HMBS Loan definition
HMBS Loan means any HECM Loan that is eligible to be pooled into an HMBS.
HMBS Loan means any HECM Loan that is eligible to be pooled into an HMBS. “HMBS Security” means a ▇▇▇▇▇▇ Mae security backed by HECM Loan participations under the umbrella of the ▇▇▇▇▇▇ ▇▇▇ ▇▇ Customs MBS Program. “HUD” means the United States Department of Housing and Urban Development or any successor thereto. “Indemnifiable Losses” means any and all losses, damages, deficiencies, claims, penalties, fines, forfeitures, reasonable costs and expenses (including reasonable attorneys’ fees and disbursements) actually incurred by an indemnified party, excluding any (i) amounts attributable to General Servicing Costs, (ii) special, indirect, consequential, punitive, extraordinary or exemplary damages (except any such damages paid or finally determined by a Governmental Authority to be payable by the indemnified party to a third party), unrealized expectation, diminution in value, lost profits, lost investment or business opportunity, damage to reputation or operating losses or (iii) damages, losses, obligations, liabilities, claims, penalties, costs or expenses solely due to the passing of, or any change in, any Applicable Law after the date of this Agreement even if the change has retroactive effect. “Ineligible Participations Reimbursement Date” has the meaning set forth on Exhibit B to the Agreement. “Initial Settlement Date” has the meaning set forth on Exhibit B to the Agreement. “Insurer” means any entity that insures or guarantees all or part of the risk of loss of a Mortgage Loan, including, without limitation, HUD, FHA and the providers of any hazard insurance policy, flood insurance policy or title insurance policy. “Interim Servicing Period” means, with respect to any Mortgage Loan, the period from the applicable Sale Date until the related Servicing Transfer Date. “Investor” means, as applicable, any Person, any Agency, including but not limited to ▇▇▇▇▇▇ Mae, which owns the legal interest in a Mortgage Loan (including any trustee). “Liquidity” means, as of any date of determination, the sum of (i) Client’s cash, (ii) Client’s Cash Equivalents and (iii) the aggregate amount of unused committed capacity available to Client (taking into account applicable haircuts) under mortgage loan warehouse and servicer advance facilities for which Client has unencumbered eligible collateral to pledge thereunder. “Liquidity Requirement” means, as of any date of determination, a Liquidity of at least $20,000,000 as of the end of each calendar month; provided, however, that ...
HMBS Loan. Any HECM Loan that is eligible to be pooled into an HMBS or is currently in an HMBS Pool. HMBS Pools: The HMBS pools set forth on Schedule 10 attached hereto. 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 the FHA and Government National Mortgage Association. HUD Handbook: Regulations promulgated by HUD under the Act, codified in Title 24 of the Code of Federal Regulations, and other HUD issuances relating to HECM Loans, including, but not limited to, the HUD Home Equity Conversion Mortgage Handbook 4235.1 REV-1, HUD Handbook 4330.1 REV-5 and any subsequent revisions thereto and any other handbook or mortgagee letters, circulars, notices or other issuances issued by HUD applicable to the Mortgage Loans, as amended, modified, updated or supplemented from time to time. Indemnifiable Losses: Any and all actual and out-of-pocket losses, damages, deficiencies, claims, penalties, fines, forfeitures, reasonable costs and expenses (including reasonable attorneys’ fees and disbursements) actually incurred by an Indemnified Party, excluding any (i) amounts attributable to General Servicing Costs, (ii) special, indirect, consequential, punitive, extraordinary or exemplary damages (except any such damages paid or finally determined by a Governmental Authority to be payable by the Claimant to a third party), unrealized expectation, diminution in value, lost profits, lost investment or business opportunity, damage to reputation or operating losse or (iii) damages, losses, obligations, Liabilities, claims, penalties, costs or expenses solely due to the passing of, or any change in, any Applicable Law after the date of this Agreement even if the change has retroactive effect. Indemnified Party: Any Purchaser Indemnitee or Seller Indemnitee, as the case may be. Indemnifying Party: As defined in Section 3.04 of this Agreement. Indemnification Notice: As defined in Section 3.04 of this Agreement. Indemnification Reimbursement Date: As defined in Section 3.04(b) of this Agreemenet. Ineligible Participations Purchase Price: With respect to (i) any Ineligible Participations related to the Group 1 Assets, Group 3 Assets or Group 5 Assets as of the related Participations Cut-off Date, a price equal to the product of (x...
Examples of HMBS Loan in a sentence
The participation interests in the HECM Loans (including the uncertificated portion of any HMBS Loan) created from time to time by the Guaranty Agreement and identified on the Schedules of Mortgages and Pooled Participations attached thereto.