Wet Funding definition

Wet Funding. A Transaction for which Seller has delivered to Buyer a Transaction Request pursuant to Section 3.01(g).

Wet Funding means the purchase of a Mortgage Loan that is Originated by Seller on the Purchase Date under escrow arrangements satisfactory to Buyer pursuant to which Seller is permitted to use the Purchase Price proceeds to close the Mortgage Loan prior to Buyer’s receipt of the complete Loan File.

Wet Funding means the purchase by Buyer of a Mortgage Loan that is Originated by Seller on the Purchase Date under escrow arrangements satisfactory to Buyer pursuant to which Seller is permitted to use the Purchase Price proceeds to close the Mortgage Loan before Custodian’s receipt of the complete Asset File.

Examples of Wet Funding in a sentence

• Upon notice from the Closing Agent to the Borrowers that the related Wet-Ink Mortgage Loan was not originated, the Wet-Ink Mortgage Loan shall be removed from the list of Eligible Mortgage Loans and the Closing Agent shall immediately return the funds via wire transfer to the Wet Funding Account.

• On the Notice Date, Seller or a Guarantor shall (i) request that Buyer enter into a Transaction by furnishing to Buyer and Custodian a Transaction Notice and Loan Schedule, (ii) deliver to Buyer a Computer Medium for the related Purchased Assets and (iii) deliver to Custodian the Loan File or Wet Funding Package for each Loan subject to such Transaction.

• Pursuant to the Custodial Agreement, the Custodian shall deliver to the Wet Funding Account and the Borrowers, no later than 6:00 p.m., New York City time, on each Funding Date with respect to a Wet-Ink Transaction, a report identifying the wire transfer amount and the settlement location of each wire transfer made on such date.

• Each of the documents contained in the Wet Funding Documents Package or the Dry Funding Documents Package for each Mortgage Loan is an authentic original document, except that, if a photocopy of such document is permitted to be provided under the Agreement (as indicated on Exhibit D), then such photocopy contained therein is a true, correct and complete photocopy of the original document.

• Not later than one (1) Business Day after receipt of the Loan Purchase Detail, the Loan Sale Confirmation and a Wet Funding Documents Package, and subject to satisfaction or waiver of the conditions precedent stated in Sections 3.1 and 3.2, MBF shall complete the purchase of the Mortgage Loan by payment of the Acquisition Price for the Mortgage Loan, by transfer of immediately available funds into Seller’s loan closing escrow and the closing of that escrow in accordance with escrow instructions.

More Definitions of Wet Funding

Wet Funding. A Closing Transaction initiated by the delivery by Seller, either via electronic or facsimile transmission to Purchaser, of a Closing Loan Purchase Detail and a pledge by Seller to Purchaser to deliver to Custodian a Dry Submission Package or Conduit Submission Package by the Scheduled Collateral Receipt Date.

Wet Funding means the purchase by Administrative Agent (as agent and representative of Buyer) of a Mortgage Loan that is Originated by a Seller on the Purchase Date under escrow arrangements satisfactory to Administrative Agent pursuant to which a Seller is permitted to use the Purchase Price proceeds to close the Mortgage Loan prior to Administrative Agent’s receipt of the complete Loan File.

Wet Funding. Advance: An Advance made pursuant to Section 2.3B.

Wet Funding. A Transaction for which Seller has delivered to Buyer a Wet Transaction Request and, a pledge by Seller to Buyer to deliver to Custodian a complete Mortgage Asset File within five (5) Business Days of the related Purchase Date.

Wet Funding means a Purchase, or any part thereof, which is made against an executed Wet-Funding Escrow Agreement and, subject to the closing of the Mortgage Loan which is the subject of the Wet-Funding Escrow Agreement, is secured by such Mortgage Loan.

Wet Funding means the purchase of a Mortgage Loan that is Originated by Seller on the Purchase Date under escrow arrangements satisfactory to Buyer pursuant to which Seller is permitted to use the Purchase Price proceeds to close the Mortgage Loan prior to Buyer’s receipt of the complete Loan File. “Wet Funding Deadline” means, with respect to any Wet Loan, the fifth (5th) Business Day after the Origination Date for such Wet Loan, or such later Business Day, if any, as Buyer, in its sole discretion, may specify from time to time. “Wet Loan” means a Mortgage Loan for which the completed Loan File was not delivered to Buyer prior to funding of the related Purchase Price.

Wet Funding means that closing funds are available for distribution at the closing of the applicable Eligible Mortgage Loan.