Qualifying Mortgage definition

Qualifying Mortgage. A fixed or adjustable rate conventional, FHA or VA mortgage loan secured by a first or second mortgage on a one- to four-family residence (or, in the case of a Cooperative Loan, by a pledge of an interest in a cooperative apartment) which loan is also:
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Qualifying Mortgage is a fixed or adjustable rate, conforming or Non-conforming, conventional, FHA or VA mortgage loan secured by a first or second mortgage or Title I home improvement loan on a one-to-four-family residence which loan is also:
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Qualifying Mortgage shall have the meaning ascribed to such term in the Owner Agreement. "Renewal Term(s)" shall have the meaning ascribed to it in Section 2.01 hereof.
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Examples of Qualifying Mortgage in a sentence

  • With respect to Non-Qualifying Mortgage Loans, each Originator hereby covenants and agrees that if any Mortgage Loan is determined by the Authority to be a Non-Qualifying Mortgage Loan and the defect causing the same cannot be cured, such Originator will repurchase or, at the option of the Authority, will cooperate fully with the Authority in a foreclosure action with respect to such Non- Qualifying Mortgage Loan (if possible).

  • In the event a Qualifying Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualifying 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.

  • For each Qualifying Mortgage Loan, the lender shall determine the net present value (“NPV”) of the modified loan and, if it will exceed the NPV of the foreclosed collateral upon disposition, then the Qualifying Loan shall be modified so as to reduce the borrower’s monthly DTI Ratio to 28% (or to the lowest DTI Ratio higher than 28%, but not to exceed 38%, resulting in a NPV exceeding the foreclosed collateral upon disposition) at the time of the modification.

  • Loudoun and any Approved Subtenant shall have the right to grant one or more Leasehold Mortgages that is a Qualifying Mortgage, provided, however, that the Authority Leasehold and reversionary interest in the Improvements shall not be conveyed, encumbered or otherwise made subject to such Leasehold Mortgage.

  • If, however, the particular policy does not have a cap on maximum coverage, or if the portfolio PMI will otherwise provide adequate protection for every individual loan in the portfolio (thereby giving the same coverage of traditional borrower-paid PMI), then it could be available for the purpose of reducing LTV for the Qualifying Mortgage Loan definition.

  • Under the definition of Qualifying Mortgage Loan, the applicable LTV is 85 percent during the construction phase, and 90 percent after the house is complete and occupied by the owner.

  • For so long as any Qualifying Mortgage remains unsatisfied of record, the provisions of this Article XIII shall apply with respect to such Qualifying Mortgage for the benefit of the Qualifying Mortgagee.

  • Yes, but only if the loan meets all of the criteria for inclusion as a Qualifying Mortgage Loan.

  • Any Qualifying Mortgage (whether granted by Loudoun or an Approved Subtenant) shall comply with the requirements of this Article XIII, and Loudoun shall include the requirements of this Article XIII, mutatis mutandis, in any sublease that is approved by the Authority pursuant to Section 12.2.

  • Late/delinquency fees will be waived to the extent they arise with respect to past due loan payments that remain unpaid as of the date immediately before modification of the Qualifying Mortgage under this AVC.


More Definitions of Qualifying Mortgage

Qualifying Mortgage means a first Leasehold Mortgage which complies with the following requirements: the Leasehold Mortgagee is an "Institutional Lender", or any affiliate, parent or subsidiary of an Institutional Lender (for purposes of this Lease the term "Institutional Lender" shall mean (1) a lender whose policies are subject to the supervision of the Controller of the Currency, the Federal Reserve Board or any state banking commission or department of insurance; or (2) with respect to pension or profit sharing funds or trusts, such funds shall be deemed Institutional Lenders if the fiduciary of the fund or trust is an institution which qualifies as an Institutional Lender under subsection, or if the employer for whose employees the fund or trust was established is a publicly held company listed on any nationally recognized stock exchange). Upon the termination of this Lease for any reason, excluding however a termination due to a breach by Leasehold Mortgagee of its obligations under this Section and the Leasehold Mortgagee of the Qualifying Mortgage shall have the right, in addition to the rights contained in subsection 36(k), to demand a new lease of the Demised Premises, exercisable by notice in writing to Landlord within sixty (60) days after the giving of notice by Landlord to the Leasehold Mortgagee of such termination, provided that on or before the delivery of such new lease the Leasehold Mortgagee has paid to Landlord all Rent which (i) was unpaid prior to the termination of this Lease, and (ii) would have accrued hereunder after the termination of this Lease had this Lease remained in full force until the time of such delivery. The new lease shall continue for the balance of the Term remaining as of the date of termination, at the rent and upon all of the other terms, provisions, covenants and agreements set forth in this Lease (including without limitation any unexecuted Renewal Options). Any new lease may, at the option of Leasehold Mortgagee, name as tenant the Leasehold Mortgagee or a nominee of Leasehold Mortgagee, provided that the nominee meets the criteria set forth in Section 7. In the event of the election by a Qualifying Mortgagee to enter into a new lease with Landlord, Tenant shall, and does hereby waive all rights it may have to redeem its leasehold interest under this Lease or to reinstate this Lease. It is the intent of Landlord and any Qualifying Mortgagee that such new lease shall have the same priority as this Lease, and Landlord covenants th...
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Qualifying Mortgage means any Mortgage (i) that (a) has been recorded in the land records of Arlington County, Virginia, or (b) with respect to a Mortgage that secures a mezzanine loan, is evidenced by applicable UCC filings, (ii) a copy of which has been delivered to Landlord, (iii) that is granted to a Mortgagee that is not an Affiliate of Tenant, (iii) that prior to the Transition Date and when aggregated with all other Mortgages, shall have an “as completed” loan-to-value ratio (based on the appraisal obtained or accepted by the Mortgagee) of no more than 75%, and (iv) that from and after the Transition Date and when aggregated with all other Mortgages, shall have a loan-to-value ratio (based on the appraisal obtained or accepted by the Mortgagee) of no more than 90%.
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Qualifying Mortgage means any Mortgage (i) that (a) has been recorded in the land records of Arlington County, Virginia, or (b) with respect to a Mortgage that secures a mezzanine loan, is evidenced by applicable UCC filings, (ii) a copy of which has been delivered to County, and (iii) that is granted to a Mortgagee that is not an Affiliate of Developer.
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Related to Qualifying Mortgage

  • Existing Mortgage has the meaning specified in Section 5.02(a)(vi).

  • Qualifying Substitute Mortgage Loan In the case of a Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement, a Mortgage Loan that, on the date of such substitution, (i) has an outstanding Scheduled Principal Balance (or in the case of a substitution of more than one mortgage loan for a Deleted Mortgage Loan, an aggregate Scheduled Principal Balance), after application of all Scheduled Payments due during or prior to the month of substitution, not in excess of, and not more than 5% less than, the outstanding Scheduled Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) has a Mortgage Rate not less than the Mortgage Rate on the Deleted Mortgage Loan, (iii) if applicable, has a maximum Mortgage Rate not less than the maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) if applicable, has a minimum Mortgage Rate not less than the minimum Mortgage Rate of the Deleted Mortgage Loan, (v) if applicable, has a gross margin equal to or greater than the gross margin of the Deleted Mortgage Loan, (vi) is not a Cooperative Loan unless the related Deleted Mortgage Loan was a Cooperative Loan, (vii) if applicable, has a next adjustment date not later than the next adjustment date on the Deleted Mortgage Loan, (viii) has the same Due Date as the Deleted Mortgage Loan, (ix) has a remaining stated term to maturity not longer than 18 months and not more than 18 months shorter than the remaining stated term to maturity of the related Deleted Mortgage Loan, (x) is current as of the date of substitution, (xi) has a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (xii) has been underwritten by a Transferor in accordance with the same underwriting criteria and guidelines as the Deleted Mortgage Loan, (xiii) has a risk grading determined by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xiv) is secured by the same property type as the Deleted Mortgage Loan, (xv) conforms to each representation and warranty applicable to the Deleted Mortgage Loan made in the Mortgage Loan Sale and Assignment Agreement, (xvi) has the same or higher lien position as the Deleted Mortgage Loan, (xvii) is covered by a Primary Mortgage Insurance Policy if the Deleted Mortgage Loan was so covered and (xviii) contains provisions covering the payment of Prepayment Premium by the Mortgagor for early prepayment of the Mortgage Loan at least as favorable as the Deleted Mortgage Loan. In the event that one or more mortgage loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate Scheduled Principal Balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the risk gradings described in clause (xiii) hereof shall be satisfied as to each such mortgage loan, the terms described in clause (ix) hereof shall be determined on the basis of weighted average remaining term to maturity, the Loan-to-Value Ratios described in clause (xi) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

  • Conforming Mortgage Loan means a first lien Mortgage Loan originated in accordance with the criteria of an Agency for purchase of Mortgage Loans, including, without limitation, conventional Mortgage Loans, as determined by Buyer in its sole discretion.

  • Existing Mortgages means any mortgage, deed of trust or deed delivered pursuant to the Existing Credit Agreement including any amendments, modifications, restatements or assignments thereof.

  • Qualified Mortgage Insurer Any mortgage insurer that is Xxxxxx Xxx and Xxxxxxx Mac approved.

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.

  • Performing Mortgage Loan Any Mortgage Loan or Serviced Pari Passu Companion Loan that is not a Specially Serviced Mortgage Loan.

  • Qualifying Asset in relation to any Project Financing means:

  • Qualifying Property means a primary residence that a qualified applicant owned and occupied

  • Qualified Mortgage A Mortgage Loan that is a “qualified mortgage” within the meaning of Code Section 860G(a)(3) (but without regard to the rule of Treasury Regulations Section 1.860G-2(f)(2) that causes a defective Mortgage Loan to be treated as a “qualified mortgage”, or any substantially similar successor provision).

  • Outstanding Mortgage Loan As of any Due Date, a Mortgage Loan with a Stated Principal Balance greater than zero which was not the subject of a Principal Prepayment in Full prior to such Due Date and which did not become a Liquidated Mortgage Loan prior to such Due Date.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • FHA Approved Mortgagee means a corporation or institution approved as a mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service mortgage loans such as the FHA Loans.

  • Underlying Mortgaged Property With respect to each Co-op Loan, the underlying real property owned by the related residential cooperative housing corporation.

  • Non-MERS Eligible Mortgage Loan Any Mortgage Loan other than a MERS Eligible Mortgage Loan.

  • Qualified Replacement Mortgage A Home Equity Loan substituted for another pursuant to Section 3.04, 3.05(b) or 3.06(b) hereof, which (i) has a Coupon Rate at least equal to the Coupon Rate of the Home Equity Loan being replaced, (ii) is secured by Property that is of the same or better property type as, or is a single family dwelling and the same or better occupancy status as, the Property securing the Home Equity Loan being replaced or is a primary residence, (iii) shall mature no later than the latest Final Scheduled Distribution Date with respect to the related Home Equity Loan Group, (iv) has a Loan-to-Value Ratio as of the Replacement Cut-Off Date no higher than the Loan-to-Value Ratio of the replaced Home Equity Loan at such time, (v) shall be of the same or higher credit quality classification (determined in accordance with the Seller’s credit underwriting guidelines set forth in the Seller’s underwriting manual) as the Home Equity Loan which such Qualified Replacement Mortgage replaces, (vi) shall be a First Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a First Mortgage Loan and shall be a First Mortgage Loan or Second Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a Second Mortgage Loan, (vii) has an outstanding principal balance as of the related Replacement Cut-Off Date equal to or less than the outstanding principal balance of the replaced Home Equity Loan as of such Replacement Cut-Off Date, (viii) shall not provide for a “balloon” payment if the related Home Equity Loan did not provide for a “balloon” payment (and if such related Home Equity Loan provided for a “balloon” payment, such Qualified Replacement Mortgage shall have an original maturity of not less than the original maturity of such related Home Equity Loan), (ix) shall be a fixed rate Home Equity Loan if the Home Equity Loan being replaced is in Group I or an adjustable rate Home Equity Loan if the Home Equity Loan being replaced is in Group II, (x) satisfies the criteria set forth from time to time in the definition thereof at Section 860G(a)(4) of the Code (or any successor statute thereto) and applicable to the Trust, (xi) satisfies the representations and warranties set forth in Section 3.04(b) hereof, (xii) shall not be 30 days or more Delinquent and (xiii) if such Home Equity Loan being replaced is in Group II, shall adjust based on the same index as, have no lower margin than, have the same interval between adjustment dates as and have a maximum Coupon Rate no lower than, and a minimum Coupon Rate no lower than, the Home Equity Loan being replaced.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Non-MERS Mortgage Loan Any Mortgage Loan other than a MERS Mortgage Loan.

  • 60+ Day Delinquent Mortgage Loan (i) Each Mortgage Loan with respect to which any portion of a Scheduled Payment is, as of the last day of the prior Due Period, two months or more past due (without giving effect to any grace period), including, without limitation, such Mortgage Loans that are subject to bankruptcy proceedings, (ii) each Mortgage Loan in foreclosure and (iii) all REO Property.

  • Eligible Mortgage Loan means a Mortgage Loan (including a Wet Funded Loan) with respect to which each of the following statements shall be accurate and complete (and Borrower, by including such Mortgage Loan in any computation of the Borrowing Base, shall be deemed to so represent and warrant to the Lenders as of the date of such computation):

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Covered Mortgage Loan Any Mortgage Loan that is covered by a PMI Policy.

  • Reverse mortgage means a nonrecourse loan under which both of the following apply:

  • Modified Mortgage Loan Any Mortgage Loan that has been the subject of a Servicing Modification.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.