Agency repurchase. (1) The Lend- er’s servicing fee will stop on the date that Interest was last paid by the Bor- rower when the Agency purchases the guaranteed portion of the loan from a Holder. The Lender cannot charge such servicing fee to the Agency and must apply all loan payments and Collateral proceeds received to the guaranteed and unguaranteed portions of the loan on a Pro Rata basis. (2) If the Agency repurchases 100 per- cent of the guaranteed portion of the loan, the Agency will not continue col- lection of the Annual Renewal Fee from the Lender. (3) If the Lender does not repurchase the unpaid guaranteed portion of the loan as provided in paragraph (a) of this section, the Agency will purchase from the Holder the unpaid principal balance of the guaranteed portion to- gether with accrued Interest to date of repurchase or the Interest Termination Date, whichever is sooner, less the Lender’s servicing fee, within 30 days after written demand to the Agency from the Holder. (4) When Xxxxxx has accelerated the account, and subject to the expiration of any forbearance or workout agree- ment, the Lender, or the Agency at its sole discretion, must issue a letter to the Holder(s) establishing the Interest Termination Date. Accrued Interest to be paid to the Holder(s) will be cal- culated from the date Interest was last paid on the loan with a termination date not to exceed the Interest Termi- nation Date. (5) When the Lender has accelerated the account and the Lender holds all or a portion of the guaranteed loan, an es- timated loss claim (loan in the liquida- tion process) must be filed by the Lend- er with the Agency within 60 days. Ac- crued Interest paid to the Lender will be calculated from the date Interest was last paid on the loan to the Inter- est Termination Date. (6) The Holder’s demand to the Agen- cy must include a copy of the written demand made upon the Lender. The Holder must also include evidence of its right to require payment from the Agency. Such evidence must consist of either the original of the Loan Note Guarantee properly endorsed to the Agency or the original of the Assign- ment Guarantee Agreement properly assigned to the Agency without re- course including all rights, title, and interest in the loan. When the single- note system is utilized and the initial Holder has sold its interest, the cur- rent Holder must present the original Assignment Guarantee Agreement and an original of each Agency approved re- assignment document in the chain of ownership, with the latest reassign- ment being assigned to the Agency without recourse, including all rights, title, and interest in the guarantee. The Holder must include in its demand the amount due including unpaid prin- cipal, unpaid Interest to date of xx- xxxx, and Interest subsequently accru- ing from date of demand to proposed payment date. The Agency will be sub- rogated to all rights of the Holder. (7) Upon request by the Agency, the Lender must furnish within 30 days of such request a current statement cer- tified by an appropriate authorized of- ficer of the Lender of the unpaid prin-
Appears in 1 contract
Samples: Assignment Guarantee Agreement
Agency repurchase. (1) The Lend- er’s servicing fee will stop on the date that Interest was last paid by the Bor- rower when the Agency purchases the guaranteed portion of the loan from a Holder. The Lender cannot charge such servicing fee to the Agency and must apply all loan payments and Collateral proceeds received to the guaranteed and unguaranteed portions of the loan on a Pro Rata basis.
(2) If the Agency repurchases 100 per- cent of the guaranteed portion of the loan, the Agency will not continue col- lection of the Annual Renewal Fee from the Lender.
(3) If the Lender does not repurchase the unpaid guaranteed portion of the loan as provided in paragraph (a) of this section, the Agency will purchase from the Holder the unpaid principal balance of the guaranteed portion to- gether with accrued Interest to date of repurchase or the Interest Termination Date, whichever is sooner, less the Lender’s servicing fee, within 30 days after written demand to the Agency from the Holder.
(4) When Xxxxxx has accelerated the account, and subject to the expiration of any forbearance or workout agree- ment, the Lender, or the Agency at its sole discretion, must issue a letter to the Holder(s) establishing the Interest Termination Date. Accrued Interest to be paid to the Holder(s) will be cal- culated from the date Interest was last paid on the loan with a termination date not to exceed the Interest Termi- nation Date.
(5) When the Lender has accelerated the account and the Lender holds all or a portion of the guaranteed loan, an es- timated loss claim (loan in the liquida- tion process) must be filed by the Lend- er with the Agency within 60 days. Ac- crued Interest paid to the Lender will be calculated from the date Interest was last paid on the loan to the Inter- est Termination Date.
(6) The Holder’s demand to the Agen- cy must include a copy of the written demand made upon the Lender. The Holder must also include evidence of its right to require payment from the Agency. Such evidence must consist of either the original of the Loan Note Guarantee properly endorsed to the Agency or the original of the Assign- ment Guarantee Agreement properly assigned to the Agency without re- course including all rights, title, and interest in the loan. When the single- note system is utilized and the initial Holder has sold its interest, the cur- rent Holder must present the original Assignment Guarantee Agreement and an original of each Agency approved re- assignment document in the chain of ownership, with the latest reassign- ment being assigned to the Agency without recourse, including all rights, title, and interest in the guarantee. The Holder must include in its demand the amount due including unpaid prin- cipal, unpaid Interest to date of xx- xxxx, and Interest subsequently accru- ing from date of demand to proposed payment date. The Agency will be sub- rogated to all rights of the Holder.
(7) Upon request by the Agency, the Lender must furnish within 30 days of such request a current statement cer- tified by an appropriate authorized of- ficer of the Lender of the unpaid prin-prin- cipal and Interest then owed by the Borrower on the loan and the amount then owed to any Holder, along with the information necessary for the Agency to determine the appropriate amount due the Holder. Any discrep- ancy between the amount claimed by the Holder and the information sub- mitted by the Lender must be resolved between the Lender and the Holder be- fore payment will be approved. Such conflict will suspend the running of the 30 day payment requirement.
(8) Purchase by the Agency neither changes, alters, nor modifies any of the Lender’s obligations to the Agency arising from the loan or guarantee nor does it waive any of Agency’s rights against the Lender. The Agency will have the right to set-off against the Lender all rights inuring to the Agency as the Holder of the instrument against the Agency’s obligation to the Lender under the guarantee.
Appears in 1 contract
Samples: Assignment Guarantee Agreement
Agency repurchase. (1) The Lend- erlender’s servicing fee will stop on the date that Interest interest was last paid by the Bor- rower borrower when the Agency purchases the guaranteed guar- anteed portion of the loan from a Holderhold- er. The Lender lender cannot charge such servicing serv- icing fee to the Agency and must apply all loan payments and Collateral proceeds collateral pro- ceeds received to the guaranteed and unguaranteed portions of the loan on a Pro Rata pro rata basis.
(2) If the Agency repurchases 100 per- cent of the guaranteed portion of the loanloan and becomes the holder, interest accrual on the loan will cease, and the Agency will not continue col- lection collection of the Annual Renewal Fee annual renewal fee from the Lenderlender.
(3) If the Lender lender does not repurchase the unpaid guaranteed portion of the loan as provided in paragraph (a) of this section, the Agency will purchase from the Holder holder the unpaid principal balance of the guaranteed portion to- gether with accrued Interest interest to date of repurchase or the Interest Termination Date, whichever is soonerrepurchase, less the Lenderlender’s servicing fee, within 30 days after written demand xx- xxxx to the Agency from the Holderholder. For those loans closed on or after Au- gust 2, 2016, the lender or the Agency will issue an interest termination let- ter to the holder(s) establishing the termination date for interest accrual. The guarantee will not cover interest to any holder accruing after the great- er of: 90 days from the date of the most recent delinquency effective date as re- ported by the lender or 30 days from the date of the interest termination letter. Once the holder makes demand upon the Agency, the request cannot be rescinded.
(4) When Xxxxxx the guaranteed loan has accelerated the account, been delinquent more than 60 days and subject to the expiration of any forbearance or workout agree- mentno holder comes forward, the Lender, or the Agency at its sole discretion, must may issue a letter to the Holder(sholder(s) establishing es- tablishing the Interest Termination Datecutoff date for interest accrual. Accrued Interest interest to be paid to the Holder(s) holder will be cal- culated calculated from the date Interest interest was last paid on the loan with a termination cutoff date not to exceed being no more than 90 days from the Interest Termi- nation Datedate of the most recent delinquency effective date as reported by the lender.
(5) When the Lender lender has accelerated the account and the Lender holds all or a portion of the guaranteed loan, an es- timated estimated loss claim (loan in the liquida- tion liquidation process) must be filed by the Lend- er lender with the Agency within 60 days. Ac- crued Interest interest paid to the Lender lender will be calculated from the date Interest interest was last paid on the loan to with a cutoff date being no more than 90 days from the Inter- est Termination Datemost recent delinquency effective date as reported by the lender.
(6) The Holderholder’s demand to the Agen- cy must include a copy of the written demand made upon the Lenderlender. The Holder holder must also include evidence of its right to require payment from the Agency. Such evidence must consist of either the original of the Loan Note Guarantee properly endorsed to the Agency or the original of the Assign- ment Guarantee Agreement properly assigned to the Agency without re- course course, including all rights, title, and interest in the loan. When the single- note system is utilized and the initial Holder holder has sold its interest, the cur- rent Holder current holder must present the original Assignment As- signment Guarantee Agreement and an original of each Agency Agency-approved re- assignment reas- signment document in the chain of ownership, with the latest reassign- ment being assigned to the Agency without recourse, including all rights, title, and interest in the guarantee. The Holder holder must include in its demand the amount due due, including unpaid prin- cipalxxxxx, unpaid Interest interest to date of xx- xxxx, and Interest interest subsequently accru- ing from date of demand to proposed payment date. The Agency will be sub- rogated to all rights of the Holderholder.
(7) Upon request by the Agency, the Lender lender must promptly furnish within 30 days of such request a current statement cer- tified certified by an appropriate authorized of- ficer officer of the Lender lender of the unpaid prin-principal and interest then owed by the borrower on the loan and the amount then owed to any holder, along with the information necessary for the Agency to determine the appro- priate amount due the holder. Any dis- crepancy between the amount claimed by the holder and the information sub- mitted by the lender must be resolved between the lender and the holder be- fore payment will be approved. Such conflict will suspend the running of the 30-day payment requirement.
(8) Purchase by the Agency neither changes, alters, nor modifies any of the lender’s obligations to the Agency aris- ing from the loan or guarantee nor does it waive any of the Agency’s rights against the lender. The Agency will have the right to set-off against the lender all rights inuring to the Agency as the holder of the instrument against the Agency’s obligation to the lender under the program.
Appears in 1 contract
Samples: Guarantee Agreement
Agency repurchase. (1) The Lend- erlender’s servicing fee will stop on the date that Interest interest was last paid by the Bor- rower borrower when the Agency purchases the guaranteed guar- anteed portion of the loan from a Holderhold- er. The Lender lender cannot charge such servicing serv- icing fee to the Agency and must apply all loan payments and Collateral proceeds collateral pro- ceeds received to the guaranteed and unguaranteed portions of the loan on a Pro Rata pro rata basis.
(2) If the Agency repurchases 100 per- cent of the guaranteed portion of the loanloan and becomes the holder, interest accrual on the loan will cease, and the Agency will not continue col- lection collection of the Annual Renewal Fee annual renewal fee from the Lenderlender.
(3) If the Lender lender does not repurchase the unpaid guaranteed portion of the loan as provided in paragraph (a) of this section, the Agency will purchase from the Holder holder the unpaid principal balance of the guaranteed portion to- gether with accrued Interest interest to date of repurchase or the Interest Termination Date, whichever is soonerrepurchase, less the Lenderlender’s servicing fee, within 30 days after written demand xx- xxxx to the Agency from the Holderholder. For those loans closed on or after Au- gust 2, 2016, the lender or the Agency will issue an interest termination let- ter to the holder(s) establishing the termination date for interest accrual. The guarantee will not cover interest to any holder accruing after the great- er of: 90 days from the date of the most recent delinquency effective date as re- ported by the lender or 30 days from the date of the interest termination letter. Once the holder makes demand upon the Agency, the request cannot be rescinded.
(4) When Xxxxxx the guaranteed loan has accelerated the account, been delinquent more than 60 days and subject to the expiration of any forbearance or workout agree- mentno holder comes forward, the Lender, or the Agency at its sole discretion, must may issue a letter to the Holder(sholder(s) establishing es- tablishing the Interest Termination Datecutoff date for interest accrual. Accrued Interest interest to be paid to the Holder(s) holder will be cal- culated calculated from the date Interest interest was last paid on the loan with a termination cutoff date not to exceed being no more than 90 days from the Interest Termi- nation Datedate of the most recent delinquency effective date as reported by the lender.
(5) When the Lender lender has accelerated the account and the Lender holds all or a portion of the guaranteed loan, an es- timated estimated loss claim (loan in the liquida- tion liquidation process) must be filed by the Lend- er lender with the Agency within 60 days. Ac- crued Interest interest paid to the Lender lender will be calculated from the date Interest interest was last paid on the loan to with a cutoff date being no more than 90 days from the Inter- est Termination Datemost recent delinquency effective date as reported by the lender.
(6) The Holderholder’s demand to the Agen- cy must include a copy of the written demand made upon the Lenderlender. The Holder holder must also include evidence of its right to require payment from the Agency. Such evidence must consist of either the original of the Loan Note Guarantee properly endorsed to the Agency or the original of the Assign- ment Guarantee Agreement properly assigned to the Agency without re- course course, including all rights, title, and interest in the loan. When the single- note system is utilized and the initial Holder holder has sold its interest, the cur- rent Holder current holder must present the original Assignment As- signment Guarantee Agreement and an original of each Agency Agency-approved re- assignment reas- signment document in the chain of ownership, with the latest reassign- ment being assigned to the Agency without recourse, including all rights, title, and interest in the guarantee. The Holder holder must include in its demand the amount due due, including unpaid prin- cipal, unpaid Interest interest to date of xx- xxxx, and Interest interest subsequently accru- ing from date of demand to proposed payment date. The Agency will be sub- rogated to all rights of the Holderholder.
(7) Upon request by the Agency, the Lender lender must promptly furnish within 30 days of such request a current statement cer- tified certified by an appropriate authorized of- ficer officer of the Lender lender of the unpaid prin-principal and interest then owed by the borrower on the loan and the amount then owed to any holder, along with the information necessary for the Agency to determine the appro- priate amount due the holder. Any dis- crepancy between the amount claimed by the holder and the information sub- mitted by the lender must be resolved between the lender and the holder be- fore payment will be approved. Such conflict will suspend the running of the 30-day payment requirement.
(8) Purchase by the Agency neither changes, alters, nor modifies any of the lender’s obligations to the Agency aris- ing from the loan or guarantee nor does it waive any of the Agency’s rights against the lender. The Agency will have the right to set-off against the lender all rights inuring to the Agency as the holder of the instrument against the Agency’s obligation to the lender under the program.
Appears in 1 contract
Samples: Assignment Guarantee Agreement
