Fraud Loss definition

Fraud Loss. A Realized Loss (or portion thereof) with respect to a Mortgage Loan arising from any action, event or state of facts with respect to such Mortgage Loan which, because it involved or arose out of any dishonest, fraudulent, criminal, negligent or knowingly wrongful act, error or omission by the Mortgagor, originator (or assignee thereof) of such Mortgage Loan, Lender, a Servicer or the Master Servicer, would result in an exclusion from, denial of, or defense to coverage which otherwise would be provided by a Primary Insurance Policy previously issued with respect to such Mortgage Loan.
Fraud Loss. A Liquidated Loan Loss as to which there was fraud in the origination of such Mortgage Loan.

Examples of Fraud Loss in a sentence

  • Social Engineering Fraud Loss resulting directly from the Insured, in good faith, transferring, paying, or delivering money from its own account as a direct result of a Social Engineering Fraud; PROVIDED, that the entity receiving such request generally maintains and follows during the Bond Period all Social Engineering Security Procedures.

  • Excess Fraud Loss: Any Fraud Loss, or portion thereof, which exceeds the then applicable Fraud Loss Amount.

  • Coverage I.1. Computer Fraud Loss resulting directly from Computer Fraud.

  • What is covered What is not covered Events 1 Employee Fraud Loss of Money, Securities, or Property owned or leased by You which directly results from a Fraudulent Act by an Employee or Employees.

  • On and after the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.


More Definitions of Fraud Loss

Fraud Loss. A loss incurred on a Contract or Mortgage Loan resulting from a Credit Insurer's failure to pay a claim with respect to such Contract or Mortgage Loan on the grounds of fraud in connection with the origination of the Contract or Mortgage Loan or on the grounds of fraud, dishonesty or misrepresentation in connection with the application for any insurance obtained with respect to such Contract or Mortgage Loan.
Fraud Loss. With respect to any Series and any mortgage loan underlying a Conventional Certificate collateralizing such Series, a loss on such Mortgage Loan by reason of a default arising from fraud, dishonesty or misrepresentation in connection with such mortgage loan, including loss by reason of the denial of coverage under any related primary mortgage insurance policy because of such fraud, dishonesty or misrepresentation.