Early Payment Default definition

Early Payment Default means either a Borrower has missed one or more payments under a Mortgage Loan and has not brought said delinquency current prior to the Purchase of the Mortgage Loan by the Servicer, or one of the first three payments due to the Servicer have not been made by the Borrower, in either case which directly results in the Mortgage Loan being ineligible for delivery into a GNMA Security, Fannie Mae Security or Freddie Mac Security, or the Borrower defaults on the Mortgage Loan by having 3 delinquent payments, one of those payments from the first three payment due to the Servicer, resulting in 90 days delinquency and the Mortgage Loan has been serviced by the Servicer for less than seven months.

Early Payment Default means the circumstance set forth in the Participating Lender Agreement or the Program Documents.

Early Payment Default means when any minimum monthly payment due to the Purchaser from the Mortgagor on a HELOC, as required under the related Credit Agreement, becomes (30) days or more delinquent on or prior to one-hundred twenty (120) days after the related Closing Date. However, no Early Payment Default shall be deemed to occur where the Mortgage becomes delinquent due to an administrative error by the Servicer in connection with the application of payments relating to a servicing transfer so long as the Mortgagor resumes timely payment within sixty (60) days of the related Closing Date.

Examples of Early Payment Default in a sentence

For purposes of this Section, "Early Payment Default" shall mean any provision of the Sale Agreement or any related agreement to which GreenPoint and Assignor are parties that is designated as an "early payment default" provision of otherwise provides for the repurchase of any Mortgage Loan in the event of a default in the first (or such other number as may be specified in such provision) scheduled payment due under such Mortgage Loan after the closing or other date specified in such agreement.

For purposes of this Section, "Early Payment Default" shall mean any provision of the Sale Agreement or any related agreement to which GreenPoint and Assignor are parties that is designated as an "early payment default" provision of otherwise provides for the repurchase of any Mortgage Loan in the event of a default in the first (of such other number as may be specified in such provision) scheduled payment due under such Mortgage Loan after the closing or other date specified in such agreement.

When this occurs, VALERI will open up a Review Early Payment Default process for review by the VA-assigned technician.

Early Payment Default (EPD) – A provision in the sales contract that requires a seller to repurchase or indemnify a purchaser against loss if a loan becomes delinquent.

For the purposes of this limitation and the separate sublimit on PCCRs, core (tier 1) capital is calculated before the deduction for disallowed assets (12 CFR 567.12(e)(3)(i)).Regulatory Capital Treatment of Early Payment Default and Premium Refund ClausesThe definition of recourse for generally accepted accounting principles (GAAP) and regulatory capital purposes may differ.

More Definitions of Early Payment Default

Early Payment Default means, with respect to a Mortgage Loan, the failure of the Mortgagor to make any of the first three Monthly Payments due under the Mortgage Loan on or before its scheduled Due Date.

Early Payment Default means a Loan that becomes sixty (60) days delinquent (based on the Mortgage Bankers Association-method of determining delinquency) within the first one hundred (120) days after the Sale Date, or such other time periods as may be set forth in the Guide.

Early Payment Default means a Mortgage Loan in which the borrower(s) fails to make a scheduled mortgage payment within the first 90 days of the first payment due date, fails to cure and subsequently goes into default.

Early Payment Default means a loan in which any scheduled monthly payment, which is to be made within the first six (6) months after Lender funded the loan, is not made within thirty (30) days of the related due date.

Early Payment Default means the circumstance set forth in Section 10.(b) of the U.S.

Early Payment Default means, with respect to a Mortgage Loan, the failure of the Mortgagor to make any of the first three Monthly Payments due under the Mortgage Loan within thirty (30) days of its scheduled Due Date.