The Mortgage Loan Purchase Agreement is used when a financial institution wishes to sell part or all of its mortgage loan portfolio to another entity. This commonly occurs in securitization transactions, portfolio sales, or as part of balance sheet management strategies. The agreement, governed by English and Welsh law, details the mortgage loans being sold, purchase price, representations about the loans' quality, and transfer mechanics. It must address regulatory requirements, including those under the Financial Services and Markets Act 2000 and FCA regulations.
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Key Requirements PROMPT example:
Mortgage Loan Purchase Agreement
"I need a Mortgage Loan Purchase Agreement for a portfolio sale of 500 residential mortgages from ABC Bank to XYZ Investment Fund, with completion scheduled for March 2025, including post-completion servicing arrangements where ABC Bank will continue as servicer."
1. Parties: Identification of seller and purchaser of mortgage loans
2. Background: Context of the transaction and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transfer of mortgage loans
5. Purchase Price: Consideration and payment terms
6. Conditions Precedent: Requirements to be satisfied before completion
7. Representations and Warranties: Statements about the mortgage loans and parties
8. Completion: Process and requirements for closing the transaction
1. Post-Completion Obligations: Ongoing responsibilities after closing, used when ongoing servicing or reporting is required
2. Securitization Provisions: Requirements for securitization compliance, included when loans will be securitized
3. Data Protection: GDPR compliance provisions, required when personal data is being transferred
1. Schedule of Loans: Detailed list of mortgage loans being purchased
2. Form of Transfer: Legal documentation for transferring the loans
3. Eligibility Criteria: Requirements for loans to be included in the purchase
4. Representations and Warranties: Detailed warranties about the mortgage loans
5. Power of Attorney: Authority for purchaser to act in seller's name
Authors
Relevant legal definitions
Accrued Interest
Agreed Form
Applicable Law
Arrears
Business Day
Charge
Closing Date
Completion
Completion Date
Conditions Precedent
Cut-off Date
Data Protection Laws
Default Interest
Eligible Loan
Encumbrance
Event of Default
FCA
Financial Records
FSMA
Initial Purchase Price
Insolvency Event
Loan
Loan Agreement
Loan Files
Loss
Material Adverse Effect
Mortgage
Mortgage Conditions
Mortgage Loan
Mortgaged Property
Outstanding Principal Balance
Portfolio
Property
Purchase Price
Purchase Price Adjustment
Purchaser
Regulatory Authority
Related Security
Relevant Documents
Repurchase Price
Sale Assets
Secured Amounts
Security Interest
Seller
Servicer
Servicing Agreement
Title Deeds
Transfer
Transfer Date
Valuation Report
Warranties
Agreed Form
Applicable Law
Arrears
Business Day
Charge
Closing Date
Completion
Completion Date
Conditions Precedent
Cut-off Date
Data Protection Laws
Default Interest
Eligible Loan
Encumbrance
Event of Default
FCA
Financial Records
FSMA
Initial Purchase Price
Insolvency Event
Loan
Loan Agreement
Loan Files
Loss
Material Adverse Effect
Mortgage
Mortgage Conditions
Mortgage Loan
Mortgaged Property
Outstanding Principal Balance
Portfolio
Property
Purchase Price
Purchase Price Adjustment
Purchaser
Regulatory Authority
Related Security
Relevant Documents
Repurchase Price
Sale Assets
Secured Amounts
Security Interest
Seller
Servicer
Servicing Agreement
Title Deeds
Transfer
Transfer Date
Valuation Report
Warranties
Clauses
Sale and Purchase
Purchase Price
Payment Terms
Conditions Precedent
Completion
Representations and Warranties
Seller Warranties
Transfer of Rights
Assignment
Security Interest
Perfection of Title
Further Assurance
Repurchase Obligations
Servicing Arrangements
Data Protection
Confidentiality
Record Keeping
Notices
Set-off Rights
Anti-Money Laundering
Regulatory Compliance
Force Majeure
Severability
Entire Agreement
Amendments
Governing Law
Jurisdiction
Costs and Expenses
VAT and Taxation
Indemnification
Termination
Survival of Terms
Third Party Rights
Counterparts
Time of Essence
Agency
Powers of Attorney
Purchase Price
Payment Terms
Conditions Precedent
Completion
Representations and Warranties
Seller Warranties
Transfer of Rights
Assignment
Security Interest
Perfection of Title
Further Assurance
Repurchase Obligations
Servicing Arrangements
Data Protection
Confidentiality
Record Keeping
Notices
Set-off Rights
Anti-Money Laundering
Regulatory Compliance
Force Majeure
Severability
Entire Agreement
Amendments
Governing Law
Jurisdiction
Costs and Expenses
VAT and Taxation
Indemnification
Termination
Survival of Terms
Third Party Rights
Counterparts
Time of Essence
Agency
Powers of Attorney
Relevant Industries
Relevant Teams
Relevant Roles
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