High Cost Loans definition

High Cost Loans means mortgage loans, contracts or mortgage loans underlying Mortgage Certificates that are subject to the special rules, disclosure requirements and other provisions that were added to the federal Truth-in-Lending Act by the Homeownership and Equity Protection Act of 1994, which were originated on or after October 1, 1995, are not loans made to finance the purchase of the mortgaged property and have mortgage rates or annual percentage rates, as applicable, or origination costs in excess of prescribed levels.
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High Cost Loans. No Mortgage Loan is (a) covered by the Home Ownership and Equity Protection Act of 1994 as amended ("HOEPA"), (b) a "high cost," "threshold," "covered," "predatory," "abusive," "high risk home" or similarly defined loan, including refinance loans, under any other Applicable Law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees), provided that any Mortgage Loan secured by a Mortgaged Property in Illinois characterized as a "threshold" loan shall not be a "high cost" loan unless it is characterized as "predatory" under applicable local law; the Company has implemented and conducted compliance procedures to determine if each Mortgage Loan is "high-cost" home loan under any applicable federal, state or local law and performed a review of the disclosure provided to the related Mortgagor in accordance with such laws and the related Mortgage Note in order to determine that such Mortgage Loan, if subject to any such law, does not violate any such law or (c) a "High Cost Loan" or "Covered Loan," as defined in the then current Standard & Poor's LEVELS(R) Version 5.6 Glossary Revised, Appendix E. Any breach of this representation shall be deemed to materially and adversely affect the interests of the owner of the Mortgage Loan and shall require a repurchase of the affected Mortgage Loan;
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Examples of High Cost Loans in a sentence

  • None of the Mortgage Loans are (i) Covered Loans or (ii) High Cost Loans.

  • None of the Mortgage Loans are (i) High Cost Loans, (ii) covered by the Home Ownership and Equity Protection Act of 1994 or (iii) in violation of, or classified as "high cost", "threshold," "predatory" or "covered" loans under, any other applicable state, federal or local law.

  • None of the HELOCs are classified as High Cost Loans regardless of whether the originator or the Seller is exempted from applicable state or local law by virtue of federal preemption; provided that, any HELOC secured by a Mortgaged Property in Illinois characterized as a “threshold” loan shall not be a “high cost” loan unless it is characterized as “predatory” under applicable local law.

  • None of the Acoustic Mortgage Loans are (i) High Cost Loans, (ii) covered by the Home Ownership and Equity Protection Act of 1994, (iii) in violation of, or classified as "high cost", "threshold," "predatory" or "covered" loans under, any other applicable state, federal or local law, or (iv) originated on or after October 1, 2002 through March 6, 2003 and governed by the Georgia Fair Lending Act.

  • Conversion of Primary Residence Not Permitted Geographic Restrictions Maricopa County Special Restrictions High Cost Loans Lakeview will not purchase High Cost Loans.

  • None of the Mortgage Loans are (i) High Cost Loans, (ii) covered by the Home Ownership and Equity Protection Act of 1994 or (iii) in violation of, or classified as "high cost", "threshold," "predatory" or "covered" loans under, any other applicable state, federal or local law (other than "covered" loans under New Jersey and North Carolina law).

  • The Concessioner shall not obtain a Leasehold Surrender Interest or other compensable interest in Capital Improvements constructed or installed in violation of this Contract.

  • LEGAL02/37648106v16 ([[) Predatory Lending Regulations; High Cost Loans.

  • None of the November Acoustic Mortgage Loans are (i) High Cost Loans, (ii) covered by the Home Ownership and Equity Protection Act of 1994 or (iii) in violation of, or classified as "high cost", "threshold," "predatory" or "covered" loans under, any other applicable state, federal or local law.