Eligible Mortgages. The PFI will only sell to the Bank mortgages which satisfy the requirements set forth herein and in the Guides on the day a written or electronic commitment is issued to the Borrower for the loan evidenced and secured by the mortgage, except with respect to any mortgage for which no commitment is issued to the Borrower, in which case the Guides in effect on the day the mortgage is closed shall govern.
Appears in 2 contracts
Samples: Participating Financial Institution Agreement, Participating Financial Institution Agreement
Eligible Mortgages. The PFI will only sell to the Bank mortgages which satisfy the requirements set forth herein and in the Guides on the day a written or electronic commitment is issued to the Borrower for the loan evidenced and secured by the mortgage, except with respect to any mortgage for which no commitment is issued to the Borrower, in which case the Guides in effect effect on the day the mortgage is closed shall govern.
Appears in 2 contracts
Samples: Participating Financial Institution Agreement, Participating Financial Institution Agreement (Federal Home Loan Bank of New York)
