Examples of Nontraditional mortgage in a sentence
This will be placed in the context of Islamic law, with reference to Part II, and the relevant international law namely Articles 6 and 18 of the International Covenant on Civil and Political Rights (ICCPR).
Nontraditional mortgage loan products are now offered by more lenders to a wider spectrum of borrowers who may not otherwise qualify for more traditional mortgage loans and may not fully understand the associated risks.
Nontraditional mortgage loans can be reclassified as traditional loans once they become fully amortizing loans, provided they no longer have a teaser rate.
Nontraditional mortgage loans do not include loans reported as trading assets in Schedule RC, item 5; conventional fully amortizing adjustable rate mortgage loans that do not have a teaser rate; and interest- only residential construction loans, but include conventional fully amortizing adjustable rate mortgage loans that have a teaser rate.
Nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage.
Nontraditional mortgage loans offer payment flexibility and are an effective and beneficial financial management tool for some borrowers.
Non-traditional mortgage credit reports may not be used to offset derogatory references or to enhance a poor credit history as reported through traditional credit providers.A twelve-month (12) mortgage or rental payment history is required for all properties owned or rented in the most recent twelve (12) months and must be verified using:• Copies of the Borrower’s cancelled checks for last twelve (12) months; or• A Verification of Mortgage or Verification of Rent.
Nontraditional mortgage products can present unique payment processing challenges.
Nontraditional mortgage loan products are more complex than traditional fixed-rate products and adjustable rate products and present greater risks of payment shock and negative amortization.
Non-traditional mortgage loans were also extensively addressed in the interagency guidance on nontraditional mortgage loans, as well as, to some extent, the guidance on subprime lending.