BCB Bank definition
Examples of BCB Bank in a sentence
The loan files maintained by BCB Bank contain originals or true, correct and complete copies of the documents relating to each Loan and the information contained in such loan files with respect to each such Loan is true, complete and accurate in all material respects and in compliance with all applicable laws and regulations, except where the failure to so comply, either individually or in the aggregate, would not have a Material Adverse Effect on BCB.
Each Loan included in a pool of Loans originated or acquired by BCB Bank (a “Pool”) meets all eligibility requirements (including, without limitation, all applicable requirements for obtaining mortgage insurance certificates and loan guaranty certificates) for inclusion in such Pool.
Except as set forth in Schedule 4.29(d) of the BCB Disclosure Schedules, BCB Bank is not subject to recourse in connection with any Loans sold by it for (i) losses on liquidation of a loan, (ii) borrower defaults or (iii) repurchase obligations upon the occurrence of non-payment.
All escrow, custodial, and suspense accounts related to the Loans are held in BCB Bank’s name or the investor’s name by BCB Bank.
BCB Bank has not and currently does not originate any FHA or VA Loans.
BCB Bank has credited to the account of borrowers all interest required to be paid on any escrow account in accordance with applicable law and the terms of such agreements and loan documents.
The loan documents relating to each Loan maintained in the loan files of BCB Bank were in compliance with all applicable laws and regulations at the time of the origination, assumption or modification of such Loan, as the case may be, except where the failure to so comply, either individually or in the aggregate, would not have a Material Adverse Effect on BCB.
Neither BCB nor Berks County Bank has been notified that principal and interest with respect to any such loan or other credit accommodation will not be paid when due or that the loan grade classification accorded such loan or credit accommodation by BCB Bank is inappropriate.
All escrow accounts have been maintained by BCB Bank and, to BCB’s knowledge, all prior servicers, in material compliance with the related loan documents, all applicable laws, rules, regulations, and requirements of governmental authorities.
Except as set forth in the loan documents maintained in the loan files by BCB Bank, to BCB’s knowledge, no mortgagor has been released from such mortgagor’s obligations with respect to the applicable Loan.