Covered Mortgage definition

Covered Mortgage means a first mortgage loan that is in
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Covered Mortgage shall have the meaning set forth in the Acknowledgment Agreement.
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Covered Mortgage has the meaning set forth in Section 3(e) below.
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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  • If any claim was denied, rejected or coverage rescinded in respect of any Covered Mortgage Loan on account of any breach, action or omission of the Seller, then the Servicer shall seek recovery for any advances made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  • If a claim was rejected, denied or coverage was rescinded in respect of any Covered Mortgage Loan on account of any breach, action or omission of the Servicer, then the Servicer shall not be entitled to reimbursement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,...
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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.
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Covered Mortgage shall have the meaning set forth in the Freddie Mac Acknowledgment Agreement.
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Covered Mortgage means a first mortgage loan that is in imminent danger of foreclosure.
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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;
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Covered Mortgage means, with respect to Fannie Mae Mortgage Loans, “Subject Mortgages” as such term is defined in the Fannie Mae Acknowledgment Agreement.
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Related to Covered Mortgage

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

  • Streamlined Mortgage Loan A Mortgage Loan originated in connection with the refinance of a mortgage loan pursuant to the related Seller’s streamlined documentation program then in effect.

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • Qualified Mortgage Insurer Any mortgage insurer that is Xxxxxx Xxx and Xxxxxxx Mac approved.

  • Permitted Mortgage means (a) any purchase money mortgage on such Principal Property prior to, simultaneously with or within 180 days after the later of (1) the acquisition or completion of construction or completion of substantial reconstruction, renovation, remodeling, expansion or improvement (each, a “substantial improvement”) of such Principal Property or (2) the placing in operation of such property after the acquisition or completion of any such construction or substantial improvement; (b) Mortgages on a Principal Property existing at the time of acquisition, including acquisition through merger or consolidation; (c) Mortgages existing on the date of the initial issuance of the Notes, Mortgages on assets of a corporation or other business entity existing on the date it becomes a Restricted Subsidiary or is merged or consolidated with the Company or a Restricted Subsidiary or at the time the corporation or other business entity sells, leases or otherwise disposes of its property as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary or Mortgages on the assets of a Subsidiary that is newly designated as a Restricted Subsidiary if the Mortgage would have been permitted under the provisions of this paragraph if such Mortgage was created while the Subsidiary was a Restricted Subsidiary; (d) Mortgages in favor of the Company or a Restricted Subsidiary; (e) Mortgages for taxes, assessments or governmental charges or levies that are not delinquent or that are being contested in good faith; (f) carriers’, warehousemen’s, materialmen’s, repairmen’s, mechanic’s, landlords’ and other similar Mortgages arising in ordinary course of business that are not delinquent or remain payable without penalty or that are being contested in good faith; (g) Mortgages (other than any Mortgage imposed by the Employee Retirement Income Security Act of 1974) consisting of pledges or deposits required in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation; (h) easements, rights-of-way, restrictions, encroachments, imperfections and other similar encumbrances affecting real property that, in the aggregate, are not substantial in amount and do not in any case materially detract from the value of the Principal Property subject thereto or materially interfere with the ordinary conduct of the Company and its Subsidiaries’ business, taken as a whole; (i) Mortgages arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulation, including any zoning or similar law or right reserved to or vested in any governmental office or agency to control or regulate the use of any real property; (j) Mortgages arising from filing Uniform Commercial Code financing statements relating solely to leases; and (k) Mortgages to secure Indebtedness incurred to extend, renew, refinance or replace Indebtedness secured by any Mortgages referred to above, provided that the principal amount of the extended, renewed, refinanced or replaced Indebtedness does not exceed the principal amount of Indebtedness so extended, renewed, refinanced or replaced, plus transaction costs and fees, and that any such Mortgage applies only to the same property or assets subject to the prior permitted Mortgage (and, in the case of real property, improvements).

  • Qualified Mortgage A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified mortgage”, or any substantially similar successor provision).

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

  • FHA Approved Mortgagee means a corporation or institution approved as a mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service mortgage loans such as the FHA Loans.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).

  • Subserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing Agreement.

  • Special Serviced Mortgage Loan The Mortgage Loans for which the Special Servicer acts as servicer pursuant to Section 3.19.

  • Deleted Mortgage Loan A Mortgage Loan replaced or to be replaced by a Qualified Substitute Mortgage Loan.

  • Nonsubserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is not subject to a Subservicing Agreement.

  • Non-Serviced Mortgage Loan means a Mortgage Loan included in the Trust but serviced under another agreement. There are no Non-Serviced Mortgage Loans in the Trust.

  • Refinanced Mortgage Loan A Mortgage Loan the proceeds of which were not used to purchase the related Mortgaged Property.

  • ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

  • Distressed Mortgage Loan Any Mortgage Loan that at the date of determination is Delinquent in payment for a period of 90 days or more without giving effect to any grace period permitted by the related Mortgage Note or for which the applicable Servicer or the Trustee has accepted a deed in lieu of foreclosure.

  • Reportable Modified Mortgage Loan Any Mortgage Loan that (i) has been subject to an interest rate reduction, (ii) has been subject to a term extension or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided, however, that a Mortgage Loan modified in accordance with clause (i) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months since the date of such modification if that interest rate reduction is not made permanent thereafter.

  • Liquidated Mortgage Loan With respect to any Distribution Date, a defaulted Mortgage Loan (including any REO Property) which was liquidated in the calendar month preceding the month of such Distribution Date and as to which the Master Servicer has determined (in accordance with this Agreement) that it has received all amounts it expects to receive in connection with the liquidation of such Mortgage Loan, including the final disposition of an REO Property.

  • Special Hazard Mortgage Loan A Liquidated Mortgage Loan as to which a Special Hazard Loss has occurred.

  • Registered mortgage loan originator means any individual who:

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

  • Destroyed Mortgage Note A Mortgage Note the original of which was permanently lost or destroyed and has not been replaced.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • MERS Designated Mortgage Loan Mortgage Loans for which (a) the Seller has designated or will designate MERS as, and has taken or will take such action as is necessary to cause MERS to be, the mortgagee of record, as nominee for the Seller, in accordance with MERS Procedures Manual and (b) the Seller has designated or will designate the Purchaser as the Investor on the MERS System.

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.