CMT Loan definition
CMT Loan. A Mortgage Loan for which: the Loan Index is CMT; the Adjustment Date occurs on the date set forth in the related Mortgage Note and every twelfth month thereafter; the Periodic Rate Cap is 200 basis points; the Maximum Mortgage Rate is 500 basis points higher than the initial Mortgage Rate; and the Minimum Mortgage Rate is the Gross Margin. Code: The Internal Revenue Code of 1986, including any successor or amendatory provisions.
CMT Loan. An ARM for which the Mortgage Index is CMT. -------- Code: The Internal Revenue Code of 1986, as the same may be amended from ---- time to time (or any successor statute thereto).
CMT Loan. A CMT Loan having a Mortgage Rate that is fixed for 36 ------------ months after origination thereof before such Mortgage Rate becomes subject to adjustment. Trustee: First Union National Bank, or any successor Trustee appointed in ------- accordance with this Agreement that has accepted such appointment in accordance with this Agreement.
More Definitions of CMT Loan
CMT Loan. A Mortgage Loan for which: the Loan Index is CMT; the Adjustment Date occurs on the date set forth in the related Mortgage Note and every twelfth month thereafter; the Periodic
CMT Loan. Not applicable.