Correspondent Seller Eligibility & Documentation Requirements

the state in which the collateral is located, or the laws of the United States, and
not any tribal law, and no tribal court has exclusive jurisdiction of the same.
(36) Credit Report. Each credit report obtained in connection with the origination
of a Loan was obtained from a major credit reporting agency, and was less than
sixty (60) days old at the time of the closing of the related Loan.
(37) Obligor(s) Are Alive and Solvent. None of the Obligor(s) on such Loan is
deceased and the Loan is not subject to any pending foreclosure, bankruptcy,
insolvency, or reorganization proceeding, survey dispute, quiet title or adverse
possession claims. The debt on the Loan has not been discharged in a previously
pending bankruptcy action.
(38) Sale Transaction. Under generally accepted accounting principles the
transfer of the Loans may be treated as a sale on the books and records of the
Seller and the Seller has determined that the disposition of the Loans pursuant to
this Agreement will be afforded sale treatment for tax and accounting purposes.
(39) USA PATRIOT Act. The Seller has complied with all applicable antimoney
laundering laws and regulations, including without limitation the USA
PATRIOT Act of 2001 (collectively, the “Anti-Money Laundering Laws”) and
maintains, and will maintain, sufficient information to identify the applicable
Obligor for purposes of the Anti-Money Laundering Laws.
(40) True Information. All information and documents contained in a Loan file
are genuine and the information contained in such documents is true, accurate and
complete and such documents do not omit to state a fact necessary to make the
statements contained therein not misleading.
(41) Brokered Loans. In connection with any and all Loans that were originated
by or through mortgage brokers or otherwise acquired by Seller from a mortgage
broker; (1) the broker actually provided the goods or performed the services for
which compensation was paid to the broker and such compensation was
reasonably related to the value of the goods provided or services performed; (2)
the amount of compensation paid to the broker is reasonable in relation to the
normal and customary practices generally followed by similar lenders and brokers
in the industry; and ((3) any such compensation was fully disclosed to the
Obligors as required by law.
(42) Parties in Interest. All parties which have had any interest in the Loan,
whether as mortgagee, assignee, pledge, mortgage broker or otherwise, are (or,
during the period in which they held and disposed of such interest, were) (1) in
compliance with any and all applicable licensing requirements of the laws of the
state wherein the Mortgage Property is located, and (2) organized under the laws
of such state, or (3) qualified to do business in such state, or (4) federal savings
and loan associations or national banks having principal offices in such state, or
(5) not doing business in such state.
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