Common use of Qualifying Mortgage Loans Clause in Contracts

Qualifying Mortgage 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.

Qualifying Mortgage 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 ’s primary residence; and • The mortgagee mortgagor has a first priority lien on the collateral; and • Either the borrower is at least 60 days delinquent or a default is reasonably foreseeable.

Qualifying Mortgage 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 ’s primary residence; and · The mortgagee mortgagor has a first priority lien on the collateral; and · Either the borrower is at least 60 days delinquent or a default is reasonably foreseeable.

Qualifying Mortgage 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 residenceoccupied; and · The mortgagee mortgagor has a first priority lien on the collateral; and · Either the borrower is at least 60 days delinquent or a default is reasonably foreseeable.