Common use of Loan Submission Clause in Contracts

Loan Submission. 2.1 Secure One Capital hereby authorizes Mortgage Broker/Correspondent to submit Application Packages to Secure One Capital based on current Underwriting Guidelines and pricing information then in effect. Mortgage Broker/Correspondent agrees to submit Application Packages to Secure One Capital that are taken directly by Mortgage Broker/Correspondent and in compliance with all applicable state and federal laws, and in accordance with the Underwriting Guidelines then in effect. 2.2 Secure One Capital shall make available to Mortgage Broker/Correspondent the current Approval Requirements, which may be withdrawn or modified at any time by Secure One Capital in its sole discretion. Mortgage Broker/Correspondent agrees that the most current version of the Approval Requirements as of the date an Application Package is submitted shall be applicable to that Application Package. Mortgage Broker/ Correspondent acknowledges and agrees that the Approval Requirements are intended solely to facilitate the receipt and processing of Application Packages for underwriting and loan processing by Secure One Capital, and that compliance by Mortgage Broker/Correspondent with the Approval Requirements does not obligate Secure One Capital to accept or to underwrite any Application Package submitted by Mortgage Broker/Correspondent. 2.3 As to each Borrower for whom an Application Package is submitted to Secure One Capital, Mortgage Broker/Correspondent agrees and covenants that, if so required by applicable law, Mortgage Broker/Correspondent: (i) has agreed in writing with the Borrower to act as the Borrower's authorized agent to negotiate a Loan, including the payment of appropriate compensation, if any; and (ii) will provide Secure One Capital a copy of the written agreement between Mortgage Broker/Correspondent and Borrower. Secure One Capital may deem Mortgage Broker/Correspondent to be acting in such agency capacity for the Borrower for all purposes of the transactions contemplated by this Agreement. 2.4 Upon receipt of a completed Application Package from Mortgage Broker/Correspondent, Secure One Capital, in its sole discretion, may underwrite and approve/deny such Application Package on the basis of Secure One Capital's then current Approval Requirements and secondary market standards. Nothing in this Agreement constitutes a representation or commitment by Secure One Capital that Secure One Capital will extend credit to any Borrower. The determination as to the creditworthiness of any Borrower, including the terms and conditions of a Loan, shall be made by Secure One Capital in Secure One Capital's sole discretion and shall be final and conclusive. Without limiting the foregoing, Secure One Capital shall have the right, in its sole discretion, to approve the terms proposed in an Application Package for a Loan, the creditworthiness of the Borrower and the adequacy of the security for a Loan. Mortgage Broker/Correspondent shall not represent to any person, including Borrower that Secure One Capital has approved or will approve an Application Package, or that Secure One Capital has issued or will issue a binding commitment to fund a Loan. All information contained in an Application Package shall be subject to Secure One Capital's independent verification. However, Secure One Capital's independent verification (or lack thereof) of any Application Package shall not reduce, waive or otherwise modify any of the rights or remedies of Secure One Capital provided in this Agreement or by law. All information and documentation to be utilized in connection with such Application Packages and Loans, including loan applications, requests for deposit verifications, state and federal consumer disclosures, promissory notes, security documents, deeds of trust and mortgages, shall be on forms in conformance with all applicable state and federal laws and regulations, the Approval Requirements, and this Agreement. 2.5 If Secure One Capital, in its sole discretion, approves an Application Package, Secure One Capital may issue an approval letter setting forth the conditions upon which Secure One Capital will fund the subject Loan, along with the expiration date of the approval (the "Approval Letter"). Secure One Capital shall have no obligation to fund a Loan prior to fulfillment of all funding conditions contained in, or after expiration of, the Approval Letter. 2.6 Secure One Capital shall not be obligated to fund any Loan that does not, in the Secure One Capital's sole discretion, comply with the current Agreement or any exhibits thereto, the related Approval Letter or the Approval Requirements. 2.7 All Loans shall close in Secure One Capital's name with funds provided by Secure One Capital. At the time of the closing of the Loan, Mortgage Broker/Correspondent agrees to assign to Secure One Capital all of Mortgage Broker/Correspondent’s right, title and interest in and to the subject Loan, the Application Package, and all material relating to the Loan of whatever nature or kind.

Loan Submission. 2.1 Secure One Capital First Community Mortgage Inc. hereby authorizes Mortgage Broker/Correspondent Broker to submit Application Packages to Secure One Capital FCM based on current Underwriting Guidelines and pricing information then in effecteffect. Mortgage Broker/Correspondent Broker agrees to submit Application Packages to Secure One Capital FCM. that are taken directly by Mortgage Broker/Correspondent and Broker in compliance with all applicable state and federal laws, and in accordance with the Underwriting Guidelines then in effecteffect. 2.2 Secure One Capital First Community Mortgage Inc. shall make available to Mortgage Broker/Correspondent Broker the current Approval Requirements, which may be withdrawn or modified modified at any time by Secure One Capital Lender in its sole discretion. Mortgage Broker/Correspondent Broker agrees that the most current version of the Approval Requirements as of the date an Application Package is submitted shall be applicable to that Application Packageapplicable. Mortgage Broker/ Correspondent Broker acknowledges and agrees that the Approval Requirements are intended solely to facilitate the receipt and processing of Application Packages for underwriting and loan processing by Secure One CapitalFirst Community Mortgage Inc., and that compliance by Mortgage Broker/Correspondent Broker with the Approval Requirements does not obligate Secure One Capital FCM to accept or to underwrite any Application Package submitted by Mortgage Broker/Correspondent. 2.3 As Mortgage Broker agrees and covenants that as to each Borrower for whom an Application Package is submitted to Secure One CapitalFirst Community Mortgage Inc., Mortgage Broker/Correspondent agrees and covenants that, if so required by applicable law, Mortgage Broker/Correspondent: (i) has agreed in writing with the Borrower to act as the Borrower's authorized agent to negotiate a Loan, including the payment of appropriate compensation, if any; and (ii) will provide Secure One Capital Lender a copy of the written agreement between Mortgage Broker/Correspondent Broker and Borrower. Secure One Capital ; and (iii) Lender may deem Mortgage Broker/Correspondent Broker to be acting in such agency capacity for the Borrower for all purposes of the transactions contemplated by this Agreement. 2.4 Upon receipt of a completed Application Package from Mortgage Broker/Correspondent, Secure One CapitalFirst Community Mortgage Inc., in its sole discretion, may underwrite and approve/deny such Application Package on the basis of Secure One Capital's FCM’s then current Approval Requirements and secondary market standards. Nothing in this Agreement constitutes a representation or commitment by Secure One Capital that Secure One Capital FCM will extend credit to any Borrower. The , and the determination as to the creditworthiness of any Borrower, including the terms and conditions of a Loan, shall be made by Secure One Capital in Secure One Capital's sole discretion and shall be final and conclusive. Without limiting the foregoing, Secure One Capital FCM shall have the right, in its sole discretion, to approve the terms proposed in an Application Package for a Loan, the creditworthiness of the Borrower and the adequacy of the security for a Loan. Mortgage Broker/Correspondent Broker shall not represent to any person, including Borrower that Secure One Capital Lender has approved or will approve an Application Package, or that Secure One Capital Lender has issued or will issue a binding commitment to fund a Loan. All information contained in an Application Package shall be subject to Secure One Capital's FCM.’s independent verificationverification. However, Secure One Capital's First Community Mortgage Inc.’s independent verification verification (or lack thereof) of any Application Package shall not reduce, waive or otherwise modify any of the rights or remedies of Secure One Capital provided in this Agreement or by lawhereunder. All information and documentation to be utilized in connection with such Application Packages and Loans, including loan applications, requests for deposit verificationsverifications, state and federal consumer disclosures, promissory notes, security documents, deeds of trust and mortgages, shall be on forms approved by First Community Mortgage Inc., in conformance with all applicable state and federal laws and regulations, the Approval Requirements, and this Agreement. 2.5 If Secure One CapitalFirst Community Mortgage Inc., in its sole discretion, approves an Application Package, Secure One Capital ; FCM may issue an approval letter setting forth the conditions upon which Secure One Capital Lender will fund the subject Loan, along with the expiration date of the approval (the "Approval Letter"). Secure One Capital FCM shall have no obligation to fund a Loan loan prior to fulfillment of all funding conditions contained in, or after expiration of, the Approval Letter. 2.6 Secure One Capital First Community Mortgage Inc. shall not be obligated to fund any Loan that does not, in the Secure One Capital's FCM’s sole discretion, comply with the current Agreement or any exhibits thereto, the related Approval Letter or the Approval FCM’s Requirements. 2.7 All Loans shall close in Secure One Capital's First Community Mortgage Inc.’s name with funds provided by Secure One CapitalFCM. At the time of the closing of the Loan, Mortgage Broker/Correspondent Broker agrees to assign to Secure One Capital Lender all of Mortgage Broker/Correspondent’s Broker right, title and interest in and to the subject Loanloan, the Application Package, and all material relating to the Loan of whatever nature or kind.