Conforming Conventional Mortgage Loan a Conventional Mortgage Loan which is eligible for purchase by FNMA or FHLMC.
Conforming Conventional Mortgage Loan means a Mortgage Loan the terms of which are in conformity with the standards, including loan amount and documentation requirements, of Xxxxxx Xxx (also referred to as “FNMA”) or Xxxxxxx Mac (also referred to as “FHLMC”) under one of their respective home mortgage purchase programs (such standards shall be referred to hereafter respectively as the “FNMA Guidelines” and the “FHLMC Guidelines”) and any other Mortgage Loan except for Construction Loans, PrimeFirst® Loans, Jumbo/Non-Conforming Mortgage Loans, Equity Access Loans or Government Loans which otherwise meet MLCC Underwriting Guidelines. “Construction Loan” shall mean a Mortgage Loan for the purpose of financing the construction (or alteration) of a one- to four-family residence, which Mortgage Loan is funded in installments. “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of either Cendant or PHH, as the case may be, who: (1) was a member of such Board of Directors on the date hereof; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election. “Direct Competitor” shall mean any Person listed on Exhibit A hereto. “EDP” means the electronic data processing system used by MLCC and PHH, which are licensees of ALLTEL Information Services, Inc. “Equity Access® Agreement” shall mean the revolving line of credit agreement entered into between MLCC and the Guarantor under any Parent Power® Guaranty Agreement for Real Estate pursuant to which a line of credit may be drawn upon by MLCC to fund the payment by such guarantor of a loss specified in such Parent Power® Guaranty Agreement for Real Estate. “Equity Access Loans” shall mean a Mortgage Loan in the form of a revolving line of credit secured by a Mortgage Instrument, currently referred to by MLCC as “Equity Access” or “Equity Access Prime” loans. “Equity Access® Mortgage” means the mortgage, deed of trust or other security instrument (including all amendments and supplements thereto) made by the Guarantor under any Parent Power® Guaranty Agreement for Real Estate to secure its obligations thereunder and under the related Equity Access® Agreement.
Conforming Conventional Mortgage Loan a Conventional Mortgage Loan that is eligible for purchase by FNMA or FHLMC.
More Definitions of Conforming Conventional Mortgage Loan
Conforming Conventional Mortgage Loan means a Mortgage Loan the terms of which are in conformity with the standards, including loan amount and documentation requirements, of Fxxxxx Mxx (also referred to as “FNMA”) or Fxxxxxx Mac (also referred to as “FHLMC”) under one of their respective home mortgage purchase programs (such standards shall be referred to hereafter respectively as the “FNMA Guidelines” and the “FHLMC Guidelines”) and any other Mortgage Loan except for Construction Loans, PrimeFirst Loans. Equity Access Loans, Jumbo/Non-Conforming Loans, or Government Loans that otherwise meet MLCC Underwriting Guidelines.
Conforming Conventional Mortgage Loan means a Mortgage Loan the terms of which are in conformity with the standards, including loan amount and documentation requirements, of Fxxxxx Mxx (also referred to as “FNMA”) or Fxxxxxx Mac (also referred to as “FHLMC”) under one of their respective home mortgage purchase programs (such standards shall be referred to hereafter respectively as the “FNMA Guidelines” and the “FHLMC Guidelines”) and any other Mortgage Loan except for Construction Loans, PrimeFirst® Loans, Jumbo/Non-Conforming Mortgage Loans, Equity Access Loans or Government Loans which otherwise meet MLCC Underwriting Guidelines.