Application Receipt and Review Sample Clauses

Application Receipt and Review. 3.6.1 Upon receipt of an Application for review from an Applicant, FMER will review the data for completeness according to the eligibility standards in the Program Guidelines. If any necessary data are outstanding, FMER will use commercially reasonable efforts to secure such data from the Applicant on behalf of SunTrust as required by the Program Guidelines. After receipt of complete data relating to a particular Applicant, FMER will review such data and, on a preliminary basis, apply the standards in the Program Guidelines with respect to loan underwriting and determine whether the Applicant is credit approved for a Loan in accordance with the Program Guidelines. FMER shall adhere to minimum custom credit and FICO scores and credit tiers as set forth in the Program Guidelines. Application review shall initially be conducted using FMER’s automated Online Application System. If any part of the Application process cannot be conducted on an automated basis by the Online Application System, but instead must be performed manually, such manual performance shall not cause unnecessary delay and the performance of any such manual process shall be completed in accordance with the service standards set forth in the Program Guidelines.
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Application Receipt and Review. The Parties hereby amend the second paragraph of Section 3.6.1 of the Agreement by deleting it in its entirety and inserting the following in replacement thereof: “Applications shall be submitted via the Online Application System; provided, however, that neither FMC, FMER, nor an Origination Subcontractor shall input Application information into the Online Application System or submit an Application online on behalf of an Applicant. Application review shall initially be conducted on an automated basis. If any part of the Application process up until an initial credit decision has been rendered cannot be conducted on an automated basis, but instead must be performed manually by FMER, such manual performance shall not cause unnecessary delay and the performance of any such manual process shall be completed in accordance with the service standards set forth in the Program Guidelines and in accordance with Requirements of Law.”
Application Receipt and Review. 3.6.1 Upon receipt of an Application for review from an Applicant, FMER will review the data for completeness according to the eligibility standards in the Program Guidelines. If any necessary data are outstanding, FMER will use commercially reasonable efforts to secure such data from the Applicant on behalf of Lender as required by the Program Guidelines. After receipt of complete data relating to a particular Applicant, FMER will review such data and, on a preliminary basis, apply the standards in the Program Guidelines with respect to loan underwriting and determine whether the Applicant is credit approved for a Loan in accordance with the Program Guidelines. FMER shall adhere to minimum custom credit and FICO scores and credit tiers as set forth in the Program Guidelines.
Application Receipt and Review. 3.6.1 Upon receipt of an Application for review from a Primary Applicant and Secondary Applicant, if applicable, FMER will review the data for completeness according to the standards in the Guidelines. If any necessary data is outstanding, FMER will use commercially reasonable efforts to secure such data from the Primary Applicant and Secondary Applicant, if applicable, on behalf of SunTrust as required by the Guidelines. After receipt of complete data relating to the Primary Applicant and Secondary Applicant, if applicable, FMER will review such data and, on a preliminary basis, apply the standards in the Guidelines with respect to loan underwriting and determine whether the Primary Applicant and Secondary Applicant, if applicable, is/are credit approved for a Loan in accordance with the Guidelines. FMER shall adhere to maximum FMC Custom Scores, minimum FICO scores, and credit tiers as set forth in the Guidelines. Application review shall initially be conducted using FMER’s automated Online Application System. If any part of the Application process cannot be conducted on an automated basis by the Online Application System, but instead must be performed manually, such manual performance shall not cause unnecessary delay and the performance of any such manual process shall be completed in accordance with the Guidelines. FMER will respond promptly to all inquiries that it or SunTrust may receive from any Applicant concerning the status of an Application. SunTrust will promptly forward to FMER Application status inquiries from Applicants that SunTrust receives.

Related to Application Receipt and Review

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