No Construction Loans. The Mortgage Loan was not made in connection with (a) the construction or rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or exchange of a Mortgaged Property. FORM OF COMPLIANCE CERTIFICATE COMPLIANCE CERTIFICATE SELLER: [NAME OF APPLICABLE SELLER] ADMINISTRATIVE AGENT: JPMORGAN CHASE BANK, N.A. a national banking association TODAY’S DATE: / / REPORTING PERIOD ENDED: month(s) ended _ / / This certificate is delivered to Administrative Agent under the Master Repurchase Agreement dated effective as of November , 2013, between Sellers and Administrative Agent (the “Agreement”), all the defined terms of which have the same meanings when used herein. I hereby certify that with respect to Seller indicated above: (a) I am, and at all times mentioned herein have been, the duly elected, qualified, and acting Chief Financial Officer of Seller; (b) to the best of my knowledge, the Financial Statements of Seller from the period shown above (the “Reporting Period”) and which accompany this certificate were prepared in accordance with GAAP and present fairly the financial condition of Seller as of the end of the Reporting Period and the results of its operations for Reporting Period; (c) a review of the Agreement and of the activities of Seller during the Reporting Period has been made under my supervision with a view to determining Seller’s compliance with the covenants, requirements, terms, and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of the existence as of the date hereof) of any Default or Event of Default with respect to any Seller, except as disclosed herein (which specifies the nature and period of existence of each Default or Event of Default, if any, and what action Seller has taken, is taking, and proposes to take with respect to each); (d) the calculations described on the pages attached hereto evidence that Seller is in compliance with the requirements of the Agreement at the end of the Reporting Period (or if Seller is not in compliance, showing the extent of non-compliance and specifying the period of non-compliance and what actions Seller proposes to take with respect thereto); (e) Seller was, as of the end of the Reporting Period, in compliance and good standing with applicable CL, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac, and HUD net worth requirements; (f) this certificate is being delivered by me in my capacity as the Chief Financial Officer of Seller and not in my personal capacity. By: Name: Title: Chief Financial Officer SELLER: REPORTING PERIOD ENDED: / / All financial calculations set forth herein are as of the end of the Reporting Period.1
Appears in 1 contract
No Construction Loans. The Mortgage Loan was not made in connection with (a) the construction or rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or exchange of a Mortgaged Property. FORM OF COMPLIANCE CERTIFICATE COMPLIANCE CERTIFICATE SELLER: [NAME OF APPLICABLE SELLER] ADMINISTRATIVE AGENTAMERIHOME MORTGAGE COMPANY, LLC BUYER: JPMORGAN CHASE BANK, N.A. a national banking association TODAY’S DATE: / / REPORTING PERIOD ENDED: month(s) ended _ / / This certificate is delivered to Administrative Agent Buyer under the Master Repurchase Agreement dated effective as of November August 17, 20132017 between Buyer and Seller (as amended, between Sellers and Administrative Agent (the “Agreement”), all the defined terms of which have the same meanings when used herein. I hereby certify that with respect to Seller indicated abovethat: (a) I am, and at all times mentioned herein have been, the duly elected, qualified, and acting Chief Financial Officer of Seller; (b) to the best of my knowledge, the Financial Statements of Seller from the period shown above (the “Reporting Period”) and which that accompany this certificate were prepared in accordance with GAAP and present fairly in all material respects the financial condition of Seller as of the end of the Reporting Period and the results of its operations for Reporting Period; (c) a review of the Agreement and of the activities of Seller during the Reporting Period has been made under my supervision with a view to determining Seller’s compliance with the covenants, requirements, terms, terms and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of the existence as of the date hereof) of any Default or Event of Default with respect to any SellerDefault, except as disclosed herein (which disclosure specifies the nature and period of existence of each Default or Event of Default, if any, and what action Seller has taken, is taking, taking and proposes to take with respect to each); (d) the calculations described on the pages attached hereto evidence that Seller is in compliance with the requirements of the Agreement at the end of the Reporting Period (or if Seller is not in compliance, showing the extent of non-compliance noncompliance and specifying the period of non-compliance noncompliance and what actions Seller proposes to take with respect thereto); ) and (e) Seller was, as of the end of the Reporting Period, in compliance with the applicable net worth requirements of, and in good standing with applicable with, CL, F▇▇▇▇▇ M▇▇, G▇▇▇▇▇ M▇▇, F▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac, Mac and HUD net worth requirements; (f) this certificate is being delivered by me in my capacity as the Chief Financial Officer of Seller and not in my personal capacityHUD. By: Name: Title: Chief Financial Officer SELLER: REPORTING PERIOD ENDED: / / All financial calculations set forth herein are as of the end of the Reporting Period.1Officer
1. Master Repurchase Agreement
2. Side Letter
Appears in 1 contract
No Construction Loans. The Mortgage Loan was not made in connection with (a) the construction or rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or exchange of a Mortgaged Property. FORM OF COMPLIANCE CERTIFICATE COMPLIANCE CERTIFICATE SELLER: [NAME OF APPLICABLE SELLER] ADMINISTRATIVE AGENT▇▇▇▇▇▇ MORTGAGE COMPANY BUYER: JPMORGAN CHASE BANK, N.A. a national banking association TODAY’S DATE: / / ____/____/____ REPORTING PERIOD ENDED: ______ month(s) ended ____/____/____ / / This certificate is delivered to Administrative Agent Buyer under the Master Repurchase Agreement dated effective as of November July __, 20132011, between Sellers and Administrative Agent Buyer (the “Agreement”), all the defined terms of which have the same meanings when used herein. I hereby certify that with respect to Seller indicated above: (a) I am, and at all times mentioned herein have been, the duly elected, qualified, and acting Chief Financial Officer Treasurer of Seller; (b) to the best of my knowledge, the Financial Statements of Seller and any footnotes thereto from the period shown above (the “Reporting Period”) and which accompany this certificate were prepared in accordance with GAAP and present fairly the financial condition of Seller as of the end of the Reporting Period and the results of its operations for Reporting Period; (c) a review of the Agreement and of the activities of Seller during the Reporting Period has been made under my supervision with a view to determining Seller’s compliance with the covenants, requirements, terms, and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of the existence as of the date hereof) of any Default or Event of Default with respect to any Seller, except as disclosed herein (which specifies the nature and period of existence of each Default or Event of Default, if any, and what action Seller has taken, is taking, and proposes to take with respect to each); (d) the calculations described on the pages attached hereto evidence that Seller is in compliance with the requirements of the Agreement at the end of the Reporting Period (or if Seller is not in compliance, showing the extent of non-compliance and specifying the period of non-compliance and what actions Seller proposes to take with respect thereto); and (e) Seller was, as of the end of the Reporting Period, in compliance and good standing with applicable CL, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac, and HUD net worth requirements; (f) this certificate is being delivered by me in my capacity as the Chief Financial Officer of Seller and not in my personal capacity. By: Name: Title: Chief Financial Officer Treasurer SELLER: REPORTING PERIOD ENDED: / / ____/____/____ All financial calculations set forth herein are as of the end of the Reporting Period.1Period.
I. TANGIBLE NET WORTH Shareholder’s equity: $ Minus: intangible assets – goodwill, intellectual property, etc. $ Minus: capitalized servicing rights $ Minus: Employee Loans (unless they are advances against commissions) $ Minus: Assets pledged to secure liabilities not included in Debt $ Minus: Advances or loans to Shareholders and Affiliates $ Minus: Any assets unacceptable to Buyer or Agencies $ Minus: Unconsolidated Investments in Affiliates (including any unconsolidated Subsidiary) $ Minus: deferred tax assets, pledged assets, assets deemed unacceptable by Agencies and assets unacceptable to Buyer or CL (per definition) $ TANGIBLE NET WORTH: $
II. ADJUSTED TANGIBLE NET WORTH Tangible Net Worth (from above): $ Plus: Lesser of (i) 1.00% times unpaid principal balance of Seller’s Mortgage Loans with Servicing Rights and (ii) capitalized value of Seller’s Servicing Rights $ Plus: Qualified Subordinated Debt: $ Minus: 100% of net book value of Mortgage Loans held for investment $ Plus: Lesser of (A) 50% of net book value of Mortgage Loans held for investment and (B) net book value of Mortgage Loans held for investment $ Minus: net book value of REO Property $ Plus: Lesser of (A) 50% of net book value of REO Property and (B) net book value of REO Property Minus: 50% of net book value of other illiquid investments $ ADJUSTED TANGIBLE NET WORTH: $ In compliance? Yes No
III. DEBT OF SELLER Total Liabilities $ Plus: off balance sheet debt: $ Minus: loan loss reserves (if included in liabilities): $ Minus: deferred taxes arising from capitalized excess servicing fees: $ Minus: operating leases $ Minus: Qualified Subordinated Debt $ DEBT: $
IV. LEVERAGE RATIO: DEBT TO ADJUSTED TANGIBLE NET WORTH Debt (from above): $ Adjusted Tangible Net Worth: $ In compliance? Yes No
V. MAXIMUM FACILITY RATIO Total Available Facilities: $ Adjusted Tangible Net Worth (from above): $ In compliance? Yes No
VI. LIQUIDITY TO TOTAL ASSETS Cash Equivalents: $ Available Purchase Price under Agreement $ Total Liquidity $ Total Assets $ LIQUIDITY AS A PERCENTAGE OF TOTAL ASSETS ___% Amount of Liquidity Required 3% of Total Assets In compliance? Yes No
VII. CURRENT RATIO Current Assets $ Current Liabilities $
1.05:1 In compliance? Yes No
VIII. NET INCOME (tested each fiscal quarter)/NET LOSS (tested each fiscal quarter) Net Income for most recently ended full fiscal quarter: $ Minimum required: $1.00 In compliance? Yes No Net Operating Loss for first fiscal quarter $ Maximum permitted: $1,000,000 In compliance? Yes No
IX. PERMITTED DEBT Yes No Yes No Yes No X. PRODUCTION Residential Mortgage Loans Funded $ $ Commercial Loans Funded * $ $ * Commercial loans include 5 or more unit multi-family properties and mixed use properties. Banked Loan Production $ $ Brokered Loan Production $ $ TOTAL VOLUME $ $ Retail as % of Total % % TPO Loans as a % of Total % % Correspondent as a % of Total** % % TOTAL (Must = 100%) % % *Correspondent loans are defined as those that are purchased as closed loans from third parties. Government as % of Total % % Conventional as % of Total % % Jumbo as % of Total % % Alt A as % of Total % % Subprime as % of Total % % Second Mortgages as % % % Other (Describe) % % Total (Must = 100%) % % Purchase as % of Total % % Refinance as a % of Total % % TOTAL (Must = 100%) % % Average FICO % % Average LTV % % Average CLTV
Appears in 1 contract
No Construction Loans. The Mortgage Loan was not made in connection with (a) the construction or rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or exchange of a Mortgaged Property. FORM OF COMPLIANCE CERTIFICATE COMPLIANCE CERTIFICATE SELLER: [NAME OF APPLICABLE SELLER] Quicken Loans Inc. ADMINISTRATIVE AGENT: JPMORGAN CHASE BANK, N.A. a national banking association TODAY’S DATE: / / REPORTING PERIOD ENDED: month(s) ended _ / / This certificate is delivered to Administrative Agent under the Master Repurchase Agreement dated effective as of November May 2, 20132013 among Seller, between Sellers and Administrative Agent and the Buyers party thereto (as amended, the “Agreement”), all the defined terms of which have the same meanings when used herein. I hereby certify that with respect to on behalf of Seller indicated abovethat: (a) I am, and at all times mentioned herein have been, am the duly elected, qualified, and acting [Chief Financial Officer Officer] [Chief Executive Officer][President] of Seller; (b) to b)to the best of my knowledge, the Financial Statements financial statements of Seller from for, and as of the end of, the period shown above (the “Reporting Period”) and which that accompany this certificate were prepared in accordance with GAAP and present fairly in all material respects the financial condition condition, results of operations, cash flows and changes in shareholders’ equity of Seller and its consolidated Subsidiaries as of the end of of, and for, the Reporting Period Period, all subject, in the case of monthly or quarterly Financial Statements, to normal year-end audit adjustments and the results a lack of its operations for Reporting Periodfootnotes; (c) a review of the Agreement and of the activities of Seller during the Reporting Period has been made under my supervision with a view to determining Seller’s compliance with the covenants, requirements, terms, terms and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of the existence as of the date hereof) of any Default or Event of Default with respect to any SellerDefault, except as disclosed herein (which disclosure specifies the nature and period of existence of each Default or Event of Default, if any, and what action Seller has taken, is taking, taking and proposes to take with respect to each); (d) the calculations described on the pages attached hereto evidence that Seller is in compliance with the related requirements of the Agreement at the end of the Reporting Period (or if Seller is not in compliance, showing the extent of non-compliance noncompliance and specifying the period of non-compliance noncompliance and what actions Seller proposes to take with respect thereto); ) and (e) Seller was, as of the end of the Reporting Period, in compliance with the applicable net worth requirements of, and in good standing with applicable CLwith, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac, Mac and HUD net worth requirements; (f) this certificate is being delivered by me in my capacity as the Chief Financial Officer of Seller and not in my personal capacityHUD. By: Name: Title: [Chief Financial Officer Officer] [Chief Executive Officer][President] SELLER: Quicken Loans Inc. REPORTING PERIOD ENDED: / / All financial calculations set forth herein are as of the end of of, or for, the Reporting Period.1Period.
I. ADJUSTED TANGIBLE NET WORTH
II. DEBT FOR PURPOSES OF CALCULATING SELLER’S LEVERAGE RATIO DEBT: $
III. LEVERAGE RATIO: DEBT TO ADJUSTED TANGIBLE NET WORTH RATIO OF DEBT/ADJUSTED TANGIBLE NET WORTH: [***]
Appears in 1 contract
Sources: Master Repurchase Agreement (Rocket Companies, Inc.)
No Construction Loans. The Mortgage Loan was not made in connection with (a) the construction or rehabilitation of a Mortgaged Property or (b) facilitating the trade-in or exchange of a Mortgaged Property. FORM OF COMPLIANCE CERTIFICATE COMPLIANCE CERTIFICATE SELLER: [NAME OF APPLICABLE SELLER] ADMINISTRATIVE AGENTPULTE MORTGAGE LLC, a Delaware limited liability company BUYER: JPMORGAN CHASE BANK, N.A. N.A., a national banking association TODAY’S DATE: / / ____/____/____ REPORTING PERIOD ENDED: _____ month(s) ended ____/____/____ / / This certificate is delivered to Administrative Agent Buyer under the Master Repurchase Agreement dated effective as of November September 30, 2013, 2009 between Sellers Seller and Administrative Agent Buyer (the “Agreement”), all the defined terms of which have the same meanings when used herein. I hereby certify that with respect to Seller indicated abovethat: (a) I am, and at all times mentioned herein have been, the duly elected, qualified, and acting Chief Financial Officer of Seller; (b) to the best of my knowledge, the Financial Statements of Seller from the period shown above (the “Reporting Period”) and which accompany this certificate were prepared in accordance with GAAP and present fairly the financial condition of Seller as of the end of the Reporting Period and the results of its operations for Reporting Period; (c) a review of the Agreement and of the activities of Seller during the Reporting Period has been made under my supervision with a view to determining Seller’s compliance with the covenants, requirements, terms, and conditions of the Agreement, and such review has not disclosed the existence during or at the end of the Reporting Period (and I have no knowledge of the existence as of the date hereof) of any Default or Event of Default with respect to any SellerDefault, except as disclosed herein (which specifies the nature and period of existence of each Default or Event of Default, if any, and what action Seller has taken, is taking, and proposes to take with respect to each); (d) the calculations described on the pages attached hereto evidence that Seller is in compliance with the requirements of the Agreement at the end of the Reporting Period (or if Seller is not in compliance, showing the extent of non-compliance and specifying the period of non-compliance and what actions Seller proposes to take with respect thereto); (e) Seller was, as of the end of the Reporting Period, in compliance and good standing with applicable CL, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac, Mac and HUD net worth requirements; (f) this certificate is being delivered by me in my capacity as the Chief Financial Officer of Seller and not in my personal capacity. By: :________________________ Name: :______________________ Title: Chief Financial Officer SELLER: :_______________________ REPORTING PERIOD ENDED: / / All financial calculations set forth herein are as of the end of the Reporting Period.1Period.
Appears in 1 contract