Covered Mortgages definition

Covered Mortgages means (i) all Single Family Mortgages serviced by GMACM on behalf of Xxxxxx Xxx as of or prior to June 30, 2010 under Xxxxxx Mae Servicer number 12666 (but not including the Other Transferred Mortgages (as defined below)), and (ii) all Single Family Mortgages that had been serviced by GMACM as of or prior to November 14, 2008 and on which the servicing was transferred by GMACM to Nationstar Mortgage LLC on or about December 1, 2008 and January 2, 2009, and which are now (or which were following such transfers) serviced under Nationstar Xxxxxx Xxx Servicer number 24147 (the “Nationstar Transferred Mortgages”), other than any Excluded Mortgage.
Sample 1Sample 2Sample 3
Covered Mortgages means each of the mortgage loans listed on Schedules 1 - 6 referenced in the attached Appendix.
Sample 1
Covered Mortgages means the approximately 8.2 million single-family mortgages sold by the BANA Parties, or their predecessors in interest, to Xxxxxx Mae that were originated between January 1, 2000 and December 31, 2008 and identified in the data file sent by BANA to Xxxxxx Xxx on February 16, 2012, other than: • any Mortgages sold pursaunt to the following Master Agreements: Master Agreement No. ML02556 (First Franklin Financial Corporation subprime) and Master Agreement No. MC06614 (Xxxxxxx Xxxxx Credit Corporation subprime), and • the approximately 15,304 mortgages listed on Schedule 1. A file listing the Covered Mortgages shall be transmitted among the Parties at the time of execution of this Agreement.
Sample 1

Examples of Covered Mortgages in a sentence

  • The GMACM parties further acknowledge and agree that Xxxxxx Mae’s agreement with respect to Covered Mortgages, PLS Bonds, and Other GMACM-Sponsored PLS is adequate consideration for the Settlement Amount, and that such payment provides substantial value to the GMACM Parties.

  • This reporting and payment obligation shall continue quarterly until such time as the parties otherwise agree to a different resolution of this obligation, and otherwise until the final payment or other resolution or liquidation of all Covered Mortgages.

  • The Parties hereto acknowledge that they expressly understand that this Agreement and the resolution it represents are entered into solely for the purpose of avoiding any future dispute with respect to the Covered Mortgages as they relate to the matters that are released pursuant to this Agreement.

  • The GMACM Parties also acknowledge and agree that the Settlement Amount does not constitute payment of a repurchase price for any loan and that (i) (unless a mortgage loan is subsequently repurchased as otherwise contemplated in this Agreement) ownership of the Covered Mortgages and any related real property belongs to Xxxxxx Xxx and/or the related MBS trusts and (ii) ownership of the PLS Bonds belongs to Xxxxxx Mae.

  • Xxxxxx Mae shall determine, in its sole discretion, how and when to apply the Settlement Amount toward losses incurred and/or anticipated on the Covered Mortgages, and the GMACM Parties (and any subsequent servicer) shall cooperate as reasonably requested in the remittance, application, and reporting of funds as directed by Xxxxxx Xxx, in accordance with the GMACM Parties’ normal servicing obligations.

  • The Mortgage Insurance Coverage Payment obligation of GMACM shall be tracked by GMACM on a quarterly basis, with the first reporting to be provided on April 30, 2011, reporting as of March 31, 2011, all Covered Mortgages on which mortgage insurance has been rescinded and which have not been repurchased by GMACM.

  • Following receipt of an Excess Yield Transaction Notice, Lender shall deliver a Borrowing Base Report to Borrower with respect to the Collateral related to the Retained Citi Covered Mortgages.

  • In connection with the delivery of the EYT Notice, Borrower shall deliver an updated Market Valuation and Borrowing Base Report to Administrative Agent and the Required Lenders with respect to the Collateral related to the projected Retained Lender Covered Mortgages after consummation of the YET Transaction described in the EYT Notice.

  • Except to the extent otherwise expressly set forth in this Agreement, each BANA Party reserves all of its rights and defenses with respect to the Other Obligations (other than with respect to Subsections 5(b) and 5(c) in regard to Excluded Defects and Section 6 in regard to MI Rescissions and MI Other Actions) and with respect to all mortgages other than the Covered Mortgages.

  • The parties hereto acknowledge that they expressly understand that this Agreement and the resolution it represents are entered into solely for the purpose of avoiding any future dispute with respect to the Covered Mortgages as they relate to the repurchase requests that are expressly withdrawn by Xxxxxx Xxx pursuant to this Agreement.


More Definitions of Covered Mortgages

Covered Mortgages means the approximately 3.7 million mortgages originated by Lender (or its predecessors-in-interest) between January 1, 2000 and December 31, 2012 and delivered to Xxxxxx Mae prior to February 26, 2013 in its corporate capacity with respect to portfolio loans or in its capacity as trustee for the benefit of holders of the related mortgage-backed securities. All such Covered Mortgages are listed on the schedule transmitted among the Parties on the Business Day prior to the Effective Date. In no event does the term “Covered Mortgages” include any Excluded Mortgage.
Sample 1
Covered Mortgages means (i) all Single Family Mortgages serviced by GMACM on behalf of Fannie Mae as of or prior to June 30, 2010 under Fannie Mae Servicer number 12666 (but not including the Other Transferred Mortgages (as defined below)), and (ii) all Single Family Mortgages that had been serviced by GMACM as of or prior to November 14, 2008 and on which the servicing was transferred by GMACM to Nationstar Mortgage LLC on or about December 1, 2008 and January 2, 2009, and which are now (or which were following such transfers) serviced under Nationstar Fannie Mae Servicer number 24147 (the "Nationstar Transferred Mortgages"), other than any Excluded Mortgage.
Sample 1

Related to Covered Mortgages

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

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

  • 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.

  • 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).

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

  • 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.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

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

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

  • Blanket Mortgage The mortgage or mortgages encumbering a Cooperative Property.

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

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

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

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

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

  • 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.

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

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

  • 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).

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

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.

  • Second Mortgage means a mortgage from which the proceeds of a loan or other extension of credit made by a third person are secured by a mortgage on the real property for which the mortgagor has used the proceeds of the loan or other extension of credit to pay all or part of the purchase price of the property.

  • Non-MERS Eligible Mortgage Loan Any Mortgage Loan other than a MERS Eligible Mortgage Loan.

  • 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.

  • Registered mortgage loan originator means any individual who: