First Right of RefusalA provision in an agreement stating that a specified party must be given an opportunity -- before any others -- to either accept or reject an offer. This is very common with mortgage net branch companies where there is no flexibility in loan origination. In these type situations, all loans must first be sent to the parent company for loan approval and only if denied may they be sent elsewhere for loan approval. This allows the parent company to control pricing, interest rates and can sometimes lead to slow service. There is no first right of refusal on any loan for Southwest Funding retail mortgage branch offices.
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