Common use of Purchases of Mortgage Loans Clause in Contracts

Purchases of Mortgage Loans. For each Mortgage Loan originated by the Mortgage Lender which is in compliance with all the terms and conditions of this Agreement, for which the Mortgage File and other documents have been prepared and presented to the Servicer in the form and manner required by Section 4.09, for which funds are available, and for which the Servicer certifies that all of the other conditions of this Agreement have been fulfilled, the Servicer shall pay to the Mortgage Lender, under the terms and conditions specified herein, on each Purchase Date for each Mortgage Loan the purchase price described in Section 4.01 hereof, which includes the applicable Servicing Release Premium. All Mortgagor payments on account of principal, interest, taxes or insurance collected by the Mortgage Lender with respect to a Mortgage Loan prior to the Purchase of such Mortgage Loan shall be held by the Mortgage Lender and shall be transferred by the Mortgage Lender to the Servicer as if such amount had been received subsequent to the Purchase Date. On the Purchase Date, any amounts held in escrow pursuant to Section 4.09 hereof, plus any prepaid interest, shall be, subject to Section 4.18 hereof, netted out from the purchase price of the Mortgage Loan. The Mortgage Lender shall receive from the Servicer the purchase price specified in this Section 4.10, less any amounts netted out. The Mortgage Lender shall retain such amounts and apply them to the purchase price which it receives for the Mortgage Loan. The Mortgage Lender acknowledges that, as a condition of the Purchase of the Mortgage Loan by the Servicer, the Mortgage Loan shall (i) be current in payments of principal and interest, taxes and insurance, if required, (ii) bear interest at the applicable Loan Rate, and (iii) be in compliance with the requirements of FHA, VA, USDA Rural Development, the PMI Insurer, the GNMA Guide, Xxxxxxx Mac or Xxxxxx Mae, as applicable, and this Agreement.

Purchases of Mortgage Loans. For THE PROVISIONS INCLUDED IN THIS SECTION 7 SHALL BE APPLICABLE ONLY IF (i) THE LENDER IS NOT ACTING AS THE SERVICER HEREUNDER OR (ii) THE CORPORATION SHALL REQUIRE THE LENDER TO SELL ITS MORTGAGE LOANS TO A PARTICIPATING SERVICING INSTITUTION UNDER THE SMART6 MORTGAGE PROGRAM PURSUANT TO SECTION 13(a) HEREOF. (a) The Servicer shall be obligated to purchase and pay for any Mortgage Loan offered for sale by the Lender under this Smart6 Origination Agreement, but only if, with respect to each Mortgage Loan originated by Loan, the Mortgage Lender which is in compliance has complied with all the terms and conditions of requirements contained in this Smart6 Origination Agreement, for which the Corporation has issued a Purchase Certification with respect thereto and has met all the Servicer’s purchase requirements. A Mortgage File and other documents have been prepared and presented Loan may be delivered to the Servicer in prior to the form and manner required Lender's receipt of a certificate or policy of insurance by Section 4.09FHA or a PMI Insurer, a guaranty certificate of USDA/RD or a guaranty certificate of VA, as applicable, if the Lender has received a commitment for which funds are availablesuch insurance or guaranty, as the case may be, and for which such commitment is delivered to the Servicer. If such insurance or guaranty is not delivered to the Servicer certifies that all or the Corporation, as applicable, within sixty (60) days of the other conditions Closing Date, the Lender shall repurchase such Mortgage Loan in accordance with Section 12 hereof. (b) Within three (3) Business Days after receipt of this Agreement have been fulfilleda Purchase Certification for each Mortgage Loan, the Lender must sell such First Mortgage Loan to the Servicer, provided however, that, the Servicer shall pay not be obligated to purchase First Mortgage Loans subsequent to the related Final Sale Date, if applicable. Servicer will make every effort to pool First Mortgage Lenderclosed loans on a monthly basis, under if applicable, unless otherwise instructed by the terms and conditions specified herein, on each Corporation. (c) The Purchase Date for each Mortgage Loan shall be on such Business Days of each month agreed to by the Servicer and the Lender during the period commencing on the related First Reservation Date, if applicable, and the related Closing Date, and the purchases shall occur at the times and places as determined by the Servicer. (d) The purchase price described in Section 4.01 hereof, which includes the applicable Servicing Release Premium. All Mortgagor payments on account of principal, interest, taxes or insurance collected payable by the Mortgage Servicer to the Lender with respect to a on the Purchase Date for each Mortgage Loan prior purchased by the Servicer shall be the sum of (i) 100% of the unpaid principal amount of the Mortgage Loan, (ii) accrued, but unpaid, interest to the Purchase of such Mortgage Loan shall be held by Date and (iii) the Mortgage Lender and shall be transferred by the Mortgage Lender to the Servicer as Servicing Release Fee, if such amount had been received subsequent any. (e) Prior to the Purchase Date. On , the Purchase Date, any amounts held Lender will assign and transfer each Mortgage Loan to the Servicer in escrow pursuant to Section 4.09 hereof, plus any prepaid interest, shall be, subject to Section 4.18 hereof, netted out from exchange for payment of the purchase price of on the Mortgage LoanPurchase Date as provided in this Smart6 Origination Agreement. The Mortgage Lender shall receive from Under the MRB Servicing Agreement, after the Purchase Date the Servicer the purchase price specified in this Section 4.10, less any amounts netted out. The Mortgage Lender shall retain such amounts and apply them will perform all servicing functions relating to the purchase price which it receives for the Mortgage Loan. The Mortgage Lender acknowledges that, as a condition of the Purchase of the each Mortgage Loan by until such Mortgage Loans are securitized in a Pool. After the issuance date of each Xxxxxx Xxx Security, Xxxxxx Xxx Security or Freddie Mac PC, the Xxxxxx Xxx Guide, the Xxxxxx Xxx Guide and the Freddie Mac Guide will govern the Servicer, the Mortgage Loan shall (i) be current in payments of principal and interest, taxes and insurance, if required, (ii) bear interest at the applicable Loan Rate, and (iii) be in compliance with the requirements of FHA, VA, USDA Rural Development, the PMI Insurer, the GNMA Guide, Xxxxxxx Mac or Xxxxxx Mae, as applicable, and this Agreement.

Purchases of Mortgage Loans. For THE PROVISIONS INCLUDED IN THIS SECTION 7 SHALL BE APPLICABLE ONLY IF (i) THE LENDER IS NOT ACTING AS THE SERVICER HEREUNDER OR (ii) THE CORPORATION SHALL REQUIRE THE LENDER TO SELL ITS MORTGAGE LOANS TO A PARTICIPATING SERVICING INSTITUTION UNDER THE MRB PROGRAM PURSUANT TO SECTION 13(a) HEREOF. (a) The Servicer shall be obligated to purchase and pay for any Mortgage Loan offered for sale by the Lender under this MRB Origination Agreement, but only if, with respect to each Mortgage Loan originated by Loan, the Mortgage Lender which is in compliance has complied with all the terms and conditions of requirements contained in this MRB Origination Agreement, for which the Corporation has issued a Purchase Certification with respect thereto and has met all the Servicer’s purchase requirements. A Mortgage File and other documents have been prepared and presented Loan may be delivered to the Servicer in prior to the form and manner required Lender's receipt of a certificate or policy of insurance by Section 4.09FHA or a PMI Insurer, a guaranty certificate of USDA/RD or a guaranty certificate of VA, as applicable, if the Lender has received a commitment for which funds are availablesuch insurance or guaranty, as the case may be, and for which such commitment is delivered to the Servicer. If such insurance or guaranty is not delivered to the Servicer certifies that all or the Corporation, as applicable, within sixty (60) days of the other conditions Closing Date, the Lender shall repurchase such Mortgage Loan in accordance with Section 12 hereof. Loans.‌‌‌‌‌ (b) Within three (3) Business Days after receipt of this Agreement have been fulfilleda Purchase Certification for each Mortgage Loan, the Lender must sell such First Mortgage Loan to the Servicer, provided however, that, the Servicer shall pay not be obligated to purchase First Mortgage Loans subsequent to the related Final Sale Date, if applicable. Servicer will make every effort to pool First Mortgage Lenderclosed loans on a monthly basis, under if applicable, unless otherwise instructed by the terms and conditions specified herein, on each Corporation. (c) The Purchase Date for each Mortgage Loan shall be on such Business Days of each month agreed to by the Servicer and the Lender during the period commencing on the related First Reservation Date, if applicable, and the related Closing Date, and the purchases shall occur at the times and places as determined by the Servicer. (d) The purchase price described in Section 4.01 hereof, which includes the applicable Servicing Release Premium. All Mortgagor payments on account of principal, interest, taxes or insurance collected payable by the Mortgage Servicer to the Lender with respect to a on the Purchase Date for each Mortgage Loan prior purchased by the Servicer shall be the sum of (i) 100% of the unpaid principal amount of the Mortgage Loan, (ii) accrued, but unpaid, interest to the Purchase of such Mortgage Loan shall be held by Date and (iii) the Mortgage Lender and shall be transferred by the Mortgage Lender to the Servicer as Servicing Release Fee, if such amount had been received subsequent any. (e) Prior to the Purchase Date. On , the Purchase Date, any amounts held Lender will assign and transfer each Mortgage Loan to the Servicer in escrow pursuant to Section 4.09 hereof, plus any prepaid interest, shall be, subject to Section 4.18 hereof, netted out from exchange for payment of the purchase price of on the Mortgage LoanPurchase Date as provided in this MRB Origination Agreement. The Mortgage Lender shall receive from Under the MRB Servicing Agreement, after the Purchase Date the Servicer the purchase price specified in this Section 4.10, less any amounts netted out. The Mortgage Lender shall retain such amounts and apply them will perform all servicing functions relating to the purchase price which it receives for the Mortgage Loan. The Mortgage Lender acknowledges that, as a condition of the Purchase of the each Mortgage Loan by until such Mortgage Loans are securitized in a Pool. After the issuance date of each Xxxxxx Mae Security, Xxxxxx Xxx Security or Xxxxxxx Mac PC, the Xxxxxx Xxx Guide, the Xxxxxx Mae Guide and the Xxxxxxx Mac Guide will govern the Servicer, the Mortgage Loan shall (i) be current in payments of principal and interest, taxes and insurance, if required, (ii) bear interest at the applicable Loan Rate, and (iii) be in compliance with the requirements of FHA, VA, USDA Rural Development, the PMI Insurer, the GNMA Guide, Xxxxxxx Mac or Xxxxxx Mae, as applicable, and this Agreement.

Purchases of Mortgage Loans. For each Mortgage Loan originated by the Mortgage Lender which is in compliance with all the terms and conditions of this Agreement, for which the Mortgage File and other documents have been prepared and presented to the Servicer in the form and manner required by Section 4.09, for which funds are available, and for which the Servicer certifies that all of the other conditions of this Agreement have been fulfilled, the Servicer shall pay to the Mortgage Lender, under the terms and conditions specified herein, on each Purchase Date for each Mortgage Loan the purchase price described in Section 4.01 hereof, which includes the applicable Servicing Release Premium. All Mortgagor payments on account of principal, interest, taxes or insurance collected by the Mortgage Lender with respect to a Mortgage Loan prior to the Purchase of such Mortgage Loan shall be held by the Mortgage Lender and shall be transferred by the Mortgage Lender to the Servicer as if such amount had been received subsequent to the Purchase Date. On the Purchase Date, any amounts held in escrow pursuant to Section 4.09 hereof, plus any prepaid interest, shall be, subject to Section 4.18 hereof, netted out from the purchase price of the Mortgage Loan. The Mortgage Lender shall receive from the Servicer the purchase price specified in this Section 4.10, less any amounts netted out. The Mortgage Lender shall retain such amounts and apply them to the purchase price which it receives for the Mortgage Loan. The Mortgage Lender acknowledges that, as a condition of the Purchase of the Mortgage Loan by the Servicer, the Mortgage Loan shall (i) be current in payments of principal and interest, taxes and insurance, if required, (ii) bear interest at the applicable Loan Rate, and (iii) be in compliance with the requirements of FHA, VA, USDA Rural Development, the PMI Insurer, the GNMA Guide, Xxxxxxx Freddie Mac or Xxxxxx MaeXxx, as applicable, and this Agreement.