Common use of Quality Review Clause in Contracts

Quality Review. Lender shall have the right to perform a quality control review of Mortgage Broker’s business activities related to the origination and processing of applications for Insured Mortgage Loans pursuant to this Addendum. Mortgage Broker will, upon request, provide Lender with any documentation, including but not limited to financial records and audit reports, which Lender considers necessary to verify Mortgage Broker’s compliance with Federal and state requirements for loan brokers. Lender may, upon providing five (5) days’ notice, conduct periodic on‐ site audits of Mortgage Broker’s business activities related to this Addendum. The audit will be conducted in compliance with normal and customary procedures and policies outlined by HUD. Section 7 – a) For any FHA loan originated by Mortgage Broker and funded by Lender where the borrower fails to pay any of the first six (6) payments to Lender (or its successors or assigns) within sixty (60) days from such payment being due, Mortgage Broker shall, within thirty (30) days of Lender’s written demand, pay to Lender an amount equal to all compensation paid to Mortgage Broker on the loan transaction from any source. For purposes of this section: any payment made on any loan by a person other than the borrower named on the note shall be ignored for purposes of determining whether a monthly payment is thirty (30) days or more delinquent.

Quality Review. Lender shall have the right to perform a quality control review of Mortgage Broker’s business activities related to the origination and processing of applications for Insured Mortgage Loans pursuant to this Addendum. Mortgage Broker will, upon request, provide Lender with any documentation, including but not limited to financial records and audit reports, which Lender Xxxxxx considers necessary to verify Mortgage Broker’s compliance with Federal and state requirements for loan brokers. Lender may, upon providing five (5) days’ notice, conduct periodic on‐ site on‐site audits of Mortgage Broker’s business activities related to this Addendum. The audit will be conducted in compliance with normal and customary procedures and policies outlined by HUD. Section 7 – a) For any FHA loan originated by Mortgage Broker and funded by Lender where the borrower fails to pay any of the first six (6) payments to Lender (or its successors or assigns) within sixty (60) days from such payment being due, Mortgage Broker shall, within thirty (30) days of Lender’s written demand, pay to Lender an amount equal to all compensation paid to Mortgage Broker on the loan transaction from any source. For purposes of this section: any payment made on any loan by a person other than the borrower named on the note shall be ignored for purposes of determining whether a monthly payment is thirty (30) days or more delinquent.

Quality Review. Lender shall have the right to perform a quality control review of Mortgage Broker’s business activities related to the origination and processing of applications for Insured Mortgage Loans pursuant to this Addendum. Mortgage Broker will, upon request, provide Lender with any documentation, including but not limited to financial records and audit reports, which Lender considers necessary to verify Mortgage Broker’s compliance with Federal and state requirements for loan brokers. Lender may, upon providing five (5) days’ notice, conduct periodic on‐ site on‐site audits of Mortgage Broker’s business activities related to this Addendum. The audit will be conducted in compliance with normal and customary procedures and policies outlined by HUD. Section 7 – a) For any FHA loan originated by Mortgage Broker and funded by Lender where the borrower fails to pay any of the first six (6) payments to Lender (or its successors or assigns) within sixty (60) days from such payment being due, Mortgage Broker shall, within thirty (30) days of Lender’s written demand, pay to Lender an amount equal to all compensation paid to Mortgage Broker on the loan transaction from any source. For purposes of this section: any payment made on any loan by a person other than the borrower named on the note shall be ignored for purposes of determining whether a monthly payment is thirty (30) days or more delinquent.