Loan-to-Value Ratio; PMI Policy. Except where the Guidelines exempt certain Eligible Loans from this requirement, the original Loan-to-Value Ratio of the Eligible Loan other than an FHA Loan, a VA Loan, an Uninsured Loan or a HELOC either was not more than 80% or the excess over 80% is and will be insured as to payment defaults by a PMI Policy until the Loan-to-Value Ratio of such Eligible Loan is reduced to 80%. All material provisions of such PMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. No action, inaction, or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any Eligible Loan subject to a PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Eligible Loan as set forth on the Transfer Schedule is net of any such insurance premium.
Loan-to-Value Ratio; PMI Policy. Except where the Guidelines exempt certain Eligible Mortgage Loans from this requirement, the original Loan-to-Value Ratio of the Eligible Mortgage Loan other than an FHA Loan, a VA Loan, an Uninsured Loan or a HELOC or a Closed End Second Mortgage Loan either was not more than 80% or the excess over 80% is and will be insured as to payment defaults (other than for Landscape Loans) by a PMI Policy until the Loan-to-Value Ratio of such Eligible Mortgage Loan is reduced to 80%. All material provisions of such PMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. No action, inaction, or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any Eligible Mortgage Loan subject to a PMI Policy obligates the Borrower thereunder to maintain the PMI Policy and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Eligible Mortgage Loan as set forth on the Daily Servicer Report is net of any such insurance premium.
Loan-to-Value Ratio; PMI Policy. If a Mortgage Loan had an original Loan-to-Value Ratio of 80% or greater, and the Mortgage Loan Schedule reflects that the Mortgage Loan is covered by a PMI Policy, the excess over 80% is and will be insured as to payment defaults by a PMI Policy until terminated pursuant to the Homeowners Protection Act of 1998, 12 U.S.C. §4901, et seq. All provisions of such PMI Policy have been and are being complied with, such policy is valid, binding, enforceable and in full force and effect, all premiums due thereunder have been paid, the form and substance of such PMI Policy is in substantial conformance with primary mortgage insurance policies acceptable to Fxxxxx Mae and Fxxxxxx Mac at the time of origination and no action, inaction, or event has occurred and no state of facts exists that has, or will, result in the exclusion from, denial of, or defense to coverage of such PMI Policy. The Insurer under such PMI Policy is a Qualified Insurer at the time of origination. Any Mortgage Loan subject to a Mortgagor-paid PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy and to pay all premiums and charges in connection therewith up to the time it may be discontinued according to Applicable Law. Any such premium is not payable from any portion of the Mortgage Interest Rate. No Mortgage Loan requires payment of such premiums, in whole or in part, by the Purchaser; provided, however, that a PMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the Loan-to-Value Ratio at origination was such “insider’s price,” (iii) the principal balance of the Cooperative Loan at origination was not more than 100% of such “insider’s price.” The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium.
