The Mortgage Purchase Contract serves as the primary document for transactions involving the sale of mortgage loans in the secondary market. This contract type is essential when financial institutions want to sell their mortgage portfolios to free up capital, manage risk, or comply with regulatory requirements. It includes detailed provisions about the quality of the mortgages, representations about their compliance with applicable laws, and specific requirements for transfer and servicing. The document is particularly relevant in the United States, where it must comply with federal regulations and state-specific requirements. It's commonly used in transactions involving both individual mortgages and mortgage pools.
Mortgage Purchase Contract for the United States
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Key Requirements PROMPT example:
Mortgage Purchase Contract
"I need a Mortgage Purchase Contract for our bank to sell a portfolio of 50 residential mortgages to an institutional investor, with servicing rights retained by us and a planned closing date of March 15, 2025."
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1. Parties: Identification of buyer and seller of the mortgage(s)
2. Background: Context of the transaction and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Purchase and Sale: Core terms of the mortgage purchase including price and quantity
5. Representations and Warranties: Statements of fact about the mortgages and parties
6. Closing Conditions: Requirements that must be met before closing
7. Purchase Price and Payment: Details of consideration and payment mechanics
8. Transfer and Delivery: Process for transferring mortgage documents and rights
9. Covenants: Ongoing obligations of the parties
10. Events of Default: Circumstances constituting default and remedies
11. Term and Termination: Duration of agreement and termination provisions
12. Governing Law: Applicable law and jurisdiction
1. Servicing Rights: Terms regarding mortgage servicing rights if included in sale
2. Interim Servicing: Provisions for servicing during transition period
3. Pool Insurance: Requirements for mortgage insurance
4. Repurchase Obligations: Terms under which seller must repurchase non-compliant mortgages
5. Secondary Market Requirements: Specific requirements for conforming to secondary market standards
1. Schedule A - Mortgage Schedule: Detailed list of mortgages being purchased including principal amounts, interest rates, and other key terms
2. Schedule B - Due Diligence Checklist: Required documentation and verification items for each mortgage
3. Schedule C - Pricing Schedule: Detailed pricing calculations and adjustments
4. Schedule D - Transfer Instructions: Procedures for transferring mortgage documents and records
5. Schedule E - Required Representations: Standard representations required for each mortgage
6. Schedule F - Servicing Transfer Requirements: Specific requirements for transferring servicing rights and responsibilities
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