Common use of Funding Agreement Clause in Contracts

Funding Agreement. Mortgage Broker shall process and submit to Lender applications for Insured Mortgage Loans to be underwritten by Lender, all in accordance with the provisions specified in the Agreement. Lender agrees to fund Insured Mortgage Loans which meet Lender’s then‐current underwriting criteria and which meet all requirements for insurance under HUD’s Direct Endorsement program. Approved Insured Mortgage Loans must only be underwritten by Lender and closed in Lender’s name, in accordance with Federal, State, and Local requirements. At the closing of the Insured Mortgage Loan, Lender shall advance to the closing agent the amount necessary to fund the Insured Mortgage Loan.

Funding Agreement. Mortgage Broker shall process and submit to Lender applications for Insured Mortgage Loans to be underwritten by Lender, all in accordance with the provisions specified in the Agreement. Lender Xxxxxx agrees to fund Insured Mortgage Loans which meet LenderXxxxxx’s then‐current underwriting criteria and which meet all requirements for insurance under HUD’s Direct Endorsement program. Approved Insured Mortgage Loans must only be underwritten by Lender and closed in Lender’s name, in accordance with Federal, State, and Local requirements. At the closing of the Insured Mortgage Loan, Lender shall advance to the closing agent the amount necessary to fund the Insured Mortgage Loan.