Common use of Licensed Application Clause in Contracts

Licensed Application. ▇▇▇▇▇▇ ▇▇▇ licenses to Licensee, a mortgage lender that is not a party to a ▇▇▇▇▇▇ Mae Mortgage Selling and servicing Contract (a “Non-Approved Lender”), the application known as Desktop Underwriter®, or DU®, and related APIs (the “Licensed Application”) pursuant to this Schedule and the Master Terms and Conditions between ▇▇▇▇▇▇ ▇▇▇ and Licensee (the “Master Terms”), into which this Schedule is incorporated (together, the “Agreement”). As of the effective date of this Schedule, the Licensed Application provides certain automated underwriting functionality, including those designed to: a. support and facilitate Licensee’s electronic underwriting of Mortgage Loan Applications or performance of Prequalification Analyses; b. generate certain recommendations, underwriting findings (including Codified Findings), underwriting analyses and other reports; c. facilitate the communication and exchange of data between Licensee and consumer reporting agencies accessible through the Credit Retrieval Module; d. validate certain loan application data where Licensee has been given access to the DU Validation Service; and e. facilitate Licensee’s access to certain mortgage scorecards maintained by or on behalf of the U.S. Federal Housing Administration (the “FHA”) and the U.S. Department of Veterans Affairs (the “VA”).