Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. If, for any reason, the Mortgage Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non-refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender’s requirement for Mortgage Insurance ends in accordance with any written agreement between Borrower and Lender providing for such termination or until termination is required by Applicable Law. Nothing in this Section 10 affects Xxxxxxxx’s obligation to pay interest at the rate provided in the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from tim...
Mortgage Insurance. Except as indicated for pledged asset loans, if a Mortgage Loan has an LTV greater than 80%, the Mortgage Loan has mortgage insurance in accordance with the terms of the Fxxxxx Mae Guide or the Fxxxxxx Mac Guide and is insured as to payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer. All provisions of such Primary Mortgage 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. 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 Mortgage Loan subject to a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance Policy and to pay all premiums and charges in connection therewith. To the extent a Mortgage Loan is insured under an LPMI policy, the Mortgage Interest Rate for the Mortgage Loan as set forth on the related Mortgage Loan Schedule is net of any such premium.
Mortgage Insurance. A policy, contract, guaranty (other than the Guaranty) or arrangement (including any statutory arrangement) with respect to a single Mortgage Loan, issued under or arising from a program established by a Person (whether a governmental unit or other than a governmental unit), under which all or a portion of the obligations owing under the Mortgage Loan, if not paid by the Borrower, will be paid by the applicable Person unless an exclusion under such single-loan policy, contract, guaranty or arrangement applies.
Mortgage Insurance. If the Vendor obtains MICC Excess Deposit Insurance or other prescribed security pursuant to the Act, the Purchaser shall pay the MICC Excess Deposit Insurance premiums and other fees charged by MICC in connection therewith or such premiums, fees or charges for such prescribed security, on the Closing Date, as a credit to the Vendor on the Adjustments, as outlined in the TARION Schedule "O-B" attached hereto.
Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage insurance in effect. If, for any reason, the mortgage insurance coverage required by Xxxxxx lapses or ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by Xxxxxx. If substantially equivalent mortgage insurance coverage is not available, Borrower shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage insurance premium being paid by Borrower when the insurance coverage lapsed or ceased to be in effect. Lender will accept, use and retain these payments as a loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer be required, at the option of Lender, if mortgage insurance coverage (in the amount and for the period that Lender requires) provided by an insurer approved by Xxxxxx again becomes available and is obtained. Borrower shall pay the premiums required to maintain mortgage insurance in effect, or to provide a loss reserve, until the requirement for mortgage insurance ends in accordance with any written agreement between Borrower and Lender or applicable law.
Mortgage Insurance. The Borrower must also maintain a mortgage insurance that will protect the Lender in cases of nonpayment or default on the Note as required by the Lender. This section will not affect the Borrower’s obligation to pay the monthly dues on the principal amount and interest.
Mortgage Insurance. There are no defenses, counterclaims, or rights of setoff, or other factsor circumstances affecting the eligibility of the Loans for insurance by an Insurer, or affecting the validity or enforceability of any mortgage insurance or mortgage guaranty with respect to the Loan as a result of any act, error oromission of Seller, Borrower, or of any other Person (other than Purchaser).
Mortgage Insurance. Mortgage insurance requirements for SMC Eligible Mortgages: MyCommunityMortgage Mortgages delivered hereunder for which Xxxxxx Xxx will obtain “secondary market coverage” (“SMC”) must have an LTV in excess of 90% and must also comply with the “secondary market policy” terms of the “Special Requirements” section of this Master Agreement (“SMC Eligible Mortgages”); mortgage insurance must be provided by Radian. Lender must comply with the eligibility requirements as determined by the applicable mortgage insurer, and if a loan does not comply with such eligibility requirements, it may not be delivered as an SMC Eligible Mortgage (such ineligible mortgages are referred to herein as “SMC Ineligible Mortgages”). In addition, SMC Eligible Mortgages, (i) if delivered under MBS Delivery, must be delivered under Pool Purchase Contract no. C06589, and (ii) if delivered under Cash Delivery, must be delivered under seller/servicer branch no. 00000-000-0 and 00000-000-0. For SMC Eligible Mortgages, individual loan mortgage insurance providing 35% coverage is required. SMC Eligible MyCommunityMortgage Mortgages may be covered under “A Paper” or “A-Minus” mortgage insurance premium rates as determined by the eligibility requirements of the applicable mortgage insurer. Mortgage insurance requirements for (i) SMC Ineligible Mortgages and (ii) MyCommunityMortgage Mortgages delivered hereunder for which Xxxxxx Mae will otherwise NOT obtain SMC (collectively, “Non-SMC Mortgages”): Individual loan mortgage insurance coverage is required as follows; coverage may be provided by any eligible mortgage insurer (i.e., the mortgage insurer for Non-SMC Mortgages is not limited to the insurer(s) specified above for SMC Eligible Mortgages): • LTV is 90.01% - 97.00%: 35% • LTV is 85.01% - 90.00%: 30% • LTV is 80.01% - 85.00%: 25% Non-SMC Mortgages, if delivered under Cash Delivery, must be delivered under seller/servicer no. 00000-000-0. Note: SMC Eligible Mortgages and Non-SMC Mortgages may NOT be delivered under the same Pool Purchase Contract (if delivered under MBS Delivery), or under the same seller/servicer branch no. (if delivered under Cash Delivery).
Mortgage Insurance. There are no defenses, counterclaims, or rights of setoff, or other facts or circumstances affecting the eligibility of the Mortgage Loans for insurance by an insurer, or affecting the validity or enforceability of any mortgage insurance or mortgage guaranty with respect to the Mortgage Loan as a result of any act, error or omission of Seller or of any other Person including, but not limited to, the FHA insurance. The related FHA policy calls for the assignment of the Mortgage Loan to FHA as opposed to the co-insurance option. The entire amount of the insurance premium has been paid to FHA in accordance with the FHA Regulations and no portion of such premium is shared with or by Seller or, if the monthly premium option has been chosen for such Mortgage Loan, all such premiums due on or before the related Purchase Date have been duly and timely paid.
Mortgage Insurance. Mortgage insurance is required on all loans with loan to value ratios in excess of 80.1%. Coverage is required as follows:
95.01 to 97% LTV 35% Coverage for a 25 year to 30 year term 95.01% to 97% LTV 30% coverage for under 25 years 90.01% to 95% LTV 30% coverage regardless of loan term 80.01% to 90% LTV 25% coverage regardless of loan term Loans with LTV’s of 80.0% or less are not required to carry mortgage insurance. The following private mortgage insurance companies are approved to participate in the program. Genworth Mortgage Insurance Company Mortgage Guaranty Insurance Corp. Radian Group Inc. United Guaranty Residential Insurance Company
