Correspondent Loan definition

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Correspondent Loan. A newly originated Mortgage Loan acquired by Owner or one of its wholly owned subsidiaries from a third party originator under the correspondent lending program established by Owner or such subsidiary.

Correspondent Loan means a Conventional Conforming Loan or a Government Loan originated by an Approved Correspondent and funded with the Approved Correspondent’s own funds or funds provided by its warehouse or working capital lender (and, for the avoidance of doubt, not “table funded” with funds provided by Seller or an Affiliate of Seller).

Examples of Correspondent Loan in a sentence

With respect to each Correspondent Loan as of the related Funding Date, the Seller makes each of the “Representations and Warranties Regarding Individual Mortgage Loans” as are set forth in the Guide as it exists on the related date such representation and warranty was made, as if such Correspondent Loan was a Mortgage Loan.
The obligations of the Seller set forth in this Section 4.7 shall be the sole and exclusive remedies with respect to any Correspondent Loan and, except for costs and expenses as specifically set forth in this Section 4.7, in no event shall the Seller be obligated to expend its own funds to repurchase, indemnify, repay or reimburse with respect to any Correspondent Loan.
From and after the date a Purchase Commitment is executed by both parties, the Seller agrees that it will not take any action or permit or cause any action to be taken by any of its agents or affiliates, or by any independent contractors on its behalf, to personally, by telephone or mail, solicit the borrower or obligor under any Mortgage Loan or Correspondent Loan for the purpose of refinancing such Mortgage Loan or Correspondent Loan, without the prior written consent of the Purchaser.
For the avoidance of doubt, the term “Mortgage Loan” as used in this Agreement shall not include any Correspondent Loan (as defined in Article IV below).
The Seller shall deliver the Mortgage Loan Documents with respect to each Correspondent Loan to the Purchaser or its designee on or before the Delivery Due Date, except as otherwise permitted to be delivered later in accordance with the requirements of the Guide.

More Definitions of Correspondent Loan

Correspondent Loan means a newly originated Mortgage Loan acquired by the MSR Owner or one of its wholly-owned subsidiaries from a Correspondent.

Correspondent Loan means an Eligible Asset, which in no event may be a Wet-Ink Mortgage Loan, originated by an Acceptable Correspondent. Correspondent Loans shall require a separate Transaction Request from that in connection with any other Eligible Asset.

Correspondent Loan means any one-to-four family residential mortgage loan that is secured by a mortgage, deed of trust or other similar security instrument and originated by a Correspondent and with respect to which Purchaser pays Seller a Fulfilment Fee pursuant to the terms of that certain Fourth Amended and Restated Mortgage Banking Services Agreement, as may be amended from time to time. For the avoidance of doubt, Mortgage Loans purchased by Purchaser from Seller pursuant to Article II and Article III of this Agreement are not Correspondent Loans.

Correspondent Loan means a Mortgage Loan completely originated and funded by a Correspondent in the Correspondent’s name and subsequently sold and endorsed to Borrower.

Correspondent Loan means a Mortgage Loan that is (i) originated by a Correspondent Seller and underwritten in accordance with Seller’s underwriting guidelines and (ii) acquired by Seller from a Correspondent Seller in the ordinary course of business. “Correspondent Seller” means a mortgage loan originator that sells Mortgage Loans originated by it to Seller as a “correspondent” or “private label” client. “Correspondent Seller Release” means, with respect to any Correspondent Loan, a release by the related Correspondent Seller of all right, title and interest, including any security interest, in such Correspondent Loan, in a form substantively similar to the form of Exhibit I attached hereto, as reasonably and mutually agreed to by Seller and Agent. “Current Business Operations” means all operations related to: being a mortgage-related technology company; the origination, servicing and sale of residential mortgages, home equity loans, consumer loans and other financial assets; the acquisition of newly originated residential mortgages and other financial assets; the acquisition of mortgage servicing rights and servicing rights for other financial assets; the acquisition of residential mortgage-backed securities; title insurance; settlement services; appraisal management services; default-related services to servicers and asset managers; title services; insurance brokerage; real estate brokerage services; issuing, sponsoring, pooling of or acquisition of publicly offered and privately issued mortgage backed securities, mortgage participation certificates and pools of un-securitized mortgage loans, and reasonably related ancillary activities. “Custodial and Disbursement Agreement” means that certain Custodial and Disbursement Agreement, dated as of August 25, 2020, among Seller, Purchaser, Agent, Disbursement Agent and Custodian, entered into in connection with this Agreement and the Mortgage Loan Participation Purchase and Sale Agreement, as the same may be amended, modified or supplemented from time to time. “Custodian” means Deutsche Bank National Trust Company, and its successors and permitted assigns, or such other entity as mutually agreed upon by Agent and Seller.15 “Daily Compounded SOFR” means, for any day, SOFR, with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a lookback) being established by the Agent in accordance with a methodology and the conventions for this rate ...

Correspondent Loan means any Loan that a Seller purchases on a "pre-approval" and "flow" basis which (i) the related Seller has underwritten to its "origination guidelines" (ii) is not a Wet Loan, (iii) is not delinquent and, unless otherwise approved in writing by Buyer, has not been subject to any repurchase transaction under any repurchase facility between the related Seller or any Affiliate of such Seller and any other Person, and (iv) in respect of which such Seller has notified the Buyer of the complete chain of transfers from the related originator to such Seller.

Correspondent Loan means any of certain Mortgage Loans purchased on a servicing-released basis by Seller through its correspondent lending network.