Full Documentation Loan definition
Full Documentation Loan means a mortgage loan which was underwritten in accordance with Underwriting Guidelines which require the related Mortgagor to complete a detailed application designed to provide pertinent credit information and pursuant to which the Mortgagor is required to provide full documentation of the Mortgagor’s income and assets and such information is fully verified by the related Seller.
Full Documentation Loan means a Mortgage Loan acquired and owned by a Seller that has been closed, funded and qualifies without exception as an Eligible Mortgage Loan and satisfies all of the requirements under the Underwriting Guidelines for a "full documentation" Mortgage Loan.
Full Documentation Loan means a Mortgage Loan originated and owned by a Seller that has been closed, funded and qualifies without exception as an Eligible Asset and satisfies all of the requirements under the Underwriting and Origination Guidelines for a “full documentation” Mortgage Loan.
Examples of Full Documentation Loan in a sentence
No First Lien Loan has an LTV greater than 100% and no First Lien Loan which is not a Full Documentation Loan has an LTV greater than 90%.
More Definitions of Full Documentation Loan
Full Documentation Loan means a Mortgage Loan where the income of the related Mortgagor is calculated using the Mortgagor’s U.S. Internal Revenue Form W-2 statements or such other manner as set forth in the Underwriting Guidelines.