VA Mortgage Loans definition

VA Mortgage Loans means Mortgage Loans within acceptable limits to and guaranteed by the VA, and evidenced by instruments and documents which comply, and arising from a transaction which complies, in all respects, with the requirements of the VA.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

VA Mortgage Loans means Mortgage Loans within acceptable limits to, and guaranteed by the VA, and evidenced by instruments and documents which comply, and arising from a transaction which complies, in all respects, with the requirements of the VA. Wet Advance means an Advance made by Lender against the pledge of Eligible Mortgage Loans with respect to which Borrower has delivered to Collateral Custodian a Request for Advance as specified in Section 2.02, in lieu of the Mortgage Note or Required Documents related thereto, provided, however, that from and after the date the Required Documents have been delivered to Collateral Custodian, such Wet Advance shall cease to be a Wet Advance.

VA Mortgage Loans. Each VA Mortgage Loan was underwritten in accordance with VA standards and is guaranteed by the VA, which guaranty is in full force and effect, and the Mortgage Loan is not subject to any defect which would diminish or impair the VA guaranty (other than a potential valuation of the related Mortgaged Property), and all prior transfers, if any, of the Mortgage Loan have been, and the transactions contemplated herein are, in compliance with VA regulations, and no circumstances exist with respect to the VA Mortgage Loan which would permit the VA to deny coverage under the FHA guaranty. No Mortgage Loan is a VA Vendee Loan, Title I Loan or Section 325 Loan;

Examples of VA Mortgage Loans in a sentence

As to funded initiatives, if applicable, the receiving Department (payee) shall submit program and fiscal reports in the manner and format prescribed by the funding Department (payer).
Servicer is an approved servicer for FHA, FHLMC, FNMA, GNMA, HUD and VA, is an FHA Approved Mortgagee and is qualified to own and hold VA Mortgage Loans, and shall maintain such approvals throughout the term of this Agreement.
Any Servicing Agreement that obligates the related Servicer to make delinquency advances in respect of FHA Mortgage Loans or VA Mortgage Loans without regard to recoverability thereof from the proceeds of the related Mortgage Loans, or to pay buydown amounts or realized loss amounts with respect to the related Mortgage Loans from its own funds.
With respect to the VA Mortgage Loans, the VA Mortgage Loan Guaranty Agreement is in full force and effect to the maximum extent stated therein.
Initially, only Mortgage Loans that are FHA Mortgage Loans, VA Mortgage Loans or USDA-RHS Mortgage Loans may be originated under this Agreement.
Only Mortgage Loans that are FHA Mortgage Loans, VA Mortgage Loans, USDA-RHS Mortgage Loans or Conventional Mortgage Loans may be originated under this Agreement.
With respect to properties acquired pursuant to FHA/ VA Mortgage Loans, Servicer shall arrange for the prompt transfer of the property to the FHA or VA within the period prescribed by FHA or VA, shall file the necessary notices, and satisfy all FHA or VA requirements.
The Trustee shall at all times (i) have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition, (ii) have a long term deposit rating of at least A or the equivalent by each Rating Agency, (iii) not be an Affiliate of the Depositor or the Master Servicer or any Servicer, (iv) be an FHA Approved Mortgagee and be qualified to own and hold VA Mortgage Loans and (v) be in compliance with all applicable Regulations.
The Trustee shall at all times (i) have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition, (ii) have a long term deposit rating of at least A or the equivalent by each Rating Agency, (iii) not be an Affiliate of the Depositor or the Master Servicer, (iv) be an FHA Approved Mortgagee and be qualified to own and hold VA Mortgage Loans and (v) be in compliance with all applicable Regulations.
In addition to 2.1 above the Servicer will perform its duties and obligations under this Servicing Agreement for Mortgage Loans other than FHA and VA Mortgage Loans in accordance with the Guides, regulations and practices of: (a) FNMA, (b) FHLMC, and (c) the applicable private mortgage insurance if a Mortgage Loan is required to have private mortgage insurance and (d) this Servicing Agreement.

More Definitions of VA Mortgage Loans

VA Mortgage Loans means Mortgage Loans within acceptable limits to and ----------------- guaranteed by the VA, and evidenced by instruments and documents which comply, and arising from a transaction which complies, in all respects, with the requirements of the VA. Wet Settlement Sublimit means 50% of the Maximum Loan Amount; provided that ----------------------- during the first and last five (5) business days of each month the Wet Settlement Sublimit shall be 65% of' the Maximum Loan Amount.