Common use of Compliance with Mortgage Banking Regulations Clause in Contracts

Compliance with Mortgage Banking Regulations. With respect to each Recourse Mortgage Loan, the Company and each subsidiary and each prior and current originator of any such loan, has been and is in compliance in all material respects with all Regulations, orders, writs, decrees, injunctions and other requirements of any court or governmental authorities applicable to any of them, including without limitation any applicable local, state or federal law or ordinance, and any regulations or orders issued thereunder, governing or pertaining to fair housing or unlawful discrimination in residential lending (including without limitation anti-redlining, equal credit opportunity, and fair credit reporting), truth-in-lending (including without limitation specific regulations relating to Section 32 Loans), real estate settlement procedures, adjustable rate mortgages, adjustable rate mortgage disclosures or consumer credit (including without limitation the federal Consumer Credit Protection Act, the federal Truth-in-lending Act and Regulation Z thereunder, the federal Real Estate Settlement Procedures Act of 1974 and Regulation X thereunder, and the federal Equal Credit Opportunity Act and Regulation B thereunder, all applicable usury and interest limitations laws and all similar state laws (collectively, "Consumer Credit Laws"). Without limiting the generality of the foregoing, the Company and the Subsidiaries and each prior and current servicer and originator of the Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, has been and is in compliance in all respects with all servicer and other requirements of HUD, FHA, VA and FNMA which are applicable to it. No broker or correspondent involved in the origination of Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, has violated in any material respect any Consumer Credit Laws, including without limitation servicer and other applicable requirements of HUD, FHA, VA and FNMA. No broker or correspondent involved in the origination of Mortgage Loans has failed to remain in good standing with the Company and the Subsidiaries, has failed to obtain all Licenses necessary to conduct the activities conducted by such broker or correspondent in connection therewith or is subject to any claim or administrative proceeding filed against such broker or correspondent based upon the business activities conducted by such broker or correspondent in connection therewith.

Compliance with Mortgage Banking Regulations. With respect to each Recourse Mortgage Loan(a) Except as disclosed in Section 3.30 of the Company Disclosure Letter, the Company and each subsidiary and of its Subsidiaries engaged in the business of originating or servicing loans and, with respect to each Mortgage Loan, and, to the knowledge of the Company, each prior servicer and current originator of any such loan, has been and is (including, without limitation, with respect to (i) the ownership and operation of its properties and (ii) the documentation, underwriting, origination, purchase, assumption, modification, sale, pooling and servicing of Mortgage Loans by the Company and such Subsidiaries and such prior servicers and originators) in compliance in all material respects with all Regulations, orders, writs, decrees, injunctions and other requirements of any court or governmental authorities Governmental Entities applicable to any it, its properties and assets and its conduct of thembusiness (including, including without limitation limitation, (x) the rules, regulations and requirements of FHA, VA, FNMA, the United States Department of Housing and Urban Development ("HUD"), FHLMC and GNMA, (y) any applicable local, state or federal law or ordinance, and any regulations or orders issued thereunder, governing or pertaining to fair housing or unlawful discrimination in residential lending (including without limitation anti-redlining, equal credit opportunity, and fair credit reporting), truth-in-lending (including without limitation specific regulations relating to Section 32 Loans)lending, real estate settlement procedures, adjustable rate mortgages, adjustable rate mortgage disclosures or consumer credit (including including, without limitation limitation, the federal Consumer Credit Protection Act, the federal Truth-in-lending in- Lending Act and Regulation Z thereunder, the federal Real Estate Settlement Procedures Act of 1974 and Regulation X thereunder, and the federal Equal Credit Opportunity Act and Regulation B thereunder, ) or with respect to the Flood Disaster Protection Act and (z) all applicable usury and interest limitations laws and all similar state laws (collectively, "Consumer Credit Laws"laws). Without limiting the generality of the foregoing, except as set forth in Section 3.30(a) of the Company Disclosure Letter, each of the Company and the Subsidiaries and each prior and current servicer and originator such Subsidiary of the Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, Company has been and is in compliance in all material respects with all servicer and other requirements of HUD, the FHA, VA VA, FNMA, FHLMC, GNMA, Investors and FNMA any Insurer (including, without limitation, any applicable net worth requirements) which are applicable to it. No , and all applicable underwriting standards of such Agencies, Investors or Insurers, and each correspondent or broker from whom the Company or correspondent involved in the origination of Recourse Mortgage Loans, including without limitation mortgage loans that constitute part a Subsidiary of the Acquired Assets, Company has violated in any material respect any Consumer Credit Laws, including without limitation servicer purchased FHA Loans or VA Loans had all FHA and other applicable requirements of HUD, FHA, VA and FNMA. No broker or correspondent involved in the origination of Mortgage Loans has failed to remain in good standing with the Company and the Subsidiaries, has failed to obtain all Licenses approvals necessary to conduct the activities conducted by such broker or correspondent in connection therewith or is subject enable it to any claim or administrative proceeding filed against such broker or correspondent based upon the business activities conducted by such broker or correspondent in connection therewithtake applications and close FHA Loans and/or VA Loans.

Compliance with Mortgage Banking Regulations. With respect to each Recourse Mortgage Loan(A) Except as disclosed in Section 4.26(a) of the Disclosure Schedule, the Company and each subsidiary and of its Subsidiaries engaged in the business of originating or servicing loans and, with respect to each Mortgage Loan, each prior servicer and current originator of any such loan, has been and is (including without limitation, with respect to (I) the ownership and operation of its properties and (II) the documentation, underwriting, origination, purchase, assumption, modification, sale, pooling and servicing of Mortgage Loans by the Company and such Subsidiaries and such prior servicers and originators) in compliance in all material respects with all Regulations, orders, writs, decrees, injunctions and other requirements of any court or governmental authorities Governmental Entities applicable to any it, its properties and assets and its conduct of thembusiness (including, including without limitation limitation, (X) the rules, regulations and requirements of FHA, VA, FNMA, HUD, FHLMC and GNMA, (Y) any applicable local, state or federal law or ordinance, and any regulations or orders issued thereunder, governing or or, pertaining to fair housing or unlawful discrimination in residential lending (including without limitation anti-redlining, equal credit opportunity, and fair credit reporting), truth-in-lending (including without limitation specific regulations relating to Section 32 Loans)lending, real estate settlement procedures, adjustable rate mortgages, adjustable rate mortgage disclosures or consumer credit (including without limitation the federal Consumer Credit Protection Act, the federal Truth-in-lending Lending Act and Regulation Z thereunder, the federal Real Estate Settlement Procedures Act of 1974 and Regulation X thereunder, and the federal Equal Credit Opportunity Act and Regulation B thereunder, ) or with respect to the Flood Disaster Protection Act and (Z) all applicable usury and interest limitations laws and all similar state laws (collectively, "Consumer Credit Laws"laws). Without limiting the generality of the foregoing, except as set forth in Section 4.26(a) of the Disclosure Schedule, each of the Company and the its Subsidiaries and each prior and current servicer and originator of the Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, has been and is in compliance in all material respects with all servicer and other requirements of HUD, the FHA, VA VA, FNMA, FHLMC, GNMA, Investors and FNMA any Insurer (including, without limitation, any applicable net worth requirements) which are applicable to it. No , and all applicable underwriting standards of such Agencies, Investors or Insurers, and each correspondent or broker or correspondent involved in the origination of Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, has violated in any material respect any Consumer Credit Laws, including without limitation servicer and other applicable requirements of HUD, FHA, VA and FNMA. No broker or correspondent involved in the origination of Mortgage Loans has failed to remain in good standing with from whom the Company or any of its Subsidiaries has purchased FHA Loans or VA Loans had all FHA and the Subsidiaries, has failed to obtain all Licenses VA approvals necessary to conduct the activities conducted by such broker or correspondent in connection therewith or is subject enable it to any claim or administrative proceeding filed against such broker or correspondent based upon the business activities conducted by such broker or correspondent in connection therewithtake applications and close FHA Loans and/or VA Loans.

Compliance with Mortgage Banking Regulations. With respect to each Recourse Mortgage Loan(a) Except as disclosed in Section 3.30 of the Company Disclosure Letter, the Company and each subsidiary and of its Subsidiaries engaged in the business of originating or servicing loans and, with respect to each Mortgage Loan, and, to the knowledge of the Company, each prior servicer and current originator of any such loan, has been and is (including, without limitation, with respect to (i) the ownership and operation of its properties and (ii) the documentation, underwriting, origination, purchase, assumption, modification, sale, pooling and servicing of Mortgage Loans by the Company and such Subsidiaries and such prior servicers and originators) in compliance in all material respects with all Regulations, orders, writs, decrees, injunctions and other requirements of any court or governmental authorities Governmental Entities applicable to any it, its properties and assets and its conduct of thembusiness (including, including without limitation limitation, (x) the rules, regulations and requirements of FHA, VA, FNMA, the United States Department of Housing and Urban Development ("HUD"), FHLMC and GNMA, (y) any applicable local, state or federal law or ordinance, and any regulations or orders issued thereunder, governing or pertaining to fair housing or unlawful discrimination in residential lending (including without limitation anti-redlining, equal credit opportunity, and fair credit reporting), truth-in-lending (including without limitation specific regulations relating to Section 32 Loans)lending, real estate settlement procedures, adjustable rate mortgages, adjustable rate mortgage disclosures or consumer credit (including including, without limitation limitation, the federal Consumer Credit Protection Act, the federal Truth-in-lending Lending Act and Regulation Z thereunder, the federal Real Estate Settlement Procedures Act of 1974 and Regulation X thereunder, and the federal Equal Credit Opportunity Act and Regulation B thereunder, ) or with respect to the Flood Disaster Protection Act and (z) all applicable usury and interest limitations laws and all similar state laws (collectively, "Consumer Credit Laws"laws). Without limiting the generality of the foregoing, except as set forth in Section 3.30(a) of the Company Disclosure Letter, each of the Company and the Subsidiaries and each prior and current servicer and originator such Subsidiary of the Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, Company has been and is in compliance in all material respects with all servicer and other requirements of HUD, the FHA, VA VA, FNMA, FHLMC, GNMA, Investors and FNMA any Insurer (including, without limitation, any applicable net worth requirements) which are applicable to it. No , and all applicable underwriting standards of such Agencies, Investors or Insurers, and each correspondent or broker from whom the Company or correspondent involved in the origination of Recourse Mortgage Loans, including without limitation mortgage loans that constitute part a Subsidiary of the Acquired Assets, Company has violated in any material respect any Consumer Credit Laws, including without limitation servicer purchased FHA Loans or VA Loans had all FHA and other applicable requirements of HUD, FHA, VA and FNMA. No broker or correspondent involved in the origination of Mortgage Loans has failed to remain in good standing with the Company and the Subsidiaries, has failed to obtain all Licenses approvals necessary to conduct the activities conducted by such broker or correspondent in connection therewith or is subject enable it to any claim or administrative proceeding filed against such broker or correspondent based upon the business activities conducted by such broker or correspondent in connection therewithtake applications and close FHA Loans and/or VA Loans.

Compliance with Mortgage Banking Regulations. With respect to each Recourse Mortgage Loan(a) Except as disclosed in Section 4.26(a) of the Disclosure Schedule, the Company and each subsidiary and of its Subsidiaries engaged in the business of originating or servicing loans and, with respect to each Mortgage Loan, each prior servicer and current originator of any such loan, has been and is (including without limitation, with respect to (i) the ownership and operation of its properties and (ii) the documentation, underwriting, origination, purchase, assumption, modification, sale, pooling and servicing of Mortgage Loans by the Company and such Subsidiaries and such prior servicers and originators) in compliance in all material respects with all Regulations, orders, writs, decrees, injunctions and other requirements of any court or governmental authorities Governmental Entities applicable to any it, its properties and assets and its conduct of thembusiness (including, including without limitation limitation, (x) the rules, regulations and requirements of FHA, VA, FNMA, HUD, FHLMC and GNMA, (y) any applicable local, state or federal law or ordinance, and any regulations or orders issued thereunder, governing or or, pertaining to fair housing or unlawful discrimination in residential lending (including without limitation anti-redlining, equal credit opportunity, and fair credit reporting), truth-in-lending (including without limitation specific regulations relating to Section 32 Loans)lending, real estate settlement procedures, adjustable rate mortgages, adjustable rate mortgage disclosures or consumer credit (including without limitation the federal Consumer Credit Protection Act, the federal Truth-in-lending Lending Act and Regulation Z thereunder, the federal Real Estate Settlement Procedures Act of 1974 and Regulation X thereunder, and the federal Equal Credit Opportunity Act and Regulation B thereunder, ) or with respect to the Flood Disaster Protection Act and (z) all applicable usury and interest limitations laws and all similar state laws (collectively, "Consumer Credit Laws"laws). Without limiting the generality of the foregoing, except as set forth in Section 4.26(a) of the Disclosure Schedule, each of the Company and the its Subsidiaries and each prior and current servicer and originator of the Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, has been and is in compliance in all material respects with all servicer and other requirements of HUD, the FHA, VA VA, FNMA, FHLMC, GNMA, Investors and FNMA any Insurer (including, without limitation, any applicable net worth requirements) which are applicable to it. No , and all applicable underwriting standards of such Agencies, Investors or Insurers, and each correspondent or broker or correspondent involved in the origination of Recourse Mortgage Loans, including without limitation mortgage loans that constitute part of the Acquired Assets, has violated in any material respect any Consumer Credit Laws, including without limitation servicer and other applicable requirements of HUD, FHA, VA and FNMA. No broker or correspondent involved in the origination of Mortgage Loans has failed to remain in good standing with from whom the Company or any of its Subsidiaries has purchased FHA Loans or VA Loans had all FHA and the Subsidiaries, has failed to obtain all Licenses VA approvals necessary to conduct the activities conducted by such broker or correspondent in connection therewith or is subject enable it to any claim or administrative proceeding filed against such broker or correspondent based upon the business activities conducted by such broker or correspondent in connection therewithtake applications and close FHA Loans and/or VA Loans.