Mortgage Loan Submission and Purchase. In order to comply with the requirements of Section 4.08(h) hereof, as required by the applicable Program Supplement, prior to the Closing of a Mortgage Loan, the Participating Lending Institution, at the Participating Lending Institution’s expense, shall deliver to the applicable Compliance Agent copies of the Mortgage Loan documents specified in the Compliance Package for such Program, and such other documents relating to the Mortgage Loan application as may be required by the Compliance Agent in connection with the review of the proposed Mortgage Loan. The applicable Compliance Agent will be required to review such documents and, to the extent provided in the applicable Compliance Agreement (if applicable), provide to the Trustee, the Certificate of Compliance Agent, or the Participating Lending Institution, a written explanation of why such proposed Mortgage Loan has not been approved for purchase under the Program. The Compliance Package must be submitted to the applicable Compliance Agent for preliminary approval for purchase by the Servicer prior to a Mortgage Loan Closing, pursuant to procedures established by the Compliance Agent. The Compliance Agent will, within two (2) Business Days of receipt of the Compliance Package, send notice to the Participating Lending Institution approving or rejecting the Mortgage Loan or stating the items to be reconciled. The Servicer has no obligation to purchase Mortgage Loans pursuant to Section 4.13 hereof unless and until: (i) such Mortgage Loans are eligible for inclusion in a Xxxxxx Xxx Pool, Xxxxxx Xxx Pool or Freddie Mac Pool, as applicable; (ii) amounts are available under the related Program to purchase the Xxxxxx Xxx Certificates, Xxxxxx Xxx Certificates or Xxxxxxx Mac Certificates, as applicable, representing a beneficial ownership interest in the Xxxxxx Xxx Pool, Xxxxxx Xxx Pool or Freddie Mac Pool of such Mortgage Loans; and (iii) Mortgage Loans in an aggregate principal amount of at least the minimum amount necessary to form a Xxxxxx Xxx Pool for a Xxxxxx Xxx Certificate under the Xxxxxx Xxx Guide, a Xxxxxx Xxx Pool for a Xxxxxx Xxx Certificate under the Xxxxxx Xxx Guides or a Freddie Mac Pool for a Freddie Mac Certificate under the Freddie Mac Guides are available for purchase under the Program on a Purchase Date or are owned by the Servicer and have not previously been included in a Xxxxxx Xxx Pool, Xxxxxx Xxx Pool or Freddie Mac Pool and used to back a Xxxxxx Xxx Certificate, Xxxxxx Xxx Certificat...
