Wet Loans. With respect to each Mortgage Loan that is a Wet Loan, (i) if requested by Buyer, such Mortgage Loan (other than a Mortgage Loan originated in the State of New York) is covered by a duly authorized, executed, delivered and enforceable Closing Protection Letter, and (ii) the Settlement Agent has been instructed in writing by the applicable Seller to hold the related Mortgage Loan documents as agent and bailee for Buyer or Buyer agent and to promptly forward such Mortgage Loan documents to Custodian.
Wet Loans. With respect to each Wet Loan, Seller shall deliver to the Custodian all Required Documents within seven (7) calendar days of the related Purchase Date for such Wet Loan.
Wet Loans. Submissions of Wet Loans for purchase by the Buyers shall be made by electronic transmission of a Mortgage Loan Transmission File listing such Wet Loans, by the deadline therefor specified in the Current Repurchase Agreement.
Wet Loans. With respect to each Wet Loan, the Settlement Agent has been instructed in writing by Seller to hold the related Mortgage File as agent and bailee for Buyer or Buyer’s agent and to promptly forward such Mortgage File in accordance with the provisions of the Custodial Agreement and the Escrow Instruction Letter.
Wet Loans. With respect to at least ninety percent (90%) of the Mortgage Loans that are Wet Loans covered by any particular funding request, such Mortgage Loans (subject to the terms of the Pricing Letter and other than Mortgage Loans originated in the State of New York) are covered by a duly authorized, executed, delivered and enforceable Closing Protection Letter or, to the extent Title Source, Inc. continues to be a Settlement Agent, have Title Source, Inc. as the Settlement Agent.
Wet Loans. (a) Pursuant to the Purchase and Sale Agreement, the Seller may from time to time request that the Purchasers purchase certain Mortgage Loans prior to the delivery to the Custodian of the corresponding Principal Mortgage Documents (individually a "Wet Loan"; collectively "Wet Loans"). The Seller and the Administrative Agent acknowledge that purchases in respect of Wet Loans are subject to various terms and conditions of the Purchase and Sale Agreement, including those set forth in Sections 2.04(c) and 3.02(e) to the Purchase and Sale Agreement.
Wet Loans. (a) Pursuant to the Repurchase Documents, the Sellers may from time to time request that the Purchasers purchase certain Mortgage Loans prior to the delivery to the Custodian of the corresponding Principal Mortgage Documents (individually a “Wet Loan”; collectively the “Wet Loans”). The Sellers and the Agent acknowledge that purchases in respect of Wet Loans are subject to various terms and conditions of the Repurchase Documents.
Wet Loans. At the time of a request for an Advance to originate one or more Wet Loans, the Company shall deliver to the Bank a Collateral Transmittal Letter (or in lieu thereof, Electronic Transmittals), and within ten (10) calendar days after the date of the Advance for the Mortgage Note appurtenant to said Wet Loan(s), the Company shall deliver to the Bank a Collateral Transmittal Letter together with each of the Collateral Mortgage Documents identified in SECTIONS 4.1 AND 4.2 of this Security Agreement. The Company agrees to notify the Bank by facsimile no later than 12:00 noon (Louisville, Kentucky time) on the second (2nd) Business Day after the date of any Collateral Transmittal Letter in respect of a Wet Loan if such Wet Loan did not close, together with a statement indicating the reason therefor.
Wet Loans. Each Wet Loan conforms in all respects to the description thereof set forth on the related Wet Closing Notice (as such terms are defined in the Custody Agreement), and Seller will perform, and Seller have no reason to believe that Seller will be unable to perform, Seller obligation to deliver to Custodian within the time period agreed to in the Custody Agreement the documents required to be delivered with respect thereto.
Wet Loans. With respect to each Wet Loan, the Seller has obtained an Escrow Letter and an Insured Closing Letter, and will provide a copy of such Escrow Letter and Insured Closing Letter to Buyer promptly upon request. Schedule 2 Filing Jurisdictions and Offices New York Mortgage Funding, LLC Delaware The New York Mortgage Company, LLC New York New York Mortgage Trust, Inc. Maryland Schedule 3 Relevant States Alabama Alaska Arizona California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kentucky Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska New Hampshire New Jersey New Mexico New York North Carolina Ohio Oklahoma Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Xxxxxxxx Xxxxxxxxxx West Virginia Wyoming Schedule 4 Subsidiaries Schedule 5 Litigation Xxxxx v. The New York Mortgage Company, LLC, No.: 05-C-4774 (United States District Court for the Northern District of Illinois). Plaintiff has filed this purported class action against The New York Mortgage Company, LLC (“NYMC”) alleging violations of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq. (“FCRA”). Plaintiff asserts that an NYMC mailing sent to him offering an FHA streamline refinance loan violated FCRA in two respects. First, plaintiff contends that the mailing failed to constitute a “firm offer of credit” under section 1681b of FCRA because it did not contain specific terms. Second, plaintiff asserts that the mailing did not contain the “clear and conspicuous” disclosures mandated by section 1681m of FCRA regarding a consumer’s ability to prohibit the use of credit information in a transaction not initiated by the consumer. NYMC has moved to dismiss plaintiff’s Complaint on the ground that there is no longer a private right of action under section 1681m of FCRA that requires “clear and conspicuous” disclosures. As to the section 1681b claim that NYMC’s offer was not a “firm offer of credit,” given the specialized type of loan product involved, New York Mortgage asserts that the offer letter was sufficiently detailed for purposes of FCRA. NYMC has retained the Washington, DC law firm of Weiner Xxxxxxx Xxxxxx Xxxxx PC, experts in the areas of regulatory compliance and consumer class action defense, to handle this litigation. The motion to dismiss has been fully briefed and is currently pending before the Court. Because this case is still in its early stages, we are unable to p...
