Monthly debt definition

Monthly debt includes (i) the monthly payment under the Prior Liens (which generally includes an escrow for real estate taxes), (ii) the related Mortgage Loan Monthly Payment (which, with respect to the Initial Pool II Mortgage Loans, is calculated with interest based on a rate equal to the Lifetime Cap), (iii) other installment debt service payments, including, in respect of revolving credit debt, the required monthly payment thereon, or, if no such payment is specified, 5.0% of the balance as of the date of calculation. "Monthly debt" does not include any of the debt (other than revolving credit debt) described above that matures within less than 10 months from the date of the calculation. No more than approximately 1.0% of the Initial Pool I Mortgage Loans were originated without verifying the Mortgagor's income;
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Monthly debt includes (i) the monthly payment under the Prior Liens, if any (which generally includes an escrow for real estate taxes), (ii) the related Loan Monthly Payment, and (iii) other installment debt service payments, including, in respect of revolving credit debt, the required monthly payment thereon;
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Monthly debt. Net Assets: Housing Ratio: Total Debt Ratio: Address: Sales Price: City, State, Zip: New Construction � Existing House � # Bedrooms: # Baths: 1st Mortgage: PITI: FHA Insured � 2nd Mortgage: 3rd Mortgage: CLTV: Estimated Closing Date: First-time Homebuyer � Notes: Coming from Subsidized Housing �
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Examples of Monthly debt in a sentence

  • Monthly debt is derived/calculated from information on the application and the credit bureau report.


More Definitions of Monthly debt

Monthly debt includes (i) the monthly payment under the Prior Liens (which generally includes an escrow for real estate taxes), (ii) the related Mortgage Loan Monthly Payment (which, with respect to the Pool II Loans, is calculated with interest based on a rate equal to the Lifetime Cap), (iii) other installment debt service payments, including, in respect of revolving credit debt, the required monthly payment thereon, or, if no such payment is specified, 5.0% of the balance as of the date of calculation. "Monthly debt" does not include any of the debt (other than revolving credit debt) described above that matures within less than 10 months from the date of the calculation. No more than approximately 5% of the Pool I Mortgage Loans were originated without verifying the Obligor's income; (fff) At the applicable dates of origination, each Pool I and Pool II Loan had an original term to maturity of no greater than 40 and 30 years, respectively; (ggg) Each Mortgage Loan has a first Due Date no later than November 15, 1998 in the case of the Pool I Loans and December 1, 1998 in the case of the Pool II Loans. (hhh) [Reserved]; (iii) As of the Cut-off Date, for each Pool II Loan, the related Mortgage Note does not provide for negative amortization, limits in the amount of monthly payments or a conversion feature, the Loan Interest Rate is subject to adjustment on each Change Date to equal the sum of the LIBOR Index, or Treasury Index, as the case may be, plus the applicable Gross Margin, subject to rounding, the Periodic Rate Cap, the applicable Lifetime Floor and the applicable Lifetime Cap on each Change Date, the Obligor's new monthly payment will be adjusted to an amount equal to the payment which, when paid in substantially equal installments during the then remaining term of the Pool II Loan, would amortize fully the unpaid principal balance of such Initial Pool II Loan, at the then applicable Loan Interest Rate without extension of the original maturity date which maturity date is not more than 360 months after the original Due Date therefor; and (jjj) With respect to each Pool II Loan, all of the terms of the Mortgage and Mortgage Note pertaining to interest rate adjustments, payment adjustments and adjustments of the outstanding principal balance are enforceable, such adjustments will not affect the priority of the Mortgage lien, and all of the interest rate calculations have been properly calculated, recorded, reported and applied in accordance with the Mortgage an...
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Related to Monthly debt

  • Monthly Debt Service Payment Amount means, for each Monthly Payment Date, an amount equal to the amount of interest which is then due on all the Components of the Loan in the aggregate for the Interest Period during which such Monthly Payment Date occurs.

  • Specified Reserve Fund Balance means, on the Closing Date $3,846,153.85, and with respect to any Payment Date 0.25% of the initial aggregate principal balance of the Receivables as of the Cutoff Date.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Monthly Loss Amount means the sum of all Foreclosure Losses, Restructuring Losses, Short Sale Losses, Portfolio Losses, Modification Default Losses and Deficient Losses realized by the Assuming Institution for any Shared Loss Month.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.