Qualified Mortgages Clause Samples

Qualified Mortgages. The Depositor hereby evidences its belief that, based on representations received with respect to the Mortgage Loans and as of the date hereof, each Mortgage Loan is “principally secured by an interest in real property” within the meaning of Treasury Regulation section 1.860G-2(a)(1).

Qualified Mortgages. Each Mortgage Loan would constitute a “qualified mortgage” if transferred to or purchased by a REMIC in accordance with Section 860G(a)(3)(A) of the Code;

Qualified Mortgages. With respect to each Mortgage Loan, where an application for the Mortgage Loan was taken on or after January 10, 2014, such Mortgage Loan: (i) complies with the “ability to repay” standards as set forth in Section 129C(a) of the federal Truth-in-Lending Act, 15 U.S.C. 1639c(a), as further noted in Regulation Z, 12 C.F.R Part 1026.43(c), as may be amended from time to time; (ii) is a “Qualified Mortgage” as defined in Section 129C(b) of the federal Truth-in-Lending Act, 15 U.S.C. 1639c(b) and as further defined in Regulation Z, 12 C.F.R. Part 1026.43(e), as may be amended from time to time; and (iii) has a Mortgage File that contains all necessary third-party records and other evidence and documentation to demonstrate such compliance with 12 C.F.R. Part 1026.43(e) and 12 C.F.R. Part 1026.43(c).

Qualified Mortgages. Except for Mortgage Loans that are delinquent 90 days or more as of the “start-up date” of a real estate mortgage investment conduit, each Mortgage securing an Owned Mortgage Loan is a “qualified mortgage” within Section 860(a)(3) of the Code.

Qualified Mortgages. Except as set forth on Schedule 2.17(z), each Mortgage securing an Owned Mortgage Loan is a “qualified mortgage” within Section 860(a)(3) of the Code.