Lender Paid Mortgage Insurance Policy definition

Lender Paid Mortgage Insurance Policy or “LPMI Policy”: A policy of mortgage guaranty insurance issued by a Mortgage Insurer in which the Owner or the Servicer of the Mortgage Loan is responsible for the premiums associated with such mortgage insurance policy.
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Lender Paid Mortgage Insurance Policy. A policy of primary mortgage guaranty insurance pursuant to which the related premium is to be paid by the servicer of the related Mortgage Loan from payments of interest made by the Mortgagor in an amount as is set forth in the related Mortgage Loan Schedule.
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Lender Paid Mortgage Insurance Policy immediately after each instance "Primary Mortgage Insurance Policy" is used, except for the second and third instances, within such section.
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Examples of Lender Paid Mortgage Insurance Policy in a sentence

  • If a Mortgage Loan is identified on the Mortgage Loan Schedule as subject to a Lender Paid Mortgage Insurance Policy, such policy insures that portion of the Mortgage Loan set forth in the LPMI Policy.

  • In connection with its activities as servicer, the Company agrees to prepare and present, on behalf of itself and the Purchaser, claims to the insurer under any PMI Policy or Lender Paid Mortgage Insurance Policy in a timely fashion in accordance with the terms of such PMI Policy or Lender Paid Mortgage Insurance Policy, and, in this regard, to take such action as shall be necessary to permit recovery under any PMI Policy or Lender Paid Mortgage Insurance Policy respecting a defaulted Mortgage Loan.

  • The Company shall not take any action which would result in noncoverage under any applicable PMI Policy or Lender Paid Mortgage Insurance Policy of any loss which, but for the actions of the Company would have been covered thereunder.

  • Pursuant to Section 4.6, any amounts collected by the Company under any PMI Policy or Lender Paid Mortgage Insurance Policy shall be deposited in the Escrow Account, subject to withdrawal pursuant to Section 4.7.

  • If such PMI Policy or Lender Paid Mortgage Insurance Policy is terminated as a result of such assumption or substitution of liability, the Company shall obtain a replacement PMI Policy or Lender Paid Mortgage Insurance Policy as provided above.

  • If the insurer shall cease to be a qualified insurer, the Company shall determine whether recoveries under the PMI Policy or Lender Paid Mortgage Insurance Policy are jeopardized for reasons related to the financial condition of such insurer, it being understood that the Company shall in no event have any responsibility or liability for any failure to recover under the PMI Policy or Lender Paid Mortgage Insurance Policy for such reason.

  • With respect to each Mortgage Loan with a LTV in excess of 80% at the time of origination, the Company shall, without any cost to the Purchaser, maintain or cause the Mortgagor to maintain in full force and effect a PMI Policy or Lender Paid Mortgage Insurance Policy insuring that portion of the Mortgage Loan as is required by the Underwriting Guidelines.

  • The Company will maintain or cause to be maintained in full force and effect any Lender Paid Mortgage Insurance Policy issued by a Qualified Insurer with respect to each Mortgage Loan for which such coverage is in existence or is obtained.

  • Except to the extent acceptable to the related Agency, no Mortgage Loan is subject to a Lender Paid Mortgage Insurance Policy.

  • Any Mortgage subject to any such Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith; provided, that, with respect to any Mortgage Loan that is subject to a Lender Paid Mortgage Insurance Policy, the related Servicer is obligated thereunder to maintain the Lender Paid Mortgage Insurance Policy and to pay all premiums and charges in connection therewith..


More Definitions of Lender Paid Mortgage Insurance Policy

Lender Paid Mortgage Insurance Policy means a policy of mortgage guaranty insurance issued by a Qualified Insurer in which the owner or servicer of the Mortgage Loan is responsible for the premiums associated with such mortgage insurance policy.
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Related to Lender Paid Mortgage Insurance Policy

  • Lender-Paid Mortgage Insurance Loan Each of the Mortgage Loans identified on the Mortgage Loan Schedule as having a Lender-Paid Mortgage Insurance Rate.

  • Primary Mortgage Insurance Policy Any primary mortgage guaranty insurance policy issued in connection with a Mortgage Loan which provides compensation to a Mortgage Note holder in the event of default by the obligor under such Mortgage Note or the related Security Instrument, if any or any replacement policy therefor through the related Interest Accrual Period for such Class relating to a Distribution Date.

  • Mortgage Insurance means insurance protecting Lender against the nonpayment of, or default on, the Loan.

  • FHA Mortgage Insurance means, mortgage insurance authorized under the National Housing Act, as amended from time to time, and provided by the FHA.

  • FHA Mortgage Insurance Contract means the contractual obligation of the FHA respecting the insurance of a Mortgage Loan.

  • Mortgage Insurer means CMHC, Genworth Financial Insurance Company Canada, or any other company that insures the payment of mortgages to mortgage lenders.

  • Certificate Insurance Policy The Certificate Guaranty Insurance Policy No. AB1094BE, dated the Closing Date, including any endorsements thereto issued by the Certificate Insurer to the Trustee for the benefit of the Holders of the Insured Certificates, a form of which is attached as Exhibit L hereto.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Primary Mortgage Insurance Insurance obtained from a Primary Mortgage Insurer which insures the holder of a Mortgage Note against loss in the event the related Borrower defaults under such Mortgage Note or the related Security Instrument, including all riders and endorsements thereto.

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Bond Insurance Policy means the financial guaranty insurance policy issued by the Bond Insurer insuring the payment when due of the principal of and interest on the Bonds as provided therein.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Life Insurance Policy has the meaning given in Section 6.10.

  • Mortgage Policy has the meaning specified in Section 4.01(a)(iv)(B).

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • Qualified Mortgage Insurer Any mortgage insurer that is Xxxxxx Xxx and Xxxxxxx Mac approved.

  • Mortgage guaranty insurance means surety insurance under which a mortgagee or other creditor is indemnified against losses caused by the default of a debtor.

  • Title Insurance Policy A title insurance policy maintained with respect to a Mortgage Loan.

  • Blanket insurance policy means a group policy covering a defined class of

  • Mortgage Policies has the meaning specified in Section 6.13(b)(ii).

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.