Review of Mortgage Loans. From the related Closing Date until the date 30 days after the related Closing Date, the Purchaser shall have the right to review the Mortgage Files and obtain BPOs on the Mortgaged Properties relating to the Mortgage Loans purchased on the related Closing Date, with the results of such BPO reviews to be communicated to the Company for a period up to 30 days after the related Closing Date. In addition, the Purchaser shall have the right to reject any Mortgage Loan which in the Purchaser's sole determination (i) fails to conform to Underwriting Guidelines, (ii) is underwritten without verification of the Mortgagor's income and assets and there is no credit report or FICO Score, (iii) the Purchaser deems the Mortgage Loan to not be an acceptable credit risk, or (iv) the value of the Mortgaged Property pursuant to any BPO varies by more than plus or minus 15% from the lesser of (A) the original appraised value of the Mortgaged Property or (B) the purchase price of the Mortgaged Property as of the date of origination. In the event that the Purchaser so rejects any Mortgage Loan, the Company shall repurchase the rejected Mortgage Loan at the Repurchase Price in the manner prescribed in Section 8(a) upon receipt of notice from the Purchaser of the rejection of such Mortgage Loan. Any rejected Mortgage Loan shall be removed from the terms of this Agreement. The Company shall make available all files required by Purchaser in order to complete its review, including all CRA/HMDA required data fields. To the extent that during the course of the Purchaser's initial review, the Purchaser discovers that the Mortgage Loans do not otherwise meet the Seller's Underwriting Guidelines or the terms of the Purchase Transaction, the Purchase shall have the right to carry out additional due diligence reviews, which additional due diligence shall be at the expense of the Company. Purchaser's decision to increase its due diligence review or obtain additional BPO's or other property evaluations is at its sole discretion. The additional review may be for any reason including but not limited to credit quality, property valuations, and data integrity. Any review performed by the Purchaser prior to the Closing Date does not limit the Purchaser's rights or the Company's obligations under this section.
Review of Mortgage Loans. The review of the Mortgage Loans shall be conducted pursuant to the applicable provisions of the related Purchase Price and Terms Letter at the Company's offices or such other location mutually agreed upon by the parties, for the purpose of determining whether each Mortgage Loan conforms in all material respects to the applicable terms contained in the related Purchase Price and Terms Letter, which determination shall be made in the Purchaser's reasonable and good faith discretion. Without limiting the generality of the foregoing, in the event that the Purchaser rejects Mortgage Loans comprising more than ten percent (10%) of the related Mortgage Loan Package (as measured by unpaid principal balance), provided, however, a rejection of a Mortgage Loan for credit deficiencies shall not be considered in the calculation of the ten percent (10%), the Company may, in its sole discretion, rescind its offer to sell any of the Mortgage Loans related the such Mortgage Loan Package to the Purchaser and the Company shall have no liability therefor.
Review of Mortgage Loans. From the Closing Date until 60 days after the Closing Date, the Purchaser shall have the right to review each Mortgage File, to conduct property inspections, obtain appraisal recertifications and otherwise to underwrite the Mortgage Loans and to reject any Mortgage Loan which in the Purchaser's sole opinion is an unacceptable investment. In the event that the Purchaser so rejects any Mortgage Loan, the Seller shall, no later than the 60th day following the Closing Date, repurchase the rejected Mortgage Loan in the manner prescribed in Section 7.04 at the Repurchase Price. Any rejected Mortgage Loan shall be removed from the terms of this Agreement.
Review of Mortgage Loans. 34 Section 3.05 Repurchase of Mortgage Loans that Prepay in Full: First Payment Defaults ................................. 35
Review of Mortgage Loans. (a) Prior to the related Closing Date, the Purchaser shall have the right at its own expense to review the Mortgage Files and obtain BPOs on the Mortgaged Properties relating to the Mortgage Loans purchased on the related Closing Date, with the results of such BPO reviews to be communicated to the Seller at least ten Business Days prior to the related Closing Date. In addition, the Purchaser shall have the right to reject any Mortgage Loan which in the Purchaser's sole reasonable determination (i) fails to conform to the applicable Underwriting Guidelines (unless the Mortgage Loan has been underwritten to provide for compensating factors) or (ii) the value of the Mortgaged Property pursuant to any BPO is 15% lower than the lesser of (A) the Appraised Value of the Mortgaged Property or (B) the purchase price of the Mortgaged Property as of the date of origination of the related Mortgage Loan. The Seller shall make available all files required by the Purchaser in order to complete its review, including all CRA/HMDA required data fields. Any review performed by the Purchaser prior to the related Closing Date shall not limit the Purchaser's rights or the Seller's obligations under this section.
Review of Mortgage Loans. 40 Section 3.05
Review of Mortgage Loans. Section 3.01. Representations and Warranties of the Seller. 17 Section 3.02. Representations and Warranties as to Individual Mortgage Loans. 19 Section 3.03. Repurchase; Substitution. 29
Review of Mortgage Loans. From the related Funding Date until the date 30 days after the related Funding Date, the Purchaser shall have the right to review the Mortgage Files and obtain BPOs on the Mortgaged Properties relating to the Mortgage Loans purchased on the related Funding Date, with the results of such BPO reviews to be communicated to the Seller for a period up to 30 days after the related Funding Date. In addition, the Purchaser shall have the right to reject any Mortgage Loan which in the Purchaser's sole determination (i) fails to conform to the PHH Guide, (ii) is not an acceptable credit risk, or
Review of Mortgage Loans. Section 3.01. Representations and Warranties of the Seller and the Servicer Section 3.02. Representations and Warranties as to Individual Mortgage Loans 22 Section 3.03. Repurchase; Substitution Section 3.04. Repurchase of Convertible Mortgage Loans Section 3.05. Repurchase of Mortgage Loans With Early Payment Defaults 35 Section 3.06. Purchase Price Protection 36 Section 3.07. Acknowledgment of Anti-Predatory Lending Policies 36
Review of Mortgage Loans. The Purchaser or any assignee of the Purchaser shall have the right, in connection with any alleged breach of a representation or warranty or Defective Document with respect to a Mortgage Loan, to review the related Mortgage File at any time.
