Primary Mortgage Insurance. CitiMortgage will exercise its best reasonable efforts to maintain each primary mortgage insurance policy in full force. CitiMortgage will present claims to the insurer, and take any other reasonable action that may be necessary to permit recovery, under any primary mortgage insurance policy for a defaulted mortgage loan. CitiMortgage may substitute for any primary mortgage insurance policy another substantially equivalent policy issued by another insurer, provided that no such substitution will be made unless (i) CitiMortgage is advised by each rating agency that the substitution will not negatively affect the rating agency’s then-current rating of the certificates (for any insured class certificates, without regard to any certificate insurance policy) or (ii) the claims-paying ability of the substitute primary mortgage insurer is, at the time of substitution, rated at least “AA” or its equivalent by each rating agency rating the certificates.
Primary Mortgage Insurance. The Servicer must maintain a Primary Mortgage Insurance Policy in full force and effect on each Mortgage Loan, if any, which is identified in the related Sales Agreement as being covered by a Primary Mortgage Insurance Policy. Any such Primary Mortgage Insurance Policy must insure the portion of the Unpaid Principal Balance of the related Mortgage Loan that exceeds 75% of the value of the related Mortgaged Property (as set forth in the appraisal obtained in connection with origination of the Mortgage Loan) (the Mortgaged Property's "Initial Value") unless such Primary Mortgage Insurance coverage has been waived in writing by the Company at the time it purchases the Mortgage Loan or such Primary Mortgage Insurance is canceled under the circumstances described below. If a covered Mortgage Loan provides for negative amortization or the potential for negative amortization, the Primary Mortgage Insurance Policy must also insure any increase in the Unpaid Principal Balance of the Mortgage Loan from the original principal balance of the related Mortgage Note. In the event that the rating assigned by any Rating Agency for any of the related Certificates to the claims-paying ability of any related Mortgage Insurer is reduced subsequent to the issuance of the related Certificates, the Servicer will use its best efforts to replace each Primary Mortgage Insurance Policy issued by the downgraded Mortgage Insurer with a new Primary Mortgage Insurance Policy issued by an insurer whose claims-paying ability is acceptable to the Company. The premium for any replacement policy shall not exceed the premium for any replaced policy. The Servicer may cancel the Primary Mortgage Insurance Policy maintained with respect to any Mortgage Loan at the related Mortgagor's request if the following conditions are met:
(1) The current Mortgage Loan-to-Value Ratio of the Mortgage Loan must be 80% or less. The current Mortgage Loan-to-Value Ratio must be calculated by dividing the Unpaid Principal Balance of the Mortgage Loan by the Initial Value of the related Mortgaged Property; or
(2) After the policy has been in effect for more than two years, if the Mortgage Loan-to-Value Ratio of such Mortgage Loan is 75% or less based upon the current fair market value of the related Mortgaged Property. The Servicer must take all steps necessary to ensure the payment by each Mortgage Insurer of the maximum benefits available under the terms of the related Primary Mortgage Insurance Policy. The Servi...
Primary Mortgage Insurance. 15.2.1. Primary Mortgage Insurance Requirement........................ 15.2.2. Primary Mortgage Insurance Coverage........................... 15.2.3. Primary Mortgage Insurer Downgrading.......................... 15.2.4. Primary Mortgage Insurance Cancellation....................... 15.2.5. Primary Mortgage Insurance Claims............................. Section 15.3
Primary Mortgage Insurance. Each Mortgage Loan with an LTV at origination in excess of 80% will be subject to a Primary Mortgage Insurance Policy, issued by an insurer acceptable to FNMA or FHLMC, in at least such amounts as are required by FHLMC or FNMA. 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. Any Mortgage subject to any such Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith unless terminable in accordance with FHLMC standards or Applicable Law;
Primary Mortgage Insurance. Each Mortgage Loan with an LTV at origination in excess of 80% will be subject to a Primary Mortgage Insurance Policy, issued by an insurer acceptable to FNMA or Xxxxxxx Mac, in at least such amounts as are required by Xxxxxxx Mac or FNMA. 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. Any Mortgage subject to any such Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith unless terminable in accordance with Xxxxxxx Mac standards or Applicable Law;
Primary Mortgage Insurance. Each Mortgage Loan has an LTV or CLTV as set forth on the related Mortgage Loan Schedule. Except as set forth on such Mortgage Loan Schedule, each First Lien Mortgage Loan with an LTV of greater than 80% at the time of origination, a portion of the unpaid principal balance of the Mortgage Loan is and will be insured as to payment defaults by a PMI Policy. If the First Lien Mortgage Loan is insured by a PMI Policy which is not an LPMI Policy, the coverage will remain in place until (i) the LTV decreases to 78% or (ii) the PMI Policy is otherwise terminated pursuant to the Homeowners Protection Act of 1998, 12 USC §4901, et seq. All provisions of such PMI Policy or 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 Qualified Insurer has a claims paying ability acceptable to Xxxxxx Xxx or Xxxxxxx Mac. Any Mortgage Loan subject to a PMI Policy other than an LPMI Policy obligates the Mortgagor to maintain the PMI Policy other than an LPMI Policy and to pay all premiums and charges in connection therewith;
Primary Mortgage Insurance. For each Mortgage Loan with an LTV of 80% or greater, the excess over 78% is and will be insured as to payment defaults by a PMI Policy. All provisions of such PMI 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 as set forth on the Mortgage Loan Schedule is net of any such insurance premium;
Primary Mortgage Insurance. Except as set forth on the Mortgage Loan Schedule, each Mortgage Loan with an LTV of greater than 80%, the excess over 78% is and will be insured as to payment defaults by a LPMI Policy. All provisions of 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 as set forth on the Mortgage Loan Schedule is net of any such insurance premium;
Primary Mortgage Insurance. With respect to any Mortgage Loan subject to a PMI Policy as indicated on the Mortgage Loan Schedule, all provisions of such PMI 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 Loan subject to a PMI policy obligates the Mortgagor thereunder to maintain the PMI policy and to pay all premiums and charges in connection therewith. The Mortgage Interest Rate for the Mortgage Loan as set forth on the Mortgage Loan Schedule is net of any such insurance premium;
Primary Mortgage Insurance. Any primary mortgage insurance listed on the -------------------------- Mortgage Asset Schedule is in full force and effect and will be in full force and effect upon the Closing Date. To the Seller's knowledge, no claims have been made under such insurance policy, and no prior holders of the related Mortgage, including the Seller, has done, by act or omission, anything which would impair the coverage of such insurance policy;
