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15.7 Applicable Law
All applicable (1) federal, state, and local legal requirements (including statutes, rules, regulations, and ordinances), including but not limited to usury, truth-in-lending, real estate settlement, consumer credit, equal credit opportunity, fair...

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15.8 Authoritative Copy
The single copy of an eNote which meets the requirements of applicable eMortgage Laws to be the “authoritative copy” of the eNote.

Resources > FAQ > CHAPTER-15-GLOSSARY > 15-8-Authoritative-Copy

15.10 Best Efforts Commitment
A commitment requiring Client to use its best efforts to sell loans to PHH as set forth in such Best Efforts Commitment. A Best Efforts Commitment with respect to a locked loan shall become a Mandatory Commitment with respect to such loan on the...

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-9-Best-Efforts-Commitment

15.9 Automated Underwriting System (AUS)
General term for automated underwriting tools acceptable to PHH including Freddie Mac’s Loan Prospector® and Fannie Mae’s Desktop Underwriter®.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-8-Automated-Underwriting-System-(AUS)

15.11 Closing Date
Closing date is the date set forth in the commitment letter, on which PHH will purchase and the Client will sell the loans identified therein.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-10-Closing-Date