HECM Loan means a home equity conversion Mortgage Loan which is (a) secured by a first lien and (b) is eligible to be insured by FHA.
HECM Loan means a home equity conversion mortgage loan.
HECM Loan means a home equity conversion mortgage loan, commonly referred to as a “reverse mortgage,” including without limitation, reverse mortgages subject to FHA Insurance under the FHA’s Home Equity Conversion Program.
Examples of HECM Loan in a sentence
HECM Loan Payment Option Code:The method to receive payments that was selected by the borrower as of the reporting cut-off date.
Servicing Fee Set Aside Amount: An amount initially set aside from the Principal Limit as indicated on the Payment Plan Exhibit to the HECM Loan Agreement, to be applied to payment due for a fixed monthly charge for servicing activities of Issuer or its Subcontract Servicer.
If so, DEQ/WQD should be aware that some of these leases are in dispute, as to their legitimacy.
HECM Loan Current Interest Rate: The current interest rate for the HECM loan; as of the most recent reporting period.
HECM Loan Purpose Code: The purpose for which the HECM loan was originated.
More Definitions of HECM Loan
HECM Loan. At origination, any Reverse Mortgage Loan that is subject to FHA Insurance under the FHA’s Home Equity Conversion Mortgage program.
HECM Loan. An individual fixed or adjustable rate reverse mortgage loan originated pursuant to the FHA’s Home Equity Conversion Mortgage program and insured by FHA Insurance. HUD: The United States Department of Housing and Urban Development, or any federal agency or official thereof which may from time to time succeed to the functions thereof with regard to FHA mortgage insurance. The term “HUD,” for purposes of this Agreement, is also deemed to include subdivisions thereof such as FHA and Xxxxxx Xxx. HUD Handbook: Regulations promulgated by HUD under the National Housing Act, codified in Title 24 of the Code of Federal Regulations, the HUD Home Equity Conversion
HECM Loan. A Reverse Mortgage Loan originated pursuant to the HECM Program and insured by Federal Insurance. HECM Program: The HUD Home Equity Conversion Mortgage program. HMBS: A home equity conversion mortgage-backed security. HOEPA: The Home Ownership and Equity Protection Act of 1994, as amended. HUD: The United States Department of Housing and Urban Development or any successor thereto. HUD Handbook: The HUD Home Equity Conversion Mortgage Handbook 4235.1 Rev-1 and any subsequent revisions thereto.
HECM Loan each as defined in the applicable Agency Guide, (ii) a 30+ Day Delinquent Mortgage Loan, (iii) a Mortgage Loan for which the related Escrow Payments have not been made by the next succeeding Due Date, or (iv) a High Cost Mortgage Loan.3644 3543 The definition of “Repurchase Price” was amended by Amendment No. 1, dated as of September 24, 2021. 3644 The definition of “Restricted Mortgage Loan” was amended by Amendment No. 1, dated as of September 24, 2021. 45 The definition of “Sanctions Lists” was added by Amendment No. 2, dated as of April 28, 2022.
HECM Loan means a home equity conversion Mortgage Loan which is secured by a first lien and is insured by FHA. “HECM Loan Principal Balance” shall mean the principal balance of a HECM Loan (including without limitation any and all term, tenure or other monthly disbursements, accrued interest and mortgage insurance premium payments and other amounts capitalized into the principal balance) reduced by all amounts received or collected in respect of principal on such HECM Loan. “HomeSafe Flex” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) a portion of the Principal Limit is funded on the applicable closing date and the remaining amount is funded monthly in fixed amounts. “HomeSafe Second” shall mean, any Proprietary Loan that has each of the following characteristics: (a) it is secured by a second lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) the full amount of the Principal Limit is funded on the applicable closing date. “HomeSafe Select” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a variable rate of interest and (c) it is structured as a line of credit that can be drawn on for up to [*]. “HomeSafe Standard” shall mean any Proprietary Loan that has each of the following characteristics: (a) it is secured by a first lien on the applicable one-to-four family residence, (b) it has a fixed rate of interest and (c) the full amount of the Principal Limit is funded on the applicable closing date. “HUD” shall mean the Department of Housing and Urban Development. “Income” shall mean, with respect to any Mortgage LoanPurchased Asset at any time, any principal thereof then payable and all interest, dividends or other distributions payable thereon, and excluding, for the avoidance of doubt, any amounts permitted to be withheld by the Participation Paying Agent pursuant to the MPSA. “Indebtedness” shall mean, with respect to any Person as of any date of determination: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such P...
HECM Loan means a HUD insured, first lien, adjustable or fixed rate reverse mortgage loan on a one- to-four family residential property and underwritten, originated by the Seller and serviced by the Servicer in accordance with the HECM Handbook.
HECM Loan. Any home equity conversion mortgage loan under FHA’s HECM Program identified on the Mortgage Loan Schedule, which includes the related Collateral File, Credit File, and all other rights, benefits, proceeds and obligations arising from or in connection with such loan (other than the related Servicing Rights, which are being retained by Seller).