Loan Reservations. A Mortgage Lender may reserve funds for a particular loan, on a first-come, first-served basis, in accordance with the procedures set forth in the Program Manual, but must then close and deliver the Mortgage Loan within the time frame specified in the Program Manual. If the Mortgage Loan has a prior reservation, upon the Servicer’s approval of such Mortgage Loan for Purchase, the Servicer will notify the Mortgage Lender in writing that funds will be made available to the Mortgage Lender in the amount of such Mortgage Loan. The Authority has the right unilaterally and in its sole discretion to require any Mortgage Lender to originate a specified Targeted Area Loan from any amounts held available by the Authority for Targeted Area Loans, provided such specified Targeted Area Loan meets the requirements of this Agreement.
Appears in 6 contracts
Samples: Mortgage Origination Agreement, Mortgage Origination Agreement, Mortgage Origination Agreement
