Aged Mortgage Loans definition

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Aged Mortgage Loans means an Eligible Mortgage Loan that has been included in Collateral for a period of more than ninety (90) days.

Aged Mortgage Loans. Not Permitted

Examples of Aged Mortgage Loans in a sentence

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.
The following sublimits shall be applicable to the Transactions hereunder such that after giving effect to any proposed Transaction and after giving effect to any repurchase, addition or substitution of any Mortgage Loan hereunder, the following shall be true: (a) The Aggregate Outstanding Purchase Price of Conforming Mortgage Loans (other than Aged Mortgage Loans) may be as much as one hundred percent (100%) of the Maximum Aggregate Commitment (the “Conforming Loan Sublimit”).
If Borrowers enter into a new commitment for the forward sale of Mortgage Loans by Borrowers to Lender, in an amount at least equal to $300,000,000, the interest rates then in effect for Prime Mortgage Loans (not including Aged Mortgage Loans) will be reduced by [*]% per annum.
If Borrowers enter into a new commitment for the forward sale of Mortgage Loans by Borrowers to Lender, in an amount at least equal to $300,000,000, the interest rates then in effect for Subprime Mortgage Loans (not including Aged Mortgage Loans) will be reduced by [*]% per annum.
With respect to transmittal of documentation relating to Purchased Loans (other than Aged Mortgage Loans), before the Buyer delivers documentation pursuant to this Section 20.6(ii), the Seller shall have delivered such forms, duly executed by the Seller, required under the applicable Agency Guides or Investor Commitments to effect delivery to an Agency or any other Approved Investor of such Purchased Loans and payment therefor in accordance with the instructions of the Buyer.
Alt-A First Mortgage Loans 98 % Alt-A Second Mortgage Loans 95 % Sub-Prime First Mortgage Loans 98 % Sub-Prime Second Mortgage Loans 95 % 90 Day Aged HLTV Loans 95 % Aged Mortgage Loans 90 % 30 Plus Mortgage Loans 95 % 60 Plus Mortgage Loans 50 % provided, that should a Mortgage Loan qualify for more than one Class, then the Purchase Percentage shall be the Purchase Percentage of the Class for which such Mortgage Loan qualifies which produces the lowest percentage.
The Mortgage Loan (i) together with the other Purchased Mortgage Loans subject to Transactions, would not cause the aggregate Repurchase Price for Aged Mortgage Loans which are subject to then outstanding Transactions to exceed the lesser of (x) 20% of the aggregate Repurchase Price for all Mortgage Loans which are subject to then outstanding Transactions and (y) $80,000,000 and (ii) is not more than 120 days Delinquent.
All amounts payable on account of the sale of Purchased Loans (other than Aged Mortgage Loans) by the Seller are to be paid directly by the applicable Approved Investor to the Investor Funding Account for the benefit of the Buyer and the Seller shall so instruct each such applicable Approved Investor.
The unpaid amount of each Advance outstanding against Mortgage Loans that are Aged Mortgage Loans shall bear interest from the date such Mortgage Loans become Aged Mortgage Loans until such Advance is paid in full at a rate of interest equal to the lesser of (i) the Maximum Rate or (ii) a fluctuating rate of interest which is equal to 237.5 basis points (2.375%) per annum over the Monthly Average LIBOR Rate.
The following sentence is added to Section 2 of the Agreement: In no event shall MBF be required to purchase any Type 3 Nonconforming Loan if the Acquisition Price of such Type 3 Nonconforming Loan, when combined with the aggregate Acquisition Price of all Type 3 Nonconforming Loans and all Aged Mortgage Loans then held by MBF (and then serviced by Seller or a Successor Servicer), is in excess of the Type 3 NC/Aged Loan Sublimit.

More Definitions of Aged Mortgage Loans

Aged Mortgage Loans on any date shall mean, collectively, all Aged Shipped Mortgage Loans, Aged Wet Mortgage Loans, and Aged Warehoused Mortgage Loans.

Aged Mortgage Loans means Mortgage Loans against which a Warehousing Advance has been outstanding for longer than the Standard Warehouse Period, provided that Aged Mortgage Loans are permitted for such type of Mortgage Loan. "Aged Warehouse Period" means the maximum number of days a Warehousing Advance against Aged Mortgage Loans of a particular type may remain outstanding as set forth in Exhibit H. "Agency Security" means a Mortgage-backed Security issued or guaranteed by ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac or ▇▇▇▇▇▇ Mae. "Aggregate Warehousing Collateral Value" means, as of any date of determination, the total Warehousing Collateral Value of all Pledged Loans or Pledged Securities then subject to a perfected, first-priority Lien in favor of Lender under this Agreement. "Agreement" means this First Amended and Restated Warehousing Credit and Security Agreement, either as originally executed or as it may be amended, restated, renewed or replaced. "Appraised Property Value" means with respect to an interest in real property, the then current fair market value of the real property and any improvements on it as of a recent date determined in accordance with Title XI of FIRREA by a qualified appraiser who is a member of the American Institute of Real Estate Appraisers or other group of professional appraisers. "Approved Custodian" means a pool custodian or other Person that Lender deems acceptable, in its sole discretion, to hold Mortgage Loans for inclusion in a Mortgage Pool or to hold Mortgage Loans as agent for an Investor that has issued a Purchase Commitment for those Mortgage Loans. "Audited Statement Date" means the date of (i) with respect to Borrower, Borrower's most recent audited financial statements (and, if applicable, Borrower's Subsidiaries, on a consolidated basis), and (ii) with respect to Guarantor, Guarantor's most recent audited financial statements (and if applicable, Guarantor's Subsidiaries, on a consolidated basis), each as delivered to Lender under the Existing Agreement or this Agreement. "Borrower" has the meaning set forth in the first paragraph of this Agreement. "BPO Value" means, with respect to the real property and improvements securing any Mortgage Loan, the lowest fair market value for such real property and ownership interest and occupancy rights as set forth in an opinion of a real estate broker acceptable to the Lender, in its sole discretion, as to the value of such improved real property if sold within a 60-day marketing period. Each such broker price...

Aged Mortgage Loans means (a) "A" Mortgage Loans that have been Pledged Mortgaged Loans for more than 90 days; and (b) "B, C, & D" Mortgage Loans that have been Pledged Mortgage Loans for more than 60 days."

Aged Mortgage Loans in Section 1.2 of the Credit Agreement is hereby deleted therefrom and the following is substituted in lieu thereof for all purposes: