Servicing


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Related to Servicing: Loan servicing, Mortgage servicing

servicing

[′sər·vəs·iŋ]
(engineering)
Replacement of consumable material or items needed to keep equipment in operating condition; does not include preventive or corrective maintenance.

Servicing

 

a system of technical and organizational measures taken during the operation of engineering equipment to ensure required operational efficiency. Servicing is performed on all engineering equipment, whether in current operation, in storage, being transported, or being prepared for use after storage or transport.

For modern complex equipment, such as motor vehicles and multicomponent machines, a system of unified servicing rules is established, which is given in the corresponding technical documentation. Servicing systems may be divided into two major subsystems: preventive maintenance and repair. The structure of a servicing system takes into account the nature and conditions of operation of a given piece of equipment. It includes a list of preventive maintenance work, the frequency with which such work must be performed, the personnel required, and the tools, materials, and instruments needed. Properly organized servicing lowers operating costs as a result of reductions in the possibilities of a breakdown, expensive unplanned repairs, and the cost of planned repairs. It also increases the service life of equipment.

REFERENCES

Rakhutin, G. S. Nauchnye osnovy tekhnicheskogo obsluzhivaniia, fascs. 1–3. Moscow, 1971.
Barzilovich, E. Iu., and V. A. Kashtanov. Nekotorye matematicheskie voprosy teorii obsluzhivaniia slozhnykh sistem. Moscow, 1971.
Druzhinin, G. V. Protsessy tekhnicheskogo obsluzhivaniia avtomatizirovannykh sistem. Moscow, 1973.

V. N. FOMIN

References in periodicals archive ?
A mortgage banking enterprise that does not have a definitive plan at the purchase or origination date and later sells or securitizes the mortgage loans and retains the mortgage servicing rights shall allocate the amortized cost of the mortgage loans as described in paragraph 16(a) based on the relative fair values at the date of sale or securitization.
If it is not practicable to estimate the fair values of the mortgage servicing rights and the mortgage loans (without the mortgage servicing rights), the entire cost of purchasing or originating the mortgage loans shall be allocated to the mortgage loans (without the mortgage servicing rights) and no cost shall be allocated to the mortgage servicing rights.
* EnRoute: CSLF's internet-based loan processing and management system provides real-time, online account access to all loan guarantee, disbursal, and servicing information through a single system.

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