Non-QM Mortgage Loan definition

Non-QM Mortgage Loan means a Mortgage Loan that is not a “qualified mortgage” as defined by 12 CFR 1026.43

Non-QM Mortgage Loan means a Mortgage Loan other than a Qualified Mortgage Loan which satisfies the Ability to Repay Rule, as determined by Sellers, and was underwritten in accordance with the applicable Underwriting Guidelines for such product.

Non-QM Mortgage Loan means a Mortgage Loan that (a) with respect to which the original principal amount is not more than One Million Dollars ($1,000,000) unless approved by Agent, (b) the obligor of such Mortgage Loan has a FICO Score of not less than 680, (c) such Mortgage Loan is not a Conforming Loan or a Jumbo Loan and (d) is a closed-end consumer credit transaction secured by a dwelling that is subject to and meets the ability to repay requirements of 12 CFR 1026.43

Examples of Non-QM Mortgage Loan in a sentence

• With respect to each Non-Agency Non-QM Mortgage Loan (other than a Non-QM – Low FICO Mortgage Loan), the Mortgagor’s FICO score at the time of origination was [***] or greater.

• Except with respect to a Non-Agency QM Mortgage Loan and Non-Agency Non-QM Mortgage Loan, none of the Mortgage Loans are an “A” quality first lien Mortgage Loan that is not eligible for sale to an Agency.

• With respect to any Prime Jumbo Mortgage Loan or Non-QM Mortgage Loan, the Mortgagor has not owned a property at any time during the two-year period prior to the related Origination Date that has been subject of a foreclosure, deed-in-lieu or other similar proceeding.

• For example, the Air Force Fitness Test Scoring for males under 30 years of age requires males to run 1.5 miles in a maximum time of 13:36 (min.:secs.): the female maximum time is 16:22.

• Principal and interest payments on the Mortgage Loan commenced no more than sixty (60) days after funds were disbursed (or after the interest only period expired, as applicable) in connection with the Mortgage Loan other than a Non-Agency Non-QM Mortgage Loan identified on the Asset Schedule.

More Definitions of Non-QM Mortgage Loan

Non-QM Mortgage Loan means any Eligible Mortgage Loan, other than an RTL Mortgage Loan, a Cherrywood Mortgage Loan, a CRE Bridge Mortgage Loan or an Agency Mortgage Loan.

Non-QM Mortgage Loan means a Mortgage Loan outside regulatory interest rate or ability to pay parameters that is not a safe-harbor Mortgage Loan.

Non-QM Mortgage Loan means a Mortgage Loan originated on or after January 10, 2014, which does not (i) meet the requirements of Section 1026.43(e)(1)(i) of Regulation Z and (ii) is not a “qualified mortgage” as each such term is defined under the Dxxx-Fxxxx Xxxx Street Reform and Consumer Protection Act of 2010, as amended, and any regulations, rulings, interpretations or orders promulgated by any Governmental Authority having jurisdiction thereunder including, without limitation, the Consumer Financial Protection Bureau.

Non-QM Mortgage Loan means a Mortgage Loan that (a) with respect to which the original principal amount is not more than One Million Dollars ($1,000,000) unless approved by Agent, (b) the obligor of such Mortgage Loan has a FICO Score of not less than 620, (c) such Mortgage Loan is not a Conforming Loan or a Jumbo Loan and (d) is a closed-end consumer credit transaction secured by a dwelling that is subject to and meets the ability to repay requirements of 12 CFR 1026.43(c) but is not a qualified mortgage under 12 CFR 1026.43(e).”

Non-QM Mortgage Loan means a Mortgage Loan that meets all the requirements of this Agreement except it does not meet the definition of “Qualified Mortgage” as that term is defined in the final rule titled “Ability to Repay and Qualified Mortgage Standards Under Truth- in-Lending Act” effective January 10, 2014.

Non-QM Mortgage Loan. Mortgage Loans Sublimit” 4.

Non-QM Mortgage Loan means a Mortgage Loan that is not a qualified mortgage under 12 CFR 1026.43(e). “Obligations” means all of the Seller’s present and future obligations, liabilities and indebtedness under this Agreement or any of the other Transaction Documents, or in respect of any Products, or any Hedge Agreement entered into with the Agent or any Buyer, whether for Repurchase Price, Price Differential, Margin Call, premium, fees, costs, attorneys’ fees or other obligation or liability, and whether absolute or contingent, and all renewals, extensions, modifications and increases of any of them. Notwithstanding the foregoing, the term “Obligations” shall not be deemed to include any Excluded Swap Obligation. “Officer’s Certificate” means a certificate executed on behalf of the Seller or another relevant Person by a Responsible Officer. “Open Transaction” means a Transaction in which the Buyers or the Swing Line Buyer have purchased and paid for the related Purchased Loans but the Seller has not repurchased all of them, such that the remaining Purchased Loans not repurchased by the Seller of the subject Transaction would be an Open Transaction. “Operating Account” means the Seller’s non-interest-bearing demand deposit account maintained with Agent and described on Schedule 1.2, from which the Agent is authorized pursuant to Section 3.5 to withdraw funds on any day in an amount equal to the aggregate Repurchase Prices of all Purchased Loans that are Past Due on that day. “Organizational Documents” means as to any Person other than a natural Person, its articles or certificate of incorporation, organization, limited partnership or other document filed with a