Agency Eligible Mortgage Loan definition

Agency Eligible Mortgage Loan. A mortgage loan that is in strict compliance with the eligibility requirements for swap or purchase by the designated Agency, under the applicable Agency Guide and/or applicable Agency Program.

Agency Eligible Mortgage Loan. A Mortgage Loan that is originated in, and at all times remains in, Strict Compliance with the Agency Guides and the eligibility requirements specified for the applicable Agency Program, and is eligible for sale to or securitization by such Agency.

Agency Eligible Mortgage Loan means a Mortgage Loan that is in compliance with the eligibility requirements for swap or purchase by an Agency, under the applicable Agency guidelines and/or Agency Program.

Examples of Agency Eligible Mortgage Loan in a sentence

• Each Agency Eligible Mortgage Loan was originated in Strict Compliance with and remains in compliance with the applicable Agency Guides.

• Each Agency Eligible Mortgage Loan was originated in Strict Compliance with and remains in compliance with the Agency Guides.

• There are no defenses, counterclaims or rights of setoff affecting the Agency Eligible Mortgage Loan or affecting the validity or enforceability of any private mortgage insurance applicable to such Mortgage Loan.

• There are no defenses, counterclaims or rights of setoff affecting the Agency Eligible Mortgage Loan and Conventional Conforming Mortgage Loan or affecting the validity or enforceability of any private mortgage insurance applicable to such Mortgage Loan.

• Each Agency Eligible Mortgage Loan was originated in Strict Compliance with the applicable Agency Guide.

• No Mortgage loan (other than an Alternate `A' Mortgage Loan, Agency Eligible Mortgage Loan, California Program Mortgage Loan, Conduit Eligible Mortgage Loan or Jumbo Mortgage Loan) has an LTV greater than 80%.

• An Agency Eligible Mortgage Loan or Government Mortgage Loan in respect of which (i) the full original principal amount of such Mortgage Loan has not been fully advanced or disbursed as of the related origination date, (ii) all subsequent advances or disbursements are made in accordance with the Agency Guides and (iii) has been approved by Buyer in its sole discretion.

• The “Due Date” with respect to each Agency Eligible Mortgage Loan is the first day of the month in which the Monthly Payment is due.

• Each Agency Eligible Mortgage Loan is insured by a policy of private mortgage insurance in the amount required by Xxxxxx Mae or Xxxxxxx Mac, as applicable, and by an Insurer and all provisions of such private mortgage insurance policy have been and are being complied with, such policy is in full force and effect and all premiums due thereunder have been paid.

• Each Agency Eligible Mortgage Loan and Conventional Conforming Mortgage Loan is insured by a policy of private mortgage insurance in the amount required by Xxxxxx Mae or Xxxxxxx Mac, as applicable, and by an Insurer and all provisions of such private mortgage insurance policy have been and are being complied with, such policy is in full force and effect and all premiums due thereunder have been paid.

More Definitions of Agency Eligible Mortgage Loan

Agency Eligible Mortgage Loan. Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan or a Cooperative Loan that is originated in Strict Compliance with the Agency Guides and the eligibility requirements specified for the applicable Agency Program, and is eligible for sale to or securitization by such Agency.

Agency Eligible Mortgage Loan means a Mortgage Loan that is in Strict Compliance with the applicable Agency Guide and the eligibility requirements specified for the applicable Agency Program, and is eligible for sale to or securitization by FHMLC, FNMA, or GNMA.

Agency Eligible Mortgage Loan. “Agency Guides”, “Approvals”, “Asset Value”, “ERISA Affiliate”, “Government Mortgage Loan”, “Jumbo Mortgage Loan”, “Market Value”, “Merchants Bank Agreement” “Mortgage”, “Mortgage Loan”, “Mortgaged Property”, “Multiemployer Plan”, “Other Mortgage Loan Documents” and “Subsidiary” in their entirety and replacing them with the following, respectively:

Agency Eligible Mortgage Loan means a Mortgage Loan that is in compliance with the eligibility requirements for swap or purchase by an Agency, under the applicable Agency guidelines and/or Agency Program. “Agency Program” shall mean the specific mortgage backed securities swap program under the applicable Agency guidelines or as otherwise approved by an Agency pursuant to which the Agency Security is to be issued. “Agency-Required eNote Legend” shall mean the legend or paragraph required by Xxxxxx Mae or Xxxxxxx Mac, as applicable, to be set forth in the text of an eNote, which includes the provisions set forth on the appropriate exhibit to the Custodial and Disbursement Agreement, as may be amended from time to time by Xxxxxx Mae or Xxxxxxx Mac, as applicable. “Agency Security” shall mean a mortgage-backed security issued by an Agency. “Aggregate Facility Purchase Price” shall mean, as of any date of determination, the sum of the Purchase Prices (as of such date of determination) of all Purchased Mortgage Loans then subject to a Transaction. “Agreement” shall mean this Master Repurchase Agreement and Securities Contract between Buyer and Seller, dated as of the date hereof as the same may be amended, restated, supplemented or otherwise modified in accordance with the terms hereof. “Anti-Corruption Laws” shall have the meaning set forth in Section 13(cc) hereof. “Anti-Money Laundering Laws” shall have the meaning set forth in Section 13(aa) hereof. “Appraised Value” shall mean (i) the value set forth in an appraisal made in connection with the origination of the related Mortgage Loan as the value of the Mortgaged Property or (ii) in the case of property inspection waiver Mortgage Loans, the value accepted by Xxxxxx Mae or Xxxxxxx Mac’s automated underwriting system as the value of the Mortgaged Property. “Asset Schedule” shall mean with respect to any Transaction as of any date, an asset schedule in the form of a computer tape or other electronic medium (including an Excel spreadsheet) generated by Seller and delivered to Buyer and the Custodian, which provides information (including, without limitation, the information set forth on Exhibit E attached hereto) relating to the Purchased Mortgage Loans in a format reasonably acceptable to Buyer. 2

Agency Eligible Mortgage Loan means a Mortgage Loan which conforms to current GNMA, FNMA, FHLMC, FHA or VA guidelines in regards to credit quality.

Agency Eligible Mortgage Loan. “Asset Value”, “Jumbo Mortgage Loan”, “Market Value”, “Mortgage”, “Mortgage Loan”, “Mortgaged Property” and “Permitted Non-Qualified Mortgage Loan” in their entirety and replacing them with the following, respectively: