Early Purchase Program definition

Early Purchase Program means a purchase program offered by the Company to certain of its Correspondents that provides for the early purchase and sale of Mortgage Loans by a Correspondent to the Company. Such purchase and sale is subject to the Company’s holdback of a percentage of the related purchase price while the Company, through the Service Provider, completes its due diligence and ensures that such Mortgage Loans meet the eligibility requirements of the Correspondent Lending Program.
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Examples of Early Purchase Program in a sentence

  • The fee described in clause (a) shall accrue and be payable monthly not later than the last Business Day of each month from and after the execution of the Early Purchase Program documentation.

  • With respect to each Early Purchase Program, the Service Provider shall be entitled to fees that accrue (a) at a rate equal to $1,500 per annum, and (b) in the amount of $35 with respect to each Mortgage Loan purchased by the Company thereunder.

  • With respect to each Early Purchase Program, the Service Provider shall be entitled to fees that accrue (a) at a rate equal to $25,000 per annum, and (b) in the amount of $50 with respect to each Mortgage Loan purchased by the Company thereunder.

  • Notwithstanding anything in the Agreement to the contrary, the Service Provider shall not be entitled to collect the Early Purchase Program Fees described in clause (b) above with respect to any Mortgage Loans purchased by the Company under an Early Purchase Program to the extent the Service Provider already collected Warehouse Fees with respect to such Mortgage Loan under a Facility.

  • With respect each Purchased Asset that is an Early Purchase Program Loan, the applicable Agency documents list Buyer as the sole subscriber of the Related Security.

  • Seller may submit to Bank of America for purchase under the Early Purchase Program all mortgage loan products and/or mortgage loan types as set forth in, and subject to any additional requirements of, Exhibit A (such mortgage loan products and mortgage loan types, “EPP Loans”).

  • Seller acknowledges that prior to Bank of America’s purchase of EPP Loans under the Early Purchase Program, Bank of America will not have an opportunity to complete a full review of the mortgage files, information and documents relating to such EPP Loans.

  • With respect to each Early Purchase Program, through June 30, 2025, the Service Provider shall be entitled to fees that accrue (a) at a rate equal to $1,500 per annum, and (b) in the amount of $35 with respect to each Mortgage Loan purchased by the Company thereunder.

  • The current amounts of these fees, as well as the current amounts of any other fees which are applicable under the Early Purchase Program, are set forth in Exhibit J.

  • As such, title to each EPP Loan that Bank of America purchases under the Early Purchase Program shall pass from Seller to Bank of America upon receipt by Seller or its agent of the Initial Purchase Price as described more fully in Section 3 herein.