Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's traditional ("A" paper) rate card, and meet the following requirements: (a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("LTV") of such Mortgage equal to the greater of: (i) the minimum level applicable to the Mortgage as required by Xxxxxx Mae, taking into account any higher mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; or (ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below. (b) Notwithstanding any Xxxxxx Xxx minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC: (i) 12% for 80.01-85% LTVs; (ii) 17% for 85.01-90% LTVs; (iii) 25% for 90.01-95% LTVs; and (iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1 (a) above -- refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
Appears in 1 contract
Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's ’s traditional ("“A" ” paper) rate card, and meet the following requirements:
(a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("“LTV"”) of such Mortgage equal to the greater of:
(i) the minimum level applicable to the Mortgage as required by Xxxxxx Mae, taking into account any higher the mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; , or
(ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below.
(b) Notwithstanding any Xxxxxx Xxx minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC:
(i) 12% for 80.01-85% LTVs;
(ii) 17% for 85.01-90% LTVs;
(iii) 25% for 90.01-95% LTVs; and
(iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1
(a1(a) above -- — refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
(v) Note: Any Mortgage originated with mortgage insurance coverage lower than the minimum coverage listed above in accordance with a Desktop Underwriter recommendation, either with or without a loan level price adjustment, is ineligible for SMC.
(c) Certain mortgages with terms of 20 years or less and LTVs of 80.01-90.00% that are originated with mortgage insurance coverages, per the Selling Guide, that are lower than the required coverage levels described in Paragraphs 2(a) and (b) above are ineligible for delivery as SMC Mortgages.
Appears in 1 contract
Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's traditional ("A" paper) rate card, and meet the following requirements:
(a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("LTV") of such Mortgage equal to the greater of:
(i) the minimum level applicable to the Mortgage as required by Xxxxxx Mae, taking into account any higher the mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; , or
(ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below.
(b) Notwithstanding any Xxxxxx Xxx minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC:
(i) 12% for 80.01-85% LTVs;
(ii) 17% for 85.01-90% LTVs;
(iii) 25% for 90.01-95% LTVs; and
(iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1
(a1(a) above -- refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
Appears in 1 contract
Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's traditional ("A" paper) rate card, unless otherwise specifically approved in writing by MGIC, and meet the following requirements:
(a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("LTV") of such Mortgage equal to the greater of:
(i) the minimum level applicable to the Mortgage as required by Xxxxxx Mae, taking into account any higher mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; or
(ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below.
(b) Notwithstanding any Xxxxxx Xxx minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC:
(i) 12% for 80.01-85% LTVs;
(ii) 17% for 85.01-90% LTVs;
(iii) 25% for 90.01-95% LTVs; and
(iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1
(a1(a) above -- refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
Appears in 1 contract
Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's ’s traditional ("“A" ” paper) rate card, and meet the following requirements:
(a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("“LTV"”) of such Mortgage equal to the greater of:
(i) the minimum level applicable to the Mortgage as required by Xxxxxx Mae, taking into account any higher mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; or
(ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below.
(b) Notwithstanding any Xxxxxx Xxx minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC:
(i) 12% for 80.01-85% LTVs;
(ii) 17% for 85.01-90% LTVs;
(iii) 25% for 90.01-95% LTVs; and
(iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1
(a1(a) above -- — refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
Appears in 1 contract
Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's traditional ("A" paper) rate card, and meet the following requirements:
(a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("LTV") of such Mortgage equal to the greater of:
(i) the minimum level applicable to the Mortgage as required by Xxxxxx MaeXxx, taking into account any higher mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; or.
(ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below.
(b) Notwithstanding any Xxxxxx Xxx Mae minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC:
(i) 12% for 80.01-85% LTVs;
(ii) 17% for 85.01-90% LTVs;
(iii) 25% for 90.01-95% LTVs; and
(iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1
(a1(a) above -- refer --refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
Appears in 1 contract
Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's traditional ("A" paper) rate card, and meet the following requirements:
(a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("LTV") of such Mortgage equal to the greater of:
(i) the minimum level applicable to the Mortgage as required by Xxxxxx Mae, taking into account any higher mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; or
(ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below.
(b) Notwithstanding any Xxxxxx Xxx minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC:
(i) 12% for 80.01-85% LTVs;
(ii) 17% for 85.01-90% LTVs;
(iii) 25% for 90.01-95% LTVs; and
(iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1
(a1(a) above -- refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
Appears in 1 contract
Eligible LTV and Primary Mortgage Insurance Coverages. All SMC Mortgages must have obtained a mortgage insurance premium rate from the mortgage insurer's ’s traditional ("“A" ” paper) rate card, and meet the following requirements:
(a) SMC Mortgages must have mortgage insurance coverage based on the loan-to-value ratio ("“LTV"”) of such Mortgage equal to the greater of:
(i) the minimum level applicable to the Mortgage as required by Xxxxxx MaeXxx, taking into account any higher the mortgage insurance requirements applicable to any specific mortgage products (e.g., Flexible Mortgages, etc.), which may be higher than for standard mortgage products; , or
(ii) the minimum applicable SMC eligibility level set forth in Paragraph 2(b) below.
(b) Notwithstanding any Xxxxxx Xxx Mae minimum mortgage insurance requirements to the contrary, Mortgages must have the following minimum mortgage insurance coverage in order to be eligible for SMC:
(i) 12% for 80.01-8580.01 -85% LTVs;
(ii) 17% for 85.01-90% LTVs;
(iii) 25% for 90.01-9590.01 -95% LTVs; and
(iv) 30% for 95.01-100% LTVs (must be eligible Mortgages, per Paragraph 1
(a1(a) above -- refer to the specific product guidelines or terms and conditions for any higher required MI coverage that may be applicable.)
Appears in 1 contract
