Origination of Loans. Except as disclosed in writing to Correspondent and accepted by Correspondent prior to the Closing Date, each Loan has been originated in accordance with the Purchase Criteria and the terms and conditions of the applicable Confirmation.
Origination of Loans. Other than approved exceptions, each Loan complies in all material respects with the Seller’s underwriting policies in effect as of such loan’s origination date.
Origination of Loans. Each Loan was originated in the United States of America by Seller in the ordinary course of its business.
Origination of Loans. (i) Cendant shall ensure that all Loans originated under the Mortgage Broker Program shall be closed in MLCC’s name and in accordance with the Mortgage Broker Guide, the applicable Broker Agreement, the Underwriting Guidelines and all Applicable Requirements.
(ii) Promptly after the Effective Date, Cendant shall commence to direct all Mortgage Brokers to forward Loan applications and other materials related to Loans to Cendant for Cendant’s review for the benefit of MLCC. Cendant shall make such direction to all Mortgage Brokers no later than September 30, 2001.
(iii) Cendant shall perform all obligations to be performed by MLCC with respect to Loans pursuant to and in accordance with the applicable Broker Agreement and the Mortgage Broker Guide, including, but not limited to, reviewing all forwarded materials and, subject to Section 4.01, issuing (or not issuing) Approval Letters for Loans. Cendant agrees that it shall use its best efforts to provide a credit decision with respect to completed applications for the benefit of MLCC within [* * *] of its receipt of a completed application. Subject to Section 3.01(d)(i), Cendant may cause MLCC to charge the applicable Mortgage Broker or the applicable Borrower a fee payable to Cendant of [* * *] as an underwriting fee for each closed Loan reviewed pursuant to this paragraph, or any amount [* * *].
(iv) Cendant shall, prior to the closing of each Cendant Loan and at its own cost and expense, prepare and deliver to the closing all documentation relating to the closing of such Cendant Loan.
(v) With respect to PrimeFirst® Loans and Equity Access® Loans, Cendant agrees to collect from the applicable Borrower, or cause the Mortgage Broker to collect, on behalf of MLCC, any discount point(s) charged in respect of such Loans as set forth in the Mortgage Broker Guide.
Origination of Loans. (i) Lender will fund newly originated Loans for the Program Dealers’ customers identified by Servicer that meet the Underwriting Criteria up to the following limits:
(1) A limit of [*****] Dollars ($[*****]) in aggregate outstanding principal balances at any time (the “Commitment Amount”). The Commitment Amount will be increased in accordance with this sub-Article.
(2) [*****].
(ii) If Servicer concludes that a potential Borrower meets the Underwriting Criteria, Servicer shall cause each Borrower of a Loan to execute a Loan Agreement, and other documentation as determined by the Parties, which shall include an interest rate, amount financed, loan term, estimated minimum payment amount, repayment schedule and other terms as set forth in Schedule B.
Origination of Loans. Each Loan was originated in the United States and is evidenced by a promissory note and security agreement between Seller and the related Obligor and shall have been fully and properly executed by the parties thereto.
Origination of Loans. Great Lakes agrees with Lender to provide the following origination and disbursement services as directed by the Lender and otherwise consistent with the requirements of the Act and all regulations issued by the U.S. Department of Education or by the guarantor to implement the Act and to coordinate processing as required to enable guarantee by Great Lakes Higher Education Guaranty Corporation ("GLHEGC").
(1) Great Lakes agrees to coordinate with GLHEGC the processing of all properly completed Loan applications within one business day after receipt of all required information from the borrower, the school, and, for PLUS loans, the credit bureau. This standard shall be met if 90% of all Loans are processed within this one day period. Loan application forms shall identify the Lender and shall be sent to a separate post office box, as provided on the Loan application form.
(2) If either the Loan application form or the promissory note are not properly completed, Great Lakes shall promptly notify the school or the borrower, whomever is appropriate, to resolve the deficiencies.
(3) Great Lakes will perform a credit check to determine whether or not PLUS borrowers have adverse credit as required by the Act. If there is no indication of adverse credit, Great Lakes will document this finding and will submit the loan information to GLHEGC for guarantee processing. If adverse credit is indicated, Great Lakes will report this information to the Lender and will return the application to the Lender. It is the Lender's responsibility to provide the borrower with a credit denial letter and to meet all other legal or regulatory requirements with respect to such denied loans.
(4) If the Loan application form and note are properly completed:
(i) Great Lakes will coordinate GLHEGC's processing of the Loan for guarantee.
(ii) Upon guarantee of the Loan, Great Lakes as Lender's agent shall prepare a disclosure statement in accordance with federal regulations and shall make the required disbursements of the Loan. These disbursement checks shall be drawn against a checking account maintained by Great Lakes. The Lender shall fund this account on a daily basis by an ACH transfer initiated by Great Lakes to cover all disbursements made that day. Great Lakes will pay all transaction costs associated with the account including the cost of standard checks and will receive all investment earnings on balances existing from time to time in the account. Great Lakes will reconcile the accou...
Origination of Loans. (i) GreenSky® Program. As program administrator of the GreenSky® Program, Servicer shall use commercially reasonable efforts to maintain and develop the network of CERTAIN CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT, MARKED BY [*****] HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED Program Merchants participating in the GreenSky® Program as a source for Loans to be made by Lender pursuant to this Loan Origination Agreement.
(ii) GreenSky® Program Merchant and Sponsor Credentialing and Monitoring. Servicer will credential its Program Merchants and Sponsors according to its customary practices, will make available to Program Merchants periodic guidance and training regarding consumer disclosure standards for the GreenSky® Program, will monitor and review consumer complaints that it receives (and the resolution thereof), and, where it deems appropriate, terminate relationships with Program Merchants and Sponsors when Program Merchants and Sponsors have not complied with applicable Laws or the GreenSky® Program and have failed to resolve such non-compliance to Servicer’s satisfaction or as Servicer otherwise deems appropriate in order to maintain the integrity of the GreenSky® Program.
Origination of Loans. 14 SECTION 2.02 Purchases........................................................ 15 SECTION 2.03 Commitment Termination Date...................................... 16 SECTION 2.04
Origination of Loans. Until the Commitment Termination Date,
(a) FoodService agrees to market the Loan origination program provided by this Agreement to potential obligors and NCB agrees to participate in such marketing. Any expenses incurred by FoodService or NCB in connection with such marketing shall be borne by the party incurring such expense.
(b) FoodService shall refer potential obligors to NCB from time to time for review and a determination of whether to approve loans to such obligors which will, upon origination, be sold to NCB pursuant to this Agreement. Each referral by FoodService of a potential obligor shall contain (i) a certification by a Responsible Officer of FoodService to the effect that to the best of such Officer's knowledge (A) the potential obligor is a member in good standing of FoodService and (B) FoodService's previous business dealings with the potential obligor have been satisfactory and based on the credit history of the potential obligor and FoodService's current dealings with the potential obligor, FoodService knows of no reason why a loan should not be made to the potential obligor and (ii) a recommendation by FoodService to NCB to approve, subject to NCB's general underwriting standards for loans of such nature, the referred loan for a specified amount (or an amount which exceeds such specified amount by the lesser of $100,000 or 10% of the specified amount). NCB shall have full discretion in determining whether to approve any potential loan and obligor referred hereunder by FoodService and shall apply its own credit and underwriting standards in making each such determination.
(c) Prior to sending any Loan Proposal to a potential obligor with respect to a Large Loan, NCB shall forward a copy of such Loan Proposal to FoodService for its review. In addition, prior to sending to a potential obligor a Loan Proposal specifying a loan amount that exceeds the amount recommended by FoodService in its loan referral, NCB shall forward a copy of such Loan Proposal to FoodService for its review.
(d) Pursuant to Section 2.04, NCB, as agent for FoodService, will originate, in the name of FoodService, Loans, provided that the original aggregate Principal Balance of such Loans (excluding Large Loans) shall not exceed the Maximum Purchase Amount. NCB agrees to process and prepare each loan for closing and on the Closing Date for each Loan, execute all Loan documentation as agent for FoodService. NCB will prepare the documentation for each Loan on forms substan...
