Wet Loan definition

Wet Loan means a wet-funded first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Mortgage Loan Documents in the Mortgage File.

Wet Loan means a Purchased Loan originated and owned by the Seller immediately prior to being purchased by the Buyers:

Wet Loan means an Eligible Mortgage Loan which is included in the Borrowing Base, but for which the Required Mortgage Documents have not been delivered to Lender.

Examples of Wet Loan in a sentence

• With respect to each Wet Loan, Seller has received an insured closing letter from the related Settlement Agent if such Settlement Agent is not a title insurance company.

• With respect to each Wet Loan, the Settlement Agent has been instructed in writing by Seller to hold the related Mortgage File as agent and bailee for Buyer or Buyer’s agent and to promptly forward such Mortgage File in accordance with the provisions of the Custodial Agreement and the Escrow Instruction Letter.

• As of the date hereof and as of the date of each delivery of a Wet Loan, the Settlement Agent has obtained an Insured Closing Letter, closing protection letter or similar authorization letter from a nationally recognized title insurance company approved by Buyer, copies of which shall be delivered by Seller to the Custodian prior to the Purchase Date.

• The original copies of such Wet Loan Trust Receipts, Undocumented Loan Trust Receipts and Dry Loan Trust Receipts shall be delivered to JPMorgan Chase Bank at Four New York Plaza, Ground Floor, Outsourcing Department, New York, New York 10004, Attention: Xxxxxxxx Xxxx for the account of Greenwich Capital Markets, telephone number (000) 000 0000, as agent for Buyer by overnight delivery using a nationally recognized insured overnight delivery service.

More Definitions of Wet Loan

Wet Loan means a Purchased Mortgage Loan that is not an eMortgage Loan, for which the completed Loan File was not delivered to Buyer before funding of the related Purchase Price.

Wet Loan means a wet-funded first lien Loan which is (i) underwritten in accordance with the Underwriting Guidelines, (ii) purchased by Buyer from Seller by delivering funds to the Disbursement Agent subject to Seller’s obligation to deliver the required Loan Documents within the Wet Loan Maximum Dwell Time and (iii) does not contain all the required Loan Documents in the Mortgage File, which in order to be deemed to an Eligible Loan shall have the following additional characteristics:

Wet Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage File has not been delivered to Custodian.

Wet Loan means a wet-funded Mortgage Loan which does not contain all of the Required Documents and which shall have the following additional characteristics:

Wet Loan means a Pledged Loan acquired and owned by a Company:

Wet Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.

Wet Loan means either a Table Funded Wet Loan or a Document Deficient Loan, which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Loan Documents in the Mortgage File, which in order to be deemed to an Eligible Loan shall have the following additional characteristics: