Common use of Loan Submission Clause in Contracts

Loan Submission. “Loan Packages” submitted by Broker for funding consideration shall include, without limitation, information regarding an applicant’s credit, collateral, income, employment, liquid assets and other Information that MFG requires for funding consideration. Broker shall perform such other functions required under the program guidelines, MFG’s underwriting and secondary marketing requirements, and MFG’s other requirements for funding consideration, each as amended from time to time. Broker shall use its facilities and personnel in lieu of MFG providing its own facilities and personnel and shall provide or perform the services set forth in this Agreement at Broker’s expense and in exchange for MFG considering a loan for funding and payment of Fees (defined below). Broker will provide MFG with documentation and information necessary to consider each Loan for funding and to sell each Loan, both before and after funding, as reasonably required by MFG. MFG’s obligation to fund Loans under this Agreement is conditional and nothing in this Agreement shall require MFG to fund a Loan. Only satisfaction of each of the program guidelines, MFG’s underwriting and secondary marketing requirements and MFG’s other requirements for funding consideration, each as amended from time to time and determined in MFG’s sole discretion will obligate MFG to fund any Loan. Unless notified by MFG in writing, Broker will not represent to any person that MFG will, or has approved a Loan, or has agreed to fund a Loan. Initial Date Revised January 2014 MFG may conduct quality control reviews of the Information provided by Broker. Evidence of material misrepresentations or willful omissions, by the Broker, found during the course of such reviews or by any other means is cause for denial of a Loan application, immediate termination of this Agreement, and, if appropriate, notification to applicable federal, state, or local administrative or law enforcement agencies. The consequences of Fraud will be no less than: * Criminal Prosecution * Civil action against all parties to the transaction * Termination of this agreement * Loss of License * Adverse effect on credit history of all principals * Forced repurchase of loan

Loan Submission. “Loan Packages” submitted by Broker for funding consideration shall include, without limitation, information regarding an applicant’s credit, collateral, income, employment, liquid assets and other Information that MFG requires for funding consideration. Broker shall perform such other functions required under the program guidelines, MFG’s underwriting and secondary marketing requirements, and MFG’s other requirements for funding consideration, each as amended from time to time. Broker shall use its facilities and personnel in lieu of MFG providing its own facilities and personnel and shall provide or perform the services set forth in this Agreement at Broker’s expense and in exchange for MFG considering a loan for funding and payment of Fees (defined below). Broker will provide MFG with documentation and information necessary to consider each Loan for funding and to sell each Loan, both before and after funding, as reasonably required by MFG. MFG’s obligation to fund Loans under this Agreement is conditional and nothing in this Agreement shall require MFG to fund a Loan. Only satisfaction of each of the program guidelines, MFG’s underwriting and secondary marketing requirements and MFG’s other requirements for funding consideration, each as amended from time to time and determined in MFG’s sole discretion will obligate MFG to fund any Loan. Unless notified by MFG in writing, Broker will not represent to any person that MFG will, or has approved a Loan, or has agreed to fund a Loan. Initial Date Revised January 2014 March 24th 2015 MFG may conduct quality control reviews of the Information provided by Broker. Evidence of material misrepresentations or willful omissions, by the Broker, found during the course of such reviews or by any other means is cause for denial of a Loan application, immediate termination of this Agreement, and, if appropriate, notification to applicable federal, state, or local administrative or law enforcement agencies. The consequences of Fraud will be no less than: * Criminal Prosecution * Civil action against all parties to the transaction * Termination of this agreement * Loss of License * Adverse effect on credit history of all principals * Forced repurchase of loan