Discount Mortgage Loan definition

Discount Mortgage Loan. Any Mortgage Loan having a Net Mortgage Rate (or the initial Net Mortgage Rate) of less than the Discount Net Mortgage Rate per annum and any Mortgage Loan deemed to be a Discount Mortgage Loan pursuant to the definition of Qualified Substitute Mortgage Loan.
Discount Mortgage Loan. A Mortgage Loan with a Net Mortgage Interest Rate of less than 6.500%.
Discount Mortgage Loan. Any Mortgage Loan with an Adjusted Net Mortgage Rate that is less than the Required Coupon.

Examples of Discount Mortgage Loan in a sentence

  • The Master Servicer shall amend or cause to be amended the Mortgage Loan Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount Fractions, for the benefit of the Certificateholders to reflect the removal of such Deleted Mortgage Loan and the Master Servicer shall deliver the amended Mortgage Loan Schedule, and, if the Deleted Mortgage Loan was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the Trustee.

  • As to any Mortgage Loan that is not a Discount Mortgage Loan, 0%.

  • In the case of a Non-Discount Mortgage Loan, the Scheduled Principal Balance of such Mortgage Loan and, in the case of a Discount Mortgage Loan, the product of (i) the Scheduled Principal Balance of such Mortgage Loan and (ii) the Non-PO Percentage for such Mortgage Loan.

  • Second, the Adjusted Net Mortgage Rate determines whether a loan is a Non-Discount Mortgage Loan (i.e., a mortgage loan with an interest rate greater than or equal to the Required Coupon) or a Discount Mortgage Loan (i.e., a mortgage loan with an interest rate lower than the Required Coupon).

  • I, I-1 (“For purposes of determining whether any Substitute Mortgage Loan is a Discount Mortgage Loan or a Non-Discount Mortgage Loan and for purposes of calculating the applicable PO Percentage and the applicable Non-PO Percentage, each Substitute Mortgage Loan shall be deemed to have an Adjusted Net Mortgage Rate equal to the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan for which it is substituted.”).


More Definitions of Discount Mortgage Loan

Discount Mortgage Loan. Any Mortgage Loan in a Loan Group with an Adjusted Net Mortgage Rate that is less than the Required Coupon for that Loan Group.
Discount Mortgage Loan. Any Mortgage Loan having a Net Mortgage Rate less than the Remittance Rate.
Discount Mortgage Loan. Any Mortgage Loan in Pool I with an Adjusted Net Mortgage Rate of less than 5.50% and any Mortgage Loan in Pool II with an Adjusted Net Mortgage Rate of less than 5.00%.
Discount Mortgage Loan. Any Mortgage Loan with a Net Mortgage Rate less than 6.00% per annum.