Pre-Sold Mortgage Loan definition
Pre-Sold Mortgage Loan means those Mortgage Loans for which the Underlying Property is the subject of a Purchase and Sale Agreement, to which the Borrower has certified certain terms thereof to the Bank substantially in the form of Exhibit A hereto.
Examples of Pre-Sold Mortgage Loan in a sentence
In the event that any Mortgage Loan is not characterized by the Bank as a Pre-Sold Mortgage Loan, then the Mortgage Loan shall be a Spec Mortgage Loan.
In order for any Mortgage Loan to be characterized as a Pre-Sold Mortgage Loan, the Borrower must deliver to the Bank, in addition to any other documents, certificates or other instruments which must be delivered pursuant to this Agreement, a Pre-Sold Mortgage Loan Certificate substantially in the form of Exhibit A hereto.