Negative Amortization Mortgage Loan definition

Negative Amortization Mortgage Loan. Each Mortgage Loan that is identified on the Mortgage Loan Schedule as a Mortgage Loan that may be subject to Negative Amortization.

Negative Amortization Mortgage Loan. A Mortgage Loan under the terms of which the required periodic interest payment, at one or more times during the life of the Mortgage Loan, may be less than the interest accrued for the period to which that payment relates. A Discount Participation Interest cannot be a Negative Amortization Mortgage Loan.

Negative Amortization Mortgage Loan. Each Mortgage Loan that provides for negative amortization or for the potential for negative amortization.

Examples of Negative Amortization Mortgage Loan in a sentence

• For a Negative Amortization Mortgage Loan, the amount, if any, by which the periodic interest accrued on such Mortgage Loan exceeds the Borrower’s required periodic interest payment then due under the related Mortgage Note, which excess interest amount is not paid by the Borrower at that time, but rather is deferred and added to the unpaid principal balance of the Mortgage Loan.

• Except with respect to any balloon Mortgage Loan, “interest only” Mortgage Loan or Negative Amortization Mortgage Loan, each as indicated on the related Mortgage Loan Schedule, the Mortgage Note is payable in equal monthly installments of principal and interest, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than forty years from commencement of amortization.

• With respect to each Negative Amortization Mortgage Loan, the PMI Policy insures any increase in the Stated Principal Balance from the original balance of the Mortgage Note.

• Each Negative Amortization Mortgage Loan is payable each month in monthly installments of principal and/or interest, as applicable, in accordance with the terms of the related Mortgage Note, as indicated on the related Mortgage Loan Schedule.

• Except with respect to any balloon Mortgage Loan, “interest only” Mortgage Loan or Negative Amortization Mortgage Loan, each as indicated on the related Mortgage Loan Schedule, the Mortgage Note is payable in equal monthly installments of principal and interest, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization.

More Definitions of Negative Amortization Mortgage Loan

Negative Amortization Mortgage Loan means a Mortgage Loan (i) whose Mortgage Note provides for accrued interest to be added to the outstanding principal balance to negatively amortize such outstanding principal balance and (ii) for which there is a Takeout Commitment with sufficient capacity to cover such Negative Amortization Mortgage Loan.

Negative Amortization Mortgage Loan. Each Group I Mortgage Loan identified as such on the Mortgage Loan Schedule.

Negative Amortization Mortgage Loan. In case of Group 1, a Hybrid Mortgage Loan or an Adjustable Rate Mortgage Loan under which, pursuant to the terms of the related Mortgage Note, the borrower may elect to make a Monthly Payment which is less than the interest accrued on the Mortgage Loan at the applicable Loan Rate for the related Due Period.

Negative Amortization Mortgage Loan. Any Mortgage Loan which provides for Deferred Interest.

Negative Amortization Mortgage Loan. Each Mortgage Loan in Loan Group 2, Loan Group 3 and Loan Group 4.

Negative Amortization Mortgage Loan. Each Mortgage Loan that provides for negative amortization or for the potential for negative amortization. Notice Date: The fifteenth calendar day preceding each Transfer Date, or, if such day is not a Business Day, the immediately preceding Business Day.

Negative Amortization Mortgage Loan. Each Mortgage Loan that that may be subject to Negative Amortization. OCC: Office of the Comptroller of the Currency, its successors and assigns.