Early Payment Default. In the event that any Mortgagor fails to make the first scheduled Monthly Payment due on a Mortgage Loan or due to Purchaser within the calendar month such payment is due, Seller shall repurchase such Mortgage Loan at the Repurchase Price within five (5) Business Days following receipt of notice from the Purchaser of such payment default.
Early Payment Default. On Loans closed in Seller’s name and sold to Arc, an Early Payment Default (EPD) occurs when any of the first four (4) payments due after purchase of the Loan by Arc becomes ninety (90) or more days delinquent and such delinquency is not attributable to an error in servicing or other material error of Arc or its affiliates. Section 5.3 will not apply in those circumstances where Xxx has agreed to provide non-delegated underwriting services to Seller with respect to the applicable Loan. For purposes of this section, a Loan is considered delinquent if the payment has not been received by the end of the day immediately preceding the Loan’s next due date. Receipt of payments originally due prior to the date on which Arc purchases the loan will not satisfy EPD requirements. Cure for an Early Payment Default is repurchase or indemnification, at the sole discretion of Arc. If indemnification is allowed by Arc, Seller will be required to return the greater of the Premium or 1.25% of the loan amount and pay $3,500 for FHA insured and VA and USDA guaranteed Loans and $2,000 for Conventional Loans and establish a reserve deposit in an amount solely determined by Arc to mitigate future losses including without limitation a loss on sale of the Loan. In the event these funds do not cover all losses, Seller will be invoiced for the deficiency and will promptly remit such amount to Arc. Any excess reserve deposits will be returned to the Seller upon the loans final disposition after Xxx is reimbursed for all costs and expenses including without limitation interest.
Early Payment Default. In the event that the first scheduled payment of principal and interest (or interest in the case of an interest only loan) to be made by the mortgagor on the first due date after the Closing Date with respect to any Mortgage Loan is not paid within one month following such due date, the Seller shall repurchase such Mortgage Loan within thirty (30) days of the Purchaser’s request at a price equal to the Repurchase Price. The Purchaser shall request any repurchase pursuant to this paragraph on or before the thirtieth (30th) day from the date that the Purchaser receives notice of the related early payment default (which notice may include receipt of a monthly remittance advice reflecting such early payment default).
Early Payment Default. In the event that the first scheduled payment of principal and interest (or interest in the case of an interest only loan) to be made by the mortgagor on the first due date after the Closing Date, in addition to any scheduled payments due prior to the Closing Date, with respect to any Mortgage Loan is not paid on or prior to such due date, the Seller shall repurchase such Mortgage Loan within thirty (30) days of the Purchaser’s request at a price equal to the Repurchase Price. The Purchaser shall request any repurchase pursuant to this paragraph on or before the thirtieth (30th) day from the date that the Purchaser receives notice of the related early payment default (which notice may include receipt of a monthly remittance advice reflecting such early payment default). The provisions set forth in this paragraph shall survive the related Closing Date and shall not merge with any of the closing documents and shall be enforced by the Purchaser independently of this or any other agreement.
Early Payment Default. In the event that the first scheduled payment of principal and interest (or interest in the case of an interest only loan) to be made by the mortgagor on the first due date after the Closing Date, in addition to any schedule payment due prior to the Closing Date, with respect to any Mortgage Loan is not paid within one (1) month following such due date, the Seller shall repurchase such Mortgage Loan within thirty (30) days of the Purchaser’s request at a price equal to the Repurchase Price. The Purchaser shall request any repurchase pursuant to this paragraph on or before the thirtieth (30th) day from the date that the Purchaser receives notice of the related early payment default (which notice may include receipt of a monthly remittance advice reflecting such early payment default).
Early Payment Default. In the event that the first scheduled payment of principal and interest (or interest in the case of an interest only loan) to be made by the mortgagor on the first due date after the Closing Date, in addition to any scheduled payments due prior to the Closing Date, with respect to any Mortgage Loan is not paid on or prior to such due date, the Seller shall repurchase such Mortgage Loan within thirty (30) days of the Purchaser’s request at a price equal to the Repurchase Price. The Purchaser shall request any repurchase pursuant to this paragraph on or before the thirtieth (30th) day from the date that the Purchaser receives notice of the related early payment default (which notice may include receipt of a monthly remittance advice reflecting such early payment default). The provisions set forth in this paragraph shall survive the related Closing Date and shall not merge with any of the closing documents and shall be enforced by the Purchaser independently of this or any other agreement. EXHIBIT 4 EXHIBIT 5 Calculation of Realized Loss/Gain Form 332- Instruction Sheet NOTE: Do not net or combine items. Show all expenses individually and all credits as separate line items. Claim packages are due on the remittance report date. Late submissions may result in claims not being passed until the following month. The Servicer is responsible to remit all funds pending loss approval and /or resolution of any disputed items. The numbers on the 332 form correspond with the numbers listed below.
Early Payment Default. If (i) any Mortgagor fails to make the first scheduled Monthly Payment due to Purchaser within the calendar month such payment is due or (ii) during the one calendar month following the related Closing Date (a) a Mortgagor shall voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal or state bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (b) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking liquidation, reorganization or other relief in respect of a Mortgagor under any Federal or state bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Seller shall repurchase the related Mortgage Loan at the Repurchase Price within five (5) Business Days following receipt of notice from the Purchaser of such payment default or such proceeding.
Early Payment Default. With respect to any Mortgage Loan, if the related Mortgagor fails to make (a) the Mortgage Loan’s first Monthly Payment after origination on or prior to the date which is thirty days after the related Due Date or (b) the first Monthly Payment due to the Initial Purchaser after the related Funding Date on or prior to the date which is thirty days after the related Due Date, the related Seller shall, upon receipt of notice from the Initial Purchaser, promptly repurchase such Mortgage Loan from the Purchaser in accordance with Section 3.04 hereof. In the event that any such Mortgage Loan prepays in full during the period between the Cut-off Date and the Funding Date, the Seller shall either (i) substitute a Mortgage Loan for the Mortgage Loan that prepaid in full, (ii) shall consent to a readjustment of the Purchase Price, or (iii) pay the Initial Purchaser, within thirty (30) days of receipt of notice of such prepayment in full, the difference between the Purchase Price (as adjusted) for such Mortgage Loan and the outstanding principal balance of such Mortgage Loan as of the Cut-off Date.
Early Payment Default. In addition to, but not in limitation of, the Seller/Servicer's repurchase obligations set forth in Section 6.03, the Seller/Servicer shall repurchase, at the Purchase Price, any Mortgage Loan sold to Purchaser pursuant to this Agreement within twenty (20) business days of receipt of written notice from the Purchaser if (i) the first Due Date for a Mortgage Loan is subsequent to the Cut- Off Date and a Mortgagor fails to make the first payment due under the terms of the Mortgage Note and Mortgage within thirty (30) days of the Due Date, or (ii) the Unpaid Principal Balance due on a Mortgage Loan is paid in full within thirty (30) days of the related Closing Date.
Early Payment Default. 11.01, 2nd¶ (c) Seller to Act as Servicer.
