EXHIBIT 10.6b
September 23, 1997
Home, Inc.
0000 Xxxxxx Xxxxxx Xxxx.
Xxxxxx, XX 00000
Attention: Mr. Xxxx Xxxxxxx
Subject: Master Agreement Number: MD01694
Amendment: SECOND
Lender Number: 00000-000-0
Dear Xx. Xxxxxxx:
By execution of this Letter Agreement, the Federal National Mortgage Association
("Xxxxxx Xxx") and Home, Inc. (the "Lender") agree to amend the above-referenced
Master Agreement and Contract (if applicable). The amended terms and conditions
are set forth in the amended pages to the Master Agreement and (if applicable)
the Contract attached to this Letter Agreement. The attachments should be
inserted into the Lender's Master Agreement binder as described below.
Capitalized terms used but not defined in this Letter Agreement, shall have the
meanings set forth in the Master Agreement.
The amended terms and conditions are set forth below. If applicable, the Lender
and Xxxxxx Mae shall rely also on any attached pages for a complete description
of the amended terms and conditions.
The amended terms and conditions:
1. AMENDED TERM: amend certain provisions of Attachment "A" FHA Title 1 Home
Improvement Loan program in the "Housing Impact" section of your Master
Agreement binder.
INSTRUCTIONS: (1) Replace ATTACHMENT "A" in the "Housing Impact" section
of your Master Agreement binder with the enclosed ATTACHMENT
"A."
(2) All replaced pages, along with this letter, should
be inserted under the "Amendment History" tab.
By execution of this Letter Agreement, Xxxxxx Xxx and the Lender agree to and
accept the amended terms and conditions as set forth in the attachments to this
Letter Agreement. The effective date of the amendments is the date of execution
of this Letter Agreement by the Lender. The Lender shall return a duly-executed
duplicate original of this Letter Agreement to Xxxxxx Mae within ten business
days of the date this Letter Agreement is executed by Xxxxxx Xxx. If Xxxxxx Xxx
does not receive an executed duplicate original of this Letter Agreement from
the Lender within ten business days, Xxxxxx Mae may, at its option, declare this
Letter Agreement null and void.
Sincerely,
XXXXXX XXX
By: /s/ Xxxxxx Xxxxxxx
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(Authorized Signature)
Name: Xxxxxx Xxxxxxx, Regional Vice President
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(Name and Title)
Agreed, acknowledged and accepted this 23rd day of September, 1997.
HOME, INC.
By: /s/ Xxxxx X. Xxxxxx
--------------------------------------------------
(Authorized Signature)
Name: Xxxxx X. Xxxxxx, Executive Vice President
--------------------------------------------------
(Name and Title)
Xxxxxx Xx. XX00000 - Amd. 2
2
ATTACHMENT "A"
FHA TITLE 1 HOME IMPROVEMENT LOAN PROGRAM
PROGRAM VARIANCES
Loans may be originated pursuant to the FHA Title 1 Home Improvement Loan
Program as described in the Selling Guide, with the following variance(s)
("Title I Loans"):
1. Title 1 Loans may be secured by manufactured housing, provided that:
a. such manufactured housing must comply with all requirements of the
Selling Guide applicable to manufactured housing, including without
limitation the requirements contained in Part V, Section 225 of the
Selling Guide, except as follows: single-width manufactured housing
units may not be located in a Xxxxxx Mae-approved project;
b. all such Loans must have been originated pursuant to the "Texas Home
Improvement Loan Program;" and
c. all such Loans must be sold to Xxxxxx Xxx for cash.
2. The original term of such Loans may be 5, 7, 10, 15 or 20 years.
3. Pricing Characteristics:
a) Lender should call Lender's regional Xxxxxx Mae customer account
representative to obtain the required net yield for Title I Loans
delivered pursuant to this Agreement. The yield will be determined by
taking the required net yield associated with the lowest pass-through
rate indicated by Xxxxxx Xxx for Title I discount/premium pricing on
the day the mandatory commitment for the delivery of the Title I Loans
is obtained. The purchase price will be calculated using this yield
and a prepayment assumption equal to the original term of the Title I
Loan. All Title I Loans will have a pass-through rates ranging from
(i) a minimum rate of 4.00% to (ii) a maximum rate equal to .125% (125
basis points) below the lowest posted pass through rate, and a term of
5, 7, 10, 15 or 20 years.
b) Minimum servicing fee for the Title I Loans is .50%.
c) Maximum interest rate charged by the Lender for the Title I Loans
shall not exceed 500 basis points above the Xxxxxx Mae posted yield
(for par pricing) for the desired delivery period; or the pass-through
rate (for premium discount pricing) at which the Loans will be
delivered to Xxxxxx Xxx.
4. Lender must enter the following on Form 1068: Special Feature Codes "089"
(Rehab. Loan); "001" for all Title I Loans; "235" (manufactured housing
Title I Loans) and "211" for dealer and correspondent Title I Loans; and X-
Code 104 (Rehab Title I).
5. Notwithstanding anything herein to the contrary, the aggregate unpaid
principal balance of all Title 1 Loans secured by manufactured housing
which are sold and delivered to Xxxxxx Mae shall not exceed 25.00% of the
aggregate unpaid principal amount of all Mortgages sold and delivered to
Xxxxxx Xxx under this Agreement.
Master No. MD01694 - Amd 2
FHA Title 1 - 1
