Wet Funding definition

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.

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

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

Examples of Wet Funding in a sentence

• BOA transferred more than $1.7 billion to the Wet Funding Account for the purchase of wet mortgages when BOA knew that the Ocala Agreements prohibited the purchase of wet mortgages.

• After June 30, 2008, BOA disregarded this requirement and nonetheless continued to transfer Ocala funds to the Wet Funding Account in contravention of the Ocala Agreements.

• In fact, on July 1, 2008, the day after the Ocala Agreements became effective, BOA transferred $63,939,570 from the DB Sub-Account to the Wet Funding Account.

• Prior to June 30, 2008, the agreements governing Ocala permitted it to purchase wet mortgages, and, prior to June 30, 2008, BOA regularly transferred Ocala funds to the Wet Funding Account to purchase wet mortgages.

• The Ocala Agreements that became effective on June 30, 2008, however, prohibited the purchase of wet mortgages and, therefore, prohibited the transfer of Ocala funds to the Wet Funding Account.

More Definitions of Wet Funding

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 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. 3.

Wet Funding means a Transaction for which the Seller has delivered to the Agent a Transaction Request pursuant to Paragraph 3(a).

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