
(4) Such other activities as may be specified in the loan guarantee agreement.
7 CFR § 1786.27
Definitions. For the purposes of this subpart, the following terms shall have the following meanings: