Common use of Services and Scope to be Performed Clause in Contracts

Services and Scope to be Performed. In accordance with customary and generally accepted industry procedures, with all City-determined originating and underwriting procedures and with any specific procedures agreed upon and lead by the Contractor, as agent for the City, and on behalf of the City, shall: a) Obtain the borrower’s completed pre-application package after it has been received and reviewed by the City of Durham, and analyze credit report to determine and document program eligibility; b) Meet with the borrower and assist with the completion of the FNMA 1003 application. The City of Durham will submit the application with supportive documentation to obtain an in-file credit report on each applicant; c) Assist with the review of all applications, credit history and income to determine eligibility for a loan; d) Assist with the underwriting and origination of City loans complete with all documentation and information obtained from the borrower for the determination of the eligibility and approval of the borrower and property being purchased or rehabilitated; e) Ensure that all documents and mortgage loan requests are in compliance with the City’s guidelines relative to debts and income ratios, income analysis, appraisal, credit history etc., as outlined in the City of Durham’s Reference Guide for Residential Mortgage Loans, City of Durham Forgivable Mortgage Loan Programs and City of Durham Rehabilitation Forgivable Mortgage Loan Program; f) Ensure ▇▇▇▇▇▇▇ monies are deposited and communicate with City staff and others involved in the loan process to obtain information and documents necessary to complete the first mortgage loan approval; g) Prepare all documents that are customary and appropriate to properly document, secure, and make loans enforceable; h) Coordinate and schedule loan closings with the borrower(s) and closing attorney(s), along with preparation and submission of request for funds for the first and second mortgage to the City. A detailed list that outlines specific loan terms, payment, Loan-to Value etc., will be submitted to the City along with the request for funds; i) Prepare all required closing documents for the City’s first or second position loan and deliver the originals to the closing attorney for the scheduled closing; j) Engage legal counsel with assistance from the borrower satisfactory to the City to provide opinions as to the validity of liens or encumbrances on all property related to the loan, or which will require a search of the Secretary of State and/or Register of Deeds’ records in order to determine the validity of such lien(s); k) In the event title insurance is required by the City, the Agent will ensure that the title insurance policy names the City as mortgagee or beneficiary with the applicable loan position. Additionally, agent will ensure that all necessary title information and coverage is updated in order for the City to continue to be protected; l) Submit a complete file to include all loan related information and documents pertaining to the City’s first and second loan upon completion of the loan closing; m) Continue to provide lending assistance relative to current lending practices, policies and procedures; n) Provide the same originating and underwriting needs and requirements for first and second mortgage loans for subordinations, assumptions, and refinancing.