FHLMC: The Federal Home Loan Mortgage Corporation. FHA/VA Claim Proceeds: Either (i) the amount of insurance proceeds received from the FHA under FHA Insurance in the event of a default with respect to an FHA Mortgage Loan or (ii) the amount of proceeds received from the VA under a VA Guaranty in the event of a default with respect to a VA Mortgage Loan.
#Wraparound mortgage definition code#
FHA Regulations: Regulations promulgated by HUD under the Housing Act, codified in 24 Code of Federal Regulations, and other HUD issuances relating to mortgage loans insured by the FHA, including, without limitation, related handbooks, circulars, notices and mortgagee letters.
#Wraparound mortgage definition mac#
All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.įHA Mortgage Loan At any time, any Mortgage Loan that is subject to FHA Insurance and eligible for reimbursement thereunder. Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. Group II Mortgage Loan A Mortgage Loan assigned to Loan Group II with a Stated Principal Balance at origination that may or may not conform to Xxxxxx Mae and Xxxxxxx Mac loan limits.
Special Hazard Mortgage Loan A Liquidated Mortgage Loan as to which a Special Hazard Loss has occurred. MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System. Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.īalloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment. PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule 3. Pool 2 Mortgage Loans Any Mortgage Loan in Pool 2.ĪRM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note. Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.
Group 1 Mortgage Loan Each Mortgage Loan listed on Exhibit D-1 hereto.ĮMC Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which EMC is the applicable Seller. Streamlined Documentation Mortgage Loan Any Mortgage Loan originated pursuant to the Seller's Streamlined Loan Documentation Program then in effect. Group 4 Mortgage Loan Each Mortgage Loan listed on Exhibit D-4 hereto.įirst Mortgage Loan means a Mortgage Loan secured by a First Mortgage. The only Split Mortgage Loans that are assets of the Trust as of the Closing Date are those that have the respective loan numbers (as set forth on the Mortgage Loan Schedule) listed on the Loan Combination Table under the column heading “Loan No.
Split Mortgage Loan Any Mortgage Loan that is part of a Loan Combination. Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller. Second Mortgage means a mortgage from which the proceeds of a loan or other extension of credit made by a third person are secured by a mortgage on the real property for which the mortgagor has used the proceeds of the loan or other extension of credit to pay all or part of the purchase price of the property. Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1. Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property. ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.
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