Compliance Loans definition
Compliance Loans means those mortgage loans identified by the Seller, within nine (9) Business Days following the Sale Date, with “Level 4” or “Level 5” compliance errors as determined by the Seller’s internal quality review processes and procedures conducted prior to the Sale Date.
Examples of Compliance Loans in a sentence
Any Excluded Servicing Rights related to Compliance Loans that are included in the calculation of the Exclusion Amount shall not be subject to Section 3.05(c)(i) above, however, any such Excluded Servicing Rights omitted from the calculation of the Exclusion Amount shall be subject to such provision.