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 4 contracts
Samples: Mortgage Origination Agreement, Mortgage Origination Agreement, Mortgage Origination Agreement
Mortgage Loan Terms. (a) Mortgage Loans shall be made only to Eligible Mortgagors Borrowers for the purpose of providing financing for the Purchase Price purchase of a Single Family an Eligible Residence, and not for the purpose of refinancing any existing loan except a other than construction loanperiod loans, bridge loan loans, or similar temporary initial financing having a stated maturity date within 24 months after the date the loan was closed unless otherwise permitted under the Program Documents.
(with a maximum term of twenty-four (24b) months). Each Mortgage Loan to be sold to the Servicer must be evidenced by a Mortgage Note secured by a first mortgage priority Deed of Trust lien on a fee simple interest in the Single Family Residence acquired thereby, subject only to Permitted EncumbrancesResidence, and all Mortgage Loans must be made substantially in accordance with the Mortgage Lender’s then-'s then current underwriting policies and (i) the underwriting policies of FHA FHA, VA, RHS, or VAPMI, as applicable, and all other the requirements established by this Origination Agreement and the then-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 DevelopmentXxxxxxx Mac, or insured by the PMI Insurer, or have a loan to value ratio acceptable to Xxxxxxx Mac or Xxxxxx MaeGNMA Guides, as applicable. Each Mortgage Loan must be the subject of FHA Insurance, VA Guaranty, RHS Insurance, or PMI insurance and shall conform in all respects to the eligibility and credit underwriting standards as applicable.
(ic) will bear The Mortgage Loans shall:
(1) have interest at the Loan Raterates, (ii) will provide for substantially level monthly payments due the first day of each month (which payments shall include amounts for deposit terms, payment schedules, payment dates and escrow accounts 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 accordance with the Program Manual, Documents;
(iv2) will be assumable only under the terms and conditions set forth in Section 5.02 hereof, 3.8 of this Origination Agreement and the Program Documents;
(v3) will be the subject of a Title Policy or the valid commitment for the issuance of a Title Policy; and
(4) 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 applicableXxxxxxx Mac, (vi) will be in a principal amount not exceeding such amount as conforms to and GNMA Guides and FHA/VA/RHS rules and regulations and the applicable limitations of FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeProgram Documents, 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 sentence2), each Mortgage FHA Insured Mortgage, VA or RHS Guaranteed Mortgage, shall have attached to it written provisions as to a non-assumption and/or acceleration. Such written provisions for FHA or VA Mortgages, respectively, shall have been approved for use by FHA or VA, as acceleration provision in the case may beform described in the Program Documents. Additionally, at the time of submission of the Mortgage Loan for purchaseNotice to FHA Buyers, the Mortgage Lender shall provide evidence satisfactory Notice to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA GuarantyVeterans, 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 Notice 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, RHS Buyer (as applicable, and shall meet all requirements set forth defined in the Program ManualDocuments) must be used in connection with the origination of FHA Insured Mortgage Loans, VA or RHS Guaranteed and Mortgage Loans, respectively. 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) A copy of the Code. Verification of receipt of such noticeexecuted Notice to FHA Buyers, if applicableNotice to Veterans, must accompany the Mortgage Fileapplication for insurance, Form HUD 92900, and must be included in the Loan Delivery Package.
Appears in 2 contracts
Samples: Mortgage Origination Agreement, 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. 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.G:\FLP\ORIGINATION AGREEMENT 2011-WSHFC-AHFA.doc 17
Appears in 1 contract
Samples: Mortgage Origination Agreement
Mortgage Loan Terms. Subject to the terms of the applicable Program Guidelines, each Mortgage Loans Loan:
(i) shall be made only to an Eligible Mortgagors Borrower to provide financing for the purpose of financing the Purchase Price of a Single Family Principal 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 (24ii) months). Each Mortgage Loan to be sold to the Servicer must shall be evidenced by a Mortgage Note and secured by a Mortgage creating a first mortgage lien on a fee simple interest in the Single Family Residence acquired therebysuch Residence, subject only to Permitted Encumbrances, and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and ;
(iiii) 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 applicable Mortgage Loan Rate, interest rate as specified on the TSAHC website and/or the Lender Portal;
(iiiv) will shall provide for substantially level monthly payments of principal and interest representing the amount necessary to fully amortize the Mortgage Loan over a thirty (30) year term;
(v) shall provide for payments to be due and payable on the first day of each month and for an initial principal 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 (which payments shall include 15) days and late payment charges in amounts for deposit not in excess of 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 customary charges permitted by 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 regulationsVA, USDA-RHS and/or GNMA, Xxxxxx Xxx, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeMac, as applicable, ;
(vi) will shall be in a principal amount not exceeding such amount as conforms to the eligibility and credit underwriting standards specified in this Agreement and the Program Guidelines and to the applicable limitations of FHA, VA, USDA Rural Development USDA-RHS and/or GNMA, Xxxxxx Mae or the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeMac, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, and ;
(vii) will shall 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 USDA-RHS 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 Maeinsurance, as applicable, and shall meet conform in all requirements set forth in respects to the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, eligibility and be acceptable to credit underwriting standards specified by FHA, VA, USDA Rural DevelopmentUSDA-RHS and/or GNMA, Xxxxxx Mae or the PMI InsurerXxxxxxx Mac, as applicable;
(viii) shall restrict the assumption thereof to Eligible Borrowers under terms and conditions meeting the assumption requirements of this Agreement, the Program Guidelines, and the Loan Correspondent Purchase and Sale Agreement;
(ix) shall meet all requirements set forth be the subject of a Title Policy or a valid commitment for issuance of a Title Policy;
(x) shall be current in payments of principal, interest, taxes and insurance;
(xi) shall relate to a Residence the Program Manual. Mortgage Loans shall Purchase Price of which is not be originated without providing the Mortgagor the necessary disclosure, if any, regarding potential recapture of federal subsidy as required by Section 143(m) in excess of the Code. Verification of receipt of such notice, if applicable, must accompany the Mortgage File.applicable Maximum Purchase Price;
Appears in 1 contract
Samples: Master Servicing and Sale Agreement
Mortgage Loan Terms. Each Mortgage Loans Loan: shall be made only to an Eligible Mortgagors Borrower to provide financing for the purpose of financing the Purchase Price of a Single Family Qualified 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 ; shall be evidenced by a Mortgage Note and secured by a Deed of Trust creating a first mortgage lien on a fee simple interest in the Single Family Residence acquired therebysuch Qualified Residence, subject only to Permitted Encumbrances, and made substantially in accordance with ; shall bear interest for 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 term thereof specified in the GNMA Guide, related Notice of Final Allocation or (ii) the requirements Notice of FHA, VA, USDA Rural Development, Availability of Funds or the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, at such other rate as applicable, and, in any event, subject to final review may be authorized by the Servicer hereunder and under the Servicing Agreement. All Mortgage Loans Division, which interest shall be insured by FHA or guaranteed by VA or USDA Rural Development, or insured by payable in arrears; shall have 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 term specified in the Loan Rate, (ii) will applicable Program Supplement and shall provide for substantially level monthly payments and full amortization over the term thereof; shall provide for payments to be due and payable on the first day of each month (which payments shall include amounts and for deposit in an initial principal payment not later than 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 first day of the PMI Insurer and Xxxxxxx Mac or Xxxxxx Mae, as applicable, (vi) will second month following the Closing Date; shall be in a principal amount and have a loan-to-value ratio not exceeding such amount amounts as conforms conform to the applicable eligibility and credit underwriting standards specified herein and the limitations of FHA, RHS, VA, USDA Rural Development or the PMI Insurer and Xxxxxx Mae, Xxxxxxx Mac or Xxxxxx Maea PMI Insurer, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae GuideGuide or, 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 Xxxxxx Xxx Guides or otherwise meets the Xxxxxxx Mac or Xxxxxx Mae requirements. With respect to Guides as of the Closing Date; shall be the subject of FHA Insurance, a unit VA Guaranty in the maximum amount allowable by VA regulations, an RHS Guaranty in the maximum amount allowable by RHS regulations, or, in the case of a condominiumConventional Mortgage Loan, such unit must be acceptable to FHA Private Mortgage Guaranty Insurance if required under the Xxxxxx Xxx Guides or VA, or to the Xxxxxxx Mac Guides; shall comply in all respects with the requirements of the PMI Insurer and Xxxxxx Xxx Guide, Xxxxxx Mae Guides or Xxxxxxx Mac or Xxxxxx MaeGuides, as applicable, so as to permit inclusion in a Xxxxxx Mae Pool, a Xxxxxx Xxx Pool or a Xxxxxxx Mac Pool; shall be the subject of a Title Policy; shall pertain to mortgaged property that is covered as of the Closing Date by any required standard hazard insurance policy and flood insurance policy, in such amounts and meeting the applicable requirements of FHA, VA, RHS, a PMI Insurer, Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac; shall have the Tax-Exempt Financing Rider attached to the Deed of Trust and duly executed by the Mortgagor; shall meet all the 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, Section 2.04 hereof; and shall meet all requirements set forth in the Program Manual. Mortgage Loans shall not have such other terms and conditions as may 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 Fileapplicable Program Supplement.
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
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. Each Mortgage Loans Loan:
(i) shall be made only to an Eligible Mortgagors Borrower to provide financing for the purpose of financing the Purchase Price of a Single Family Principal 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 (24ii) months). Each Mortgage Loan to be sold to the Servicer must shall be evidenced by a Mortgage Note and secured by a Mortgage creating a first mortgage lien on a fee simple interest in the Single Family Residence acquired therebysuch Residence, subject only to Permitted Encumbrances, and made substantially in accordance with the Mortgage Lender’s then-current underwriting policies and ;
(iiii) 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 applicable Mortgage Loan Rate, interest rate as specified on the Lender Portal of the Administrator;
(iiiv) will shall provide for substantially level monthly payments of principal and interest representing the amount necessary to fully amortize the Mortgage Loan over a thirty (30) year term;
(v) shall provide for payments to be due and payable on the first day of each month and for an initial principal 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 (which payments shall include 15) days and late payment charges in amounts for deposit not in excess of 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 customary charges permitted by 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 regulationsVA, or to the requirements of the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeUSDA-RHS and/or GNMA, 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 FHA, VA, USDA Rural Development or the PMI Insurer and Xxxxxxx Mac or Xxxxxx MaeUSDA-RHS and/or GNMA, as applicable, and the GNMA Guide, the Xxxxxxx Mac Guide and the Xxxxxx Mae Guide, and ;
(vii) will shall 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 USDA-RHS 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 conform in all requirements set forth in respects to the Program Manual. With respect to manufactured Homes, each such Home must meet GNMA, Xxxxxxx Mac or Xxxxxx Mae standards, as applicable, eligibility and be acceptable to credit underwriting standards specified by FHA, VA, USDA Rural Development, or the PMI InsurerUSDA-RHS and/or GNMA, as applicable. The Program Affidavit shall be used in connection with the origination of the Mortgage Loans;
(viii) shall be the subject of a Title Policy or a valid commitment for issuance of a Title Policy;
(ix) shall be current in payments of principal, interest, taxes and insurance;
(x) shall meet comply in all requirements set forth in respects with this Agreement, the Program Manual. Mortgage Loans Guidelines, the Participating Lender Agreement, the GNMA Guide and FHA, VA or USDA-RHS rules and regulations, each as applicable; and
(xi) 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 Fileeligible for pooling and securitizing into GNMA Certificates.
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 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
