Common use of SUBPRIME MORTGAGE LOAN Clause in Contracts

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 under-writing standards which comply with industry standards in the sole 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.

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 under-writing underwriting standards which comply with industry standards in the sole judgment 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.