Common use of ORIGINATION AND PURCHASE OF MORTGAGE LOANS Clause in Contracts

ORIGINATION AND PURCHASE OF MORTGAGE LOANS. 1.1 Correspondent may submit applications and related loan packages for mortgage loans to GMFS LLC and GMFS LLC, upon receipt thereof, may, in its sole discretion, underwrite and approve such applications and related complete loan packages. Correspondent warrants that each such mortgage loan approved and purchased by GMFS LLC shall conform in all m a t e r i a l respects to all the terms, conditions, representations, warranties and covenants contained in this Agreement. Nothing in this Agreement shall be construed as obligating GMFS LLC to accept or approve any such application, loan package or mortgage loan. In the event a mortgage loan is approved and accepted by GMFS LLC and closed in the name of Correspondent, Correspondent shall assign, transfer, convey and deliver the mortgage loan to GMFS LLC (including all servicing rights relating thereto), and endorse the related promissory note, in accordance with GMFS LLC’s policies and procedures. Such endorsement and assignment shall be without recourse as to payment but subject to the representations and warranties of Correspondent contained in this Agreement. Simultaneously with the assignment thereof to GMFS LLC, GMFS LLC shall make payment of the purchase price for such mortgage loan to Correspondent, such purchase price to be determined in accordance with GMFS LLC’s compensation arrangements for mortgage loans as then in effect.

ORIGINATION AND PURCHASE OF MORTGAGE LOANS. 1.1 Agent Correspondent may submit applications and related loan packages for mortgage loans to GMFS LLC and GMFS LLC, upon receipt thereof, may, in its sole discretion, underwrite and approve such applications and related complete loan packages. A g e nt Correspondent warrants that each such mortgage loan approved and purchased by GMFS LLC shall conform in all m a t e r i a l respects to all the terms, conditions, representations, warranties and covenants contained in this Agreement. Nothing in this Agreement shall be construed as obligating GMFS LLC to accept or approve any such application, loan package or mortgage loan. In the event a mortgage loan is approved and accepted by GMFS LLC and closed in the name of A g e n t Correspondent, Agent Correspondent shall assign, transfer, convey and deliver the mortgage loan to GMFS LLC (including all servicing rights relating thereto), and endorse the related promissory note, in accordance with GMFS LLC’s policies and procedures. Such endorsement and assignment shall be without recourse as to payment but subject to the representations and warranties of A g e n t Correspondent contained in this Agreement. Simultaneously with the assignment thereof to GMFS LLC, GMFS LLC shall make payment of the purchase price for such mortgage loan to Agent Correspondent, such purchase price to be determined in accordance with GMFS LLC’s compensation arrangements for mortgage loans as then in effect.

ORIGINATION AND PURCHASE OF MORTGAGE LOANS. 1.1 Correspondent may submit applications and related loan packages for mortgage loans to GMFS LLC and GMFS LLC, upon receipt thereof, may, in its sole discretion, underwrite and approve such applications and related complete loan packages. Correspondent warrants that each such mortgage loan approved and purchased by GMFS LLC shall conform in all m a t e r i a l respects to all the terms, conditions, representations, warranties and covenants contained in this Agreement. Nothing in this Agreement shall be construed as obligating GMFS LLC to accept or approve any such application, loan package or mortgage loan. In the event a mortgage loan is approved and accepted by GMFS LLC and closed in the name of Correspondent, Correspondent shall assign, transfer, convey and deliver the mortgage loan to GMFS LLC (including all servicing rights relating thereto), and endorse the related promissory note, in accordance with GMFS LLC’s policies and procedures. Such endorsement and assignment shall be without recourse as to payment but subject to the representations and warranties of Correspondent contained in this Agreement. Simultaneously with the assignment thereof to GMFS LLC, GMFS LLC shall make payment of the purchase price for such mortgage loan to Correspondent, such purchase price to be determined in accordance with GMFS LLC’s compensation arrangements for mortgage loans as then in effect.

ORIGINATION AND PURCHASE OF MORTGAGE LOANS. 1.1 Correspondent Mortgage Broker may submit applications and related loan packages for mortgage loans to GMFS LLC and GMFS LLC, upon receipt thereof, may, in its sole discretion, underwrite and approve such applications and related complete loan packages. Correspondent Mortgage Broker warrants that each such mortgage loan approved and purchased by GMFS LLC shall conform in all m a t e r i a l respects to all the terms, conditions, representations, warranties and covenants contained in this Agreement. Nothing in this Agreement shall be construed as obligating GMFS LLC to accept or approve any such application, loan package or mortgage loan. In the event a mortgage loan is approved and accepted by GMFS LLC and closed in the name of CorrespondentMortgage Broker, Correspondent Mortgage Broker shall assign, transfer, convey and deliver the mortgage loan to GMFS LLC (including all servicing rights relating thereto), and endorse the related promissory note, in accordance with GMFS LLC’s policies and procedures. Such endorsement and assignment shall be without recourse as to payment but subject to the representations and warranties of Correspondent Mortgage Broker contained in this Agreement. Simultaneously with the assignment thereof to GMFS LLC, GMFS LLC shall make payment of the purchase price for such mortgage loan to CorrespondentMortgage Broker, such purchase price to be determined in accordance with GMFS LLC’s compensation arrangements for mortgage loans as then in effect.