Common use of Status Updates Clause in Contracts

Status Updates. ILSI Loans may be transmitted to FMN for further processing at any stage of the application process. Thus, either or both FMN and ILSI may conduct specific processing tasks for ILSI Loans prior to closing and funding; however, the parties agree to work together to ensure that the services provided are not duplicative. Once an ILSI Loan has been transmitted to FMN, FMN shall update the processing system and/or the Website database with the status of the loan processing as agreed between ILSI and FMN but at a minimum wherever indicated below. Furthermore, as soon as possible, FMN will begin to notify the borrower of all status changes as they occur and will work with ILSI to create an automated system that will update the Website with such status changes and transmit electronic messages to borrowers by October 15, 1998.