Residential Funding Company v. Terrace Mortgage Company

BYE, Circuit Judge.

Residential Funding Company, LLC (“Residential”), sued Terrace Mortgage Company (“Terrace”), alleging Terrace breached the parties’ contract when it refused to repurchase thirteen loans Residential had purchased from Terrace. The district court 1 granted Residential’s motion for summary judgment. Terrace appeals and we affirm.

I

Terrace originates residential mortgage loans. On May 18, 1994, Terrace and Residential signed a contract which allowed Terrace to sell to Residential loans Terrace had originated. The contract incorporated the “Residential Funding Seller and Servicer…