Exception Loan definition

Exception Loan. A Mortgage Loan originated or re-underwritten generally pursuant to, but which does not fully comply with, the Seller's underwriting guidelines, but as to which variances from such guidelines have been specifically approved by the Seller's chief credit officer or chief underwriter after making a determination that mitigating factors in respect thereof justified such approval.
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Exception Loan means a Seller Mortgage Loan that, or with respect to which, (i) is made in substantial compliance with the Underwriting Criteria, whether underwritten by either Seller or a third party, and (ii) any variance from the Underwriting Criteria is approved in writing by an executive of Seller in accordance with the policy concerning exceptions to underwriting standards as set forth in Exhibit D attached hereto (as such standards may be amended and modified in writing by the parties from time to
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Exception Loan shall have the meaning for such term that is set forth in the Purchase Facility.
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Examples of Exception Loan in a sentence

  • Upon such direction by SRT, SL shall complete the performance of the Origination Services with respect to such Exception Loan.

  • SL shall issue Approval Letters on those applications associated with an Exception Loan.

  • SRT shall reimburse SL for any reasonable, customary and documented out-of-pocket costs and expenses incurred in the origination of any Exception Loan, to the extent such documented out-of-pocket costs and expenses exceed SL’s normal costs and expenses incurred with respect to the origination of a Mortgage Loan.

  • The “Exception Loan Purchase Price” for each Program Exception Loan shall be equal to [* * *].

  • Potential distribution of the invasive tree Triadica sebifera (Euphorbiaceae) in the United States: evaluating CLIMEX predictions with field trials.

  • In the event of a conflict between the Exception Loan Confirmation and this Repurchase Agreement, the terms of the Exception Loan Confirmation shall govern with respect to the related Transaction.

  • Such Exception Loan Confirmation, together with the terms of this Repurchase Agreement shall constitute conclusive evidence of the terms agreed between Buyer and Sellers with respect to the Transaction described therein.

  • To the best of Seller’s knowledge, other than a payment default or with respect to an Exception Loan, there is no material default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no event has occurred which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and Seller has not waived any default, breach, violation or event of acceleration.

  • In the event of an Exception Mortgage Loan, Buyer shall specify the terms of such proposed Transaction in an Exception Loan Confirmation to be delivered to Sellers on or prior to the date of the Transaction.

  • Exception Loan Performance Using its SLD and SMSLD processes, Countrywide originated a substantial number of loans as exceptions to its Loan Program Guides.


More Definitions of Exception Loan

Exception Loan. Any mortgage loan that a Seller offers to sell to the Purchaser hereunder which has a material exception to the Underwriting Guidelines as determined by the Purchaser without appropriate compensating factors but which the Purchaser determines in its reasonable discretion has an implied Initial Purchase Price of not less than 80% of the outstanding principal balance of such mortgage loan; provided, however, that any such mortgage loan which Purchaser has determined, following its underwriting, is an Eligible Mortgage Loan shall not constitute an Exception Loan without demonstrable evidence presented to the Seller that such mortgage loan is an Exception Loan and without the Seller having had reasonable opportunity to consult with Purchaser regarding such categorization. No Mortgage Loan with an implied Initial Purchase Price of less than 80% shall be eligible for sale hereunder unless the Seller and the Purchaser mutually agree to revise the Initial Purchase Price for such Mortgage Loan.
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Exception Loan means a Mortgage Loan that, or with respect to which, (i) meets the criteria set forth in clauses (b) through (i) of the definition of "Qualified Mortgage Loan," (ii) complies substantially with the underwriting criteria set forth in Schedule 6.11 and (iii) variances from the underwriting criteria set forth in Section 6.11 are approved in writing by a senior executive of Borrower prior to the origination of such Mortgage Loan.
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Exception Loan means a Mortgage Loan that, or with respect to which, (i) meets the criteria set forth in clauses (b) through (i) or the definition of "Qualified Mortgage Loan," (ii) is made in substantial compliance with the underwriting criteria set forth in Section 6.11 and (iii) any variance from the underwriting criteria set forth in Section 6.11 is approved in writing by an executive officer of Borrower in accordance with the policy concerning exceptions to underwriting standards as set forth in Exhibit F attached hereto (as such standards may be amended and modified in writing by the parties from time to time) prior to the origination of such Mortgage Loan or purchase by Borrower of such Mortgage Loan, as the case may be.
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Related to Exception Loan

  • Acquisition Loan means a loan or other extension of credit, including an installment obligation to a “party in interest” (as defined in Section 3(14) of ERISA) incurred by the Trustee in connection with the purchase of Company Stock.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Existing Loan means the loan identified on Exhibit H.

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Refund anticipation loan means an extension of credit to a taxpayer that a person arranges to be repaid directly from the proceeds of the taxpayer's federal or state personal income tax refund.

  • Funding Loan means the Funding Loan in the original maximum principal amount of $ made by Funding Lender to Governmental Lender under the Funding Loan Agreement, the proceeds of which are used by the Governmental Lender to make the Borrower Loan.

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Subsidy Loan Any Mortgage Loan subject to a temporary interest subsidy agreement pursuant to which the monthly interest payments made by the related Mortgagor will be less than the scheduled monthly interest payments on such Mortgage Loan, with the resulting difference in interest payments being provided by the employer of the Mortgagor. Each Subsidy Loan will be identified as such in the Mortgage Loan Schedule.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Member Loan is defined in Section. 3.03(b).

  • Rollover Loan means one or more Loans:

  • Initial Revolving Loan means a Revolving Facility Loan made (i) pursuant to the Revolving Facility Commitments in effect on the Closing Date (as the same may be amended from time to time in accordance with this Agreement) or (ii) pursuant to any Incremental Revolving Facility Commitment on the same terms as the Revolving Facility Loans referred to in clause (i) of this definition.

  • Original Loan shall have the meaning set forth in the recitals hereto.

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Interest Funding Account shall have the meaning specified in subsection 4.2(b).

  • Initial Loan is defined in Section 2.1.

  • Tranche A Loan shall have the meaning set forth in Section 2.01(a).

  • Additional Loan means the Eligible Loans evidenced by a Note or Notes sold from time to time during the Supplemental Purchase Period pursuant to an Additional Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Permitted Loan shall have the meaning set forth in Section 4.02(a).

  • Qualified Loan means a loan made under this act or former 1961 PA 108 from this state to a school district to pay debt service on a qualified bond.

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

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

  • Eligible Loan means a Loan offered for sale or substituted by SLM ECFC under a Purchase Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Purchase Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan: (i) is a Consolidation Loan; (ii) is owned by SLM ECFC and is fully disbursed; (iii) is guaranteed as to principal and interest by the applicable Guarantor to the maximum extent permitted by the Higher Education Act for such Loan; (iv) bears interest at a stated rate of not less than the maximum rate permitted under the Higher Education Act for such Loan; (v) is eligible for the payment of the quarterly special allowance at the full and undiminished rate established under the formula set forth in the Higher Education Act for such Loan; (vi) if not yet in repayment status, is eligible for the payment of interest benefits by the Secretary or, if not so eligible, is a Loan for which interest either is billed quarterly to Borrower or deferred until commencement of the repayment period, in which case such accrued interest is subject to capitalization to the full extent permitted by the applicable Guarantor; (vii) is current or no payment of principal or interest shall be more than 210 days past due as of the Statistical Cutoff Date, in the case of the Initial Loans, or in relation to any Additional Loan or Substituted Loan, the related Subsequent Cutoff Date; (viii) the last disbursement was before the Statistical Cutoff Date, in the case of the Initial Loans, or before the Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan; (ix) is supported by the following documentation: 1. loan application, and any supplement thereto, 2. original promissory note and any addendum thereto (or a certified copy thereof if more than one loan is represented by a single promissory note and all loans so represented are not being sold) or the electronic records evidencing the same, 3. evidence of guarantee, 4. any other document and/or record which Funding may be required to retain pursuant to the Higher Education Act, 5. if applicable, payment history (or similar document) including (i) an indication of the Principal Balance and the date through which interest has been paid, each as of the Statistical Cutoff Date, in the case of the Initial Loans, or the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, and (ii) an accounting of the allocation of all payments by the Borrower or on the Borrower’s behalf to principal and interest on the Loan, 6. if applicable, documentation which supports periods of current or past deferment or past forbearance, 7. if applicable, a collection history, if the Loan was ever in a delinquent status, including detailed summaries of contacts and including the addresses or telephone numbers used in contacting or attempting to contact Borrower and any endorser and, if required by the Guarantor, copies of all letters and other correspondence relating to due diligence processing, 8. if applicable, evidence of all requests for skip-tracing assistance and current address of Borrower, if located, 9. if applicable, evidence of requests for pre-claims assistance, and evidence that the Borrower’s school(s) have been notified, and 10. if applicable, a record of any event resulting in a change to or confirmation of any data in the Loan file.