Common use of Underwriting of Mortgage Loans Clause in Contracts

Underwriting of Mortgage Loans. Lender or its agent shall underwrite every Application in accordance with the terms of this Agreement. Lender shall have no obligation to approve or close a mortgage loan which in its sole discretion does not meet Lender's underwriting requirements. In making its determination, Lender expressly disclaims any conclusions Broker may draw as to the general quality or acceptability of the Application. Lender retains sole and absolute discretion to reject any Application which does not comply with the terms and conditions of this Agreement, or for any reason whatsoever (except any reason prohibited by Law), and to set the terms and conditions of any approval of an Application. Lender shall notify Broker of the disposition of an Application. Broker may not represent that Lender has approved or will approve any Application until Lender informs Broker in writing that it has done so. If Lender declines any Application, Broker shall notify the Applicant promptly upon receipt of notice of Lender’s decision and deliver the required adverse action notice to the Applicant in accordance with applicable state, federal and local laws. Broker shall also maintain evidence that the adverse action notice was received by Applicant; provided, however, that Broker shall not be required to notify the Applicant of Lender’s declination in any case where another lender has committed to originate the mortgage loan. Lender will have no obligation or liability to Broker for any mortgage loan which is not closed by Lender and/or for any delays in the processing of any Applications.

Underwriting of Mortgage Loans. Lender or its agent shall underwrite every Application in accordance with the terms of this Agreement. Lender shall have no obligation to approve or close a mortgage loan which in its sole discretion does not meet LenderXxxxxx's underwriting requirements. In making its determination, Lender Xxxxxx expressly disclaims any conclusions Broker may draw as to the general quality or acceptability of the Application. Lender Xxxxxx retains sole and absolute discretion to reject any Application which does not comply with the terms and conditions of this Agreement, or for any reason whatsoever (except any reason prohibited by Law), and to set the terms and conditions of any approval of an Application. Lender shall notify Broker of the disposition of an Application. Broker may not represent that Lender has approved or will approve any Application until Lender Xxxxxx informs Broker in writing that it has done so. If Lender declines any Application, Broker shall notify the Applicant promptly upon receipt of notice of LenderXxxxxx’s decision and deliver the required adverse action notice to the Applicant in accordance with applicable state, federal and local laws. Broker shall also maintain evidence that the adverse action notice was received by Applicant; provided, however, that Broker shall not be required to notify the Applicant of LenderXxxxxx’s declination in any case where another lender has committed to originate the mortgage loan. Lender will have no obligation or liability to Broker for any mortgage loan which is not closed by Lender Xxxxxx and/or for any delays in the processing of any Applications.