Common use of Mortgage Banking Services Clause in Contracts

Mortgage Banking Services. During the term of this Agreement, the Service Provider shall provide the mortgage banking services set forth below: (a) The Service Provider shall provide fulfillment services in connection with Mortgage Loans to be purchased or acquired by the Company under the Correspondent Lending Program, as follows: (i) reviewing the Mortgage File to determine whether it contains the required Mortgage Loan Documents and contacting Correspondents to obtain missing documentation or the correction of inaccurate documentation; (ii) reviewing the Mortgage File and Mortgage Loan Documents to confirm generally that such Mortgage Loans are being originated and delivered in accordance with the applicable Guide; (iii) reviewing such Mortgage Loan and assessing its marketability for sale and/or securitization into the secondary mortgage market; (iv) retrieving data from the Mortgage File that is required in order for such Mortgage Loan to be properly serviced or as may be necessary or advisable in connection with a sale, pledge or repurchase transaction; (v) confirming that the Mortgage Loan is registered with the MERS® System and has a MERS Identification Number; (vi) calculating the final purchase price for such Mortgage Loan based on its review of the Mortgage Loan Documents and then requesting funds and directing payment to the appropriate party; and (vii) providing such other services as may be reasonably requested by the Company or otherwise required in connection with the processing of such Mortgage Loan from time to time. (b) From time to time, the Service Provider shall provide general services as reasonably required by the Company, as follows: (i) re-reviewing selected Mortgage Loans for consistency with the applicable Guide; (ii) reviewing underwriting, fulfillment, compliance and servicing activities for compliance with the applicable Guide; (iii) coordinating investor, capital provider and regulatory audit activities; (iv) negotiating with Xxxxxx Xxx and Xxxxxxx Mac with respect to fees and securities stipulations; (v) reviewing correspondent lenders or prospective correspondent lenders for consistency with the applicable Guide; (vi) reviewing and analyzing financial statements for each correspondent lender and prepayment and credit performance statistics relating to the Mortgage Loans sold by such correspondent lender; (vii) negotiating loan purchase agreements, including any amendments or extensions thereto, and any applicable Early Purchase Program documentation between the Company and the Correspondents, administering such agreements, and monitoring compliance therewith; (viii) negotiating and establishing repurchase facilities or other warehouse lines of credit to be provided by third parties in favor of the Company and its affiliates; (ix) determining the repurchase facilities or other warehouse lines of credit to be drawn or used by the Company and its affiliates in connection with purchases or other acquisitions of Mortgage Loans and monitoring the duration of such draws or usage; (x) performing quarterly certification and annual recertification reviews in light of the requirements of the applicable Guide; (xi) developing and maintaining models for pricing loans and mortgage servicing rights; (xii) generating daily rate sheets for correspondent lenders; (xiii) reviewing daily interest rate lock commitments; (xiv) monitoring market pricing trends; (xv) developing and maintaining models for the management of interest rate and other risks; (xvi) developing and maintaining hedging strategies and models for interest rate and risk management; (xvii) establish hedging instruments and executing hedge transactions; (xviii) developing and maintaining execution models; (xix) forming pools to back securities and entering into pooling transactions; (xx) using reasonable efforts to resolve issues related to delivery of Mortgage Loan Documents to or at direction of Xxxxxx Mae and Xxxxxxx Mac; (xxi) monitoring delivery of post-closing documentation, such as final title policies and recorded mortgages; (xxii) reviewing post-closing adjustments to pricing and confirming accurate disbursements to Correspondents; (xxiii) obtaining and maintaining information technology systems, including those for secondary marketing, appraisals, data warehouse and accounts receivable; (xxiv) complying with reporting requirements imposed on the Company under applicable Guides and agreements (insofar as neither Service Provider nor any other Person is required to perform such reporting on behalf of the Company under another agreement); (xxv) causing the appointment of the Service Provider as servicer to service such Mortgage Loan under and in accordance with the Servicing Agreement, or causing the appointment of a sub-servicer to the extent otherwise required; (xxvi) purchasing from the Company at the Purchase Price, on an “as is” basis and without recourse of any kind, any Xxxxxx Mae Mortgage Loan purchased by the Company from a Correspondent pursuant to the related Loan Commitment; and (xxvii) other similar mortgage banking-related activities.

Mortgage Banking Services. During the term of this Agreement, the Service Provider shall provide the mortgage banking services set forth below: (a) The Service Provider shall provide fulfillment services in connection with each Mortgage Loans Loan to be purchased or acquired by the Company under the Correspondent Lending Programits correspondent lending program, as follows: (i) reviewing the Mortgage File to determine whether it contains the required all applicable Mortgage Loan Documents and contacting Correspondents to obtain missing documentation or the correction of inaccurate documentation; (ii) reviewing the Mortgage File and Mortgage Loan Documents to confirm generally that such Mortgage Loans are Loan is being originated and delivered in accordance with the applicable Guide; (iii) reviewing such Mortgage Loan and assessing its marketability for sale and/or securitization into the secondary mortgage market; (iv) retrieving data from the Mortgage File that is required in order for such Mortgage Loan to be properly serviced or as may be necessary or advisable in connection with a sale, pledge or repurchase transaction; (v) confirming that the Mortgage Loan is registered with the MERS® System and has a MERS Identification Number; (vi) comparing borrower names to the U.S. Office of Foreign Assets Control database and, if so, notifying the Company and the Correspondent; (vii) calculating the final purchase price for such Mortgage Loan based on its review of the Mortgage Loan Documents and then requesting funds and directing payment to the appropriate party; (viii) causing the appointment of the Service Provider as servicer to service such Mortgage Loan under and in accordance with the Amended and Restated Flow Servicing Agreement, dated as of the date hereof, between PennyMac Loan Services, LLC, as servicer, and PennyMac Operating Partnership, L.P., as owner (the “Flow Servicing Agreement”), or causing the appointment of a sub-servicer to the extent otherwise required; (ix) to the extent the Company is not an approved Xxxxxx Xxx issuer or servicer, purchasing from the Company at the Purchase Price, on an “as is” basis and without recourse of any kind, any Xxxxxx Mae Mortgage Loan purchased by the Company from a Correspondent pursuant to the related Loan Commitment; and (viix) providing such other services as may be reasonably requested by the Company or otherwise required in connection with the processing of such Mortgage Loan from time to time. (b) From time to time, the Service Provider shall provide general services as reasonably required by the Company, as follows: (i) re-reviewing selected Mortgage Loans mortgage loans for consistency with the applicable Guide; (ii) reviewing underwriting, fulfillment, compliance and servicing activities for compliance with the applicable Guide; (iii) coordinating investor, capital provider and regulatory audit activities; (iv) negotiating with Xxxxxx Xxx and Xxx, Xxxxxxx Mac and Xxxxxx Mae with respect to fees and securities stipulations; (v) reviewing correspondent lenders or prospective correspondent lenders for consistency with the applicable Guide; (vi) reviewing and analyzing correspondent lender financial statements for each correspondent lender and prepayment and credit pool performance statistics relating to the Mortgage Loans sold by such correspondent lenderstatistics; (vii) negotiating loan purchase agreements, including any amendments or extensions thereto, and any applicable Early Purchase Program documentation between the Company and the Correspondents, administering such agreements, and monitoring compliance therewith; (viii) negotiating and establishing repurchase facilities or other warehouse lines of credit to be provided by third parties in favor of the Company and its affiliates; (ix) determining the repurchase facilities or other warehouse lines of credit to be drawn or used by the Company and its affiliates in connection with purchases or other acquisitions of Mortgage Loans and monitoring the duration of such draws or usage; (x) performing quarterly certification and annual recertification recertifications reviews in light of the requirements of the applicable Guide; (xi) developing and maintaining models for pricing loans and mortgage servicing rights; (xii) generating daily rate sheets for correspondent lenders; (xiii) reviewing daily interest rate lock commitments; (xiv) monitoring market pricing trends; (xv) developing and maintaining models for the management of interest rate and other risks; (xvi) developing and maintaining hedging strategies and models for interest rate and risk management; (xvii) establish hedging instruments and executing hedge transactions; (xviii) developing and maintaining execution models; (xix) forming pools to back securities and entering into pooling transactions; (xx) using reasonable efforts to resolve issues related to delivery of Mortgage Loan Documents to or at direction of Xxxxxx Mae Xxx, Xxxxxxx Mac and Xxxxxxx MacXxxxxx Mae; (xxi) monitoring delivery of post-closing documentation, such as final title policies and recorded mortgages; (xxii) with respect to Mortgage Loans insured by the Federal Housing Administration, monitoring post-closing insurance status and timely issuance of evidence of insurance; (xxiii) reviewing post-closing adjustments to pricing and confirming accurate disbursements to Correspondents; (xxiiixxiv) obtaining and maintaining information technology systems, including those for secondary marketing, appraisals, data warehouse and accounts receivable; (xxivxxv) complying with reporting requirements imposed on the Company by Correspondents and other parties under applicable Guides and agreements (insofar as neither Service Provider nor any other Person is required to perform such reporting on behalf of the Company under another agreement); (xxv) causing the appointment of the Service Provider as servicer to service such Mortgage Loan under and in accordance with the Servicing Agreement, or causing the appointment of a sub-servicer to the extent otherwise required; (xxvi) purchasing from the Company at the Purchase Price, on an “as is” basis and without recourse of any kind, any Xxxxxx Mae Mortgage Loan purchased by the Company from a Correspondent pursuant to the related Loan Commitment; and (xxviixxvi) other similar mortgage banking-related activities.

Mortgage Banking Services. During the term of this Agreement, the Service Provider shall agrees to provide the with respect to each Mortgage Loan various mortgage banking services set forth belowservices, including, without limitation, the following: (a) The Service Provider shall provide fulfillment services in connection with Mortgage Loans to be purchased or acquired by the Company under the Correspondent Lending Program(“Fulfillment Services”), as followswhich shall include: (i) i. reviewing the Mortgage File to determine whether ensure it contains the required all applicable Mortgage Loan Documents and contacting Correspondents to obtain missing documentation or the correction of inaccurate documentationDocuments; (ii) . reviewing the Mortgage File and Mortgage Loan Documents to confirm generally ensure that such Mortgage Loans are being Loan is originated and delivered in accordance with the applicable Seller’s Guide; (iii) . reviewing such Mortgage Loan and assessing its marketability for sale and/or securitization into the secondary mortgage market; (iv) retrieving . capturing specific data from the Mortgage File that is required in order for such Mortgage Loan to be properly serviced or as may be necessary or advisable in connection with a sale, pledge or repurchase transactionserviced; (v) confirming that the Mortgage Loan is registered with the MERS® System and has a MERS Identification Number; (vi) v. calculating the final purchase price for such Mortgage Loan based on its review of the Mortgage Loan Documents and then requesting funds and directing payment to the appropriate party; and (vii) vi. providing such other services as may be reasonably requested by the Company or otherwise required in connection with the processing of such Mortgage Loan from time to time.; and (b) From time to timeloan acquisition and disposition services, the Service Provider which shall provide general services as reasonably required by the Company, as followsinclude: (i) re-reviewing selected Mortgage Loans for consistency with the applicable Guide; (ii) reviewing underwriting, fulfillment, compliance and servicing activities for compliance with the applicable Guide; (iii) coordinating investor, capital provider and regulatory audit activities; (iv) negotiating with Xxxxxx Xxx and Xxxxxxx Mac with respect to fees and securities stipulations; (v) reviewing correspondent lenders or prospective correspondent lenders for consistency with the applicable Guide; (vi) reviewing and analyzing financial statements for each correspondent lender and prepayment and credit performance statistics relating to the Mortgage Loans sold by such correspondent lender; (vii) negotiating loan purchase agreements, including any amendments or extensions thereto, and any applicable Early Purchase Program documentation between the Company and the Correspondents, administering such agreements, and monitoring compliance therewith; (viii) negotiating and establishing repurchase facilities or other warehouse lines of credit to be provided by third parties in favor of the Company and its affiliates; (ix) determining the repurchase facilities or other warehouse lines of credit to be drawn or used by the Company and its affiliates in connection with purchases or other acquisitions of Mortgage Loans and monitoring the duration of such draws or usage; (x) performing quarterly certification and annual recertification reviews in light of the requirements of the applicable Guide; (xi) developing and maintaining models for pricing loans and mortgage servicing rights; (xii) generating daily rate sheets for correspondent lenders; (xiii) reviewing daily interest rate lock commitments; (xiv) monitoring market pricing trends; (xv) developing and maintaining models for the management of interest rate and other risks; (xvi) developing and maintaining hedging strategies and models for interest rate and risk management; (xvii) establish hedging instruments and executing hedge transactions; (xviii) developing and maintaining execution models; (xix) forming pools to back securities and entering into pooling transactions; (xx) using reasonable efforts to resolve issues related to delivery of Mortgage Loan Documents to or at direction of Xxxxxx Mae and Xxxxxxx Mac; (xxi) monitoring delivery of post-closing documentation, such as final title policies and recorded mortgages; (xxii) reviewing post-closing adjustments to pricing and confirming accurate disbursements to Correspondents; (xxiii) obtaining and maintaining information technology systems, including those for secondary marketing, appraisals, data warehouse and accounts receivable; (xxiv) complying with reporting requirements imposed on the Company under applicable Guides and agreements (insofar as neither Service Provider nor any other Person is required to perform such reporting on behalf of the Company under another agreement); (xxv) causing the appointment of the Service Provider as servicer to service such Mortgage Loan under and in accordance with the Servicing Agreement, or causing the appointment of a sub-servicer to the extent otherwise required; (xxvi) i. purchasing from the Company at the Purchase Price, on an “as is” basis and without recourse of any kind, any Xxxxxx Mae Xxx Mortgage Loan purchased by the Company from a Correspondent pursuant to the related Loan Commitment; and (xxvii) other similar mortgage bankingii. selling such Xxxxxx Mae Mortgage Loan for cash or securitizing such Xxxxxx Xxx Mortgage Loan and selling the resulting mortgage-related activitiesbacked security for cash, in either case at the Take-out Price.

Mortgage Banking Services. During the term of this Agreement, the Service Provider shall provide the mortgage banking services set forth below: (a) The Service Provider shall provide fulfillment services in connection with Mortgage Loans to be purchased or acquired by the Company under the Correspondent Lending Program, as follows: (i) reviewing the Mortgage File to determine whether it contains the required Mortgage Loan Documents and contacting Correspondents to obtain missing documentation or the correction of inaccurate documentation; (ii) reviewing the Mortgage File and Mortgage Loan Documents to confirm generally that such Mortgage Loans are being originated and delivered in accordance with the applicable Guide; (iii) reviewing such Mortgage Loan and assessing its marketability for sale and/or securitization into the secondary mortgage market; (iv) retrieving data from the Mortgage File that is required in order for such Mortgage Loan to be properly serviced or as may be necessary or advisable in connection with a sale, pledge or repurchase transaction; (v) confirming that the Mortgage Loan is registered with the MERS® System and has a MERS Identification Number; (vi) calculating the final purchase price for such Mortgage Loan based on its review of the Mortgage Loan Documents and then requesting funds and directing payment to the appropriate party; and (vii) providing such other services as may be reasonably requested by the Company or otherwise required in connection with the processing of such Mortgage Loan from time to time. (b) From time to time, the Service Provider shall provide general services as reasonably required by the Company, as follows: (i) re-reviewing selected Mortgage Loans for consistency with the applicable Guide; (ii) reviewing underwriting, fulfillment, compliance and servicing activities for compliance with the applicable Guide; (iii) coordinating investor, capital provider and regulatory audit activities; (iv) negotiating with Xxxxxx Xxx Fxxxxx Mxx and Xxxxxxx Fxxxxxx Mac with respect to fees and securities stipulations; (v) reviewing correspondent lenders or prospective correspondent lenders for consistency with the applicable Guide; (vi) reviewing and analyzing financial statements for each correspondent lender and prepayment and credit performance statistics relating to the Mortgage Loans sold by such correspondent lender; (vii) negotiating loan purchase agreements, including any amendments or extensions thereto, and any applicable Early Purchase Program documentation between the Company and the Correspondents, administering such agreements, and monitoring compliance therewith; (viii) negotiating and establishing repurchase facilities or other warehouse lines of credit to be provided by third parties in favor of the Company and its affiliates; (ix) determining the repurchase facilities or other warehouse lines of credit to be drawn or used by the Company and its affiliates in connection with purchases or other acquisitions of Mortgage Loans and monitoring the duration of such draws or usage; (x) performing quarterly certification and annual recertification reviews in light of the requirements of the applicable Guide; (xi) developing and maintaining models for pricing loans and mortgage servicing rights; (xii) generating daily rate sheets for correspondent lenders; (xiii) reviewing daily interest rate lock commitments; (xiv) monitoring market pricing trends; (xv) developing and maintaining models for the management of interest rate and other risks; (xvi) developing and maintaining hedging strategies and models for interest rate and risk management; (xvii) establish hedging instruments and executing hedge transactions; (xviii) developing and maintaining execution models; (xix) forming pools to back securities and entering into pooling transactions; (xx) using reasonable efforts to resolve issues related to delivery of Mortgage Loan Documents to or at direction of Xxxxxx Fxxxxx Mae and Xxxxxxx Fxxxxxx Mac; (xxi) monitoring delivery of post-closing documentation, such as final title policies and recorded mortgages; (xxii) reviewing post-closing adjustments to pricing and confirming accurate disbursements to Correspondents; (xxiii) obtaining and maintaining information technology systems, including those for secondary marketing, appraisals, data warehouse and accounts receivable; (xxiv) complying with reporting requirements imposed on the Company under applicable Guides and agreements (insofar as neither Service Provider nor any other Person is required to perform such reporting on behalf of the Company under another agreement); (xxv) causing the appointment of the Service Provider as servicer to service such Mortgage Loan under and in accordance with the Servicing Agreement, or causing the appointment of a sub-servicer to the extent otherwise required;; 9 (xxvi) purchasing from the Company at the Purchase Price, on an “as is” basis and without recourse of any kind, any Xxxxxx Gxxxxx Mae Mortgage Loan purchased by the Company from a Correspondent pursuant to the related Loan Commitment; and (xxvii) other similar mortgage banking-related activities.