Nonconforming Mortgage Loan means a Conventional Mortgage Loan which is not a Conforming Mortgage Loan or a Jumbo Mortgage Loan, which has a credit risk rating C or better (determined using underwriting standards which comply with industry standards in the sole judgment of the Lender), and which is underwritten and approved for purchase by an Investor prior to funding if its original principal amount exceeds Six Hundred Thousand Dollars ($600,000).
Nonconforming Mortgage Loan means a Conventional Mortgage Loan whose original principal amount is in excess of the maximum amount eligible for purchase by FNMA or FHLMC but is otherwise in compliance with FNMA or FHLMC underwriting guidelines.
Nonconforming Mortgage Loan and "Operating Account" in their entirety, replacing them with the following definitions:
Examples of Nonconforming Mortgage Loan in a sentence
Clause (v) of the definition of Nonconforming Mortgage Loan in Section 1.1 of the Credit Agreement is hereby deleted and replaced with "(v) has an original principal balance of less than $400,000 in any event".
The Company, TMA, CPM, the Agent and the Lenders desire to amend the Credit Agreement to (i) modify the definition of Eligible Repurchased Agency Loans and Receivables, (ii) modify the definition of Nonconforming Mortgage Loan, and (iii) modify the Borrowing Base Sublimits relating to Nonconforming Mortgage Loans.
More Definitions of Nonconforming Mortgage Loan
Nonconforming Mortgage Loan. Purchase Commitment" and "Second Mortgage Loan" in their entirety, replacing them with the following definitions:
Nonconforming Mortgage Loan means a Mortgage Loan that (a) is neither a Conforming Mortgage Loan nor a Jumbo Mortgage Loan nor a Super Jumbo Mortgage Loan, (b) generally meets Standard & Poor’s Ratings Group (a division of McGraw Hill, Inc.) underwriting guidelines for Subprime Mortgage Loans, (c) has a FICO score equal to or in excess of the requirements of the Investor under the applicable Take-Out Commitment for such Mortgage Loan, (d) has a combined loan-to-value ratio of not more than 100%, and (e) has a face amount of no more than $100,000, in the case of a HELOC Mortgage Loan (except for a HELOC Mortgage Loan in California, in which case the face amount shall be no more than $500,000), and no more than $400,000, in the case of any other Mortgage Loan except for Alt A Mortgage Loans and Forty Year Mortgage Loans (which are subject to the limitations on amount set forth in the definition of such respective categories of Mortgage Loans).
Nonconforming Mortgage Loan means a Mortgage Loan that (a) is neither a Conforming Mortgage Loan nor a Jumbo Mortgage Loan, (b) generally meets Standard & Poor's Ratings Group (a division of McGraw Hill, Inc.) underwriting guidelines for Subprime Mortgage Loans, (c) has a FICO score equal to or in excess of the requirements of the Investor under the applicable Take-Out Commitment for such Mortgage Loan, (d) has a combined loan-to-value ratio of not more than 100%, and (e) has a face amount of no more than $100,000, in the case of a Mortgage Loan made pursuant to a home equity line of credit, and no more than $400,000, in the case of any other Mortgage Loan.
Nonconforming Mortgage Loan means a First Mortgage Loan which does not --------------------------- conform to the eligibility requirements of FNMA or FHLMC with respect to the credit rating of the mortgagor, but which is underwritten and approved by an Investor prior to funding, and which is to be sold to the Investor on a servicing-released basis; provided that in no event shall its original principal amount exceed Six Hundred Thousand Dollars ($600,000).
Nonconforming Mortgage Loan means a Mortgage Loan which is neither
Nonconforming Mortgage Loan means a Mortgage Loan that (a) is neither a Conforming Mortgage Loan nor a Jumbo Mortgage Loan, (b) generally meets Standard & Poor's Ratings Group (a division of McGraw Hill, Inc.) underwriting guidelines for Subprime Mortgage Loans, (c) has a FICO score equal to or in excess of the requirements of the Investor under the applicable Take-Out Commitment for such Mortgage Loan, (d) has a combined loan-to-value ratio of not more than 100%, and (e) has a face amount of no more than $100,000, in the case of a Mortgage Loan made pursuant to a home equity line of credit (except for a Mortgage Loan made pursuant to a home equity line of credit in California, in which case the face amount shall be no more than $500,000), and no more than $400,000, in the case of any other Mortgage Loan.
Nonconforming Mortgage Loan means a Residential Mortgage Loan that (i) is not a Conforming Mortgage Loan, a Jumbo Mortgage Loan or a New York Consolidation Loan, (ii) at the time of origination had a principal balance that did not exceed 80% of the appraised value of the real estate and improvements securing such Mortgage Loan, unless private mortgage insurance was obtained covering such Mortgage Loan, in which case it may have an original principal balance in excess of 80% but not in excess of 95% of such appraised value, or such Mortgage Loan is an HLTV Loan or a Qualified Second Loan, (iii) has a term of not more than 30 years, (iv) meets all of the then-current requirements for sale to an Approved Investor purchasing such type of Mortgage Loan from the Company, and (v) has an original principal balance of less than $400,000 in any event.