Correspondent Seller Eligibility & Documentation Requirements

CORRESPONDENT FLOW AGREEMENT
THIS CORRESPONDENT FLOW AGREEMENT (the “Agreement”) is made this
____day of __________200__between U.S. Bank National Association, a national banking
association with offices located at 205 West Fourth Street, Cincinnati, OH 45202, on behalf of
itself and its applicable affiliates (collectively "Buyer"), and ___________________,
a_______________ with its principal place of business located at
____________________________________________________________ (the “Seller”).
RECITALS:
A. Seller is engaged in the business of making and originating fixed and adjustable rate,
closed-end single family residential mortgage loans to individual Obligors (the
“Obligors”) (which loans, together with all documents evidencing, securing or in any
way related to the origination and closing of such loans, are hereinafter referred to as
the “Loans”). Seller has proposed to offer to sell such Loans to Buyer from time to
time subject to Buyer’s review and acceptance of all or any one of such Loans.
B. The Loans are evidenced by promissory notes (the “Notes”) and secured by deeds of
trust, mortgages or other security instruments (the “Mortgages”) covering improved
real estate (the “Mortgaged Property”).
C. Seller wishes to originate certain Loans for Buyer to purchase in accordance with the
provisions of this Agreement.
NOW, THEREFORE, in consideration of the mutual promises, covenants and
undertakings hereinafter provided, Seller and Buyer agree as follows:
SECTION 1. PURCHASE AND SALE OF LOANS. Seller shall sell to Buyer on a
nonexclusive basis, and Buyer shall purchase from Seller, Loans originated by Seller pursuant to
the terms of this Agreement and the policy guidelines provided to Seller from time to time Sale
Guidelines (collectively referred to in this Agreement as “Sale Guidelines”). This Agreement
and the Sale Guidelines; however, in the event of a discrepancy between the provisions of this
Agreement and the Sale Guidelines, the provisions of this Agreement shall control. Seller may
offer to sell a Loan, or Loans, to Buyer from time to time by submitting to Buyer a loan list or
spreadsheet. Neither party shall be obligated to sell or purchase (as the case may be) any Loans,
unless and until both parties have approved the sale and purchase of any particular Loan(s).
Notwithstanding the foregoing, Seller shall be obligated to deliver any Loan to Buyer on a
mandatory basis that Seller registers with Buyer in accordance with the Sale Guidelines, as long
as: (i) Seller actually closes the Loan or causes the Loan to be closed with a third party; and (ii)
Buyer has not rejected such Loan for purchase.
SECTION 2. THE SALE GUIDELINES. Seller agrees to comply with all terms,
procedures and provisions of the Sale Guidelines. The Sale Guidelines sets forth Buyer’s
requirements with respect to the purchase of each Loan by Buyer.
USBCF Correspondent Flow Agreement (Rev. 031408-01) 1 of 1