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EXHIBIT C - (continued) <br /> <br /> SECTION 312 SERVICES <br /> <br />1. Lender agrees to underwrite, process and package loans <br /> according to HUD 312 Program guidelines for each <br /> completed application submitted by Agency to Lender. <br /> <br />2. Lender processing shall include appropriate employment, <br /> mortgage and deposit verifications as well as obtaining <br /> applicant credit history. <br /> <br />3. Lender or its Agent agrees to provide an initial credit <br /> risk report for action by Agency prior to complete under- <br /> writing. <br /> <br />4. Lender shall continue complete underwriting for loans <br /> given favorable initial credit risk reports but will <br /> await Agency decision to proceed prior to completing <br /> underwriting of loans assigned an initial unfavorable <br /> credit risk. <br /> <br /> 5. Agency agrees to pay for Lender's outside costs, <br /> including but not limited to, credit report, appraisal, <br /> title search, title policy, escrow fees, application fee <br /> and use of overnight couriers as required. All costs <br /> shall be deducted from loan proceeds when requested and <br /> sufficient funds therefore are available, but otherwise <br /> payment of such costs shall be the responsibility of the <br /> Agency. <br /> <br /> 6. Lender agrees to obtain and review all reports and docu- <br /> ments necessary to pro¥ide Agency with a detailed under- <br /> writing analysis including affordability, credit history, <br /> value of security and scope of rehabilitation. <br /> <br /> 7. When requested by Agency, Lender agrees to prepare appro- <br /> priate loan documentation for 312 loans. Completed loan <br /> documentation shall be forwarded to Agency by overnight <br /> couriers, the cost of which shall be borne by Agency. <br /> <br /> 8. Following settlement, Lender agrees to transmit originals <br /> or copies of loan documentation to the Master Servicer. <br /> Transmittal documents shall include as appropriate: <br /> <br /> a) Promissory Note <br /> <br /> b) Security Instrument (original or copy) <br /> <br /> c) Rehabilitation Loan Agreement (original or a <br /> copy) <br /> <br /> <br />