Conversion Mortgage Loan definition

Conversion Mortgage Loan means a Non-Pooled Mortgage Loan subject to a Transaction that will be converted by Seller into a Pooled Mortgage Loan on the related Conversion Date.
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Conversion Mortgage Loan means a Mortgage Loan which is either (i) originated as an ARM Mortgage Loan, sold to an Approved Investor and subsequently repurchased by the Borrower after an election by the obligor thereunder to convert to a fixed rate, or (ii) a construction loan converted to a permanent loan, upon completion of construction, in accordance with the guidelines of an Approved Investor.
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Examples of Conversion Mortgage Loan in a sentence

  • A reverse mortgage loan (also known as a Home Equity Conversion Mortgage Loan) in the original amount of $___________________ (excluding any financed PMI premium or other costs), with interest not to exceed ____% per annum for the initial ☐ Month(s) ☐ Year(s) of the loan with Origination Charges as shown on the Buyer’s loan Estimate for the loan not to exceed ____% of the loan.

  • A reverse mortgage loan (also known as a Home Equity Conversion Mortgage Loan) in the original amount of $[AMOUNT] (excluding any financed PMI premium or other costs), with interest not to exceed [INTEREST RATE]% per annum for the initial [#] ☐ month(s) ☐ year(s) of the loan with Origination Charges as shown on the Buyer’s loan estimate for the loan not to exceed [CHARGE LIMIT]% of the loan.

  • A reverse mortgage loan (also known as a Home Equity Conversion Mortgage Loan) in the original amount of $___________________ (excluding any financed PMI premium or other costs), with interest not to exceed ____% per annum for the initial ☐ Month(s) ☐ Year(s) of the loan with Origination Charges as shown on the Buyer’s loan Estimate for the loan not to exceed ____% of the loan.