The Mortgage Loan Origination Agreement serves as the foundational document for property financing transactions in Saudi Arabia, establishing the framework under which financial institutions can originate and process mortgage loans in compliance with both Sharia principles and Saudi banking regulations. This agreement is essential when a financial institution begins a mortgage financing relationship with a borrower, detailing the entire process from application to approval, including all necessary documentation, compliance requirements, and obligations of each party. The document must align with the Saudi Real Estate Finance Law, SAMA regulations, and Islamic finance principles, while also incorporating consumer protection measures. The agreement typically includes comprehensive provisions for property evaluation, credit assessment, documentation requirements, and fee structures, making it a crucial document for both residential and commercial property financing in Saudi Arabia.
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1. Parties: Identification of the loan originator, borrower, and any other relevant parties
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms and interpretation principles
4. Sharia Compliance Declaration: Statement of compliance with Islamic finance principles and applicable Sharia guidelines
5. Scope of Services: Detailed description of loan origination services to be provided
6. Loan Originator's Rights and Obligations: Comprehensive list of the originator's responsibilities and rights
7. Borrower's Rights and Obligations: Detailed obligations and rights of the borrower
8. Loan Application Process: Steps and requirements for loan application and processing
9. Documentation Requirements: List of required documents and verification procedures
10. Fees and Charges: Detailed breakdown of all applicable fees and charges
11. Representations and Warranties: Statements of fact and assurances from both parties
12. Confidentiality: Provisions regarding confidential information handling
13. Data Protection: Requirements for handling personal and financial data
14. Term and Termination: Duration of agreement and termination provisions
15. Governing Law and Jurisdiction: Applicable Saudi law and jurisdiction provisions
1. Third-Party Service Providers: Include when external service providers are involved in the loan origination process
2. Property Valuation: Include when the originator provides property valuation services
3. Insurance Requirements: Include when specific insurance requirements are handled by the originator
4. Special Conditions for Government Employees: Include when dealing with government employee borrowers who may have special provisions
5. Developer Financing Arrangements: Include when the property is part of a development project with special financing arrangements
6. Military Personnel Provisions: Include when dealing with military personnel who may have special benefits or requirements
7. Default and Remedies: Include detailed default provisions when required by the financial institution
8. Electronic Documentation: Include when electronic processing and documentation is offered
1. Schedule 1: Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
2. Schedule 2: Required Documentation Checklist: Comprehensive list of required documents for loan application
3. Schedule 3: Service Level Agreement: Timelines and performance standards for loan processing
4. Schedule 4: Compliance Requirements: Detailed SAMA and regulatory compliance requirements
5. Schedule 5: Property Evaluation Criteria: Standards and procedures for property evaluation
6. Appendix A: Application Form: Standard loan application form template
7. Appendix B: Sharia Guidelines: Relevant Sharia principles and compliance requirements
8. Appendix C: Privacy Policy: Detailed privacy and data protection policies
9. Appendix D: Power of Attorney Template: Standard format for power of attorney when required
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