Ability to Repay. Before originating the Mortgage Loan, the originator made a reasonable and good faith determination that the borrower would have a reasonable ability to repay the loan according to its terms, in accordance with the “ability to repay” standards of the federal Truth in Xxxxxxx Xxx, 00 X.X.X. 0000x(x), and Regulation Z, 12 C.F.R. 1026.43, as may be amended from time to time.
Ability to Repay. Before originating the Purchased Mortgage Loan, the originator made a reasonable and good faith determination that the borrower would have a reasonable ability to repay the loan according to its terms, in accordance with the “ability to repay” standards of the federal Truth in Lending Act, 15 U.S.C. 1639c(a), and Regulation Z, 12 C.F.R. 1026.43, as may be amended from time to time, or for Mortgage Loans not covered by Regulation Z, in accordance with any other state and federal laws, rules and regulations that would be used by a prudent underwriter of Mortgage Loans.
Ability to Repay. Notwithstanding anything to the contrary set forth in this Agreement, on and after January 10, 2014 (or such later date as set forth in the relevant regulations), prior to the origination of each HELOC, the originator made a reasonable and good faith determination that the Mortgagor had a reasonable ability to repay the loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 CFR 1026.43(c); provided that a modification subsequent to the date listed above shall not be considered an “origination” of a HELOC or a “covered transaction” as long as no new Credit Agreement is executed and delivered and the interest rate of the related HELOC is not increased.
Ability to Repay. Notwithstanding anything to the contrary set forth in this Agreement, on and after January 10, 2014 (or such later date as set forth in the relevant regulations), prior to the origination of each Mortgage Loan, the originator made a reasonable and good faith determination that the mortgagor had a reasonable ability to repay the loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 CFR 1026.43(c).
Ability to Repay. For any Mortgage Loan where an application for the Mortgage Loan was taken on or after January 10, 2014, unless the Mortgage Loan Schedule indicates that such Mortgage Loan is “Not Covered,” such Mortgage Loan complied with the “ability to repay” standards as set forth in Section 129C(a) of the federal Xxxxx-xx-Xxxxxxx Xxx, 00 X.X.X. 0000x(x), and Section 1026.43(c) of Regulation Z and evidence demonstrating such compliance is included in the related Mortgage File.
Ability to Repay. Prior to the origination of each Mortgage Loan, the originator made a reasonable and good faith determination that the borrower would have a reasonable ability to repay the Mortgage Loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 C.F.R. § 1026.43(c)(2) as the same may be amended from time to time (or any successor statute or regulation). The Mortgage File for each Mortgage Loan contains all necessary third-party records and other evidence and documentation to demonstrate such compliance by the related Mortgage Loan with 12 C.F.R. § 1026.43(c) as the same may be amended from time to time (or any successor statute or regulation). Seller shall provide in connection with the delivery of each Mortgage Loan, a documentation capsule in the Mortgage File and Servicing File that fully documents how each Mortgage Loan meets the ability to repay requirements of 12 C.F.R. § 1026.43(c) as the same may be amended from time to time (or any successor statute or regulation). The documentation capsule shall contain all reasonably reliable third party records used by the Originator to prove that each Mortgage Loan meets the ability to repay requirements of 12 C.F.R. § 1026.43(c) as the same may be amended from time to time (or any successor statute or regulation). The documentation capsule shall also include an evidentiary summary cover checklist that specifically enumerates each of the eight underwriting factors set forth in 12 C.F.R. § 1026.43(c)(2) as the same may be amended from time to time (or any successor statute or regulation), and summarizes how each element of the checklist is met by the Mortgage Loan, which shall be certified by the Originator’s underwriter.
Ability to Repay. Other than a Business-Purpose Mortgage Loan, with respect to each Mortgage Loan where the Mortgagor’s loan application for the Mortgage Loan was taken on or after January 10, 2014, such Mortgage Loan complies in all material respects with the Ability To Repay Standards, and all necessary evidence to demonstrate such compliance with 12 C.F.R. Part 1026.43(e) and 12 C.F.R. Part 1026.43(c) is included in the related Credit File. Prior to the origination of each Mortgage Loan (other than any Business-Purpose Mortgage Loan), the originator made a reasonable and good faith determination that the borrower would have a reasonable ability to repay the Mortgage Loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 C.F.R. § 1026.43(c)(2) as the same may be amended from time to time (or any successor statute or regulation).
Ability to Repay. All Mortgage Loans must comply with ability to repay (ATR) regulations. Regardless of the underwriting method used, at the time of origination the PFI must determine that Borrowers can afford to make the regular monthly Mortgage Loan payments and have a reasonable ability and likelihood of repaying their mortgage debt in compliance with Applicable Laws. The MPF Xxxxx' willingness to purchase Mortgage Loans made to Borrowers with higher credit risk is still predicated on the use of the MPF Program underwriting guidelines that require the Borrower have a reasonable ability to make the mortgage payments to successfully maintain homeownership.
Ability to Repay. For any Mortgage Loan where an application for the Mortgage Loan was taken on or after January 10, 2014, such Mortgage Loan complied with the “ability to repay” standards as set forth in Section 129C(a) of the federal Txxxx-xx-Xxxxxxx Xxx, 00 X.X.X. 0000x(x), and Section 1026.43(c) of Regulation Z.
Ability to Repay. Notwithstanding anything to the contrary set forth in this Repurchase Agreement, on and after January 10, 2014 (or such later date as the relevant regulations may go into effect) before the consummation of each Mortgage Loan, the Originator made a reasonable and good faith determination that the Mortgagor has a reasonable ability to repay the loan according to its terms, and that at a minimum, the Originator underwrote the loan in accordance with the eight underwriting factors set forth in 12 C.F.R. § 1026.43(c).
