Wet Funded Loan definition

Wet Funded Loan means a Loan for which, as of the related initial Purchase Date, the documents in the related Loan File have not been delivered to the Custodian, and thereafter, each date until the documents in the related Loan File have been delivered to the Custodian.

Wet Funded Loan means a Conforming Mortgage Loan or a Jumbo Loan with respect to which the Required Documents have not been delivered to Agent.

Wet Funded Loan means a Mortgage Loan that is originated or acquired by the Seller and purchased by the Issuer, prior to the delivery of the Mortgage Note to the Custodian.

Examples of Wet Funded Loan in a sentence

• On any Transfer Date on which Wet Funded Loans are purchased by the Issuer and pledged to the Noteholders, the Initial Noteholder shall deposit into the Reserve Account the Sales Prices for each such Wet Funded Loan.

• As of any date of determination, the Eligible Mortgage Loans in the aggregate shall satisfy the Eligibility Criteria, the Portfolio Criteria, the Portfolio Aging Limitations and the Wet Funded Loan Limitation.

• As of any date of determination, the Eligible Loans in the aggregate shall satisfy the Portfolio Criteria, the Portfolio Aging Limitations and the Wet Funded Loan Limitation.

• Except with respect to each Wet Funded Loan, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located.

• The Seller is in possession of a complete Mortgage Loan File with respect to the Mortgage Loan; provided, however, that in the case of a Wet Funded Loan, the Seller is not in possession of the related Mortgage Note.

More Definitions of Wet Funded Loan

Wet Funded Loan. A Loan for which the related Custodial Loan File shall not have been delivered to the Custodian as of the related Transfer Date.

Wet Funded Loan. A Loan for which the Custodian has not received the related Custodial Loan File as of the related Transfer Date and for which the Custodian has issued a Trust Receipt with respect to the Wet Funded Loan, in substantially the form of Exhibit M attached to the Custodial Agreement.

Wet Funded Loan means a Loan which is acceptable to the Buyer and as of the Purchase Date does not contain all the required Loan Documents in the Asset File and which has the following characteristics:

Wet Funded Loan means a Loan for which the related Custodian's Loan File has not been delivered to the Custodian as of the related Purchase Date. Upon delivery of the Custodian's Loan File to the Custodian, the Loan shall cease to be a Wet Funded Loan.

Wet Funded Loan a Pledged Mortgage Loan which has been closed and funded under either (a) Good Funds Agreement and an Agreement to Pledge pursuant to Section 4.01 of the Pledge and Security Agreement or (b) an Agreement to Pledge pursuant to Section 4.02 of the Pledge and Security Agreement, and, in either case, for which the applicable Mortgage Note and other instruments and documents required to be delivered to the Collateral Agent under paragraph 2 of the applicable Collateral Identification Letter have not been received by the Collateral Agent.

Wet Funded Loan means a Loan which is pledged to the Note Purchaser, simultaneously with the origination thereof by the Company pursuant to Section 2.4(d) and is funded in part or in whole with proceeds of the purchase of Notes. A Loan shall cease to be a Wet Funded Loan when documents are received by the Custodian as provided in Section 2.4(d)(iii).

Wet Funded Loan means a Loan (i) that is sold to Buyer simultaneously with the origination thereof by the originator, (ii) that is funded in part or in whole with proceeds of the sale of the Loan to Buyer paid directly to a Settlement Agent, (iii) [reserved], (iv) and for which all of the Loan Documents specified in the Custodial Agreement have not been delivered to Custodian in accordance with the Custodial Agreement.