Common use of Underwriting Methodology Clause in Contracts

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs objective mathematical principles which relate the related Mortgagor's income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Representation;

Appears in 25 contracts

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He5), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He6), Pooling and Servicing Agreement (MSAC Trust 2006-He3)

AutoNDA by SimpleDocs

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs employs, in part, objective mathematical principles which relate the related Mortgagor's income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Representation;

Appears in 23 contracts

Samples: Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-6ar), Mortgage Loan Sale and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-5ar), Indemnification and Contribution Agreement (Morgan Stanley Mortgage Loan Trust 2006-12xs)

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs employs, in part, objective mathematical principles which relate the related Mortgagor's ’s income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's ’s equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Breach Representation;

Appears in 6 contracts

Samples: Custodial Agreement (GSR Mortgage Loan Trust 2006-9f), Custodial Agreement (GSR Mortgage Loan Trust 2006-8f), Custodial Agreement (GSR Mortgage Loan Trust 2007-4f)

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs employs, in part, objective mathematical principles which relate the related Mortgagor's income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Breach Representation;

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-Fm2), Pooling and Servicing Agreement (GSAMP Trust 2006-S6), Pooling and Servicing Agreement (GSAMP Trust 2006-He3)

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs objective mathematical principles which relate the related Mortgagor's income, assets and liabilities to the proposed payment and such underwriting methodology does not rely solely on the extent of the related Mortgagor's equity in the collateral as the principal determining factor in approving such credit extensionextension of credit. Such underwriting The methodology confirmed employed objective criteria, such as the Mortgagor's income, assets and liabilities, to the proposed mortgage payment and, based on such methodology, the Mortgage Loan's originator made a reasonable determination that at the time of origination (application/approval) the related Mortgagor had a reasonable the ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Breach Representation;

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (GSAMP Trust 2006-Fm3), Pooling and Servicing Agreement (GSAMP Trust 2007-Fm2), Pooling and Servicing Agreement (GSAMP Trust 2006-Fm2)

Underwriting Methodology. (vii) The methodology used in underwriting the extension of credit for each Mortgage Loan employs employs, in part, objective mathematical principles which relate the related Mortgagor's income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Breach Representation;

Appears in 2 contracts

Samples: Custodial Agreement (GSAA Home Equity Trust 2006-3), Custodial Agreement (GSAA Home Equity Trust 2006-3)

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs objective mathematical principles which relate the related Mortgagor's ’s income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's ’s equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Breach Representation;

Appears in 2 contracts

Samples: Master Mortgage Loan Purchase Agreement (GSR Mortgage Loan Trust 2006-10f), Master Mortgage Loan Purchase Agreement (GSR Mortgage Loan Trust 2007-Ar2)

AutoNDA by SimpleDocs

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs employs, in part, objective mathematical principles which relate the related Mortgagor's ’s income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's ’s equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Representation;

Appears in 2 contracts

Samples: And Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-7ax), And Warranties Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs)

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs objective mathematical principles which relate the related Mortgagor's income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Breach Representation;

Appears in 1 contract

Samples: Servicing Agreement (GSAA Home Equity Trust 2006-17)

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs employs, in part, objective mathematical principles which relate the related Mortgagor's income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Breach Representation;

Appears in 1 contract

Samples: Assignment and Recognition Agreement (Morgan Stanley ABS Capital I Inc. IXIS Real Estate Capital Trust 2007-He1)

Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan employs objective mathematical principles which relate the related Mortgagor's ’s income, assets and liabilities to the proposed payment and such underwriting methodology does not rely on the extent of the related Mortgagor's ’s equity in the collateral as the principal determining factor in approving such credit extension. Such underwriting methodology confirmed that at the time of origination (application/approval) the related Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan. This representation and warranty is a Deemed Material and Adverse Representation;

Appears in 1 contract

Samples: Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-He7)

Time is Money Join Law Insider Premium to draft better contracts faster.