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EXHIBIT 10.14
UNDERWRITING REVIEW AGREEMENT
This AGREEMENT, made and entered into this 3rd day of September, 1998,
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by and between CMAC SERVICE COMPANY, a corporation organized and existing under
the laws of the Commonwealth of Pennsylvania, with its principal offices
located at 0000 Xxxxxx Xxxxxx, Xxxxxxxxxxxx, Xxxxxxxxxxxx 00000 (hereinafter
referred to as "CMAC-SC") and E-LOAN, INC., a corporation organized and
existing under the laws of the State of California, with its principal office
located at 0000 Xxxxxxx Xxxxxxx, Xxxxx 000, Xxxxxx, Xxxxxxxxxx 00000
(hereinafter referred to as "Customer").
WITNESSETH:
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WHEREAS, Customer originates and/or purchases residential mortgage
loans and in connection therewith desires certain underwriting services; and
WHEREAS, CMAC-SC is willing to provide underwriting services to the
Customer in accordance with the terms and conditions of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and
obligations contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties,
intending to be legally bound, agree as follows:
1. DEFINITIONS
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When used in this Agreement, the following terms shall have the
specific meaning shown unless the context of any provision hereof
clearly indicates otherwise:
(A) "Application" shall mean a residential loan application
completed by a borrower and prepared by an employee or agent
of Customer and submitted to CMAC-SC for underwriting
pursuant to this Agreement. An Application shall contain all
of the supporting documentation customarily included in
residential loan packages including, without limitation:
verifications of employment and income, and source of down
payment and other funds, residential appraisals, credit
reports, and such other forms and/or documents as CMAC-SC
and/or Customer may reasonably require.
(B) "Approved Correspondent Lender or Broker" shall mean those
mortgage originators who Customer has approved.
(C) "Automated Underwriting Application" shall mean a FannieMae
Form 1003 or Xxxxxxx Mac Form 65, or such other information
as may be required, prepared by an employee or agent of
Customer and submitted to CMAC-SC for underwriting pursuant
to this Agreement.
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(D) "Automated Underwriting Guidelines" shall mean the most
current applicable Underwriting and/or submission guidelines
for Desktop Underwriter, Loan Prospector, or any other
Automated Underwriting System approved by CMAC-SC for use by
Customer as set forth on Exhibit "C."
(E) "Automated Underwriting System" shall mean FannieMae Desktop
Underwriter ("DU"), Xxxxxxx Mac Loan Prospector ("LP") and/or
any other AutomatedUnderwriting System approved in writing by
CMAC-SC for use by Customer.
(F) "Business Day" shall mean any regularly scheduled work day
for employees of the United States Government or CMAC-SC.
(G) "Loan" shall mean any note, bond, or other evidence of
indebtedness secured by a mortgage, deed of trust, or other
instrument which constitutes or is equivalent to a first lien
charge on Property. For purposes of this Agreement, no Loan
shall exceed $500,000.
(H) "Property" shall mean residential real property, including
all improvements thereon, securing a Loan and shall be
limited to any building, or units in a condominium designed
for occupancy by not more than four (4) families.
(I) "Underwriting Guidelines" shall mean those specific
underwriting criteria set forth in the Federal National
Mortgage Association ("FannieMae") and/or Federal Home Loan
Mortgage Corporation ("Xxxxxxx Mac") Seller's Guide and/or
such other underwriting Guidelines as set forth on Exhibit
"D" as agreed upon by CMAC-SC and Customer as of the
effective date of this Agreement, as updated or amended by
FannieMae or Xxxxxxx Mac or Customer in writing.
(J) "Exclusions" shall mean those specific property and loan
types as set forth on Exhibit "E."
(K) "Mortgage Insurance Standards" shall mean all programs
acceptable to CMAC for Mortgage Insurance and any limitations
as set forth in Exhibit "F."
2. UNDERWRITING SERVICES
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In consideration of the payment by Customer of the appropriate fees as
hereinafter set forth, CMAC-SC hereby agrees to review Applications
for Customer and determine if such Applications comply with the
Underwriting Guidelines, as appropriate.
For Automated Underwriting Applications, CMAC-SC agrees to properly
submit the Application data to the applicable Automated Underwriting
System, and to accurately report to Customer the Automated
Underwriting System's decision with regard to the Loan.
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Customer hereby agrees that any and all decisions made by CMAC-SC
pursuant to this Agreement constitute decisions of Customer and any
action taken in respect thereof shall be deemed undertaken solely on
behalf of Customer.
3. APPLICATION PROCESSING
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The procedures set forth in this Section 3 shall be followed for each
Application submitted to CMAC-SC under this Agreement.
(A) Customer shall deliver complete Applications to the
appropriate office of CMAC-SC, the addresses of which are set
forth on Exhibit "A", and/or to such other offices as CMAC-SC
may notify Customer in writing. CMAC-SC shall stamp each
Application upon receipt and such date stamp shall be
conclusive evidence of the date of receipt by CMAC-SC.
(B) CMAC-SC shall be entitled to retain all documents submitted
by or on behalf of Customer and shall have no obligation to
complete its review with respect to any Application unless
such Application is complete.
(C) In the event any Application is found to be incomplete or in
the opinion of CMAC-SC, additional information or
documentation is required, CMAC-SC shall notify Customer of
the missing or required documentation. Customer shall provide
such missing or additional documentation within ten (10)
Business Days of the date of such notice.
(D) CMAC-SC shall provide Customer with a monthly report
detailing all Applications received and processed during the
prior month. Such statement shall list with respect to each
Application set forth, the Application number, borrower's
name, date of receipt, date of decision and such other
information as Customer may reasonably require.
(E) CMAC-SC shall use reasonable best efforts to review each
Application within two (2) to five (5) Business Days after
its receipt of a complete Application and complete its review
and notify Customer of its decision. Such notification shall
be made by telephone and thereafter confirmed in writing.
(F) Applications reviewed pursuant to this Agreement may be
classified in one of three categories:
(1) "APPROVED". An Approved Application is one which is
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determined to be in conformity with the Underwriting
Guidelines. An Approved Loan may have conditions
added to it which Customer or a borrower must
satisfy prior to or upon the closing of the Loan.
(2) "DENIED. A Denied Application is one which is
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determined not to be in conformity with the
Underwriting Guidelines.
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(3) "SUSPENDED". A Suspended Application is one which is
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determined to be incomplete according to sub-section
(C) above.
(G) Automated Underwriting Applications reviewed pursuant to this
Agreement shall be classified according to the designation(s)
given by the applicable Automated Underwriting System.
4. ON-SITE PROVISIONS
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Where Customer elects to invite, and CMAC-SC agrees to place, an
underwriter(s) on the Customer's premises, Section 3 (A) and (B) shall
not apply, and the following provisions shall apply to any Loan(s)
underwritten at the location(s) set forth in Exhibit "B" hereto.
(A) Work Space(s). Customer agrees to provide CMAC-SC's
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underwriter(s) with appropriate work space(s) at the
location(s) set forth on Exhibit "B" hereto.
(B) Application Processing. Customer shall deliver complete
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Applications to CMAC-SC's underwriter(s) at the Customer's
business location(s) as set forth in Exhibit "B" and/or to
such other offices as CMAC-SC and Customer may agree in
writing. CMAC-SC's Underwriter shall follow the procedures
set forth in Sections 3(C) through 3(F).
(C) File Maintenance. Customer represents and warrants that it
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shall maintain a complete Application file, including the
complete documentation included in the original Application
file, and in accordance with the requirements of FannieMae
and/or Xxxxxxx Mac if applicable, for each Loan underwritten
by CMAC-SC pursuant to the Agreement. Customer acknowledges
that CMAC-SC will rely on Customer for all file maintenance.
(D) File Review. Customer agrees that upon reasonable notice from
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CMAC-SC, it will copy and forward to CMAC-SC, or allow
CMAC-SC access to any Application file(s) requested by
CMAC-SC for audit, review, or any other purpose.
(E) Failure to Maintain or Produce Files. In the event that
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Customer does not provide for maintenance of Application
files as noted above, or fails to produce such Application
files upon reasonable request, CMAC-SC shall have no
liability whatsoever for the Loan or Loans in question and
Customer shall waive those sections of the Agreement relating
to its indemnification.
5. PRIVATE MORTGAGE GUARANTY INSURANCE
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Nothing contained in this Agreement shall be deemed to be a
representation, warranty or commitment that CMAC-SC shall be obligated
to obtain private mortgage guaranty or pool insurance for any Loan.
Notwithstanding, the fact that any Application is classified as
Approved hereunder, CMAC-SC makes no representation or warranty of any
nature regarding the insurability of any such Application.
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Upon request of Customer, CMAC-SC shall forward any Application to
Commonwealth Mortgage Assurance Company ("CMAC") for mortgage
insurance underwriting pursuant to the Mortgage Insurance Standards
set forth on Exhibit "F" of this Agreement.
6. FEES
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Customer and/or Approved Correspondent Lender or Broker agrees to pay
CMAC-SC an Underwriting Review Fee pursuant to the terms and
conditions of this Agreement; regardless of the underwriting decision
reached.
(A) Applications for Loans insured by CMAC:
[*]
(B) Applications for Loans not insured with CMAC:
[*]
(C) [*]
(D) Automated Underwriting Applications: Pursuant to the fee
schedule set forth on Exhibit "C."
Customer shall be responsible for all costs of delivering Applications
to CMAC-SC. CMAC-SC shall provide Customer with a monthly invoice
detailing the total number of Applications reviewed and, if a per diem
rate under Section 6(C), an itemized accounting of the hours worked
per underwriter during the previous month, and the total charges owed
to CMAC-SC. Customer shall pay any such invoice within fifteen (15)
days of its receipt by Customer.
To the extent Customer requires that Applications be underwritten at
sites which are not set forth in Exhibit "A", Customer hereby agrees
to reimburse CMAC-SC for all travel and lodging expenses incurred by
CMAC-SC employees relating to this Agreement. CMAC-SC shall provide
Customer with a detailed summary of such expenses and Customer shall
remit the amount due to CMAC-SC within fifteen (15) days of its
receipt thereof. CMAC-SC will not incur any costs for travel and
lodging without the Customer's prior approval.
In the event an Application is determined by CMAC-SC to be incomplete
and the missing or required documentation is not provided within the
time period set forth in Section 3(C) above, Customer shall be
obligated to pay CMAC-SC an Underwriting Review Fee, notwithstanding
the fact, that the review of such Application has not been completed.
If Customer subsequently completes the Application and requests a new
review of the Application in question, an additional Underwriting
Review Fee shall be required.
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*Confidential treatment requested pursuant to a request for confidential
treatment filed with the Securities and Exchange Commission. Omitted portions
have been filed separately with the Commission.
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7. REPRESENTATIONS, WARRANTIES OF CUSTOMER
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Customer makes the following representations and warranties
to CMAC-SC:
(A) CMAC-SC shall be entitled to rely upon the information and
documents constituting the Application or Automated
Underwriting Application and shall incur no liability for the
accuracy thereof in fulfilling its obligations under this
Agreement. In addition, CMAC-SC shall not have any obligation
to independently verify any information provided to it, nor
shall the terms of this Agreement imply any duty upon CMAC-SC
to determine whether such information is false. CMAC-SC and
its officers, employees, and agents may rely upon any
information or document submitted by Customer to CMAC-SC in
connection with an Application or Automated Underwriting
Application, and shall not be responsible to Customer or any
other person for errors and omissions therein, so long as
such information or document appears to be: (a) regular on
its face; (b) properly executed; and (c) is either included
with an Application or Automated Underwriting Application or
is supplied to CMAC-SC by (i) Customer, (ii) Customer's
employees, (iii) persons or entities to whom CMAC-SC has been
referred to by Customer, or (iv) persons or entities
identified in any document supplied by Customer as part of an
Application or Automated Underwriting Application.
(B) Customer is a corporation duly organized, validly existing
and in good standing under the laws of the State of
California and has all the requisite power and authority to
carry on its business as currently conducted.
8. REPRESENTATIONS, WARRANTIES OF CMAC-SC
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CMAC-SC makes the following representations and warranties to
Customer:
(A) CMAC-SC is a corporation duly organized, validly existing and
in good standing under the laws of the Commonwealth of
Pennsylvania and has all the requisite power and authority to
carry on its business as currently conducted.
(B) All Applications reviewed pursuant to this Agreement shall be
underwritten pursuant to the Underwriting Guidelines and/or
the Automated Underwriting Guidelines.
(C) CMAC-SC is an independent contractor. Nothing contained in
this Agreement shall be deemed to create a joint venture or
partnership relationship between CMAC-SC and Customer.
9. INDEMNIFICATION OF CMAC-SC
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CMAC-SC shall have no duty hereunder to either: (i) ensure
that any Application complies with or (ii) review any Application 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
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Act, the Fair Credit Reporting Act, and the Home Mortgage Disclosure
Act ("HMDA"). Customer shall comply, or instruct its designee that
submitted an Application to comply, with the Equal Credit Opportunity
Act notification requirements and all other requirements under state
or federal law for notification to applicants for Loans with respect
to each Application reviewed by CMAC-SC. CMAC-SC shall also have no
duty to provide any Loan borrower or other third party with any
disclosure required under any of the foregoing laws or regulations, it
being understood that Customer shall provide such disclosures or cause
its designee that submitted the Application to provide such
disclosures.
Customer acknowledges that CMAC-SC obtains any and all HMDA data from
Customer and/or Approved Correspondent Lender or Broker, and Customer
agrees that CMAC-SC shall have no liability for the accuracy or
completeness of such HMDA data.
Customer agrees to indemnify and hold CMAC-SC and its affiliates, and
each of their directors, officers, employees and agents
("Indemnitees"), 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 failure by Customer to provide any disclosures set forth
above, and (ii) any claim, demand, suit or other proceeding brought by
a borrower with respect to the application by CMAC-SC of the
applicable Underwriting Guidelines to the Application, except for
Losses resulting or arising under Section 10 herein.
In the event that any claim, action or proceeding indemnified against
herein shall be brought or commenced against CMAC-SC, any affiliated
company or any officer, director, employee or agent thereof, then upon
written notice to Customer, Customer shall provide promptly for such
action or defense as may be necessary to effectuate the provisions
hereof. CMAC-SC hereby agrees to cooperate with Customer and counsel
designated by Customer, provided, however, that nothing contained
herein shall preclude CMAC-SC from taking such actions as may be
necessary or appropriate to mitigate and/or prevent any loss, damage,
cost or expense.
10. INDEMNIFICATION OF CUSTOMER
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(A) Indemnification
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(1) Subjective Interpretation. The parties recognize and
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agree that the Underwriting Guidelines and their
application to any Loan entail a certain degree of
subjective interpretation and necessarily involve
subjective analysis of certain data where the
judgment of prudent underwriters could differ.
Accordingly, CMAC-SC does not guarantee or warrant
that any third party, including, but not limited to,
any reviewing authority or investor, will agree with
CMAC-SC that a Loan complies with the Underwriting
Guidelines.
(2) Standard of Care. Notwithstanding anything contained
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in this Agreement to the contrary, CMAC-SC will not
be liable, in connection with this Agreement or the
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services rendered by CMAC-SC hereunder, to Customer
or any other person or entity, in contract, tort,
strict liability, equity or otherwise, for any act,
failure to act, error, mistake, or omission in
reviewing a Loan hereunder, unless all of the
following conditions are satisfied:
(a) such act, failure to act, error, mistake,
or omission materially restricts or impairs
the salability of such Loan or results in a
material reduction of the value of such
Loan; and
(b) such act, failure to act, error, mistake,
or omission constitutes gross negligence or
willful misconduct and results from CMAC-SC
failure to perform underwriting review
services for such Loan File in accordance
with the terms and conditions of this
Agreement; and
(c) Customer provides written notice of such
act, failure to act, error, mistake, or
omission to CMAC-SC within thirty (30) days
after Customer discovers, or should
reasonably have discovered, such act,
failure to act, error, mistake, or
omission, but in no event later than: three
(3) years after underwriting review
services for such Loan were performed by
CMAC-SC.
(3) Subrogation. In the event and to the extent that
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CMAC-SC is liable to Customer under this Agreement,
Customer shall preserve and, absent CMAC-SC's prior,
express, written consent, shall not modify or
release, any and all rights which Customer may have
against any other person or entity which may be
liable to Customer in connection with any Loan for
which CMAC-SC is liable to Customer. CMAC-SC shall
be subrogated to Customer's rights against such
other person or entity and Customer shall assign to
CMAC-SC such rights.
(B) Limitation of Liability
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It is hereby understood and agreed that in the event Customer
is entitled to indemnification pursuant to Section 10(A),
CMAC-SC shall, within thirty (30) days of receipt of a
written demand for indemnification from Customer, elect one
of the following options:
(1) Provide for such additional insurance or other
credit enhancement that will be satisfactory to
Customer, the cost of which is to be borne by
CMAC-SC; or
(2) Purchase the Loan in question, at a price equal to
the sum of:
(a) the unpaid principal balance at the time of
purchase; plus (in the case of original
purchase price premiums), or minus (in the
case of original purchase price discounts)
the original purchase price discount, or as
appropriate, premium percentage multiplied
by the unpaid principal balance at the time
of purchase; plus
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(b) accrued and unpaid interest amount through
the date the Loan is purchased.
(3) In the event that CMAC-SC elects to purchase the
Loan pursuant to Section 10 (B) (2) above, Customer
represents and warrants that the Loan is free of any
other defects and has been closed in conformity with
Customer's regular policies and procedures. Customer
warrants that the mortgage loan documents and the
transaction taken as a whole comply with all
applicable state and federal laws. Customer agrees
to provide CMAC-SC with a complete closed loan
package for its review prior to the purchase
hereunder and to cure any defect, whether or not
discovered at that time, for the life of the Loan.
(C) Exclusive Remedy
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Any liability of CMAC-SC set forth in this section shall be
exclusive and in lieu of any other remedy or liability.
CMAC-SC shall not be liable for any special, indirect,
consequential, punitive or other damages which Customer or
any other entity suffers or incurs as a result of any act or
omission of CMAC-SC. Upon the purchase of a Loan or the
provision of additional insurance or other credit
enhancement, CMAC-SC shall have no further obligation or
liability to Customer in respect of the Loan in question.
11. ARM'S LENGTH TRANSACTION
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CMAC-SC and Customer agree that any payments made to CMAC-SC
are being made solely in respect of the underwriting review services
provided hereunder and in no way reflect or constitute payment to CMAC
for any underwriting performed by CMAC in connection with any private
mortgage guaranty or pool insurance.
12. TERMINATION
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This Agreement may be terminated by either party as of the
end of any calendar month by giving the other party thirty (30) days
written notice.
The obligation of CMAC-SC to accept Applications to be
reviewed shall cease upon the effective date of the notice of
termination. However, any such notice of termination shall not have
the effect of terminating any other right or obligation of any party
to this Agreement, and this Agreement shall remain in full force and
effect, with respect to all Applications previously processed by
CMAC-SC, on behalf of Customer under and pursuant to this Agreement.
Provided, however, that the provisions of this Agreement shall
continue in full force and effect with respect to all Applications
registered as being en-route to CMAC-SC prior to the receipt of the
notice of termination. Any such list of registered Applications shall
be delivered to CMAC-SC with the notice of termination.
13. MISCELLANEOUS PROVISIONS
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(A) Assignment
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This Agreement may not be assigned by either party without
the prior written consent of the other party.
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(B) Attorney's Fees
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In the event any action or proceeding at law or in equity is
brought to enforce or interpret the provisions of this
Agreement, the prevailing party shall be entitled to recover
its reasonable attorney's fees and costs including attorney's
fees and costs incurred in any appeal in addition to any
other remedy or relief to which such prevailing party may be
entitled.
(C) Amendment, Modification
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This Agreement may not be modified, amended or superseded
except in writing signed by both parties.
(D) Notices
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Any notices required or permitted to be given under this
Agreement may be affected either by personal delivery in
writing or by certified mail, postage prepaid, addressed as
follows:
CMAC SERVICE COMPANY
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, Xxxxxxxxxxxx 00000
Attention: C. Xxxxxx Xxxxx (Financial Notices)
Attention: Xxxxxxx X. Xxxxxx (Legal Notices)
E-Loan, Inc.
000 Xxxxxxx Xxxxxxx, Xxxxx 000
Xxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxx Xxxxxxxxx, Senior Underwriter
(E) Severability
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If any of the provisions of this Agreement are held by a
court of competent jurisdiction to be invalid, void or
unenforceable, the remaining provisions hereof shall
nevertheless continue in full force and effect, without being
impaired or invalidated in any way.
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IN WITNESS WHEREOF, the parties have entered into this Agreement as of
the day and year first above written.
CMAC SERVICE COMPANY
By: /s/ Xxxxx Xxxxx
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Xxxxx Xxxxx, Vice President, National Underwriting Director
Attest: /s/ Signature Illegible
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E-Loan, Inc.
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx Director Mortgage Banking Operations
Attest: /s/ Signature Illegible
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EXHIBIT "A" - CMAC-SC Locations
E-Loan, Inc. shall deliver Loan Packages to CMAC-SC at the following
addresses:
CMAC SERVICE COMPANY
0000 Xxxxx 00xx Xxxxxx 000 X. Xxx Xxxxxx Xxxx
Xxxxx 000 Xxxxx 000
Xxxxxxx, Xxxxxxx 00000 Xxxx, Xxxxxxxx 00000
0000 Xxxx Xxxxxx 0000 Xxxxxxxxx Xxxxx
Xxxxx 000 Xxxxx 000
Xxxxxx, Xxxxxxxxxx 00000 Xxxxxxxxxxx, Xxxxxxxxx 00000
0000 Xxxxxxxxx Xxxxxx 13610 Xxxxxxx Xxxxxx Xxxxx
Xxxxx 000 Xxxxx 000
Xx Xxxxx, Xxxxxxxxxx 00000 Xxxxxxxxxx, Xxxxxxxx 00000
0000 Xxxxxxxx Xxxxxx Xxx Xxxxxx, Xxxxx X000
Suite 100 0000 Xxxxx Xxx Xxxxx
Xxx Xxxx, Xxxxxxxxxx 00000 Las Vegas, Nevada 00000
Xxxxxxx Xxxxx XX, Xxxxx 000 000 Xxxxxxxxxxx Xxxx
0000 Xxxxxxxxx Xxxxx Xxxx. Xxxxx 000
Xxxxxxxxx, Xxxxxxxx 00000 Xxxxxxxx, Xxx Xxxx 00000
0000 XX 00xx Xxx 6060 X.X. Xxxxx Xxxxx
Xxxxx 000 Xxxxx 000
Xxxx Xxxxxxxxxx, Xxxxxxx 00000 Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Westshore Place II 000 Xxxx Xxxxxx Xxxxxx Xxxx
0000 Xxxx Xxxxxxx, Xxxxx 0000 Xxxxx 000
Xxxxx, Xxxxxxx 00000 Xxxxxxxxxxx, Xxxx 00000
0000 Xxxxxxxxx Xxxxxxxx Xxxx 3501 Xxxxxxxxx 00xx Xxxxxx
Xxxxx 000, Xxxxxxxx X Xxxxx 000
Xxxxxxx, Xxxxxxx 00000 Xxxxxxxx Xxxx, Xxxxxxxx 00000
One Century Centre One Lincoln Center, Xxxxx 000
0000 Xxxx Xxxx Xxxx, Xxxxx 000 00000 XX Xxxxxxxxx Xxxx
Xxxxxxxxxx, Xxxxxxxx 00000 Xxxxxxxx, Xxxxxx 00000
00 Xxxxxx Xxxx (temporary - starting September 1998)
2nd Floor, East Building 400 Market Street, 2nd floor
Xxxxxxxxx, Xxxxxxxxxxxxx 00000 Xxxxxxxxxxxx, Xxxxxxxxxxxx 00000
(continued)
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EXHIBIT "A" - CMAC-SC Locations (continued)
00000 Xxxx Xxxx
Xxxxx 000
Xxxxxx, Xxxxx 00000-0000
Three Northborough
00000 Xxxxx Xxxxxxx, Xxxxx 000
Xxxxxxx, Xxxxx 00000
Centennial Plaza
00 Xxxx 00000 Xxxxx, Xxxxx 000
Xxxxx, Xxxx 00000
0000 Xxxx Xxxxxxxx Xxxx, Xxxxx 000
Xxxxx Xxxxxx, Xxxxxxxx 00000
Bellevue Corporate Plaza
000 000xx Xxxxxx, Xxxxx 0000
Xxxxxxxx, Xxxxxxxxxx 00000
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EXHIBIT "B" - Customer's On-Site Location(s)
CMAC-SC's underwriter(s) shall perform the Underwriting Services at
the following location:
0000 Xxxxxxx Xxxxxxx, Xxxxx 000
Xxxxxx, Xxxxxxxxxx 00000
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EXHIBIT "C" - Automated Underwriting Fee Schedule
NOT APPLICABLE
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EXHIBIT "E" - Exclusions
Property and Loan types not eligible for underwriting services under this
Agreement
o Closed Loan Transactions
o Condomium-Hotel Properties
o Construction Loan Transactions (end loans acceptable)
o Cooperative Properties
o Federal Housing Administration (FHA) Loans
o Foreign National Borrowers
o Guam, Hawaii, Puerto Rico, Alaska, Virgin Islands
o Lot Loans
o Rural Housing Service (RHS) Loans [formerly FmHA]
o Single-wide Mobile Homes
o Subordinate Financing (home equity, junior liens, combination loans)
o Sub-prime Products
o Time Shares
o Veterans Administration (VA) Loans
CMAC-SC reserves the right to review all products and exclude those deemed not
eligible for underwriting services.
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EXHIBIT "F"
For special CMAC Mortgage Insurance Standards issued by CMAC's Credit Policy
Division, if applicable.
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