Mortgage Banking Compliance Sample Clauses

Mortgage Banking Compliance. 43 5.10 Inquiries...................................................44 5.11 IRS Reports.................................................44
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Mortgage Banking Compliance. (a) Except as set forth in Section 4.9(a) or 5.9(a) of the Disclosure Schedule, Seller is in compliance in all material respects with (i) all applicable Regulations, orders, writs, decrees, injunctions and other requirements of any court or governmental authorities applicable to its conduct of the Acquired Business, and (ii) to the extent applicable with respect to the conduct of the Acquired Business, all Mortgage Loan Documents relating to each Mortgage Loan. (b) All Custodial Accounts required to be maintained by Seller have been established and continuously maintained in all material respects in accordance with applicable Regulations. Except as to payments which are past due under the Mortgage Loans, all Custodial Account balances required by the Mortgage Loans and paid to Seller for the account of the Mortgagors under the Mortgage Loans have been credited to the appropriate account and have been retained in and disbursed from the appropriate account in accordance with the applicable Regulations. Except as set forth in Section 5.9(b) of the Disclosure Schedule, within the last 12 months prior to the applicable Transfer Date, Seller has analyzed the payments required to be deposited into the Custodial Accounts and adjusted the payment thereto in order to eliminate any deficiency that Seller may have discovered, except with respect to Mortgage Loans originated within the last 12 months prior to the applicable Transfer Date. With regard to Mortgage Loans that provide for Mortgage Escrow Payments, Seller and, to Seller's Knowledge, each Originator and Prior Servicer, in all material respects, has (i) computed the amount of such payments in accordance with applicable Regulations, (ii) paid on a timely basis all charges and other items to be paid out of the Mortgage Escrow Payments, and when required by the applicable Servicing Agreement has advanced its own funds to pay such charges and items, and (iii) delivered to the related Mortgagors the statements and notices required by applicable Regulations in connection with the Custodial Accounts, including without limitation statements of taxes and other items paid out of the Mortgage Escrow Payments and notices of adjustments to the amount to the Mortgage Escrow Payments. Except as disclosed in Section 5.9(b) of the Disclosure Schedule, Seller is not obligated under the Mortgage Loan Documents (as opposed to under applicable law) to pay to, or have credited for the benefit of, a Mortgagor interest with respect ...
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Mortgage Banking Compliance. SECTION 4.11.
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Mortgage Banking Compliance. (a) Each of the Company and its Subsidiaries is in compliance in all material respects with (i) all applicable Regulations, (ii) all orders, writs, decrees, injunctions and other requirements of any court or governmental authorities applicable to it, its Assets and the conduct of its business and (iii) all Mortgage Loan Documents relating to each Mortgage Loan. To the knowledge of the Seller, any and all Investor Requirements with respect to the documentation, underwriting, origination, modification and sale of each Mortgage Loan in the Servicing Portfolio, including, without limitation, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to such Mortgage Loan, have been complied with in all material respects except where such non-compliance would not reasonably be expected to have a Material Adverse Effect. (b) The Company and its Subsidiaries have timely filed all reports required by any Agency, Investor or Insurer or by any Federal, state or municipal law, Regulation or ordinance to be filed by the Company or any of its Subsidiaries except where the failure to file such reports would not reasonably be expected to have a Material Adverse Effect. The Company and its Subsidiaries have not done or failed to do, and have not caused to be done or omitted to be done, any act required of the Company or its Subsidiary, the effect of which would operate to invalidate or materially impair (i) any Mortgage License, including without limitation any approval of any Agency or Investor, (ii) any FHA insurance or commitment of the FHA to insure, (iii) any VA Guarantee or commitment of the VA to guarantee, (iv) any private mortgage insurance or commitment of any private mortgage insurer to insure, (v) any title insurance policy, (vi) any hazard insurance policy, (vii) any flood insurance policy, (viii) any fidelity bond, direct surety bond, or errors and omissions insurance policy required by FHA, FHLMC, FNMA, GNMA, HUD, VA or a private mortgage insurer or (ix) any surety or guaranty agreement. (c) No Agency, Investor or Insurer has (i) claimed that the Company or any Subsidiary has violated or not complied in any material respect with the applicable underwriting standards with respect to Mortgage Loans sold by the Company or any Subsidiary to an Investor or (ii) imposed any restrictions on the activities (including commitment authority) of the Company or any Subsidiary. To the knowledge ...
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Related to Mortgage Banking Compliance

  • Tax Law Compliance The Company and its subsidiaries have filed all necessary federal, state and foreign income and franchise tax returns or have properly requested extensions thereof and have paid all taxes required to be paid by any of them and, if due and payable, any related or similar assessment, fine or penalty levied against any of them except as may be being contested in good faith and by appropriate proceedings. The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in Section 1(j) above in respect of all federal, state and foreign income and franchise taxes for all periods as to which the tax liability of the Company or any of its subsidiaries has not been finally determined.

  • Securities Compliance The Company shall notify the Commission in accordance with its rules and regulations, of the transactions contemplated by any of the Transaction Documents and shall take all other necessary action and proceedings as may be required and permitted by applicable law, rule and regulation, for the legal and valid issuance of the Securities to the Purchasers, or their respective subsequent holders.

  • Monitoring Compliance Upon the request of the Lender, but without incurring any liability beyond the Guaranteed Obligations, from time to time, Guarantor shall promptly provide to the Lender such documents, certificates and other information as may be deemed reasonably necessary to enable the Lender to perform its functions under the Servicing Agreement as the same relates to the Guarantor.

  • FERPA Compliance In connection with all FERPA Records that Contractor may create, receive or maintain on behalf of University pursuant to the Underlying Agreement, Contractor is designated as a University Official with a legitimate educational interest in and with respect to such FERPA Records, only to the extent to which Contractor (a) is required to create, receive or maintain FERPA Records to carry out the Underlying Agreement, and (b) understands and agrees to all of the following terms and conditions without reservation:

  • FUND COMPLIANCE 3.1 The Fund and the Adviser acknowledge that any failure (whether intentional or in good faith or otherwise) to comply with the requirements of Subchapter M of the Code or the diversification requirements of Section 817(h) of the Code may result in the Contracts not being treated as variable contracts for federal income tax purposes, which would have adverse tax consequences for Contract owners and could also adversely affect the Company's corporate tax liability. The Fund and the Adviser further acknowledge that any such failure may result in costs and expenses being incurred by the Company in obtaining whatever regulatory authorizations are required to substitute shares of another investment company for those of the failed Fund or as well as fees and expenses of legal counsel and other advisors to the Company and any federal income taxes, interest or tax penalties incurred by the Company in connection with any such failure. 3.2 The Fund represents and warrants that it is currently qualified as a Regulated Investment Company under Subchapter M of the Code, and that it will maintain such qualification (under Subchapter M or any successor or similar provision) and that it will notify the Company immediately upon having a reasonable basis for believing that it has ceased to so qualify or that it might not so qualify in the future. 3.3 The Fund represents that it will at all times invest money from the Contracts in such a manner as to ensure that the Contracts will be treated as variable contracts under the Code and the regulations issued thereunder; including, but not limited to, that the Fund will at all times comply with Section 817(h) of the Code and Treasury Regulation 1.817-5, as amended from time to time, relating to the diversification requirements for variable annuity, endowment, or life insurance contracts, and with Section 817(d) of the Code, relating to the definition of a variable contract, and any amendments or other modifications to such Section or Regulation. The Fund will notify the Company immediately upon having a reasonable basis for believing that the Fund or a Portfolio thereunder has ceased to comply with the diversification requirements or that the Fund or Portfolio might not comply with the diversification requirements in the future. In the event of a breach of this representation by the Fund, it will take all reasonable steps to adequately diversify the Fund so as to achieve compliance within the grace period afforded by Treasury Regulation 1.817-5. 3.4 The Adviser agrees to provide the Company with a certificate or statement indicating compliance by each Portfolio of the Fund with Section 817(h) of the Code, such certificate or statement to be sent to the Company no later than thirty (30) days following the end of each calendar quarter.

  • OSHA Compliance To the extent applicable to the services to be performed under this Agreement, Contractor represents and warrants, that all articles and services furnished under this Agreement meet or exceed the safety standards established and promulgated under the Federal Occupational Safety and Health Law (Public Law 91-596) and its regulations in effect or proposed as of the date of this Agreement.

  • Public safety compliance The Hirer shall comply with all conditions and regulations made in respect of the premises by the Fire Authority, Local Authority, the Licensing Authority or otherwise, particularly in connection with any event which constitutes regulated entertainment, at which alcohol is sold or provided or which is attended by children. (a) The Hirer acknowledges that they have received information in the following matters: (b) In advance of an entertainment or play the Hirer shall check the following items:

  • Safety Compliance Comply with Site safety programs, as they apply to RPR, and if required to do so by such safety programs, receive safety training specifically related to RPR’s own personal safety while at the Site.

  • General Compliance This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

  • CEQA Compliance The District has complied with all assessment requirements imposed upon it by the California Environmental Quality Act (Public Resource Code Section 21000 et seq. (“CEQA”) in connection with the Project, and no further environmental review of the Project is necessary pursuant to CEQA before the construction of the Project may commence.

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