HUD Delegation. The LLC Managers shall delegate to the senior mortgage loan operating officer of the Company, all responsibility for, and authority over, the Company and Series loan origination and servicing operations relating to mortgage loans insured by or under insurance programs of HUD and FHA. The senior mortgage loan operating officer of the Company will be responsible for, and will have authority over, the Company and Series loan origination and servicing operations relating to mortgage loans insured by or under insurance programs of HUD and FHA, including, but not limited to, the employment and training by the Company and Series of personnel competent to perform assigned responsibilities relating to loan origination, servicing and collection activities to the extent that the Company and Series engage in such activities. The senior mortgage loan operating officer of the Company must devote such officer’s full time to the operations of the Company and its Series, and must satisfy all statutory and regulatory requirements, (including, but not limited to, requirements as to training and experience) from time to time applicable for a senior officer of the Company as an approved mortgagee of mortgage loans insured by or under insurance programs of HUD and FHA.
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Operating Agreement (HomeStreet, Inc.), Limited Liability Company Operating Agreement (HomeStreet, Inc.)
