Mortgage Originator definition
Examples of Mortgage Originator in a sentence
The Mortgage Originator shall not be entitled to any additional fees for the performance of its duties as servicer of any Mortgage Loan.
For such purposes, the Mortgage Originator agrees that upon demand by the Participant, it will turn over to the Participant all of its records pertaining to the Mortgage Loans and all documents pertaining thereto, including, but not limited to, title insurance policies, hazard insurance policies, mortgages, surveys and related papers.
The Mortgage Originator shall submit the names of settlement agents for approval by Participant, accompanied by such information regarding the settlement agents as Participant shall require.
Such guidelines and conditions may include, without limitation, reporting and monitoring requirements to be observed by Mortgage Originator and Participant's reservation of rights to audit and verify information pertaining to the purchase and sale of Participations under this Agreement.
The Mortgage Originator shall be entitled to retain, as its sole compensation for servicing the Mortgage Loans subject to Participations hereunder, all late charges payable and collected under the terms of the Mortgage Loans.
The parties place on record that the Purchase Price agreed upon is based on the premise that all the Purchasers in the scheme will utilize the same Mortgage Originator in respect of the bond applications and accordingly appointing the Mortgage Originator will result in economic benefit and convenience for the Purchaser.
The Purchaser shall not make application for the loan referred to in Clause 24.1.1 through any person other than the Mortgage Originator appointed by the Seller without the prior written consent of the Seller.
The amended Manual shall apply to all Mortgage Loans and to all matters relating to the purchase and sale of Participations under this Agreement twenty-one (21) days after Participant sends the amendment to the Mortgage Originator.
Upon the addition of a Mortgage Loan to, or the removal of a Mortgage Loan from, any Mortgage Pool, the Mortgage Originator shall pay to the Participant the fees and expenses set forth in the Terms Addendum.
If a Mortgage Loan is foreclosed upon or is otherwise liquidated or if the Mortgage Loan is withdrawn from a Mortgage Pool to be sold to a takeout investor, the related Participation shall be repaid in full, together with any accrued interest thereon, from the proceeds of such liquidation, foreclosure or takeout sale prior to the payment of any amount to the Mortgage Originator with respect to such Mortgage Loan.