Subprime Loan definition

Subprime Loan means a Mortgage Loan (other than a Conforming Loan, a Jumbo Loan or an Alt-A Loan) that (1) is underwritten by an Approved Investor, (2)(A) is a Specific Covered Loan; or (B) if such Mortgage Loan is an Uncovered Mortgage Loan , it has a FICO Score of 660 or greater, and (3) differs from a Conforming Loan because of the credit quality of the Obligor, and is originated by the Originator or by a correspondent of the Originator using the established underwriting guidelines for subprime loans of the Originator, which are the same underwriting guidelines that the Originator uses to originate subprime loans for sales into the secondary mortgage market.

Subprime Loan means a loan that is originated by a lender designated as a subprime lender on the subprime lender list maintained by the United States Department of Housing and Urban Development or identified as a lender primarily engaged in subprime lending under Section2306.143.

Subprime Loan means a first lien Single-family Loan that is not a Prime Loan, a Construction/Permanent Loan, a HELOC or a Second Lien Loan.

Examples of Subprime Loan in a sentence

• No Purchased Loan which is a Massachusetts Subprime Loan violates the Massachusetts Borrower’s Best Interest Statute (M.G.L. 183 § 28c) or is presumptively unfair under M.G.L. c 93A, as such term is defined in Massachusetts law and court decisions, no Purchased Loan is a Nevada Subprime Loan and no Purchased Loan violates any consent order or decree or any judicial, regulatory, administrative or other similar judgments, orders, stipulations, awards, writs or injunctions applicable to the Buyer.

• The parties shall work with each other and GHR to improve the quality and nature of the back office services so as to reduce the time, cost and difficulty to the customer of obtaining a Subprime Loan.

• Once a Subprime Loan has been transmitted to MC, MC shall update the processing system and the Website database with the status of the loan processing as agreed between ILSI and MC but at a minimum wherever indicated below.

• ILSI will provide, through the Website and/or other means, in its discretion, customer disclosures concerning the participation of MC in Subprime Loan transactions as it deems necessary and desirable to fully comply with all legal obligations applicable to the Website and the parties, including affiliated business arrangement disclosures under RESPA, and disclosures concerning the source of funding of Subprime Loans.

• ILSI shall develop and market articles and calculators specifically designed for Subprime Loan customers.

More Definitions of Subprime Loan

Subprime Loan means any loan made to an individual in the United States of America who had, at origination, a FICO score of less than 660.

Subprime Loan means, in the case of an adjustable rate

Subprime Loan means any Loan (other than a Wet-Ink Loan) that is not a Conforming Loan or an Alt-A Loan.

Subprime Loan means one-to-four family residential first priority mortgage loans owned by the Company that do not conform to FNMA, FHLMC or Alt A underwriting guidelines which are originated per terms of at least two Approved Investor takeout commitments meeting customary standards for "B" or "C" paper, as approved by Bank; provided: (a) no default has occurred and is continuing on such Loan, (b) such Loan has a face amount of less than two hundred thousand dollars ($200,000); and (c) such Loan is not an Aged Loan.

Subprime Loan in the Repurchase Agreement is hereby deleted in its entirety.

Subprime Loan means a Mortgage Loan (other than a Conforming Loan, a Jumbo Loan, or Alt-A Loan) that (1) is underwritten by an Approved Investor and (2) differs from a Conforming Loan because of the credit quality of the Obligor, and is originated by the Originator or by a correspondent of the Originator using the established underwriting guidelines for subprime loans of the Originator, which are the same underwriting guidelines that the Originator uses to originate subprime loans for sales into the secondary mortgage market.

Subprime Loan means an Alternative Lending Loan: (i) the entire interest of which is owned by the Company and which is secured by a Subprime Mortgage; (ii) which is not an FHA or VA loan; (iii) which does not meet the underwriting criteria of any or all the Fannie Mae, FHLMC, or GNMA; and (iv) which conforms to the underwrixxxx xriteria of Approved Investors for loans which are "B" or "C" loans, as defined by Agent; provided: (a) no default has occurred and is continuing on such Loan, (b) such Loan shall have a FICO score equal to or in excess of the requirements of the applicable Approved Investor, (c) such Loan shall have a combined loan-to-value ratio at origination of not more than ninety percent (90%), (d) such Loan shall be subject to a Firm Commitment, (e) such Loan is not an Aged Loan, and (f) such Loan does not have a face amount in excess of Three Hundred Fifty Thousand Dollars ($350,000.00).