Attached files
| file | filename |
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| EX-10.4 - EX-10.4 - LendingTree, Inc. | a10-14368_1ex10d4.htm |
| 8-K - 8-K - LendingTree, Inc. | a10-14368_18k.htm |
| EX-10.1 - EX-10.1 - LendingTree, Inc. | a10-14368_1ex10d1.htm |
Exhibit 10.2
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225 West Hillcrest Drive, Mail Code: CA6-918-01-03, Thousand Oaks, CA 91360 |
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Phone: (800) 669-2955 |
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Fax: (805) 381 6165 |
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June 30, 2010 |
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Client # 8752 |
Home Loan Center, Inc.
163 Technology Drive
Irvine, CA 92618
Attn: Rian Furey, Senior Vice President
Email: Rian.Furey@lendingtree.com
RE: Mandatory Forward Loan Volume Commitment
Dear Mr. Furey,
Home Loan Center, Inc. (“Client”) has agreed to the following Mandatory Forward Loan Volume Commitment (the “Commitment”) with Bank of America Home Loans Correspondent Lending (“Bank of America”):
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Effective Date: |
June 30, 2010 |
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Volume Commitment Delivery Period: |
Effective Date through June 29, 2011 |
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Qualifying Loan Programs: |
All Loan Programs |
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Minimum Qualifying Amount: |
Minimum of 25% of Conventional Conforming Mortgage Loans and 25% of Government Mortgage Loans originated and closed by Client (including banked and brokered loans). |
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Non-Delivery Fee: |
If Client fails to deliver to Bank of America the required Minimum Qualifying Amount on a quarterly basis, Client shall pay Bank of America a non-delivery fee of 25 basis points on the shortfall. All Non-Delivery Fees will be invoiced to Client and shall be due and payable within thirty (30) days after the invoice date. |
Additional Terms and Conditions:
All Loans sold by Client to Bank of America under this Commitment shall be subject to the terms and conditions of the correspondent Loan Purchase Agreement between Bank of America and Client, which is hereby incorporated by reference and made a part hereof.
Bank of America and Client may terminate this Commitment with or without cause and, upon such termination, a Non-Delivery Fee on any volume shortfall as of the effective termination date shall be due and payable on the effective termination date.
This Commitment may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. Facsimile signatures shall be deemed valid and binding to the same extent as the original.
Home Loan Center, Inc. Initials RF
Bank of America Initials BK
This Commitment and any related exhibits and attachments are confidential and may not be disclosed to any third party without the prior consent of Bank of America.
Please execute this Commitment and return to the undersigned. We look forward to a mutually beneficial and prosperous relationship.
Sincerely,
Bank of America, N.A.
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By: |
/s/ Blair Kenny |
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Name: |
Blair Kenny |
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Title: |
Senior Vice President |
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Dated: |
July 15, 2010 |
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Acknowledged by: |
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Home Loan Center, Inc. |
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By: |
/s/ Rian Furey |
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Name: |
Rian Furey |
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Title: |
Senior Vice President |
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Dated: |
July 15, 2010 |
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Home Loan Center, Inc. Initials RF
Bank of America Initials BK