No Interest Only Loans Sample Clauses
The 'No Interest Only Loans' clause prohibits the use of loan structures where only interest payments are made for a period, without reducing the principal balance. In practice, this means that all loans under the agreement must require regular payments that include both principal and interest, ensuring the loan balance decreases over time. This clause is designed to prevent borrowers from deferring principal repayment, thereby reducing the lender's risk and ensuring the loan is repaid in a timely manner.
No Interest Only Loans. Notwithstanding anything to the contrary set forth in the Agreement, on and after January 10, 2014, no Purchased Mortgage Loan is an Interest Only Loan. I, ___________________ , do hereby certify that I am the duly elected, qualified and authorized _____________________ of Home Point Financial Corporation (“Seller”). This Certificate is delivered to you in connection with Section 16(b) of the Master Repurchase Agreement and Securities Contract and Addendum, both dated as of November 23, 2015, each such document being among the Seller and W▇▇▇▇ Fargo Bank, NA. (“Buyer”) (together, as amended from time to time, the “Agreement”). I hereby certify that, as of the date of the financial statements attached hereto and as of the date hereof, Seller is and has been in compliance with all the terms of the Agreement except as otherwise noted in a schedule attached hereto1 and, without limiting the generality of the foregoing, I certify that: Litigation, Investigations, Proceedings. Seller has promptly, and in any event within [***] after service of process on any of the following, given to Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are threatened or pending) or other legal or arbitrable proceedings affecting Seller or any of its Subsidiaries or affecting any of the Property of any of them before any Governmental Authority that (i) questions or challenges the validity or enforceability of any of the Program Agreements or any action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim individually in an amount greater than the Individual Claim Threshold or in an aggregate amount greater than the Aggregate Claim Threshold, or (iii) which, individually or in the aggregate, if adversely determined, could be reasonably likely to have a Material Adverse Effect. Seller will promptly provide notice of any judgment, which with the passage of time, could cause an Event of Default hereunder. Financial Covenants. Seller has complied with all the Financial Covenants.
No Interest Only Loans. Notwithstanding anything to the contrary set forth in the Agreement, no Mortgage Loan (other than a Non-QM Loan) is an Interest Only Loan.
No Interest Only Loans. Notwithstanding anything to the contrary set forth in the Agreement, no Purchased Mortgage Loan (other than a Non-Agency Non-QM Mortgage Loan) is an Interest Only Loan. (bbb) Co-op Loan: Valid First Lien. With respect to each Co-op Loan, the related Mortgage is a valid, enforceable and subsisting first security interest on the related cooperative shares securing the related cooperative note and lease, subject only to (a) liens of the cooperative for unpaid assessments representing the Mortgagor’s pro rata share of the cooperative’s payments for its blanket mortgage, current and future real property taxes, insurance premiums, maintenance fees and other assessments to which like collateral is commonly subject and (b) other matters to which like collateral is commonly subject which do not materially interfere with the benefits of the security intended to be provided by the security interest. There are no liens against or security interests in the cooperative shares relating to each Co-op Loan (except for unpaid maintenance, assessments and other amounts owed to the related cooperative which individually or in the aggregate will not have a material adverse effect on such Co-op Loan), which have priority equal to or over Seller’s security interest in such Co-op Shares.
No Interest Only Loans. Notwithstanding anything to the contrary set forth in the Agreement, with respect to any Purchased Mortgage Loan on and after January 10, 2014, no Purchased Mortgage Loan is an Interest Only Loan. (yyy) HARP Mortgage Loans. With respect to each HARP Mortgage Loan, such Mortgage Loan (i) is not a Correspondent Loan, (ii) refinances a Mortgage Loan originated prior to June 1, 2009, (iii) was originated in accordance with all HARP guidelines and in accordance with all applicable MBFG HARP Guidelines and (iv) is subject to such mortgage insurance as may be required by the ▇▇▇▇▇▇ ▇▇▇ automated underwriting system, Desktop Underwriter.