Third Party Originations Sample Clauses
Third Party Originations. If the Mortgage Loan was completely or partially originated, underwritten, closed, funded or packaged by any entity other than Seller (each such mortgage loan, a “TPO Mortgage Loan”):
(a) Seller has received written authorization from the Takeout Investor to sell to MBF TPO Mortgage Loans which comply with the terms and conditions set forth in such authorization, such authorization has not been rescinded, terminated or revoked, and the sale of such TPO Mortgage Loan by MBF to the Takeout Investor will not be inconsistent with, or exceed, any limitations or restrictions stated in such authorization;
(b) Seller has implemented, and the TPO Mortgage Loan was subject to, prudent third-party origination risk management procedures which identify potential deficiencies in TPO Mortgage Loans including, but not limited to, misrepresentations of borrower income and assets and inaccuracies in appraisal reports;
(c) during the time the TPO Mortgage Loan was being originated, and at the Acquisition Date, each entity that participated in the origination of the TPO Mortgage Loan (each a “TPO”)
(i) was duly organized, validly existing and in good standing under the laws of such TPO’s state of organization and
(ii) had all licenses, registrations and certifications in all applicable jurisdictions and such licenses, registrations and certifications were in full force and effect at such times;
(d) each TPO complied with all applicable agreements, contracts, laws and regulations with respect to, and the violation of which might adversely affect, the TPO Mortgage Loan or result in any cost or liability to MBF; and
(e) the TPO and the TPO Mortgage Loan comply with all FNMA and FHLMC requirements for third party originated mortgage loans. For purposes of this representation and warranty, Seller’s use of a “contract underwriter” will not, by itself, cause a Mortgage Loan to be considered a TPO Mortgage Loan. In addition, a Mortgage Loan that is partially originated or funded by Seller’s parent corporation, or any other Affiliate of Seller, will not be considered a TPO Mortgage Loan as long as no unaffiliated third party participated in any aspect of the origination or funding of the Mortgage Loan.
Third Party Originations. In conjunction with all transactions intended for origination under this Agreement, Participant has not directly or indirectly contracted with, or entered into any agreement with any other Participant, non-participating lender, person, or other entity with respect to any aspect of its participation in the Program, or with respect to any money paid to or received by the Participant in connection with the Program, except as specifically authorized in writing by the Agency.
Third Party Originations. BANK reserves the right to advise Borrower, ------------------------ from time to time in its sole discretion, that it elects not to fund Mortgage Loans originated by any or all third party originator(s).
Third Party Originations. To, on a quarterly basis, provide Lenders with a then current list of all third party loan originators. Lenders reserve the right to advise Borrower, from time to time in its sole discretion, that they elect not to include any Mortgage Loans originated by any or all third party originator(s) in the Borrowing Base.