Common use of Agency Approvals Clause in Contracts

Agency Approvals. With respect to each Agency Security and to the extent necessary, Quicken Loans is an FHA Approved Mortgagee and a VA Approved Lender and One Reverse is an FHA Approved Mortgagee. Quicken Loans is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/servicer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, each Seller is in good standing, with no event having occurred or such Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-Out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make a Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to HUD, FHA or VA. Should a Seller for any reason cease to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers shall so notify Administrative Agent immediately in writing. Each Seller has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans sold by it to Administrative Agent hereunder and in accordance with Accepted Servicing Practices.

Agency Approvals. With respect to each Agency Security and to the extent necessary, Quicken Loans Seller is an FHA Approved Mortgagee and a VA Approved Lender and One Reverse is an FHA Approved MortgageeLender. Quicken Loans Seller is also approved by Xxxxxx Xxx Mae as an approved lender and seller/servicer, Xxxxxxx Mac as an approved seller/servicer, GNMA as an approved issuer to the extent previously approved and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, each Seller is in good standing, with no event having occurred or such Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-Out Purchase Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make a Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA or VA. Should a Seller for any reason cease to possess all such applicable approvals, or should a change in insurance coverage require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA FHA, or VA be requiredVA, Sellers Seller shall so notify Administrative Agent Buyer immediately in writing. Each Seller Subservicer has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans sold by it to Administrative Agent hereunder and in accordance with Accepted Servicing Practices.

Agency Approvals. With respect to each Agency Security and to the extent necessary, Quicken Loans is an FHA Approved Mortgagee and a VA Approved Lender and One Reverse each Seller is an FHA Approved Mortgagee, a VA Approved Lender. Quicken Loans Each Seller is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/servicer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, each Seller is in good standing, with no event having occurred or such either Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-Out out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make a either Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA or VA. Should a either Seller for any reason cease to possess all such applicable approvals, or should notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA or VA be required, Sellers shall so notify Administrative Agent Buyer immediately in writing. Each Seller has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans sold by it to Administrative Agent hereunder and in accordance with Accepted Servicing Practices.

Agency Approvals. With respect to each Agency Security and to the extent necessarynecessary and previously approved, Quicken Loans is an FHA Approved Mortgagee and a VA Approved Lender and One Reverse Seller is an FHA Approved Mortgagee, a VA Approved Lender, a VA Approved Servicer and a Xxxxxx Mae approved issuer. Quicken Loans Seller is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/servicer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, each Seller is in good standing, with no event having occurred or such Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-Out Take‑out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either (x) make a Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or (y) require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA or VAVA but only to the extent that such notification to the relevant Agency or Governmental Authority is expected to result in a Material Adverse Effect. Should a Seller for any reason cease to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers Seller shall so notify Administrative Agent immediately in writing. Each Notwithstanding the foregoing, Seller has adequate financial standing, servicing facilities, procedures is permitted to let FHA and experienced personnel necessary for the sound servicing of mortgage loans VA approvals lapse if none of the same types as may from time to time constitute Mortgage Transactions under this Agreement include FHA Loans sold by it to or VA Loans; provided, that Seller shall provide Administrative Agent hereunder with prompt written notice of such lapse and in accordance with Accepted Servicing Practicesat such point such FHA Loans or VA Loans shall no longer be eligible for Transactions hereunder.

Agency Approvals. With respect to each Agency Security and to To the extent necessarypreviously approved, Quicken Loans Seller is an FHA Approved Mortgagee and a VA Approved Lender and One Reverse is an FHA Approved MortgageeLender. Quicken Loans To the extent previously approved, Seller is also approved by Xxxxxx Xxx Mae as an approved lender and seller/servicer, Xxxxxxx Mac as an approved seller/servicer, GNMA as an approved issuer to the extent previously approved and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, each Seller is in good standing, with no event having occurred or such Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Applicable Agency Security or the consummation of the Take-Out Purchase Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make a Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Applicable Agency or to HUDthe Department of Housing and Urban Development, FHA or VA. Should a Seller for any reason cease to possess all such applicable approvals, or should a change in insurance coverage require notification to the relevant Applicable Agency or to HUDthe Department of Housing and Urban Development, FHA FHA, or VA be requiredVA, Sellers Seller shall so notify Administrative Agent Purchaser immediately in writing. Each Seller Servicer has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans Related Mortgage Loans of the same types as may from time to time constitute Related Mortgage Loans sold by it to Administrative Agent hereunder and in accordance with Accepted Servicing Practices.

Agency Approvals. With respect to each Agency Security and to the extent necessary, Quicken Loans Rocket Mortgage is an FHA Approved Mortgagee and a VA Approved Lender and One Reverse is an FHA Approved Mortgagee. Quicken Loans Rocket Mortgage is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/servicer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, each Seller is in good LEGAL02/41216309v6 standing, with no event having occurred or such Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-Out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make a Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to HUD, FHA or VA. Should a Seller for any reason cease to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers shall so notify Administrative Agent immediately in writing. Each Seller has adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans sold by it to Administrative Agent hereunder and in accordance with Accepted Servicing Practices.

Agency Approvals. With respect to each Agency Security and to the extent necessarynecessary and previously approved, Quicken Loans is an FHA Approved Mortgagee and a VA Approved Lender and One Reverse Seller is an FHA Approved Mortgagee, a VA Approved Lender, a VA Approved Servicer and a Xxxxxx Mae approved issuer. Quicken Loans Seller is also approved by Xxxxxx Xxx as an approved lender and Xxxxxxx Mac as an approved seller/servicer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, each Seller is in good standing, with no event having occurred or such Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-Out out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make a Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA or VA. Should a Seller for any reason cease to possess all such applicable approvals, or should notification to the relevant Agency or to HUD, FHA or VA be required, Sellers Seller shall so notify Administrative Agent Buyer immediately in writing. Each Notwithstanding the foregoing, Seller has adequate financial standing, servicing facilities, procedures is permitted to let FHA and experienced personnel necessary for the sound servicing of mortgage loans VA approvals lapse if none of the same types as may from time to time constitute Mortgage Transactions under this Agreement include FHA Loans sold by it to Administrative Agent hereunder or VA Loans; provided, that Seller shall provide Buyer with prompt written notice of such lapse and in accordance with Accepted Servicing Practicesat such point such FHA Loans or VA Loans shall no longer be eligible for Transactions hereunder.

Agency Approvals. With respect to each Agency Security and to the extent necessary, Quicken Loans Seller is an FHA Approved Mortgagee and Mortgagee, a VA Approved Lender and One Reverse is an FHA a GNMA Approved MortgageeLender. Quicken Loans is also On and after approval by the Agencies, Seller will be approved by Xxxxxx Xxx Mae as an approved lender and Xxxxxxx Mac as an approved seller/servicer, and, to the extent necessary, approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In With respect to each such caseAgency Security, each Seller is in good standing, with no event having occurred or such Seller having any reason whatsoever to believe or suspect will occur prior to the issuance of the Agency Security or the consummation of the Take-Out out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make a Seller unable to comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA or VA. Should a If, on and after approval by the Agencies, Seller for any reason cease ceases to possess all such applicable approvals, or should notification to the relevant Agency or to HUDthe Department of Housing and Urban Development, FHA or VA be required, Sellers Seller shall so notify Administrative Agent immediately in writing. Each Seller has has, or shall retain the Servicer that has, adequate financial standing, servicing facilities, procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans sold by it to Administrative Agent hereunder and in accordance with Accepted Servicing Practices.