Buydown Mortgage Loans Sample Clauses
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Buydown Mortgage Loans. With respect to each Mortgage Loan that is a Buydown Mortgage Loan:
(1) On or before the date of origination of such Mortgage Loan, the Seller and the Mortgagor, or the Seller, the Mortgagor and the seller of the Mortgaged Property or a third party entered into a Buydown Agreement. The Buydown Agreement provides that the seller of the Mortgaged Property (or third party) shall deliver to the Seller temporary Buydown Funds in an amount equal to the aggregate undiscounted amount of payments that, when added to the amount the Mortgagor on such Mortgage Loan is obligated to pay on each Due Date in accordance with the te
Buydown Mortgage Loans. With respect to each Mortgage Loan that is a Buydown Mortgage Loan:
Buydown Mortgage Loans. With respect to each Mortgage Loan that is a Buydown Mortgage Loan:
(a) On or before the date of origination of such Mortgage Loan, the related Seller and the Mortgagor, or the related Seller, the Mortgagor and the seller of the Mortgaged Property or a third party entered into a Buydown Agreement. The Buydown Agreement provides that the seller of the Mortgaged Property (or third party) shall deliver to the related Seller temporary Buydown Funds in an amount equal to the aggregate undiscounted amount of payments that, when added to the amount the Mortgagor on such Mortgage Loan is obligated to pay on each Due Date in accordance with the terms of the Buydown Agreement, is equal to the full scheduled Monthly Payment due on such Mortgage Loan. The temporary Buydown Funds enable the Mortgagor to qualify for the Buydown Mortgage Loan. The effective interest rate of a Buydown Mortgage Loan if less than the interest rate set forth in the related Mortgage Note will increase within the Buydown Period as provided in the related Buydown Agreement so that the effective interest rate will be equal to the interest rate as set forth in the related Mortgage Note. All Buydown Funds required to make the full payment of principal and interest under each Buydown Loan are in the Buydown Account held by the Servicer. The Buydown Mortgage Loan satisfies the requirements the PHH Guide;
(b) The Mortgage and Mortgage Note reflect the permanent payment terms rather than the payment terms of the Buydown Agreement. The Buydown Agreement provides for the payment by the Mortgagor of the full amount of the Monthly Payment on any Due Date that the Buydown Funds are not available. The Buydown Funds were not used to reduce the original principal balance of the Mortgage Loan or to increase the Appraised Value of the Mortgage Property when calculating the Loan-to-Value Ratios for purposes of the Agreement;
(c) The Buydown Funds may not be refunded to the Mortgagor unless the Mortgagor makes a principal payment for the outstanding balance of the Mortgage Loan;
(d) there is a code indicating whether the Mortgage Loan is a temporary buydown (Y or N). As of the date of origination of the Mortgage Loan, the provisions of the related Buydown Agreement complied with the PHH Guide;
Buydown Mortgage Loans. No Mortgage Loan contains provisions pursuant to which Monthly Payments are (a) paid or partially paid with funds deposited in any separate account established by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid by any source other than the Mortgagor or (c) contains any other similar provisions which may constitute a “buydown” provision.
Buydown Mortgage Loans. No Mortgage Loan is a Buydown Mortgage Loan.
Buydown Mortgage Loans. The Mortgage Loan is not a buydown Mortgage Loan.
Buydown Mortgage Loans. Unless provided for in the related Confirmation, no Mortgage Loan contains provisions pursuant to which Monthly Payments are (a) paid or partially paid with funds deposited in any separate account established by the Seller, the Mortgagor, or anyone on behalf of the Mortgagor, (b) paid by any source other than the Mortgagor or (c) contains any other similar provisions which may constitute a “buydown” provision. If Buydown Mortgage Loans are provided for in the related Confirmation, with respect to each Buydown Mortgage Loan: