Processing upon Conversion to Fixed Interest Rate Clause Samples

Processing upon Conversion to Fixed Interest Rate. Seller must repurchase and resell to ▇▇▇▇▇▇▇ Mac all Convertible LIBOR ARMs delivered pursuant to this Agreement which are converted to Fixed-rate Mortgages (“Converted Mortgages”), upon the following terms and conditions: (a) Seller must comply with the provisions of Section 80.4 of the Guide relating to conversion of convertible ARMs, except as such provisions are inconsistent with this paragraph in which case the terms and conditions of this paragraph prevail. (b) Within five business days after the Conversion Date of any Converted Mortgage, Seller must transmit to ▇▇▇▇▇▇▇ Mac by MIDANET®, a loan-level report of exception activity for each such Converted Mortgage, providing all the information required under the option titled “mortgage converted from adjustable to fixed-rate”. (c) Seller must repurchase all Converted Mortgages for an amount calculated pursuant to Section 72.3 of the Guide, and must remit the proceeds of such repurchase to ▇▇▇▇▇▇▇ Mac via the telephonic cash remittance system by 11:00 a.m., Seller’s local time, on the fifth business day after the Conversion Date. (d) Seller must resell to ▇▇▇▇▇▇▇ Mac each Converted Mortgage at the then-current price offered by ▇▇▇▇▇▇▇ Mac under ▇▇▇▇▇▇▇ Mac’s then-existing Gold Cash or Guarantor – Gold PCs Programs. Seller must deliver Converted Mortgages to ▇▇▇▇▇▇▇ Mac within sixty days of the Conversion Date. (e) In connection with the delivery to ▇▇▇▇▇▇▇ Mac of each Converted Mortgage, Seller must deliver all the Mortgage data required by the Mortgage Submission Schedule - Form 11. Seller must complete certain fields of the Form 11 as follows: Ref Code 0004, indicating resale of Converted Mortgage Associated FHLMC Loan # ▇▇▇▇▇▇▇ Mac loan number of ARM that was converted to fixed-rate of interest Mod/Conv Date Conversion Date of Converted Mortgage At ▇▇▇▇▇▇▇ Mac’s request, Seller must provide to ▇▇▇▇▇▇▇ Mac such reports as may be required by ▇▇▇▇▇▇▇ Mac to evidence that the Seller has delivered all Converted Mortgages to ▇▇▇▇▇▇▇ Mac.