Common use of Correspondent Lending Program Clause in Contracts

Correspondent Lending Program. Under the Correspondent Lending Program, Seller may, from time to time, agree to pay a Correspondent Lender a Correspondent Trailing Premium ("CTP") 0.125% to 0.75% of the annualized principal balance of the applicable Mortgage Loan, less an administrative fee. The CTP is paid by Seller on a monthly basis out of the Monthly Payment received from the applicable Mortgagor. Seller is obligated to pay such fee to the Correspondent Lender as long as the applicable Mortgage Loan remains outstanding and the Mortgagor's Monthly Payment are current.