Lender Qualifications. Lenders must meet Minnesota Housing requirements for participation in programs funded by qualified mortgage bonds.
Lender Qualifications. The Lender represents, warrants and covenants that it is and, during the time that it originates Mortgage Loans for sale to Utah Housing, it shall remain, a the Lender that, at all times, possesses the following characteristics and meets the following requirements:
1. Be a commercial bank, trust company, savings and loan association, mortgage bank, credit union or other similar financial institution having as one of its principal purposes the making of mortgage loans in its usual and regular course of business, and otherwise qualifies as a Lender as defined in the Participation Documents;
2. Be authorized to transact mortgage lending business in Utah;
3. Maintain one or more mortgage loan origination offices in Utah, which is fully staffed with experienced personnel who make purchase money mortgage loans for owner-occupied single- family residences located in Utah;
4. Be authorized at all times during the term of the Agreement by Federal and State law and regulations to make and sell the Mortgage Loans that it has agreed to sell to Utah Housing;
5. Be an FHA-approved mortgagee, Xxxxxx Xxx and/or Freddie Mac–approved seller and employ at least one Xxxxxx Xxx and/or Freddie Mac Underwriter and “FHA Direct Endorsement Underwriter;”
6. If the Lender sells any conventional, uninsured Mortgage Loan to Utah Housing under the Participation Documents, the Lender will be at the time of the origination of any conventional Mortgage Loan, and at all times thereafter, an approved seller to Xxxxxx Xxx or Freddie Mac;
7. Eligible to participate in Federal Housing Administration (FHA), Xxxxxx Xxx, Xxxxxx Xxx or Freddie Mac Programs;
8. As shown in its most recent quarterly financial statement (or if its financial condition is reflected on a consolidated basis with that of a parent company or companies, then as reflected in its parent company’s most recent quarterly consolidated financial statement), be in compliance with any capital requirement imposed by a State or Federal regulatory authority with supervisory authority over it or its parent company or companies;
9. Have and maintain an adequate and reliable warehouse line of credit or other mortgage loan funding source in an amount sufficient to enable the Lender to disburse Mortgage Loan proceeds at the time of Closing for all Mortgage Loans for which it obtains a Mortgage Purchase Agreement from Utah Housing;
10. Have during a recent twelve-month period, which period shall be designated by Utah Housing, made and sold t...
Lender Qualifications. Each of Seller and its Subsidiaries have been during the last three years, and are presently in, compliance with all Applicable Requirements, except where such failure to comply has not had, and is not reasonably likely to have, a Material Adverse Effect. Seller and its Subsidiaries have timely filed, or will have timely filed by the Closing Date, all reports that any Governmental Body or Insurer requires that it file with respect to the Business, except where such failure to make such filings has not had, and is not reasonably likely to have, a Material Adverse Effect. No Agency has indicated to Seller or any of its Subsidiaries in writing, or to the Knowledge of Parent and Knowledge of Seller, in any other manner, that it has terminated or intends to terminate its relationship with Seller or any such Subsidiary for poor performance, poor loan quality or concern with respect to Seller’s or any Subsidiary’s compliance with Laws or that Seller or any of its Subsidiaries is in default under or not in compliance with respect to any Applicable Requirements, except as would not, individually or in the aggregate, be materially adverse to Seller and its Subsidiaries.
Lender Qualifications. It represents and warrants to the Companies that (i) it has such knowledge and experience in financial and business matters as is necessary to enable it to evaluate the merits and risks of an investment in the Companies and is not utilizing any other Person to be its purchaser representative in connection with evaluating such merits and risk, and (ii) it has no present need for liquidity in its investment in the Companies and is able to bear the risk of that investment for an indefinite period and to afford a complete loss thereof.
