STANDARD LOAN PURCHASE AND SALE AGREEMENT

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STANDARD LOAN PURCHASE AND SALE AGREEMENT

STANDARD LOAN PURCHASE AND SALE AGREEMENT

Re: Borrower Name:

Property Address:

This loan purchase and sale agreement ("Agreement") effective as of the ___ day of ___________, 20___ ("Effective

Date"), is entered into by and between __________________ ("Buyer") and _____________________ ("Seller") (each, a

"Party" or, collectively, the "Parties").

WHEREAS, Seller owns and desires to sell the Mortgage Loan(s) described above or referenced in Exhibit A to Buyer, and

Buyer wishes to acquire the Mortgage Loan(s) from Seller.

NOW, THEREFORE, in consideration of the mutual promises and respective representations and warranties contained

herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the

Parties agree as follows:

1. Definitions. In addition to the terms defined elsewhere in this Agreement, the following definitions shall apply to this

Agreement:

"Applicable Law" means any federal, state or local constitution, statute, rule, regulation or similar legal requirement

applicable to the Mortgage Loan(s), including but not limited to the Fair Debt Collection Practices Act and the

Gramm-Leach-Bliley Act concerning financial privacy, and any applicable and valid order, verdict, judgment or decree.

"Confidential Information" means all information, including but not limited to, records, documents, technology, software,

trade secrets, and financial and business information, whether oral or written, disclosed or made available to a Party or to

which a Party is given access pursuant to this Agreement by the other Party. Confidential Information does not include any

information which, at the time of disclosure, is: (i) generally known by the public; (ii) received from an unaffiliated third

party without a breach by the receiving Party or such third party of any confidentiality obligation; (iii) information that has

been independently developed by the receiving Party; (iv) required to be disclosed by operation of law upon reasonable

advice of counsel; or (v) as to Buyer, information contained in the Mortgage Loan(s) documents acquired pursuant to this

Agreement.

"Sale Date" means _______________ or such other date as the Parties mutually agree.

2. Agreement to Sell and Purchase. On the Sale Date, Buyer agrees to purchase from Seller and Seller agrees to sell to

Buyer, all of Seller's right, title and interest in and to the Mortgage Loan(s). The acquisition of the Mortgage Loan(s) under

this Agreement will be on a servicing released basis and be subject to the respective representations, warranties and

covenants of the Parties set forth in this Agreement.

3. Buyer Deposit. Buyer agrees to submit a deposit with the signed Purchase and Sale Agreement of $_________. This

deposit consists of: 1) a deposit toward the purchase price of the Note of the greater of2% of the purchase price or $1500

that is credited towards the amount due in closing. 2) a $150 charge for the creation and recording of the new Assignment of

the deed/mortgage to the new Buyer. 3) a Buyer Sales Processing Fee for purchases up to $1 Million of 50 Basis Points

(0.5%) of the Note purchase price with a minimum fee of $450; additional purchase amounts over $1 Million will be

charged 25 Basis Points (0.25%).

Standard Loan Purchase and Sale Agreement


Deposits are refunded if the sale is not closed due to no fault of the Buyer. Deposit is forfeited if the sale is not closed

within the designated time frames due to non performance by the Buyer.

4. Seller Sale Processing Fee. Seller agrees to pay a Seller Sale Processing Fee that is based on Purchase Price and is paid

from the Seller's net proceeds in escrow/closing as follows:

Note Status Up to $1M Over $1M add Minimum Fee

Newly Originated 0.2% 0.1% $450

Performing 1.0% 0.5% $450

Non Performing 3.0% 1.0% $450

Newly Originated Loans: 20 Basis Points (0.2%) of the Purchase Price for Note purchases up to $1M with a minimum of

$450; additional purchase amounts over $1M will be charged 10 Basis Points (0.1 %).

Performing Loans: 1% of the Purchase Price for Note purchases up to $1M with a minimum of $450; additional purchase

amounts over $1M will be charged 50 Basis Points (0.5%).

Non Performing Loans: 3% of the Purchase Price for Note purchases up to $1M with a minimum of $450; additional

purchase amounts over $1M will be charged 1%.

Loan Pools: Fee is prorated based on the status of the Notes in the pool.

5. Sale Price. The sale price to be paid by Buyer to Seller for the Mortgage Loan acquired pursuant to this Agreement shall

be $_______________. Buyer shall pay the sale price to the Seller in immediately available funds on the Sale Date through

the chosen escrow/closing service. Buyer shall be entitled to all payments applicable to the Mortgage Loan(s) received by

Seller on and after the Sale Date; Seller shall forward any such payments it receives to the Buyer. If on the Sale Date a

foreclosure proceeding or other legal process is pending regarding the Mortgage Loan(s), Seller shall pay all costs and

expenses incurred prior to the Sale Date, Buyer shall (subject to counsel's consent to represent Buyer and Buyer's consent to

continue using counsel) pay all costs and expenses on and after the Sale Date.

6. Assignment and Delivery of Mortgage Loan. Buyer agrees to have the assignment(s) of the Mortgage Loan(s) prepared

as required. Seller shall provide Buyer with all collateral files, and information which may contain notes, deeds and original

notarized assignment no later than 14 days from purchase date. Seller shall send RESPA "goodbye" letters to Obligators in

accordance with applicable law within 5 days of purchase closing and send or email within 2 days copies to Buyer or

Buyer's designated servicer. Buyer or their designated servicer shall send RESPA "welcome" letters to Obligators in

accordance with applicable law. As of the transfer date, all rights, Obligations, Liabilities and responsibilities with respect to

the servicing of the Mortgage Loans shall pass to Buyer or Buyer's designated servicer. The seller shall have no obligation

to perform any servicing activities with respect to the Mortgage Loan(s) after the Sale Date, except those required by law.

Buyer shall pay any recording fees or similar expenses due and payable on account of the assignments contemplated in this

section 4. Seller shall further cooperate with Buyer should Buyer need any other document or other items executed and

delivered to Buyer in connection with the sale of the Mortgage Loan(s).

7. Servicing. Servicing of the Mortgage Loan(s) will be transferred from the Seller to the Buyer or their designated servicer

as soon as reasonably practical after the Sale Date, in accordance with Seller's usual procedures. In accordance with

Standard Loan Purchase and Sale Agreement


Applicable Law, Seller and Buyer shall respectively provide the borrower of the Mortgage Loan(s) with any required notice

of transfer of servicing rights and notice of Buyer's acquisition of the Mortgage Loan(s).

8. Seller Representations and Warranties. Seller represents and warrants to Buyer that Seller is the owner of the

Mortgage Loan(s), has the right to transfer and sell the Mortgage Loan(s) to Buyer, that the lien position presented is correct

(for example the Mortgage Loan is a 1st position or in 2nd position), that, if the Seller originated the Mortgage Loan, that all

Applicable Laws were followed in the origination of the Mortgage Loan or if Seller was assigned the Mortgage Loan, that to

the best of Seller's knowledge all Applicable Laws were followed in connection with the origination of the Mortgage Loan.

Seller agrees to buy back any loan listed in attached Exhibit A for 30 days after purchase date, found not to be a valid deed

of trust or mortgage as of the date of purchase, for full prorated purchase price. EXCEPT AS SPECIFICALLY SET FORTH

IN THIS SECTION 6, SELLER MAKES NO OTHER REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED,

REGARDING THE MORTGAGE LOAN. THE MORTGAGE LOAN IS BEING SOLD TO BUYER "WITHOUT

RECOURSE", EXCEPT AS SPECIFICALLY SET FORTH HEREIN.

9. Buyer Representations and Warranties. Buyer represents and warrants to Seller that Buyer is an individual or is an

entity that is duly organized, validly existing and in good standing under the laws of Buyer's state of formation. Buyer has

the power and all licenses, permits, authorizations and approvals (governmental, corporate or otherwise) necessary to carry

on its business and perform its obligations under this Agreement, if needed. Buyer is in compliance with all Applicable

Laws relating to this Agreement, including being duly licensed, if needed, to acquire and/or service Mortgage Loans in each

state in which such license is required. The execution or performance of this Agreement by Buyer will not violate Buyer's

formation documents or any material contract or other instrument to which it is a party or by which it is bound and will not

violate any outstanding judgment, order, injunction, law, rule or regulation to which it is subject. Buyer will perform all acts

under this Agreement, and will own and service the Mortgage Loan(s) hereafter, in strict compliance with all Applicable

Law.

10. Confidentiality. Except as expressly provided in this Section 8 or with the other Party's prior written consent, both

Parties agree to hold all Confidential Information of the other Party in confidence. Confidential Information shall be deemed

the exclusive property of the disclosing Party. Neither Party, during the term and after termination of this Agreement, shall

disclose any Confidential Information of the other Party to any person (other than its own directors, officers, employees,

agents and contractors who must have such information for the performance of a Party's obligations under this Agreement)

or use any Confidential Information for purposes other than those contemplated by this Agreement. The Parties agree that

monetary damages for breach of the obligations under this Section 8 may not be adequate and that the non-disclosing Party

shall be entitled to injunctive relief with respect to a breach thereof.

11. Relationship of Parties. The Parties acknowledge and agree that the purchase and sale of the Mortgage Loans was

negotiated as an arms-length transaction and nothing in this Agreement is to be construed to constitute the Parties as

employer/employee, franchiser/franchisee, agent/principal, partners, joint ventures, co-owners or otherwise as participants in

a joint or common undertaking.

12. Modification of Agreement. This Agreement contains the entire agreement between the parties relating to the

Mortgage Loan; there are no other agreements express or implied. Buyer specifically acknowledges that it has not purchased

the Mortgage Loan(s) in reliance on any other representation or statement of Seller or Seller's representatives not contained

in this Agreement. Only an instrument in writing signed by the Parties may modify this Agreement.

Standard Loan Purchase and Sale Agreement


13. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of

California. The Parties agree to submit to the jurisdiction of California courts sitting in the County of Orange.

14. Indemnification. In addition to the repurchase obligations set forth in paragraph 6, supra:

a. Buyer agrees to indemnify, defend and hold Seller harmless from and against any and all claims, suits, actions,

liability, losses, expenses (including reasonable attorney's fees), or damages (collectively "Damages") which may

hereafter arise, which Seller may sustain arising out of any breach of Buyer's warranties, representations, or

covenants as set forth in this Agreement.

b. Seller agrees to indemnify, defend and hold Buyer harmless from and against any and all claims, suits, actions,

liability, losses, expenses (including reasonable attorney's fees), or damages (collectively "Damages") which may

hereafter arise, which Buyer may sustain due to or arising out of any breach of Seller's representations, warranties, or

covenants as set forth in this Agreement.

15. No Waivers; Remedies Cumulative; Survival. The waiver of any breach of this Agreement shall not be construed to

be a waiver of any other or subsequent breach. All remedies afforded by this Agreement for a breach hereof shall be

cumulative; that is, in addition to all other remedies provided for herein or by law or in equity. The provisions of Sections 6,

7, 8, 12 and 13 shall survive sale and transfer of the Mortgage Loan(s) to Buyer and any termination of this Agreement.

16. Notice. Except as otherwise provided herein, all notices required under this Agreement shall be in writing and delivered

personally or by facsimile or by overnight delivery service or by first class mail, postage prepaid, to each party at the

address listed below. Either party may change the notice address by notifying the other party in writing. Notices shall be

deemed received upon receipt, electronic confirmation of delivery as to facsimile notices, or 3 days after deposit in the U. S.

Mail, whichever is applicable.

Executed as of the Effective Date.

Buyer Seller

Company: _____________________ Company: _____________________

Contact Person: _____________________ Contact Person: _____________________

Address: _____________________ Address: _____________________

_____________________ _____________________

Phone: _____________________ Phone: _____________________

Email: _____________________ Email: _____________________

Signature: _____________________ Signature: _____________________

Name: __________________ Name: _____________________

Standard Loan Purchase and Sale Agreement

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