LTV; CLTV. The Loan-to-Value Ratio of any Mortgage Loan at origination was not more than 95% and the CLTV of any Mortgage Loan at origination was not more than 100%; Each Mortgage Loan (other than any Mortgage Loan underwritten pursuant to the Seller’s Subprime Underwriting Guidelines) with an original Loan-to-Value Ratio at origination greater than 80% is and will be subject to a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property as required by Fxxxxx Mae. All provisions of such Primary Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium. If a Mortgage Loan is identified on the Mortgage Loan Schedule as subject to a Lender Paid Mortgage Insurance Policy, such policy insures that portion of the Mortgage Loan set forth in the LPMI Policy. All provisions of any such LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. The Mortgage Interest Rate for the Mortgage Loan does not include the insurance premium for any LPMI Policy;
LTV; CLTV. The LTV and CLTV, as applicable, of any Purchased Mortgage Loan at origination was in accordance with the applicable Loan Program Authority’s guidelines, or such other percentage approved by the Buyer in writing.
LTV; CLTV. No Mortgage Loan has an LTV or CLTV greater than 100%.
LTV; CLTV. No Mortgage Loan that is secured by a first mortgage lien on the Mortgaged Property has an LTV greater than 95%, other than Eligible Mortgage Loans pledged to the Agent, for the ratable benefit of the Lenders, and included in the Borrowing Base which are secured by a first mortgage lien on a Mortgaged Property that (i) have an LTV greater than 95% and equal to or less than 100% and (ii) have a minimum FICO Score of 600; provided, the aggregate unpaid principal balance of all such Mortgage Loans included in the Borrowing Base shall at no time exceed 3% of the aggregate principal amount of all Loans then outstanding. No Mortgage Loan that is secured by a second mortgage lien on the Mortgaged Property has a CLTV greater than 100%.
LTV; CLTV. No Mortgage Loan which is a First Lien Loan has an LTV greater than 100%. No Mortgage Loan which is a Second Lien Loan has a CLTV greater than 100%.
LTV; CLTV. The Loan-to-Value Ratio of any Mortgage Loan at origination was not more than 95% and the CLTV of any Mortgage Loan at origination was not more than 100%. Each Prime/Alt-A Mortgage Loan with an original Loan-to-Value Ratio at origination greater than 80% is and will be subject to a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property as required by FNMA. All provisions of such Primary Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium. If a Mortgage Loan is identified on the Mortgage Loan Schedule as subject to a Lender Paid Mortgage Insurance Policy, such policy insures that portion of the Mortgage Loan set forth in the LPMI Policy. All provisions of any such LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. The Mortgage Interest Rate for the Prime/Alt-A Mortgage Loan does not include the insurance premium for any LPMI Policy;
LTV; CLTV. No Mortgage Loan has an LTV of greater than as set forth in the related Purchase Price and Terms Letter. No Second Lien Mortgage Loan has a CLTV of greater than 100%;
LTV; CLTV. No Underlying Mortgage Loan has an LTV (“loan-to-value” ratio) in excess of 90% or CLTV (“combined loan-to-value” ratio) in excess of (x) if such Underlying Mortgage Loan is a Non-Agency Mortgage Loan, 90% or (y) if such Underlying Mortgage Loan is an Agency Mortgage Loan, the maximum ratio permitted under the Agencies’ Underwriting Guidelines. No Government Loan has an LTV in excess of 100%.
LTV; CLTV. No Agency Eligible Mortgage Loan (other than an FHA insured or VA guaranteed Mortgage Loan) has an LTV greater than 80%. No Agency Eligible Mortgage Loan that is an FHA insured or VA guaranteed Mortgage Loan has an LTV greater than 97%. No Non-Agency Mortgage Loan has a CLTV greater than 85%.
LTV; CLTV. No Purchased Loan that is secured by a first mortgage lien on the Mortgaged Property has an LTV greater than 95%, other than Eligible Mortgage Loans which are secured by a first mortgage lien on a Mortgaged Property that (i) have an LTV greater than 95% and equal to or less than 100% and (ii) have a minimum FICO Score of 600; provided, the aggregate unpaid principal balance of all such Purchased Loans shall at no time exceed 3% of the Maximum Amount. No Purchased Loan that is secured by a second mortgage lien on the Mortgaged Property has a CLTV greater than 100%."
2.4 All references to "NC Residual II Corporation" in the Existing Repurchase Agreement, including the schedules, exhibits and attachments thereto, in any Repurchase Document or in any ancillary documents related to the Transactions contemplated by the Repurchase Documents are hereby deleted and replaced with equivalent references to "NC Asset Holding, L.P."
