A Mortgage Loan Purchase Agreement is essential for financial institutions engaging in the secondary mortgage market in Canada. This document is typically used when a financial institution wishes to sell part or all of its mortgage portfolio to another institution, either for portfolio management, regulatory compliance, or strategic purposes. The agreement must comply with federal legislation such as the Bank Act and National Housing Act, as well as provincial property and consumer protection laws. It covers crucial elements including loan characteristics, representations and warranties, purchase price calculations, and servicing arrangements. The document is particularly important for transactions involving both CMHC-insured and conventional mortgages, requiring careful attention to Canadian mortgage regulations and transfer requirements.
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1. Parties: Identification of the seller and purchaser of the mortgage loans
2. Background: Context of the transaction and brief description of the mortgage portfolio being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Purchase and Sale: Core transaction terms including purchase price, payment mechanisms, and closing conditions
5. Representations and Warranties of Seller: Seller's warranties regarding the mortgage loans, their origination, and compliance with laws
6. Representations and Warranties of Purchaser: Purchaser's warranties regarding its authority and ability to complete the transaction
7. Mortgage Loan Schedule: Reference to and description of the schedule containing details of all mortgage loans being purchased
8. Purchase Price and Payment: Detailed methodology for calculating purchase price and payment terms
9. Closing Conditions: Conditions precedent to closing the transaction
10. Transfer and Assignment: Mechanics of transferring the mortgage loans and associated rights
11. Servicing Transfer: Arrangements for transferring servicing responsibilities
12. Covenants: Ongoing obligations of both parties
13. Remedies and Indemnification: Rights and remedies in case of breach, including repurchase obligations
14. Term and Termination: Duration of agreement and termination rights
15. Confidentiality: Protection of confidential information and personal data
16. Notices: Process for formal communications between parties
17. General Provisions: Standard legal provisions including governing law, amendments, and assignment
1. Interim Servicing: Used when the seller continues servicing the loans for a transition period
2. Portfolio Review: Include when purchaser has the right to review and reject specific loans
3. Custodial Arrangements: Required when a third-party custodian holds mortgage documents
4. CMHC Insurance: Include for portfolios with CMHC-insured mortgages
5. Quebec Provisions: Required when portfolio includes Quebec mortgages
6. Environmental Matters: Include for commercial mortgage portfolios
7. Security Registration: Used when additional security interests need to be registered
8. Data Protection: Enhanced privacy provisions for sensitive personal data
9. Anti-Money Laundering: Additional AML provisions for high-risk portfolios
1. Schedule A - Mortgage Loan Schedule: Detailed list of all mortgage loans being purchased, including key characteristics
2. Schedule B - Mortgage File Contents: List of required documentation for each mortgage file
3. Schedule C - Transfer Documents: Forms and documents required for transferring each mortgage
4. Schedule D - Servicing Transfer Requirements: Detailed procedures for transferring servicing responsibilities
5. Schedule E - Purchase Price Calculation: Methodology and examples of purchase price calculations
6. Schedule F - Required Consents: List of third-party consents required for the transfer
7. Appendix 1 - Form of Transfer/Assignment: Standard form for transferring individual mortgages
8. Appendix 2 - Servicer Reports: Templates for ongoing servicer reporting
9. Appendix 3 - Notice to Borrowers: Template for notifying borrowers of the transfer
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Mortgage Lending
Investment Management
Legal Services
Insurance
Housing Finance
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Mortgage Operations
Credit
Portfolio Management
Due Diligence
Documentation
Servicing
Real Estate
Relevant Roles
Chief Financial Officer
Head of Mortgage Operations
Legal Counsel
Mortgage Portfolio Manager
Risk Manager
Compliance Officer
Treasury Manager
Portfolio Analyst
Mortgage Underwriter
Due Diligence Specialist
Operations Manager
Credit Risk Officer
Transaction Manager
Finance Director
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