Rate/Term Refinancing. A Refinanced Mortgage Loan, the proceeds of which are not more than a nominal amount in excess of the existing first mortgage loan and any subordinate mortgage loan on the related Mortgaged Property and related closing costs, and were used exclusively (except for such nominal amount) to satisfy the then existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and to pay related closing costs.
Rate/Term Refinancing. A Refinanced Mortgage Loan which is not a Cash-Out Refinancing.
Rate/Term Refinancing. With respect to Mortgage Loan serviced by ___________, a Refinanced Mortgage Loan, the proceeds of which are not more than a nominal amount in excess of the existing first mortgage loan and any subordinate mortgage loan on the related Mortgaged Property and related closing costs, and were used exclusively (except for such nominal amount) to satisfy the then existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and to pay related closing costs. With respect to a Mortgage Loan serviced by _______________, a Refinanced Mortgage Loan, the proceeds of which were not more than the greater of (a) $1,000 or (b) 1% of the principal balance of an existing first mortgage on the related Mortgaged Property and the principal balance of any existing subordinate mortgages on the related Mortgaged Property, in either case, in excess of the principal balance of an existing first mortgage on the related Mortgaged Property, the principal balance of any existing subordinate mortgages on the related Mortgaged Property and related closing costs, and were used to satisfy such existing first mortgage, or any such subordinate mortgages, to pay related closing costs and to provide to the Mortgagor not more than $1,000 or the amount calculated in clause (b) above, as applicable, in addition thereto. Notwithstanding the foregoing, with respect to ______________, any Refinanced Mortgage Loan with a Loan-to-Value Ratio greater than 80% that was used for the purpose of debt consolidation is considered a Rate/Term Refinancing.
More Definitions of Rate/Term Refinancing
Rate/Term Refinancing. A Refinanced Mortgage Loan, the proceeds of which are not more than the lower of (i) $1000, and (ii) 1% of the existing first mortgage loan and any subordinate mortgage loan on the related Mortgaged Property and related closing costs, and were used exclusively (except for up to the lower of (i) $1000, and (ii) 1%) to satisfy the then existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and to pay related closing costs.
Rate/Term Refinancing. A Refinanced Mortgage Loan, the proceeds of which are not in excess of the existing first mortgage, as outlined in the HSBC Underwriting Guidelines in effect at the time of origination.
Rate/Term Refinancing. As defined in the Fxxxxx Mae Guide under the heading Limited Cash-Out Refinance.”
Rate/Term Refinancing. A Refinanced Mortgage Loan, the proceeds of which were not more than the greater of (a) $1,000 or (b) 1% of the principal balance of an existing first mortgage on the related Mortgaged Property and the principal balance of any existing subordinate mortgages on the related Mortgaged Property, in either case, in excess of the principal balance of an existing first mortgage on the related Mortgaged Property, the principal balance of any existing subordinate mortgages on the related Mortgaged Property and related closing costs, and were used to satisfy such existing first mortgage, or any such subordinate mortgages, to pay related closing costs and to provide to the Mortgagor not more than $1,000 or the amount calculated in clause (b) above, as applicable, in addition thereto. Notwithstanding the foregoing, any Refinanced Mortgage Loan with a Loan-to-Value Ratio greater than 80% that was used for the purpose of debt consolidation is considered a Rate/Term Refinancing.
Rate/Term Refinancing. A Refinanced Mortgage Loan, the proceeds of which are not more than (i) 1% of the original principal balance of the Mortgage Loan, or (ii) $1000 in excess of the amounts outstanding on the existing first mortgage loan, on any subordinate mortgage loan on the related Mortgaged Property, related closing costs, and consumer debt of the borrower that was paid at closing and were used exclusively (except for up to $1000) to satisfy the then existing first mortgage loan, any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property to pay related closing costs, and consumer debt of the borrower.
Rate/Term Refinancing. A Refinanced Mortgage Loan, the proceeds of which are not in excess of the existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and related closing costs, and were used exclusively to satisfy the then existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and to pay related closing costs and provide cash to the related Mortgagor in an amount equal to the lesser of (i) $2,000 or (ii) 2% of the principal balance of such Refinanced Mortgage Loan. Reconstitution: Any Securitization Transaction or Whole Loan Transfer.
Rate/Term Refinancing. A Refinanced Mortgage Loan, the proceeds of which are not in excess of the existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and related closing costs, and were used exclusively to satisfy the then existing first mortgage loan and any subordinate mortgage loan of the Mortgagor on the related Mortgaged Property and to pay related closing costs and provide cash to the related Mortgagor in an amount equal to the lesser of (i) $2,000 or (ii) 2% of the principal balance of such Refinanced Mortgage Loan. Reconstitution: Any Securitization Transaction or Whole Loan Transfer. Reconstitution Agreement: The agreement or agreements entered into by the Seller and the Purchaser and/or certain third parties on the Reconstitution Date or Dates with respect to any or all of the Mortgage Loans serviced hereunder, in connection with a Whole Loan Transfer or a Securitization Transaction as provided in Section 12. Reconstitution Date: The date or dates on which any or all of the Mortgage Loans serviced under this Agreement shall be removed from this Agreement and reconstituted as part of a Whole Loan Transfer or Securitization Transaction pursuant to Section 12 hereof.