GMAC Residential Funding April 24, 2002 Mr. Steve Majerus Vice President, Secondary Marketing E-Loan, Inc. 5875 Arnold Road Dublin, California 94568 Dear Steve: SS# [ ** ] / CCID# [ ** ]
*Confidential Treatment Requested
Exhibit 10.30
GMAC Residential Funding
April 24, 2002
Xx. Xxxxx Xxxxxxx
Vice President, Secondary Marketing
E-Loan, Inc.
0000 Xxxxxx Xxxx
Xxxxxx, Xxxxxxxxxx 00000
Dear Xxxxx: SS# [ ** ] / CCID# [ ** ]
This letter shall serve as the fourth amendment (the "Commitment Amendment") to the Residential Funding Corporation ("GMAC-RFC") Master Commitment dated as October 23, 2001 by and between GMAC-RFC and E-Loan, Inc. ("Client"). Except as modified herein, all other terms and conditions of the GMAC-RFC Master Commitment not amended in the Commitment Amendment shall remain in full force and effect. This Commitment Amendment constitutes an amendment to the Client Contract and the Client Guide. To the extent the terms of this Commitment Amendment conflict with the terms of the Client Contract or the Client Guide, the terms of this Commitment Amendment shall control with respect to Loans that are the subject of this Commitment Amendment. Capitalized terms used herein but not otherwise defined shall have their respective meanings set forth in the Client Contract, the Client Guide, and the Master Commitment (if any).
For good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, GMAC-RFC and Client agree to the terms and conditions set out herein.
PRODUCT, PROGRAM and UNDERWRITING VARIANCES:
Valuations AVM's (Automated Value Models):
(Goal Line and Goal Loan)
Effective immediately, GMAC-RFC will purchase from E-Loan, Inc., Goal lines and Goal loans originated under the eligibility requirements set forth below and in the Client Guide.
For the following areas only the confidence factor of [ ** ]will now be [ ** ].
For the following areas only the current maximum property value allowed of [ ** ] is now extended to [ ** ].
High-cost area exceptions include:
California (state)
Hawaii (state)
New York City (MSA)
Boston, MA (MSA)
Seattle (MSA)
Newark, NJ (MSA)
Bergen Passaic, NJ
Portland, OR
Future
Amendments: GMAC-RFC and Client agree to notify each other when issues arise that are not addressed in this Commitment Amendment. Any amendments to this Commitment Amendment must be mutually agreed upon in writing.
Termination: GMAC-RFC may at any time in the exercise of its sole discretion terminate Client's right to sell Loans to GMAC-RFC under this Commitment Amendment with 30 days written notice by GMAC-RFC to Client. GMAC-RFC may from time to time in the exercise of its sole discretion modify or supplement any of the program criteria or requirements effective immediately upon notice by GMAC-RFC Client. Except for increasing the notice period for discretionary termination from 5 to 30 days, nothing contained in this paragraph or Commitment Amendment shall affect or limit GMAC-RFC's rights under the Client Guide to disqualify, suspend, inactivate, or terminate Client's right to sell Loans to GMAC-RFC.
Confidentiality: GMAC-RFC and Client each agree that the specific terms and provisions of this Commitment Amendment are confidential except as required by law or as may be reasonably necessary to be disclosed in connection with the sale or securitization of Loans sold to GMAC-RFC by Client.
Commitment Offer
Expiration Date: This agreement may be canceled at GMAC-RFC's option if an executed copy is not received on or before April 28, 2002.
We look forward to our continued relationship with E-Loan, Inc. If the terms of this Commitment Amendment are acceptable to you, please so indicate by executing both of the closed copies, return one original to GMAC-RFC on or before the date indicated above, and retain the other original for your records.
Sincerely,
Residential Funding Corporation
Xxxx Xxxxxxxx
Sales Director
AGREED AND ACCEPTED BY:
E-LOAN, INC.
SIGNATURE: _____________________
NAME: _____________________
TITLE: __________________
DATE: _________________