Loan Submission Clause Samples
Loan Submission. 2.1 Secure One Capital hereby authorizes Mortgage Broker/Correspondent to submit Application Packages to Secure One Capital based on current Underwriting Guidelines and pricing information then in effect. Mortgage Broker/Correspondent agrees to submit Application Packages to Secure One Capital that are taken directly by Mortgage Broker/Correspondent and in compliance with all applicable state and federal laws, and in accordance with the Underwriting Guidelines then in effect.
2.2 Secure One Capital shall make available to Mortgage Broker/Correspondent the current Approval Requirements, which may be withdrawn or modified at any time by Secure One Capital in its sole discretion. Mortgage Broker/Correspondent agrees that the most current version of the Approval Requirements as of the date an Application Package is submitted shall be applicable to that Application Package. Mortgage Broker/ Correspondent acknowledges and agrees that the Approval Requirements are intended solely to facilitate the receipt and processing of Application Packages for underwriting and loan processing by Secure One Capital, and that compliance by Mortgage Broker/Correspondent with the Approval Requirements does not obligate Secure One Capital to accept or to underwrite any Application Package submitted by Mortgage Broker/Correspondent.
2.3 As to each Borrower for whom an Application Package is submitted to Secure One Capital, Mortgage Broker/Correspondent agrees and covenants that, if so required by applicable law, Mortgage Broker/Correspondent: (i) has agreed in writing with the Borrower to act as the Borrower's authorized agent to negotiate a Loan, including the payment of appropriate compensation, if any; and (ii) will provide Secure One Capital a copy of the written agreement between Mortgage Broker/Correspondent and Borrower. Secure One Capital may deem Mortgage Broker/Correspondent to be acting in such agency capacity for the Borrower for all purposes of the transactions contemplated by this Agreement.
2.4 Upon receipt of a completed Application Package from Mortgage Broker/Correspondent, Secure One Capital, in its sole discretion, may underwrite and approve/deny such Application Package on the basis of Secure One Capital's then current Approval Requirements and secondary market standards. Nothing in this Agreement constitutes a representation or commitment by Secure One Capital that Secure One Capital will extend credit to any Borrower. The determination as to the creditworthiness...
Loan Submission. “Loan Packages” submitted by Broker for funding consideration shall include, without limitation, information regarding an applicant’s credit, collateral, income, employment, liquid assets and other Information that MFG requires for funding consideration. Broker shall perform such other functions required under the program guidelines, MFG’s underwriting and secondary marketing requirements, and MFG’s other requirements for funding consideration, each as amended from time to time. Broker shall use its facilities and personnel in lieu of MFG providing its own facilities and personnel and shall provide or perform the services set forth in this Agreement at Broker’s expense and in exchange for MFG considering a loan for funding and payment of Fees (defined below). Broker will provide MFG with documentation and information necessary to consider each Loan for funding and to sell each Loan, both before and after funding, as reasonably required by MFG. MFG’s obligation to fund Loans under this Agreement is conditional and nothing in this Agreement shall require MFG to fund a Loan. Only satisfaction of each of the program guidelines, MFG’s underwriting and secondary marketing requirements and MFG’s other requirements for funding consideration, each as amended from time to time and determined in MFG’s sole discretion will obligate MFG to fund any Loan. Unless notified by MFG in writing, Broker will not represent to any person that MFG will, or has approved a Loan, or has agreed to fund a Loan. Initial Date Revised January 2014 MFG may conduct quality control reviews of the Information provided by Broker. Evidence of material misrepresentations or willful omissions, by the Broker, found during the course of such reviews or by any other means is cause for denial of a Loan application, immediate termination of this Agreement, and, if appropriate, notification to applicable federal, state, or local administrative or law enforcement agencies. The consequences of Fraud will be no less than: * Criminal Prosecution * Civil action against all parties to the transaction * Termination of this agreement * Loss of License * Adverse effect on credit history of all principals * Forced repurchase of loan
Loan Submission. No fraud, error, omission, misrepresentation, negligence or similar occurrence with respect to the loan submission or loan has taken place on the part of the Correspondent, the Borrower, or any other Person, including, without limitation, any appraiser, title company, closing or settlement agent, realtor, builder, developer or any other party involved in the origination, sale of the loan or the sale of the related mortgaged property or in the application of any insurance in relation to such loan. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. No Borrower utilized a false identity in the origination of such loan. The loan submission qualifies in all respects for the loan product offered by WINPRIME LENDING for which the loan submission is submitted. All loans sold by Correspondent to WINPRIME LENDING strictly comply with the loan level representations and warranties by the applicable governmental agency and as otherwise set forth on Loan Submission Addendum attached hereto and incorporated by this reference.
Loan Submission. The contents of all Loan packages submitted to FFFC immediately shall become the property of FFFC, and all information therein may be subject to FFFC's independent verification.
Loan Submission. 2.1 First Community Mortgage, Inc. hereby authorizes Mortgage Broker to submit Application Packages to FCM based on current Underwriting Guidelines and pricing information then in effect. Mortgage Broker agrees to submit Application Packages to FCM that are taken by Mortgage Broker in compliance with applicable state and federal laws, and in accordance with the Underwriting Guidelines then in effect.
2.2 First Community Mortgage, Inc. shall make available to Mortgage Broker the current Approval Requirements, which may be withdrawn or modified at any time by Lender in its sole discretion. Mortgage Broker agrees that the most current version of the Approval Requirements as of the date an Application Package is submitted shall be applicable. Mortgage Broker acknowledges and agrees that the Approval Requirements are intended solely to facilitate the receipt and processing of Application Packages for underwriting and loan processing by FCM, and that compliance by Mortgage Broker with the Approval Requirements does not obligate FCM to accept or to underwrite any Application Package submitted by Mortgage Broker.
2.3 Mortgage Broker agrees and covenants that as to each Borrower for whom an Application Package is submitted to First Community Mortgage, Inc., Mortgage Broker, if so required by applicable law: (i) has agreed in writing with the Borrower to act as the Borrower's authorized agent to negotiate a Loan, including the payment of appropriate compensation, if any; and (ii) will provide Lender a copy of the written agreement between Mortgage Broker and Borrower; and (iii) Lender may deem Mortgage Broker to be acting in such agency capacity for the Borrower for all purposes of the transactions contemplated by this Agreement.
2.4 Upon receipt of a completed Application Package from Mortgage Broker, First Community Mortgage, Inc., in its sole discretion, may underwrite and approve/deny such Application Package on the basis of FCM’s then current Approval Requirements and secondary market standards. Nothing in this Agreement constitutes a representation or commitment by FCM will extend credit to any Borrower, and the determination as to the creditworthiness of any Borrower, including the terms and conditions of a Loan, shall be final and conclusive. Without limiting the foregoing, FCM shall have the right, in its sole discretion, to approve the terms proposed in an Application Package for a Loan, the creditworthiness of the Borrower and the adequacy of the security...
Loan Submission. Seller shall submit to Buyer loan applications, credit information and other data (“Loan Packages”) for Loans that Seller has determined, and represents to Buyer, satisfy: (i) the terms of this Agreement, and (ii) the sales criteria agreed to by the Buyer and Seller from time to time, including, without limitation, the Underwriting Score Card and the Product Matrix which are both a part of the Sales Criteria agreed to by the Buyer and the Seller from time to time (the Underwriting Score Card, the Product Matrix and the other underwriting criteria agreed to by ▇▇▇▇▇ and Seller from time to time are hereinafter sometimes referred to collectively as the “Sales Criteria”). The initial Sales Criteria agreed to by Seller and ▇▇▇▇▇ are attached to this Agreement as Exhibit C and constitute the currently approved standards for underwriting potential borrowers and the types of loans that may be offered to such borrowers based upon the various factors set forth in such Sales Criteria. In the event of a discrepancy between the provisions of this Agreement and the Sales Criteria, the provisions of this Agreement shall control. Seller shall furnish to Buyer at Seller’s sole expense such credit, financial, and other information concerning potential borrower that Buyer may require in determining for its own account whether or not such Obligor and the Loan Package to be offered is acceptable to Buyer in its sole and absolute discretion. Notwithstanding the foregoing, it is the intention of Seller that Loans will be made available to Obligors pursuant to this Agreement and that such Loans that meet the requirements set forth in this Agreement and the Sales Criteria will be made available to Buyer for purchase pursuant to the terms of this Agreement until such time as Buyer shall provide Seller thirty (30) days prior notice that Buyer will thereafter discontinue purchasing Loans from Seller pursuant to the terms of this Agreement.