ARM Mortgage Loans definition

ARM Mortgage Loans. With respect to each Option ARM Mortgage Loan, (a) the Seller (or a servicer on its behalf) either did not provide different payment options after a "teaser period" or, if different payment options were provided, applied each payment received under the Option ARM Mortgage Loan correctly in accordance with Accepted Servicing Practices, (b) unless otherwise set forth on the Mortgage Loan Schedule, the Option ARM Mortgage Loan has no negative amortization as of the Closing Date and (c) such Option ARM Mortgage Loans were serviced in accordance with Accepted Servicing Practices; and Seller has provided to Purchaser all payment histories required to service the Option ARM Mortgage Loans after the Closing Date and such payment histories are true and correct; and
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ARM Mortgage Loans. With respect to each Option ARM Mortgage Loan, (a) the Seller (or a servicer on its behalf) either did not provide different payment options after a "teaser period" or, if different payment options were provided, applied each payment received under the Option ARM Mortgage Loan correctly in accordance with Accepted Servicing Practices, (b) unless otherwise set forth on the related Mortgage Loan Schedule, the Option ARM Mortgage Loan has no negative amortization as of the related Closing Date and (c) such Option ARM Mortgage Loans were serviced in accordance with Accepted Servicing Practices and all payment histories are set forth on the related Mortgage Loan Schedule that would be required to service the Option ARM Mortgage Loans after the related Closing Date in accordance with Accepted Servicing Practices.
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Examples of ARM Mortgage Loans in a sentence

  • The Mortgage Interest Rate is (a) with respect to fixed rate mortgage loans, the fixed interest rate set forth in the Mortgage Note and (b) with respect to ARM Mortgage Loans, adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, rounded up.

  • The Mortgagor has executed a statement to the effect that the Mortgagor has received all disclosure materials required by applicable law with respect to the making of ARM Mortgage Loans.

  • The Mortgage Interest Rate is (a) with respect to fixed rate Mortgage Loans, the fixed interest rate set forth in the Mortgage Note and (b) with respect to ARM Mortgage Loans adjusted semi-annually on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, subject to the Mortgage Interest Rate Cap.

  • All of the ARM Mortgage Loans contain an interest rate provision that requires a lookback of 45 days.

  • The conversion features of any ARM Mortgage Loans which are convertible to fixed rate Mortgage Loans are reasonable and customary.

  • The Mortgage Interest Rate is (i) with respect to fixed rate Mortgage Loans, the fixed interest rate set forth in the Mortgage Note and (ii) with respect to ARM Mortgage Loans, adjusted on each Interest Rate Adjustment Date pursuant to the Mortgage Loan Documents and rounded as required under Accepted Servicing Practices and subject to the Mortgage Interest Rate Cap, the Periodic Rate Cap and the Lifetime Rate Cap.

  • The Mortgage Interest Rate is (a) with respect to fixed rate Mortgage Loans, the fixed interest rate set forth in the Mortgage Note and (b) with respect to ARM Mortgage Loans, adjusted on each Interest Rate Adjustment Date pursuant to the Mortgage Loan Documents and rounded as required under Accepted Servicing Practices and subject to the Mortgage Interest Rate Cap, the Periodic Rate Cap and the Lifetime Rate Cap.

  • Except with respect to Option ARM Mortgage Loans, no Mortgage Loan contains terms or provisions which would result in Negative Amortization.

  • All of the ARM Mortgage Loans contain an interest rate provision that requires a lookback as set forth in the Underwriting Guidelines.

  • Except with respect to the Option ARM Mortgage Loans, each BANA Mortgage Note requires a monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof and to pay interest at the related Mortgage Interest Rate.