Mortgage Insurance and Guarantees. (a) If a Conventional Mortgage is insured by a mortgage insurer, the insurer will have no obligation to recognize or deal with any person other than Freddie Mac or its agent regarding the mortgagee's rights, benefits and obligations under the related insurance contract. If a mortgage insurer exercises an option under an insurance contract to purchase a Mortgage, the proceeds of such purchase will be considered to be repurchase proceeds for purposes of Article III. (b) Each FHA/VA Mortgage will have in full force and effect a certificate or other satisfactory evidence of insurance or guaranty, as the case may be, as may be issued by the applicable government agency from time to time. None of these agencies has any obligation to recognize or deal with any person other than Freddie Mac or its agent with regard to the rights, benefits and obligations of the mortgagee under the contract of insurance or guaranty relating to each FHA/VA Mortgage.
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Mortgage Insurance and Guarantees. (a) If a Conventional Mortgage is insured by a mortgage insurer, the insurer will have no obligation to recognize or deal with any person other than Freddie Xxxxxxx Mac or its agent regarding the mortgagee's rights, benefits and obligations under the related insurance contract. If a mortgage insurer exercises an option under an insurance contract to purchase a Mortgage, the proceeds of such purchase will be considered to be repurchase proceeds for purposes of Article III.
(b) Each FHA/VA Mortgage will have in full force and effect a certificate or other satisfactory evidence of insurance or guaranty, as the case may be, as may be issued by the applicable government agency from time to time. None of these agencies has any obligation to recognize or deal with any person other than Freddie Xxxxxxx Mac or its agent with regard to the rights, benefits and obligations of the mortgagee under the contract of insurance or guaranty relating to each FHA/VA Mortgage.
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