Conventional Mortgage Loan definition
Examples of Conventional Mortgage Loan in a sentence
In the event that any payment due under any Conventional Mortgage Loan is not paid when the same becomes due and payable, or in the event the Mortgagor fails to perform any other covenant or obligation under the Mortgage Loan and such failure continues beyond any applicable grace period, the Servicer shall take such action as it shall deem to be in the best interest of the Certificateholders.
The appraiser for the Mortgage Loan was duly licensed or certified under the applicable law where the Mortgage Loan was originated, and for each Government Mortgage Loan was acceptable to the FHA or VA, as applicable, and for each Conventional Mortgage Loan was acceptable to ▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇ Mac and/or the Takeout Investor, as applicable.
Mortgages (5/1/19)68 The QC review of each Conventional Mortgage Loan that reaches EPD status is required, even if the Mortgage Loan has subsequently been brought current.
Additionally, at the time of submission of the Mortgage Loan for purchase, the Mortgage Lender shall provide evidence satisfactory to the Servicer that the Mortgage Lender has applied for FHA Insurance, a VA Guaranty, or a USDA Rural Development Guaranty, or in the case of a Conventional Mortgage Loan, that the Mortgage Lender has received a binding commitment from a PMI Insurer or otherwise meets ▇▇▇▇▇▇▇ Mac or ▇▇▇▇▇▇ Mae requirements.
Each Conventional Mortgage Loan conforms with all applicable requirements of the Buyer, Agencies or applicable Takeout Investor, including, but not limited to, all requirements for the inclusion of such Conventional Mortgage Loans in any pool of loans or private security as designated by the Buyer, ▇▇▇▇▇▇▇ Mac and ▇▇▇▇▇▇ Mae, and each Conventional Mortgage Loan conforms with all pooling requirements of the Agency or Takeout Investor.