The Mortgage Loan Sale Agreement is essential for financial institutions engaging in the secondary mortgage market in the United States. It is used when a lender wishes to sell part or all of their mortgage loan portfolio to another institution, often for liquidity management, risk transfer, or regulatory compliance purposes. The agreement must address complex regulatory requirements at both federal and state levels, including consumer protection laws, securities regulations, and specific state mortgage lending requirements. It typically includes detailed schedules of the loans being sold, representations about their quality, and specific procedures for transferring loan documentation and servicing rights.
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1. Parties: Identifies the seller and purchaser of the mortgage loans
2. Background/Recitals: Sets forth the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Purchase and Sale: Details the fundamental transaction and purchase price
5. Closing: Specifies closing date, conditions, and mechanics
6. Representations and Warranties: Seller's and purchaser's representations regarding the loans and their authority
7. Covenants: Ongoing obligations of the parties
8. Remedies: Rights and remedies in case of breach
9. Governing Law: Specifies applicable law and jurisdiction
1. Securitization Provisions: Required if loans will be securitized. Include when loans are intended for securitization
2. Servicing Transfer Provisions: Details transfer of servicing rights. Include when servicing rights are being transferred
3. MERS Provisions: Requirements for MERS-registered loans. Include when loans are registered with MERS
1. Mortgage Loan Schedule: Detailed list of all loans being sold with key characteristics
2. Due Diligence Criteria: Standards for loan review and acceptance
3. Required Documents: List of required documentation for each loan
4. Form of Assignment: Template for loan assignment documentation
5. Purchase Price Calculation: Methodology for calculating purchase price
6. Transfer Instructions: Detailed procedures for transferring loans and documents
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