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
A pop-up message is displayed for MCA Validation indicating that the claim amount will be adjusted if it exceeds Maximum Claim Amount.
An Issuer may pool a Participation, provided that as of the date of pooling, the outstanding principal balance of the HECM loan related to any Participations, plus any borrower-requested draws under such HECM loan, must be and must remain, less than 98% of the Maximum Claim Amount of the HECM loan.
Effective Date: 2017-01-02 An Issuer may pool a Participation, provided that as of the date of pooling, the outstanding principal balance of the HECM loan related to any Participations, plus any borrower-requested draws under such HECM loan, must be and must remain, less than 98% of the Maximum Claim Amount of the HECM loan.
Effective Date: 2017-01-02 Issuers are responsible for purchasing any Participation when the outstanding principal balance of the related HECM loan is equal to or greater than 98% of the Maximum Claim Amount.
A pop-up message is displayed for MCA Validation indicating that the claim amount will be adjusted if the Maximum Claim Amount is exceeded.
More Definitions of Maximum Claim Amount
Maximum Claim Amount shall have the meaning assigned thereto in the HECM Handbook.
Maximum Claim Amount means with respect to each HECM Loan, the lesser of the Appraised Value of the related Mortgaged Property and the maximum mortgage limit established by the Secretary of Housing and Urban Development 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). Both the Appraised Value and the maximum dollar amount for the area shall be determined as of the date the conditional commitment for such Mortgage Loan is issued or as otherwise specified by the Secretary of Housing and Urban Development. “MERS” shall mean Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. “MERS System” shall mean the system of recording transfers of mortgages electronically maintained by MERS.
Maximum Claim Amount means with respect to each HECM Loan, the lesser of the Appraised Value of the related Mortgaged Property and the maximum mortgage limit established by the Secretary of Housing and Urban Development 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). Both the Appraised Value and the maximum dollar amount for the area shall be determined as of the date the conditional commitment for such Mortgage Loan is issued or as otherwise specified by the Secretary of Housing and Urban Development. “MERS” shall mean Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. “MERS System” shall mean the system of recording transfers of mortgages electronically maintained by MERS. “Monitoring Agent” meansshall mean Reverse Market Insights or any independent third-party agent appointed by the Buyer in consultation with Seller, which third- party agency is experienced in valuing Purchased Mortgage Loans of the type for which it has been appointed to value. “Monthly Financial Statement Date” shall have the meaning set forth in the Pricing Letter. “Monthly Payment” shall mean the scheduled monthly payment of principal and interest on a Mortgage Loan. “Xxxxx’x” shall mean Xxxxx’x Investor’s Service, Inc. or any successors thereto.
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. 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. 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).