Locked Loan definition

Locked Loan means a Loan subject to a Best Efforts Commitment that has been registered for a guaranteed rate and price if delivered within a stipulated price term, and for which a price confirmation has been issued by Arc. A Locked Loan becomes a Mandatory Commitment when closed.
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Locked Loan. A Mortgage Loan as to which the related Mortgagor exercises the Lock Feature.
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Locked Loan. A Loan that has been registered for a guaranteed rate and purchase price if delivered to NewRez within a stipulated period of time, and for which a price confirmation has been issued by NewRez. A Locked Loan becomes a Mandatory Commitment when it is closed.
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Examples of Locked Loan in a sentence

  • A Best Efforts Commitment with respect to a Locked Loan shall become a Mandatory Commitment with respect to such Loan on the related Closing Date.

  • Please check here if you did not select option #1 I/we agree Rate Locked: Loan Department Officer & Date Member Signature & Date While the lender will make every effort to meet the time constraints, there are several areas of the processing over which we have no control.

  • In connection with such transfer, the Indenture Trustee, or the Custodian on its behalf, shall effect delivery to the Seller of the portion of the Mortgage File in its possession for each Locked Loan being so transferred, and the Indenture Trustee shall execute and deliver to the Seller any other documents prepared by the Seller reasonably necessary to transfer the Locked Loans to the Seller.

  • Any Locked Loan already registered and rate locked by Seller will not be materially adversely affected by such amendment or revision.

  • It is Plaintiffs’ argument that because they received nothing in return for the sums demanded by Prudential and because Prudential “repudiated the very essence of the Rate Lock Agreements when it refused to honor the Locked Loan Rates,” that the injunction should issue.

  • On the ninetieth (90th) day after the Initial Closing Date, Purchaser shall pay to Seller an amount equal to the Aggregate Locked Loan Profitability Amount.


More Definitions of Locked Loan

Locked Loan. A Loan that has been registered for a guaranteed rate and purchase price if delivered to New Penn Financial within a stipulated period of time, and for which a price confirmation has been issued by New Penn Financial. A Locked Loan becomes a Mandatory Commitment when it is closed.
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Related to Locked Loan

  • LPMI Loan A Mortgage Loan with a LPMI Policy.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.

  • Serviced Loan A Serviced Mortgage Loan or Serviced Companion Loan.

  • CD Loan means a Committed Loan which bears interest at a CD Rate pursuant to the applicable Notice of Committed Borrowing or Notice of Interest Rate Election.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Buydown Loan A Mortgage Loan for which the Mortgage Interest Rate has been subsidized through a Buydown Fund provided at the time of origination of such Mortgage Loan.

  • 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.

  • Related Loan means any loan or extension of credit to an Obligor of a Shared-Loss Loan held by the Assuming Institution at any time on or prior to the end of the Final Shared-Loss Month.

  • Equipment Loan means middle market equipment loans that consist of loans made to obligors in the United States of America primarily secured by new or used transportation equipment and managed by the Equipment Finance reporting category of the Commercial Lending and Leasing division of GE Capital.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Borrower Loan means the mortgage loan made by the Governmental Lender to the Borrower pursuant to this Borrower Loan Agreement, in the maximum principal amount of the Borrower Loan Amount, as evidenced by the Borrower Note.

  • Mortgage Loan Borrower Related Party shall have the meaning assigned to such term in Section 13.

  • MOM Loan With respect to any Mortgage Loan, MERS acting as the mortgagee of such Mortgage Loan, solely as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

  • PPP Loan means the loan in principal amount of $673,184 issued to the Company by the PPP Lender pursuant to the promissory note dated April 20, 2020.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Specially Serviced Loan Any Serviced Loan (including a related REO Mortgage Loan or REO Companion Loan) as to which any of the following events has occurred:

  • Designated loan means a loan se- cured by a building or mobile home that is located or to be located in a special flood hazard area in which flood insurance is available under the Act.

  • Facility A Loan means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

  • Commercial loan means a loan that is not made primarily for

  • SOFR Loan means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”.

  • Serviced Loan Combination A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations related to the Trust as of the Closing Date are the Loan Combinations as to which “Serviced” is set forth in the Loan Combination Table under the column heading “Servicing Type,” together with any Servicing Shift Loan Combinations. A Servicing Shift Loan Combination will no longer be a Serviced Loan Combination on and after the related Servicing Shift Date.

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

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Adjustable Rate Mortgage Loan A Mortgage Loan serviced pursuant to this Agreement under which the Mortgage Interest Rate is adjusted from time to time in accordance with the terms and provisions of the related Mortgage Note.

  • Conventional Loan A Mortgage Loan that is not insured by the United States Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

  • Loan List means the Loan List provided by the Borrower to the Administrative Agent and the Collateral Custodian, as set forth in Schedule II hereto (which shall include the specific documents that should be included in each Loan File), as the same may be changed from time to time in accordance with the provisions hereof.