Approval or Rejection of Packages. (a) Subsequent to Xxxxxx's submission of a completed Package in accordance with the provisions of this Agreement, Arc shall consider whether to approve or reject the Package in its sole and absolute discretion. (b) ARC HOME shall not be under any obligation to approve any Package or any minimum number of Packages (or originate any Loan related thereto) at all. ARC HOME shall have the right, but not the obligation, to underwrite any Package. The exercise of this right by ARC HOME shall not affect in any way Broker's obligations hereunder, including, without limitation, Xxxxxx's indemnification obligations under this Agreement. ARC HOME shall use its commercially reasonable efforts to be responsive to Broker but is under no obligation to approve or reject any Package within a prescribed period of time. (c) If Broker fails to submit a complete Package, including all documentation requested or desired by ARC HOME, ARC HOME has the option, in ARC HOME’s sole discretion, to (i) approve the Package based on the documentation provided, (ii) approve the Package subject to submission of additional documentation required prior to closing, (iii) request further information or documentation from Broker, or (iv) reject the Package. (d) Xxxxxx acknowledges that Packages that are suspended by ARC HOME will be denied after 30 days if Xxxxxx does not respond to the suspense conditions. (e) Xxxxxx understands and acknowledges that, pursuant to Title 18, United States Code, Section 1014, it is a crime, punishable by fine, imprisonment or both, knowingly and willfully to falsify or conceal a material fact or make a false statement in a loan application.
Appears in 5 contracts
Samples: Broker Agreement, Broker Agreement, Broker Agreement
