The Mortgage Loan Purchase Agreement is essential for financial institutions in Nigeria engaged in the secondary mortgage market. It is typically used when a financial institution wishes to sell part or all of its mortgage loan portfolio to another institution, either for liquidity management, regulatory compliance, or strategic purposes. The agreement must comply with Nigerian banking regulations, particularly those set by the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria. It addresses key aspects such as loan eligibility, transfer mechanics, representations and warranties, and servicing arrangements. This document is crucial for mortgage portfolio transactions in Nigeria's financial sector and includes detailed provisions for protecting both seller's and purchaser's interests while ensuring compliance with local property laws and financial regulations.
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1. Parties: Identifies the seller (typically a mortgage lender) and purchaser of the mortgage loans
2. Background: Explains the context of the agreement, including the seller's mortgage loan portfolio and purchaser's intent to acquire
3. Definitions: Defines key terms used throughout the agreement, including 'Eligible Loans', 'Cut-off Date', 'Purchase Price'
4. Sale and Purchase: Details the basic agreement to sell and purchase the mortgage loans, including the transfer mechanics
5. Purchase Price and Payment: Specifies the purchase price calculation method and payment terms
6. Conditions Precedent: Lists conditions that must be satisfied before the purchase can complete
7. Seller's Representations and Warranties: Contains seller's representations about the mortgage loans and their characteristics
8. Purchaser's Representations and Warranties: Contains purchaser's representations about its authority and capacity to enter the transaction
9. Loan Criteria: Specifies the eligibility criteria for mortgage loans to be purchased
10. Transfer Mechanics: Details the process for transferring the mortgage loans and associated security
11. Servicing Arrangements: Outlines how the mortgage loans will be serviced post-purchase
12. Repurchase Obligations: Describes circumstances requiring the seller to repurchase loans
13. Indemnification: Sets out the parties' indemnification obligations
14. Term and Termination: Specifies the agreement duration and termination rights
15. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
16. Notices: Provides details for formal communications between parties
17. General Provisions: Contains standard boilerplate provisions
1. Security Trustee Provisions: Required when a security trustee is appointed to hold security for multiple loans
2. Currency Conversion: Needed if loans are denominated in different currencies
3. Islamic Banking Provisions: Required for Sharia-compliant mortgage loans
4. Third Party Rights: Needed if certain provisions benefit third parties
5. Data Protection: Required if significant personal data is being transferred
6. Anti-Money Laundering: Detailed AML provisions if not covered in representations
7. Step-in Rights: Required if purchaser needs rights to step into seller's position
1. Schedule 1 - Loan List: Detailed list of mortgage loans being purchased
2. Schedule 2 - Loan Criteria: Detailed eligibility criteria for the mortgage loans
3. Schedule 3 - Seller's Power of Attorney: Form of power of attorney for seller to act for purchaser
4. Schedule 4 - Transfer Forms: Forms required for transferring the mortgage loans
5. Schedule 5 - Notice to Borrowers: Form of notice to inform borrowers of the transfer
6. Schedule 6 - Servicing Requirements: Detailed servicing standards and requirements
7. Appendix A - Required Documents: List of documents required for each mortgage loan
8. Appendix B - Purchase Price Calculation: Detailed methodology for calculating purchase price
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Real Estate
Financial Services
Mortgage Lending
Investment Banking
Housing Finance
Property Development
Asset Management
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Mortgage Operations
Credit Risk
Portfolio Management
Real Estate Finance
Loan Administration
Due Diligence
Relevant Roles
Chief Financial Officer
Head of Mortgage Lending
Legal Counsel
Risk Manager
Portfolio Manager
Mortgage Operations Manager
Compliance Officer
Treasury Manager
Credit Risk Officer
Asset Manager
Real Estate Finance Manager
Banking Operations Director
Loan Servicing Manager
Due Diligence Officer
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