Correspondent Seller Eligibility & Documentation Requirements

More documents

Recommendations

Info

SECTION 27. TRANSFER OF SERVICING RIGHTS AND PMI. Seller shall use all efforts to assist Buyer in the transfer from Seller to Buyer of servicing rights for each Loan, including assisting Buyer with any notices to private mortgage insurance companies. SECTION 28. DELIVERY OF MORTGAGE DOCUMENT. With respect to each Loan, the Seller shall cause by no later than ninety (90) days after the Settlement Date, the original recorded Mortgage and, if applicable, the prior assignment of mortgage to be delivered to Buyer if they have not yet been returned from the County Records Office. The Seller shall pay the out of-pocket costs incurred in connection with such acts. SECTION 29. LOCATION OF MORTGAGED PROPERTY. The loans to be purchased pursuant to the terms of this Agreement shall be secured by real property located in all states of the United States and the District of Columbia, except as otherwise disclosed in the Sale Guidelines except Buyer reserves the right, on a loan by loan basis to elect to purchase loans secured by property in those excepted states at its sole discretion. SECTION 30. LENDER’S OBLIGATIONS. Seller shall, upon reasonable notice from Buyer, provide Buyer with access to Seller’s operations, records, and documentation to determine Seller’s compliance and monitoring with representations, warranties and covenants made by Seller herein or submitted with the Correspondent Approval Package, including but not limited to the Quality Control Policy, Wholesale approval process, and Wholesale monitoring and evaluation process. The parties shall agree on a mutually convenient date for each such audit within fifteen (15) days of Seller’s receipt of an audit notice. The audit will be conducted within 45 days of receipt of audit notice. If the parties are unable to do so, then Buyer may, in its sole discretion, suspend the purchase of loans until the parties reach agreement on the audit date. Annually, Seller shall, within forty-five (45) days after receipt, furnish Buyer with a copy of its state broker license (or equivalent, if applicable) for each state in which business is or will be conducted with Buyer. SECTION 31. SURVIVAL OF REPRESENTATIONS, WARRANTIES AND INDEMNIFICATIONS. All representations, warranties and indemnifications under this Agreement shall survive the termination of this Agreement and shall be deemed given and shall not be diminished by any or all underwriting or processing of information, data or documents or the omission to underwrite or process said information, data or document supplied to Buyer under this Agreement. SECTION 32. CONSTRUCTION. This Agreement shall not be construed more strictly against Buyer merely by virtue of the fact that the same has been prepared by Buyer or its counsel, it being recognized that Seller has had the opportunity to consult with counsel concerning same. Seller acknowledges and waives any claim contesting the existence and the adequacy of the consideration given by Buyer in entering into this Agreement. [signature page to follow] USBCF Correspondent Flow Agreement (Rev. 031408-01) 20 of 20
IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth above. SELLER: _____________________________ By: __________________________ Name: ________________________ Title: _________________________ BUYER: U.S. BANK NATIONAL ASSOCIATION By: ____________________________ Name: __________________________ Title: ___________________________ USBCF Correspondent Flow Agreement (Rev. 031408-01) 21 of 21
Page 1 and 2: Correspondent Seller Eligibility &
Page 3 and 4: GENERAL COMPANY INFORMATION Company
Page 5 and 6: U.S. BANK CONSUMER FINANCE CORRESPO
Page 7 and 8: U.S. BANK CONSUMER FINANCE CORRESPO
Page 9 and 10: CORRESPONDENT FLOW AGREEMENT THIS C
Page 11 and 12: license, approval or authorization
Page 13 and 14: (5) Mortgage Property Not Subject t
Page 15 and 16: (18) Adjustable Loans. If the Note
Page 17 and 18: entering into the Loan or signing a
Page 19 and 20: (43) Prior Servicing. Each Loan has
Page 21 and 22: failure to perform any of its oblig
Page 23 and 24: SECTION 11. INDEPENDENT CONTRACTORS
Page 25 and 26: (g) Disclosure to Third Parties. If
Page 27: SECTION 19. ASSIGNMENT. Seller may
Page 31 and 32: STATE OF ___________________) ) ss

Correspondent Seller Eligibility & Documentation Requirements

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?