Common use of Lending Program Clause in Contracts

Lending Program. Credit Human has established a lending program that it uses in conjunction with contractual relationships with manufactured home dealers. Under the program, the dealers submit to Credit Human applications from members for the purchase of manufactured homes. As a result, Credit Human has acquired an infrastructure, knowledge, personnel, and experience to enable it to oversee a lending program wherein the loans are secured by purchase money security interests in manufactured housing. Credit Union desires to establish a program whereby its members can borrow sums to be used by the members to purchase manufactured homes. Under the referral program when a Credit Union member is interested in purchasing a manufactured home or refinancing an existing manufactured home loan, Credit Union refers the member to Credit Human’s direct lending department. Credit Human will handle the application process, evaluate the application and if approved, will prepare the necessary documents for the establishment of the loan. Credit Human will also handle all of the closing processing on the loan.