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 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.