Common use of Duties of Lender Clause in Contracts

Duties of Lender. LENDER will use the Loan Processing Program as its exclusive mortgage lending program for loans originated by it through its American Finance Internet Origination Center with respect to those states identified in Appendix A. In connection with the Loan Processing Program, LENDER will perform the following functions: 1.2.1 LENDER will use its best efforts to market, promote and advertise the availability of residential mortgage loans, pursuant to LENDER's marketing plan and budget. 1.2.2 LENDER will originate and deliver to PROCESSOR applications for mortgage loans in accordance with all applicable mortgage loan specifications and guidelines agreed upon by LENDER and PROCESSOR. 1.2.3 LENDER will transmit to PROCESSOR, by electronic mail or other means, any mortgage loan application received from its customers by LENDER through the American Finance Internet Origination Center with respect to the states identified in Appendix A. The complete application packages must be transmitted to and received by PROCESSOR for processing within 24 hours of receipt. 1.2.4 Underwriting standards utilized by LENDER will be in conformity with applicable law and guidelines of secondary market investors, including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, and/or the guidelines of private investors, as applicable. 1.2.5 LENDER will retain ultimate responsibility for underwriting decisions and will review and approve or deny each loan, including PROCESSOR's recommended credit and underwriting decisions for each loan. LENDER shall have the opportunity to provide a "second review" of all denied or incomplete loan application files. 1.2.6 LENDER will be named as the payee on all loans and all disclosures will be given to borrowers in the name of the LENDER. 1.2.7 LENDER will fund all loans originated through the Loan Processing Program, using its own funds or funds obtained through a warehouse line of credit, which funds shall be disbursed by LENDER to PROCESSOR or its agent in accordance with funding instructions from PROCESSOR for the loan closing. 1.2.8 LENDER agrees to sell to PROCESSOR all loans made by LENDER under the Loan Processing Program under terms and conditions set forth in the License Agreement. Such loans will be sold on a non-recourse basis.

Duties of Lender. LENDER will use the Loan Processing Private Label Program as its exclusive a nonexclusive single-family residential mortgage lending program for loans originated by it through its American Finance Internet Origination Center with respect to those states identified in Appendix A. program. In connection with the Loan Processing Private Label Program, LENDER will perform the following functions: 1.2.1 LENDER will use its best efforts to market, promote and advertise the availability of residential mortgage loansLoans through the Private Label Program, pursuant to LENDER's marketing plan and budget. 1.2.2 LENDER will may advertise, market, or originate and deliver to PROCESSOR applications for mortgage loans in accordance with all applicable mortgage loan specifications to be processed, underwritten, closed and guidelines agreed upon funded for LENDER's own portfolio or for sale by LENDER and PROCESSORto other secondary market purchasers outside the Private Label Program. 1.2.3 LENDER will transmit to PROCESSOR, by electronic mail or other means, any mortgage loan application applications received from LENDER's customers for processing under the Private Label Program in a timely manner. LENDER shall exercise its customers by LENDER through best efforts to ensure that the American Finance Internet Origination Center with respect to the states identified in Appendix A. The complete Loan application packages must be are transmitted to and received by PROCESSOR for processing within 24 hours of LENDER's receipt. LENDER's failure to deliver a complete Loan application package to PROCESSOR within such 24-hour period will only relieve PROCESSOR of liability for untimely disclosures resulting from such delayed delivery. 1.2.4 Underwriting LENDER, in conjunction with PROCESSOR, will develop and provide to PROCESSOR the Loan Criteria standards utilized by LENDER will be in conformity with applicable law laws, rules and regulations and guidelines of secondary market investors, including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, and/or the guidelines of private investors, as applicable. 1.2.5 LENDER will retain shall be entitled to rely on PROCESSOR's underwriting decisions on each Loan, provided, however, that LENDER shall maintain ultimate responsibility authority for underwriting decisions and will may review and approve or deny each loanLoan, including PROCESSOR's recommended credit ^ and underwriting decisions for each loanon any and all Loans. LENDER shall have the opportunity will, therefore, not be obligated to provide a "second review" of all denied or incomplete loan application filesfund any Loan which LENDER has not approved. 1.2.6 LENDER will be named as the payee on all loans Loans, and all disclosures will be given to Loan borrowers in the name of the LENDER. 1.2.7 LENDER will fund fund^ all loans Loans originated through the Loan Processing Private Label Program, using its own funds or funds obtained by LENDER through a warehouse line of credit, which funds shall be disbursed by LENDER to PROCESSOR or its agent in accordance with funding instructions from PROCESSOR for the loan Loan closing. 1.2.8 LENDER agrees to sell to PROCESSOR all loans made by LENDER under the Loan Processing Program under terms and conditions set forth in the License Agreement. Such loans will be sold on a non-recourse basis.

Duties of Lender. LENDER will use the Loan Processing Program as its exclusive mortgage lending program for loans originated by it through its American Finance E-Loan Internet Origination Center with respect to those states identified in Appendix A. In connection with the Loan Processing Program, LENDER will perform the following functions: 1.2.1 LENDER will use its best efforts to market, promote and advertise the availability of residential mortgage loans, pursuant to LENDER's marketing plan and budget. 1.2.2 LENDER will originate and deliver to PROCESSOR applications for mortgage loans in accordance with all applicable mortgage loan specifications and guidelines agreed upon by LENDER and PROCESSOR. 1.2.3 1.2.2 LENDER will transmit to PROCESSOR, by electronic mail or other means, any mortgage loan application received from its customers by LENDER through the American Finance E-Loan Internet Origination Center with respect to the states identified in Appendix A. The complete application packages must be transmitted to and received by PROCESSOR for processing within 24 hours of receipt. 1.2.4 1.2.3 Underwriting standards utilized by LENDER will be in conformity with applicable law and with guidelines of secondary market investors, including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, and/or the guidelines of private investors, as applicable. 1.2.5 1.2.4 LENDER will retain ultimate responsibility for underwriting decisions and will review and approve or deny each loan, including PROCESSOR's recommended credit and underwriting decisions for each loan. LENDER shall have the opportunity to provide a "second review" of all denied or incomplete loan application files. 1.2.6 1.2.5 LENDER will be named as the payee on all loans and all disclosures will be given to borrowers in the name of the LENDER. 1.2.7 1.2.6 LENDER will fund all loans originated through the Loan Processing Program, using its own funds or funds obtained through a warehouse line of credit, which funds shall be disbursed by LENDER to PROCESSOR or its agent in accordance with funding instructions from PROCESSOR for the loan closing. 1.2.8 1.2.7 LENDER agrees to sell to PROCESSOR all loans made by LENDER under the Loan Processing Program under terms and conditions set forth in the License Agreement. Such loans will be sold on a non-recourse basis.