Common use of Loan Applications Clause in Contracts

Loan Applications. The Company shall be responsible for the accurate preparation and submission of a complete Loan Package including all required property and credit information for each proposed Loan submitted. The Loan Package shall conform to Provident Funding’s policies and procedures, including those set forth on the Website, as may be modified from time to time, including policies and procedures regarding eligibility criteria and registration procedures for the making of loans based on factors such as the type of loan, loan limits, loan-to-value ratios, interest rates, points and fees, payment features, documentation requirements, and appraisal and credit standards. The Company shall not submit in any Loan Package any false or erroneous information or statements, or omit any material fact necessary to make any statement or information included in the Loan Package true, accurate and complete. For purposes of this provision, the term “submit” shall mean submitting a Loan Package to Provident Funding with false, fraudulent or erroneous information, with actual knowledge thereof; or submitting a Loan Package to Provident Funding with false, fraudulent or erroneous information after failing to follow standard practices and procedures prevalent in the mortgage banking industry which, if followed, would have led to the discovery or disclosure thereof; or submitting a Loan Package to Provident Funding with false, fraudulent or erroneous information where such information was or, under applicable mortgage banking/brokering business standards and practices, should have been within the knowledge or control of the Company.