Qualified Mortgage Loan definition

Qualified Mortgage Loan means a Mortgage Loan which is a “Qualified Mortgage” as defined in 12 CFR 1026.43(e).

Qualified Mortgage Loan means any Mortgage Loan that is secured by a first or second mortgage or a first or second deed of trust on Real Property Assets so long as the mortgagor or grantor with respect to such Mortgage Loan is not delinquent sixty (60) days or more in interest or principal payments due thereunder.

Qualified Mortgage Loan means a Mortgage Loan which has FHA Insurance, has a Rural Development Guaranty, or is a Conventional Mortgage Loan secured by a Mortgage on a Residence, meeting all requirements of the Program Guidelines and this Agreement and which shall be a level payment, 30-year mortgage.

Examples of Qualified Mortgage Loan in a sentence

• In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan.

• Except that the Mortgage Loan may not be a Qualified Mortgage Loan and may be a “higher cost mortgage loan” as defined under 12 CFR 1026.35, no Seller Party has knowledge of any circumstances or condition with respect to the Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor’s credit standing that could reasonably be expected to cause the Mortgage Loan to become delinquent or materially adversely affect the value or marketability of the Mortgage Loan.

• No Closing shall occur nor shall any Mortgage Loan be purchased from an Originator or included in a Pool, unless and until the Authority has certified it as a Qualified Mortgage Loan.

• The sale of a Qualified Mortgage Loan by an Originator shall include an assignment to the purchaser thereof of all rights and obligations relating to servicing such Qualified Mortgage Loan.

• In addition to the other duties imposed upon it under this Agreement, the Authority shall review the Mortgage Documents submitted by the Originators for each Mortgage Loan prior to the origination thereof, for the purpose of determining whether the said Mortgage Loan is a Qualified Mortgage Loan which is eligible for inclusion under the Program.

More Definitions of Qualified Mortgage Loan

Qualified Mortgage Loan means any direct or indirect wholly-owned interest in any Mortgage Loan that is secured by a first mortgage or a first deed of trust on Real Property Assets so long as the mortgagor or grantor with respect to such Mortgage Loan is not delinquent sixty (60) days or more in interest or principal payments due thereunder.

Qualified Mortgage Loan means shall mean a Mortgage Loan that (i) is a “qualified mortgage” within the meaning of Section 1026.43(e)(2) of 12 C.F.R. Part 1026 (“Regulation Z”) without reference to Sections 1026.43(e)(4), (5), (6) or (f) of Regulation Z, (ii) complies with the total points and fees limitations for a qualified mortgage set forth in Section 1026.43(e)(3) of Regulation Z (including the inflation adjustments provided for in Section 1026.43(e)(3)(ii) of Regulation Z), (iii) does not provide for a balloon payment and (iv) qualifies either for (x) the safe harbor set forth in Section 1026.43(e)(1)(i) of Regulation Z or (y) the presumption of compliance set forth in Section 1026.43(e)(1)(ii) of Regulation Z.

Qualified Mortgage Loan means a Mortgage Loan that satisfies the criteria for a “qualified mortgage” as set forth in 12 CFR 1026.43(e)(4) as further limited by 12 CFR 1026.43(e)(1)(i).

Qualified Mortgage Loan means any loan under the Corporation programs made to an eligible borrower and evidenced by a mortgage note which is secured by a related mortgage on the eligible property.

Qualified Mortgage Loan means a xxxx- xxxx loan with respect to an owner-oc- cupied residence acquired with the pro- ceeds of an obligation described in sec- tion 143(a)(1) or 143(b) (or applicable prior law).

Qualified Mortgage Loan means a Home$ense Mortgage Loan, a Portfolio Select Mortgage Loan, a Platinum Mortgage Loan, a Prime Jumbo Mortgage Loan or an Agency Mortgage Loan that satisfies the criteria for a “qualified mortgage” as set forth in 12 CFR 1026.43

Qualified Mortgage Loan means a Mortgage Loan which is either insured or guaranteed pursuant to Qualified Mortgage Enabling Legislation and meets all of the requirements of these Regulations, the Single Family Underwriting Guide, the Act, the applicable requirements of the Code and all provisions of any applicable documents relating to bonds issued by the Association to finance the purchase of such mortgage loan.