Aged Mortgage Loan definition

Aged Mortgage Loan means a Mortgage Loan, other than a Jumbo Mortgage Loan, a Manufactured Housing Mortgage Loan, a HECM, an FHA 203(k) Loan, or a Low FICO Government Mortgage Loan, subject to a Transaction hereunder for more than [***] but not more than [***].

Aged Mortgage Loan means a Mortgage Loan, other than a Jumbo Mortgage Loan, a Low FICO Government Loan, a 203K Loan, a Xxxxxx Xxx Buyout Loan, or a Manufactured Housing Mortgage Loan, subject to a Transaction hereunder for more than 60 days but not more than 90 days.

Aged Mortgage Loan means a Mortgage Loan for which the time between the date on which RMS purchased such Mortgage Loan from the Xxxxxx Xxx pool and the date of determination is more than 180 days, if such Mortgage Loan either (a) does not have a due and payable date from HUD, (b) foreclosure proceedings have not been initiated or (c) is not on a repayment plan.

Examples of Aged Mortgage Loan in a sentence

• On the day a Pledged Loan becomes an Aged Mortgage Loan, the Advance against such Pledged Loan must be (a) repaid in full, to the extent the Aged Mortgage Loan Sublimit would be exceeded, or (b) otherwise, reduced by 5% of the Mortgage Note Amount.

• MBF acknowledges that a Takeout Commitment for an Aged Mortgage Loan may take the form of a bulk trade commitment concerning a number of Aged Mortgage Loans and certain other loans.

• On the day a Pledged Loan becomes an Aged Mortgage Loan, the Warehousing Advance against such Pledged Loan must be (a) repaid in full, to the extent the Aged Mortgage Loan Sublimit would be exceeded, or (b) otherwise, reduced by [*]% of the Mortgage Note Amount on the 15th day of each month commencing after 90 days.

• Seller shall make a commercially reasonable effort to obtain a renewed or replacement Takeout Commitment for each Aged Mortgage Loan, and Seller shall provide to MBF a true and correct photocopy of it or information about it (in such format and by such media as MBF may from time to time determine) as soon as practicable after Seller has obtained the Takeout Commitment.

• The following sentence is added to the end of subsection 8.2(a) of the Agreement: Notwithstanding the foregoing, if the Mortgage Loan has become an Aged Mortgage Loan, Seller shall have no obligation to repurchase the Mortgage Loan under this subsection 8.2(a) as long as it is classified as an Aged Mortgage Loan.

More Definitions of Aged Mortgage Loan

Aged Mortgage Loan means a Mortgage Loan that is an Eligible Loan, and with respect to which each of the following statements shall be accurate and complete (and Seller by including such Mortgage Loan in any computation of the Sublimits shall be deemed to so represent and warrant to the Agent as of the date of such computation):

Aged Mortgage Loan means a Mortgage Loan that has been subject to Transactions for more than ninety (90) days and up to one hundred eighty (180) days and that is not more than 29 days Delinquent.

Aged Mortgage Loan means a Mortgage Loan which has been a Pledged Mortgage Loan for more than 90 days.

Aged Mortgage Loan means a Mortgage Loan (a) whose Acquisition Price, when added to the Acquisition Prices of all Type 3 Nonconforming Loans and all other Aged Mortgage Loans then owned by MBF, does not exceed the Type 3 NC/Aged Loan Sublimit; (b) whose Acquisition Price, when added to the Acquisition Prices of all other Aged Mortgage Loans then owned by MBF, does not exceed the Aged Mortgage Loan Sub-sublimit; (c) that is approved for classification as an “Aged Mortgage Loan” by MBF in its sole discretion; and (d) that was purchased either (1) subject to a valid Takeout Commitment that has now expired, lapsed or is no longer in full force and effect, or (2) without a Takeout Commitment, and Seller has failed to repurchase the Mortgage Loan pursuant to subsection 8.2(a) by the deadline established by the Annex applicable to that Mortgage Loan. A Mortgage Loan that is classified as an “Aged Mortgage Loan” shall not be considered a “Defective Mortgage Loan” so long as it has such classification.

Aged Mortgage Loan means a Pledged Mortgage against which an Advance has been outstanding for a period exceeding sixty (60) days.

Aged Mortgage Loan shall have the meaning specified in the Schedule of Facility Information.

Aged Mortgage Loan means, on any day, a Purchased Loan that is not a Jumbo Mortgage Loan and whose Purchase Date was more than sixty (60) days but not more than ninety (90) days prior to that day. “Aged Mortgage Loan Sublimit” is defined in the table set forth in Section 4.2(d). “Agency” (and, with respect to two or more of the following, “Agencies”) means Xxxxxx Xxx, FHA, Freddie Mac, Xxxxxx Xxx, RHS or VA. “Agency Guidelines” means those requirements, standards and procedures that may be adopted by the Agencies from time to time with respect to their purchase or guaranty of residential mortgage loans, which requirements govern the Agencies’ willingness to purchase or guaranty such loans. “Agency Loan Sublimit” is defined in Section 4.2(a).