Loans Held for Sale. MEANS LOANS ORIGINATED AND HELD
Loans Held for Sale means all Loans currently held and hereinafter acquired or originated by the Company or any Subsidiary where beneficial ownership has not been transferred to an Investor.
Loans Held for Sale means loans originated and held for sale for up to three hundred sixty-four days after each loan's origination.
Examples of Loans Held for Sale in a sentence
For further information, see ASC Subtopic 948-310, Financial Services-Mortgage Banking – Receivables (formerly FASB Statement No. 65, “Accounting for Certain Mortgage Banking Activities,” as amended), ASC Subtopic 310-10, Receivables – Overall (formerly AICPA Statement of Position 01-6, "Accounting by Certain Entities (Including Entities With Trade Receivables) That Lend to or Finance the Activities of Others"), and the March 26, 2001, Interagency Guidance on Certain Loans Held for Sale.
Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate.
For further information, see FASB Statement No. 65, “Accounting for Certain Mortgage Banking Activities,” AICPA Statement of Position 01-6, "Accounting by Certain Entities (Including Entities With Trade Receivables) That Lend to or Finance the Activities of Others," and the March 26, 2001, Interagency Guidance on Certain Loans Held for Sale.
Mortgage Loans Held for Sale and Mortgage Servicing Rights Upon the closing of a residential mortgage loan or shortly thereafter, the Company will securitize the majority of its mortgage loan originations.
Loans Held for Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated market value in the aggregate.
More Definitions of Loans Held for Sale
Loans Held for Sale means loans originated by a Bank Partner, or certain assets, receivables or other rights with respect to such loans, that are purchased by a Loan Party in anticipation of resale to a third party.
Loans Held for Sale shall have the meaning set forth in Section 5.30(a).
Loans Held for Sale means all Loans currently held and hereinafter acquired or originated by PSB or any PSB Subsidiary where beneficial ownership has not been transferred to an Investor.
Loans Held for Sale means all Loans currently held and hereinafter acquired or originated by FMAC or any FMAC Subsidiary where beneficial ownership has not been transferred to an Investor. (v) "Loan Documents" means the note, mortgage, deed of trust, security agreement, or other instrument securing the note and the related documents for each Loan. (vi) "Mortgage Loan" shall mean a Loan secured by a mortgage. (vii) "Portfolio Loan" means all Loans currently owned or hereinafter owned for investment by FMAC or any FMAC Subsidiary. (viii) "Serviced Loans" means all Loans currently and hereinafter serviced by FMAC or an FMAC Subsidiary for its own account or for others. (ix) "Servicing Requirements" means prudent practice and industry standards together with any contractual, legal or regulatory obligation of FMAC or any FMAC Subsidiary relating to the Serviced Loans or any Loan previously serviced by FMAC or any FMAC Subsidiary. (b) Neither FMAC nor any FMAC Subsidiary has any Portfolio Loan. All Loans owned by FMAC or any FMAC Subsidiary are Loans Held for Sale, except Loans held as collateral for a securitization. (c) The Loan Documents evidencing each Loan (other than Serviced Loans that have never been owned by FMAC, an FMAC Subsidiary or Bankers Mutual, a Mortgage Banking Corporation ("Bankers Mutual")) that is currently outstanding constitute the legal, valid and binding obligations of the parties thereto and are enforceable against such parties in accordance with their terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting the rights of lending institutions or creditors generally and by general equitable principles. No Loan is subject to any legally enforceable right of rescission, set-off, counterclaim or defense, including the defense of usury or, to the knowledge of FMAC, lack of legal capacity of any borrower or guarantor, nor will the operation of any of the terms of any Loan, or the exercise of any legally enforceable right thereunder, render any Loan or any of the Loan Documents unenforceable, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury or, to the knowledge of FMAC, lack of legal capacity of any borrower or guarantor, and no such right of rescission, set-off, counterclaim or defense has been asserted with respect to any Loan Held for Sale or any Loan for which there is any recourse against, or responsibility or ex...
Loans Held for Sale. The carrying amounts of loans held for sale approximates their fair value.
Loans Held for Sale. The carrying amounts of loans held for sale approximates their fair value. Loans: The carrying amount of variable-rate loans that reprice frequently and have no significant change in credit risk approximates fair value. The fair values of fixed rate loans is estimated based on discounted contractual cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality. Deposits: The carrying amounts of demand deposits, savings deposits, variable-rate certificates of deposit approximate their fair values. The fair value of fixed-rate certificates of deposit is based on discounted contractual cash flows using interest rates currently being offered for certificates of similar maturities. Other Borrowings: The fair value of fixed-rate other borrowings is based on discounted contractual cash flows using interest rates currently being offered for borrowings of similar terms and maturities. Subordinated debentures: The fair value of fixed-rate subordinated debentures is based on discounted contractual cash flows using interest rates currently being offered for debentures of similar terms and maturities.
Loans Held for Sale. Mortgage loans originated and intended for sale in the ------------------- secondary market are carried at the lower of cost or estimated market value in the aggregate. Real estate acquired in settlement of loans: Real estate acquired through, or ------------------------------------------- in lieu of, loan foreclosure (REO) is initially recorded at fair value at the date of foreclosure establishing a new cost basis. After foreclosure, valuations of the property are periodically performed by management and the real estate is carried at the lower of cost or fair value minus estimated costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. Property and equipment: Property and equipment are stated at cost, less ---------------------- accumulated depreciation. Depreciation is computed generally by the straight-line method. Income taxes: Deferred taxes are provided on a liability method whereby ------------ deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Advances from borrowers for taxes and insurance: Certain borrowers make monthly ----------------------------------------------- payments, in addition to principal and interest, in order to accumulate funds from which the Bank can pay the borrowers' property taxes and insurance premiums.