Common use of Seasoned Mortgage Loan Clause in Contracts

Seasoned Mortgage Loan. a. Definition: A First Mortgage Loan that (i) at the time of its origination, the Company in good faith believed would otherwise qualify as a Prime Mortgage Loan or a Subprime Mortgage Loan under this Agreement, (ii) as of the date of the Advance, the most recent contractual payment required by the terms of the Mortgage Loan has been paid in full or, if not paid, is not more than 20 days past its contractual due date, (iii) has not been a Nonperforming Mortgage Loan or REO Property as defined in the Agreement, (iv) is not currently and has not in the past been included in any bankruptcy plan or forbearance program, (v) does not involve a refinancing out of a foreclosure, (vi) was originated by and closed in the name of the Company, and (vii) is not subject to a colorable claim of fraud.

Seasoned Mortgage Loan. a. Definition: A First Mortgage Loan that (i) at the time of its origination, the Company in good faith believed would otherwise qualify as a Prime Mortgage Loan or a Subprime Mortgage Loan under this Agreement, (ii) as of the date of the Advance, the most recent contractual payment required by the terms of the Mortgage Loan has been paid in full or, if not paid, is not more than 20 days past its contractual due date, (iii) has not been a Nonperforming Mortgage Loan or REO RYEO Property as defined in the Agreement, (iv) is not currently and has not in the past been included in any bankruptcy plan or forbearance program, (v) does not involve a refinancing out of a foreclosure, (vi) was originated by and closed in the name of the Company, and (vii) is not subject to a colorable claim of fraud.