Pre-Sold Mortgage Loan definition

Pre-Sold Mortgage Loan means those Mortgage Loans for which the Underlying Property is the subject of a Purchase and Sale Agreement, to which the Borrower has certified certain terms thereof to the Bank substantially in the form of Exhibit A hereto.
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Examples of Pre-Sold Mortgage Loan in a sentence

  • In the event that any Mortgage Loan is not characterized by the Bank as a Pre-Sold Mortgage Loan, then the Mortgage Loan shall be a Spec Mortgage Loan.

  • In order for any Mortgage Loan to be characterized as a Pre-Sold Mortgage Loan, the Borrower must deliver to the Bank, in addition to any other documents, certificates or other instruments which must be delivered pursuant to this Agreement, a Pre-Sold Mortgage Loan Certificate substantially in the form of Exhibit A hereto.

Related to Pre-Sold Mortgage Loan

  • ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • Second Mortgage Loan A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

  • Converted Mortgage Loan An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.