Conventional Conforming Mortgage Loan definition

Conventional Conforming Mortgage Loan. Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan that fully conforms to all underwriting standards, loan amount limitations and other requirements of that standard Agency mortgage loan purchase program accepting only the highest quality mortgage loans underwritten without dependence on expanded criteria provisions, or that is approved by Desktop Underwriter or Loan Prospector.

Examples of Conventional Conforming Mortgage Loan in a sentence

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

• The Mortgage Loan is a Conventional Conforming Mortgage Loan, Government Mortgage Loan, Jumbo Mortgage Loan, Super Jumbo Mortgage Loan, Expanded Criteria Mortgage Loan, Subprime Mortgage Loan, Closed-End Second Lien Mortgage Loan, HELOC Mortgage Loan or Nonperforming/Subperforming Mortgage Loan, as applicable.

• Each Conventional Conforming Mortgage Loan is insured by a policy of private mortgage insurance in the amount required by Xxxxxx Xxx 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 Conventional Conforming Mortgage Loan is insured by a policy of private mortgage insurance in the amount required by FNMA or FHLMC, 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.

• 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 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.

• If required by the applicable Agency Guide, each Conventional Conforming Mortgage Loan is or will be insured by a policy of private mortgage insurance in the amount required by the applicable Agency, and by an Insurer and all provisions of such private mortgage insurance policy have been and are being complied with, such policy is or will be in full force and effect and all premiums due thereunder have been paid.

• If required by the applicable Agency Guide, each Conventional Conforming Mortgage Loan is insured by a policy of private mortgage insurance in the amount required by the applicable Agency, 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.

• There are no defenses, counterclaims or rights of setoff affecting the Agency Eligible Mortgage Loan or 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 and Conventional Conforming Mortgage Loan is insured by a policy of private mortgage insurance in the amount required by Fxxxxx Mae or Fxxxxxx 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.