Maximum Claim Amount means the lesser of the appraised value of the Property or the maximum dollar amount for an area established by the Secretary for a one-family residence under section 2O3(b)(2) of the National Housing Act (as adjusted where applicable under section 214 of the National Housing Act). Both the appraised value and the maximum dollar amount for the area shall be as of the date the conditional commitment is issued. Closing costs shall not be taken into account in determining appraised value.

Maximum Claim Amount means the amount of insurance coverage for a HECM Loan provided by the related HUD/FHA insurance thereon.

Maximum Claim Amount means with respect to any HECM, the maximum claim amount under the related FHA Insurance for such Loan as determined pursuant to the FHA Regulations.

Examples of Maximum Claim Amount in a sentence

The Draw Rate (converted to an equivalent monthly factor) is applied to the Maximum Claim Amount.
The Draw Rate (convertedto an equivalentmonthly factor) is applied to the Maximum Claim Amount.
A pop-up message is displayed for MCA Validation indicating that the claim amount will be adjusted if it exceeds Maximum Claim Amount.
Mandatory Purchase Event: The Issuer is required to purchase all Ginnie Participations related to a HECM loan when the outstanding principal balance of the HECM loan is equal to or greater than 98% of the Maximum Claim Amount.
Maximum Claim Amount: The maximum claim amount is the lesser of the appraised value of the property or the maximum mortgage amount for a one-family residence that HUD will insure in an area under Section 203(b)(2) of the National Housing Act.

More Definitions of Maximum Claim Amount

Maximum Claim Amount shall have the meaning assigned thereto in the HECM Handbook.

Maximum Claim Amount has the meaning set forth in the related Mortgage Documents for such Mortgage Loan.

Maximum Claim Amount. With respect to each Mortgage Loan, the lesser of the appraised value of the related Mortgaged Property or the maximum loan limit established for a one family residence under Section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (as adjusted where applicable under Section 214 of the National Housing Act). MERS: The Mortgage Electronic Registration System. MERS Mortgage Loan: A Mortgage Loan registered with MERS that either designates MERS as original mortgagee or is assigned to MERS. Mortgage: The mortgage, deed of trust or other instrument securing a Mortgage Note which creates a first lien on an unsubordinated estate in fee simple in real property securing the Mortgage Note, except that with respect to real property located in jurisdictions in which the use of leasehold estates for residential properties is a widely-accepted practice, the mortgage, deed of trust or other instrument securing the Mortgage Note may secure and create a first lien upon a leasehold estate of the Mortgagor. Mortgage File: With respect to each Mortgage Loan, the Collateral File and the Servicing File, including the Mortgage Loan Documents. Mortgage Interest Rate: The annual rate at which interest accrues on any Mortgage Loan in accordance with the provisions of the related Mortgage Note.

Maximum Claim Amount has the meaning assigned to that term in Section 13.3(a)(1).

Maximum Claim Amount means with respect to each HECM Loan, the lesser of the Appraised Value of the related Mortgaged Property and the maximum mortgage limit established by the Secretary of Housing and Urban Development for a one family residence under section 203(b)(2) of the National Housing Act (as adjusted where applicable under Section 214 of the National Housing Act). Both the Appraised Value and the maximum dollar amount for the area shall be determined as of the date the conditional commitment for such Mortgage Loan is issued or as otherwise specified by the Secretary of Housing and Urban Development. “MERS” shall mean Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. “MERS System” shall mean the system of recording transfers of mortgages electronically maintained by MERS. “Monitoring Agent” meansshall mean Reverse Market Insights or any independent third-party agent appointed by the Buyer in consultation with Seller, which third- party agency is experienced in valuing Purchased Mortgage Loans of the type for which it has been appointed to value. “Monthly Financial Statement Date” shall have the meaning set forth in the Pricing Letter. “Monthly Payment” shall mean the scheduled monthly payment of principal and interest on a Mortgage Loan. “Xxxxx’x” shall mean Xxxxx’x Investor’s Service, Inc. or any successors thereto.

Maximum Claim Amount means an amount equal to $125,000,000.