Jumbo Mortgage Loan definition

Jumbo Mortgage Loan. Unless defined otherwise in the Transactions Terms Letter, a first lien Mortgage Loan (i) for which the original loan amount is greater than the applicable conventional conforming loan limits set by the Federal Housing Finance Authority in the jurisdiction where the related Mortgaged Property is located and (ii) which meets the transaction requirements set forth on Schedule 1 of the Transactions Terms Letter.

Jumbo Mortgage Loan means a Mortgage Loan that would otherwise be a Conforming Mortgage Loan secured by a first Lien Mortgage except that the original principal amount is more than the maximum Agency loan amount but not more than $1,000,000.

Jumbo Mortgage Loan is a collective reference to Jumbo Mortgage Loans (Standard Limit) and Jumbo Mortgage Loans (Specialty).

Examples of Jumbo Mortgage Loan in a sentence

• The Mortgage Loan is a Conventional Conforming Mortgage Loan, Government Mortgage Loan, Jumbo Mortgage Loan, Super Jumbo Mortgage Loan, Expanded Criteria Mortgage Loan, Subprime Mortgage Loan, Closed-End Second Lien Mortgage Loan, HELOC Mortgage Loan or Nonperforming/Subperforming Mortgage Loan, as applicable.

• With respect to any Prime Jumbo Mortgage Loan or Non-QM Mortgage Loan, the Mortgagor has not owned a property at any time during the two-year period prior to the related Origination Date that has been subject of a foreclosure, deed-in-lieu or other similar proceeding.

• Any Jumbo Mortgage Loan as to which the related Mortgaged Property constitutes a condominium unit that was not originated in compliance with, or no longer satisfies the requirements of, the applicable Agency Guides.

• In the case of Transactions involving Jumbo Mortgage Loans, Home Equity Loans or Mortgage Loans the Eligible Assets shall be identified on a detailed listing to be provided by Seller to Buyer (a "List of Jumbo Mortgage Loans" for Jumbo Mortgage Loan, a "List of Home Equity Loans' for Home Equity Loans and a "List of Mortgage Loans" for Mortgage Loans) and may be identified in the related Confirmation by reference to such lists.

• With respect to each Jumbo Mortgage Loan, (i) the related Mortgagor’s debt-to-income ratio is not greater than 43%, (ii) the original principal loan amount does not exceed $2,000,000, (iii) such Jumbo Mortgage Loan is subject to a Takeout Commitment and (iv) such Jumbo Mortgage Loan is eligible to be sold to a minimum of two (2) Approved Takeout Investors under their respective Jumbo Loan purchase programs.

More Definitions of Jumbo Mortgage Loan

Jumbo Mortgage Loan means an A quality first lien Mortgage Loan which is not eligible for sale to an Agency.

Jumbo Mortgage Loan means a Mortgage Loan with an original principal balance in an amount in excess of the then applicable conventional conforming limits, including general limits and high-cost area limits, for Mortgaged Properties securing Mortgage Loans in such county or local area and which is also intended for purchase by Buyer or Buyer’s Affiliates; provided, however, that Jumbo Mortgage Loans shall not include any Mortgage Loan with an original principal balance in excess of $3,000,000.

Jumbo Mortgage Loan means a first lien Mortgage Loan that has been originated in accordance with the Underwriting Guidelines for first lien mortgage loans with a principal balance greater than the balance permitted by an Agency.

Jumbo Mortgage Loan means a first lien Mortgage Loan with a principal balance of not more than $2,000,000 that (a) except with respect to the original principal balance thereof, conforms to the requirements for securitization or cash purchase by an Agency or are eligible for pool insurance by an insurer acceptable to the Buyer, and (b) that either (i) will be sold or securitized by the Seller or (ii) is subject to Takeout Commitment.

Jumbo Mortgage Loan means a Mortgage Loan (i) where the original outstanding principal amount of such Mortgage Loan exceeds the eligibility limits for purchases by Freddie Mac or Xxxxxx Xxx, (ii) that is originated in accordance with Buyer’s published guidelines and (iii) that is approved by Buyer in its sole discretion.

Jumbo Mortgage Loan means a first lien Mortgage Loan which (i) conforms with all requirements of Seller’s underwriting guidelines, which are subject to Purchaser’s approval in its sole good faith discretion, as the same may be amended, supplemented or otherwise modified from time to time and (ii) has the benefit of the safe harbor from liability under the ATR Rules or a rebuttable presumption for such liability.

Jumbo Mortgage Loan. Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan or Cooperative Loan underwritten to the same high standards as a Conventional Conforming Mortgage Loan except with respect to the original principal balance, which is greater than that permitted by the Agencies but less than one million ($1,000,000) dollars.