Prudent Mortgage Lender means a prudent residential mortgage lender lending to borrowers in England and Wales who generally satisfies the lending criteria of traditional sources of residential mortgage capital. Underwriting exceptionOn a case-by-case basis the Seller may have determined that, based upon compensating factors, an applicant that did not strictly qualify under its Lending Criteria at that time warranted an underwriting exception. Compensating factors may be considered including, but not limited to, a low LTV ratio, overall affordability position and track record with the organisation. Any such exceptions would have been approved by a mandated underwriter or a management level employee of the Seller. Interest Only LoansIn relation to Interest Only Loans, the Seller recommends that the Borrower has a suitable repayment mechanism in place and will only accept a limited range of such vehicles. The Seller will review the repayment mechanism in line with the size of the Loan, applicant’s age and income and likelihood of the repayment mechanism accumulating sufficient value to repay the Loan and will decline the application if this repayment mechanism is deemed to be unacceptable. The Seller does not verify or does not require proof that such repayment mechanism is in place rather it assesses the plausibility of such repayment mechanism being in place and does not take security over any investment policies taken out by Borrowers. Insurance Policies
Prudent Mortgage Lender means a reasonably prudent mortgage lender of mortgage loans of a type similar to the Loans, lending to borrowers of the type contemplated in the Lending Criteria applicable at the date of origination of the Loans on terms similar to those set out in the relevant Lending Criteria in England and Wales.
Prudent Mortgage Lender means a reasonably prudent residential mortgage lender acting in accordance with the standards reasonably expected of a prudent mortgage servicer experienced in underwriting mortgage loans of the type comprised in the Mortgage Portfolio on terms that do not differ materially from the lending criteria of the Originator and to borrowers with substantially the same credit history as the Borrowers.
Examples of Prudent Mortgage Lender in a sentence
The Servicer shall keep and maintain records in relation to the Portfolio, on a Loan by Loan basis, for the purposes of identifying amounts paid by each Borrower, any amount due from a Borrower and the principal balance (and, if different, the total balance) from time to time outstanding on a Borrower's account and such other records as would be kept by a Reasonable, Prudent Mortgage Lender.
The Originators retain the right to revise their Lending Criteria from time to time but would do so only to the extent that such a change would be acceptable to a Reasonable, Prudent Mortgage Lender.
For the avoidance of doubt, the Servicer shall not be liable in respect of any loss, liability, claim, expense or damage suffered or incurred by the Guarantor and/or any other Person as a result of the performance by the Servicer of the Services in accordance with the standards of a Reasonable and Prudent Mortgage Lender.
The Seller retains the right to revise its Lending Criteria from time to time but would do so only to the extent that such a change would be acceptable to a Reasonable, Prudent Mortgage Lender.
In the circumstances set forth in this Section 11.2, the Servicer will use reasonable endeavours in accordance with the standards of a Reasonable and Prudent Mortgage Lender to recover from the relevant Borrowers all costs and expenses incurred by the Servicer which are properly recoverable from those Borrowers under the relevant Mortgage Terms.
More Definitions of Prudent Mortgage Lender
Prudent Mortgage Lender means a reasonably prudent residential mortgage lender lending to borrowers in England and Wales who generally satisfy the lending criteria of traditional sources of residential mortgage capital;
Prudent Mortgage Lender means a reasonable, prudent second lien/security lender lending to borrowers in England, Wales and Scotland who include the self-employed, independent contractors, temporary employees, borrowers who self certify their income and/or those who may have experienced previous credit problems including borrowers who generally may not satisfy the lending criteria of traditional residential mortgage lenders according to lending standards, lending criteria and procedures as ought to have been applied in relation to the Mortgage Portfolio or, if the relevant context relates to a specific Mortgage, as ought to have been applied in relation to such Mortgage;
Prudent Mortgage Lender means a prudent residential mortgage lender lending to borrowers in England and Wales and Scotland who generally satisfies the lending criteria of traditional sources of residential mortgage capital. Underwriting exceptionOn a case-by-case basis the Seller may have determined that, based upon compensating factors, an applicant that did not strictly qualify under its Lending Criteria at that time warranted an underwriting exception. Compensating factors may be considered including, but not limited to, a low LTV ratio, overall affordability position, high credit score and track record with the organisation. Any such exceptions would have been approved by one of a specifically refined group of suitably qualified and experienced delegated mandate holders. These exceptions are closely monitored by Credit Risk and are reported monthly to the Seller's Credit Risk Committee. Interest Only LoansIn relation to Interest Only Loans, the Seller verifies that the Borrower has a suitable repayment mechanism in place and will only accept a limited range of such repayment vehicles. Repayment vehicles must cover the full outstanding capital owed and the Seller will decline the application if this repayment mechanism is deemed to be unacceptable. Insurance Policies
Prudent Mortgage Lender means a reasonably prudent mortgage lender acting in a manner consistent with that of an experienced lender, servicer or administrator of residential mortgage loans lending to borrowers in England, Wales, Northern Ireland and Scotland who include the recently self-employed, independent contractors, temporary employees and people who may have experienced previous credit problems being, in each case, people who generally do not satisfy the lending criteria of traditional sources of residential mortgage capital;
Prudent Mortgage Lender means the manner of a reasonably prudent mortgage lender lending to borrowers in Ireland where the Mortgage Loan is secured over residential property;
Prudent Mortgage Lender means, in relation to a Loan, a prudent mortgage lender acting reasonably making residential mortgage loans to Borrowers in England and Wales and/or Scotland and/or Northern Ireland of the same type as such Loan.
Prudent Mortgage Lender means a lender acting in a reasonable prudent manner within the policy applied by the Seller and/or any Originator and/or the Servicer, as applicable, from time to time to the originating, underwriting and servicing of mortgage loans beneficially owned by the Seller outside the Mortgage Pool with no less care than that lender would service mortgages beneficially owned by it;