Actuarial Loan definition

Actuarial Loan. Any Mortgage Loan as to which, pursuant to the Note related thereto, interest is computed and charged to the Mortgagor at the Mortgage Rate on the outstanding principal balance of such Note as of a scheduled day of each month which is fixed at the time of origination, with the effect that Scheduled Payments made by the related Mortgagor on such Mortgage Loan either earlier or later than the scheduled due dates thereof will not affect the amortization schedule or the relative application of such payments to principal and interest.
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Actuarial Loan means a Home Equity Loan for which the relative -------------- application of each Monthly Payment to interest and principal is based on the period between Due Dates and not on the timing of receipt of such Monthly Payment.
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Actuarial Loan means any Auto Loan in which the method of allocating payments of principal and interest is the Actuarial Method.
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Examples of Actuarial Loan in a sentence

  • All calculations of interest in respect of the Principal Balance of an Actuarial Loan or in respect of the Notes or the Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

  • Advances shall be calculated on a 30/360 basis for any Actuarial Loan and on a actual/365 day basis for any Simple Interest Loan.

  • Not later than 12:00 noon New York time on each Determination Date, the Servicer shall remit to the Certificate Administrator for deposit in the Certificate Account an amount (as indicated in the Servicer's Certificate prepared pursuant to Section 6.06), to be distributed on the related Distribution Date pursuant to Section 6.04, equal to the aggregate amount of scheduled principal and interest (net of the Servicing Fee) for each Delinquent Mortgage Loan that is an Actuarial Loan.

Related to Actuarial Loan

  • Actuarial Receivable means any Receivable under which the portion of a payment with respect thereto allocable to interest and the portion of a payment with respect thereto allocable to principal is determined in accordance with the Actuarial Method.

  • Actuarial valuation means a mathematical determination of

  • Actuarial opinion means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with subrule 5.34(6) and with applicable actuarial standards.

  • Actuarial certification means a written statement by a member of the American Academy of

  • Actuarial equivalent means a benefit of equal value when