Wholesale Lender definition
Examples of Wholesale Lender in a sentence
Upon such notification, Cendant may request MLCC to exercise its rights to terminate such Wholesale Lender for cause, and provided such request is reasonable, MLCC shall exercise such rights and terminate for cause its agreements with such Wholesale Lender.
Cendant shall notify MLCC of any Wholesale Lender that has taken, or failed to take, any action which would give MLCC the right to terminate for cause MLCC’s agreements with such Wholesale Lender.
Upon discovery by either Cendant or MLCC of a breach of any representation or warranty made by the Wholesale Lender in the Master Purchase Agreement or the Broker Agreement, as the case may be, with respect to a Program Loan that materially and adversely affects the interests of Cendant in such Program Loan, the party discovering such breach shall give prompt written notice to the other.
Cendant covenants and agrees that, except for reasonable and customary third-party fees and those specifically set forth in Section 2.01(e)(iii), 2.01(e)(iv) or 3.01(d)(iii), it shall not charge any additional fees or charges to the applicable Borrower or the applicable Wholesale Lender in connection with the closing, underwriting or purchase of any Loan.
Cendant shall promptly provide to MLCC copies of the results of any such survey and any summaries thereof, as well as copies of Wholesale Lender report cards produced by Cendant on a quarterly basis.
The foregoing notwithstanding, however, it is agreed that MLCC may enter into Wholesale Lender relationships with the Restricted Correspondent Lenders provided that the only Mortgage Loan products that shall be made available to, or purchased from, such Restricted Correspondent Lenders shall be Mortgage Loans that are not currently available to such Restricted Correspondent Lenders through Cendant.
MLCC further agrees that it shall assist Cendant, at Cendant’s sole cost and expense, in prosecuting any claim against such Wholesale Lender arising from such a breach of representation or warranty.
In connection with the Wholesale Lending Program, MLCC shall be responsible for (i) the negotiation, execution and administration of contracts and agreements with the Wholesale Lenders, and (ii) administering and monitoring the relationship with each Wholesale Lender.
Cendant acknowledges and agrees that MLCC shall have the right to so terminate any such agreements with any Wholesale Lender.
Cendant may elect to have the applicable Wholesale Lender prepare and deliver such documentation on its behalf, provided that Cendant shall make the forms of such documentation available to such Wholesale Lender.