(cc) Servicemembers Municipal Recovery Work. The Mortgagor has not notified Seller, and Seller has no knowledge, of any relief requested or allowed to the Mortgagor under the Servicemembers Civil Relief Act of 2003.
(dd) Assessment. The Mortgage File contains either (i) any property valuation acceptable to the Buyer in its sole discretion, or (ii) an appraisal of the related Mortgaged Property signed prior to the funding of the HELOC by a qualified appraiser, duly appointed by Seller, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the HELOC, and the appraisal and appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and Title XI of the Federal Institutions Reform, Recovery, and Enforcement Act of 1989 as amended and the regulations promulgated thereunder, all as in effect on the date the HELOC was originated.
(ff) Design regarding Mortgaged Possessions. No HELOC was made in connection with the construction of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property.
No document relating to the HELOC offers any contingent or extra interest in the type of participation in the earnings of your own Mortgaged Possessions otherwise a discussing regarding appreciation of the value of the fresh new Mortgaged Possessions
(hh) Zero Security Participation. The indebtedness evidenced by the Credit Agreement is not convertible to an ownership interest in the Mortgaged Property or the Mortgagor and Seller has not financed nor does it own directly or indirectly, any equity of any form in the Mortgaged Property or the Mortgagor.
(kk) Financial Filed for Recordation. The Mortgage either has been or will promptly be submitted for recordation in the appropriate governmental https://availableloan.net/installment-loans-ny/cleveland/ recording office of the jurisdiction where the Mortgaged Property is located. Except with respect to HELOCs registered with MERS, all subsequent assignments of such original Mortgage have been or will be recorded in the appropriate jurisdictions in which such recordation is necessary to perfect the liens against creditors of the Seller.
Every piece of information towards related Home mortgage Schedule accurately and you may truthfully shows what included in the relevant security document plus the Seller’s suggestions in most procedure respects
(ll) Almost every other Encumbrances. To the best of Seller’s knowledge, any property subject to any security interest given in connection with the HELOC is not subject to any other encumbrances other than a stated first mortgage with respect to a first lien HELOC or, with respect to a second lien HELOC, a stated second mortgage and encumbrances which may be allowed under the related Underwriting Guidelines.
(mm) Breakdown. Each HELOC conforms to the description thereof as set forth on the related Mortgage Loan Schedule in all material respects.
(nn) Based in You.S. No collateral (including, without limitation, the related real property and the dwellings thereon and otherwise) relating to a HELOC is located in any jurisdiction other than in one of the fifty (50) states of the United States or a territory of the United States.
(oo) Underwriting Guidelines. Each HELOC has been originated in accordance with the related Underwriting Guidelines in effect at time of origination of such HELOC; provided, however, any HELOC not underwritten in conformance with the applicable Underwriting Guidelines has been marked as an exception loan on the related Mortgage Loan Schedule and such HELOC has documented compensating factors supporting the underwriting decision. The methodology used in underwriting the extension of credit for such HELOC employs objective mathematical principles which relate to the relationship between the Mortgagor’s income, assets, and liabilities and the proposed payment. To the extent required by the applicable Underwriting Guidelines, the source of the down payment with respect to the HELOC has been verified by the related originator in accordance with such Underwriting Guidelines.
