The Mortgage Loan Sale Agreement is essential for financial institutions and lenders operating in the Canadian market who wish to transfer mortgage portfolios as part of their business strategy or regulatory compliance requirements. This document type is commonly used in situations involving portfolio sales, securitization transactions, or strategic divestitures of mortgage assets. The agreement must comply with both federal regulations (such as the Bank Act and PIPEDA) and provincial property laws, making it a complex instrument that requires careful attention to jurisdictional requirements. It typically includes detailed schedules of the mortgage loans being sold, representations about the quality and characteristics of the loan portfolio, and specific provisions for the transfer of related rights and obligations. The agreement also addresses crucial aspects such as loan servicing arrangements, borrower notifications, and the mechanics of transferring mortgage registrations in accordance with provincial 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. Sale and Purchase: Core transaction terms including purchase price, payment mechanisms, and closing conditions
5. Transfer of Loans: Mechanics of transferring the mortgage loans and associated rights
6. Purchase Price and Payment: Detailed terms of consideration and payment structure
7. Closing Conditions: Conditions precedent to the completion of the transaction
8. Seller's Representations and Warranties: Warranties regarding the seller's authority and the mortgage loans being sold
9. Purchaser's Representations and Warranties: Warranties regarding the purchaser's authority and ability to complete the transaction
10. Regulatory Compliance: Compliance with applicable banking and mortgage regulations
11. Privacy and Data Protection: Handling of borrower personal information and compliance with privacy laws
12. Covenants: Ongoing obligations of both parties
13. Indemnification: Indemnification obligations and procedures
14. Term and Termination: Duration of agreement and termination rights
15. Governing Law and Jurisdiction: Applicable law and dispute resolution provisions
16. General Provisions: Standard boilerplate clauses including notices, amendments, and assignment
1. Loan Servicing Arrangements: Terms for ongoing servicing of the mortgage loans - included when servicing is transferred or retained by seller
2. Post-Closing Adjustments: Mechanisms for adjusting the purchase price post-closing - used for large portfolios or when exact values cannot be determined at closing
3. Interim Servicing: Temporary servicing arrangements during transition - included when there's a gap between closing and servicing transfer
4. Portfolio Review Rights: Rights to review and exclude certain loans - used in large portfolio sales
5. Security Interest: Creation and perfection of security interests - included when relevant to transaction structure
6. Environmental Matters: Environmental representations and indemnities - included for commercial property mortgages
7. CMHC Requirements: Specific requirements for CMHC-insured mortgages - included when portfolio includes insured loans
1. Schedule A - Mortgage Loan Schedule: Detailed list of mortgage loans being sold, including key characteristics
2. Schedule B - Loan Documents: List of required documentation for each mortgage loan
3. Schedule C - Transfer Procedures: Detailed procedures for transferring loans and associated rights
4. Schedule D - Purchase Price Calculation: Methodology for calculating the purchase price
5. Schedule E - Form of Transfer/Assignment: Template documents for transferring individual mortgages
6. Schedule F - Servicing Transfer Requirements: Detailed requirements for transferring loan servicing
7. Schedule G - Required Consents and Approvals: List of required regulatory and third-party approvals
8. Appendix 1 - Due Diligence Checklist: Checklist for loan file review and due diligence
9. Appendix 2 - Closing Deliverables: List of documents required at closing
Relevant legal definitions
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Relevant Industries
Banking
Financial Services
Real Estate
Mortgage Lending
Investment Management
Insurance
Legal Services
Financial Technology
Property Management
Capital Markets
Relevant Teams
Legal
Compliance
Risk Management
Finance
Treasury
Mortgage Operations
Credit
Real Estate Finance
Investment
Due Diligence
Portfolio Management
Corporate Development
Regulatory Affairs
Transaction Management
Document Management
Relevant Roles
Chief Financial Officer
Head of Mortgage Operations
Legal Counsel
Compliance Officer
Risk Manager
Portfolio Manager
Treasury Manager
Mortgage Underwriter
Due Diligence Specialist
Transaction Manager
Credit Risk Officer
Corporate Finance Director
Regulatory Affairs Manager
Investment Director
Real Estate Finance Manager
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