Loan Affected By a Collusive Scheme Sample Clauses

Loan Affected By a Collusive Scheme. A Mortgage as to which fraud was committed by a borrower or other party to the mortgage transaction in conjunction with such transaction, and as to which all of the following criteria are satisfied: (a) the Mortgage was originated as part of a scheme that involved collaboration of at least two perpetrators who need not be employed by the same entity and who participated in the origination process of each of the Mortgages that are part of the scheme or, in the case of a purchase money Mortgage, participated in either the origination process or in the purchase and sale of the Mortgaged Premises, (b) such scheme involved [*__*] or more Mortgages, and (c) the materially false representation or warranty made by the borrower or other party had an adverse and material impact on (A) the value of the Mortgage, (B) its saleabilty in the secondary mortgage market, (C) the borrower's ability to perform under the Mortgage, or (D) the collectibility of regular payments under the Mortgage. For purposes of this sub-Section 3(e)(x), participation in the origination process or in the purchase and sale of the Mortgaged Premises includes, but is not limited to, participation as borrower, mortgage broker, real estate broker, appraiser, settlement agent, escrow holder or title insurer.
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Related to Loan Affected By a Collusive Scheme

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