Buyout Loans definition

Buyout Loans means all FHA-insured single (one-to-four) family residential mortgage loans that (i) were purchased by Seller between February 28, 1995 and the Sale Date out of Pools to be transferred to Purchaser hereunder, (ii) were Delinquent Loans at the time of such purchase by Seller, (iii) as of the Buyout Loan Cut-Off Date, the Mortgages and Mortgage Notes related to such Mortgage Loans have not been extinguished by a judgment of foreclosure, foreclosure sale or otherwise, and (iv) are listed on the Buyout Loan Schedule. "Certified Pool" means, as of any date, a Pool that has received (i) original final certification in compliance with the GNMA Guide, and (ii) if issuer responsibility with respect to such Pool has been transferred subsequent to issuance of such Pool but prior to the transfer contemplated by this Agreement, recertification in compliance with the GNMA Guide with respect to each such transfer.
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Examples of Buyout Loans in a sentence

  • In connection with the servicing of the Mortgage Loan (other than Early Buyout Loans), full, complete and accurate information with respect to the Mortgagor’s credit file has been or will be furnished to Equifax, Experian and Trans Union Credit Information in accordance with the Fair Credit Reporting Act and its implementing regulations.

  • Other than with respect to Early Buyout Loans, as of the date of the Mortgage Note, the Mortgagor’s credit score as listed on the Asset Schedule is no more than ninety (90) days old, or as otherwise permitted by the applicable Agency.

  • Prior to the funding of any Transactions, the subject of which are Early Buyout Loans, Seller shall deliver to Administrative Agent a Custodial Account Control Agreement, duly executed by the parties thereto and in form and substance satisfactory to Administrative Agent.

  • Upon the exercise of its Collateral Split Buyout Right, each exercising Lender shall purchase its ratable share of the Buyout Loans by paying a purchase price to the selling Lenders equal to such exercising Lender’s ratable share of (i) the outstanding principal balance of the Buyout Loans on the date of assignment, plus (ii) the amount of unpaid interest accrued thereon through such date.

  • If more than one Lender desires to exercise its Collateral Split Buyout Right with respect to the Buyout Loans, it shall be entitled to purchase up to its ratable share (based on Percentages) of such Loans.

  • Other than with respect to Early Buyout Loans, Non-Performing Mortgage Loans, Re-Performing Mortgage Loans, Scratch and Dent Mortgage Loans and Seasoned Performing Loans, the Purchase Date is no more than one-hundred and eighty (180) days following the origination date.

  • If any Event of Default has occurred and is continuing, with respect to Agency Mortgage Loans, Non-Agency Mortgage Loans and Early Buyout Loans, Seller shall remit all Income in its possession to the Program Account.

  • The Membership Certificate represents 100% of the beneficial ownership of the REO Subsidiary, and the REO Subsidiary continues to hold legal title to all REO Property related to foreclosures of HECM Buyout Loans that are subject to a Transaction.

  • The Membership Certificate represents 100% of the beneficial ownership of the REO Subsidiary, and the Seller or the REO Subsidiary, as applicable, continues to hold legal title to all REO Property related to foreclosures of HECM Buyout Loans that are subject to a Transaction.

  • With respect to each FHA Buyout Loan, (i) Seller shall deposit FHA claims payments on such FHA Buyout Loan into the Collection Account within one Business Day of receipt and (ii) Seller shall service such FHA Buyout Loan in Strict Compliance with all FHA requirements.6376 (h) VA Buyout Loans.