Loan Program Authority definition

Loan Program Authority means, with respect to Government Mortgage Loans, the applicable Government Agency, and with respect to Jumbo Mortgage Loans, the applicable Take-out Investor (and if there is not a Take-out Investor, the Acquisition Guidelines).

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Loan Program Authority means, with respect to Government Mortgage Loans, the applicable Government Agency, or with respect to Jumbo Mortgage Loans, the applicable Take-out Investor.

Loan Program Authority. With respect to Agency Eligible Mortgage Loans and Government Mortgage Loans, the applicable Agency, or with respect to Closed- End Second Lien Mortgage Loans, the applicable underwriting guidelines as approved by Buyer in its sole discretion.

Examples of Loan Program Authority in a sentence

• Other than with respect to a Cooperative Mortgage Loan, the lien of the Mortgage securing the consolidated principal amount is expressly insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee’s consolidated interest or by other title evidence acceptable to the applicable Loan Program Authority.

• Except as allowed by the applicable Loan Program Authority or otherwise as expressly approved in writing by Buyer, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan.

• Except as permitted by the applicable Loan Program Authority, the Mortgage contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Purchased Mortgage Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder.

• The Mortgage File with respect to such Purchased Mortgage Loan contains an either an evaluation or appraisal of the related Mortgaged Property meeting the requirements set forth by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, unless such evaluation is not required by the applicable Loan Program Authority, or applicable regulatory or licensing body.

• If required by the applicable Loan Program Authority, after the funding of the Purchased Mortgage Loan and payment of any premium thereafter, each Mortgage Loan is insured as to payment defaults by a policy of primary mortgage guaranty insurance in the amount required where applicable, and all provisions of such primary mortgage guaranty insurance have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid.

• The Mortgage Note and Mortgage are on forms acceptable to the applicable Loan Program Authority or Buyer at its discretion.

More Definitions of Loan Program Authority

Loan Program Authority means, with respect to Conforming Mortgage Loans and Government Mortgage Loans, F▇▇▇▇▇ Mae, F▇▇▇▇▇▇ Mac, FHA, VA, or the USDA, as applicable, and with respect to Jumbo Mortgage Loans and Specialized Mortgage Loans, the applicable Takeout Investor.

Loan Program Authority means, with respect to Government Mortgage Loans, the applicable Government Agency, and with respect to Jumbo Mortgage Loans, the applicable Take-out Investor. “Location” shall mean, with respect to an eNote, the location of such eNote which is established by reference to the MERS eRegistry. “Manufactured Home” shall mean any dwelling unit built on a permanent chassis and attached to a permanent foundation system. “Margin Call” shall have the meaning assigned thereto in Section 7(a) hereof. “Margin Deficit” shall have the meaning assigned thereto in Section 7(a) hereof. “Margin Payment” shall have the meaning assigned thereto in Section 7(a) hereof. “Market Value” shall mean, as of any date of determination, for each Purchased Mortgage Loan, the whole-loan servicing released fair market value of such Purchased Mortgage Loan as determined by Buyer (or an Affiliate thereof) in its sole and good faith discretion (which determination may be performed on a daily basis, at Buyer’s discretion and may take into account such factors as Buyer deems appropriate). “Master Servicer Field” shall mean, with respect to an eNote, the field entitled, “Master Servicer” in the MERS eRegistry. “Material Adverse Effect” shall mean (a) a material adverse change in, or a material adverse effect upon, the Property, business, operations or condition of Seller (financial or otherwise), (b) a material impairment of the ability of Seller to perform its obligations under any of the Facility Documents to which it is a party and to avoid any Event of Default, (c) a material adverse effect upon the validity or enforceability of any of the Facility Documents, or (d) a material adverse effect upon the rights and remedies of Buyer under any of the Facility Documents; in each case as determined by Buyer in its reasonable discretion. 17

Loan Program Authority means, with respect to Government Mortgage Loans, the applicable Government Agency.

Loan Program Authority means, with respect to Government Mortgage Loans, the applicable Government Agency, and with respect to Jumbo Mortgage Loans, Non-QM Mortgage Loans and Second Lien Mortgage Loans, the applicable Take-out Investor.