Common use of Selling PFI Representations and Warranties Clause in Contracts

Selling PFI Representations and Warranties. ‌ PFIs selling loans under the MPF Program are required to make certain additional representations and warranties as described in this section. Mortgage Loan Delivery (12/22/16)29‌ By selling a Mortgage Loan under the MPF Program the PFI warrants and represents the following for each Mortgage Loan, as of the Funding Date: • The terms, conditions, and requirements stated in the Applicable Agreements have been fully satisfied; • The Mortgage Loan meets all MPF Program Requirements in the Guides; • The PFI does not have knowledge, of any proceedings pending for condemnation of all or any portion of the Mortgaged Property. • There are no adverse circumstances involving the Mortgage Loan, the Mortgaged Property or credit worthiness of the Borrower that would reduce the value or marketability of the Mortgage Loan or Mortgaged Property; • All warranties and representations of the PFI are true and correct; • The PFI is in compliance with the Applicable Agreements; • The PFI has not misstated or omitted any material fact about the Mortgage Loan to the Borrower, the MPF Bank or the MPF Provider; • All disclosures and notices required under Applicable Law and the terms of the Note and Security Instrument have been presented fully, clearly, and on a timely basis to the Borrower; • The PFI has filed and will continue to file all information and forms required under the Home Mortgage Disclosure Act and the Internal Revenue Code; • The PFI’s hiring process includes verification that all vendors, contractors, and employees, including managers, who will be involved in the origination of Mortgage Loans (including application through Closing) are not on the HUD Limited Denial of Participation (LDP) List, the U.S. General Services 28 MPF Announcement 2018-23 (4/9/18)‌ 29 MPF Announcement 2016-30 (12/22/16) Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • The PFI does not permit any employee to manage or perform origination functions on Mortgage Loans who are on the HUD Limited Denial of Participation (LDP) List, the U.S. General Services Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • If the PFI obtains third-party originated loans, or loans originated by an affiliate, that are subsequently delivered under the MPF Program, the PFI verifies that the third-party originator, or the affiliate, has a documented procedure for checking their potential and current employees against the HUD Limited Denial of Participation (LDP) List, the U.S. General Services Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • All persons executing documents on behalf of the PFI are duly authorized to do so; and • The PFI and any agent acting on its behalf have complied with all Applicable Laws relating to licensing, qualification to do business or approval to originate mortgages.

Selling PFI Representations and Warranties. ‌ PFIs selling loans under the MPF Program are required to make certain additional representations and warranties as described in this section. Mortgage Loan Delivery (12/22/16)29‌ By selling a Mortgage Loan under the MPF Program the PFI warrants and represents the following for each Mortgage Loan, as of the Funding Date: • The terms, conditions, and requirements stated in the Applicable Agreements have been fully satisfied; • The Mortgage Loan meets all MPF Program Requirements in the Guides; • The PFI does not have knowledge, of any proceedings pending for condemnation of all or any portion of the Mortgaged Property. • There are no adverse circumstances involving the Mortgage Loan, the Mortgaged Property or credit worthiness of the Borrower that would reduce the value or marketability of the Mortgage Loan or Mortgaged Property; • All warranties and representations of the PFI are true and correct; • The PFI is in compliance with the Applicable Agreements; • The PFI has not misstated or omitted any material fact about the Mortgage Loan to the Borrower, the MPF Bank or the MPF Provider; • All disclosures and notices required under Applicable Law and the terms of the Note and Security Instrument have been presented fully, clearly, and on a timely basis to the Borrower; • The PFI has filed and will continue to file all information and forms required under the Home Mortgage Disclosure Act and the Internal Revenue Code; • The PFI’s hiring process includes verification that all vendors, contractors, and employees, including managers, who will be involved in the origination of Mortgage Loans (including application through Closing) are not on the HUD Limited Denial of Participation (LDP) List, the U.S. General Services 28 MPF Announcement 2018-23 (4/9/18)‌ 4/9/18) 29 MPF Announcement 2016-30 (12/22/16) Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • The PFI does not permit any employee to manage or perform origination functions on Mortgage Loans who are on the HUD Limited Denial of Participation (LDP) List, the U.S. General Services Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • If the PFI obtains third-party originated loans, or loans originated by an affiliate, that are subsequently delivered under the MPF Program, the PFI verifies that the third-party originator, or the affiliate, has a documented procedure for checking their potential and current employees against the HUD Limited Denial of Participation (LDP) List, the U.S. General Services Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • All persons executing documents on behalf of the PFI are duly authorized to do so; and • The PFI and any agent acting on its behalf have complied with all Applicable Laws relating to licensing, qualification to do business or approval to originate mortgages.

Selling PFI Representations and Warranties. ‌ PFIs selling loans under the MPF Program are required to make certain additional representations and warranties as described in this section. Mortgage Loan Delivery (12/22/16)29‌ By selling a Mortgage Loan under the MPF Program the PFI warrants and represents the following for each Mortgage Loan, as of the Funding Date: • The terms, conditions, and requirements stated in the Applicable Agreements have been fully satisfied; • The Mortgage Loan meets all MPF Program Requirements in the Guides; • The PFI does not have knowledge, of any proceedings pending for condemnation of all or any portion of the Mortgaged Property. • There are no adverse circumstances involving the Mortgage Loan, the Mortgaged Property or credit worthiness of the Borrower that would reduce the value or marketability of the Mortgage Loan or Mortgaged Property; • All warranties and representations of the PFI are true and correct; • The PFI is in compliance with the Applicable Agreements; • The PFI has not misstated or omitted any material fact about the Mortgage Loan to the Borrower, the MPF Bank or the MPF Provider; • All disclosures and notices required under Applicable Law and the terms of the Note and Security Instrument have been presented fully, clearly, and on a timely basis to the Borrower; • The PFI has filed and will continue to file all information and forms required under the Home Mortgage Disclosure Act and the Internal Revenue Code; • The PFI’s hiring process includes verification that all vendors, contractors, and employees, including managers, who will be involved in the origination of Mortgage Loans (including application through Closing) are not on the HUD Limited Denial of Participation (LDP) List, the U.S. General Services 28 MPF Announcement 2018-23 (4/9/18)‌ 29 MPF Announcement 2016-30 (12/22/164/9/18) Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • The PFI does not permit any employee to manage or perform origination functions on Mortgage Loans who are on the HUD Limited Denial of Participation (LDP) List, the U.S. General Services Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • If the PFI obtains third-party originated loans, or loans originated by an affiliate, that are subsequently delivered under the MPF Program, the PFI verifies that the third-party originator, or the affiliate, has a documented procedure for checking their potential and current employees against the HUD Limited Denial of Participation (LDP) List, the U.S. General Services Administration (GSA) Excluded Party List (available through the GSA’s System for Award Management website), the FHFA’s Suspended Counterparty List (SCP), or any other such lists. • All persons executing documents on behalf of the PFI are duly authorized to do so; and • The PFI and any agent acting on its behalf have complied with all Applicable Laws relating to licensing, qualification to do business or approval to originate mortgages.