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. 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 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

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

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

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

  • Please note that a Loan may have had more than one exception overall and more than one exception within an Exception Category and Exception Loan Grade combination.

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

  • No. on Exhibit B Mortgage Loan and Number as Identified on Exhibit A Description of Exception (Loan No. 23) manner that is not material to the operation of the Mortgaged Property.

  • Upon such direction by MLCC, Cendant shall issue Approval Letters on those applications associated with a Program Exception Loan.

  • MLCC may, in its sole discretion, advise Cendant to process (or to have the applicable Wholesale Lender process) such Program Exception Loan and, if so, upon what terms and conditions Cendant or the applicable Wholesale Lender shall process such Program Exception Loan.

  • Upon such direction by MLCC, Cendant shall complete the performance of the Correspondent Lending Services or the Mortgage Broker Services, as the case may be, with respect to such Program Exception Loan.


More Definitions of Exception Loan

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 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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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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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 (i) any covered loan under paragraph (36) of Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by Section 1102 of the CARES Act, or (ii) any loan that is an extension or expansion of, or is similar to, any covered loan described in clause (i).

  • 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 to be made by a Bank as a CD Loan in accordance with the applicable Notice of Committed Borrowing.

  • 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 means the trust account designated as such and established pursuant to Section 5.01(a).

  • 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 means any bona fide loan or other extension of credit entered into by a Series A Preferred Unitholder or any of its Affiliates with one or more financial institutions and secured by a pledge, hypothecation or other grant of security interest in Series A Preferred Units, Series A Conversion Units, Common Units, or other assets.

  • 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 Seller under a Sale 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 Sale 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: