Correspondent Loan definition

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 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

• By signing this Correspondent Loan Purchase Agreement, the undersigned Correspondent agrees now and in future to only employ duly licensed mortgage originators as defined in The South Carolina Licensing Requirement Act of Certain Loan Brokers of Mortgages on Residential Real Property (“the Act”).

• The complaint alleged that Respondent breached its Master Correspondent Loan Purchase Agreement with AmTrust by failing or refusing to indemnify AmTrust for monetary losses sustained on mortgage loans originated and underwritten by Respondent and acquired by AmTrust for which the underwriting packages prepared by Respondent had misrepresented certain borrower information.

• No officer, employee or agent of Customer shall close any Modified Correspondent Loan.

• Mandatory Delivery Loan means a closed, residential Committed Loan that is originated, underwritten, sold, and delivered by Seller to Purchaser within the terms and conditions of the Agreement, the Correspondent Seller Guide, the Mandatory Delivery Amendment, the Mandatory Delivery Program Guide and eligible for sale pursuant to the signed Correspondent Loan Purchase Agreement and all applicable laws.

• In connection with the assignment of the loans, Citizens Bank and SunTrust entered into a Correspondent Loan Purchase Agreement, which provides, in pertinent part: This Correspondent Loan Purchase Agreement (together with all exhibits hereto, the “Agreement”) is made and entered into effective as of May 6, 2005 (the “Effective Date”) by and between SunTrust Mortgage, Inc.

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 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 originated by a third party originator and acquired by Seller in accordance with Seller’s correspondent Mortgage Loan program.

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

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.