Mortgage Banking Operations Sample Clauses

Mortgage Banking Operations. Except as has not had and would not reasonably be expected to have a Material Adverse Effect: (A) the Company and its subsidiaries have complied with, and all documentation in connection with the origination, processing, underwriting and credit approval of any mortgage loan originated, purchased or serviced by the Company or its subsidiaries satisfied, (i) all applicable federal, state and local laws, rules and regulations with respect to the origination, insuring, purchase, sale, pooling, servicing, subservicing, or filing of claims in connection with mortgage loans, including all laws relating to real estate settlement procedures, consumer credit protection, truth in lending laws, usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate mortgages, (ii) the responsibilities and obligations relating to mortgage loans set forth in any agreement between the Company or its subsidiaries and any Agency, Loan Investor or Insurer (as such terms are hereinafter defined), (iii) the applicable rules, regulations, guidelines, handbooks and other requirements of any Agency, Loan Investor or Insurer and (iv) the terms and provisions of any mortgage or other collateral documents and other loan documents with respect to each mortgage loan; and (B) no Agency, Loan Investor or Insurer has (i) claimed in writing that the Company or its subsidiaries has violated or has not complied with the applicable underwriting standards with respect to mortgage loans sold by the Company or its subsidiaries to a Loan Investor or Agency, or with respect to any sale of mortgage servicing rights to a Loan Investor, (ii) imposed in writing restrictions on the activities (including commitment authority) of the Company or its subsidiaries or (iii) indicated in writing to the Company or its subsidiaries that it has terminated or intends to terminate its relationship with the Company or its subsidiaries for poor performance, poor loan quality or concern with respect the Company’s or its subsidiaries’ compliance with laws.
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Mortgage Banking Operations. (1) Within sixty (60) days, the Board shall develop, implement, and ensure the Bank’s adherence to prudent policies, procedures, and controls applicable to the Bank’s mortgage banking related operations. Specifically, the Board’s written policies, procedures and controls must provide for and establish: (a) Written policies and procedures to address internal Bank risk tolerance thresholds, specific documentation requirements, and guidance on collateral verifications and lien perfections; (b) Procedures for an annual financial review of the third-party business entities involved with the Bank’s mortgage banking related operations, including Broker/Lender/Investor; (c) Testing of mortgage banking related activity by the Bank’s internal audit to ensure compliance with the Bank’s policies and applicable regulations; (d) Procedures to monitor and reasonably ensure the Bank’s counterparties’ conformance to the Bank’s Mortgage Warehousing Agreement; (e) Procedures to monitor and ensure compliance with Board approved risk tolerance thresholds; (f) Procedures to perform quality assurance reviews to ensure compliance with applicable laws, regulations, and investor requirements; and (g) Procedures requiring reports to be completed and presented, at least annually, to the Bank’s Board, detailing the findings from the above noted reviews.
Sample 1
Mortgage Banking Operations. (a) FFI has complied in all material respects with, and all documentation in connection with the origination, processing, underwriting and credit approval of any mortgage loan originated, purchased or serviced by FFI has satisfied in all material respects, (i) all Applicable Laws, rules and regulations with respect to the origination, insuring, purchase, sale, pooling, servicing, sub-servicing, or filing of claims in connection with mortgage loans, including all Laws relating to real estate settlement procedures, consumer credit protection, truth in lending laws, usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate mortgages, (ii) the responsibilities and obligations relating to mortgage loans set forth in any agreement between FFI and any Agency, Loan Investor or Insurer, (iii) the applicable rules, regulations, guidelines, handbooks and other requirements of any Agency, Loan Investor or Insurer and (iv) the terms and provisions of any mortgage or other collateral documents and other loan documents with respect to each mortgage loan, except for any instances of non-compliance which have not had and are not reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect on FFI. (b) No Agency, Loan Investor or Insurer has (i) made a claim in writing to FFI that FFI has violated or has not complied in any material respects with the applicable underwriting standards with respect to mortgage loans sold by FFI to a Loan Investor or Agency, or with respect to any sale of mortgage servicing rights to a Loan Investor, (ii) imposed in writing any material restrictions on the activities (including commitment authority) of FFI, (iii) sought to have FFI repurchase a mortgage loan or (iv) indicated in writing to FFI that it has terminated or intends to terminate its relationship with FFI for poor performance, poor loan quality or concern with respect to FFI’s compliance with Laws, except for any instances which have not had and are not reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect on FFI. Except as disclosed in Subsection 5.19(b) of the FFI Disclosure Schedule, to the knowledge of FFI, FFI does not have any contingent liabilities for the potential repurchase of mortgage loans sold to any third party. (c) For purposes of this Section 5.19, the terms “Agent”, “Loan Investor” and “Insurer” have the respective meanings asc...
Sample 1
Mortgage Banking Operations. Within 45 days of the Effective Date, the --------------------------- Board shall approve and submit to the ARD for review and non-objection revised policies and procedures governing mortgage-banking operations (the Mortgage Banking Policy) that address the concerns identified in the Report of Examination dated April 3, 2000. At a minimum, the Mortgage Banking Policy shall include a strategic plan for Mortgage Banking and include guidance for (i) calculating quarterly lower of cost or market (LOCOM) adjustments, (ii) tracking, reviewing and reporting of loan repurchases, and shall address management-board reports.
Sample 1

Related to Mortgage Banking Operations

  • Banking Operations Enter into any new material line of business; change its material lending, investment, underwriting, risk and asset liability management and other material banking and operating policies, except as required by applicable law, regulation or policies imposed by any Governmental Authority; or file any application or make any contract with respect to branching or site location or branching or site relocation.

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  • Mobile Banking Services Mobile Banking is a personal financial information management service that allows you to access account information and conduct transactions using compatible and supported mobile phones and/or other compatible and supported wireless devices (including phones, "Wireless Devices"). We reserve the right to modify the scope of the Mobile Banking services at any time. We reserve the right to refuse to make any transaction you request through Mobile Banking. You agree and understand that Mobile Banking may not be accessible or may have limited utility over some mobile telephone networks, such as while roaming.

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  • SITE MANAGEMENT We reserve the right, but not the obligation, to: (1) monitor the Site for violations of these Terms of Use; (2) take appropriate legal action against anyone who, in our sole discretion, violates the law or these Terms of Use, including without limitation, reporting such user to law enforcement authorities; (3) in our sole discretion and without limitation, refuse, restrict access to, limit the availability of, or disable (to the extent technologically feasible) any of your Contributions or any portion thereof; (4) in our sole discretion and without limitation, notice, or liability, to remove from the Site or otherwise disable all files and content that are excessive in size or are in any way burdensome to our systems; and (5) otherwise manage the Site in a manner designed to protect our rights and property and to facilitate the proper functioning of the Site.

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