Common use of Loan Purchase Approval Clause in Contracts

Loan Purchase Approval. After the Authority has reviewed and approved the Compliance Package, the Mortgage File will be reviewed by the Servicer pursuant to the Program Manual which sets forth procedures for all Mortgage Lenders by the Authority and Servicer, prior to the Purchase Date arranged for the Mortgage Loan between the Servicer and Mortgage Lender consistent with Section 4.09(b) and (f) hereto. Upon the Servicer’s approval of the Mortgage Loan for Purchase, the Servicer will (i) deliver an advice of purchase to the Mortgage Lender and the Authority signed by the Servicer as evidence of such approval, and (ii) forward to the Custodian of the Mortgage File documents for GNMA, Xxxxxxx Mac and Xxxxxx Mae, such documents as may be required by GNMA, Xxxxxxx Mac and Xxxxxx Mae. Any Mortgage Loan with respect to which the Mortgage File is deemed by the Servicer or the Authority in their discretion to be defective will be returned to the Mortgage Lender by the Servicer with all instruments submitted in accordance with this Section. To be purchased, such defective mortgage loan must be resubmitted in accordance with the procedures of this Section. The examination and acceptance of a Mortgage File by the Servicer hereunder shall not constitute a waiver of any warranty, representation or covenant by the Mortgage Lender or the Mortgagor with respect to the Mortgage Loan to which the Compliance Package and Mortgage File pertains. The Mortgage Lender shall pay all costs of preparing and furnishing the Compliance Package and the Mortgage File to the Authority and Servicer.

Loan Purchase Approval. After the Authority has reviewed and approved the Compliance Package, the Mortgage File will be reviewed by the Servicer pursuant to the Program Manual which sets forth procedures for all Mortgage Lenders by the Authority and Servicer, prior to the Purchase Date arranged for the Mortgage Loan between the Servicer and Mortgage Lender consistent with Section 4.09(b) and (f) hereto. Upon the Servicer’s approval of the Mortgage Loan for Purchase, the Servicer will (i) deliver an advice of purchase to the Mortgage Lender and the Authority signed by the Servicer as evidence of such approval, and (ii) forward to the Custodian of the Mortgage File documents for GNMA, Xxxxxxx Freddie Mac and Xxxxxx MaeXxx, such documents as may be required by GNMA, Xxxxxxx Freddie Mac and Xxxxxx MaeXxx. Any Mortgage Loan with respect to which the Mortgage File is deemed by the Servicer or the Authority in their discretion to be defective will be returned to the Mortgage Lender by the Servicer with all instruments submitted in accordance with this Section. To be purchased, such defective mortgage loan must be resubmitted in accordance with the procedures of this Section. The examination and acceptance of a Mortgage File by the Servicer hereunder shall not constitute a waiver of any warranty, representation or covenant by the Mortgage Lender or the Mortgagor with respect to the Mortgage Loan to which the Compliance Package and Mortgage File pertains. The Mortgage Lender shall pay all costs of preparing and furnishing the Compliance Package and the Mortgage File to the Authority and Servicer.