Covered Mortgage definition

Covered Mortgage means a first mortgage loan that is in

Covered Mortgage shall have the meaning set forth in the Acknowledgment Agreement.

Covered Mortgage has the meaning set forth in Section 3(e) below.

Examples of Covered Mortgage in a sentence

• The Master Servicer shall take whatever action is appropriate to maximize the amounts payable under the Mortgage Insurance Policy and to service the Covered Mortgage Loans in the manner required by the Mortgage Insurance Policy.

• The Master Servicer shall take whatever action is appropriate to maximize the amounts payable under each Mortgage Insurance Policy and to service the Covered Mortgage Loans in the manner required by the applicable Mortgage Insurance Policy.

• Any amount received from the Pool Insurer with respect to any such Covered Mortgage Loan shall be deposited by the Master Servicer into the Collection Account in accordance with Section 3.04(b).

• If any claim was denied, rejected or coverage rescinded in respect of any Covered Mortgage Loan on account of any breach, action or omission of the Seller, then the Servicer shall seek recovery for any advances made pursuant to this Section 4.01(d) from the Seller.

• The Servicer shall prepare and file on a timely basis with the Pool Insurer, all claims which may be made under the Pool Policy with respect to the Covered Mortgage Loans.

• If a claim was rejected, denied or coverage was rescinded in respect of any Covered Mortgage Loan on account of any breach, action or omission of the Servicer, then the Servicer shall not be entitled to reimbursement for such advances.

• Notwithstanding anything contained herein to the contrary, in no event shall any release (referenced above or in Section 2.08(c)) of Lender include any Collateral pledged hereunder related to any Retained Citi Covered Mortgage.

• The Master Servicer shall enforce the obligations of the Servicer to prepare and file on a timely basis with the Pool Insurer, all claims which may be made under the Pool Policy with respect to the Covered Mortgage Loans.

• The Borrower shall not use a subservicer with respect to any Covered Mortgage Loan without the Lender’s prior written consent; provided that Lender will be deemed to consent if the subservicer is approved by the Owner.

• The Servicer shall take whatever action is appropriate to maximize the amounts payable under the PMI Policy and to service the Covered Mortgage Loans in the manner required by the PMI Policy.

More Definitions of Covered Mortgage

Covered Mortgage means any Mortgage, except to the extent that such Mortgage is reasonably determined by Xxxxxxx Mac in accordance with Section 3(f) below to be any of the following: (i) a Mortgage secured by a residential property that is not located within any of the 50 States, the District of Columbia, Guam, Puerto Rico or the Virgin Islands at the time of Xxxxxxx Mac's purchase, as set forth in Guide Section 22.18 and the definition of a State in the Glossary to the Guide; (ii) a Mortgage, the original unpaid principal balance of which at the time of Xxxxxxx Mac's purchase exceeded the maximum original loan amounts set forth in Guide Section 23.3; (iii) a Mortgage secured by vacant land or property primarily used for agriculture, farming or commercial enterprise at the time of Xxxxxxx Mac's purchase; (iv) a Mortgage secured by residential properties consisting of five or more dwelling units at the time of Xxxxxxx Mac's purchase; (v) a Mortgage with an LTV Ratio in excess of 80 percent at the time of Xxxxxxx Mac's purchase that (i) did not have mortgage insurance on the portion of the Mortgage in excess of 80 percent of the property's value (determined in accordance with the Guide), as set forth in Guide Section 27.1, (ii) was not sold with recourse, within the meaning of Section 11.10(a) of the Guide, and (iii) was not sold on a participation basis as described in Guide Section 11.4.1 (provided, however, that Xxxxxxx Mac may not require repurchase of a Mortgage under this sub-Section 3(e)(v) based solely on a determination by Xxxxxxx Mac that correction of an allegedly incorrect appraisal of the Mortgaged Premises (y) causes the Mortgage to have an LTV Ratio over 80 percent or (z) enlarges any existing excess of the Mortgage's LTV Ratio over 80 percent); (vi) a Mortgage that was not a valid First Lien on the Mortgaged Premises at the time of Xxxxxxx Mac's purchase; (vii) a Mortgage secured by a manufactured home that did not meet the property eligibility requirements set forth in Guide Section H33.2(a) at the time of Xxxxxxx Mac's purchase; (viii) a Mortgage secured by Mortgaged Premises in one of the states listed in Guide Section 22.18 that at the time of origination was designated as a "high-cost," "high-risk" or a similar designation under the applicable state law as referenced in Guide Section 22.18 as ineligible for purchase; (ix) any purchase transaction Mortgage secured by a Primary Residence and any Refinance Mortgage that, as described in Guide Section 22.33,...

Covered Mortgage means a first mortgage loan that is in imminent danger of foreclosure.

Covered Mortgage means a residential mortgage loan that is not 861 a federally backed mortgage loan, as defined in Section 4022 of P.L. 116- 862 136;

Covered Mortgage means, (i) with respect to Xxxxxxx Xxx Mortgage Loans, shall have the meaning set forth in the Xxxxxxx Xxx Acknowledgment Agreement and (ii) with respect to Xxxxxx Xxx Mortgage Loans, shall mean “Subject Mortgages” as such term is defined in the Xxxxxx Xxx Acknowledgment Agreement.

Covered Mortgage means, with respect to Fannie Mae Mortgage Loans, “Subject Mortgages” as such term is defined in the Fannie Mae Acknowledgment Agreement.

Covered Mortgage shall have the meaning set forth in the Freddie Mac Acknowledgment Agreement.