Examples of Simple Interest Mortgage Loan in a sentence
REO Proceeds received in any month shall be applied to the payment of the installments of principal due and interest accrued on the related REO Mortgage Loan in accordance with the terms of such Mortgage Note (in the case of a Simple Interest Mortgage Loan, assuming payments are made on the related Due Date).
As to any Simple Interest Mortgage Loan that becomes a Relief Act Mortgage Loan, the excess of (i) the amount of any payment that would have been allocated to interest on the basis of the related Net Mortgage Rate over (ii) the amount of such payment allocated to interest on the basis of the Net Mortgage Rate required to be paid by the Mortgagor as limited by the application of the Relief Act, in each case calculated in accordance with the Simple Interest Method.
Notwithstanding the foregoing, all references to scheduled interest or interest due on a related Due Date with respect to a Simple Interest Mortgage Loan will mean an amount equal to the excess of (i) 30 days' interest at the applicable Net Mortgage Rate on the Stated Principal Balance of such Simple Interest Mortgage Loan as of the last day of the related Due Period over (ii) the portion of any monthly payment received from the borrower during the related Due Period which was allocable to interest.
There will be a single REMIC BT Regular Interest for each Simple Interest Mortgage Loan, having an Uncertificated Balance equal to the balance of the corresponding Simple Interest Mortgage Loan and Remittance Rate equal to that of the corresponding Simple Interest Mortgage Loan adjusted to treat such Mortgage Loans as if payments thereon were made on a 360-day year consisting of twelve 30- day months.
In addition, Ocwen shall clear and terminate the Simple Interest Excess Sub-Account, if any, in the month following the month in which the last Simple Interest Mortgage Loan remaining in the Trust Fund is paid in full, liquidated or otherwise disposed of, and shall distribute any funds remaining therein to the Class CE-1 Certificateholder.