Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ consolidated financial position or operations. Dated: September 3, 2019 Schedule 12(c)-3 Schedule 13(i) Related Party Transactions In the ordinary course of business, Quicken Loans engages in transactions with its affiliates, including providing or receiving goods and services to or from affiliates such as administrative, purchasing, office supplies, telephone, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included in the below summaries; however, such dates and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31, 2018 the amounts due from affiliates totaled [***], including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s institutions or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ Loans consolidated financial position or operations. Dated: September 3July 12, 2019 2021 Schedule 12(c)-3 Schedule 13(i) Related Party Transactions In the ordinary course of business, Quicken Loans engages in transactions with its affiliates, including providing or receiving goods and services to or from affiliates such as administrative, purchasing, office supplies, telephone, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included in the below summaries; however, such dates and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31, 2018 the amounts due from affiliates totaled [***], including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.12(c)-1 LEGAL02/41072931v2
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws 118109294\V-13 or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s institutions or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ Loans consolidated financial position or operations. Dated: September 3, 2019 Schedule 12(c)-3 Schedule 13(i) Related Party Transactions In the ordinary course of business, Quicken Loans engages in transactions with its affiliates, including providing or receiving goods and services to or from affiliates such as administrative, purchasing, office supplies, telephone, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included in the below summaries; however, such dates and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31, 2018 the amounts due from affiliates totaled [***], including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31July 12, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ consolidated financial position or operations. Dated: September 3June 25, 2019 Schedule 12(c)-3 Schedule 13(iEXHIBIT A FORM OF TEMPORARY INCREASE REQUEST UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York 0000 Xxxxxx xx xxx Xxxxxxxx Xxx Xxxx, XX 00000 Attention: Xxxx Xxxxxxxxx Telephone: (000) Related Party Transactions 000-0000 Facsimile: (000) 000-0000 Email: Xxxx.Xxxxxxxxx@xxx.xxx Re: The Amended and Restated Master Repurchase Agreement, dated as of April 10, 2015 (the “Repurchase Agreement”), between UBS AG, BY AND THROUGH ITS BRANCH OFFICE AT 0000 XXXXXX XX XXX XXXXXXXX, XXX XXXX, XXX XXXX (“Buyer”) and QUICKEN LOANS INC. (“Seller”) Ladies and Gentlemen: In accordance with Section 3(e) of the ordinary course Repurchase Agreement, Buyer hereby consents to a Temporary Increase of businessthe Maximum Aggregate Purchase Price or the Maximum Committed Purchase Price as further set forth below: Amount of Temporary Increase: $ . Temporary Maximum Aggregate Purchase Price: $ . Temporary Maximum Committed Purchase Price: $ . Temporary Maximum Uncommitted Purchase Price: $ . Effective date: [ ] Expiration date: [ ] On and after the effective date indicated above and until the expiration date indicated above, Quicken Loans engages in transactions with its affiliatesthe Maximum Aggregate Purchase Price and/or Maximum Committed Purchase Price (if applicable) shall equal the Temporary Maximum Aggregate Purchase Price and/or Temporary Maximum Committed Purchase Price, respectively, indicated above for all purposes of the Repurchase Agreement and all calculations and provisions relating to the Maximum Aggregate Purchase Price and/or Maximum Committed Purchase Price shall refer to the Temporary Maximum Aggregate Purchase Price and/or Temporary Maximum Committed Purchase Price, respectively, including providing or receiving goods without limitation, Concentration Limits. Unless otherwise terminated pursuant to the Repurchase Agreement, this Temporary Increase shall terminate on the expiration date indicated above. Upon the termination of this Temporary Increase, Seller shall repurchase Purchased Mortgage Loans such that (i) the aggregate outstanding Purchase Price of all Transactions does not exceed the Maximum Aggregate Purchase Price and services (ii) the applicable portion of the aggregate outstanding Purchase Price of all Transactions does not exceed any Concentration Limit. All terms used herein and not otherwise defined herein shall have the respective meanings ascribed to or from affiliates such as administrative, purchasing, office supplies, telephone, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included terms in the below summaries; howeverRepurchase Agreement. QUICKEN LOANS INC., such dates as Seller By: Name: Title: Agreed and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31Consented by: UBS AG, 2018 the amounts due from affiliates totaled [***]BY AND THROUGH ITS BRANCH OFFICE AT 1285 AVENUE OF THE AMERICAS, including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR NEW YORK, NEW YORK, as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.Buyer By: Name: Title: By: Name: Title: Date:
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and Schedule 3 investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ consolidated financial position or operations. Dated: September 3August 19, 2019 2020 35700526.1 Schedule 12(c)-3 Schedule 13(i) Related Party Transactions In the ordinary course 3 ANNEX C EXECUTIVE MAANGEMENT & OFFICES QUICKEN LOANS, LLC BOARD OF MANAGERS Xxxxxx Xxxxxxx Xxx Xxxxxx Xxxxxxx Xxxxx OFFICERS Xxx Xxxxxx, Chief Executive Officer Xxxxxx Xxxxxxx President Xxx Xxxxxx Treasurer Xxx Xxxxxx EVP, General Counsel and Secretary Xxx Xxxxxxxxx Chief Revenue Officer and Vice President of business, Mortgage Banking CHIEF EXECUTIVE OFFICES Quicken Loans engages in transactions with its affiliatesInc. 0000 Xxxxxxxx Xxxxxx Detroit, including providing or receiving goods and services to or from affiliates such as administrativeMichigan 48226-1906 ONE REVERSE MORTGAGE, purchasingLLC MANAGERS Xxxxxxx Xxxxxxx OFFICERS Xxx Xxxxxx Chairman CHIEF EXECUTIVE OFFICES One Reverse Mortgage, office suppliesLLC 000 Xxxxxxxx Xxxxxx, telephone5th Floor Detroit, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included in the below summaries; however, such dates and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31, 2018 the amounts due from affiliates totaled [***], including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.Michigan 48226 Annex C
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ consolidated financial position or operations. Dated: September 3December 2, 2019 Schedule 12(c)-3 Schedule 13(i) Related Party Transactions In the ordinary course of business, Quicken Loans engages in transactions with its affiliates, including providing or receiving goods and services to or from affiliates such as administrative, purchasing, office supplies, telephone, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included in the below summaries; however, such dates and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31, 2018 the amounts due from affiliates totaled [***], including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.2019
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ consolidated financial position or operations. Dated: September 3October 23, 2019 Schedule 12(c)-3 Schedule 13(i) Related Party Transactions In the ordinary course of business, Quicken Loans engages in transactions with its affiliates, including providing or receiving goods and services to or from affiliates such as administrative, purchasing, office supplies, telephone, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included in the below summaries; however, such dates and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31, 2018 the amounts due from affiliates totaled [***], including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.2019
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
Regulatory and Administrative Matters. As a non-depository mortgage company, Quicken Loans is regulated by and subject to various state agencies that oversee and regulate mortgage lending and the activities of bank and/or non-bank financial institutions. These state agencies are generally authorized to: issue licenses or registrations where state law requires; conduct periodic on-site or remote audits or examinations of the regulated institution’s books, files and practices; investigate consumer complaints; issue findings of audit or compliance variances that may require refunds to borrowers for charges beyond those permitted under the state’s laws or regulations; assess fines or penalties if administrative rules are not adhered to, and/or require other corrective actions to be taken. These agencies also have the authority to seek revocation of an institution’s or individual’s license or registration to operate as a mortgage lender or loan originator in the state. In the ordinary course of business and in any given year, Quicken Loans participates in and responds to numerous regular periodic state examinations. If the state agency issues a finding, Quicken Loans may dispute that finding and/or attempt to reconcile any differences of opinion. In other instances, Quicken Loans may undertake corrective action before being required to do so by the state regulator. In some states, the state’s attorney general may also investigate consumer complaints regarding mortgage lending and issue subpoenas, commence informal inquiries or formal investigations. As a licensed mortgage company Quicken Loans is, in the ordinary course of business, subject to such inquiries and investigations. Although Quicken Loans may currently be subject to various state examinations and consumer complaint inquiries, management does not believe the outcomes of these examinations or inquiries, individually or in the aggregate, will materially affect Quicken Loans’ consolidated financial position or operations. Dated: September 3October 1, 2019 Schedule 12(c)-3 Schedule 13(i) Related Party Transactions In the ordinary course of business, Quicken Loans engages in transactions with its affiliates, including providing or receiving goods and services to or from affiliates such as administrative, purchasing, office supplies, telephone, travel, human resources, employee benefits, accounting, training, legal, computer programing, computer and other technology, software maintenance, software licensing, vendor, payables and other management, interior design and other services, loaning money, leasing office space to and from affiliates, intercompany purchases, advertising or sponsorship agreements and communications, real estate and security services and other administrative services. The majority of receivables from affiliated entities are amounts due from services performed by Quicken Loans on behalf of Rock Holdings subsidiaries. Quicken Loans maintains many large vendor relationships and purchasing these goods and services through Quicken Loans allows the affiliated entities to take advantage of reduced pricing. For convenience, maturity dates and dollar amounts are included in the below summaries; however, such dates and amounts are subject to adjustment in the sole discretion of the parties to the respective agreements. Due from Affiliates At December 31, 2018 the amounts due from affiliates totaled [***], including [***] of advances and accrued interest on loans made to a shareholder of [***]. Interest accrued on substantially all loans is based on a margin over 30-day LIBOR as of the date of advance. Quicken Loans has provided an Uncommitted Line of Credit to its sole subsidiary, [***], in the amount of [***], with a maturity date of October 31, 2021. Management Fees Quicken Loans also charges management fees to certain affiliated companies. These fees represent amounts paid for goods and services provided by Quicken Loans and used by those affiliated companies. Services are provided primarily in connection with technology, facilities, human resources, accounting, training, and security functions. The total amounts charged for these services for the twelve months ended December 31, 2018 were [***] to consolidated subsidiaries of [***] and [***] to others, respectively. Due to Affiliates At December 31, 2018, the amounts due to affiliates totaled [***], primarily for transactions occurring in the ordinary course of business. Quicken Loans is borrower under an Uncommitted Unsecured Line of Credit provided by [***], its parent company and affiliate, in the amount of [***], with a maturity of June 9, 2022.12(c)-3
Appears in 1 contract
Samples: Master Repurchase Agreement (Rocket Companies, Inc.)
