Non-Conforming Mortgage Loan definition

Non-Conforming Mortgage Loan means a Mortgage Loan that (i) is a First Mortgage, (ii) does not fully conform to the underwriting criteria for sale to FNMA or FHLMC with respect to credit quality, (iii) does not have a loan-to-value ratio which is greater than one hundred percent (100%), and (iv) has been underwritten in accordance with the guidelines of an Approved Investor.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Non-Conforming Mortgage Loan means a Mortgage Loan which is a Sub-Prime Mortgage Loan, a HELOC or a Closed-End Second Mortgage Loan.

Non-Conforming Mortgage Loan. A Qualifying Mortgage the principal balance of which exceeds the then-current maximum loan limits for purchase by FHLMC and Fannie Mae.

Examples of Non-Conforming Mortgage Loan in a sentence

Each Mortgage Loan has been underwritten in accordance with the underwriting guidelines applicable to such Mortgage Loan (on the basis of its classification of an A Quality Non-Conforming Mortgage Loan, B Quality Non-Conforming Mortgage Loan, C Quality Non-Conforming Mortgage Loan, as applicable) of the Seller in effect at the time the Mortgage Loan was originated or purchased by the Seller.
Non-Conforming Mortgage Loan -- A Mortgage Loan which does not satisfy the requirements for being an FHA Loan, VA Loan or Conventional Loan.
The Non-Conforming Mortgage Loan origination and brokerage business conducted by CoreWest.
Agent shall determine the daily Borrowing Base value for Conforming Mortgage Loan Advances, Non-Conforming Mortgage Loan Advances Second Mortgage Loan Advances and Aged Mortgage Loan Advances to calculate the interest owed using Agent's records, which records shall be conclusive evidence thereof, absent manifest error.
The Purchase Price proceeds of all Transactions entered into under the Non-Conforming Mortgage Loan Sublimit shall be used by the Seller solely for the purpose of originating or acquiring Non-Conforming Mortgage Loans.

More Definitions of Non-Conforming Mortgage Loan

Non-Conforming Mortgage Loan means a Residential Mortgage Loan (other than a Conforming Mortgage Loan, except as provided below with respect to certain Conforming Jumbo Mortgage Loans and Conforming Super Jumbo Mortgage Loans) that either qualifies as one of the following special types of Mortgage Loan or includes all of the following characteristics:

Non-Conforming Mortgage Loan means either an Initial ---------------------------- Non-Conforming Mortgage Loan or a Subsequent Non-Conforming Mortgage Loan.

Non-Conforming Mortgage Loan. Each Mortgage Loan as specified in the Mortgage Loan Schedule.

Non-Conforming Mortgage Loan means a Mortgage Loan originated ---------------------------- or re-underwritten generally pursuant to, but which does not fully comply with, the Underwriting Guidelines, but as to which variances from the Underwriting Guidelines have been specifically approved by the Borrower's chief credit officer or chief underwriter after making a determination that mitigating factors in respect thereof justified such approval.

Non-Conforming Mortgage Loan means a Mortgage Loan that (i) is a First Mortgage, (ii) does not fully conform to the underwriting criteria for sale to FNMA or FHLMC with respect to credit quality, (iii) meets the general underwriting guidelines for subprime mortgages established by Countrywide Financial, New Century or such other Approved Investor identified at the time of approval as including subprime product offerings from time to time the current version of which is on file with the Agent, and (iv) does not have a loan-to-value ratio which is greater than one hundred percent (100%).

Non-Conforming Mortgage Loan means a first-priority Mortgage Loan that encumbers property that is owner-occupied and is not investment or rental property, that conforms to all underwriting and other requirements of the end investor and that conforms to the Credit Quality Guidelines, except that Mortgage Loans rated below “B” shall be ineligible.

Non-Conforming Mortgage Loan means a first priority Residential Mortgage Loan that (i) does not fully conform to the underwriting criteria for sale to FNMA or FHLMC with respect to credit quality, (ii) meets the general underwriting guidelines established by Countrywide Financial from time to time the current version of which is attached hereto as Exhibit "H", (iii) does not have a loan-to-value ratio which is greater than one hundred percent (100%), and (iv) is subject to an Approved Investor Commitment issued by an Approved Investor."