homes119
Member of DD Central
Posts: 93 
Likes: 19
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Post by homes119 on Apr 13, 2016 19:22:19 GMT
Does anyone know if the borrower pays mintos who distributes into our accounts or if they pay the loan originator who distributes to Mintos who distributes into our accounts? or how is this done?
This has implications in terms of originator risks. What happens if an originator folds?
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Post by martins on Apr 13, 2016 21:27:57 GMT
Borrower pays to the loan originator who distributes to Mintos and we distribute to investors.
As per the assignment agreement and cooperation agreement with Mintos, in case of the insolvency of the Loan Originator, Mintos as a proxy of the assignee will take over the management of the Claim as per the assignment agreement from the Loan Originator and recall authorisation of the Assignee to the Loan Originator. After Mintos has taken over the management of the Claim from the Loan Originator, Mintos will be entitled to transfer the management of the Claim to any third party at Mintos discretion. It means that Mintos as a proxy of the assignee will inform the borrower on the assignment and demand to continue to make payments to Mintos or any third party at Mintos discretion (as a proxy of the assignee).
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