Additional Reasons for Repurchase of Mortgage Loans by Mortgage Lender. In addition to the circumstances under which a Mortgage Loan would be considered a “Non-Qualifying Mortgage Loan” pursuant to Section 4.12 of this Agreement, Mortgage Loans Purchased by the Servicer pursuant to this Section shall also be considered “Non-Qualifying Mortgage Loans” for purposes of that section under any one or more of the following conditions: (a) The Servicer has not received by July 1 of the applicable year an appraisal, dated no later than June 1 of such year, by a Qualified Appraiser (or such other inspection as approved by the Authority and Servicer) that removes all the exceptions to the Original Appraisal and shows no additional exceptions; (b) The funds in the escrow holdback account are insufficient to pay the contractor or builder for the work performed; (c) There is a dispute between the contractor or builder and the Mortgagor concerning the type or quality of work performed by the contractor or builder.
Appears in 6 contracts
Samples: Mortgage Origination Agreement, Mortgage Origination Agreement, Mortgage Origination Agreement
