Common use of Mortgage Loan Application Processing Clause in Contracts

Mortgage Loan Application Processing. For each Customer who applies for a Mortgage Loan, SL shall arrange for the receipt by the Customer, as promptly as practicable under the circumstances, and in any event in accordance with applicable law, of (i) the Mortgage Loan application for the Customer to review and sign accompanied by a request for appropriate Customer documents and (ii) all Mortgage Loan disclosures completed, as appropriate, in the name of SRT. In addition, and to the extent required or permitted under SRT Underwriting Guidelines, as applicable, SL shall: (i) verify the Customer’s credit history; (ii) if requested by SRT, obtain an appraisal or other appropriate valuation of the real property that will secure the Customer’s Mortgage Loan; (iii) cause to be conducted a review of or report on the status of the legal title to the real property prepared by a qualified title company or other entity acceptable to SL and SRT; (iv) evaluate the employment history of the Customer’s principals; (v) evaluate information provided with respect to the Customer by SRT; (vi) perform such other underwriting functions as ▇▇ ▇▇▇▇▇ appropriate; and (vii) communicate a loan decision or counteroffer to the Customer in accordance with all applicable laws. SL shall have the right to select all settlement service providers utilized in fulfilling the processing described hereunder.