HECM Loan means a home equity conversion Mortgage Loan which is (a) secured by a first lien and (b) is eligible to be insured by FHA.
HECM Loan means a home equity conversion mortgage loan that is insured under the Federal Housing Administration’s home equity conversion mortgage program.
HECM Loan means a home equity conversion mortgage loan.
Examples of HECM Loan in a sentence
The Mortgage Loan and all Mortgage Loan Documents are complete and authentic and all signatures thereon are genuine and such Mortgage Loan is (i) a “closed” loan and (ii) other than with respect to a BPL – Holdback, HECM Loan, Private Label Reverse Mortgage Loan or HELOC, fully funded by the related Seller Party and held in such Seller Party’s name.
Format is CCYYMMDD.Loan Origination CompanyThe mortgage company is the entity that processed the HECM Loan Application.
HECM Loan Data Accounting Records — accounting data about the securitized portion of the HECM loan, the un-securitized portion of the HECM loan, and the HECM loan as a whole.
Upon default by a Mortgagor on a HECM Loan and foreclosure on, or trustee’s sale of, the related Mortgaged Property pursuant to the proper procedures, the holder of the HECM Loan will be able to deliver good and marketable title to such Mortgaged Property.
The Mortgage contains an enforceable provision, to the extent not prohibited by federal, state or other law as of the date of such Mortgage, for the acceleration of the payment of the outstanding principal balance of the HECM Loan upon the occurrence of a maturity event thereunder.
More Definitions of HECM Loan
HECM Loan means a home equity conversion mortgage loan, commonly referred to as a “reverse mortgage,” including without limitation, reverse mortgages subject to FHA Insurance under the FHA’s Home Equity Conversion Program.
HECM Loan. A Reverse Mortgage Loan originated pursuant to the HECM Program and insured by Federal Insurance. HECM Program: The HUD Home Equity Conversion Mortgage program. HMBS: A home equity conversion mortgage-backed security. HOEPA: The Home Ownership and Equity Protection Act of 1994, as amended. HUD: The United States Department of Housing and Urban Development or any successor thereto. HUD Handbook: The HUD Home Equity Conversion Mortgage Handbook 4235.1 Rev-1 and any subsequent revisions thereto.
HECM Loan means, any Mortgage Loan that qualifies or is intended to qualify as a reverse mortgage loan under the FHA’s Home Equity Conversion Mortgage (HECM) program.
HECM Loan each as defined in the applicable Agency Guide, (ii) a 30+ Day Delinquent Mortgage Loan, (iii) a Mortgage Loan for which the related Escrow Payments have not been made by the next succeeding Due Date, or (iv) a High Cost Mortgage Loan.3644 3543 The definition of “Repurchase Price” was amended by Amendment No. 1, dated as of September 24, 2021. 3644 The definition of “Restricted Mortgage Loan” was amended by Amendment No. 1, dated as of September 24, 2021. 45 The definition of “Sanctions Lists” was added by Amendment No. 2, dated as of April 28, 2022.
HECM Loan means a HUD insured, first lien, adjustable or fixed rate reverse mortgage loan on a one- to-four family residential property and underwritten, originated by the Seller and serviced by the Servicer in accordance with the HECM Handbook.
HECM Loan means a home equity conversion Mortgage Loan which is secured by a first lien and is insured by FHA. “HECM Loan Principal Balance” shall mean the principal balance of a HECM Loan (including without limitation any and all term, tenure or other monthly disbursements, accrued interest and mortgage insurance premium payments and other amounts capitalized into the principal balance) reduced by all amounts received or collected in respect of principal on such HECM Loan. “HomeSafe Flex” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) a portion of the Principal Limit is funded on the applicable closing date and the remaining amount is funded monthly in fixed amounts. “HomeSafe Second” shall mean, any Proprietary Loan that has each of the following characteristics: (a) it is secured by a second lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) the full amount of the Principal Limit is funded on the applicable closing date. “HomeSafe Select” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a variable rate of interest and (c) it is structured as a line of credit that can be drawn on for up to [*]. “HomeSafe Standard” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) the full amount of the Principal Limit is funded on the applicable closing date. “HUD” shall mean the Department of Housing and Urban Development. “Income” shall mean, with respect to any Mortgage LoanPurchased Asset at any time, any principal thereof then payable and all interest, dividends or other distributions payable thereon, and excluding, for the avoidance of doubt, any amounts permitted to be withheld by the Participation Paying Agent pursuant to the MPSA. “Indebtedness” shall mean, with respect to any Person as of any date of determination: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such P...
HECM Loan. Any home equity conversion mortgage loan under FHA’s HECM Program identified on the Mortgage Loan Schedule, which includes the related Collateral File, Credit File, and all other rights, benefits, proceeds and obligations arising from or in connection with such loan (other than the related Servicing Rights, which are being retained by Seller).