Commitments to Buy and Sell Mortgage Loans; Program Allocations; Targeted Areas Sample Clauses

Commitments to Buy and Sell Mortgage Loans; Program Allocations; Targeted Areas. (a) Invitations to Originate; Program Allocations. From time to time and prior to the issuance of a related Series of Bonds, the Issuer shall distribute an Invitation to Originate to Participants hereunder, as well as any additional mortgage lending institutions selected by the Issuer. In order to be considered for participation in a Program, Participants shall deliver to the Issuer its acceptance of the related Invitation and any other documentation required by the Issuer in the form and at the time designated by the Issuer. Subsequent to the Issuer’s receipt of such acceptance, the Issuer, in its sole and absolute discretion, (i) may establish a first come, first served Mortgage Loan reservation pool (a “Reservation Pool”) or (ii) provide specific Program Allocations to each Participant selected for participation in the Program (a “Dedicated Pool”). The related Invitation and the applicable Administrator’s Guidelines maintained on the Lender Portal shall provide (i) the manner of Allocation, (ii) with respect to a Reservation Pool, the manner of reserving the principal amount of a Mortgage Loan for which the Participant has received application from a borrower, and (iii) with respect to a Dedicated Pool, the amount of Program Allocation for each Participant. Upon the Issuer’s receipt of a Participant’s acceptance of a related Invitation and subject to any reservation of a Program Allocation for any of the Mortgage Loans described in paragraphs (b) and (c) of this Section 4.01, the Servicer hereby agrees to Purchase and take delivery from Participant, and Participant agrees to use its best efforts to originate and thereafter sell and assign to such Servicer, Mortgage Loans conforming to the requirements of this Agreement and the applicable Administrator’s Guidelines (subject to limitations on use of an Allocation in given Participating Counties as provided in Section 3.03 hereof), at the Mortgage Loan Purchase Price set forth in the related Invitation and in the applicable Administrator’s Guidelines. The Purchase price for each Mortgage Loan shall be paid in accordance with Section 4.09 hereof. The Servicer’s obligation to Purchase and take delivery is subject to the availability of sufficient funds to purchase GNMA Certificates or cause Xxxxxx Mae Securities or Xxxxxxx Mac Securities to be issued in accordance with the provisions hereof or of a Series Indenture. Notwithstanding the foregoing, no Participant shall originate a Disaster Area Loan until the ...
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Related to Commitments to Buy and Sell Mortgage Loans; Program Allocations; Targeted Areas

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  • Assuming Bank Portfolio Sales of Remaining Single Family Shared-Loss Loans The Assuming Bank shall have the right with the concurrence of the Receiver to liquidate for cash consideration, from time to time in one or more transactions, all or a portion of Single Family Shared-Loss Loans held by the Assuming Bank at any time prior to the Termination Date (“Portfolio Sales”). If the Assuming Bank exercises its option under this Section 4.1, it must give thirty (30) days notice in writing to the Receiver setting forth the details and schedule for the Portfolio Sale which shall be conducted by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. Sales of Restructured Loans shall be sold in a separate pool from Single Family Shared-Loss Loans not restructured. The Receiver’s review of the Assuming Bank’s proposed Portfolio Sale will be considered in a timely fashion and approval will not be unreasonably withheld, delayed or conditioned.

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