Maximum Claim Amount definition
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 Seller has provided (or will provide prior to the applicable Closing Date) the Purchaser with any information regarding any Investor repurchase requests to the Seller (including obligations to purchase Mortgage Loans out of HMBS Pools at such time as the principal balance of any such Mortgage Loan exceeds 98% of the Maximum Claim Amount in accordance with the Investor Guides).
More Definitions of Maximum Claim Amount
Maximum Claim Amount shall have the meaning assigned thereto in the HECM Handbook.
Maximum Claim Amount. With respect to each HECM Loan, the lesser of the appraised value of the 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).
Maximum Claim Amount means the lesser of the appraised value of
Maximum Claim Amount. With respect to each HECM Loan, the lesser of the appraised value of the 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). 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 or leasehold estate in real property securing the Mortgage Note. Mortgage Loan Schedule: The mortgage loan schedule delivered by the Seller to the Purchaser on the applicable Closing Date, which schedule identifies each Reverse Mortgage Loan related to an Asset Group and sets forth the information set forth on Schedule 14 attached hereto with respect to each Reverse Mortgage Loan. Mortgage Note: The note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. Mortgaged Property: Real property which is encumbered by the lien of a Mortgage and which is security for the related Reverse Mortgage Loan. Mortgagor: The obligor on a Mortgage Note. Non-Issuer Transfer Asset Group: Each of the Group 6 Assets, Group 7 Assets and Group 8 Assets. Non-Issuer Transfer Closing: As defined in Section 2.04(a) of this Agreement. Non-Issuer Transfer Closing Date: With respect to the Group 6 Assets and Group 8 Assets, January 1, 2012, or such other date as may be mutually agreed upon by the Seller and Purchaser. With respect to the Group 7 Assets, such date as may be mutually agreed upon by the Seller and Purchaser. On-Line Access: As defined in Section 4.08 of this Agreement. Optional Repurchased Loan: Any Reverse Mortgage Loan purchased by the Purchaser from the related HMBS Pool due to an “Optional Purchase Event” as defined in the ▇▇▇▇▇▇ ▇▇▇ Guide. Outstanding Principal Balance: As to each Reverse Mortgage Loan on any date of determination, the principal balance of the Reverse Mortgage Loan as of such date (including, without limitation, all related servicing fees, principal advances, accrued interest and servicing advances to the extent permitted to be added to the principal balance of the Reverse Mortgage Loan) after giving effect to payments of principal on or before such date.
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 means the maximum dollar amount that the FHA will pay on a claim for insurance benefits with respect to a HECM loan or on assignment of a HECM loan to the FHA. This amount is the lowest of the appraised value of the property at the time of loan origination, the sale price of the property being purchased, or the national mortgage limit as determined by FHA guidelines (the current limit is $625,500). This amount is determined at the time of loan origination and does not change over the life of the loan.
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.