Correspondent Mortgage Loan. A Mortgage Loan originated by a third party originator and acquired by Seller in accordance with Seller’s correspondent Mortgage Loan program.
Correspondent Mortgage Loan means a Mortgage Loan originated by a third party originator and acquired by Seller in accordance with Seller’s correspondent Mortgage Loan program.
Correspondent Mortgage Loan means a Mortgage Loan which is (a) originated by a Correspondent Seller and underwritten in accordance with the Underwriting Guidelines and (b) acquired by the Seller from a Correspondent Seller in the ordinary course of business.
Examples of Correspondent Mortgage Loan in a sentence
Except with respect to a Correspondent Mortgage Loan, the Mortgage Loan was originated by Seller.
Other than with respect to a Correspondent Mortgage Loan and unless otherwise agreed to by Buyer, no Mortgage Loan has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan.
Except with respect to a Correspondent Mortgage Loan, the Mortgage Loan was originated by or in conjunction with Seller.
With respect to each Correspondent Mortgage Loan, (i) the related Correspondent Seller shall be approved by Buyer on or prior to the Purchase Date, (ii) Seller shall not have received notice from Buyer that such Correspondent Seller is no longer approved and (iii) if requested, Buyer has received a Bailee Letter from such Correspondent Seller or its designee.
With respect to any Mortgage Loan that is not a Correspondent Mortgage Loan, the origination date is no earlier than thirty (30) days prior to the related Purchase Date.
More Definitions of Correspondent Mortgage Loan
Correspondent Mortgage Loan. A Mortgage Loan originated by a Correspondent Lender.
Correspondent Mortgage Loan means a mortgage loan purchased from a licensed mortgage lender who is approved by the Seller and for which Seller does not appear as the lender on the Mortgage Note.
Correspondent Mortgage Loan. A Mortgage Loan originated by an Approved Originator and acquired by Seller in accordance with Seller’s correspondent Mortgage Loan program. For the sake of clarity, no Correspondent Mortgage Loan shall be a Wet Mortgage Loan.
Correspondent Mortgage Loan means a Mortgage Loan which is (i) originated by a Correspondent Seller and underwritten in accordance with the Underwriting Guidelines and (ii) acquired by the Seller from a Correspondent Seller in the ordinary course of business, for sale to the Buyer pursuant to this Agreement. “Correspondent Seller” shall mean a mortgage loan originator that sells Mortgage Loans originated by it to Seller as a “correspondent” client. “Costs” shall have the meaning set forth in Section 17(a) hereof. “Custodial and Disbursement Agreement” shall mean, that certain Custodial and Disbursement Agreement dated as of the date hereof, among Seller, Buyer, Custodian and Disbursement Agent, as may be amended, restated, supplemented and otherwise modified from time to time. “Custodian” shall mean Deutsche Bank National Trust Company, and any successor thereto under the Custodial and Disbursement Agreement. “Cut-off Date” shall mean, with respect to Pooled Mortgage Loans, the first calendar day of the month in which the related Settlement Date is to occur. “Cut-off Date Principal Balance” shall mean, with respect to Pooled Mortgage Loans, the outstanding principal balance of such Pooled Mortgage Loans on the Cut-off Date after giving effect to payments of principal and interest due on or prior to the Cut-off Date whether or not such payments are received. 8
Correspondent Mortgage Loan means an Eligible Mortgage Loan --------------------------- originated by a correspondent lender or broker which is pledged to the Lender simultaneously with purchase thereof by the Borrower, which purchase is financed in part or in whole with proceeds of Advances distributed to the seller thereof by the Custodian and as to which the Custodian has possession of the related Mortgage File but has not yet issued a Trust Receipt and an Exception Report to the Lender. A Mortgage Loan shall cease to be a Correspondent Mortgage Loan on the date on which the Lender has received a Trust Receipt from the Custodian with respect to such Mortgage Loan confirming that the Custodian has physical possession of the related Mortgage File, which Trust Receipt indicates the presence of no Material Exceptions in the related Mortgage File.
Correspondent Mortgage Loan. A Mortgage Loan originated by a --------------------------- Correspondent Lender and included in the Trust Fund.
Correspondent Mortgage Loan is defined as any Mortgage Loan for which the related Mortgage File shall be delivered to DBNTC no later than four Business Days following the Purchase Date. No Correspondent Mortgage Loan shall be eligible for financing hereunder if the related Mortgage File shall not have been delivered to DBNTC Bank by the close of business on the fourth Business Day following the Purchase Date and the Seller shall repurchase such ineligible Correspondent Mortgage Loan at the Purchase Price together with the applicable Financing Cost. Correspondent Mortgage Loans shall be subject to the following additional qualifications with respect to the Financing Line: