High Risk Mortgage definition
High Risk Mortgage means a first mortgage loan that has one or more of the following characteristics:
High Risk Mortgage means a first mortgage loan that has one or
More Definitions of High Risk Mortgage
High Risk Mortgage means a Settlement Mortgage: (1) secured by Mortgaged Premises in one of the states listed in Guide Section 22.18.1 (as existed as of the applicable Funding Date), which Settlement Mortgage, at the time of origination, was designated (or should properly have been designated) as a “high-cost,” “high-risk” or a similar designation under the applicable state law (as referenced in Guide Section 22.18.1); and/or (2) that violated (as of the applicable Funding Date) any applicable anti-predatory laws or statutes or related regulations and/or (3) which, as of the applicable Funding Date, violated any federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of governmental authorities (i) regarding mortgage origination, including underwriting, consumer credit, equal credit opportunity, usury, and/or truth-in-lending (provided, however, that any misrepresentation by a Borrower or other third party that is not an Affiliate of Seller/Servicer shall not, by itself and absent another independent reason that causes the applicable Mortgage to be an Excluded Mortgage, cause a Settlement Mortgage to be considered a High Risk Mortgage under this definition), (ii) regarding zoning requirements and the legality of improvements on mortgaged property or the environmental condition of the mortgaged property, (iii) regarding manufactured housing, condominium projects and cooperative share units, (iv) regarding the origination and/or delivery of residential mortgage loans, including the laws specifically described in subsections 1 through 17 of Section 6.2(a) of the Guide (to the extent such laws pertain to the origination and delivery, rather than the Servicing, of residential mortgage loans) and/or (v), affecting the property securing the Settlement Mortgage, which violation, in the case of (3)(i) – (v), could reasonably be expected to have a Material Adverse Effect on the holder of the Settlement Mortgage, its designee or their respective assigns.