The Mortgage Bankers Association has released a draft model whole loan purchase agreement proposal for a 30-day comment period. The 95-page, copyrighted draft whole loan sale and servicing agreement provides standard formatting and text for standard practices and is aimed at reducing the time, effort and cost of legal and due diligence reviews. It also includes standard formats for transaction-specific terms. The group said the agreement is part of an initiative to help increase liquidity and efficiency in the non-conforming residential mortgage market and that its use is voluntary. More information can be found on the MBA's website at http://www.mortgagebankers.org.
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