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
HECM Loan Current Interest Rate: The current interest rate for the HECM loan; as of the most recent reporting period.
Servicing Fee Set Aside Amount: An amount initially set aside from the Principal Limit as indicated on the Payment Plan Exhibit to the HECM Loan Agreement, to be applied to payment due for a fixed monthly charge for servicing activities of Issuer or its Subcontract Servicer.
HECM Loan Purpose Code: The purpose for which the HECM loan was originated.
HECM Loan Payment Option Code:The method to receive payments that was selected by the borrower as of the reporting cut-off date.
Loan Origination Company: The mortgage company is the entity that processed the HECM Loan Application.
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 means a home equity conversion mortgage loan. “HECM Program” shall mean the Home Equity Conversion Mortgage program administered by FHA. “HUD” shall mean the United States Department of Housing and Urban Development, or any successor thereto. “HUD Handbook” shall mean the Regulations promulgated by HUD under the National Housing Act, codified in Title 24 of the Code of Federal Regulations, and other HUD issuances relating to HECM Loans, including, but not limited to, the HUD Home Equity Conversion Mortgage Handbook 4235.1
HECM Loan. An individual fixed or adjustable rate reverse mortgage loan originated pursuant to the FHA’s Home Equity Conversion Mortgage program and insured by FHA Insurance. HUD: The United States Department of Housing and Urban Development, or any federal agency or official thereof which may from time to time succeed to the functions thereof with regard to FHA mortgage insurance. The term “HUD,” for purposes of this Agreement, is also deemed to include subdivisions thereof such as FHA and Xxxxxx Xxx. HUD Handbook: Regulations promulgated by HUD under the National Housing Act, codified in Title 24 of the Code of Federal Regulations, the HUD Home Equity Conversion
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. Any home equity conversion mortgage loan or REO Property that is sold pursuant to this Agreement, as evidenced by such loan’s inclusion 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, including the related Servicing Rights.
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. At origination, any Reverse Mortgage Loan that is subject to FHA Insurance under the FHA’s Home Equity Conversion Mortgage program.