Examples of Group 1 Loan in a sentence
For each Distribution Date, interest will accrue at a per annum rate equal to the weighted average (based on the Group Subordinate Amount for each Loan Group) of (i) 6.00% per annum for Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 6 and Loan Group 7 and (ii) 5.25% per annum for Loan Group 8.
With respect to any Group 1 Loan originated on or after August 1, 2004, neither the related Mortgage nor the related Mortgage Note requires the Mortgagor to submit to arbitration to resolve any dispute arising out of or relating in any way to the Mortgage Loan transaction.(xxxvii) Manufactured Housing.
No Group 1 Loan had a principal balance at origination that exceeds the applicable Freddie Mac loan limit for first lien single family mortgage loans.(xxxix) Recycling Representation for Seasoned Loans.
To the best of Seller’s knowledge, with respect to each Group 1 Loan, the borrower was not encouraged or required by the Mortgage Loan’s originator to select a mortgage loan product offered by the Mortgage Loan’s originator which is a higher cost product designed for less creditworthy borrowers, taking into account such facts as, without limitation, the Mortgage Loan’s requirements and the borrower’s credit history, income, assets and liabilities.(xxxiv) Borrower’s Ability to Repay.
To the best of Seller’s knowledge, no borrower under a Group 1 Loan obtained a prepaid single-premium credit life, credit disability, credit unemployment or credit property insurance policy in connection with the origination of the Mortgage Loan.(xxxi) Prepayment Penalties.
With respect to each Group 1 Loan that has a prepayment feature, each such prepayment premium is permissible and enforceable in accordance with its terms pursuant to Fannie Mae or Freddie Mac guidelines and federal, state or local laws.
No borrower under a Group 1 Loan was charged “points and fees” in an amount greater than (a) $1,000 or (b) 5% of the principal amount of such Mortgage Loan, whichever is greater.
The methodology used in underwriting the extension of credit for each Group 1 Loan did not rely on the extent of the borrower’s equity in the collateral as the principal determining factor in approving such extension of credit.
No refinance or purchase money mortgage loan that is a Group 1 Loan has an APR or total points and fees that exceed the thresholds set by the Home Ownership and Equity Protection Act of 1994 (“HOEPA”) and its implementing regulations, including 12 CFR § 226.32(a)(1)(i) and (ii).
No Group 1 Loan is “seasoned” (a seasoned mortgage loan is one where the date of the mortgage note is more than 1 year before the Closing Date).(xl) Charges.