The Mortgage Sales Agreement is a crucial document used in Australian financial markets when one financial institution wishes to sell all or part of its mortgage portfolio to another institution. This agreement is particularly relevant in scenarios of business restructuring, portfolio optimization, or strategic exit from certain market segments. The document must comply with Australian regulatory requirements, including those set by ASIC and the RBA, and typically involves significant due diligence processes. It needs to address various aspects including loan documentation, security interests, borrower notifications, and servicing arrangements. The agreement must also ensure compliance with consumer protection laws and privacy regulations while facilitating a smooth transfer of mortgage assets.
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1. Parties: Identification of all parties to the agreement including the seller (current mortgage holder), purchaser, and any relevant financial institutions
2. Background: Context of the transaction, including brief description of the mortgage portfolio being sold
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Sale and Purchase: Core terms of the sale including the mortgage assets being sold and purchase price
5. Purchase Price and Payment: Detailed terms of the purchase price, payment method, and timing
6. Conditions Precedent: Conditions that must be satisfied before completion of the sale
7. Completion: Process and requirements for completing the transaction
8. Representations and Warranties: Seller's representations regarding the mortgage portfolio and general warranties
9. Purchaser's Representations: Purchaser's representations and warranties
10. Transfer Process: Procedures for transferring the mortgage assets and associated rights
11. Compliance Requirements: Regulatory compliance obligations and requirements
12. Confidentiality: Confidentiality obligations of all parties
13. Notices: Process for giving notices under the agreement
14. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, and amendments
15. Execution: Execution blocks for all parties
1. Transitional Services: Required when the seller will provide ongoing services to support the transfer of the mortgage portfolio
2. Security Interest: Needed when additional security interests are being created or transferred
3. Customer Communication: Include when specific requirements for communicating with mortgage customers need to be detailed
4. Data Protection: Required when significant personal data is being transferred as part of the mortgage portfolio
5. Break Fees: Include when there are specific provisions for early termination or break fees
6. Third Party Consents: Required when specific third-party consents are needed for the transfer
7. Indemnification: Include when specific indemnification provisions beyond standard warranties are required
1. Schedule 1 - Mortgage Portfolio Details: Detailed list and information about each mortgage being transferred
2. Schedule 2 - Purchase Price Calculation: Methodology and calculations for determining the purchase price
3. Schedule 3 - Form of Transfer Documents: Templates of all required transfer documentation
4. Schedule 4 - Completion Checklist: List of all documents and actions required for completion
5. Schedule 5 - Due Diligence Results: Summary of due diligence findings and any identified issues
6. Appendix A - Required Regulatory Notices: Templates of notices required by regulatory authorities
7. Appendix B - Customer Communication Templates: Standard forms for customer communications regarding the transfer
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Mortgage Lending
Investment Management
Legal Services
Financial Technology
Property Management
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Mortgage Operations
Credit Risk
Portfolio Management
Due Diligence
Transaction Management
Relevant Roles
Chief Financial Officer
Head of Mortgage Operations
Legal Counsel
Compliance Officer
Portfolio Manager
Credit Risk Manager
Treasury Manager
Mortgage Operations Manager
Due Diligence Officer
Transaction Manager
Commercial Director
Finance Director
Property Finance Manager
Structured Finance Manager
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