Principal Limit definition
Principal Limit means the amount indicated on the attached payment plan (Exhibit 1) when this Loan Agreement is executed, and increases each month for the life of the loan at a rate equal to one-twelfth of the sum of the Expected Average Mortgage Interest Rate and one-half of one percent. The Principal Limit is calculated by multiplying the Maximum Claim Amount by a factor supplied by the Secretary, which is based on the age of the youngest Borrower and the Expected Average Mortgage Interest Rate.
Principal Limit means the amount indicated on the attached Payment Plan when this Loan Agreement is executed, and increases each month for the life of the HECM at a rate supplied by the Secretary that is listed on the Payment Plan. The Principal Limit is calculated by multiplying the Maximum Claim Amount by a factor supplied by the Secretary.
Principal Limit means the amount specified as such in Part D of the Schedule;
Examples of Principal Limit in a sentence
The statement shall include the current interest rate, the previous Principal Balance, the amount of the current Loan Advance, the current Principal Balance after the Loan Advance, and the current Principal Limit.
At the same time, the Principal Limit also shall be reduced by the amount of the proceeds applied to reduce the Principal Balance.
The Principal Limit also shall be reduced by the amount of the proceeds applied to reduce the Principal Balance.
The consolidated principal amount does not exceed the Principal Limit amount of the Mortgage Loan.
If the Secretary makes Loan Advances to Borrower under the Second Security Instrument, the portion of the Principal Limit available for Loan Advances shall be the difference between the current Principal Limit and the combined Principal Balances on the Security Instrument less accrued interest and the Second Security Instrument.
More Definitions of Principal Limit
Principal Limit means with respect to each Loan, the maximum amount to which the Mortgagor was entitled at origination, in accordance with FHA Regulations, which amount shall increase each month for the life of the Loan in accordance with FHA Regulations.
Principal Limit. On any day, an amount equal to the product of (i) the Asset Base on such day and (ii) the Series Percentage.
Principal Limit means with respect to each Loan, the amount set forth as the Principal Limit on the related Asset Schedule, which amount shall increase on a monthly basis as provided in the HECM Handbook.
Principal Limit has the meaning given to it in Section 30.3(g).
Principal Limit. With respect to each Mortgage Loan, the maximum principal amount that may be advanced under such Mortgage Loan (exclusive of any accrued interest), as set forth on the Mortgage Asset Schedule. Principal Prepayment: Any payment or other recovery of principal on a Mortgage Loan, if any. Prior Servicer: Any Person that was a servicer or subservicer of any Mortgage Loan or REO Property before the Seller became the servicer of the Mortgage Loan, and any subservicer who has performed subservicing of the Mortgage Loans or the REO Property for the Seller. Privacy Laws: As defined in Section 31(b). Purchase Advice: An assignment and conveyance of the Mortgage Loans and REO Properties purchased on a Closing Date substantially in the form annexed hereto as Exhibit 6 (as such assignment and conveyance may be supplemented or modified from time to time upon mutual written agreement of the Parties). Purchaser: The Person identified as the “Purchaser” in the preamble to this Agreement or such Person’s permitted successors or assigns under this Agreement as herein provided. Qualified Appraiser: An appraiser licensed or certified by the applicable governmental body in which the Mortgaged Property is located in accordance with the requirements of FIRREA, who (to the extent required under Underwriting Guidelines) met the minimum requirements of HUD and was selected in accordance with Agency Requirements for selecting an independent appraiser, and whose compensation was not affected by the approval or disapproval of the Mortgage Loan. Qualified Insurer: An insurance company duly qualified as such under the laws of the state in which the Mortgaged Property is located, duly authorized and licensed in such state to transact the applicable insurance business and to write the insurance provided, and (to the extent required under Underwriting Guidelines) approved as an insurer by ▇▇▇▇▇▇ ▇▇▇. Rating Agencies: Any of S&P, Moody’s, Fitch, DBRS, or KBRA, or any successor in interest thereto. Recipient: A Party receiving Confidential Information. REO Disposition: The final sale of any REO Property. REO Property: A Mortgaged Property acquired by or on behalf of the Purchaser. Requirements of Law: As defined in the Asset Purchase Agreement. Residential Dwelling: Any property that meets the requirements of the Underwriting Guidelines.
Principal Limit means the full committed amount of the originated loan and is equal to the principal limit factor multiplied by the maximum claim amount.
Principal Limit means, with respect to a HECM Loan, the principal limit as set forth in the HECM Loan documents.