Exception Loan definition

Exception Loan. A Mortgage Loan originated or re-underwritten generally pursuant to, but which does not fully comply with, the Seller's underwriting guidelines, but as to which variances from such guidelines have been specifically approved by the Seller's chief credit officer or chief underwriter after making a determination that mitigating factors in respect thereof justified such approval.

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Exception Loan shall have the meaning for such term that is set forth in the Purchase Facility.

Exception Loan means a Mortgage Loan that, or with respect to which, (i) meets the criteria set forth in clauses (b) through (i) or the definition of "Qualified Mortgage Loan," (ii) is made in substantial compliance with the underwriting criteria set forth in Section 6.11 and (iii) any variance from the underwriting criteria set forth in Section 6.11 is approved in writing by an executive officer of Borrower in accordance with the policy concerning exceptions to underwriting standards as set forth in Exhibit F attached hereto (as such standards may be amended and modified in writing by the parties from time to time) prior to the origination of such Mortgage Loan or purchase by Borrower of such Mortgage Loan, as the case may be.

Examples of Exception Loan in a sentence

SL shall issue Approval Letters on those applications associated with an Exception Loan.
Upon such direction by SRT, SL shall complete the performance of the Origination Services with respect to such Exception Loan.
SRT shall reimburse SL for any reasonable, customary and documented out-of-pocket costs and expenses incurred in the origination of any Exception Loan, to the extent such documented out-of-pocket costs and expenses exceed SL’s normal costs and expenses incurred with respect to the origination of a Mortgage Loan.
Cendant shall purchase all Program Exception Loans from MLCC by wiring the Exception Loan Purchase Price (as defined below) for each Program Exception Loan in immediately available funds to an account designated by MLCC no later than [* * *].
The “Exception Loan Purchase Price” for each Program Exception Loan shall be equal to [* * *].
Exception Loan Performance Using its SLD and SMSLD processes, Countrywide originated a substantial number of loans as exceptions to its Loan Program Guides.
Cendant covenants and agrees that in exercising and performing all acts necessary and incident to the Exception Loan Servicing Rights, it will do so in accordance with the Servicing Provisions.
In the event that notwithstanding Section 2 (a) above, there continue to exist ten (10) days prior to the Confirmation Hearing, any Exception Loans, First Alliance agrees to repurchase each Exception Loan which continues to be an Exception Loan in the reasonable judgment of the applicable Trustee or MBIA on or before such date.
Such repurchase shall be effected in accordance with the terms of the applicable Pooling and Servicing Agreement and other Documents by payment to each related Trust of the full amount of the purchase price (as defined by the applicable Pooling and Servicing Agreement or other document related to the Trust) in immediately available funds for each related Exception Loan.
MLCC shall reimburse PHH for any reasonable, customary and documented out-of-pocket costs and expenses incurred in the origination of any Exception Loan, to the extent such documented out-of-pocket costs and expenses exceed PHH’s normal costs and expenses incurred with respect to the origination of a Mortgage Loan.

More Definitions of Exception Loan

Exception Loan means a Seller Mortgage Loan that, or with respect to which, (i) is made in substantial compliance with the Underwriting Criteria, whether underwritten by either Seller or a third party, and (ii) any variance from the Underwriting Criteria is approved in writing by an executive of Seller in accordance with the policy concerning exceptions to underwriting standards as set forth in Exhibit D attached hereto (as such standards may be amended and modified in writing by the parties from time to

Exception Loan means a Mortgage Loan that, or with respect to which, (i) meets the criteria set forth in clauses (b) through (i) of the definition of "Qualified Mortgage Loan," (ii) complies substantially with the underwriting criteria set forth in Schedule 6.11 and (iii) variances from the underwriting criteria set forth in Section 6.11 are approved in writing by a senior executive of Borrower prior to the origination of such Mortgage Loan.

Exception Loan. Any mortgage loan that a Seller offers to sell to the Purchaser hereunder which has a material exception to the Underwriting Guidelines as determined by the Purchaser without appropriate compensating factors but which the Purchaser determines in its reasonable discretion has an implied Initial Purchase Price of not less than 80% of the outstanding principal balance of such mortgage loan; provided, however, that any such mortgage loan which Purchaser has determined, following its underwriting, is an Eligible Mortgage Loan shall not constitute an Exception Loan without demonstrable evidence presented to the Seller that such mortgage loan is an Exception Loan and without the Seller having had reasonable opportunity to consult with Purchaser regarding such categorization. No Mortgage Loan with an implied Initial Purchase Price of less than 80% shall be eligible for sale hereunder unless the Seller and the Purchaser mutually agree to revise the Initial Purchase Price for such Mortgage Loan.