Scratch and Dent Mortgage Loan definition

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan that (i) is a Mortgage Loan that is eligible for a Transaction and is eligible for sale to a Take-out Investor (other than the Agencies) at the time it becomes a Purchased Asset; (ii) has never had a delinquent payment; (iii) has never had any compliance defects; and (iv) is acceptable to Buyers or Administrative Agent in their sole discretion.
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Scratch and Dent Mortgage Loan means a first lien Mortgage Loan (i) originated by Seller in accordance with the criteria of an Agency or Non-Agency Mortgage Loan, as applicable, except such Mortgage Loan is not eligible for sale to the original Take-out Investor or has been subsequently repurchased from such original Take-out Investor, in each case, for reasons other than delinquent payment under such Mortgage Loan, (ii) is acceptable to Buyers or Administrative Agent in their sole good faith discretion and (iii) which is not thirty (30) or more days delinquent.
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Scratch and Dent Mortgage Loan means a Mortgage Loan secured by a first mortgage lien on a one to four family residential property intended by the originator to conform with FNMA, FHLMC or other conduit standards but which was subsequently discovered did not meet the originally intended market parameters due to errors in relevant documentation or credit deterioration of the obligor and as to which the representations and warranties set forth on Schedule 1 hereof are true and correct.
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Examples of Scratch and Dent Mortgage Loan in a sentence

  • The Purchase Date for a Mortgage Loan, other than a correspondent Mortgage Loan or Scratch and Dent Mortgage Loan, is no more than ninety (90) days following the origination date.

  • The Purchase Date for a Mortgage Loan other than a Correspondent Loan, Scratch and Dent Mortgage Loan or a GNMA EBO is no more than thirty (30) days following the origination date and the Purchase Date for a Correspondent Loan is no more than one hundred eighty (180) days following the origination date.

  • Other than with respect to a Scratch and Dent Mortgage Loan, Seller has no knowledge of any circumstances existing that could reasonably be expected to adversely affect the value or the marketability of any Mortgaged Property or Mortgage Loan or to cause the Mortgage Loans to prepay during any period materially faster or slower than similar mortgage loans held by Seller generally secured by properties in the same geographic area as the related Mortgaged Property.

  • There is no proceeding pending or, to the knowledge of the Seller, threatened for the total or partial condemnation of the Mortgaged Property, other than with respect to a Xxxxxx Mae Modified Loan or a Scratch and Dent Mortgage Loan.

  • Other than with respect to a Correspondent Mortgage Loan, Xxxxxx Xxx Modified Loan or a Scratch and Dent Mortgage Loan and unless otherwise agreed to by Buyer, no Mortgage Loan has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan.

  • Other than with respect to a Xxxxxx Mae Modified Loan or a Scratch and Dent Mortgage Loan, Seller has not waived the performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action would cause the Mortgage Loan to be in default, nor has Seller waived any default resulting from any action or inaction by the Mortgagor.

  • Other than with respect to a Scratch and Dent Mortgage Loan, to the extent applicable, effective with respect to applications taken on or after October 3, 2015, such Mortgage Loan was originated in compliance with the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure Rule.

  • Other than with respect to a Scratch and Dent Mortgage Loan, the Mortgage Loan was underwritten in accordance with the Approved Underwriting Guidelines (a copy of which has been delivered to Buyer).


More Definitions of Scratch and Dent Mortgage Loan

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan that satisfies the following criteria:
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Scratch and Dent Mortgage Loan means a first lien Mortgage Loan (i) originated by Seller in accordance with the criteria of a Government Mortgage Loan or Conforming Mortgage Loan, as applicable, except such Mortgage Loan is not eligible for sale to the original Take-out Investor or has been subsequently repurchased from such original Take-out Investor, in each case, for reasons other than delinquent payment under such Mortgage Loan, (ii) is acceptable to Buyer in its sole discretion, (iii) which is not Delinquent, and (iv) for which no fraud has taken place on the part of the related Mortgagor.
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Scratch and Dent Mortgage Loan means a first lien Mortgage Loan (i) originated by Seller in accordance with the criteria of an Agency, Non-Agency Non-QM Mortgage Loan or Non-Agency QM Mortgage Loan, as applicable, except such Mortgage Loan is not eligible for sale to the original Take-out Investor or has been subsequently repurchased from such original Take-out Investor, in each case, for reasons other than delinquent payment under such Mortgage Loan, (ii) is acceptable to Buyers or Administrative Agent in their sole discretion and (iii) which is not thirty (30) or more days delinquent.
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Related to Scratch and Dent Mortgage Loan

  • High Cost Mortgage Loan means a Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994 or (b) a “high cost,” “threshold,” “covered,” or “predatory” loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Split Mortgage Loan Any Mortgage Loan that is part of a Loan Combination. The only Split Mortgage Loans that are assets of the Trust as of the Closing Date are those that have the respective loan numbers (as set forth on the Mortgage Loan Schedule) listed on the Loan Combination Table under the column heading “Loan No. for related Mortgage Loan.”

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • GreenPoint Mortgage Loans The Mortgage Loans for which GreenPoint is listed as "Servicer" on the Mortgage Loan Schedule.

  • Discount Mortgage Loan Any Mortgage Loan having a Net Mortgage Rate (or the initial Net Mortgage Rate) of less than the Discount Net Mortgage Rate per annum and any Mortgage Loan deemed to be a Discount Mortgage Loan pursuant to the definition of Qualified Substitute Mortgage Loan.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • High Cost Home Mortgage Loan as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as defined by the Indiana High Cost Home Loan Law effective January 1, 2005.

  • Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.

  • Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.

  • Group 4 Mortgage Loan Each Mortgage Loan listed on Exhibit D-4 hereto.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Group II Mortgage Loan A Mortgage Loan assigned to Loan Group II with a Stated Principal Balance at origination that may or may not conform to Xxxxxx Mae and Xxxxxxx Mac loan limits.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

  • Relief Act Mortgage Loan Any Mortgage Loan as to which the Scheduled Payment thereof has been reduced due to the application of the Relief Act.

  • Streamlined Documentation Mortgage Loan Any Mortgage Loan originated pursuant to the Seller's Streamlined Loan Documentation Program then in effect.

  • Group 1 Mortgage Loan Each Mortgage Loan listed on Exhibit D-1 hereto.

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Balloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.

  • Delinquent Mortgage Loan means any Mortgage Loan as to which any Monthly Payment, or part thereof, remains unpaid for 30 days or more following the original Due Date for such Monthly Payment.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Type 1 Mortgage Loan Any of the Mortgage Loans identified in Exhibit F-1 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, serviced under the WFHM Servicing Agreement and having a Mid-Month Receipt Period with respect to all types of Unscheduled Principal Receipts.

  • Buydown Mortgage Loan Any Mortgage Loan as to which a specified amount of interest is paid out of related Buydown Funds in accordance with a related buydown agreement.