Converted Mortgage Loan definition

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.

Converted Mortgage Loan. Any Convertible Mortgage Loan with respect to which the interest rate borne by such Mortgage Loan has been converted from an adjustable interest rate to a fixed interest rate.

Converted Mortgage Loan. Any Mortgage Loan as to which the Mortgagor thereunder has exercised its right under the related Mortgage Note to convert the adjustable Loan Rate thereon to a fixed Loan Rate.

Examples of Converted Mortgage Loan in a sentence

• The Servicer shall purchase such Converted Mortgage Loan from the applicable Trustee at the Purchase Price by depositing the Purchase Price into the Custodial P&I Account.

• The Depositor shall repurchase from the Trust any Converted Mortgage Loan prior to the first Due Date for such Mortgage Loan following the Conversion Date.

• Any such Converted Mortgage Loan which is not purchased by the Servicer or the Seller and which the Master Servicer is unable to sell shall remain in the Trust.

• The Servicer shall promptly notify the Trustee and the Converted Loan Purchaser of each Mortgage Loan which becomes a Converted Mortgage Loan.

• The Master Servicer shall be responsible for determining the Purchase Price of any Mortgage Loan for purposes of this Section 2.03 and, where appropriate, the Basis Limit Amount for any Converted Mortgage Loan that is sold by the Trust, and shall at the time of any purchase or escrow of funds pursuant to this Section 2.03 certify such amounts to the Trustee.

More Definitions of Converted Mortgage Loan

Converted Mortgage Loan. Any Mortgage Loan as to which the related Mortgagor has exercised its option pursuant to the related Mortgage Note to convert the adjustable rate of interest on such Mortgage Loan to a fixed rate of interest. Co-op Shares: Shares issued by private non-profit housing corporations.

Converted Mortgage Loan. A Convertible Mortgage Loan with respect to which the related Mortgagor has exercised its option to convert the related Mortgage Note from a Mortgage Note with an adjustable interest rate to a Mortgage Note with a fixed interest rate.

Converted Mortgage Loan. Not applicable.

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 Mortgage Interest Rate relating thereto to a fixed rate of interest (and with respect to which the related Servicer has processed such conversion).

Converted Mortgage Loan. Any Convertible Mortgage Loan as to which ----------------------- the Mortgagor has exercised the option to convert to a fixed Mortgage Rate and satisfied all of the conditions to conversion set forth in the Mortgage Note.

Converted Mortgage Loan. A Convertible Mortgage Loan with respect to which the Mortgagor has exercised the conversion option.

Converted Mortgage Loan. Any Group II Loan for which the related Mortgage Rate has converted from an adjustable rate to a fixed rate. Cooperative: A private, cooperative housing corporation organized under the laws of, and headquartered in, the State of New York which owns or leases land and all or part of a building or buildings located in the State of New York, including apartments, spaces used for commercial purposes and common areas therein and whose board of directors authorizes, among other things, the sale of Cooperative Stock.