Common use of Covenants of Correspondent Clause in Contracts

Covenants of Correspondent. Correspondent covenants and agrees with DIME as follows: A. Correspondent shall notify DIME immediately of: (i) any material changes in its ownership, financial condition, or management; (ii) any audits, examinations, or reviews by FHA or VA, including any administrative sanctions imposed upon Correspondent; (iii) if following the sale of any Loan to DIME, Correspondent becomes aware of any fact or circumstance regarding any Loan of which would have caused the Loan to be ineligible for sale to DIME if known prior to such sale; B. DIME may, from time to time, review, at Correspondent's place of business, or at DIME's place of business, Correspondent's loan files, policies, procedures, and records, in order to determine whether Correspondent meets DIME's quality control standards. C. Correspondent shall timely deliver to each applicant a completed Regulation Z disclosure statement, Good Faith Estimate of Closing Costs, Federally mandated fixed rate, or ARM disclosures and HUD booklets. Correspondent shall be responsible for compliance with aggregate accounting requirements relating to escrow account statements and escrow accounting procedures mandated by the Federal Real Estate Settlement Procedures Act. Correspondent shall also be responsible for compliance with ECOA concerning notification of adverse action to an applicant whose Loan Package DIME does not accept (DIME may, at its option, deliver notice of adverse action to Correspondent for further delivery to applicant). Correspondent shall comply with Regulation Z concerning return of all moneys paid by the applicant to Correspondent should the applicant rescind and Correspondent shall not seek reimbursement from DIME for such refund. D. Correspondent shall deliver evidence, in a form satisfactory to DIME, of such compliance, including, but not limited to, copies of any notice or disclosure form furnished to an applicant. E. Correspondent utilizes only licensed Real Estate Appraisers that meet the requirements set forth in the Dime Correspondent Manual, and whose approval and appointment is made in compliance with regulations and standards contained in the Financial Institutions Reform Recovery and Enforcement Act or, in the case of FHA or VA Loans, by appraisers approved by FHA or VA respectively. F. At all times during the term of this Agreement, Correspondent shall maintain a complete set of files and records of all business activities and operations conducted by Correspondent in its capacity as loan correspondent of Dime. Such Revised 3/11/97 11 files and records shall be maintained in a neat, orderly and organized manner. For a period of not less than twenty-five (25) months from and after the date of termination or expiration of this Agreement, Correspondent shall continue to maintain all such files and records at a reasonably accessible location. Alternatively, Correspondent may deliver to Dime all such files and records. At all times during the term of this Agreement and at all times during the twenty-five (25) month period following expiration or termination of this Agreement, Dime, its duly authorized agents, representative and employees, any necessary party involved in any public offering (such as rating agencies) and federal and state regulatory agencies which supervise Dime shall have a right, upon reasonable notice, to audit, inspect and copy any of the foregoing records, reports, files, and related materials of Correspondent, and Correspondent shall cooperate and assist any such audit or inspection.

Covenants of Correspondent. Correspondent covenants and agrees with DIME Chase as follows: A. Correspondent shall notify DIME Chase immediately of: (i) any material changes in its ownership, financial condition, or principal management; (ii) any audits, examinations, or reviews by FHA or VA, including any administrative sanctions imposed upon Correspondent; (iii) if following the sale of any Loan to DIMEChase, Correspondent becomes aware of any fact or circumstance regarding any Loan of which would have caused the Loan to be ineligible for sale to DIME Chase if known prior to such sale; B. DIME may, from time to time, review, at Correspondent's place of business, or at DIME's place of business, Correspondent's loan files, policies, procedures, and records, in order to determine whether Correspondent meets DIME's quality control standards. C. Correspondent shall timely deliver to each applicant a completed Regulation Z disclosure statement, Good Faith Estimate of Closing Costs, Federally federally mandated fixed rate, or ARM disclosures disclosure and HUD booklets. Correspondent shall be responsible for compliance with aggregate accounting requirements relating to escrow account statements and escrow accounting procedures mandated by the Federal Real Estate Settlement Procedures ActRESPA. Correspondent shall also be responsible for compliance with ECOA concerning notification of adverse action to an applicant whose Loan Package DIME Chase does not accept (DIME Chase may, at its option, deliver notice of adverse action to Correspondent for further delivery to applicant). Correspondent shall comply with Regulation Z concerning return of all moneys monies paid by the applicant to Correspondent should the applicant rescind and Correspondent shall not seek reimbursement from DIME Chase for such refund. D. C. Correspondent shall deliver evidence, in a form satisfactory to DIMEChase, of such compliance, including, but not limited to, copies of any notice or disclosure form furnished to an applicant. E. D. Correspondent utilizes only licensed Real Estate Appraisers that meet the requirements set forth in the Dime Chase Correspondent Manual, and whose approval and appointment is made in compliance with the regulations and standards contained in the Financial Institutions Reform Recovery and Enforcement Act or, in the case of FHA or VA LoansLoan Packages, by appraisers approved by FHA or VA VA, respectively. F. E. At all times during the term of this Agreement, Correspondent shall maintain a complete set of files and records of all business activities and operations conducted by Correspondent in its capacity as loan correspondent of DimeChase. Such Revised 3/11/97 11 files and records shall be maintained in a neat, orderly and organized manner. For a period of not less than twenty-five (25) months from and after the date of termination or expiration of this Agreement, Correspondent shall continue to maintain all such files and records at a reasonably accessible location. Alternatively, Correspondent may deliver to Dime Chase all such files and records. At all times during the term of this Agreement and at all times during the twenty-five (25) month period following expiration or termination of this Agreement, DimeChase, its duly authorized agents, representative representatives and employees, any necessary party involved in any public offering (such as rating agencies) and federal and state regulatory agencies which supervise Dime Chase shall have a right, upon reasonable notice, to audit, inspect and copy any of the foregoing records, reports, files, and related materials of Correspondent, and Correspondent shall cooperate and assist in any such audit or inspection. F. Within one hundred twenty (120) days following the end of each fiscal year of Correspondent, Correspondent shall deliver to Chase financial statement of Correspondent covering such fiscal period including a balance sheet as of the end of such fiscal year, an income statement for such fiscal year, and related statements of changes in financial position and shareholders equity for such fiscal period setting forth in each case in comparative form, figures for the previous fiscal year, all in reasonable detail and, unless otherwise agreed by Chase, such financial statements shall be audited and certified by an independent firm or certified public accountants. In addition, if required from time to time by Chase, within forty-five (45) days following the end of each quarterly period of the fiscal year of Correspondent, Correspondent shall deliver to Chase unaudited financial statements of Correspondent for such quarterly period, including a balance sheet, an income statement setting forth in each case, in comparative form, figures for the same quarter of the previous fiscal year, all in reasonable detail, which statement shall be certified by the chief financial officer of Correspondent as fairly representing the financial condition and result so operations of Correspondent as of and for such quarterly period. Correspondent shall also provide any additional information reasonably requested by Chase, from time to time, including, but not limited to, proof of adequate licensing and bonding.

Covenants of Correspondent. Correspondent covenants and agrees with DIME Purchaser as follows: A. Correspondent shall notify DIME Purchaser immediately of: (i) any material changes in its ownership, financial condition, or management; (ii) any audits, examinations, or reviews by FHA or VAany state regulatory agency, including any administrative sanctions imposed upon Correspondent;; or (iii) if any fact or circumstance Correspondent becomes aware of following the sale of any Loan to DIME, Correspondent becomes aware of any fact or circumstance regarding any Loan of which would have caused the Loan to be ineligible for sale to DIME Purchaser if known prior to such sale;. B. DIME Purchaser may, from time to time, review, at Correspondent's ’s place of business, or at DIME's Purchaser’s place of business, Correspondent's ’s operations, loan files, policies, procedures, procedures and records, in order to determine whether Correspondent meets DIME's Xxxxxxxxx’s quality control standards. C. Correspondent shall timely deliver to each applicant a completed copies of all application disclosures required by law, Purchaser’s Correspondent Lender Guide and/or investor requirements, including, without limitation, Regulation Z disclosure statement, Good Faith Loan Estimate of and Closing CostsDisclosure, Federally mandated fixed rate, or ARM disclosures, FCRA credit score and risk-based pricing disclosures and HUD U.S. Department of Housing and Urban Development (“HUD”) booklets. Correspondent shall observe all applicable waiting periods and re-disclosure requirements. Correspondent shall be responsible for compliance with aggregate accounting requirements relating to escrow account statements and escrow accounting procedures mandated by the Federal Real Estate Settlement Procedures ActRESPA. Correspondent shall also be responsible for compliance with ECOA and FCRA concerning notification of adverse action to an applicant whose Loan Package DIME Purchaser does not accept (DIME Purchaser may, at its option, deliver notice of adverse action to Correspondent for further delivery to applicant). Correspondent shall comply with Regulation Z concerning return of all moneys paid by the applicant to Correspondent should the applicant rescind and Correspondent shall not seek reimbursement from DIME Purchaser for such refund. D. Correspondent shall deliver evidence, in a form satisfactory to DIMEPurchaser, of such compliance, including, but not limited to, copies of any notice or disclosure form furnished to an applicant. E. Correspondent utilizes only licensed Real Estate Appraisers real estate appraisers that meet the requirements set forth in the Dime Correspondent ManualGuidelines, and whose approval and appointment is made in compliance with regulations and standards contained in the Financial Institutions Reform Recovery and Enforcement Act or, in the case of FHA or VA Loans, by appraisers approved by FHA or VA respectivelyFIRREA. F. Each Loan that Correspondent delivers to InterFirst shall satisfy the ability-to-repay requirements set forth in 12 C.F.R. Section 1026.43 or any successor regulation applicable to Agency Qualified Loans or Safe Harbor Loans, and Correspondent shall, when registering the Loan with InterFirst, designate whether the Loan is an Agency Qualified Loan or Safe Harbor Loan. The Loan that InterFirst purchases from Correspondent must be the same type of Loan that Seller designated on the date of registration. G. At all times during the term of this Agreement, Correspondent shall maintain a complete set of files and records of all business activities and operations conducted by Correspondent in its capacity as loan correspondent of DimePurchaser. Such Revised 3/11/97 11 files and records shall be maintained in a neat, orderly and organized manner. For a period of not less than twenty-five sixty (2560) months from and after the date of termination or and expiration of this Agreement, Correspondent shall continue to maintain all such files and records at a reasonably accessible location. Alternatively, Correspondent may deliver to Dime Purchaser all such files and records. At all times during the term of this Agreement and at all times during the twenty-five (25) month period following expiration or termination of this Agreement, DimePurchaser, its duly authorized agents, representative and employees, any necessary party involved in any public offering (such as rating agencies) and federal and state regulatory agencies which supervise Dime Purchaser shall have a right, upon reasonable notice, to audit, inspect and copy any of the foregoing records, reports, files, and related materials of Correspondent, and Correspondent shall cooperate and assist any such audit or inspection.

Covenants of Correspondent. Correspondent covenants and agrees with DIME Chase as follows: A. Correspondent shall notify DIME Chase immediately of: (i) any material changes in its ownership, financial condition, or principal management; (ii) any audits, examinations, or reviews by FHA or VA, including any administrative sanctions imposed upon Correspondent; (iii) if following the sale of any Loan to DIMEChase, Correspondent becomes aware of any fact or circumstance regarding any Loan of which would have caused the Loan to be ineligible for sale to DIME Chase if known prior to such sale;. B. DIME mayAt all times during the term of this Agreement, from time to time, review, at Correspondent's place of business, or at DIME's place of business, Correspondent's loan files, policies, procedures, and records, Correspondent shall be in compliance with the requirements that correspondent must maintain in order to determine whether be eligible to sell Loans to Chase, as set forth in the CMF Correspondent meets DIME's quality control standardsManual. C. Correspondent shall timely deliver to each applicant a completed Regulation Z disclosure statement, Good Faith Estimate of Closing Costs, Federally federally mandated fixed rate, or ARM disclosures disclosure, CHARMS and HUD bookletsbooklets as applicable. Correspondent shall be responsible for compliance with aggregate accounting requirements relating to escrow account statements and escrow accounting procedures mandated by the Federal Real Estate Settlement Procedures ActRESPA. Correspondent shall also be responsible for compliance with ECOA concerning notification of adverse action to an applicant whose Loan Package DIME Chase does not accept (DIME Chase may, at its option, deliver notice of adverse action to Correspondent for further delivery to applicant). Correspondent shall comply with Regulation Z concerning return of all moneys monies paid by the applicant to Correspondent should the applicant rescind and Correspondent shall not seek reimbursement from DIME Chase for such refund. D. Correspondent shall deliver evidence, in a form satisfactory to DIMEChase, of such compliance, including, but not limited to, to copies of any notice or disclosure form furnished to an applicant. E. Correspondent utilizes only licensed Real Estate Appraisers real estate appraisers that meet the requirements set forth in the Dime CMF Correspondent Manual, and whose approval and appointment is made in compliance with the regulations and standards contained in the Financial Institutions Reform Recovery and Enforcement Act or, in the case of FHA or VA Loans, by appraisers approved by FHA or VA respectivelyAct. F. At all times during the term of this Agreement, Correspondent shall maintain a complete set of files and records of all business activities and operations conducted by Correspondent in its capacity as loan correspondent of DimeChase. Such Revised 3/11/97 11 files and records shall be maintained in a neat, orderly and organized manner. For a period of not less than twenty-five (25) months from and after alter the date of termination or expiration of this Agreement, Agreement Correspondent shall continue to maintain all such files and records at a reasonably accessible location. Alternatively, Correspondent may deliver to Dime Chase all such files and records. At all times during the term of this Agreement and at all times during the twenty-five (25) month period following expiration or termination of this Agreement, DimeChase, its duly authorized agents, representative representatives and employees, any necessary party involved in any public offering (such as rating agencies) and federal and state regulatory agencies which supervise Dime Chase shall have a right, upon reasonable notice, to audit, inspect and copy any of the foregoing records, reportsreport, files, and related materials of Correspondent, and Correspondent shall cooperate and assist in any such audit or inspection. G. Prior to the execution of this Agreement, Correspondent shall provide a resolution from its board of directors, authorizing the individual signing this Agreement to enter into this Agreement on behalf of Correspondent and authorizing specific individuals who may (i) enter into Commitments and assign and transfer Loan documents or (ii) appoint other individuals to enter into Commitments and assign and transfer Loan documents. Correspondent shall provide to Chase, within 150 days after the end of each fiscal year, audited financial statements of Correspondent (or other financial information acceptable to Chase) for such fiscal year. Correspondent acknowledges that it will be required to recertify certain information annually to Chase and agrees to supply any and all information reasonably requested by Chase to accomplish such recertification. Correspondent shall also provide any additional information reasonably requested by Chase, from time to time, including, but not limited to, proof of adequate licensing and bonding. H. Correspondent hereby `irrevocably assigns to Chase all of its rights, remedies, indemnities and causes of action arising out of or in connection with Correspondent's agreements, contracts, understandings, or other dealings with any Third Party Originator regarding any Loan sold and transferred to Chase pursuant to this Agreement. All representations, warranties and covenants of Correspondent in this Agreement also shall be deemed to constitute representations, warranties and covenants by Correspondent regarding any Third Party Originator as if such Third Party Originator was the Correspondent hereunder, Correspondent shall bear the risk of the proper performance and/or involvement of Third Party Originator as if the Third Party Originator was the Correspondent, irrespective of Correspondent's knowledge of activities of the Third Party Originator, the Mortgagor, or otherwise.