Rescission Relief definition

Rescission Relief. ), this means that National MI will not rescind coverage of such loan based on a Significant Defect. A Significant Defect is a Defect existing on the Certificate Effective Date that is in any respect material (as determined by National MI) to National MI’s acceptance of the risk or hazard assumed under National MI’s Underwriting Guidelines in effect when an Application was submitted, such that had National MI known of the Defect, National MI would not have insured the loan, regardless of whether the Defect causes a Default or contributes to the Claim Amount.
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Examples of Rescission Relief in a sentence

  • Independent Validations are required for 100% of Closing Files when MPHs elect Rescission Relief Option 2 – Non-Delegated with Closing File Independent Validation and for 100% of the Origination File and Closing File when MPHs elect Rescission Relief Option 3 – Delegated with Independent Validation.

  • If National MI is unable to complete an Independent Validation of a loan to National MI’s reasonable satisfaction within 180 days of the Certificate Effective Date, because the MPH failed to provide the information required by this guide (refer to Section 5.0 Required Documents for details), such loan will not qualify for early Rescission Relief, but may be eligible for 36- or 60-month Rescission Relief, as applicable.

  • Delegated MPHs should also elect a non-delegated Rescission Relief option that will apply to any non-delegated insurance Applications they elect to make.

  • Independent Validation is defined in the Master Policy and consists of processes National MI undertakes to review a loan to determine if early Rescission Relief under Section 17 of the Master Policy applies.

  • The Closing Document Exception is an alternative to Independent Validation that provides for early Rescission Relief at 12 months on every loan from eligible MPHs if the Borrower has made the first 12 payments on time from the Borrower’s Own Funds.

  • Delegated MPHs may elect one of the following two rescission relief options.Note: Delegated MPHs who occasionally submit a loan to National MI for non-delegated approval must also elect a non-delegated option (described in Section 2.2 Non- Delegated Rescission Relief Options) applicable to their non-delegated loans.

  • Further, as described below, when an insured loan is selected for review by National MI’s Quality Control (“QC”) Department (a “QC Review,” as defined in the Master Policy), such QC Review qualifies as an Independent Validation for such loan.If National MI has completed an Independent Validation on a loan and there are no Significant Defects, Rescission Relief for such loan is effective upon National MI’s notification to the MPH regarding the successful outcome.

  • If an insured loan has qualified for Rescission Relief, the Rescission Relief will continue to apply to such loan following any Workout National MI approves or to any modification of coverage under the Certificate for such loan effected in connection with a refinance of that loan insured under such Certificate.

  • Under the Closing Document Exception, participating non-delegated MPHs do not have to submit Closing Files for review by National MI to qualify for early Rescission Relief.

  • If a loan does not qualify for Rescission Relief prior to the 60th payment, it will be eligible for “60-Month Rescission Relief” (subject to Life-of-Loan Exclusions) on or after the 60th payment due date, if:▪ Loan is current or becomes current; and▪ All payments have been made on the loan from the Borrower’s Own Funds.

Related to Rescission Relief

  • Rescission has the meaning specified therefor in Section 7(k).

  • Consent Judgment means a state-specific consent judgment in a form to be agreed upon by the Settling States, Participating Subdivisions, and Xxxxxxx prior to the Initial Participation Date that, among other things, (1) approves this Agreement and (2) provides for the release set forth in Section IV, including the dismissal with prejudice of any Released Claims that the Settling State has brought against Released Entities.

  • Breach Notification Rule means the HIPAA Regulation that is codified at 45 C.F.R. Parts 160 and 164, Subparts A and D.

  • Prone restraint means a restraint in which a student is held face down on the floor.

  • Order and Final Judgment means the order and final judgment of the Court approving the Settlement Agreement, as described in Section II(E)(7) below.

  • General relief means money payments and other forms of relief made to those persons mentioned

  • Relief means any loss, relief, allowance, exemption, set-off, deduction, right to repayment or credit or other relief of a similar nature granted by or available in relation to Tax pursuant to any legislation or otherwise;

  • Expungement , as used in section 19-1-306, means the designation of juvenile delinquency records whereby such records are deemed never to have existed.

  • Equitable Defenses means any bankruptcy, insolvency, reorganization or other Laws affecting creditors’ rights generally and, with regard to equitable remedies, the discretion of the court before which proceedings may be pending to obtain same.

  • Alternate Judgment means a form of final judgment that may be entered by the Court herein but in a form other than the form of Judgment provided for in this Stipulation.

  • Basic Terms Modification means any proposal:

  • Consent Decree means this Consent Decree and all appendices attached hereto. In the event of conflict between this Consent Decree and any appendix, this Consent Decree shall control.

  • Express Waiver I desire to expressly waive any claim of confidentiality as to any and all information contained within our response to the competitive procurement process (e.g. RFP, CSP, Bid, RFQ, etc.) by completing the following and submitting this sheet with our response to Education Service Center Region 8 and TIPS.

  • Injunction has the meaning set forth in Section 6.1(a).

  • Consent to subcontract means the Contracting Officer’s written consent for the Contractor to enter into a particular subcontract.

  • dispute resolution proceeding ’ means any process in which an alternative means of dispute resolution is used to resolve an issue in controversy in which a neutral is appointed and specified parties participate;

  • Modification means (i) a change to the delivered source code or metadata; or (ii) any development, other than a change to the delivered source code or metadata, that customizes, enhances, or changes existing functionality of the Software including, but not limited to, the creation of any new application program interfaces, alternative user interfaces or the extension of SAP data structures; or (iii) any other change to the Software (other than an Add-on) utilizing or incorporating any SAP Materials (defined below).

  • Final Judgment means the Judgment Entered by the Court upon Granting Final Approval of the Settlement.