Subprime Mortgage Loan. Definition: A First Mortgage Loan that is not a Prime Mortgage Loan, which has a risk rating of "A-", "B" or "C" (determined using underwriting standards which comply with industry standards in the sole judgement of the Lender), which is made to a mortgagor with a FICO Score of no less than 500, and which is acceptable for purchase by at least two Investors.
Appears in 2 contracts
Samples: Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co), Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co)
Subprime Mortgage Loan. a. Definition: A First Mortgage Loan that is not a Prime Mortgage Loan, which has a risk rating of "A-", "B" or "C" (determined using underwriting standards which comply with industry standards in the sole judgement judgment of the Lender), which is made to a mortgagor with a FICO Score of no less than 500, and which is acceptable for purchase by at least two Investors.
Appears in 2 contracts
Samples: Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co), Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co)
Subprime Mortgage Loan. a. Definition: A First Mortgage Loan that is not a Prime Mortgage Loan, which has a risk rating of "A-", "B" or "C" (determined using underwriting under-writing standards which comply with industry standards in the sole judgement judgment of the Lender), which is made to a mortgagor with a FICO Score of no less than 500, and which is acceptable for purchase by at least two Investors.
Appears in 2 contracts
Samples: Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co), Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co)
Subprime Mortgage Loan. a. Definition: A First Mortgage Loan that is not a Prime Mortgage Loan, which has a risk rating of "A-", "B" or "C" (determined using underwriting standards which comply with industry standards in the sole judgement of the Lender), which is made to a mortgagor with a FICO Score of no less than 500, and which is acceptable for purchase by at least two Investors.
b. Interest Rate: 1.25% over LIBOR.
Appears in 2 contracts
Samples: Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co), Warehousing Credit, Term Loan and Security Agreement (Accredited Home Lenders Holding Co)
Subprime Mortgage Loan. (a) Definition: A First Mortgage Loan or Second Mortgage Loan that is not a Prime Mortgage Loan, which has a risk rating of "A-", ," "B" or "C" (determined using underwriting standards which that comply with industry standards in the sole judgement judgment of the Lender), which is made to a mortgagor with a FICO Score of no less than 500, and which that is acceptable for purchase by at least two Investors.
Appears in 1 contract
Samples: Warehousing Credit and Security Agreement (First NLC Financial Services Inc)
