On or around March 13, 2009, NAMC filed an action against Tharp to foreclose on the Property and seek a money judgment on the underlying note. ¶¶ 17-18.) NAMC alleges that it subsequently sold the Mortgage Loan to Fannie Mae in May 2010. ( Id.) MSI sold the Mortgage Loan to NAMC for $369,000.00 in April 2008 pursuant to the terms of the CLPA and Addendum. ¶ 16.) The Mortgage Loan was secured by real property located at 640 East Oakwood Boulevard, Chicago, Illinois ("Property"). Principal amount of $369,000.00 ("Mortgage Loan"). On or around March 24, 2008, MSI closed a mortgage loan to Sterling D. ¶ 14.) In addition, paragraph 12 of the CLPA contains a provision under which MSI agreed to indemnify and hold NAMC harmless "from any and all claims, losses, costs, and expenses, including reasonable attorney's fees. ¶ 10.) An addendum ("Addendum") contains a similar provision for the repurchase of mortgage loans that NAMC did not underwrite. any private mortgage insurance or guaranty lapses, is rescinded, or claim thereon is denied or not paid or (iv) NAMC is legally obligated to repurchase any Mortgage Loan previously conveyed, transferred, or assigned to any third party due to defects which existed prior to, or arose as a result of, an occurrence on or before the Sale Date." ( Id. ¶ 15.) Section 8(a) of the CLPA requires MSI to repurchase a mortgage loan if "(iii) NAMC determines, in its sole discretion, that. # 1, ¶ 9.) Also in June 2007, First State Bank ("FSB") executed a guaranty with respect to MSI's obligations under the CLPA. NAMC alleges that on or about June 6, 2007, NAMC and MSI entered into a Correspondent Lender Purchase Agreement ("CLPA"), which provided that MSI would take and process loan applications from prospective borrowers, make mortgage loans to such borrowers and sell certain qualifying mortgage loans to NAMC. For the reasons stated below, the motion is granted in part and denied in part. MSI and FSB move to dismiss the claims against them. Peel for breaches of a mortgage purchase agreement and, as to FSB, breach of a guaranty. Nationwide Advantage Mortgage Company ("NAMC") brought suit against Mortgage Services III, LLC ("MSI"), First State Bank ("FSB"), Antoinette Washington and Patrick F. UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION MORTGAGE SERVICES III, LLC, FIRST STATE BANK, ANTOINETTE WASHINGTON, and PATRICK F. NATIONWIDE ADVANTAGE MORTGAGE COMPANY, Plaintiff,
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