Loan Underwriting. Each Loan complies, in all material respects, with all of the terms, conditions and requirements of the applicable Representing Party's and Prudential's underwriting standards in effect at the time or origination of such Loan;
Loan Underwriting. Each Mortgage Loan complies, in all material respects, with all of the terms, conditions and requirements of the Seller's underwriting standards in effect at the time of origination of such Mortgage Loan.
Loan Underwriting. At the time of the offer by Seller to sell to Buyer a Participation Interest in a proposed Loan, Seller will forward to Buyer the following with regard to each such Loan:
(1) Copies of the complete signed loan application of the Borrower;
(2) An appraisal or signed report of certification of valuation made in compliance with the requirements of the applicable regulations indicating the value of the property to serve as collateral for the Loan;
(3) The Borrower's financial statement(s);
(4) Written credit report(s) with regard to the Borrower;
(5) All other relevant credit and other information and documents customarily used and relied upon to underwrite mortgage loans similar to the Loan in accordance with Buyer's commercially reasonable underwriting standards and any other documents or information which Buyer may reasonably request. Seller represents and warrants to Buyer that, to the best of Seller's knowledge and belief, all such documents provided to Buyer are genuine and complete.
Loan Underwriting. (1) Within thirty (30) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program to reduce the high level of credit risk in the Bank. The program shall detail procedures to strengthen credit underwriting that establish at a minimum the following:
(a) financial performance standards, for individuals and businesses based on the purpose and type of loan, including repayment requirements that stipulate primary and secondary sources of repayment, and minimum performance ratios such as debt to income and debt service coverage ratios;
(b) financial information requirements, including frequency, for individuals and businesses based on the purpose and type of loan; and
(c) financial analysis documentation requirements, for individuals and businesses based on the purpose and type of loan.
(2) Upon completion, the Bank shall submit a copy of the program to the Assistant Deputy Comptroller.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
Loan Underwriting. Each Mortgage Loan complies, in all material respects, with all of the terms, conditions and requirements of the Seller's underwriting standards in effect at the time of origination of such Mortgage Loan. EXHIBIT B AFFIDAVIT OF LOST NOTE STATE OF NEW YORK ) ) ss.: COUNTY OF NEW YORK ) , , being duly sworn, deposes and says:
1. that he is an authorized signatory of Xxxxxx Xxxxxxx Xxxx Xxxxxx Mortgage Capital Inc. ("MSDWMC");
2. that MSDWMC is the owner and holder of a mortgage loan in the original principal amount of $ secured by a mortgage (the "Mortgage") on the premises known as located in ;
3. (a) that MSDWMC, after having conducted a diligent investigation of its records and files, has been unable to locate the following original note and believes that said original note has been lost, misfiled, misplaced or destroyed due to a clerical error: a note in the original sum of $___________ made by _______________, to ______________________, under date of _______________________ (the "Note");
4. that the Note is now owned and held by MSDWMC;
5. that the Note has not been paid off, satisfied, assigned, transferred, encumbered, endorsed, pledged, hypothecated, or otherwise disposed of and that the original Note has been either lost, misfiled, misplaced or destroyed;
6. that no other person, firm, corporation or other entity has any right, title, interest or claim in the Note except MSDWMC; and
7. upon assignment of the Note by MSDWMC to Credit Suisse First Boston Mortgage Securities Corp. (the "Depositor") and subsequent assignment by the Depositor to the trustee for the benefit of the holders of the Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage Pass-Through Certificates, Series 2000-C1 (the "Trustee") (which assignment may, at the discretion of the Depositor, be made directly by MSDWMC to the Trustee) MSDWMC covenants and agrees (a) promptly to deliver to the Trustee the original Note if it is subsequently found, and (b) to indemnify and hold harmless the Trustee and its successors and assigns from and against any and all costs, expenses and monetary losses arising as a result of MSDWMC or the Depositor's failure to deliver said original Note to the Trustee. XXXXXX XXXXXXX XXXX XXXXXX MORTGAGE CAPITAL INC. By:__________________________________________ Authorized Signatory Sworn to before me this day of July, 2000 EXHIBIT C FORM OF ASSIGNMENT OF MORTGAGE(S) AND ASSIGNMENT OF ASSIGNMENT OF LESSOR'S INTERESTS IN LEASES, RENTS AND PROFI...
Loan Underwriting a) Review and revise the credit union’s Loan Policy within ninety (90) days from the effective date of this LUA, incorporating, at a minimum, the following improvements to the underwriting process:
(i) Ensure credit reports reviewed during the underwriting process contain credit scores;
(ii) Ensure loan documentation includes discussion of why members with adverse credit are granted loans;
(iii) Ensure debt-to-income ratios are calculated correctly and include all debts from the member’s credit report and loan application; and
(iv) Ensure loan notes are completed accurately and ensure proper procedures are in place in the event that loan notes are changed.
Loan Underwriting. (1) Within sixty (60) days, the Board shall develop written Commercial Real Estate Loan Underwriting Standards designed to ensure that the Bank is granting, extending, renewing, and restructuring commercial real estate loans in a safe and sound manner. At a minimum, the underwriting standards shall include:
(a) guidelines for evaluating and monitoring a borrower’s capacity to meet a realistic repayment program from liquidity and cash flow;
(b) standards for minimally acceptable financial information on borrowers and guarantors prior to making credit decisions and on an ongoing basis as necessary to monitor the Bank’s credit risk, properly account for loans, and assign accurate risk-ratings in a timely manner;
(c) minimum standards for net worth, cash flow, and debt service coverage of the borrower or underlying property;
(d) loan to value limits for each type of real property collateral; and
(e) guidelines and parameters for loan structure that, at a minimum:
(i) require that each loan have a clearly defined and reasonable repayment program;
(ii) require that a loan’s maturity and amortization period be consistent with the purpose of the loan, the available cash flow from the source of repayment, and the collateral pledged;
(iii) require principal curtailment from secondary sources of repayment if the original source of repayment is not sufficient to retire the debt in accordance with its original terms; and
(iv) prohibit the extension of amortization periods to improve a borrower’s debt service coverage ratio or to match competition, unless supported by prudent underwriting as defined in the Appendix to 12 C.F.R. § 160.101 and other applicable supervisory guidance.
(2) Upon completion, the Board shall promptly submit a copy of the Commercial Real Estate Underwriting Standards to the Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Board shall promptly adopt, implement, and thereafter ensure Bank adherence to the Commercial Real Estate Underwriting Standards.
(3) Effective immediately, the Bank may grant, extend, renew, alter, or restructure any loan, lease, or other extension of credit only after:
(a) documenting the specific reason or purpose for the extension of credit;
(b) identifying the expected source of repayment in writing;
(c) structuring the repayment terms to coincide with the expected source ...
Loan Underwriting. The following is a breakdown of the Loan underwriting criteria. Any revision of underwriting criteria must be approved by WebBank. Loan Requests - A loan request includes specific information provided by the Applicant, and a loan listing created by the Applicant and posted on the Prosper website. A listing is a request by an Applicant for a loan in a specified amount, at an interest rate equal to the maximum interest rate set forth by the Applicant in the listing. In order to request a loan, the following information must be provided by Applicant and/or gathered by Prosper based on information provided by Applicant: § Loan Application § Borrower Registration Agreement § Credit Report Information, including score, homeownership status and certain attributes (e.g. number of current delinquencies, number of public records) § Stated Income and Employment Information § Debt-to-Income Ratio § Prosper Score and Prosper Rating, as described in Exhibit B Before a loan is funded, an Applicant must meet the following minimum requirements: § Borrower identity must be verified, prior to loan funding § Home Address must be verified, prior to loan funding WebBank Credit Policy § Bank account must be verified § Credit score (currently using Experian Scorex Plus score): · For first time Applicants >= 640 · For Applicants who had previously obtained a Prosper loan and paid off the loan in full >= 600 · For Applicants seeking a second loan, and otherwise are eligible for a second loan >= 600 § Credit Report must be <30 days old at time listing is initiated § The Applicant must not have had a previous loan originated through Prosper that was charged-off. § Loan request must be 100% funded by bids from investors of Pxxxxxx, as described below, prior to the expiration date of the listing. Loan Approval and Pricing - Loans are priced and approved for funding based on an auction between lender members of the Prosper marketplace that takes place on the Prosper website. Once a loan listing is completed by the Applicant, the listing is posted on the Prosper website and then becomes available for bidding by Prosper lender members. A bid on a listing is a lender member’s binding commitment to purchase a Borrower Payment Dependent Note (a “Note”), a security issued by Prosper which is dependent for payment on payments that Pxxxxxx receives on the loan described in the listing, in the principal amount of the lender member’s bid, should the listing receive bids totaling the full amount o...
Loan Underwriting. (1) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit over $75,000 only after:
a. structuring repayment terms to coincide with the source of repayment;
b. performing a written assessment of:
(i) the specific purpose and terms for the credit;
(ii) the primary and secondary sources of repayment;
(iii) the borrower’s current and historic cash flow, profitability, and global debt service capability;
(iv) the borrower’s current and historic solvency and liquidity;
(v) the assigned risk rating and support for that rating;
(vi) loan pricing considerations; and
(vii) compliance with applicable law and Bank policy.
c. assessing and documenting, with adequate supporting material, the value of collateral and properly perfecting the Bank's lien on it where applicable.
(2) Failure to obtain the information in (1)(a), (b) and (c) shall require a majority of the full Board (or a delegated committee thereof) to certify in writing the specific reasons why obtaining and analyzing the information in (1)(a), (b) and (c) would be detrimental to the best interests of the Bank. A copy of the Board certification shall be maintained in the credit file of the affected borrower(s). The certification will be reviewed by this Office in subsequent examinations of the Bank.
Loan Underwriting. Each Mortgage Loan was originated in ----------------- accordance with the Seller's underwriting standards in effect at the time of origination of such Mortgage Loan.
