Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors for the purpose of financing the Purchase Price of a Single Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of twenty-four (24) months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien on a fee simple interest in the Single Family Residence acquired thereby, subject only to Permitted Encumbrances, and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and (i) the underwriting policies of FHA or VA, as applicable, and all other requirements established by this Agreement and the then-current criteria set forth in the GNMA Guide, or (ii) the requirements of FHA, VA, USDA Rural Development, or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and, in any event, subject to final review by the Servicer hereunder and under the Servicing Agreement. All Mortgage Loans shall be insured by FHA or guaranteed by VA or USDA Rural Development, or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx Mae, as applicable. Each Mortgage Loan (i) will bear interest at the Loan Rate, (ii) will provide for substantially level monthly payments due the first day of each month (which payments shall include amounts for deposit in the Escrow Account to provide for timely payment of taxes and insurance), (iii) will mature in not more than thirty (30) years, as specified in the Program Manual, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof, (v) will comply in all respects to the GNMA Guide and FHA, VA or USDA Rural Development rules and regulations, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, (vi) will be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, and (vii) will be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is a valid first lien on the Single Family Residence, subject only to Permitted Encumbrances. With respect to clause (iv) of the preceding sentence, each Mortgage shall have attached to it written provisions as to assumption and/or acceleration. Such written provisions for FHA or VA Mortgages, respectively, shall have been approved for use by FHA or VA, as the case may be. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA Guaranty, or a USDA Rural Development Guaranty, or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received a binding commitment from a PMI Insurer or otherwise meets Xxxxxxx Mac or Xxxxxx Mae requirements. With respect to a unit of a condominium, such unit must be acceptable to FHA or VA, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and shall meet all requirements set forth in the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, and be acceptable to FHA, VA, USDA Rural Development, or the PMI Insurer, as applicable, and shall meet all requirements set forth in the Program Manual. Mortgage Loans shall not be originated without providing the Mortgagor the necessary disclosure, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of the Code. Verification of receipt of such notice, if applicable, must accompany the Mortgage File.
Appears in 5 contracts
Samples: Mortgage Origination Agreement, Mortgage Origination Agreement, Mortgage Origination Agreement
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors Persons and Families, as defined herein, for the purpose of providing financing for the Purchase Price purchase of a Single Family Residence, Residence at an Acquisition Price not in excess of the Maximum Acquisition Price for such Single Family Residence and not for the purpose of refinancing any existing loan except or a construction period loan, bridge loan or similar temporary initial financing (with of 24 months or less. There shall be no minimum principal amount required for Mortgage Loans, and no application for a maximum term of twenty-four (24) months)Mortgage Loan shall be rejected solely on the basis that the principal amount is too low. Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien Mortgage on a fee simple interest in the Single Family Residence acquired thereby, subject only to Permitted Encumbrances, thereby and made substantially in accordance with the Mortgage LenderParticipant’s then-then current underwriting policies and (i) the then current underwriting policies of FHA or FHA, VA, RD, the PMI Insurer, if any, GNMA, Xxxxxx Xxx and Xxxxxxx Mac, as applicable, and all other requirements established by this Agreement and the then-then current criteria set forth in the GNMA Guide, or (ii) the requirements of FHAXxxxxx Mae Guides, VA, USDA Rural Developmentthe Xxxxxxx Mac Guides, or the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeLender’s Guide, as applicable, and, and in any event, event subject to final review by the Servicer hereunder and under the Servicing AgreementAdministrator. All Mortgage Loans eligible for inclusion in a GNMA Certificate shall be insured by FHA or guaranteed by VA or USDA Rural DevelopmentRD, as applicable, and all Mortgage Loans eligible for inclusion in a Xxxxxx Mae Security or Xxxxxxx Mac Security shall be insured by a PMI Insurer to the PMI Insurer, extent required by Xxxxxx Mae or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx MaeMac, as applicable. Each Mortgage Loan (i) will shall bear interest at the Loan Mortgage Rate, (ii) will shall provide for substantially level monthly payments of principal and interest due the first day of each month (which payments shall include be accompanied by amounts for deposit in the Escrow Account an escrow account to provide for timely payment of taxes and insurance), (iii) will mature shall have an original term of not to exceed 360 months (unless otherwise agreed in not more than thirty (30) years, as specified in writing by the Program ManualIssuer and the Servicer), (iv) will shall be assumable only under the terms and conditions set forth in Section 5.02 hereof4.16 herein, (v) will shall comply in all respects to with the Program Documents, the GNMA Guide, the Xxxxxx Mae Guides, the Xxxxxxx Mac Guides, the Lender’s Guide and FHA, VA VA, or USDA Rural Development RD or PMI Insurer’s rules and regulations, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, (vi) will shall be in a principal amount not exceeding such amount as conforms to the eligibility and credit underwriting standards specified herein and the applicable limitations of Xxxxxx Mae, Xxxxxxx Mac, FHA, RD or VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the Program Documents, the Servicer’s Guidelines, the GNMA Guide, the Xxxxxx Mae Guides and the Xxxxxxx Mac Guide and the Xxxxxx Mae GuideGuides, and (vii) will shall be the subject of a mortgageeMortgagee’s title guarantee certificate stating that the Mortgage is a valid first lien on the Single Family Residence, subject only to Permitted Encumbrancesinsurance policy. With respect to clause (iv) of the preceding sentence, each Each Mortgage shall have attached to it written provisions as to assumption and/or accelerationacceleration in the applicable form included within the Lender’s Guide. Such written provisions for FHA or VA MortgagesParticipant shall originate all Mortgage Loans in accordance with the loan origination, respectivelyeligibility and credit underwriting standards of FHA, shall have been approved for use by FHA or VA, RD, Xxxxxx Mae or Xxxxxxx Mac, as applicable, and the case may beGNMA Guides, the Xxxxxx Mae Guide, the Xxxxxxx Mac Guides and the Lender’s Guide. AdditionallyIn the event a Mortgagor, at in addition to the time Mortgage Loan, receives an Assistance Grant or Second Mortgage, the Mortgagor shall be entitled to a credit of submission such amount initially advanced by the Participant. In accordance with the applicable guidelines of GNMA, FHA, VA, RD, Xxxxxx Xxx, Xxxxxxx Mac and the Lender’s Guide, the Participant will be reimbursed for amounts advanced upon purchase of the Mortgage Loan for purchase, by the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA Guaranty, or a USDA Rural Development Guaranty, or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received a binding commitment from a PMI Insurer or otherwise meets Xxxxxxx Mac or Xxxxxx Mae requirementsServicer. With respect to a unit of a condominiumCondominium or a PUD, such unit must be acceptable to FHA or VA, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicableXxxxxxx Mac, and shall meet all requirements set forth in the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, and be acceptable to FHA, VA, USDA Rural Development, RD or the PMI Insurer, as applicable, and shall must meet all requirements set forth in applicable GNMA, Xxxxxx Mae or Xxxxxxx Mac standards. There is no restriction on the Program Manual. percentage of Condominium or PUD Mortgage Loans shall not that a Participant may originate. With respect to Manufactured Homes, each such home must meet GNMA standards and be originated without providing the Mortgagor the necessary disclosureacceptable to RD, if anyFHA or VA, regarding potential recapture of federal subsidy as required by Section 143(m) of the Code. Verification of receipt of such notice, if applicable, must accompany and GNMA, Xxxxxx Mae or Xxxxxxx Mac. A Mortgage Loan made for a Single Family Residence which is a Manufactured Home or co-op is eligible for inclusion in a Xxxxxx Mae Security or Xxxxxxx Mac Security only if determined by the Mortgage FileServicer and Administrator to be eligible for inclusion.
Appears in 3 contracts
Samples: Master Mortgage Origination Agreement, Master Mortgage Origination Agreement, Master Mortgage Origination Agreement
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors Persons and Families for the purpose of providing financing for the Purchase Price purchase of a Single Single-Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of twenty-four (24) 24 months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien on a the fee simple interest in the Single Single-Family Residence acquired thereby, subject only to Permitted Encumbrances, thereby and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and (i) the underwriting policies of FHA FHA, HUD, VA or VARD, as applicable, and all other requirements established by this Agreement and, the Purchase Documents, the Program Manual and the then-current criteria set forth in the GNMA Xxxxxx Xxx Guide, or xxxxx (ii) the requirements of FHA, VA, USDA Rural Development, or the PMI Insurer and Xxxxxxx Mac Issuer, Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxx MaeFreddie Mac, as applicable, and, in any event, event subject to the final review by the Servicer hereunder and under the Servicing AgreementCommission. All Mortgage Loans shall be insured by FHA Insured, HUD Guaranteed, VA Guaranteed or guaranteed by VA or USDA Rural DevelopmentRD Guaranteed, as applicable or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx Mae, as if applicable. Formatted: DocID Each Mortgage Loan (i) will shall bear interest at the Loan Raterate or in the manner set forth in the Program Announcement, (ii) will provide for substantially level monthly payments representing the amount necessary to fully amortize such Mortgage Loan over its term, due the first day of each month (which payments shall include amounts for deposit in the Escrow Account an escrow account to provide for timely payment of taxes and insurance)) and for an initial payment not later than the first day of the second month following the closing date, and may include provision for a grace period not exceeding fifteen (iii15) will mature in not more than thirty (30) years, as specified in the Program Manual, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof, (v) will comply in all respects to the GNMA Guide and days if permitted by FHA, VA or USDA Rural Development rules and regulationsHUD, or to the requirements of VA, RD, the PMI Insurer and Xxxxxxx Mac and/or Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxx Mae, as applicable, (vi) will be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeFreddie Mac, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, and (vii) will be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is a valid first lien on the Single Family Residence, subject only to Permitted Encumbrances. With respect to clause (iv) late payment charges in amounts not in excess of the preceding sentencecustomary charges permitted by FHA, each Mortgage shall have attached to it written provisions as to assumption and/or acceleration. Such written provisions for FHA or VA Mortgages, respectively, shall have been approved for use by FHA or VA, as the case may be. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA Guaranty, or a USDA Rural Development Guaranty, or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received a binding commitment from a PMI Insurer or otherwise meets Xxxxxxx Mac or Xxxxxx Mae requirements. With respect to a unit of a condominium, such unit must be acceptable to FHA or VA, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and shall meet all requirements set forth in the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, and be acceptable to FHAHUD, VA, USDA Rural Development, or the PMI Insurer, as applicable, and shall meet all requirements set forth in the Program Manual. Mortgage Loans shall not be originated without providing the Mortgagor the necessary disclosure, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of the Code. Verification of receipt of such notice, if applicable, must accompany the Mortgage File.12/6/2011 G:\FLP\ORIGINATION AGREEMENT 2011-WSHFC-AHFA.doc 17 Formatted: Right
Appears in 1 contract
Samples: Mortgage Origination Agreement
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors Persons and Families for the purpose of providing financing for the Purchase Price purchase of a Single Single-Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of twenty-four (24) 24 months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien on a the fee simple interest in the Single Single-Family Residence acquired thereby, subject only to Permitted Encumbrances, thereby and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and (i) the underwriting policies of FHA FHA, HUD, VA or VARD, as applicable, and all other requirements established by this Agreement Agreement, the Purchase Documents, the Program Manual and the then-current criteria set forth in the GNMA Xxxxxx Xxx Guide, or and (ii) the requirements of FHA, VA, USDA Rural Development, or the PMI Insurer and Xxxxxxx Mac or Issuer, Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac, as applicable, and, in any event, event subject to the final review by the Servicer hereunder and under the Servicing AgreementCommission. All Mortgage Loans shall be insured by FHA Insured, HUD Guaranteed, VA Guaranteed or guaranteed by VA or USDA Rural DevelopmentRD Guaranteed, as applicable or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx Mae, as if applicable. Each Mortgage Loan (i) will shall bear interest at the Loan Raterate or in the manner set forth in the Program Announcement, (ii) will provide for substantially level monthly payments representing the amount necessary to fully amortize such Mortgage Loan over its term, due the first day of each month (which payments shall include amounts for deposit in the Escrow Account an escrow account to provide for timely payment of taxes and insurance)) and for an initial payment not later than the first day of the second month following the closing date, and may include provision for a grace period not exceeding fifteen (15) days if permitted by FHA, HUD, VA, RD, the PMI Insurer and/or Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac, as applicable, and late payment charges in amounts not in excess of the customary charges permitted by FHA, HUD, VA, RD, Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac, as applicable, (iii) will mature in not more than thirty (30) years, have a term or maturity date as specified in the Program ManualAnnouncement, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof4.19 herein, (v) will comply in all respects to the GNMA Xxxxxx Mae Guide and FHA, HUD, RD or VA or USDA Rural Development rules and regulations, as applicable, or to the requirements of the PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx MaeMac, as applicable, (vi) will shall be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, HUD, RD or VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, the Xxxxxx Xxx Selling and Servicing Guide or Xxxxxxx Mac Selling and Servicing Guide, as applicable, (vii) will shall be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is insurance policy or a valid first lien on commitment for the Single Family Residenceissuance of a title insurance policy and (viii) comply with the flood insurance requirements of FHA, subject only to Permitted EncumbrancesHUD, VA, RD, the PMI Insurer or Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac, as applicable. With respect to clause (iv) of the preceding sentence), each Mortgage shall have attached to it written provisions as to assumption and/or accelerationacceleration in the form of deed of trust addendum set forth in the Program Manual. Such written provisions for FHA or VA MortgagesAdditionally, respectivelywith respect to House Key Program Mortgage Loans only, shall have been approved for use a notice to buyers explaining certain aspects of the Program, e.g., assumption restrictions (in the form provided by FHA or VAthe Commission), as must be used in connection with the case may beorigination of each Mortgage Loan. A copy of such executed notice must accompany the Mortgage File. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA InsuranceInsurance or VA, a VA Guaranty, RD or a USDA Rural Development Guaranty, HUD Guaranty and otherwise meets Xxxxxx Mae requirements or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received Loan shall provide a binding commitment certificate of insurance from a the PMI Insurer or otherwise meets Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx Mae requirements, as applicable. With respect to House Key Program Mortgage Loans only, a Recapture Notice must be used and verification thereof must be submitted to the Commission. Verification of the receipt of such notice by the Mortgagor must accompany the Mortgage File. With respect to a unit of a condominium, such unit must be acceptable to FHA FHA, HUD, RD or VA, as applicable and Xxxxxx Mae standards or to the requirements of the Servicer, the PMI Insurer Insurer, and Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx MaeMac, as applicable, and shall meet all requirements set forth in . There is no restriction on the Program Manualpercentage of Mortgage Loans for condominium units that a Mortgage Lender may originate. With respect to manufactured Homeshomes, each such Home home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, standards and be acceptable to FHA, HUD, RD or VA, USDA Rural Development, or the PMI Insurer, as applicable, or Xxxxxx Xxx or Xxxxxxx Mac standards and be acceptable to the PMI Insurer and the Servicer, as applicable. The Commission shall meet all requirements set forth announce in the Program Manual. Mortgage Loans shall not be originated without providing Announcement with respect to each bond issue, the Mortgagor the necessary disclosuremaximum dollar amount, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of FHA Insured Mortgage Loans, VA Guaranteed, HUD Guaranteed or RD Guaranteed Mortgage Loans and Conventional Mortgage Loans, respectively, that the Code. Verification of receipt of such notice, if applicable, must accompany Servicer may purchase under the Mortgage FileProgram.
Appears in 1 contract
Samples: Mortgage Origination Agreement
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors Persons and Families for the purpose of providing financing for the Purchase Price purchase of a Single Single-Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of twenty-four (24) 24 months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien on a the fee simple interest in the Single Single-Family Residence acquired thereby, subject only to Permitted Encumbrances, thereby and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and (i) the underwriting policies of FHA FHA, HUD, VA or VARD, as applicable, and all other requirements established by this Agreement Agreement, the Purchase Documents, the Program Manual and the then-current criteria set forth in the GNMA Xxxxxx Xxx Guide, or and (ii) the requirements of FHA, VA, USDA Rural Development, or the PMI Insurer and Xxxxxxx Mac or Issuer, Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac, as applicable, and, in any event, event subject to the final review by the Servicer hereunder and under the Servicing AgreementCommission. All Mortgage Loans shall be insured by FHA Insured, HUD Guaranteed, VA Guaranteed or guaranteed by VA or USDA Rural DevelopmentRD Guaranteed, as applicable or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx Mae, as if applicable. Each Mortgage Loan (i) will shall bear interest at the Loan Raterate or in the manner set forth in the Program Announcement, (ii) will provide for substantially level monthly payments representing the amount necessary to fully amortize such Mortgage Loan over its term, due the first day of each month (which payments shall include amounts for deposit in the Escrow Account an escrow account to provide for timely payment of taxes and insurance)) and for an initial payment not later than the first day of the second month following the closing date, and may include provision for a grace period not exceeding fifteen (15) days if permitted by FHA, HUD, VA, RD, the PMI Insurer and/or Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac, as applicable, and late payment charges in amounts not in excess of the customary charges permitted by FHA, HUD, VA, RD, Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac, as applicable, (iii) will mature in not more than thirty (30) years, have a term or maturity date as specified in the Program ManualAnnouncement, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof4.19 herein, (v) will comply in all respects to the GNMA Xxxxxx Mae Guide and FHA, HUD, RD or VA or USDA Rural Development rules and regulations, as applicable, or to the requirements of the PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx MaeMac, as applicable, (vi) will shall be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, HUD, RD or VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, the Xxxxxx Xxx Selling and Servicing Guide or Xxxxxxx Mac Selling and Servicing Guide, as applicable, (vii) will shall be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is insurance policy or a valid first lien on commitment for the Single Family Residenceissuance of a title insurance policy and (viii) comply with the flood insurance requirements of FHA, subject only to Permitted EncumbrancesHUD, VA, RD, the PMI Insurer or Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac, as applicable. With respect to clause (iv) of the preceding sentence), each Mortgage shall have attached to it written provisions as to assumption and/or accelerationacceleration in the form of deed of trust addendum set forth in the Program Manual. Such written provisions for FHA or VA MortgagesAdditionally, respectivelywith respect to House Key Program Mortgage Loans only, shall have been approved for use a notice to buyers explaining certain aspects of the Program, e.g., assumption restrictions (in the form provided by FHA or VAthe Commission), as must be used in connection with the case may beorigination of each Mortgage Loan. A copy of such executed notice must accompany the Mortgage File. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA InsuranceInsurance or VA, a VA Guaranty, RD or a USDA Rural Development Guaranty, HUD Guaranty and otherwise meets Xxxxxx Mae requirements or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received Loan shall provide a binding commitment certificate of insurance from a the PMI Insurer or otherwise meets Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx Mae requirements, as applicable. With respect to House Key Program Mortgage Loans only, a Recapture Notice must be used and verification thereof must be submitted to the Commission. Verification of the receipt of such notice by the Mortgagor must accompany the Mortgage File. With respect to a unit of a condominium, such unit must be acceptable to FHA FHA, HUD, RD or VA, as applicable and Xxxxxx Mae standards or to the requirements of the Servicer, the PMI Insurer Insurer, and Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx MaeMac, as applicable, and shall meet all requirements set forth in . There is no restriction on the Program Manualpercentage of Mortgage Loans for condominium units that a Mortgage Lender may originate. With respect to manufactured Homeshomes, in the event the Servicer agrees to accept Mortgage Loans for manufactured homes, each such Home home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, standards and be acceptable to FHA, HUD, RD or VA, USDA Rural Development, or the PMI Insurer, as applicable, or Xxxxxx Xxx or Xxxxxxx Mac standards and be acceptable to the PMI Insurer and the Servicer, as applicable. The Commission shall meet all requirements set forth announce in the Program Manual. Mortgage Loans shall not be originated without providing Announcement with respect to each bond issue, the Mortgagor the necessary disclosuremaximum dollar amount, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of FHA Insured Mortgage Loans, VA Guaranteed, HUD Guaranteed or RD Guaranteed Mortgage Loans and Conventional Mortgage Loans, respectively, that the Code. Verification of receipt of such notice, if applicable, must accompany Servicer may purchase under the Mortgage FileProgram.
Appears in 1 contract
Samples: Mortgage Origination Agreement
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors for the purpose of financing the Purchase Price of a Single Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of twenty-four (24) months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien on a fee simple interest in the Single Family Residence acquired thereby, subject only to Permitted Encumbrances, and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and (i) the underwriting policies of FHA or VA, as applicable, and all other requirements established by this Agreement and the then-current criteria set forth in the GNMA Guide, or (ii) the requirements of FHA, VA, USDA Rural Development, or the PMI Insurer and Xxxxxxx Freddie Mac or Xxxxxx MaeXxx, as applicable, and, in any event, subject to final review by the Servicer hereunder and under the Servicing Agreement. All Mortgage Loans shall be insured by FHA or guaranteed by VA or USDA Rural Development, or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Freddie Mac or Xxxxxx MaeXxx, as applicable. Each Mortgage Loan (i) will bear interest at the Loan Rate, (ii) will provide for substantially level monthly payments due the first day of each month (which payments shall include amounts for deposit in the Escrow Account to provide for timely payment of taxes and insurance), (iii) will mature in not more than thirty (30) years, as specified in the Program Manual, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof, (v) will comply in all respects to the GNMA Guide and FHA, VA or USDA Rural Development rules and regulations, or to the requirements of the PMI Insurer and Xxxxxxx Freddie Mac or Xxxxxx MaeXxx, as applicable, (vi) will be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Freddie Mac or Xxxxxx MaeXxx, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Xxx Guide, and (vii) will be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is a valid first lien on the Single Family Residence, subject only to Permitted Encumbrances. With respect to clause (iv) of the preceding sentence, each Mortgage shall have attached to it written provisions as to assumption and/or acceleration. Such written provisions for FHA or VA Mortgages, respectively, shall have been approved for use by FHA or VA, as the case may be. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA Guaranty, or a USDA Rural Development Guaranty, or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received a binding commitment from a PMI Insurer or otherwise meets Xxxxxxx Freddie Mac or Xxxxxx Mae Xxx requirements. With respect to a unit of a condominium, such unit must be acceptable to FHA or VA, or to the requirements of the PMI Insurer and Xxxxxxx Freddie Mac or Xxxxxx MaeXxx, as applicable, and shall meet all requirements set forth in the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Freddie Mac or Xxxxxx Mae Xxx standards, as applicable, and be acceptable to FHA, VA, USDA Rural Development, or the PMI Insurer, as applicable, and shall meet all requirements set forth in the Program Manual. Mortgage Loans shall not be originated without providing the Mortgagor the necessary disclosure, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of the Code. Verification of receipt of such notice, if applicable, must accompany the Mortgage File.
Appears in 1 contract
Samples: Mortgage Origination Agreement
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors Persons and Families, as defined herein and in the Invitation, for the purpose of providing financing for the Purchase Price purchase of a Single Family Residence, at an Acquisition Price not in excess of the Maximum Acquisition Price for such Single Family Residence, and not for the purpose of refinancing any existing loan except loan, or a construction period loan, bridge loan or similar temporary initial financing (with of 24 months or less. There shall be no minimum principal amount required for Mortgage Loans, and no application for a maximum term of twenty-four (24) months)Mortgage Loan shall be rejected solely on the basis that the principal amount is too low. Each Mortgage Loan to be sold to the a Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien Mortgage on a fee simple interest in the Single Family Residence acquired thereby, subject only to Permitted Encumbrances, thereby and made substantially in accordance with the Mortgage Lender’s then-'s then current underwriting policies and (i) the then current underwriting policies of FHA or FHA, VA, RD, the PMI Insurer, if any, GNMA, Xxxxxxx Mac and Xxxxxx Xxx, as applicable, and all other requirements established by this Agreement and the then-then current criteria set forth in the GNMA Guide, or (ii) the requirements of FHAXxxxxxx Mac Guides, VAthe Xxxxxx Xxx Guides, USDA Rural Development, the Administrator’s Guidelines or the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeLender Manual, as applicable, and, and in any event, event subject to final review by the Servicer hereunder and under the Servicing AgreementServicer. All Mortgage Loans eligible for inclusion in a GNMA Certificate shall be insured by FHA or FHA, guaranteed by VA or USDA Rural Development, or insured guaranteed by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx MaeRD, as applicable, and all Mortgage Loans eligible for inclusion in a Xxxxxx Mae Security or Xxxxxxx Mac Security shall be insured by a PMI Insurer to the extent required by Xxxxxx Mae or Xxxxxxx Mac. Each Mortgage Loan (i) will shall bear interest at the Loan Raterate set forth in the related Invitation, as modified by the Local HFA from time to time, (ii) will shall provide for substantially level monthly payments of principal and interest due the first day of each month (which payments shall include be accompanied by amounts for deposit in the Escrow Account an escrow account to provide for timely payment of taxes and insurance), (iii) will mature in not more than thirty (30) years, as specified in the Program Manual, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof, (v) will comply in all respects to the GNMA Guide and FHA, VA or USDA Rural Development rules and regulations, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, (vi) will be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, and (vii) will be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is a valid first lien on the Single Family Residence, subject only to Permitted Encumbrances. With respect to clause (iv) of the preceding sentence, each Mortgage shall have attached to it written provisions as to assumption and/or acceleration. Such written provisions for FHA or VA Mortgages, respectively, shall have been approved for use by FHA or VA, as the case may be. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA Guaranty, or a USDA Rural Development Guaranty, or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received a binding commitment from a PMI Insurer or otherwise meets Xxxxxxx Mac or Xxxxxx Mae requirements. With respect to a unit of a condominium, such unit must be acceptable to FHA or VA, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and shall meet all requirements set forth in the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, and be acceptable to FHA, VA, USDA Rural Development, or the PMI Insurer, as applicable, and shall meet all requirements set forth in the Program Manual. Mortgage Loans shall not be originated without providing the Mortgagor the necessary disclosure, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of the Code. Verification of receipt of such notice, if applicable, must accompany the Mortgage File.,
Appears in 1 contract
Samples: ehousing.cc
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors Persons and Families, as defined herein and in the Invitation, for the purpose of providing financing for the Purchase Price purchase of a Single Family Residence, at an Acquisition Price not in excess of the Maximum Acquisition Price for such Single Family Residence, and not for the purpose of refinancing any existing loan except loan, or a construction period loan, bridge loan or similar temporary initial financing (with of 24 months or less. There shall be no minimum principal amount required for Mortgage Loans, and no application for a maximum term of twenty-four (24) months)Mortgage Loan shall be rejected solely on the basis that the principal amount is too low. Each Mortgage Loan to be sold to the a Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien Mortgage on a fee simple interest in the Single Family Residence acquired thereby, subject only to Permitted Encumbrances, thereby and made substantially in accordance with the Mortgage Lender’s then-then current underwriting policies and (i) the then current underwriting policies of FHA or FHA, VA, RD, the PMI Insurer, if any, GNMA, Xxxxxxx Mac and Xxxxxx Xxx, as applicable, and all other requirements established by this Agreement and the then-then current criteria set forth in the GNMA Guide, or (ii) the requirements of FHAXxxxxxx Mac Guides, VAthe Xxxxxx Xxx Guides, USDA Rural Development, the Administrator’s Guidelines or the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeLender Manual, as applicable, and, and in any event, event subject to final review by the Servicer hereunder and under the Servicing AgreementServicer. All Mortgage Loans eligible for inclusion in a GNMA Certificate shall be insured by FHA or FHA, guaranteed by VA or USDA Rural Development, or insured guaranteed by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx MaeRD, as applicable, and all Mortgage Loans eligible for inclusion in a Xxxxxx Mae Security or Xxxxxxx Mac Security shall be insured by a PMI Insurer to the extent required by Xxxxxx Mae or Xxxxxxx Mac. Each Mortgage Loan (i) will shall bear interest at the Loan Raterate set forth in the related Invitation, as modified by the Local HFA from time to time, (ii) will shall provide for substantially level monthly payments of principal and interest due the first day of each month (which payments shall include be accompanied by amounts for deposit in the Escrow Account an escrow account to provide for timely payment of taxes and insurance), (iii) will mature in not more than thirty (30) years, as specified in the Program Manual, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof, (v) will comply in all respects to the GNMA Guide and FHA, VA or USDA Rural Development rules and regulations, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, (vi) will be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, and (vii) will be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is a valid first lien on the Single Family Residence, subject only to Permitted Encumbrances. With respect to clause (iv) of the preceding sentence, each Mortgage shall have attached to it written provisions as to assumption and/or acceleration. Such written provisions for FHA or VA Mortgages, respectively, shall have been approved for use by FHA or VA, as the case may be. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA Guaranty, or a USDA Rural Development Guaranty, or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received a binding commitment from a PMI Insurer or otherwise meets Xxxxxxx Mac or Xxxxxx Mae requirements. With respect to a unit of a condominium, such unit must be acceptable to FHA or VA, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and shall meet all requirements set forth in the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, and be acceptable to FHA, VA, USDA Rural Development, or the PMI Insurer, as applicable, and shall meet all requirements set forth in the Program Manual. Mortgage Loans shall not be originated without providing the Mortgagor the necessary disclosure, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of the Code. Verification of receipt of such notice, if applicable, must accompany the Mortgage File.,
Appears in 1 contract
Samples: ehousing.cc
Mortgage Loan Terms. Mortgage Loans shall be made only to Eligible Mortgagors Persons and Families for the purpose of providing financing for the Purchase Price purchase of a Single Single-Family Residence, and not for the purpose of refinancing any existing loan except a construction loan, bridge loan or similar temporary initial financing (with a maximum term of twenty-four (24) 24 months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage lien on a the fee simple interest in the Single Single-Family Residence acquired thereby, subject only to Permitted Encumbrances, thereby and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and (i) the underwriting policies of FHA FHA, HUD, VA or VARD, as applicable, and all other requirements established by this Agreement Agreement, the Purchase Documents, the Program Manual and the then-current criteria set forth in the GNMA Xxxxxx Xxx Guide, or and (ii) the requirements of FHA, VA, USDA Rural Development, or the PMI Insurer and Xxxxxxx Mac Issuer, Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxx MaeFreddie Mac, as applicable, and, in any event, event subject to the final review by the Servicer hereunder and under the Servicing AgreementCommission. All Mortgage Loans shall be insured by FHA Insured, HUD Guaranteed, VA Guaranteed or guaranteed by VA or USDA Rural DevelopmentRD Guaranteed, as applicable or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx Mae, as if applicable. Each Mortgage Loan (i) will shall bear interest at the Loan Raterate or in the manner set forth in the Program Announcement, (ii) will provide for substantially level monthly payments representing the amount necessary to fully amortize such Mortgage Loan over its term, due the first day of each month (which payments shall include amounts for deposit in the Escrow Account an escrow account to provide for timely payment of taxes and insurance)) and for an initial payment not later than the first day of the second month following the closing date, and may include provision for a grace period not exceeding fifteen (15) days if permitted by FHA, HUD, VA, RD, the PMI Insurer and/or Xxxxxx Xxx, Xxxxxx Xxx or Freddie Mac, as applicable, and late payment charges in amounts not in excess of the customary charges permitted by FHA, HUD, VA, RD, Xxxxxx Mae, Xxxxxx Xxx or Freddie Mac, as applicable, (iii) will mature in not more than thirty (30) years, have a term or maturity date as specified in the Program ManualAnnouncement, (iv) will be assumable only under the terms and conditions set forth in Section 5.02 hereof4.19 herein, (v) will comply in all respects to the GNMA Xxxxxx Mae Guide and FHA, HUD, RD or VA or USDA Rural Development rules and regulations, as applicable, or to the requirements of the PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx MaeMac, as applicable, (vi) will shall be in a principal amount not exceeding such amount as conforms to the applicable limitations of FHA, HUD, RD or VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, the Xxxxxx Xxx Selling and Servicing Guide or Xxxxxxx Xxx Xxxxxxx and Servicing Guide, as applicable, (vii) will shall be the subject of a mortgagee’s title guarantee certificate stating that the Mortgage is insurance policy or a valid first lien on commitment for the Single Family Residenceissuance of a title insurance policy and (viii) comply with the flood insurance requirements of FHA, subject only to Permitted EncumbrancesHUD, VA, RD, the PMI Insurer or Xxxxxx Xxx, Xxxxxx Xxx or Freddie Mac, as applicable. With respect to clause (iv) of the preceding sentence), each Mortgage shall have attached to it written provisions as to assumption and/or accelerationacceleration in the form of deed of trust addendum set forth in the Program Manual. Such written provisions for FHA or VA MortgagesAdditionally, respectivelywith respect to House Key Program Mortgage Loans only, shall have been approved for use a notice to buyers explaining certain aspects of the Program, e.g., assumption restrictions (in the form provided by FHA or VAthe Commission), as must be used in connection with the case may beorigination of each Mortgage Loan. A copy of such executed notice must accompany the Mortgage File. Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA InsuranceInsurance or VA, a VA Guaranty, RD or a USDA Rural Development Guaranty, HUD Guaranty and otherwise meets Xxxxxx Mae requirements or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received Loan shall provide a binding commitment certificate of insurance from a the PMI Insurer or otherwise meets Xxxxxx Xxx or Xxxxxxx Mac or Xxxxxx Mae requirements, as applicable. With respect to House Key Program Mortgage Loans only, a Recapture Notice must be used and verification thereof must be submitted to the Commission. Verification of the receipt of such notice by the Mortgagor must accompany the Mortgage File. With respect to a unit of a condominium, such unit must be acceptable to FHA FHA, HUD, RD or VA, as applicable and Xxxxxx Mae standards or to the requirements of the Servicer, the PMI Insurer Insurer, and Xxxxxxx Mac Xxxxxx Xxx or Xxxxxx MaeFreddie Mac, as applicable, and shall meet all requirements set forth in . There is no restriction on the Program Manualpercentage of Mortgage Loans for condominium units that a Mortgage Lender may originate. With respect to manufactured Homeshomes, in the event the Servicer agrees to accept Mortgage Loans for manufactured homes, each such Home home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, standards and be acceptable to FHA, HUD, RD or VA, USDA Rural Development, or the PMI Insurer, as applicable, or Xxxxxx Xxx or Xxxxxxx Mac standards and be acceptable to the PMI Insurer and the Servicer, as applicable. The Commission shall meet all requirements set forth announce in the Program Manual. Mortgage Loans shall not be originated without providing Announcement with respect to each bond issue, the Mortgagor the necessary disclosuremaximum dollar amount, if any, regarding potential recapture of federal subsidy as required by Section 143(m) of FHA Insured Mortgage Loans, VA Guaranteed, HUD Guaranteed or RD Guaranteed Mortgage Loans and Conventional Mortgage Loans, respectively, that the Code. Verification of receipt of such notice, if applicable, must accompany Servicer may purchase under the Mortgage FileProgram.
Appears in 1 contract
Samples: Mortgage Origination Agreement
