Qualifying Loans Sample Clauses

Qualifying Loans. In order for a mortgage loan to be a Qualifying Loan it must meet all of the following criteria, which must be confirmed by the lender: • The collateral securing the mortgage loan is owner-occupied and the owner’s primary residence; and • The mortgagee has a first priority lien on the collateral; and • Either the borrower is at least 60 days delinquent or a default is reasonably foreseeable. The lender shall undertake a review of its mortgage loan portfolio to identify Qualifying Loans. For each Qualifying Loan, the lender shall determine the net present value (“NPV”) of the modified loan and shall provide the methodology employed to determine the NPV, and a certification that the lender’s model assumptions are documented and validated through periodic independent reviews. A sound model validation process includes the lender’s modeling assumptions, consideration of industry standards and results and the lender’s own portfolio experiences, other available models or predictors, and any model validation requirements of the lender’s chartering authority. If the NPV of a Qualifying Loan will exceed the value of the foreclosed collateral upon disposition, then the Qualifying Loan shall be modified so as to reduce the borrower’s monthly DTI Ratio to 31% at the time of the modification. To achieve this, the lender shall use a combination of interest rate reduction, term extension and principal forbearance, as necessary. The borrower’s monthly DTI Ratio shall be a percentage calculated by dividing borrower’s gross monthly housing payment (including principal, interest, taxes and insurance, any homeowners’ association dues, i.e., PITIA) by the borrower’s monthly income. For the purpose of the foregoing calculation:

Qualifying Loans. Only loans executed prior to the service member going on active duty are qualified for the 6% interest rate cap. Loans entered into after going on active duty are not so protected. Partners Xxxxx Fargo & Company (NYSE: WFC) is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores, the internet and other distribution channels across North America and internationally. Headquartered in San Francisco, but we’re decentralized so every local Xxxxx Fargo store is a headquarters for satisfying all our customers’ financial needs and helping them succeed financially. Xxxxx Fargo has $575 billion in assets and 159,800 team members across our 80+ businesses.

Qualifying Loans. See §10.16.(c). RAM. Radio Austin Management, L.L.C., the sole general partner of the Austin Partnership, which is and shall remain a single purpose entity whose sole material asset is the general partnership interest in the Austin Partnership.

Qualifying Loans. To the Company's knowledge, each proposed Loan acquired through the Fulfillment Channel shall be and is bona fide, valid, genuine and legally enforceable according to its terms and shall be and is duly and properly executed by the parties shown as obligors who were competent and had full legal capacity to enter into such Loan at the time they executed the same. To the Company's knowledge, there are no claims or defenses with respect to any such Loan; and no such Loan, or the obligations of any Obligor, co- purchaser, co-maker, guarantor or surety with respect to any such Loan, has been obtained by fraud or fraudulent representations and no oral or written agreement exists or will exist whereby any of the terms of any Qualifying Loan has been varied in any way.

Qualifying Loans. Only loans executed prior to the service member going on active duty are qualified for the 6% interest rate cap. Loans entered into after going on active duty are not so protected. Recordkeeping Policy 100 Xxxxxx Xxxxxx, 22nd Floor Lxxxxx X. Xxxxxx, Director of Compliance, Prosper Marketplace, Inc. Last Revised: April 28, 2008 Recordkeeping Policy Prosper will maintain records, as required, to comply with regulatory and legal requirements. However, in order to prevent misuse, Pxxxxxx will not retain records longer than is useful to the administration of a customer’s relationship or as subject to the retention schedule required by law. Pxxxxxx will maintain a record for each Customer, that includes all identifying information, for five years after the Customer’s Account is closed or becomes dormant. A record for each Customer includes:

Qualifying Loans. The Purchaser understands that between the date hereof and the Closing Date the Seller will be originating mortgage loans with respect to which the Seller agrees to use reasonable commercial efforts to comply with the underwriting standards of the Purchaser. On or prior to the Closing Date, the Purchaser, in its sole and absolute discretion, may determine to purchase such loans at a purchase price to be agreed upon by the parties. Any purchase of loans pursuant to this Section 10.14 shall be subject to such other terms and conditions as the Purchaser and Seller mutually agree to be contained in a purchase agreement to be negotiated by the parties.