GNMA, Xxxxxxx Mac and Xxxxxx Mae Securities; Current; Mortgage File; Warranty; Review. The Servicer has no obligation to Purchase Mortgage Loans unless such Mortgage Loans are eligible for inclusion in a GNMA Security, Xxxxxxx Mac Security or a Xxxxxx Mae Security; provided, however, that a Mortgage Loan shall not be considered ineligible for inclusion in a GNMA Security as a result of any failure by the Servicer to take such actions as are necessary to obtain GNMA Commitments pursuant to Section 3.01 of the Servicing Agreement. All Mortgage Loans must be current at the time of Purchase by the Servicer. Within ten (10) Business Days after the Mortgage Lender has closed the Mortgage Loan, or such shorter time as the Servicer shall require (but not less than seven (7) days), the Mortgage Lender shall deliver to the Servicer all of the necessary documents (collectively, the “Mortgage File’’). The Mortgage Lender hereby warrants that all permitted copies will be true and accurate copies of the respective original documents and instruments. The Servicer shall have at least five (5)Business Days, beginning on the day following receipt of the Mortgage File to review such documents and instruments prior to Purchase, and will return to the Mortgage Lender, for appropriate curative action pursuant to Section 4.12, any such document or instrument which is defective in any material respect. Upon resubmittal, said review period shall begin anew with the same time parameters as set forth above.
Appears in 5 contracts
Samples: Mortgage Origination Agreement, Mortgage Origination Agreement, Mortgage Origination Agreement
