Underwriting Criteria a) Credit underwriting is performed by reviewing the completed credit application and the credit bureau report and/or performance history with the company.
b) All financed sales packages must include a completed credit application, signed by all borrowing parties.
c) A credit report is required for all financed sales, including existing owners.
d) Existing owners
1. For upgrade or add-on transactions of existing owners, a credit report will be required, although credit may be granted considering their performance history with Diamond. In the case of an existing delinquency on an existing Diamond Resorts loan, applicants will be required to resolve this delinquency by making a separate payment to bring the loan current, i.e., such payment posted to the account, before they may proceed with the new transaction.
2. No credit score or lack of history requires a minimum 30% down payment.
e) When a credit report / risk score / credit history is not available, a Credit Exception Form (see Exhibit 1) must be completed with the reason clearly stated as to why the credit report / risk score / credit history is not available. Either the VP Client Services, National Contracts Manager or the Director, Operations must provide signature authorization for any and all exceptions per the Credit Exception Form. The credit report and/or Credit Exception Form must be included as part of the credit file. A credit exception will not delay the close of escrow.
f) A minimum 30% down payment is required when no credit report is available.
g) Minimum down payment (see Exhibit 2) in U.S. funds. Diamond Resorts employees or independent contractors may not contribute to this down payment in any form. The source of down payment must be the borrower(s). Should the down payment be contributed in whole or in part by a third party not participating in the credit transaction, the monies must be accompanied by a letter signed by that party indicating the money is a gift and is not expected to be repaid.
h) No bankruptcy within the previous 12 months period for both deeded inventory and trust based sales. More specifically, no approvals for pre-settlement cases; a post-settlement period of 12 months required unless otherwise approved by the VP Client Services, National Contracts Manager or the Director, Operations.
i) Judgments or liens on deeded property sales must be closed or meet the following criteria:
j) Civil judgments or open public record’s less than 10K will not require exceptions.
k...
Underwriting Criteria. The Borrower shall maintain its criteria for underwriting (i.e., reinsuring) Insurance Contracts substantially as heretofore in effect.
Underwriting Criteria. The percentage (by Scheduled --------------------- Principal Balance) of the Group II Loans as of the Post-Funding Payment Date which are identified by the Originator under its standard underwriting criteria as "B," "C," and "D" credits is not more than 300 basis points, 200 basis points, and 100 basis 3-7 points, respectively, more than the percentage of Initial Group II Loans identified as "B," "C," and "D" credits.
Underwriting Criteria. The Lender shall underwrite each application for a Mortgage Loan in a manner consistent with the standards set forth in the Procedural Guide.
Underwriting Criteria. MBIA shall maintain its criteria for underwriting Insurance Contracts substantially as in effect on the Restatement Agreement Date and as disclosed to the Administrative Agent and the Banks, and Insured Obligations which are placed in the Covered Portfolio by MBIA shall in MBIA's reasonable judgment represent an overall risk of loss (based on all factors including without limitation investment quality and geographical and market diversification) which is not materially greater than the risk of loss represented by all of MBIA's Insured Obligations.
Underwriting Criteria. Each Mortgage Loan [was underwritten generally in accordance with Countrywide’s credit underwriting guidelines in effect at the time such Mortgage Loan was originated] [conforms to the Xxxxxx Xxx or Xxxxxxx Mac mortgage eligibility criteria (as such criteria applies to Countrywide) and is eligible for sale to, and securitization by, Xxxxxx Mae or Xxxxxxx Mac] [at the time of origination was underwritten to guidelines which are consistent with an institutional investor-quality mortgage loan]. Kindly acknowledge your agreement to the terms of this Purchase Confirmation by signing in the appropriate space below and returning this Purchase Confirmation to the undersigned. Telecopy signatures shall be deemed valid and binding to the same extent as the original. Sincerely, Agreed to and Accepted by: COUNTRYWIDE HOME LOANS, INC. XXXXXXX SACHS MORTGAGE COMPANY By: By: Name: Xxxxx Xxxxxxx Name: Title: Executive Vice President Title: 1.
Underwriting Criteria. Each Mortgage Loan [was underwritten generally in accordance with Countrywide’s credit underwriting guidelines in effect at the time such Mortgage Loan was originated] [conforms to the Xxxxxx Xxx or Xxxxxxx Mac mortgage eligibility criteria (as such criteria applies to Countrywide) and is eligible for sale to, and securitization by, Xxxxxx Mae or Xxxxxxx Mac] [at the time of origination was underwritten to guidelines which are consistent with an institutional investor-quality mortgage loan]. Kindly acknowledge your agreement to the terms of this Purchase Confirmation by signing in the appropriate space below and returning this Purchase Confirmation to the undersigned. Telecopy signatures shall be deemed valid and binding to the same extent as the original. Sincerely, Agreed to and Accepted by: COUNTRYWIDE HOME LOANS, INC. XXXXXXX SACHS MORTGAGE COMPANY By: ______________________________ Name: Xxxxx Xxxxxxx Title: Executive Vice President By: _________________________________ Name: Title: 1.
Underwriting Criteria. All Eligible Consumer Loans pledged as Collateral to the Agent subsequent to the date of execution of this Credit Agreement will be consistent with the Borrower's general underwriting criteria as approved in writing by the Required Banks, including, without limitation, (i) the requirement that a majority of sales shall be made to consumer borrowers with minimum annual income as follows: $35,000 for Texas, $40,000 for Illinois, and $45,000 for Massachusetts and (ii) the requirement that each consumer borrower shall have a major credit card issued in his or her name. In addition to the foregoing, the Borrower shall ensure that the weighted average FICO Credit Bureau Scores of all consumer borrowers with respect to which a FICO Credit Bureau Score can be obtained be not less than 640. The Borrower shall not materially alter its general underwriting criteria without the prior written approval of the Required Banks, which approval may be withheld by the Required Banks in their sole discretion. On an annual basis, the Borrower shall provide the Agent with written certification that the underwriting criteria as approved by the Required Banks remains in full force and effect and has not been revised or altered without the Required Banks' consent.
Underwriting Criteria. Based upon the investigation referred to in Section 4.02(a)(x) above, Servicer has concluded that all Loans are compliant with the Underwriting Criteria in all aspects.
Underwriting Criteria. Marketer and Bank have developed the Credit Criteria and Standards applicable to the issuance of Cards. Bank shall have the right to approve, disapprove or modify the Credit Criteria and Standards and the policies and procedures used in connection with the solicitation and evaluation of potential cardholders to ensure the safety and soundness of Bank and the Bankcard Program.
