EXHIBIT 10.18b
September 17, 1997
Home, Inc.
0000 Xxxxxx Xxxxxx Xxxx.
Xxxxxx, XX 00000
Attention: Mr. Xxxx Xxxxxxx
Subject: Master Agreement Number: MD01724
Amendment: SECOND
Pool Purchase Contract Number: D03070
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: add Pooling Parameters Prefixes for 15 and 20 year Products
for FHA Title I Pool Purchase Contract.
INSTRUCTIONS: (1) Replace page FRM-3 in the "Fixed-Rate" section of your
Master Agreement binder with the enclosed page FRM-3.
(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
-------------------------------------------------
(Authorized Signature)
Name: Xxxxxx Bristers, Regional Vice President
-------------------------------------------------
(Name and Title)
Agreed, acknowledged and accepted this 22nd day of September, 1997.
HOME, INC.
By: /s/ Xxxxx X. Xxxxxx
-------------------------------------------------
(Authorized Signature)
Name: Xxxxx X. Xxxxxx, Executive Vice President
-------------------------------------------------
(Name and Title)
Page 2
Master No. MD01724-Amd. 2
ADDITIONAL TERMS
Section of the Act: 201s (secured and direct) and 201sd (secured and
dealer)
Lien Type: First or subordinate mortgages. Unsecured loans are not
eligible. Cooperative share loans are not eligible.
Amortization: Only FHA Title I Mortgages utilizing the standard
monthly amortization method for principal and interest
application (as described in the Selling Guide, Part V,
Section 2, Exhibit 3) are eligible. Mortgages utilizing
the daily accrual, payment-to-payment, or simple
interest methods must be converted to a standard
monthly amortization schedule via a written agreement,
that is executed by the borrower, prior to the Issue
Date of the related pool.
Minimum Servicing Fee: 125 basis points
Pooling parameters: Each Pool delivered pursuant to this Contract will be
comprised entirely of FHA Title I Mortgages with
original terms that fall within one of the following
ranges:
POOL PREFIX ORIGINAL TERM RANGE
TJ 36 months - 60 months
TK 61 months - 120 months
TT 121 months - 240 months
FHA Title I Mortgages may not be commingled with other
mortgages in a Pool.
Maximum Note Rate: The maximum mortgage interest rate eligible for
inclusion in a Pool is a rate that is no greater than
the sum of the pass-through rate, the guaranty fee and
250 basis points.
REPRESENTATIONS
The Lender makes the following representations in connection with each FHA Title
I Mortgage delivered to Xxxxxx Xxx pursuant to this Contract:
(i) As of the Issue Date, the proceeds of the Mortgage have been fully
disbursed and there is no requirement for future advances thereunder, and
any and all applicable requirements set forth in the Mortgage documents
have been complied with;
(ii) There is no default, breach, violation or event of acceleration existing
under the Mortgage and there is no event which, with the passage of time or
with notice and the expiration of any grace or cure period, would
constitute a default, breach, violation or event of acceleration;
Master No. MD01724-Amd. 2
FRM - 3
