Maximum Claim Amount means the lesser of the appraised value of the Property or the maximum dollar amount for an area established by the Secretary for a one-family residence under section 2O3(b)(2) of the National Housing Act (as adjusted where applicable under section 214 of the National Housing Act). Both the appraised value and the maximum dollar amount for the area shall be as of the date the conditional commitment is issued. Closing costs shall not be taken into account in determining appraised value.
Maximum Claim Amount means the amount of insurance coverage for a HECM Loan provided by the related HUD/FHA insurance thereon.
Maximum Claim Amount means with respect to any HECM, the maximum claim amount under the related FHA Insurance for such Loan as determined pursuant to the FHA Regulations.
Examples of Maximum Claim Amount in a sentence
The Draw Rate (converted to an equivalent monthly factor) is applied to the Maximum Claim Amount.
The Draw Rate (convertedto an equivalentmonthly factor) is applied to the Maximum Claim Amount.
A pop-up message is displayed for MCA Validation indicating that the claim amount will be adjusted if it exceeds Maximum Claim Amount.
Mandatory Purchase Event: The Issuer is required to purchase all Ginnie Participations related to a HECM loan when the outstanding principal balance of the HECM loan is equal to or greater than 98% of the Maximum Claim Amount.
Maximum Claim Amount: The maximum claim amount is the lesser of the appraised value of the property or the maximum mortgage amount for a one-family residence that HUD will insure in an area under Section 203(b)(2) of the National Housing Act.
More Definitions of Maximum Claim Amount
Maximum Claim Amount shall have the meaning assigned thereto in the HECM Handbook.
Maximum Claim Amount means the lesser of the appraised value of
Maximum Claim Amount. With respect to each HECM Loan, the lesser of the appraised value of the Mortgaged Property or the maximum loan limit established for a one family residence under Section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (as adjusted where applicable under Section 214 of the National Housing Act). Mortgage: The mortgage, deed of trust or other instrument securing a Mortgage Note, which creates a first lien on an unsubordinated estate in fee simple or leasehold estate in real property securing the Mortgage Note. Mortgage Loan Schedule: The mortgage loan schedule delivered by the Seller to the Purchaser on the applicable Closing Date, which schedule identifies each Reverse Mortgage Loan related to an Asset Group and sets forth the information set forth on Schedule 14 attached hereto with respect to each Reverse Mortgage Loan. Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. Mortgaged Property: Real property which is encumbered by the lien of a Mortgage and which is security for the related Reverse Mortgage Loan. Mortgagor: The obligor on a Mortgage Note. Non-Issuer Transfer Asset Group: Each of the Group 6 Assets, Group 7 Assets and Group 8 Assets. Non-Issuer Transfer Closing: As defined in Section 2.04(a) of this Agreement. Non-Issuer Transfer Closing Date: With respect to the Group 6 Assets and Group 8 Assets, January 1, 2012, or such other date as may be mutually agreed upon by the Seller and Purchaser. With respect to the Group 7 Assets, such date as may be mutually agreed upon by the Seller and Purchaser. On-Line Access: As defined in Section 4.08 of this Agreement. Optional Repurchased Loan: Any Reverse Mortgage Loan purchased by the Purchaser from the related HMBS Pool due to an “Optional Purchase Event” as defined in the Xxxxxx Xxx Guide. Outstanding Principal Balance: As to each Reverse Mortgage Loan on any date of determination, the principal balance of the Reverse Mortgage Loan as of such date (including, without limitation, all related servicing fees, principal advances, accrued interest and servicing advances to the extent permitted to be added to the principal balance of the Reverse Mortgage Loan) after giving effect to payments of principal on or before such date.
Maximum Claim Amount has the meaning set forth in the related Mortgage Documents for such Mortgage Loan. “Merrill Delivery Instructions” has the meaning set forth in Section 3.10. “Xxxxxxx Xxxxx” means Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated. “Mid-Month Report” means the mid-month pooling report delivered pursuant to Exhibit B and setting forth the information on Exhibit D-2. “MIP” means mortgage insurance premiums, which are payable to HUD, as set forth in the Mortgage Documents. “Monthly Operational Reports” means the monthly operational reports identified on Exhibit C-2. “Monthly Reports” means the Monthly Subservicing Reports and Monthly Operational Reports. “Monthly Subservicing Reporting Date” means for each of the Monthly Subservicing Reports and Monthly Operational Reports, the date specified in Exhibit C-1 and Exhibit C-2, respectively. “Monthly Subservicing Reporting Period” means with respect to the Group 1 Mortgage Loans and the related Monthly Reports, for any Monthly Subservicing Reporting Date, the prior calendar month. “Monthly Subservicing Reports” means with respect to the Group 1 Mortgage Loans, the Xxxxxx Mae reports identified on Exhibit C-1. “Mortgage Documents” means the Mortgage Note, Mortgage Instrument, credit and closing packages, custodial documents, servicing documents, escrow documents, and all other documents, records, data, and tapes necessary to document and service the Mortgage Loans in accordance with Applicable Requirements, which for HECM loans are the applicable HUD regulations and guidelines and for non-HECM loans are Applicable Requirements of an Investor or Servicer, whether on hard copy, microfiche or its equivalent or in electronic format. “Mortgage Instrument” means the deeds of trust, security deeds, mortgages, or any other instruments which constitute the first and/or the subordinate lien on real estate securing payment by a Mortgagor of a Mortgage Note. “Mortgage Loans” has the meaning set forth in the Recitals.
Maximum Claim Amount means the lesser of the appraised value of the Property or the maximum dollar amount for an area established by the Secretary for a one-family residence under section 203(b)(2) of the National Housing Act (as adjusted where applicable under section 214 of the National Housing Act).
Maximum Claim Amount has the meaning assigned to that term in Section 13.3(a)(1).
Maximum Claim Amount. With respect to each Mortgage Loan, the lesser of the appraised value of the related Mortgaged Property or the maximum loan limit established for a one family residence under Section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (as adjusted where applicable under Section 214 of the National Housing Act). MERS: The Mortgage Electronic Registration System. MERS Mortgage Loan: A Mortgage Loan registered with MERS that either designates MERS as original mortgagee or is assigned to MERS. Mortgage: The mortgage, deed of trust or other instrument securing a Mortgage Note which creates a first lien on an unsubordinated estate in fee simple in real property securing the Mortgage Note, except that with respect to real property located in jurisdictions in which the use of leasehold estates for residential properties is a widely-accepted practice, the mortgage, deed of trust or other instrument securing the Mortgage Note may secure and create a first lien upon a leasehold estate of the Mortgagor. Mortgage File: With respect to each Mortgage Loan, the Collateral File and the Servicing File, including the Mortgage Loan Documents. Mortgage Interest Rate: The annual rate at which interest accrues on any Mortgage Loan in accordance with the provisions of the related Mortgage Note.