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 Mortgage Interest Rate is (a) with respect to fixed rate mortgage loans, the fixed interest rate set forth in the Mortgage Note and (b) with respect to ARM Mortgage Loans, adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, rounded up. Except with respect to interest only Mortgage Loans and negative amortization mortgage loans, the Mortgage Note is payable each month in equal monthly installments of principal and interest, with interest calculated and payable in arrears, and except for any balloon Mortgage Loan, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization. The interest only Mortgage Loans are payable in equal monthly installments of interest for the initial three or five year period (as applicable) and thereafter payable each month in equal monthly installments of principal and interest, 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 years from commencement of amortization.

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 Mortgage Interest Rate is (a) with respect to fixed rate mortgage loans, the fixed interest rate set forth in the Mortgage Note and (b) with respect to ARM Mortgage Loans, adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, rounded up. Except with respect to interest only Mortgage Loans and negative amortization mortgage loansLoans, the Mortgage Note is payable each month in equal monthly installments of principal and interest, with interest calculated and payable in arrears, and except for any balloon Mortgage Loan, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization. The interest only Mortgage Loans are payable in equal monthly installments of interest for the initial three or five year period (as applicable) and thereafter payable each month in equal monthly installments of principal and interest, 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 years from commencement of amortization. No Mortgage Loan provides for negative amortization.

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 Mortgage Interest Rate is (a) with respect to fixed rate mortgage loans, the fixed interest rate set forth in the Mortgage Note and (b) with respect to ARM Mortgage Loans, adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, rounded upup subject to any applicable caps. Except with respect to interest only Mortgage Loans and negative amortization mortgage loans, the Mortgage Note is payable each month in equal monthly installments of principal and interest, with interest calculated and payable in arrears, and except for any balloon Mortgage Loan, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years the terms stated in the Mortgage Note from commencement of amortization. The interest only Mortgage Loans are payable in equal monthly installments of interest for an initial period set forth in the initial three or five year period (as applicable) Mortgage Note and thereafter payable each month in equal monthly installments of principal and interest, 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 years from commencement of amortizationthe terms stated in the Mortgage Note.