Approved Correspondent definition

Approved Correspondent means a third party Mortgage Loan originator with which Seller currently has a written correspondent loan purchase agreement and that is either (i) an entity listed on Schedule IV, as such schedule is updated from time to time by Buyer, in its sole discretion, with written notice to Seller, or (ii) an entity that is acceptable to Buyer, as indicated by Buyer to Seller in writing, for purposes of determining eligibility for purchases from Seller of Mortgage Loans that such correspondent originates.
View Source
Approved Correspondent means a third party Mortgage Loan originator with which Seller currently has a written correspondent loan purchase agreement and that is either (i) an entity listed on Schedule IV, as such schedule is updated from time to time by ▇▇▇▇▇, in its sole discretion, with written notice to Seller, or (ii) an entity that is acceptable to Buyer, as indicated by Buyer to Seller in writing, for purposes of determining eligibility for purchases from Seller of Mortgage Loans that such correspondent originates.
View Source
Approved Correspondent means a third party Mortgage Loan originator with which a Seller currently has a written correspondent loan purchase agreement and that is either (i) an entity listed on Schedule IV, as such schedule is updated in electronic format from time to time by Buyer, in its reasonable discretion, with written notice to such Seller, or (ii) an entity that is acceptable to Buyer, as indicated by Buyer to a Seller in writing, for purposes of determining eligibility for purchases from such Seller of Mortgage Loans that such correspondent originates.
View Source

Examples of Approved Correspondent in a sentence

  • The source of the down payment with respect to such Mortgage Loan has been fully verified by Seller or, if a Correspondent Loan, the Approved Correspondent.

  • The origination practices used by Seller or, if a Correspondent Loan, the Approved Correspondent, and the collection and servicing practices used by Seller and any Subservicer with respect to each Mortgage Loan have been in all respects legal and customary in the mortgage origination and servicing industry and the collection and servicing practices used by Seller and any Subservicer have been consistent with customary servicing procedures.

  • Seller or, if a Correspondent Loan, the Approved Correspondent, maintains, and shall maintain, evidence of such compliance as required by applicable law or regulation and shall make such evidence available for inspection at Seller’s office during normal business hours upon reasonable advance notice.

  • The Mortgage Loan was originated by Seller or, if a Correspondent Loan, an Approved Correspondent, which is a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act, a savings and loan association, a savings bank, a commercial bank, credit union, insurance company or other similar institution that is supervised and examined by a federal or state authority or duly licensed by state licensing authority, if applicable.

  • As of the related Purchase Date, Seller, or if a Correspondent Loan, the Approved Correspondent, has credited to the account of the related Mortgagor under the Mortgage Loan all interest required to be paid by applicable law or by the terms of the related Mortgage Note on any escrow account.

  • Seller or, if a Correspondent Loan, the Approved Correspondent, has properly conducted an escrow analysis for each escrowed Mortgage Loan in accordance with applicable law.

  • Neither Seller nor, if a Correspondent Loan, the Approved Correspondent, collects any such prepayment penalties in connection with any such Texas Refinance Loan.

  • Seller or, if a Correspondent Loan, the Approved Correspondent, has obtained a life of loan, transferable flood certification contract for such Mortgage Loan and such contract is assignable without penalty, premium or cost to Buyer.

  • Seller or, if a Correspondent Loan, the Approved Correspondent, has delivered notification to the Mortgagor(s) under each Mortgage Loan of all adjustments resulting from such escrow analyses.

  • Seller or, if a Correspondent Loan, the Approved Correspondent, has promptly corrected any discrepancies regarding consumer addresses of which Seller or such Approved Correspondent, as applicable, has received notice.