Aged Mortgage Loan Sublimit definition

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).
Aged Mortgage Loan Sublimit. Low FICO Mortgage Loans 5% “Low FICO Loan Sublimit” 4.
Aged Mortgage Loan Sublimit. Second Mortgage Loans $5,000,000.00 “Second Mortgage Loan SublimitDiscretionary Loans $3,000,000.00 “Discretionary Loan Sublimit” Non-QM Mortgage Loans 10% “Non-QM Mortgage Loan Sublimit” 4.

Examples of Aged Mortgage Loan Sublimit 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.

  • 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.

  • 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.

  • 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 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 5% of the Mortgage Note Amount.

  • All Mortgage Loans in warehouse for 60 days will be reduced by 2% of the Mortgage Note Amount 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.

  • 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.


More Definitions of Aged Mortgage Loan Sublimit

Aged Mortgage Loan Sublimit is defined in the table set forth in Section 4.2(a). “Agency” means Xxxxxx Xxx, Xxxxxx Xxx or Xxxxxxx Mac. “Agency MBS” means MBS issued or guaranteed as to timely payment of principal and interest by Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac. “Agent” is defined above. “Agent’s Fees” is defined in Section 9.2. “Aggregate Outstanding Purchase Price” means as of any Determination Date, an amount equal to the sum of the Purchase Prices for all Purchased Loans included in all Open Transactions. “Agreement” is defined in the Recitals. “Applicable Margin” means (a) for the Daily Adjusting LIBOR Rate, two and three eighths percent (2.375%) per annum, and (b) for the Prime Reference Rate, one and twenty five hundredths percent (1.25%) per annum. “Approved Investor” means Xxxxxx Mae, Xxxxxx Xxx, Xxxxxxx Mac and any of the Persons listed on Schedule AI, as it may be supplemented or amended from time to time by
Aged Mortgage Loan Sublimit is defined in the table set forth in Section 4.2(c). “Agency” means Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac. “Agency MBS” means MBS issued or guaranteed as to timely payment of principal and interest by Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac. “Agency-Required eNote Legend” means the legend or paragraph required by Xxxxxx Mae or Xxxxxxx Mac, as applicable, to be set forth in the text of an eNote, as may be amended from time to time by Xxxxxx Mae or Xxxxxxx Mac, as applicable. “Agent” is defined above. “Agent’s Fees” is defined in Section 9.2. “Aggregate Jumbo Loan Sublimit” is defined in Section 4.2(c). “Aggregate Outstanding Purchase Price” means as of any Determination Date, an amount equal to the sum of the Purchase Prices for all Purchased Loans included in all Open Transactions. “Agreement” is defined in the Recitals. “Applicable Floor” means as such term is used in the definitions ofLIBOR Rate” and “Benchmark Replacement” (as defined in Section 6.8), five tenths of one percent (0.5%) per annum.
Aged Mortgage Loan Sublimit means $2,000,000.
Aged Mortgage Loan Sublimit is defined in the table set forth in Section 4.2(a).
Aged Mortgage Loan Sublimit is defined in the table set forth in Section 4.2(c).” “‘Applicable Margin’ means (a) for the Daily Adjusting LIBOR Rate, 1.8% per annum, and (b) for the Prime Reference Rate, 1.05% per annum.”
Aged Mortgage Loan Sublimit is defined in the table set forth in Section 4.2(c). “Agency” means Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac. “Agency MBS” means MBS issued or guaranteed as to timely payment of principal and interest by Xxxxxx Mae, Xxxxxx Xxx or Xxxxxxx Mac. “Agent” is defined above. “Agent’s Fees” is defined in Section 9.2. “Aggregate Outstanding Purchase Price” means as of any Determination Date, an amount equal to the sum of the Purchase Prices for all Purchased Loans included in all Open Transactions. “Agreement” is defined in the Recitals. “‘Applicable Margin’ means (a) for the Daily Adjusting LIBOR Rate, 1.75% per annum, and (b) for the Prime Reference Rate, 0.5% per annum. “Approved Investor” means Xxxxxx Xxx, Xxxxxx Xxx, Xxxxxxx Mac and any of the Persons listed on Schedule AI, as it may be supplemented or amended from time to time by agreement of the Seller and the Agent; provided, that (a) persons listed on Schedule AI shall be Approved Investors only with respect to the type(s) of Mortgage Loans for which they are specified as an “Approved Investor” on Schedule AI, and (b) if the Agent shall give notice to the Seller of the Agent’s reasonable disapproval of any Approved Investor(s) named in the notice, 3 Bodman_16842095_7

Related to Aged Mortgage Loan Sublimit

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • Registered mortgage loan originator means any individual who:

  • Defective Mortgage Loan Any Mortgage Loan which is required to be repurchased pursuant to Section 2.02 or 2.03.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Cross-Collateralized Mortgage Loan Any Mortgage Loan, that is, by its terms, cross-defaulted and cross-collateralized with any other Mortgage Loan; provided that the Mortgage Loans that are part of any Loan Combination shall not constitute Cross-Collateralized Mortgage Loans.

  • Deleted Mortgage Loan A Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage Loan.

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.

  • Conforming Mortgage Loan means a first lien Mortgage Loan originated in accordance with the criteria of an Agency for purchase of Mortgage Loans, including, without limitation, conventional Mortgage Loans, as determined by Buyer in its sole discretion.

  • Countrywide Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Countrywide is the applicable Seller.

  • Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

  • Retained Mortgage Loan File A file for each Mortgage Loan maintained by the Servicer prior to any Document Transfer Date and by the Custodian after any Document Transfer Date that contains the documents specified in Section 2.01(b) of the Pooling and Servicing Agreement and any additional documents required to be added to the Retained Mortgage Loan File pursuant to the Pooling and Servicing Agreement.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • Non-MERS Eligible Mortgage Loan Any Mortgage Loan other than a MERS Eligible Mortgage Loan.

  • Wet-Ink Mortgage Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • High Cost Mortgage Loan means a Mortgage Loan classified as (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994 or (b) a “high cost,” “threshold,” “covered,” or “predatory” loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).

  • Non-Serviced Mortgage Loan means a Mortgage Loan included in the Trust but serviced under another agreement. There are no Non-Serviced Mortgage Loans in the Trust.

  • Mortgage Loan Borrower shall have the meaning assigned to such term in the recitals.

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

  • Outstanding Mortgage Loan As of any Due Date, a Mortgage Loan with a Stated Principal Balance greater than zero which was not the subject of a Principal Prepayment in Full prior to such Due Date and which did not become a Liquidated Mortgage Loan prior to such Due Date.