DELEGATED UNDERWRITING definition
DELEGATED UNDERWRITING. The Correspondent is hereby authorized as a delegated underwriter for the programs listed below and is authorized to make credit commitments on behalf of GMACM in compliance with applicable law and the Correspondent Manual. Unless and until notified otherwise by GMACM, Correspondent is authorized as a delegated underwriter for programs outlined in the GMACM Product Matrix to a maximum loan amount of $650,000. Loans in excess of $650,000 and sub-prime and high LTV loans require exception approval and are underwritten at GMACM.
DELEGATED UNDERWRITING. The Correspondent is hereby authorized as a delegated underwriter for the programs listed below and is authorized to make credit commitments on behalf of GMACM in compliance with applicable law and the Correspondent Manual. Unless and until notified otherwise by GMACM, Correspondent is authorized as a delegated underwriter for programs outlined in the GMACM Product Matrix to a maximum loan amount of $650,000. Loans in excess of $650,000 and sub-prime and high LTV loans require exception approval and are underwritten at GMACM. Correspondent, at its own expense, shall furnish to GMACM all credit data, financial statements, real estate information, and such additional items as GMACM, from time to time, may require. In addition, Correspondent, at its own expense, shall perform such other functions as GMACM may require to close, fund, and complete the Loan transaction. Prior to purchase of the Loan by GMACM and after purchase, if required, Correspondent agrees to execute such assignments, endorsements, or other documentation as necessary to transfer ownership of the Loan to GMACM and/or such other assignee as may be designated by GMACM, concurrent with the closing of such Loan or as GMACM may otherwise direct. Correspondent shall deliver to GMACM all Loan documents required by the Correspondent Manual, within the applicable time period required in the Correspondent Manual and commitment confirmation. If Correspondent fails to make proper and timely required delivery in connection with any registration or reservation ("registration"), the parties agree and acknowledge that GMACM will suffer damages, including, but not necessarily limited to, the decline in market value of the Loan, processing costs, investment losses, and obligations to investors to whom a registered Loan has been committed, legal costs incurred as a result of non-delivery and in enforcement of GMACM's rights, and Correspondent shall be liable for all such damages and other damages incurred by GMACM, in addition to any other rights, remedies or damages of GMACM at law, in equity or under this Agreement. All Loans will be purchased in accordance with pricing and options provided in the Correspondent Manual. Any change in pricing policy shall be effective only by written amendment of the Correspondent Manual or other written notice by GMACM to Correspondent. All Loans which Correspondent desires to sell to GMACM under this Agreement must be registered with GMACM subject to any limitations in the C...
Examples of DELEGATED UNDERWRITING in a sentence
National Correspondent Division DELEGATED UNDERWRITING ADDENDUM TO CORRESPONDENT ORIGINATION AND SALES AGREEMENT This Delegated Underwriting Addendum to Correspondent Origination and Sales Agreement ("Addendum") is entered into this 25th day of April, 1997, by and between DIME MORTGAGE, INC., its successors and assigns, ("DIME") and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, Inc.