Mortgage Insurance. Except as indicated for pledged asset loans, if a Mortgage Loan has an LTV greater than 80%, the Mortgage Loan has mortgage insurance in accordance with the terms of the Fxxxxx Mae Guide or the Fxxxxxx Mac Guide and is insured as to payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer. All provisions of such Primary Mortgage Insurance Policy have been and are being complied with, such policy is in full force and effect and all premiums due thereunder have been paid. No action, inaction or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance Policy and to pay all premiums and charges in connection therewith. To the extent a Mortgage Loan is insured under an LPMI policy, the Mortgage Interest Rate for the Mortgage Loan as set forth on the related Mortgage Loan Schedule is net of any such premium.
Mortgage Insurance. A policy, contract, guaranty (other than the Guaranty) or arrangement (including any statutory arrangement) with respect to a single Mortgage Loan, issued under or arising from a program established by a Person (whether a governmental unit or other than a governmental unit), under which all or a portion of the obligations owing under the Mortgage Loan, if not paid by the Borrower, will be paid by the applicable Person unless an exclusion under such single-loan policy, contract, guaranty or arrangement applies.
Mortgage Insurance. Except as set forth in Schedule 4.10.8, each Mortgage Loan that has FHA insurance is identified as an FHA Loan on the Magnetic Media and, is, or is eligible in the normal course of business to be, insured pursuant to the National Housing Act. Except as set forth in Schedule 4.10.8, each Mortgage Loan that is identified as a VA Loan on the Magnetic Media is guaranteed by the VA and is, or is eligible in the normal course of business to be, guaranteed under the provisions of Chapter 37 of Title 38 of the United States Code. Except as set forth in Schedule 4.10.8, if required by FNMA or FHLMC, each conforming conventional loan is, or prior to the Sale Date will be, insured as to payment defaults by a policy of primary mortgage guaranty insurance in the amount required, and by an Insurer approved, by FNMA or FHLMC, and all provisions of such primary mortgage guaranty insurance policy have been and are being complied with, such policy is in full force and effect and all premiums due thereunder have been paid. As to each mortgage insurance or guaranty certificate, the Seller and any Originator and Prior Servicer have complied with applicable provisions of the insurance or guaranty contract and Federal statutes and regulations, all premiums or other charges due in connection with such insurance or guaranty have been paid, there has been no act or omission which would or may invalidate any such insurance or guaranty with respect to the Seller, and the insurance or guaranty is, or when issued, will be, in full force and effect with respect to each Mortgage Loan. There are no defenses, counterclaims, or rights of set-off against the Seller affecting the validity or enforceability of any mortgage insurance or guaranty with respect to a Mortgage Loan.
Mortgage Insurance. There are no defenses, counterclaims, or rights of setoff, or other facts or circumstances affecting the eligibility of the Mortgage Loans for insurance by an insurer, or affecting the validity or enforceability of any mortgage insurance or mortgage guaranty with respect to the Mortgage Loan as a result of any act, error or omission of Seller or of any other Person including, but not limited to, the FHA insurance. The related FHA policy calls for the assignment of the Mortgage Loan to FHA as opposed to the co-insurance option. The entire amount of the insurance premium has been paid to FHA in accordance with the FHA Regulations and no portion of such premium is shared with or by Seller or, if the monthly premium option has been chosen for such Mortgage Loan, all such premiums due on or before the related Purchase Date have been duly and timely paid.
Mortgage Insurance. For each Loan which is insured by private mortgage insurance, Pamrapo Bank has complied with or been granted waivers from applicable provisions of the insurance or guarantee contract and applicable laws and regulations, except where such failure to comply or to receive waivers, either individually or in the aggregate, would not have a Material Adverse Effect on Pamrapo, the insurance or guarantee is in full force and effect with respect to each such Loan, and to Pamrapo’s knowledge, there does not exist any event or condition which, but for the passage of time or the giving of notice or both, can result in a revocation of any such insurance or guarantee or constitute adequate grounds for the applicable Insurer to refuse to provide insurance or guarantee payments thereunder.
Mortgage Insurance. Mortgage insurance requirements for SMC Eligible Mortgages: MyCommunityMortgage Mortgages delivered hereunder for which Xxxxxx Mae will obtain “secondary market coverage” (“SMC”) must have an LTV in excess of 90% and must also comply with the “secondary market policy” terms of the “Special Requirements” section of this Master Agreement (“SMC Eligible Mortgages”); mortgage insurance must be provided by Radian. Lender must comply with the eligibility requirements as determined by the applicable mortgage insurer, and if a loan does not comply with such eligibility requirements, it may not be delivered as an SMC Eligible Mortgage (such ineligible mortgages are referred to herein as “SMC Ineligible Mortgages”). In addition, SMC Eligible Mortgages, (i) if delivered under MBS Delivery, must be delivered under Pool Purchase Contract no. C06589, and (ii) if delivered under Cash Delivery, must be delivered under seller/servicer branch no. 00000-000-0 and 00000-000-0. For SMC Eligible Mortgages, individual loan mortgage insurance providing 35% coverage is required. SMC Eligible MyCommunityMortgage Mortgages may be covered under “A Paper” or “A-Minus” mortgage insurance premium rates as determined by the eligibility requirements of the applicable mortgage insurer. Mortgage insurance requirements for (i) SMC Ineligible Mortgages and (ii) MyCommunityMortgage Mortgages delivered hereunder for which Xxxxxx Xxx will otherwise NOT obtain SMC (collectively, “Non-SMC Mortgages”): Individual loan mortgage insurance coverage is required as follows; coverage may be provided by any eligible mortgage insurer (i.e., the mortgage insurer for Non-SMC Mortgages is not limited to the insurer(s) specified above for SMC Eligible Mortgages): • LTV is 90.01% - 100.00%: 35% • LTV is 85.01% - 90.00%: 30% • LTV is 80.01% - 85.00%: 25% Non-SMC Mortgages, if delivered under Cash Delivery, must be delivered under seller/servicer no. 00000-000-0. Note: SMC Eligible Mortgages and Non-SMC Mortgages may NOT be delivered under the same Pool Purchase Contract (if delivered under MBS Delivery), or under the same seller/servicer branch no. (if delivered under Cash Delivery). The Lender is responsible for determining applicable state requirements relating to mortgage insurance availability for Mortgages having LTVs over 97%. If the specified mortgage insurance coverage is not available with respect to any mortgage, then such mortgage is ineligible for delivery to Xxxxxx Mae.
Mortgage Insurance. If the Vendor obtains MICC Excess Deposit Insurance or other prescribed security pursuant to the Act, the Purchaser shall pay the MICC Excess Deposit Insurance premiums and other fees charged by MICC in connection therewith or such premiums, fees or charges for such prescribed security, on the Closing Date, as a credit to the Vendor on the Adjustments, as outlined in the TARION Schedule "O-B" attached hereto.
Mortgage Insurance. There are no defenses, counterclaims, or rights of setoff, or other facts or circumstances affecting the eligibility of the Loans for insurance by an Insurer, or affecting the validity or enforceability of any mortgage insurance or mortgage guaranty with respect to the Loan as a result of any act, error or omission of Seller, Borrower, or of any other Person (other than Purchaser).
Mortgage Insurance. With respect to each PC Pool, if a Mortgage is insured by a mortgage insurer and the mortgage insurance policy is an asset of such PC Pool, the related Holders acknowledge that the insurer shall have no obligation to recognize or deal with any Person other than the Administrator, the Trustee, or their respective authorized designees or representatives regarding the mortgagee’s rights, benefits and obligations under the related insurance contract.
Mortgage Insurance. Seller will agree to provide reasonable cooperation in connection with the resolution of curtailments and rescissions, including, without limitation, providing documentation, data and backup with respect thereto that is in the possession or control of Seller and not previously provided to or otherwise in the possession of Purchaser. In addition, Seller and Purchaser understand that the master servicer of the securitizations may condition its consent of the servicing transfer on the implementation of certain processes. If such request is made by the master servicer, Seller and Purchaser shall work together in good faith to resolve such request.