Dry Mortgage Loan definition

Dry Mortgage Loan. A Mortgage Loan for which Buyer or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Buyer, prior to the payment of the Purchase Price.

Dry Mortgage Loan means a Mortgage Loan for which the Mortgage Loan File has been delivered to the Custodian.

Dry Mortgage Loan. A Mortgage Loan for which Lender or its custodian has possession of the related Collateral Documents, in a form and condition acceptable to Lender, prior to the funding of the Advance against which such Mortgage Loan is pledged or a Wet Mortgage Loan for which Lender or its Custodian has received the related Collateral Documents.

Examples of Dry Mortgage Loan in a sentence

• Prior to any Transaction related to a Dry Mortgage Loan, Seller shall deliver to Buyer or its Custodian, or authorize and direct the Closing Agent to deliver to Buyer or its Custodian, the related Mortgage Loan Documents in accordance with and pursuant to the terms of Section 7.2 hereof and the Custodial Agreement.

• Prior to any Transaction related to a Dry Mortgage Loan, Seller shall deliver to Buyer acting as custodian or its Custodian, or authorize and direct the Closing Agent to deliver to Buyer acting as custodian or its Custodian, the related Mortgage Loan Documents.

• Prior to any Transaction related to a Dry Mortgage Loan, Seller shall deliver to Buyer or its Custodian, or authorize and direct the Closing Agent to deliver to Buyer or its Custodian, the related Mortgage Loan Documents.

• Prior to any Transaction related to a Dry Mortgage Loan, the applicable Seller shall deliver to Buyer or its Custodian, or authorize and direct the Closing Agent, the Qualified Originator or the Warehouse Lender to deliver to Buyer or its Custodian, the related Mortgage Loan Documents in accordance with and pursuant to the terms of Section 5.02 and the Custodial Agreement.

• The Person designated by Seller and approved by Buyer in accordance with Section 3.7, to receive Purchase Prices from Buyer, for the account of Seller, for the purpose of (i) funding a Purchased Mortgage Loan or (ii) in the case of a new origination Wet Mortgage Loan or Dry Mortgage Loan as to which the origination funds are being remitted to the closing table, originating such Mortgage Loan in accordance with local law and practice in the jurisdiction where such Mortgage Loan is being originated.

More Definitions of Dry Mortgage Loan

Dry Mortgage Loan. A Mortgage Loan with respect to which (i) Custodian has received a Dry Submission Package and (ii) no Repurchase has occurred.

Dry Mortgage Loan. A Mortgage Loan for which Buyer or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Buyer, prior to the payment of the Purchase Price. Effective Date: That effective date set forth in the Transactions Terms Letter.

Dry Mortgage Loan means a Mortgage Loan that is not a Wet-Ink Mortgage Loan.

Dry Mortgage Loan means a first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines which Mortgage File contains all required Mortgage Loan Documents and is received by the Custodian.

Dry Mortgage Loan means an Eligible Loan acquired or originated by the Seller that has been closed and funded and qualifies without exception as an Eligible Loan, including satisfying the requirement that all of its Required Documents have been delivered to the Buyer.

Dry Mortgage Loan. A Mortgage Loan for which Administrative Agent or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Administrative Agent, prior to the payment of the Purchase Price.

Dry Mortgage Loan means a first lien RTL Mortgage Loan or small balance commercial loan, which Custodian has been instructed to hold for Purchaser pursuant to the Custodial Agreement, and which loan includes, without limitation, (i) a Mortgage Note, the related Mortgage and all other documents contained in the Mortgage File, (ii) all right, title and interest of Seller in and to the Mortgaged Property covered by such Mortgage and (iii) the related Servicing Rights.