Purchase and Sale of Mortgage Loans. The Participating Lender agrees to sell and the Agency agrees to purchase Mortgage Loans that have been properly reserved with the Agency, and meet the eligibility requirements of the Agency, and any insurer and/or guarantor thereof, or Investor therein. (a) Lenders participating in the NJHMFA Homebuyer Program are required to sell a minimum of five (5) closed, first-mortgage NJHMFA Homebuyer Loans annually to the Agency based on calendar year beginning January 1. Failure to meet this requirement shall result in the denial of this contract’s renewal for the following calendar year. However, in the event that a Lender may originate less than One Hundred Million Dollars ($100, 000,000) in total first-mortgage volume for the given contracted year in which this requirement was not met, that Lender may be granted an exemption for a contract extension. Furthermore, a Lender which may originate in excess of One Hundred Million Dollars ($100,000,000) in total first-mortgage volume for the given contracted year may make a Hardship Appeal of the non-renewal decision to the NJHMFA Director of Single Family. Minimum requirements for new Lenders will be pro-rated for the first year. Lenders only participating in the Police and Firemen’s Retirement System (PFRS) loan program are exempt from the five-loan per calendar year requirement. (b) The Participating Lender shall process and report applications for Mortgage Loans and deliver Mortgage Loans to the Agency in accordance with the Mortgage Loan Delivery Schedule. (c) The Agency shall purchase and pay for each Mortgage Loan properly submitted to it for purchase in accordance with the Guide, applicable Term Sheet, and guidelines upon the receipt of all documentation and exhibits required to clear any conditions that would inhibit purchase, the satisfactory review of all initial collateral documents, and where applicable, upon the issuance of a purchase authorization by the Agency’s authorized/designated vendor. (d) The net purchase price payable by the Agency to the Participating Lender on the Purchase Date for each Mortgage Loan purchased by the Agency shall be as set forth in the Guide. The Mortgage Loans are sold servicing-released and the acquisition of servicing rights by the Agency are included in the purchase fee. (1) All amounts collected by the Participating Lender for establishing the initial escrow account shall be retained by the Participating Lender and shall be subtracted from the Purchase Price of the Mortgage Loan. (2) If Participating Lender shall knowingly cause the refinance or payoff of a Mortgage Loan sold to the Agency by that Participating Lender within six (6) months of the Purchase, the Participating Lender shall reimburse the Agency for any servicing release premiums and origination fees paid to Participating Lender in connection with the Mortgage Loan. (e) The Participating Lender agrees to comply with all of the terms, conditions, and requirements of the Guide, applicable Term Sheet, and guidelines in effect as of the Closing Date with respect to such Mortgage Loans closed thereon unless expressly waived by Agency Staff, in writing, under the process set forth in the Guide. (f) The Participating Lender agrees that the Agency shall have the right to amend and supplement the Guide, Term Sheets and guidelines for any or all of the Mortgage Programs from time to time by distributing the changed pages via electronic mail and posting on the Agency’s website; such amendments or supplements to be effective five (5) business days after the date of the electronic mailing thereof unless otherwise set forth; provided, however, that (i) in the event of any conflict between the provision of this Agreement and any provision of the Guide, Term Sheet, and guidelines as from time to time amended or supplemented, this Agreement shall govern and (ii) any amendments or supplements to the Guide, Term Sheet, and guidelines shall not apply to Mortgage Loans for which the actual Closing Date was prior to the effective date of the amendments or supplements.
Appears in 2 contracts
Samples: Mortgage Purchase Agreement, Mortgage Purchase Agreement
Purchase and Sale of Mortgage Loans. The Participating Lender agrees During the term of this Agreement, Seller may offer for sale to sell Purchaser, and the Agency agrees Purchaser may agree to purchase from Seller, eligible Mortgage Loans that have been properly reserved with the Agency, and meet the eligibility requirements of the Agency, and any insurer and/or guarantor thereof, or Investor therein.
(a) Lenders participating in the NJHMFA Homebuyer Program are required to sell a minimum of five (5) closed, first-mortgage NJHMFA Homebuyer Loans annually pursuant to the Agency based on calendar year beginning January 1. Failure to meet this requirement shall result in the denial terms and conditions of this contract’s renewal Agreement, pursuant to a Commitment procedure, as follows: At any time during the term of this Agreement, the parties may enter into a written or an oral Commitment for the following calendar yearsale and purchase of specifically identified Mortgage Loans. HoweverAs part of such Commitment, in the event that parties will agree to a Lender may originate less than One Hundred Million Dollars ($100, 000,000) in total first-mortgage volume for the given contracted year in which this requirement was not met, that Lender may be granted an exemption for a contract extension. Furthermore, a Lender which may originate in excess of One Hundred Million Dollars ($100,000,000) in total first-mortgage volume for the given contracted year may make a Hardship Appeal of the non-renewal decision Purchase Price and certain other material terms applicable to the NJHMFA Director of Single Family. Minimum requirements for new Lenders will be pro-rated for the first year. Lenders only participating in the Police and Firemen’s Retirement System (PFRS) loan program are exempt from the five-loan per calendar year requirement.
(b) The Participating Lender shall process and report applications for Mortgage Loans and deliver Mortgage Loans to be sold there under. The Purchase Price for each eligible Mortgage Loan shall be based on the Agency market price, plus Service Release Premium, adjusted as applicable based on the adjustment provisions posted on Purchaser’s rate sheets, in accordance Purchaser’s Residential Lending Products Manual, and/or on the SRP Database (collectively, the “Product Pricing Materials”). The Purchase Price is additionally subject to adjustments by Purchaser for underwriting or other factors listed in Purchaser’s Product Pricing Materials prior to the purchase. The Purchase Price shall apply only to Mortgage Loans bearing the specified rate of interest and complying with the Mortgage Loan Delivery Schedule.
(c) The Agency shall purchase and pay for each Mortgage Loan properly submitted to it for purchase in accordance with the Guide, applicable Term Sheet, and guidelines upon the receipt of all documentation and exhibits required to clear any conditions that would inhibit purchase, the satisfactory review of all initial collateral documents, and where applicable, upon the issuance of a purchase authorization by the Agency’s authorized/designated vendor.
(d) The net purchase price payable by the Agency to the Participating Lender on the Purchase Date for each Mortgage Loan purchased by the Agency shall be other terms as set forth in the GuideCommitment and this Agreement. The Commitment is binding between Seller and Purchaser and, provided that such Mortgage Loans are sold servicing-released in fact closed (as between the Seller as lender and the acquisition of servicing rights respective borrowers), shall constitute and require delivery by the Agency are included in the purchase fee.
(1) All amounts collected by the Participating Lender for establishing the initial escrow account shall be retained by the Participating Lender and shall be subtracted from the Purchase Price Seller to Purchaser of the specific Mortgage Loan.
(2) If Participating Lender shall knowingly cause the refinance or payoff Loans covered thereby. For purposes of a this Agreement, eligible Mortgage Loan sold to the Agency by that Participating Lender within six (6) months of the Purchase, the Participating Lender shall reimburse the Agency for any servicing release premiums and origination fees paid to Participating Lender in connection with the Mortgage Loan.
(e) The Participating Lender agrees to Loans include only such loans as comply with all of the terms, conditions, and Purchaser’s investor requirements of the Guide, applicable Term Sheet, and guidelines in effect as of the Closing Date with respect to such Mortgage Loans closed thereon unless expressly waived by Agency Staff, in writing, under the process set forth in the Guide.
(f) The Participating Lender agrees that the Agency shall have the right to amend and supplement the GuidePurchaser’s Residential Lending Products Manual, Term Sheets and guidelines for any or all of the Mortgage Programs as such Manual may be amended from time to time by distributing in Purchaser’s discretion. Without limiting the changed pages via electronic mail foregoing, eligible Mortgage Loans include those underwritten and posting on approved in accordance with the Agency’s website; such amendments investor Delegated Underwriting (“DU”) systems or supplements to procedures, as they may be effective five (5) business days after the date of the electronic mailing thereof unless otherwise set forth; provided, however, that (i) in the event of any conflict between the provision of this Agreement and any provision of the Guide, Term Sheet, and guidelines as amended from time to time amended or supplemented, this Agreement shall govern and (ii) any amendments or supplements to the Guide, Term Sheet, and guidelines shall not apply to Mortgage Loans for which the actual Closing Date was prior to the effective date of the amendments or supplementstime.
Appears in 2 contracts
Samples: Master Mortgage Loan Purchase Agreement, Correspondent Purchase and Sale Agreement (HomeStreet, Inc.)
Purchase and Sale of Mortgage Loans. The Participating Lender (a) Seller agrees to sell and SONYMA, subject to the Agency successful sale and delivery of Bonds on terms satisfactory to SONYMA, agrees to purchase Mortgage Loans that have been properly reserved in accordance with the Agency, and meet the eligibility requirements provisions of the Agency, Seller's Guide and any insurer and/or guarantor thereof, or Investor therein.
(a) Lenders participating the respective Availability of Funds and Notice of Terms Bulletin and in conformance with the NJHMFA Homebuyer Program are required to sell a minimum of five (5) closed, first-mortgage NJHMFA Homebuyer Loans annually to the Agency based on calendar year beginning January 1. Failure to meet this requirement shall result in the denial of this contract’s renewal for the following calendar year. However, in the event that a Lender may originate less than One Hundred Million Dollars ($100, 000,000) in total first-mortgage volume for the given contracted year in which this requirement was not met, that Lender may be granted an exemption for a contract extension. Furthermore, a Lender which may originate in excess of One Hundred Million Dollars ($100,000,000) in total first-mortgage volume for the given contracted year may make a Hardship Appeal of the non-renewal decision to the NJHMFA Director of Single Family. Minimum requirements for new Lenders will be pro-rated for the first year. Lenders only participating in the Police and Firemen’s Retirement System (PFRS) loan program are exempt from the five-loan per calendar year requirementReservation System.
(b) The Participating Lender shall process Delivery Date with respect to each Mortgage Loan must occur as set forth below:
(1) After the Closing Date and report applications for Mortgage Loans and deliver Mortgage Loans prior to the Agency Purchase Date, Seller shall deliver all documents, completed and fully executed, as listed in accordance with the Mortgage Loan Delivery Scheduleappropriate sections of the Seller's Guide.
(2) Within one hundred eighty (180) days of the Closing Date, Seller must deliver all original recorded documents, original title insurance policy, and filed documents as listed in the appropriate sections of the Seller's Guide.
(c) The Agency A Purchase Date shall purchase be established, as set forth in the Seller's Guide and pay Availability of Funds and Notice of Terms Bulletin, by SONYMA for each Mortgage Loan properly submitted offered for sale to it SONYMA by the Seller and accepted for purchase in accordance with the Guide, applicable Term Sheet, and guidelines upon the receipt of all documentation and exhibits required to clear any conditions that would inhibit purchase, the satisfactory review of all initial collateral documents, and where applicable, upon the issuance of a purchase authorization by the Agency’s authorized/designated vendorSONYMA.
(d) The net purchase price payable by the Agency SONYMA to the Participating Lender Seller on the Purchase Date for each Mortgage Loan to be purchased by the Agency SONYMA shall be as set forth in the Guideunpaid principal balance thereof. The Mortgage Loans are sold servicing-released and SONYMA reserves the acquisition of servicing rights right to reduce the purchase price by the Agency are included in amount of the purchase fee.
(1) All amounts collected by the Participating Lender commitment fee for establishing the initial escrow account shall be retained by the Participating Lender and shall be subtracted from the Purchase Price of the Mortgage Loan.
(2) If Participating Lender shall knowingly cause . Accrued but unpaid interest to the refinance day immediately preceding the Purchase Date, if any, will be retained by, or payoff forwarded by the Servicer to, the Seller upon receipt of a the first monthly payment on the Mortgage Loan sold after the Purchase Date. Pursuant to the Agency Seller’s Guide, SONYMA shall reserve the right to assess a penalty and reduce the purchase price payable to Seller by that Participating Lender within six (6) months the amount of the Purchase, the Participating Lender shall reimburse the Agency for any servicing release premiums and origination fees paid to Participating Lender in connection with the Mortgage Loanpenalty.
(e) The Participating Lender Seller agrees to comply with all of the terms, conditions, conditions and requirements of the Guide, applicable Term Sheet, and guidelines Seller's Guide in effect as of the Closing Date Date, and the applicable Availability of Funds and Notice of Terms Bulletin with respect to such Mortgage Loans closed thereon on such Closing Date unless expressly any such terms, conditions and requirements shall have been waived by Agency Staff, SONYMA in writing. For each Mortgage Loan offered for sale by Seller to SONYMA under this Agreement, under Seller shall execute, and shall cause the process set forth warehousing entity as appropriate, to execute, the Loan Funding Certification in the Guideform provided by SONYMA.
(f) The Participating Lender In connection with any unsecured credit agreements under which Seller obtains funds to close Mortgage Loans, Seller shall provide SONYMA with the Certificate as to Unsecured Credit Agreement.
(g) Seller agrees that the Agency SONYMA shall have the right to amend and supplement the Guide, Term Sheets and guidelines for terminate this Agreement if any or all of the Mortgage Programs from time to time by distributing the changed pages via electronic mail and posting on the Agency’s website; such amendments or supplements to be effective five (5) business days after the date of the electronic mailing thereof unless otherwise set forth; provided, however, that following events occur:
(i) Failure of the Seller to satisfy certain financial requirements. SONYMA shall perform a periodic review of the financial condition of the Seller the expense for which SONYMA may charge Seller a fee. At such time as SONYMA determines, in its sole discretion, that a Seller's financial performance is not adequate for continued participation in the event of any conflict between the provision of Low Interest Rate Mortgage Program, SONYMA may terminate this Agreement and any provision of the Guide, Term Sheet, and guidelines as from time to time amended or supplemented, this Agreement shall govern and with Seller.
(ii) any amendments or supplements to the Guide, Term Sheet, and guidelines shall not apply to Mortgage Loans for which the actual Closing Date was prior to the effective date Failure of the amendments or supplementsSeller to satisfy the performance and marketing requirements as set forth in the Seller's Guide.
Appears in 1 contract
Samples: Mortgage Purchase Agreement
Purchase and Sale of Mortgage Loans. The Participating Lender agrees to sell and the Agency agrees to purchase Mortgage Loans that have been properly reserved with the Agency, and meet the eligibility requirements of the Agency, and any insurer and/or guarantor thereof, or Investor therein.
(a) Lenders participating in the NJHMFA Homebuyer Program are required to sell a minimum of five (5) closed, first-mortgage NJHMFA Homebuyer Loans annually to the Agency based on calendar year beginning January 1. Failure to meet this requirement in year one shall result in early termination of current contract. Failure to meet this requirement in year two shall result in the denial of this contract’s renewal for the following calendar yearterm. However, in the event that a Lender may originate less than One Hundred Million Dollars ($100, 000,000) in total first-mortgage volume for the given contracted year in which this requirement was not met, that Lender may be granted an exemption for a contract extension. Furthermore, a Lender which may originate in excess of One Hundred Million Dollars ($100,000,000) in total first-mortgage volume for the given contracted year may make a Hardship Appeal of the non-renewal decision to the NJHMFA Director of Single Family. Minimum requirements for new Lenders will be pro-rated for the first year. Lenders only participating in the Police and Firemen’s Retirement System (PFRS) loan program are exempt from the five-loan per calendar year requirement.
(b) The Participating Lender shall process and report applications for Mortgage Loans and deliver Mortgage Loans to the Agency in accordance with the Mortgage Loan Delivery Schedule.
(c) The Agency shall purchase and pay for each Mortgage Loan properly submitted to it for purchase in accordance with the Guide, applicable Term Sheet, and guidelines upon the receipt of all documentation and exhibits required to clear any conditions that would inhibit purchase, the satisfactory review of all initial collateral documents, and where applicable, upon the issuance of a purchase authorization by the Agency’s authorized/designated vendor.
(d) The net purchase price payable by the Agency to the Participating Lender on the Purchase Date for each Mortgage Loan purchased by the Agency shall be as set forth in the Guide. The Mortgage Loans are sold servicing-released and the acquisition of servicing rights by the Agency are included in the purchase fee.
(1) All amounts collected by the Participating Lender for establishing the initial escrow account shall be retained by the Participating Lender and shall be subtracted from the Purchase Price of the Mortgage Loan.
(2) If Participating Lender shall knowingly cause the refinance or payoff of a Mortgage Loan sold to the Agency by that Participating Lender within six (6) months of the Purchase, the Participating Lender shall reimburse the Agency for any servicing release premiums and origination fees paid to Participating Lender in connection with the Mortgage Loan.
(e) The Participating Lender agrees to comply with all of the terms, conditions, and requirements of the Guide, applicable Term Sheet, and guidelines in effect as of the Closing Date with respect to such Mortgage Loans closed thereon unless expressly waived by Agency Staff, in writing, under the process set forth in the Guide.
(f) The Participating Lender agrees that the Agency shall have the right to amend and supplement the Guide, Term Sheets and guidelines for any or all of the Mortgage Programs from time to time by distributing the changed pages via electronic mail and posting on the Agency’s website; such amendments or supplements to be effective five (5) business days after the date of the electronic mailing thereof unless otherwise set forth; provided, however, that (i) in the event of any conflict between the provision of this Agreement and any provision of the Guide, Term Sheet, and guidelines as from time to time amended or supplemented, this Agreement shall govern and (ii) any amendments or supplements to the Guide, Term Sheet, and guidelines shall not apply to Mortgage Loans for which the actual Closing Date was prior to the effective date of the amendments or supplements.
Appears in 1 contract
Samples: Mortgage Purchase Agreement
Purchase and Sale of Mortgage Loans. The Participating Lender agrees to sell and the Agency agrees to purchase Mortgage Loans that have been properly reserved with the Agency, and meet the eligibility requirements of the Agency, and any insurer and/or guarantor thereof, or Investor therein.
(a) Lenders participating in Concurrently with the NJHMFA Homebuyer Program are required to sell a minimum of five execution and delivery hereof on ________, 200_ (5) closedthe "Closing Date"), first-mortgage NJHMFA Homebuyer Loans annually the Seller hereby sells, assigns, transfers and otherwise conveys to the Agency based on calendar year beginning January 1. Failure Purchaser, without recourse, all of its right, title and interest (other than any servicing rights relating to meet this requirement shall result in the denial of this contract’s renewal for the following calendar year. However, in the event that a Lender may originate less than One Hundred Million Dollars ($100, 000,000Mortgage Loans) in total firstand to the Mortgage Loans, including all interest and principal received on or with respect to the Mortgage Loans on or after the Cut-mortgage volume for off Date (other than any such payments that were due on or prior to such date) and all payments due after such date but received prior to such date and intended by the given contracted year in which this requirement was not metrelated Mortgagors to be applied after such date, that Lender may be granted an exemption for a contract extension. Furthermore, a Lender which may originate in excess of One Hundred Million Dollars ($100,000,000) in total first-mortgage volume for the given contracted year may make a Hardship Appeal together with all of the non-renewal decision Seller's right, title and interest in and to any related escrow account and all amounts from time to time credited to and the proceeds of such account, the Seller's rights under any insurance policies related to the NJHMFA Director of Single Family. Minimum requirements for new Lenders will be pro-rated for Mortgage Loans and the first year. Lenders only participating proceeds thereof and the Seller's security interest in any collateral pledged to secure the Police and Firemen’s Retirement System (PFRS) loan program are exempt from Mortgage Loans, including the five-loan per calendar year requirementMortgaged Properties.
(b) The Participating Lender shall process Seller further agrees, at its own expense, on or prior to the Closing Date, (i) to indicate in its books and report applications for records that the Mortgage Loans have been sold to the Issuer, as assignee of the Purchaser and (ii) to deliver to the Purchaser a data file in the form of Schedule I containing a true and complete list of all such Mortgage Loans (the "Mortgage Loan Schedule"). The Mortgage Loan Schedule shall conform to the Agency requirements set forth in accordance this Agreement and to the definition of "Mortgage Loan Schedule" in the Sale and Servicing Agreement. In connection with such transfer and assignment of the Mortgage Loans hereunder, the Seller does hereby deliver, or cause to be delivered, to the Purchaser (or its designee) each Mortgage File relating to the Mortgage Loans in the manner set forth in Section 2.01 of the Sale and Servicing Agreement. In the case of Mortgage Loans (if any) that have been prepaid in full after the Cut-off Date and prior to the execution of this Agreement, the Seller, in lieu of delivering the related Mortgage Files, shall herewith deliver to the Purchaser an Officer's Certificate which shall include a statement to the effect that all amounts received in connection with such prepayment that are required to be deposited in the Collection Account have been so deposited. The Seller hereby covenants not to take any action inconsistent with the ownership interest of the Purchaser or its assignee and any subsequent assignee or pledgee in the Mortgage Loan Delivery ScheduleFiles.
(c) The Agency Purchaser and the Seller intend that on the Closing Date the conveyance by the Seller to the Purchaser of all its right, title and interest in and to the Mortgage Loans pursuant to this Agreement shall purchase and pay for each Mortgage Loan properly submitted to it for purchase in accordance with the Guide, applicable Term Sheetbe, and guidelines upon the receipt of all documentation and exhibits required to clear any conditions that would inhibit purchasebe construed as, the satisfactory review of all initial collateral documents, and where applicable, upon the issuance of a purchase authorization by the Agency’s authorized/designated vendor.
(d) The net purchase price payable by the Agency to the Participating Lender on the Purchase Date for each Mortgage Loan purchased by the Agency shall be as set forth in the Guide. The Mortgage Loans are sold servicing-released and the acquisition of servicing rights by the Agency are included in the purchase fee.
(1) All amounts collected by the Participating Lender for establishing the initial escrow account shall be retained by the Participating Lender and shall be subtracted from the Purchase Price sale of the Mortgage Loan.
(2) If Participating Lender shall knowingly cause the refinance or payoff of Loans, without recourse. It is, further, not intended that such conveyance be deemed to be a Mortgage Loan sold to the Agency by that Participating Lender within six (6) months of the Purchase, the Participating Lender shall reimburse the Agency for any servicing release premiums and origination fees paid to Participating Lender in connection with the Mortgage Loan.
(e) The Participating Lender agrees to comply with all of the terms, conditions, and requirements of the Guide, applicable Term Sheet, and guidelines in effect as of the Closing Date with respect to such Mortgage Loans closed thereon unless expressly waived by Agency Staff, in writing, under the process set forth in the Guide.
(f) The Participating Lender agrees that the Agency shall have the right to amend and supplement the Guide, Term Sheets and guidelines for any or all pledge of the Mortgage Programs from time to time Loans by distributing the changed pages via electronic mail and posting on the Agency’s website; such amendments or supplements to be effective five (5) business days after the date of the electronic mailing thereof unless otherwise set forth; provided, however, that (i) in the event of any conflict between the provision of this Agreement and any provision of the Guide, Term Sheet, and guidelines as from time to time amended or supplemented, this Agreement shall govern and (ii) any amendments or supplements Seller to the Guide, Term Sheet, and guidelines shall not apply Purchaser to Mortgage Loans for which the actual Closing Date was prior to the effective date secure a debt or other obligation of the amendments or supplements.the
Appears in 1 contract
Samples: Mortgage Loan Purchase and Assignment Agreement (CWHEQ, Inc.)
Purchase and Sale of Mortgage Loans. The Participating Lender (a) From time to time prior to the Facility Termination Date, the Seller hereby agrees to offer to sell to the Purchaser all Eligible Mortgage Loans which are not Carve-out Mortgage Loans, and upon satisfaction of the conditions precedent set forth in Section 8 herein and subject to the terms of this Agreement, the Purchaser agrees to purchase such Eligible Mortgage Loans having an aggregate principal balance on the related Cut-off Date in an amount as set forth in the related Confirmation. Notwithstanding the foregoing, the Purchaser shall not have any obligation to purchase any Mortgage Loans to the extent that, after taking into account the Mortgage Loans to be purchased on any proposed Closing Date, (i) the aggregate principal amount of Mortgage Loans (as of their representative Cut-off Dates) purchased by the Purchaser hereunder and held by the Purchaser as of such proposed Closing Date and not sold or transferred in connection with a Whole Loan Transfer or a Pass-Through Transfer (such Mortgage Loans, the "Portfolio Mortgage Loans") would exceed $500,000,000 (the "Funding Limit"); (ii) the aggregate principal amount of Mortgage Loans (as of their representative Cut-off Dates) purchased by the Purchaser from the Seller under this Agreement would exceed the Maximum Purchase Amount; or (iii) the sum of the amount determined under clause (i) above, plus the aggregate amount of the advances outstanding under (a) the Master Repurchase Agreement Governing Purchases and Sales of Assets (the "Master Repurchase Agreement") dated as of August 9, 1999 among the Seller and the Agency Purchaser plus (b) any financing or repurchase facility between the Seller and the Purchaser relating to assets of Empire Funding Corp. or California Lending Group, Inc. doing business as United Lending Group, Inc., would collectively exceed $650,000,000 (the "Facility Limit"). The Seller shall not offer more than one Mortgage Loan Package for sale to the Purchaser in any one week period or such shorter period as mutually agreed. The Purchaser agrees to provide not less than 30 days prior notice of any change in the criteria considered by the Purchaser in connection with determining whether any Mortgage Loan is an Eligible Mortgage Loan pursuant to clause (ii) and (iv) of the definition of Eligible Mortgage Loan; provided that, the Seller shall use best efforts to implement any changes in its program which are requested by the Purchaser sooner than such 30 day period to the extent reasonably practicable. The Purchaser and the Seller agree that upon the occurrence of an Interim Servicer Termination Event, the Purchaser, may, but shall have no obligation to, purchase any Mortgage Loans hereunder prior to the date a successor servicer assumes the responsibilities of the Interim Servicer hereunder; provided that, in the event a successor servicer has not assumed the responsibilities of the Interim Servicer hereunder within two weeks of its occurrence, the Purchaser shall have the right to terminate its obligation to purchase Mortgage Loans that have been properly reserved with the Agency, and meet the eligibility requirements of the Agency, and any insurer and/or guarantor thereof, or Investor therein.
(a) Lenders participating in the NJHMFA Homebuyer Program are required hereunder pursuant to sell a minimum of five (5) closed, first-mortgage NJHMFA Homebuyer Loans annually to the Agency based on calendar year beginning January 1. Failure to meet this requirement shall result in the denial of this contract’s renewal for the following calendar year. However, in the event that a Lender may originate less than One Hundred Million Dollars ($100, 000,000) in total first-mortgage volume for the given contracted year in which this requirement was not met, that Lender may be granted an exemption for a contract extension. Furthermore, a Lender which may originate in excess of One Hundred Million Dollars ($100,000,000) in total first-mortgage volume for the given contracted year may make a Hardship Appeal of the non-renewal decision to the NJHMFA Director of Single Family. Minimum requirements for new Lenders will be pro-rated for the first year. Lenders only participating in the Police and Firemen’s Retirement System (PFRS) loan program are exempt from the five-loan per calendar year requirementSection 14.02.
(b) The Participating Lender shall process and report applications for As of each Closing Date, after giving effect to the purchase of the related Mortgage Loan Package to be made on such date, the Mortgage Loans and deliver Mortgage Loans to the Agency in accordance will comply with the Mortgage Loan Delivery ScheduleApplicable Sublimit Percent Limitations.
(c) The Agency Seller shall purchase have the right, in their sole discretion, to increase the Maximum Purchase Amount hereunder from one billion dollars ($1,000,000,000) to one and pay for each Mortgage Loan properly submitted one half billion dollars ($1,500,000,000) by providing written notice to it for purchase in accordance with the GuidePurchaser of such election and by delivering to the Purchaser a commitment increase fee equal to $625,000. In order to make such election, applicable Term Sheet, such written notice and guidelines upon the receipt of all documentation and exhibits required to clear any conditions that would inhibit purchase, the satisfactory review of all initial collateral documents, and where applicable, upon the issuance of a purchase authorization commitment increase fee must be received by the Agency’s authorized/designated vendorPurchaser not later than January 31, 2000.
(d) The net purchase price payable by the Agency Seller agrees that prior to the Participating Lender on Facility Termination Date, neither the Purchase Date for each Seller nor any affiliate shall commit to sell any Eligible Mortgage Loan purchased by other than a Carve-out Mortgage Loan for sale to any third party without the Agency shall be as set forth in the Guide. The Mortgage Loans are sold servicing-released and the acquisition of servicing rights by the Agency are included in the purchase fee.
(1) All amounts collected by the Participating Lender for establishing the initial escrow account shall be retained by the Participating Lender and shall be subtracted from the Purchase Price prior written consent of the Mortgage Loan.
(2) If Participating Lender shall knowingly cause the refinance or payoff of a Mortgage Loan sold to the Agency by that Participating Lender within six (6) months of the Purchase, the Participating Lender shall reimburse the Agency for any servicing release premiums and origination fees paid to Participating Lender in connection with the Mortgage LoanPurchaser.
(e) The Participating Lender agrees In the event that any Eligible Mortgage Loan purchased hereunder was originated by any third party and subsequently sold to comply with all the Purchaser hereunder, in addition to the Seller making the representations and warranties provided in Section 7 of this Agreement, the terms, conditions, Seller shall use its reasonable best efforts to assign to the Purchaser any representations and requirements of warranties made by such third party and the Guide, applicable Term Sheet, and guidelines in effect as of the Closing Date related remedies with respect to such Mortgage Loans closed thereon unless expressly waived by Agency Staff, in writing, under the process set forth in the Guide.
(f) The Participating Lender agrees that the Agency shall have the right to amend and supplement the Guide, Term Sheets and guidelines for any or all of the Mortgage Programs from time to time by distributing the changed pages via electronic mail and posting on the Agency’s website; such amendments or supplements to be effective five (5) business days after the date of the electronic mailing thereof unless otherwise set forth; provided, however, that (i) in the event breach of any conflict between the provision of this Agreement such representations and any provision of the Guide, Term Sheet, and guidelines as from time to time amended or supplemented, this Agreement shall govern and (ii) any amendments or supplements to the Guide, Term Sheet, and guidelines shall not apply to Mortgage Loans for which the actual Closing Date was prior to the effective date of the amendments or supplementswarranties.
Appears in 1 contract
Samples: Master Mortgage Loan Purchase Facility (Contifinancial Corp)
