Common use of Origination; Payment Terms Clause in Contracts

Origination; Payment Terms. At the time the Mortgage Loan was originated, the originator was a Mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or a savings and loan association, a savings bank, a commercial bank or similar banking institution which is supervised and examined by a Federal or State authority. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. The Mortgage Interest Rate is adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, which amount is added in accordance with the terms of the Mortgage Note, subject to the Mortgage Interest Rate Cap. The Mortgage Note is payable each month in installments of principal and/or interest, which installments of interest are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) years. The Mortgage Note provides for accrual of interest on the basis of a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has the Mortgage Interest Rate exceeded the lifetime cap as set forth in the related Note.

Origination; Payment Terms. At the time the The Mortgage Loan was originated, the originator was originated by a Mortgagee mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or Act, a savings and loan association, a savings bank, a commercial bank bank, credit union, insurance company or other similar banking institution which is supervised and examined by a Federal federal or State state authority. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. No Mortgage Loan contains terms or provisions which would result in negative amortization. Principal payments on the Mortgage Loan commenced no more than sixty days after funds were disbursed in connection with the Mortgage Loan. The Mortgage Interest Rate is adjusted as well as the Lifetime Rate Cap and the Periodic Cap, are as set forth on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, which amount is added in accordance with the terms of the Mortgage Note, subject to the Mortgage Interest Rate CapExhibit I hereto. The Mortgage Note is payable each month in equal monthly installments of principal and/or and interest, which installments of interest interest, with respect to Adjustable Rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) yearsyears from commencement of amortization. The There are no Convertible Mortgage Loans which contain a provision allowing the Mortgagor to convert the Mortgage Note provides for accrual of from an adjustable interest on the basis of rate Mortgage Note to a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has the fixed interest rate Mortgage Interest Rate exceeded the lifetime cap as set forth in the related Note.;

Origination; Payment Terms. At the time the Mortgage Loan was originated, the originator was a Mortgagee mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or a savings and loan association, a savings bank, a commercial bank or similar banking institution which is supervised and examined by a Federal or State authority. The documentsNo Loan contains terms or provisions which would result in negative amortization. Except for Interest Only Loans, instruments and agreements submitted for loan underwriting principal payments on the Loan commenced no more than sixty (60) days after funds were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make disbursed in connection with the information and statements therein not misleadingLoan. The Mortgage Interest Rate is adjusted adjusted, with respect to adjustable rate Loans, on each Interest Rate Adjustment Date to equal the applicable Index plus the Gross Margin, which amount is added in accordance with Margin (rounded up or down to the terms of the Mortgage Notenearest 0.125%), subject to the Maximum Mortgage Interest Rate CapRate. The Mortgage Note is payable on the first day of each month in equal monthly installments of principal and/or interestand interest (except for Interest Only Loans during the interest only period and for Forty Year Mortgage Loans), which, with respect to a fixed rate Mortgage Loan, are sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate, and which installments of interest interest, with respect to an Adjustable Rate Mortgage Loan, are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) yearsyears (except for Forty Year Mortgage Loans) from commencement of amortization. The Mortgage Due Date of the first payment under the Note provides for accrual of interest on the basis of a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has more than sixty (60) days from the Mortgage Interest Rate exceeded date of the lifetime cap as set forth in the related Note.”

Origination; Payment Terms. At the time the The Mortgage Loan was originated, the originator was originated by a Mortgagee mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or Act, a savings and loan association, a savings bank, a commercial bank bank, credit union, insurance company or other similar banking institution which is supervised and examined by a Federal federal or State state authority. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. No Mortgage Loan contains terms or provisions which would result in negative amortization. Except with respect to reverse mortgage loans, principal payments on the Mortgage Loan commenced no more than sixty days after funds were disbursed in connection with the Mortgage Loan. The Mortgage Interest Rate is adjusted as well as the Lifetime Rate Cap and the Periodic Cap are as set forth on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, which amount is added in accordance with the terms of the Mortgage NoteLoan Schedule. Except with respect to reverse mortgage loans, subject to the Mortgage Interest Rate Cap. The Mortgage Note is payable each month in [equal monthly] installments of principal and/or and interest, which installments of interest interest, with respect to Adjustable Rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) yearsyears from commencement of amortization. The Unless otherwise specified and except with respect to reverse mortgage loans, the Mortgage Loan is payable on the first day of each month. There are no Convertible Mortgage Loans which contain a provision allowing the Mortgagor to convert the Mortgage Note provides for accrual of from an adjustable interest on the basis of rate Mortgage Note to a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has the fixed interest rate Mortgage Interest Rate exceeded the lifetime cap as set forth in the related Note.;

Origination; Payment Terms. At the time the The Mortgage Loan was originated, the originator was a Mortgagee approved originated by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or a savings and loan association, a savings bank, a commercial bank bank, credit union, insurance company or similar banking institution which is supervised and examined by a Federal federal or State state authority. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. Principal payments on the Mortgage Loan commenced no more than sixty (60) days after funds were disbursed in connection with the Mortgage Loan. The Mortgage Interest Rate for each Mortgage Loan is adjusted as set forth on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, which amount is added in accordance with the terms of the Mortgage Note, subject to the Mortgage Interest Rate CapExhibit J hereto. The Mortgage Note is payable each month in equal monthly installments of principal and/or and interest, which installments of interest are subject to change if the Mortgage Loan is an Variable Rate Mortgage Loan due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) years. The Mortgage Note provides for accrual years from commencement of interest on the basis of a 360 day year consisting of twelve 30-day monthsamortization. There is no negative amortizationamortization with respect to any Mortgage Loan. At no time has Each Convertible Mortgage Loan contains a provision allowing the Mortgagor to convert the Mortgage Interest Rate exceeded Note from an adjustable interest rate Mortgage Note to a fixed interest rate Mortgage Note in accordance with the lifetime cap as set forth in terms of the Mortgage Note or a rider to the related Mortgage Note.;

Origination; Payment Terms. At the time the The Mortgage Loan was originatedoriginated by or in conjunction with a mortgagee (e.g., as in the originator was case where a Mortgagee broker is originating in accordance with the Seller’s Underwriting Guidelines) approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or Act, a savings and loan association, a savings bank, a commercial bank bank, credit union, insurance company or similar banking institution which is supervised and examined by a Federal federal or State state authority. The documentsExcept with respect to any IO Mortgage Loan, instruments and agreements submitted for loan underwriting principal payments on the Mortgage Loan commenced no more than 60 days after funds were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make disbursed in connection with the information and statements therein not misleadingMortgage Loan. The Mortgage Interest Rate is adjusted adjusted, with respect to adjustable rate Mortgage Loans, on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, which amount is added in accordance with Margin (rounded up or down to the terms of the Mortgage Notenearest 0.125%), subject to the Mortgage Interest Rate Cap. The Mortgage Note is payable on the first day of each month in equal monthly installments of principal and/or and interest, which installments of interest interest, with respect to adjustable rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) years30 years from commencement of amortization. The due date of the first payment under the Mortgage Note provides for accrual of interest on the basis of a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has more than 60 days from the date of the Mortgage Interest Rate exceeded the lifetime cap as set forth in the related Note. (f) The definition of “Loan-to-Value Ratio” in Schedule 7 is hereby amended to read as follows:

Origination; Payment Terms. At the time the The Mortgage Loan was originated, the originator was originated by Seller. Seller is a Mortgagee mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or Act, a savings and loan association, a savings bank, a commercial bank bank, credit union, insurance company or other similar banking institution which is supervised and examined by a Federal federal or State state authority. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. The No Mortgage Interest Rate is adjusted Loan contains terms or provisions which would result in negative amortization. Principal payments on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, which amount is added Mortgage Loan commenced no more than sixty days after funds were disbursed in accordance connection with the terms of Mortgage Loan. The mortgage interest rate as well as the lifetime rate cap and the periodic cap are as set forth on the Mortgage Note, subject to the Mortgage Interest Rate CapLoan Schedule. The Mortgage Note is payable each month in equal monthly installments of principal and/or and interest, which installments of interest interest, with respect to adjustable rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Interest Rate mortgage interest rate on each Interest Rate Adjustment Dateinterest rate adjustment date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) yearsyears from commencement of amortization. The Unless otherwise specified, the Mortgage Loan is payable on the first day of each month. There are no Mortgage Loans which contain a provision allowing the Mortgagor to convert the Mortgage Note provides for accrual of from an adjustable interest on the basis of rate Mortgage Note to a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has the fixed interest rate Mortgage Interest Rate exceeded the lifetime cap as set forth in the related Note.

Origination; Payment Terms. At the time the Mortgage Loan was -------------------------- originated, the originator was a Mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or a savings and loan association, a savings bank, a commercial bank or similar banking institution which is supervised and examined by a Federal or State authority. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. The Mortgage Interest Rate is adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, which amount is added in accordance with the terms of the Mortgage Note, subject to the Mortgage Interest Rate Cap. The Mortgage Note is payable each month in installments of principal and/or interest, which installments of interest are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) years. The Mortgage Note provides for accrual of interest on the basis of a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has the Mortgage Interest Rate exceeded the lifetime cap as set forth in the related Note.

Origination; Payment Terms. At the time the The Mortgage Loan was originated, the originator was originated by a Mortgagee mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act or Act, a savings and loan association, a savings bank, a commercial bank bank, credit union, insurance company or other similar banking institution which is supervised and examined by a Federal federal or State state authority. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. No Mortgage Loan contains terms or provisions which would result in negative amortization. Principal payments on the Mortgage Loan commenced no more than sixty days after funds were disbursed in connection with the Mortgage Loan. The Mortgage Interest Rate is adjusted as well as the Lifetime Rate Cap and the Periodic Cap are as set forth on each the Mortgage Loan Schedule. Other than with respect to any Mortgage Loan that requires only the payment of interest until the first Interest Rate Adjustment Date to equal Date, the Index plus the Gross Margin, which amount is added in accordance with the terms of the Mortgage Note, subject to the Mortgage Interest Rate Cap. The Mortgage Note is payable each month in equal monthly installments of principal and/or and interest, which installments of interest interest, with respect to Adjustable Rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty (30) years. The Mortgage Note provides for accrual years from commencement of interest on the basis of a 360 day year consisting of twelve 30-day months. There is no negative amortization. At no time has the Mortgage Interest Rate exceeded the lifetime cap as set forth in the related Note.;