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EXHIBIT 10.23
UNDERWRITING SERVICES AGREEMENT
PMI OFFICE AND ON-SITE
This Agreement (the "Agreement") is entered between E-LOAN, a California
corporation, located at 0000 Xxxxxxx Xxxxxxx, Xxxxxx, XX 00000 ("E-Loan"), and
PMI MORTGAGE SERVICES CO., a California corporation, located at 000 Xxxxxxxxxx
Xxxxxx, Xxx Xxxxxxxxx, XX 00000 ("PMI").
1. DEFINITIONS
AGENCY UNDERWRITING GUIDELINES - The underwriting guidelines of
the Federal National Mortgage Association ("Xxxxxx Mae") and the Federal Home
Loan Mortgage Corporation ("Xxxxxxx Mac"), as the case may be (collectively, the
"Agencies"), as may be amended or modified by the Agencies from time to time
pursuant to Paragraph 5A.
AUTHORIZED REPRESENTATIVE OF E-LOAN - Those individuals
designated in writing from time to time by E-Loan as persons authorized to make
revisions to the Platinum Plus Underwriting Guidelines as defined below.
BUSINESS DAY - Any day other than (i) Saturday or Sunday, (ii) a
day on which banking institutions in every state where there is a Review Office
are authorized or obligated by law or executive order to be closed, and (iii) a
day observed as a holiday by PMI.
COMPLIANCE - The conformance of a Mortgage Loan to the applicable
set of underwriting guidelines as requested pursuant to the procedures as set
forth at Paragraph 2A.
CONDITIONAL COMPLIANCE - The conformance of a Mortgage Loan to
the applicable underwriting guidelines, pursuant to a Credit Review
Underwriting.
CORRESPONDENT - A mortgage lender, mortgage broker or credit
union who has entered into an agreement with E-Loan for the purchase by E-Loan
of the Correspondent's Mortgage Loans.
CREDIT REVIEW UNDERWRITING - The underwriting review of a
Mortgage Loan with regard to the applicable underwriting guidelines, pursuant to
the procedures set forth at Xxxxxxxxx 0X but without a review of the appraisal
report relating to the Mortgage Loan.
MATERIAL ERROR - Any material act, failure to act, error,
mistake, or omission (the "Material Error") committed by PMI in rendering the
services described in Paragraph 2
of this Agreement that (i) materially restricts or impairs the salability of a
mortgage loan or causes the repurchase of a mortgage loan by E-Loan from a third
party investor, (ii) constitutes gross negligence and (iii) results from PMI's
failure to apply a specific underwriting requirement or standard set forth under
any of the applicable underwriting guidelines. A Mortgage Loan in respect to
which E-Loan asserts a Material Error is hereinafter referred to as a "Disputed
Mortgage Loan". Notwithstanding the foregoing, no
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Material Error can be asserted with respect any underwriting error relating to a
Mortgage Loan for which PMI has conducted a Credit Review Underwriting, or any
Mortgage Loan which has been designated an accepted Mortgage by either Xxxxxx
Mae's Desktop Underwriter(R) or Xxxxxxx Mac's Loan Prospector(R).
MORTGAGE INSURANCE - Mortgage guaranty insurance issued by either
(i) PMI Mortgage Insurance Co., ("PMI MIC"), an affiliate of PMI, with respect
to an eligible Mortgage Loan pursuant to the PMI MIC's Underwriting Guidelines;
or (ii) CMG, with respect to an eligible Mortgage Loan submitted by a credit
union pursuant to CMG's Underwriting Guidelines, collectively defined below as
the PMI Underwriting Guidelines and ascribed a certificate number.
MORTGAGE INSURANCE UNDERWRITING - The underwriting of a Mortgage
Loan to determine if it meets the PMI Underwriting Guidelines.
MORTGAGE LOAN - An individual residential mortgage loan which is
secured by a first lien or charge, and which is underwritten pursuant to this
Agreement.
MORTGAGE LOAN DOCUMENTS - With respect to a Mortgage Loan, the
documents required by the applicable underwriting guidelines.
MORTGAGE LOAN PACKAGE - With respect to a Mortgage Loan, a copy
of the Mortgage Loan Documents, a completed and executed application for
mortgage guaranty insurance in form specified by PMI which has been executed by
E-Loan (for those loans for which Mortgage Insurance is requested), and such
other additional information or documents that PMI or
E-Loan may provide or add.
MORTGAGE LOAN PACKAGE REVIEW - The initial review of a Mortgage
Loan Package by PMI to determine whether all Mortgage Loan Documents have been
received by PMI so as to
allow it to conduct the Mortgage Loan Underwriting.
MORTGAGE LOAN UNDERWRITING - The underwriting review of a
Mortgage Loan Package by PMI to determine whether it is in Compliance.
NOTICE OF APPROVAL - A notice, in substantially the form attached
hereto as Exhibit B, completed by PMI and delivered to E-Loan, with respect to
each Mortgage Loan determined by PMI to be in Compliance.
NOTICE OF DECLINATION - A notice, substantially in the form
attached hereto as Exhibit D, delivered to E-Loan, with respect to each Mortgage
Loan determined by PMI to not be in Compliance.
NOTICE OF PEND - A notice, in substantially the form attached
hereto as Exhibit C, and delivered to E-Loan, which shows that it has been
placed in a pended status pursuant
to Xxxxxxxxx 0X, 0X(xx), xx 0X(xx).
ON-SITE REVIEW - Underwriting services provided by PMI
underwriters at one or more locations designated by E-Loan, pursuant to the
written request of E-Loan and agreement by PMI to provide On-Site Reviews,
subject to the terms and conditions contained in this Agreement.
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PLATINUM PLUS UNDERWRITING GUIDELINES - The underwriting
guidelines of E-Loan, attached hereto as Exhibit A, as may be amended or
modified by E-Loan from time to time pursuant to Paragraph 5B.
PMI UNDERWRITING GUIDELINES - The underwriting guidelines of
either PMI MIC or CMG for the appropriate geographic area, as may be amended or
modified by either PMI MIC or CMG from time to time pursuant to Paragraph 5C.
Any reference to "PMI MIC", "PMI Underwriting Guidelines", "PMI Certificate
Number" or "PMI identification number" in this Agreement pertaining to the
issuance of Mortgage Insurance shall, in the event and each time a Mortgage Loan
is submitted to PMI by a credit union that requests Mortgage Insurance on a
Mortgage Loan, shall be deemed to be a reference to "CMG", "CMG Underwriting
Guidelines", "CMG Certificate Number" or "CMG identification number", as the
case may be.
REVIEW FEE - The amounts to be paid by E-Loan to PMI pursuant to
Paragraph 3 and specified on Exhibit G of this Agreement.
REVIEW LOCATIONS - Such location or locations designated in
writing by PMI from time to time. The Review Location(s) designated at the time
of execution of this Agreement
are the locations listed on Exhibit E.
TRANSMITTAL - A transmittal form, in the form attached hereto as
Exhibit F, as may be amended or modified by PMI and E-Loan from time to time,
used in connection with the submission of any Mortgage Loan Documents by E-Loan
under this Agreement.
2. SERVICES PROVIDED BY PMI
A. MORTGAGE LOAN PACKAGE SUBMISSION. To submit a Mortgage Loan for
review under this Agreement, E-Loan [or the Correspondent, as the case may be]
shall attach a PMI Transmittal which requests review under one of the following:
(i) the Agency Underwriting Guidelines for the particular Agency or
Agencies designated in the PMI Transmittal and, if the
appropriate conditions are met, issuance of an Agency
Underwriting Certificate ("AUC"); or,
(ii) the Platinum Plus Underwriting Guidelines and, if the appropriate
conditions are met, issuance of a Platinum Plus Cert sm; or,
(iii) Desktop Underwriter (R) or Loan Prospector (R), as the case may
be, to determine whether a Mortgage Loan has been approved and is
eligible for delivery to Xxxxxx Xxx, or may be sold to Xxxxxxx
Mac, respectively. Mortgage Loans submitted for review under
Desktop Underwriter (R) shall be reviewed in accordance with
Rider A, and Mortgage Loans submitted for review under Loan
Prospector (R) shall be reviewed in accordance with Rider B
attached to this Agreement.
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In addition, each transmittal should request, if desired, issuance of Mortgage
Insurance.
B. MORTGAGE LOAN PACKAGE REVIEW. With respect to each Mortgage Loan, PMI
shall conduct a Mortgage Loan Package Review to determine whether all Mortgage
Loan Documents necessary for PMI to conduct the Mortgage Loan Underwriting or
Credit Review Underwriting, and, if appropriate, the Mortgage Insurance
Underwriting, are contained in the Mortgage Loan Package. If a Mortgage Loan
Package does not contain any required Mortgage Loan Document or any other
information which PMI may determine in its reasonable discretion is necessary to
conduct the Mortgage Loan Underwriting or the Mortgage Insurance Underwriting,
PMI shall place such loan in a pend status and provide E-Loan with notice of
such action by completing and transmitting by facsimile a Notice of Pend. Upon
receipt of the complete Mortgage Loan Package, PMI shall conduct the appropriate
underwriting. If such documents or information are not received by PMI within
fifteen (15) days after delivery of the Notice of Pend, PMI shall provide a
Notice of Declination to E-Loan.
C. MORTGAGE LOAN AND CREDIT REVIEW UNDERWRITING. With respect to each
Mortgage Loan which is not subject to a Notice of Pend, PMI shall conduct a
Mortgage Loan Underwriting, or Credit Review Underwriting, as requested, and
notify E-Loan as follows:
(i) if the Mortgage Loan is in Compliance, PMI shall provide E-Loan
a Notice of Approval by facsimile or as otherwise directed,
before the close of the following Business Day;
(ii) with respect to each Mortgage Loan Package that does not contain
an appraisal, PMI shall conduct a Credit Review Underwriting to
determine whether the Mortgage Loan is in Conditional
Compliance. If the Mortgage Loan is in Conditional Compliance,
PMI shall provide E-Loan a Notice of Approval by facsimile or as
otherwise directed, before the close of the following Business
Day;
(iii) if the Mortgage Loan is not in Compliance or Conditional
Compliance, but compliance could, in PMI's reasonable
determination, be achieved by having additional information or
documentation, PMI shall provide E-Loan with a Notice of Pend.
Upon receipt of the requested additional information or
documentation, PMI shall complete the appropriate underwriting.
If such documents or information are not received by PMI within
fifteen (15) days after delivery of the Notice of Pend, PMI
shall provide a Notice of Declination; or
(iv) if the Mortgage Loan is not in Compliance or Conditional
Compliance, and PMI determines not to proceed as provided in
Paragraph 2(C)(ii), PMI shall notify E-Loan by facsimile or as
otherwise directed, by transmitting a Notice of Declination. If
additional documentation or information, as noted in the Notice
of Declination, is submitted within fifteen (15) days of the
date of such notice, PMI shall conduct an additional Mortgage
Loan Underwriting or Credit Review Underwriting, as the case may
be, of such Mortgage Loan Package in accordance with Paragraph
2(C) without the charge of an additional Review Fee.
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D. CERTIFICATE ISSUANCE. Each Mortgage Loan which is determined to be in
Compliance shall be issued an underwriting certificate as follows:
(i) For a Mortgage Loan submitted with a request for review under
the Agency Underwriting Guidelines which so conforms, PMI will
issue a AUC, or;
(ii) For a Mortgage Loan submitted with a request for review under
the Platinum Plus Underwriting Guidelines which so conforms, PMI
will issue a Platinum Plus Cert sm.
(iii) With respect to each Mortgage Loan submitted to PMI without an
appraisal and for which PMI has conducted a Credit Review
Underwriting to determine that the Mortgage Loan is in
Conditional Compliance, no Certificate shall be issued, and the
Notice of Approval shall serve as PMI's review decision.
E. MORTGAGE INSURANCE UNDERWRITING. With respect to each Mortgage Loan
for which Mortgage Insurance has been requested, PMI shall conduct a Mortgage
Insurance Underwriting to determine if the loan meets the PMI Underwriting
Guidelines, and take the following actions:
(i) if the Mortgage Loan meets the PMI Underwriting Guidelines, in
the notice sent to E-Loan and/or the Correspondent, as directed,
PMI shall assign a PMI MIC Certificate Number or other PMI MIC
identifying number;
(ii) if the Mortgage Loan does not meet the PMI Underwriting
Guidelines, but could, in PMI's reasonable determination, by
having E-Loan or the Correspondent provide additional information
or documentation, PMI shall provide E-Loan and/or the
Correspondent, as directed, with a Notice of Pend. If additional
documentation or information is submitted within fifteen (15)
days of the date of such notice, PMI shall conduct an additional
Mortgage Insurance Underwriting of such Mortgage Loan Package in
accordance with Paragraph 2E; or
(iii) if the Mortgage Loan does not meet the PMI Underwriting
Guidelines and PMI determines not to proceed as provided in
Paragraph 2E(ii), PMI shall provide E-Loan and/or the
Correspondent, as directed, by facsimile or as otherwise
directed, with information as to why the Mortgage Loan does not
meet the PMI Underwriting Guidelines. If additional
documentation or information is submitted within fifteen (15)
days of the date of such notice, PMI shall conduct an additional
Mortgage Insurance Underwriting of such Mortgage Loan Package in
accordance with Paragraph 2E.
(iv) With respect to each Mortgage Loan (a) for which Mortgage
Insurance has been requested and (b) that PMI determines meets
the PMI Underwriting Guidelines, E-Loan authorizes PMI and any
contract underwriter to complete and sign an application or
other specified transmittal form for Mortgage Insurance (the
"Application") on behalf of E-Loan, and E-Loan acknowledges that
such signature shall constitute E-Loan's signature as if an
employee or representative of E-Loan had signed such
Application. E-Loan agrees that the representations and
warranties contained in any Application signed by
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4. SUBCONTRACTING
A. SUBCONTRACTING PERMITTED. E-Loan acknowledges that it understands
that the services performed by PMI hereunder may be performed either by
employees of PMI or by contract underwriters hired by PMI, at the discretion of
PMI. If services are provided by contract underwriters hired by PMI, all
provisions of this Agreement shall continue to apply with respect to such
services, and no additional amounts or costs shall be charged to E-Loan with
respect to the work done by contract underwriters.
5. GUIDELINE CHANGES AND REVIEW STANDARDS
A. AGENCY UNDERWRITING GUIDELINES. Revisions to the Agency Underwriting
Guidelines shall be effective on the effective date specified in the notice of
revision by the applicable Agency.
B. PLATINUM PLUS UNDERWRITING GUIDELINES. The parties agree that any
request by E-Loan for review under Platinum Plus Underwriting Guidelines shall
commence five (5) Business Days following the receipt by PMI of such guidelines
forming part of Exhibit A hereto from an Authorized Representative of E-Loan.
Revisions to the Platinum Plus Underwriting Guidelines shall be effective on the
later of (i) five (5) Business Days following the receipt by PMI of such
revisions from an Authorized Representative of E-Loan, or (ii) the effective
date specified in the notice of revision.
C. PMI UNDERWRITING GUIDELINES. Revisions to the PMI Underwriting
Guidelines shall be effective on the later of (i) five (5) Business Days
following notice by PMI of such revisions to E-Loan, or (ii) the effective date
specified in the notice of revision.
D. STANDARD OF CARE. PMI shall use reasonable efforts and due diligence
in carrying out PMI's duties hereunder. E-Loan represents and warrants that the
information set forth in each Mortgage Loan Package is true and correct, and PMI
shall be entitled to rely upon and will incur no liability respecting the
correctness thereof in fulfilling its obligations under this Agreement. In
addition, PMI shall not have any obligation to verify any information provided
to it, nor shall the terms of this Agreement infer any duty upon PMI to
determine whether such information is false.
E. STATUTORY COMPLIANCE. PMI shall have no duty hereunder to either: (i)
ensure that any Mortgage Loan Package complies with or (ii) review any Mortgage
Loan Package for compliance with any state, federal or local laws or regulations
relating to consumer credit protection, truth-in-lending or equal credit
opportunity, including but not limited to the Consumer Credit Protection Act and
Regulation Z promulgated thereunder, the Equal Credit Opportunity Act and
Regulation B promulgated thereunder, Title VIII of the Fair Housing Act of 1968,
the Real Estate Settlement Procedures Act, and the Fair Credit Reporting Act.
E-Loan shall comply, or instruct its designee that submitted a Mortgage Loan
Package to comply, with the Equal Credit Opportunity Act notification
requirements and all other requirements under state or federal law for
notification to applicants for Mortgage Loans with respect to each Mortgage Loan
Package reviewed by PMI. PMI shall also have no duty to provide any Mortgage
Loan borrower or other third party with any disclosure required under any of the
foregoing laws or regulations, it being understood that E-Loan shall provide
such disclosures or cause its designee that submitted the Mortgage
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Loan Package to provide such disclosures.
6. LIABILITY
A. SUBJECTIVE INTERPRETATION. E-Loan and PMI recognize and agree that
the application of underwriting guidelines to a particular Mortgage Loan Package
entails a certain degree of subjective interpretation and necessarily involves
subjective analysis of certain data where the judgement of prudent underwriters
could differ. Accordingly, PMI does not guarantee or warrant that any third
party, including but not limited to any reviewing authority or investor, will
agree with PMI's determination that a Mortgage Loan Package does or does not
comply with the Agency Underwriting Guidelines, the Platinum Plus Underwriting
Guidelines, or the PMI Underwriting Guidelines, as applicable.
B. FAILURE TO FOLLOW PROCEDURES. The actual damages that E-Loan may
sustain by reason of any deviation by PMI from review and approval procedures
set forth in Paragraph 2 are uncertain and difficult to ascertain. Consequently,
PMI shall be liable only for material deviations from such review and approval
procedures. E-Loan and PMI agree that E-Loan's total damages resulting from such
material deviation shall be limited to the Review Fee received by PMI with
respect to the Mortgage Loan.
C. LIABILITY IN CONNECTION WITH UNDERWRITING. The actual damages that
may result from a Material Error under this Agreement are uncertain and
difficult to ascertain. Therefore, PMI shall be liable only for damages
attributable to Material Errors and calculated in accordance with Paragraph
6C(iii) herein. Notwithstanding the foregoing, PMI shall not be liable for
damages attributable to a Material Error unless (i) PMI receives written notice
from E-Loan that it intends to assert the occurrence of a Material Error within
fifteen (15) days after E-Loan discovers it, and (ii) further provided that not
more than twelve (12) months have elapsed from the time PMI has completed its
underwriting of the Disputed Mortgage Loan. In all cases where E-Loan proposes
to assert a Material Error, PMI may elect, at its sole discretion, any one of
the following remedies:
(i) PMI may, within thirty (30) days after receiving written notice
from E-Loan, cure the Material Error, or;
(ii) If the Disputed Mortgage Loan is a loan which is legally
insurable, PMI may request PMI MIC to issue a PMI Certificate (a
"Policy"), (coverage under which will be endorsed in favor of
the then-owner of the Disputed Mortgage Loan) such that, when
coupled with any existing primary mortgage insurance policy, the
aggregate coverage on the Disputed Mortgage Loan shall be equal
to up to 35% of the then-outstanding principal balance of the
Disputed Mortgage Loan, or up to such higher coverage as may be
required by either Xxxxxx Xxx or Xxxxxxx Mac for the Disputed
Mortgage Loan, if it will become the owner of such loan. The
Policy shall remain in effect for a period equal to the
then-remaining term of the promissory note relating to the
Disputed Mortgage Loan, or until the promissory note is paid
off, whichever is shorter.
Notwithstanding anything set forth herein, in any Policy, or
elsewhere to the contrary, it is understood and agreed that
coverage under any Policy shall not be denied or terminated if
the cause for denial or termination arises out of, or is related
to, a Material
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Error.
Any Policy issued by PMI MIC under this Paragraph 6C(ii) shall be
supplemental and secondary to any other policy of mortgage
insurance in force with respect to the Disputed Mortgage Loan. If
any other such policy is in force at the time the Material Error
is discovered, any action or inaction of E-Loan or owner of the
affected Mortgage Loan to cancel such policy shall relieve PMI of
its responsibility to cause to be issued a Policy under this
Paragraph 6C(ii).
(iii) PMI may, within ten (10) days after making a determination of
the appropriate amount, pay to E-Loan an amount equal to the
lesser of (i) Three Thousand Five Hundred ($3,500.00) or (ii)
the actual damages suffered by E-Loan as a direct and proximate
result of the Material Error in connection with selling,
re-selling, or re-acquiring the Disputed Mortgage Loan. PMI
shall have the right to assist E-Loan in finding a buyer for the
Disputed Mortgage Loan, and PMI may require E-Loan to sell the
Disputed Mortgage Loan to a buyer selected by PMI if that
results in the mitigation of the amount of the payment payable
by PMI to E-Loan hereunder. In the event neither E-Loan nor PMI
is able to obtain an offer to purchase the Mortgage Loan within
thirty (30) days from the time E-Loan has asserted the
occurrence of a Material Error, PMI shall elect one of the other
remedies set forth in this Paragraph 6C and provide E-Loan with
such remedy.
D. LIMITATION OF LIABILITY. PMI shall not have liability under this
Agreement to any entity other than E-Loan, and E-Loan acknowledges and agrees
that the remedies set forth in this Paragraph 6 shall be E-Loan's sole and
exclusive remedies with respect to Material Errors under this Agreement.
Notwithstanding the provisions of Paragraphs 6B and C:
(i) PMI will not be liable for any indirect, special, incidental or
consequential damages arising out of the services to be rendered
to E-Loan under this Agreement, with respect to a Disputed
Mortgage Loan or otherwise.
(ii) If PMI MIC issues a Policy covering a Disputed Mortgage Loan,
E-Loan shall have no remedy against PMI or PMI MIC under this
Agreement for any breach of this Agreement and shall be limited
to its rights, if any, under the Policy.
(iii) In no event shall the liability of PMI under this Agreement
exceed the total amount of Review Fees billed by PMI for
services rendered under this Agreement during the calendar year
in which the services were rendered with respect to the Disputed
Mortgage Loan which is the subject of a remedy under this
Paragraph 6.
(iv) Notwithstanding the foregoing, in no event shall the liability
of PMI under this Agreement with respect to any Material Errors
resulting from or in connection with any Mortgage Loan with
respect to which PMI has conducted a Credit Review Underwriting
and has determined that said Mortgage Loan is in Conditional
Compliance exceed the Review Fee received by PMI with respect to
said Mortgage Loan.
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(v) In no event shall the liability of PMI under this Agreement with
respect to Mortgage Loan Packages underwritten during On-Site
Reviews for which Mortgage Insurance is not issued, exceed the
Review Fee received by PMI with respect to the Disputed Mortgage
Loan which is the subject of a remedy under this Paragraph 6.
E. INDEMNIFICATION. E-Loan agrees to indemnify and hold PMI, CMG and
their respective affiliates, and each of their directors, officers, employees
and agents ("Indemnities"), harmless from all losses, damages, penalties, fines,
expenses (including attorneys' fees) and costs ("Losses"), incurred by each
Indemnitee resulting or arising, directly or indirectly, from: (i) any breach by
E-Loan of any covenant, representation or warranty contained in this Agreement,
(ii) any failure by E-Loan to provide any disclosures set forth at Paragraph 5E
above, and (iii) any claim, demand, suit or other proceeding based upon or
arising out of this Agreement, including the application by PMI of the
applicable Guidelines to the Mortgage Loan Packages, provided the provision of
the Agreement which gives rise to the claim for Indemnification inures to the
benefit of CMG, except for Losses resulting or arising under Paragraph 6 herein.
7. TERMINATION
A. This Agreement shall commence on the date of its execution and shall
remain in full force and effect until either party shall give the other thirty
(30) days prior written notice of its intention to terminate this Agreement.
B. Any provision of this Agreement may be amended by PMI upon thirty
(30) days prior written notice to E-Loan (the "Amending Notice"). Upon receipt
of the Amending Notice, E-Loan shall have thirty (30) days (the "Prescribed
Period") to elect to either accept or refuse the proposed amendment. In the
event E-Loan refuses to accept the proposed amendment and indicates said refusal
to PMI in writing, said refusal shall be deemed to be a notice of termination by
E-Loan pursuant to subparagraph 7A herein. Should E-Loan fail to respond to the
Amending Notice within the Prescribed Period, E-Loan shall be deemed to have
accepted the proposed amendment.
C. PMI may terminate this Agreement at any time for failure by E-Loan to
pay the Review Fees due hereunder if such failure is not cured within ten (10)
days of transmittal of written notice of such failure to pay.
D. This Agreement shall be deemed to have been terminated if at any time
during its term, E-Loan fails to submit any Mortgage Loan Packages for review
hereunder for a period of six (6) months.
E. In case of termination in accordance with this Paragraph 7, the
provisions of Paragraphs 2F, 6 and 8 shall survive termination and continue in
full force and effect to bind the parties, as applicable.
8. CONFIDENTIAL INFORMATION
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Each party agrees that any information disclosed to it by the other
party in connection with this Agreement shall be used only in furtherance of the
purposes of this Agreement, and that such restrictions will be placed upon all
persons, employees, agents, representatives and any other third parties who are
permitted access to any information disclosed in connection with this Agreement.
9. MISCELLANEOUS PROVISIONS
A. NOTICES. Any notice required or permitted under this Agreement shall
be in writing addressed to the appropriate party at the addresses listed below
and shall be sent via overnight courier service, U.S. Express Mail or facsimile
telephone transmission and shall be deemed to have been received the next
business day after delivery to an overnight courier, deposit with U.S. Express
Mail service, or sent by facsimile transmission.
Notices shall be sent to the following addresses or to such address as a
party may notify the other of in writing in accordance with this notice
provision:
E-Loan:E-Loan, Inc.
Xxxxxx, XX 00000
Attn: Xxxxx Xxxxxxx
Telephone Number: (000) 000-0000
Facsimile Telephone Number:
(000) 000-0000
PMI: PMI MORTGAGE SERVICES CO.
Contract Underwriting Services
000 Xxxxxxxxxx Xxxxxx
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
Telephone Number: (000) 000-0000
Facsimile Telephone Number:
(000) 000-0000
B. ENTIRE AGREEMENT AND AMENDMENTS. This Agreement and all exhibits
hereto, all of which are expressly incorporated into this Agreement, constitute
the entire agreement between the parties with respect to the subject matter
hereto. There are no oral agreements or understandings affecting this instrument
and any future alteration, modification or waiver (other than amendments or
modifications to the Agency Underwriting Guidelines, the Platinum Plus
Underwriting Guidelines, or the PMI Underwriting Guidelines, which may be
amended as set forth herein) must be in writing and signed by both parties.
C. WAIVER. No waiver of a breach of any provision hereof will be deemed
a waiver of any subsequent breach of the same or similar nature.
D. ASSIGNMENT. Neither party may assign its rights or obligations
hereunder to another party without the prior written consent of the other party,
which consent may be denied in the other party's sole discretion, provided,
however, that PMI may, without the prior consent of E-Loan, assign this
agreement to any entity owned 80% by PMI, or which has the same parent
corporation as PMI.
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E. SUCCESSORS AND ASSIGNS. This Agreement shall be binding on and enure
to the benefit of the parties hereto and their respective successors and
permitted assigns. Nothing herein express or implied, is intended to confer on
any person, other than the parties hereto and their respective successors and
assigns, any right, remedies, obligations or liabilities under or by reason of
this Agreement.
F. RELATIONSHIP OF PARTIES. Nothing contained in this Agreement shall be
deemed to create a joint venture or partnership between PMI and E-Loan. All acts
undertaken by PMI pursuant to this Agreement shall be done as an independent
contractor or as an agent of
E-Loan.
G. APPLICABLE LAW. The laws of the State of California will govern with
respect to all matters and controversies arising under this Agreement.
H. DISPUTES. In the event of disputes concerning this Agreement, the
prevailing party shall be entitled to payment of all its costs, including
reasonable attorney's fees.
I. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which so executed shall be deemed to be an original, and such
counterparts together shall constitute but one and the same instrument.
J. EFFECTIVE DATE. This Agreement shall become effective as of the date
of execution of the last party to sign.
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this instrument on the date set forth below.
E-LOAN PMI MORTGAGE SERVICES CO.
/s/ Xxxxx X. Xxxxxxx /s/Signature Illegible
By: Xxxxxx X. Xxxxxxx By: Xxxx Xxxxxxx
Its: Director, Mortgage Banking Its: National Underwriting Vice President
Date: June 9 , 1998 Date: June 12, 1998
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EXHIBITS
Exhibit A Platinum Plus Underwriting Guidelines
Exhibit B Notice of Approval
Exhibit C Notice of Pend
Exhibit D Notice of Declination
Exhibit E Review Locations
Exhibit F Transmittal
Exhibit G Review Fees
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EXHIBIT A
PLATINUM PLUS UNDERWRITING GUIDELINES
FOR THE FOLLOWING INVESTORS:
FEDERAL NATIONAL MORTGAGE ASSOCIATION ("XXXXXX MAE")
FEDERAL HOME LOAN MORTGAGE CORPORATION ("XXXXXXX MAC")
CITICORP MORTGAGE INC. ("CITICORP")
TO BE PROVIDED BY E-LOAN
PURSUANT TO PARAGRAPH 2A OF THE
UNDERWRITING SERVICES AGREEMENT
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APPROVAL NOTICE
PMI Mortgage Services Co.
Investor Loan Id: Date:
Correspondent Loan Id: PMI Control:
Correspondent: PMI U/W:
Borrower(s): Property Address:
Loan Purpose: Loan Amount:
Loan Term: Sales Price:
Appraised Value: LTV/CLTV:
Qualifying Rate: Note Rate:
Property Type: Occupancy:
Application: Credit Doc Expired:
This loan has been underwritten to the following guidelines:
Underwriting Conditions:
EXHIBIT B
The captioned loan is approved with the rate and terms as submitted subject to
the above conditions if applicable. These conditions must be met prior to
funding/settlement. Any changes in these conditions, interest rate or loan terms
must be submitted and approved in writing prior to funding/settlement of this
loan.
15
SUSPEND NOTICE
PMI Mortgage Services Co.
Investor Loan Id: Date:
Correspondent Loan Id: PMI Control:
Correspondent: PMI U/W:
Borrower(s): Property Address:
Loan Purpose: Loan Amount:
Loan Term: Sales Price:
Appraised Value: LTV / CLTV:
Qualifying Rate: Note Rate:
Property Type: Occupancy:
Application: Credit Doc Expired:
This loan has been underwritten to the following guidelines:
Required prior to underwriting decision:
EXHIBIT C
16
DECLINE NOTICE
PMI Mortgage Services Co.
Investor Loan Id: Date:
Correspondent Loan Id: PMI Control:
Correspondent: PMI U/W:
Borrower(s): Property Address:
Loan Purpose: Loan Amount:
Loan Term: Sales Price:
Appraised Value: LTV / CLTV:
Qualifying Rate: Note Rate:
Property Type: Occupancy:
Application: Credit Doc Expired:
This loan has been underwritten to the following guidelines:
Reason(s) for Decline:
EXHIBIT D
17
PMI
MORTGAGE INSURANCE CO. PMI MORTGAGE SERVICES CO.
UNDERWRITING OFFICES
CENTRAL STATES
TEXAS [northern]* DU / LP Xxxxxx Xxxxxx, Senior Regional Underwriting Manager
OKLAHOMA Xxxxxxx Xxxxxxxx, Senior Account Underwriter
LOUISIANA* 0000 Xxxx Xxxxxxxxxxx Xxxx, Xxxxx 000X
Xxxxxx, XX 00000
phone-(800) 000-0000 fax-(214) 000-0000
TEXAS [southern]* DU / LP Xxxxx Xxxxxxxxxx, Regional Underwriting Manager
Xxxxxx Xxxxxx, Senior Account Underwriter
0000 Xxxxx Xxxx Xxxx, Xxxxx 000
Xxxxxxx, XX 00000
phone-(800) 000-0000 fax-(713) 000-0000
DU Xxxxxxx Fannie, Account Underwriter
0000 Xxxxxxxxxx, Xxxxx 000
Xxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
Xxxx Xxxx, Account Underwriter
000 XX Xxxx, Xxxxx 000
Xxx Xxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
Xxxx Xxxxx, Account Underwriter
00000 Xxxxx Xxxxxxx, Xxxxx X-0
Xxxxx Xxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
ILLINOIS* DU / LP Xxxxxxx Xxxxxxxx, Senior Regional Underwriting Manager
Xxxxx Xxxxxxx, Senior Account
Underwriter Two Mid-America Plaza,
Suite 1000 Oakbrook Terrace, IL
00000 xxxxx - (000) 000-0000 fax -
(000) 000-0000
WISCONSIN* DU Xxx Xxxxxxx, Account Underwriter
000 Xxxxx Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
KANSAS* DU / LP Xxxxx Xxxxx, Regional Underwriting Manager
MISSOURI* 0000 Xxxxxxx Xxxxxxxxx, Xxxxx 000
Xxxxxxxx Xxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
Xxx Xxxxxx, Account Underwriter
0000 Xxxxxxxxx Xxxxxxx, Xxxxx 000
Xx. Xxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
1
18
MINNESOTA* DU / LP Xxxxxxx Xxxxxxxx, Senior Regional Underwriting Manager
IOWA Xxxxxxx Xxxxxxxx, Senior Account Underwriter
NEBRASKA 0000 Xxxxxx Xxxxxx Xxxxx, Xxxxx 000
XXXXX XXXXXX Bloomington, MN 55435-5833
NORTH DAKOTA phone - (000) 000-0000 fax - (000) 000-0000
MICHIGAN* DU / LP Xxxxxx X'Xxxxx, Regional Underwriting Manager
Somerset Place, Tower 1
0000 Xxxx Xxx Xxxxxx Xxxx, Xxxxx 000
Xxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
OHIO* DU / LP Xxxxx Xxxxxxxx, Regional Underwriting Manager
KENTUCKY Xxxxxxxx Xxxxxxxx, Senior Account Underwriter
INDIANA 000 Xxx Xxxxxx Xxxxxx Xxxx, Xxxxx 000
XXXX XXXXXXXX Xxxxxxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
DU Xxxxx Xxxx, Account Underwriter
0000 Xxxxxxxx Xxxxx Xxxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
* state with an underwriting office
2
19
PMI
MORTGAGE INSURANCE CO. PMI MORTGAGE SERVICES CO.
UNDERWRITING OFFICES
EASTERN STATES
FLORIDA* DU / LP Diana Del Campo, Regional Underwriting Manager
Xxxxxx XxXxxx, Senior Account Underwriter
0000 Xxxxx Xxxxxxxxx Xxxxxxxxx, Xxxxx 000
Xxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
Xxxxxxx Xxxxxx, Account Underwriter
00000 XX 00xx Xxxxxx, Xxxxx
000 Xxxxx, XX 00000 hone -
(305) 380-8771fax - (000) 000-0000
Xxxxxx Xxxxxxxxx, Account Underwriter
0000 XX 000xx Xxxxxxx
Xxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
GEORGIA* DU / LP Xxxxx Xxxxxxxx, Regional Underwriting Manager
ALABAMA Xxxxx Xxxxxx, Senior Account Underwriter
Xxx Xxxxxxxxx Xxxxxxx, Xxxxx 000
Xxxxxxx, XX 00000-0000
phone - (000) 000-0000 fax - (000) 000-0000
MASSACHUSETTS* DU / LP Xxxxx Xxxxx, Regional Underwriting Manager
CONNECTICUT Xxxxx Xxxxxxxxx, Senior Account Underwriter
MAINE 00 Xxxxxxxxx Xxxx Xxxx, Xxxxx 000
XXX XXXXXXXXX Xxxxxxxxx, XX 00000
VERMONT phone - (000) 000-0000 fax - (000) 000-0000
RHODE ISLAND
NEW YORK* DU / LP Xxxxxx Xxxx, Regional Underwriting Manager
Xxxxx Xxxxxxx, Senior Account Underwriter
00 Xxxxxxx Xxxxxx Xxxxxxxxx, Xxxxx 000
Xxxxxx, XX 00000-0000
phone - (000) 000-0000 fax - (000) 000-0000
NORTH CAROLINA* DU / LP Xxxxx Xxxxxx, Regional Underwriting Manager
SOUTH CAROLINA 0000 Xxxxxxxx Xxxx, Xxxxx 000
XXXXXXXXX Xxxxxxxxx, XX 00000
ARKANSAS phone - (000) 000-0000 fax - (000) 000-0000
MISSISSIPPI
VIRGINIA* DU / LP Xxx Xxxxxxx, Regional Underwriting Manager
DISTRICT OF COLUMBIA Xxxxxx Xxxxxx, Senior Account Underwriter
MARYLAND 0000 Xxxx Xxxxx Xxxxx, Xxxxx 000
Xxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
1
20
PENNSYLVANIA* DU / LP Xxxxx Xxxxxxxx, Senior Regional Underwriting Manager
NEW JERSEY Xxxx Xxxx, Senior Account Underwriter
DELAWARE 0000 Xxxx 0xx Xxxxxx, Xxxxx 000
Xxxx xx Xxxxxxx, XX 00000-0000
phone - (000) 000-0000 fax - (000) 000-0000
DU Xxxx Xxxxxxxxx, Account Underwriter
Xxxxxx Xxxxxxx, Account Underwriter
0000 Xxxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
* state with an underwriting office
2
21
PMI
MORTGAGE INSURANCE CO.(R) PMI MORTGAGE SERVICES CO.
UNDERWRITING OFFICES
WESTERN STATES
ARIZONA * DU/LP Xxx Xxxxxx, Regional Underwriting Manager
NEW MEXICO 0000 Xxxxx Xxxxx Xxxxxx, Xxxxx 000
XXXXXX Xxxxxxx, XX 00000-0000
phone - (000) 000-0000 fax - (000) 000-0000
Xxxxx Xxxxxxx, Account Underwriter
0000 Xxxx Xxxxx Xxxx
Xxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
CALIFORNIA [northern] *DU / LP Xxxxxxxx Xxxxxxx, Senior Regional Underwriting Manager
HAWAII Xxxxx Xxxxx, Senior Account Underwriter
ADP Plaza II
0000 Xxxx Xxxxxx Xxxxx, Xxxxx
000 Xxx Xxxxx, XX 00000 phone
- (000) 000-0000 fax - (000) 000-0000
Xxxxx Xxxxxxx, Account Underwriter
0000 Xxxx Xxxxxx Xxx, Xxxxx
000 Xxxxxxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
CALIFORNIA [southern] *DU / LP Xxxx Xxxxx, Senior Regional Underwriting Manager
Xxxx Xxxxxxx, Senior Account Underwriter
0 Xxxxxx Xxxxxx Xxxxx, Xxxxx
000 Xxxxx Xxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
DU Xxxxx Xxxxx, Account Underwriter
0000 Xxxxxxxx Xxxxx, Xxxxx 000
Xxx Xxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
Xxxxx Xxxxxxx, Account Underwriter
0000 Xxxxxx Xxxxxx, Xxxxx
0000 Xxxxxxxx Xxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
COLORADO * DU / LP Xxxxx Xxxxxxx, Regional Underwriting Manager
UTAH 0000 Xxxxx Xxxxxxxx Xxx, Xxxxx 000
XXXXXXX Xxxxxxxxx, XX 00000-0000
phone - (000) 000-0000 fax - (000) 000-0000
1
22
WASHINGTON * DU / LP Xxx Xxxxxx, Senior Regional Underwriting Manager
OREGON Xxxxx Xxxxxxxx, Senior Account Underwriter
ALASKA 0000 Xxxxxxxx Xxxxx
XXXXXXX Xxxxxxxx, XX 00000-0000
IDAHO phone - (000) 000-0000 fax - (000) 000-0000
OREGON * Xxx Xxxxxxxxx, Manager
(both Kirkland and Tigard U/W for Oregon) Mortgage Lending Services, Inc.
00000 XX Xxxx Xxxxxxx
Xxxx Xxxxxx, XX 00000
phone - (000) 000-0000 fax - (000) 000-0000
* state with an underwriting office
2
23
EXHIBIT F
TRANSMITTAL
TO BE PROVIDED BY E-LOAN
AND APPROVED BY PMI
24
EXHIBIT G
REVIEW FEES
The Review Fee for each Mortgage Loan Package submitted hereunder shall be as
follows:
(i) for those Mortgage Loan Packages underwritten under the Agency
Underwriting Guidelines for which Mortgage Insurance is not
issued, the Review Fee shall be Seventy-Five Dollars ($75.00),
and the Review Fee for those Mortgage Loan Packages underwritten
under the Agency Underwriting Guidelines for which Mortgage
Insurance is requested from PMI MIC shall be Twenty-Five Dollars
($25.00).
(ii) for those Mortgage Loan Packages underwritten under the Platinum
Plus Underwriting Guidelines for which Mortgage Insurance is not
issued, the Review Fee shall be Seventy-Five Dollars ($75.00),
and the Review Fee for those Mortgage Loan Packages underwritten
under the Platinum Plus Underwriting Guidelines for which
Mortgage Insurance is requested from PMI MIC shall be Twenty-Five
Dollars ($25.00).
25
RIDER A
to the
UNDERWRITING SERVICES AGREEMENT
for Xxxxxx Mae's Desktop Underwriter(R)
PMI will submit certain Mortgage Loans designated by E-Loan under the
Underwriting Services Agreement ("Agreement") through Xxxxxx Mae's Desktop
Underwriter(R) subject to the Agreement and the following terms and conditions
of this Rider A.
1. Definitions:
In general, as used in this Rider, capitalized terms defined in the Agreement
shall have the respective meanings thereby provided as well as the meanings
ascribed in the Xxxxxx Xxx Software License Subscription Agreement.
DESKTOP UNDERWRITER(R) - The current release of Xxxxxx Mae's software
product designed to support and facilitate the electronic underwriting of
mortgage loans and/or the performance of Prequalification Analyses in production
by PMI at the time of submission.
ELIGIBILITY - The designation of a Mortgage Loan as an "Approve Eligible
Mortgage" under Xxxxxx Mae's Desktop Underwriter(R) criteria.
RESPONSE DOCUMENT - A document generated by Desktop Underwriter(R) and
delivered by PMI to E-Loan indicating a response to each Mortgage Loan reviewed
under the Desktop Underwriter(R) criteria, as may be amended or replaced by PMI
from time to time.
2. Services provided by PMI:
A. PMI's duties hereunder shall be limited to ascertaining whether the documents
in the Mortgage Loan Package conform to the Desktop Underwriter(R) criteria and
to submit each Mortgage Loan to Desktop Underwriter(R) to obtain a Response
Document, and notify E-Loan as follows:
(i) if the Mortgage Loan is Eligible, PMI shall notify E-Loan by
facsimile or as otherwise directed, before the close of the
following Business Day;
(ii) if the Mortgage Loan is not Eligible, as evidenced by a Refer or
Refer with Caution notice (the "Refer Notice") from Desktop
Underwriter(R), E-Loan shall (i) obtain any additional
information or documentation needed to have PMI resubmit the
Mortgage Loan to Desktop Underwriter(R) in order to obtain an
"Approve Mortgage" designation; or (ii) submit the Mortgage Loan
Package for review by PMI under the Agreement; or (iii) notify
PMI that PMI shall have no further obligations or liability in
connection with the underwriting of said Mortgage Loan.
B. If E-Loan instructs PMI to complete the appropriate underwriting of the
Mortgage Loan, PMI
Page 1 of 3
26
shall conduct a Mortgage Loan Underwriting of such Mortgage Loan Package in
accordance with Xxxxxxxxx 0X of the Agreement.
C. With respect to each Mortgage Loan requiring Mortgage Insurance, PMI shall
conduct a Mortgage Insurance Underwriting to determine if the loan meets the PMI
Underwriting Guidelines, in accordance with the procedures set forth at
Paragraph 2E of the Agreement.
D. PMI will, in addition to the reports provided pursuant to Paragraph 2H of the
Agreement, provide to E-Loan a monthly activity report detailing the number of
Mortgage Loans submitted to Desktop Underwriter(R).
3. Desktop Underwriter (R) Loan Submission Charges.
A. The Access Fee for each Mortgage Loan PMI submits to Desktop Underwriter (R)
at a PMI review location on behalf of E-Loan will be $50.00 unless (i) E-Loan is
billed directly by Xxxxxx Mae, in which case PMI shall not charge the Access Fee
or (ii) PMI will charge E-Loan an Access Fee in such other amount indicated by
Xxxxxx Xxx with respect to said E-Loan. The Access Fee payable pursuant to this
section 3A shall be in addition to any Review Fee or Data Input Fee payable
under section 3B below, or the Agreement. The Access Fees for Desktop
Underwriter (R) are further subject to change by Xxxxxx Mae as may be set forth
in any subsequent notice by Xxxxxx Xxx to PMI, and PMI specifically reserves the
right to change the Access Fees at any time upon written notice to E-Loan. No
additional Access Fee shall be charged for the resubmission of a Mortgage Loan
provided E-Loan shall not have exceeded the maximum number of included
submissions per Mortgage Loan as established by Desktop Underwriter (R) from
time to time.
B. In addition to the Access Fee, a Data Input Fee in the amount of $25.00 shall
be charged for each Mortgage Loan PMI submits to Desktop Underwriter (R)
respecting the input of data only and excluding any data validation or Mortgage
Loan Underwriting.
C. No Access Fee shall be charged for the submission of the Mortgage Loan
on-site at E-Loan's location using E-Loan's direct Desktop Underwriter (R)
access.
D. The Review Fee, Access Fee and Data Input Fee for Desktop Underwriter (R)
Loan Submissions excludes any additional services or products offered by Desktop
Underwriter (R) that are not specifically covered by the Agreement or this
Rider.
4. Consumer Reports.
In connection with the processing and evaluation of Consumer Credit Data by PMI
for purposes of obtaining an underwriting recommendation or performing a
Prequalification Analysis through Desktop Underwriter (R) on behalf of E-Loan,
E-Loan expressly appoints PMI as its agent, as that term is defined in the FCRA.
For purposes of this section:
"Consumer Credit Data" shall mean any information obtained by PMI,
either directly or indirectly (including from E-Loan), which bears on a
consumer's creditworthiness, credit
Page 2 of 3
27
standing, credit capacity, character, general reputation, personal
characteristics, or mode of living and which is used or expected to be
used or collected in whole or in part for the purpose of serving as a
factor in underwriting a Mortgage Loan or performing a Prequalification
Analysis.
"FCRA" shall mean the federal Fair Credit Reporting Act, codified at 15
U.S.C. '1681 et seq., and the Federal Trade Commission's Official Staff
Commentary to the Fair Credit Reporting Act.
"Prequalification Analysis" shall mean the evaluation of Consumer Credit
Data with respect to a prospective mortgage loan applicant for the
purpose of evaluating such prospective applicant's qualification for
mortgage financing, other than in connection with a Mortgage Loan
application.
5. Notice Requirements.
E-Loan acknowledges and understands that it may be required to provide certain
disclosures to the mortgage loan applicant when E-Loan's decision whether to
extent credit is, in certain respects, affected by information contained in a
consumer report. Such disclosure obligations may be imposed under the FCRA, the
Equal Credit Opportunity Act, and the latter's implementing regulation,
Regulation B, and other federal and/or state statutes and regulations. E-Loan
expressly understands and agrees that it bears sole responsibility for complying
with such disclosure obligations and that such obligations shall in no event be
considered imposed upon or shared by PMI by virtue of its electronic processing
of mortgage loan application data through Desktop Underwriter (R) under this
Rider A or the Agreement.
6. Verification of Information
PMI shall be entitled to rely upon and will incur no liability respecting the
correctness of any data contained in any Mortgage Loan submitted under this
Rider. In addition, PMI shall not have any obligation to verify any information
provided to it, nor shall the terms of this Rider or the Agreement infer any
duty upon PMI to determine whether such information is true. E-Loan acknowledges
that unverified Mortgage Loan data provided to PMI for submission to Desktop
Underwriter (R) must be fully supported and verifiable in order for the Response
Document, including any waiver of representations and warranties, to be
enforceable.
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