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.
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.
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.
Examples of Scratch and Dent Mortgage Loan in a sentence
Notwithstanding anything to the contrary, Participant’s Ownership Interest for any Scratch and Dent Mortgage Loan shall not exceed [***], and Participant’s Ownership Interest for any Non-Qualifying Mortgage Loan shall not exceed [***].
More Definitions of Scratch and Dent Mortgage Loan
Scratch and Dent Mortgage Loan means a first lien Mortgage Loan that satisfies the following criteria:
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.
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.