Common use of Compliance approval Clause in Contracts

Compliance approval. The Mortgage Lender may submit the Compliance Package to the Authority at any time after the Mortgage Loan reservation. The Authority will review the Compliance Package and either approve such Mortgage Loan or communicate any conditions that must be resolved to the Mortgage Lender. The Mortgage Lender may choose to close and fund the Mortgage Loan prior to receiving the Authority’s approval of the Compliance Package; provided, however, that the Mortgage Loan will not be eligible to be purchased by the Servicer unless and until the Authority has approved the Compliance Package.

Compliance approval. The Mortgage Lender may submit the Compliance Package to the Packagetothe Authority at any time after the Mortgage Loan reservation. The Authority will review the Compliance Package and either approve such Mortgage Loan or communicate any conditions that must be resolved to the Mortgage Lender. The Mortgage Lender may choose to close and fund the Mortgage Loan prior to receiving the Authority’s approval of the Compliance Package; provided, however, that the Mortgage Loan will not be eligible to be purchased by the Servicer unless and until the Authority has approved the Compliance Package.