DUS Lender definition

DUS Lender means a lender approved by ▇▇▇▇▇▇ ▇▇▇ as a full Delegated Underwriting and Servicing lender under the agreements, rules, guides and regulations as may be in effect from time to time as promulgated by ▇▇▇▇▇▇ Mae.
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DUS Lender means any lender acceptable to the Construction Lender, which has been approved by ▇▇▇▇▇▇ ▇▇▇, and is in good standing, as a lender authorized to originate and deliver permanent mortgage loans to ▇▇▇▇▇▇ ▇▇▇ under DUS. With respect to a particular Project, "DUS Lender" means the lender to whom ▇▇▇▇▇▇ ▇▇▇ confirms a Forward Commitment for the Project, or any other DUS lender selected by ▇▇▇▇▇▇ ▇▇▇ pursuant to Section 5.5 of this Agreement.
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Examples of DUS Lender in a sentence

  • Pursuant to the terms of the Credit Agreement and Guarantee and Collateral Agreement, Agent may perform or cause the Loan Parties to perform under the Fannie Mae Contracts during the Fannie Mae Disposition Period; provided, however, that the financial institution acting as Agent shall, to the extent applicable, maintain strict separation of operations and confidentiality of information in its capacity as Agent and its capacity as a DUS Lender.

  • However, ▇▇▇▇▇▇ ▇▇▇ reserves the right to change or modify its procedural requirements for documenting, delivery and servicing of the Permanent Mortgage Loan by the DUS Lender.

  • MMI is and shall remain a DUS Lender and a Special Lender under the terms and conditions of the Special Purchase Agreement.

  • The actual effective gross income shall be based on ▇▇▇▇▇▇ ▇▇▇ Form 4243, June 97 (or as subsequently revised) (“▇▇▇▇▇▇ ▇▇▇ Form 4243”) and shall include only rental income from the residential rental units, garage, parking, laundry and commercial space income and any “other income” to the extent permitted by the DUS Guide and used by the DUS Lender in underwriting and approving the Permanent Mortgage Loan.

  • The terms and conditions on which ▇▇▇▇▇▇ ▇▇▇ commits to purchase the Permanent Mortgage Loan from a substitute DUS Lender may be either (a) equivalent to the terms and conditions of the Forward Commitment or (b) such other terms and conditions as ▇▇▇▇▇▇ ▇▇▇ may require provided that, absent a material change in facts relating to the Borrower, the Key Principals or the Project, such other terms and conditions will not be more restrictive than the terms of the Forward Commitment.

  • Notwithstanding the foregoing, if the Borrower Default is an event described under Section 8.1(1)(i) or (iv) hereof, ▇▇▇▇▇▇ ▇▇▇ shall not terminate the Forward Commitment if, within a reasonable period of time as shall be determined by ▇▇▇▇▇▇ ▇▇▇, the Construction Lender and the DUS Lender obtain a Substitute Borrower (in accordance with the provisions of Section 5.4 hereof).

  • If the Variable Rate Option is selected, the Construction Lender and the DUS Lender, in consultation with the Borrower, may elect to convert any remaining undisbursed Advances to the Fixed Rate Option at any time up until 90 days prior to the Final Delivery Date.

  • Upon execution by the Construction Lender and the DUS Lender, the Certificate of Loan Terms will constitute a binding contractual agreement by ▇▇▇▇▇▇ ▇▇▇ to provide, and by Construction Lender to repay, a Construction Advance Loan with respect to the Project on the terms and conditions set forth in the Certificate of Loan Terms and this Agreement.

  • The DUS Lender has obtained a certificate of the Borrower, or other evidence satisfactory to ▇▇▇▇▇▇ ▇▇▇, confirming that all funds reflected on the Borrower's sources and uses of funds statement, including but not limited to all equity contributions to the Borrower required to be paid in as of the time of Mortgage Loan Delivery, have been received by the Borrower and have been properly invested in the Project as of the time of Mortgage Loan Delivery.

  • To effect a conversion to the Fixed Rate Option, the DUS Lender must make an MCODES Submission to fix or "rate lock" the interest rate applicable to subsequent Advances under the Construction Advance Loan and to set the Hedge Fee.