Title I Mortgage Loan definition

Title I Mortgage Loan means an FHA co-insured closed-end First Mortgage Loan or Second Mortgage Loan that is underwritten in accordance with HUD underwriting standards for the Title I Property Improvement Program set forth in, and that is reported for insurance under, the Mortgage Insurance Program authorized and administered under Title I of the National Housing Act of 1934, as amended, and the regulations related to that statute.

Title I Mortgage Loan means an FHA co-insured closed-end First Mortgage Loan or Second Mortgage Loan that is underwritten in accordance with HUD underwriting standards for the Title I Property Improvement Program set forth in, and that is reported for insurance under, the Mortgage Insurance Program authorized and administered under Title I of the National Housing Act of 1934, as amended, and the regulations related to that statute. "Trust Agreement" means the Trust Agreement of UBS Trust dated as of August 4, 2004, among Borrower, Guarantor and Wilmington Trust Company. "Trust Receipt" means a trust receipt in a form approved by and under which Lender may deliver any document relating to the Collateral to Borrower for correction or completion. "UBS Trust" means MortgageIT SPV I, a Delaware statutory trust, established as a special purpose entity of Borrower. "VA" means the Veterans Administration and any successor agency or other entity. "Warehousing Advance" means a disbursement by Lender under Section 1.1. "Warehousing Advance Request" has the meaning set forth in Section 2.1. "Warehousing Collateral Value" means, as of any date of determination, (a) with respect to any Eligible Loan, the lesser of (1) the amount of any Warehousing Advance made, or that could be made, against such Eligible Loan under Exhibit H or (2) an amount equal to the Advance Rate for the applicable type of Eligible Loan multiplied by the Fair Market Value of such Eligible Loan; (b) if Eligible Loans have been exchanged for Agency Securities, the lesser of (1) the amount of any Warehousing Advances outstanding against the Eligible Loans backing the Agency Securities or (2) an amount equal to the Advance Rates for the applicable types of Eligible Loans backing the Agency Securities multiplied by the Fair Market Value of the Agency Securities; and (c) with respect to cash, the amount of the cash. "Warehousing Commitment" means the obligation of Lender to make Warehousing Advances to Borrower under Section 1.1. "Warehousing Commitment Amount" means $650,000,000. "Warehousing Commitment Fee" has the meaning set forth in Section 3.5. "Warehousing Fee" has the meaning set forth in Section 3.6. "Warehousing Maturity Date" has the meaning set forth in Section 1.2. "Warehousing Note" has the meaning set forth in Section 1.3. "Weighted Average Committed Purchase Price" means the weighted average of the Committed Purchase Prices of the unfilled Purchase Commitments (expressed as a percentage) for Mortgage Loans or ...

Title I Mortgage Loan means a home improvement loan originated pursuant to the rules and regulations promulgated under the Title I Program and insured by the Federal Housing Administration or any successor in interest.

Examples of Title I Mortgage Loan in a sentence

• Each Mortgage Loan is (i) in respect of (1) a property improvement and/or home equity loan, or (2) a first or junior lien purchase money loan, and (ii) not a loan in respect of the purchase of a manufactured home; provided that each Title I Mortgage Loan is only in respect of a property improvement loan.

• Upon the giving of such Notice, the Customer promptly (and in any event within ten (10) days) shall submit such "transfer of note" report to the FHA with respect to the Pledged Mortgage and shall cause the FHA, as promptly as possible, to transfer the FHA insurance relating to such Title I Mortgage Loan pledged hereunder to the Transferee.

• At origination, each Title I Mortgage Loan in excess of $15,000, that was not owner-occupied, had an appraised loan-to-value ratio not in excess of 100%; provided that the FHA Regulations in effect at the time of such origination required an appraisal of the Mortgaged Property.

• The Transferor has no knowledge of any event which would invalidate or cancel the FHA Insurance for such Title I Mortgage Loan.

• The Subservicer shall not waive, modify or vary any term of any Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Obligor, unless Subservicer obtains the prior written approval of the Servicer or unless permitted under the Servicing Guidelines, but in any event such waiver, modification or variance shall be subject to the terms of this Agreement, including subsection (a) above and in the case of a Title I Mortgage Loan, the FHA Regulations.

• The origination practices used by each originator of the Mortgage Loans and the servicing and collection practices used by the Seller with respect to each Mortgage Loan, and with respect to each Title I Mortgage Loan the refinancing practices, if applicable, have been in all material respects legal, proper, prudent and customary in the property improvement and/or home equity loan origination and servicing business and, in the case of Title I Mortgage Loans, in compliance with all FHA Regulations.

• The origination practices used by each originator of the Mortgage Loans and the servicing and collection practices used by the Transferor with respect to each Mortgage Loan, and with respect to each Title I Mortgage Loan the refinancing practices, if applicable, have been in all material respects legal, proper, prudent and customary in the property improvement and/or home equity loan origination and servicing business and, in the case of Title I Mortgage Loans, in compliance with all FHA Regulations.

• Upon the giving of such Notice, the Customer promptly (and in any event within 10 days) shall submit such "transfer of note" report to the FHA with respect to the Pledged Mortgage and shall cause the FHA, as promptly as possible, to transfer the FHA insurance relating to such Title I Mortgage Loan pledged hereunder to the Transferee.

• Each Title I Mortgage Loan is an FHA Title I property improvement loan (as such term is defined in 24 C.F.R. Part 201.2) underwritten by the originator thereof in accordance with such originator's then current underwriting guidelines and all FHA requirements for the Title I Program as set forth in the FHA Regulations, and has been or will be reported to and acknowledged by the FHA for FHA Insurance under the Seller's Title I contract of insurance.

• At the time of origination, each Title I Mortgage Loan with a principal balance of $7,500 or greater was secured by a lien on an owner-occupied one- to-four family dwelling.

More Definitions of Title I Mortgage Loan

Title I Mortgage Loan a Mortgage Loan that has been or will be registered by FHA for FHA Insurance under the Title I Program;

Title I Mortgage Loan. Any fixed rate, fully amortizing, property improvement loan partially insured by the FHA under the Title I Program (or eligible for such insurance, if not yet acknowledged by FHA), which is secured by a Mortgage.

Title I Mortgage Loan. A Mortgage Loan that has been or will be registered by FHA for FHA Insurance under the Title I Program.