MBA Method definition
MBA Method means the methodology used by the Mortgage Bankers Association for calculating the delinquency of mortgage loans. For the avoidance of doubt, in applying the MBA Method of Delinquency, a Mortgage Loan is considered “30 Days Delinquent” if the monthly payment is not received prior to the close of business on the day that immediately precedes the due date on which the next monthly payment is due. For example, a mortgage loan will be considered thirty (30) Days Delinquent if the monthly payment originally due on July 1 is not received by the close of business on July 31.
MBA Method the Mortgage Bankers Association method of calculating the delinquency of a mortgage loan.
MBA Method means a method of calculating delinquency of a Mortgage Loan based upon the Mortgage Bankers Association method, under which method a Mortgage Loan is considered delinquent if the payment had not been received by the end of the day immediately preceding the Mortgage Loan’s next due date (generally the last day of the month in which the payment was due). For example, a Mortgage Loan with a due date of March 1, 2020, with no payment received by the close of business on March 31, 2020, would have been reported as delinquent on April 1, 2020. “Minimum Maintenance Amount” shall mean, with respect to any Eligible Loan and as of any date of determination, the product of (a) the Asset Value of such Eligible Loan as of such date of determination and (b) the applicable Advance Rate. “Mortgage” shall mean with respect to any Mortgage Loan, the fee simple deed of trust or fee simple mortgage or fee simple deed to secure debt securing the related Mortgage Note and encumbering the related Mortgaged Property. “Mortgage Loan” shall mean a loan evidenced by a Mortgage Note and secured by a Mortgage on Mortgaged Property. “Mortgage Loan Document” shall mean each document that is part of the Asset File. “Mortgage Loan Schedule” shall mean a schedule attached to each Confirmation containing asset data regarding the Mortgage Loans to be subject to the proposed Transaction, in form and substance reasonable satisfactory to the Buyer. “Mortgage Note” shall mean with respect to any Mortgage Loan, a mortgage note evidencing such Mortgage Loan and secured by the related Mortgage on the related Mortgaged Property. “Mortgaged Property” shall mean, with respect to any Mortgage Loan, the real property encumbered by the Mortgage related to such Mortgage Loan. “Mortgagor” shall mean the obligor on a Mortgage Note and the mortgagor/grantor under the related Mortgage(s). “Mortgagor Affidavit” shall mean an affidavit signed by a Mortgagor or guarantor attesting, among other things, that (i) such Mortgagor does not intend to use the proceeds of the Mortgage Loan for personal, family, or household purposes, (ii) the Mortgagor or guarantor does not inhabit and does not plan to inhabit the related Mortgaged Property and (iii) the principal residence of such Mortgagor or guarantor is separate and distinct from the related Mortgaged Property. “Multiemployer Plan” shall mean a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been, or were required to have bee...
Examples of MBA Method in a sentence
All delinquency figures are calculated and reported using the MBA Method of Delinquency.
For all purposes hereunder, a Mortgage Loan’s delinquency status shall be calculated using the MBA Method (example: a Mortgage Loan with an April 1 Due Date will be deemed to be 30 days delinquent if payment is not received on or before April 30).
More Definitions of MBA Method
MBA Method. The delinquency calculation method established by the Mortgage Bankers Association. 1.24 Monthly Payment: The scheduled monthly payment of principal and/or interest on a Mortgage Loan. 1.25 Mortgage: With respect to a Mortgage Loan, the mortgage, deed of trust or other instrument securing the related Mortgage Note, including any rider incorporated by reference therein, which creates a first lien on an unsubordinated estate in fee simple in real property securing the Mortgage Note. 1.26 Mortgage File: The items pertaining to a particular Mortgage Loan referred to in Exhibit C annexed hereto, and any additional documents required to be added to the Mortgage File pursuant to this Agreement. 1.27 Mortgage Interest Rate: With respect to each fixed rate Mortgage Loan, the fixed annual rate of interest borne by the related Mortgage Note. With respect to each adjustable rate Mortgage Loan, the annual rate at which interest accrues on such adjustable rate Mortgage Loan from time to time in accordance with the provisions of the related Mortgage Note. 1.28 Mortgage Loan: Each individual mortgage loan sold by related Seller and purchased by Purchaser on a Closing Date identified on the related Mortgage Loan Schedule, which includes without limitation the Mortgage File, Credit File, and, on or after the Closing Date, the monthly
MBA Method means, with respect to Mortgage Loans, the methodology used by the Mortgage Bankers Association for assessing delinquency. For the avoidance of doubt, under the MBA Method, a Mortgage Loan is considered “30 days delinquent” if the Mortgagor fails to make a monthly payment prior to the close of business on the day that immediately precedes the due date on which the next monthly payment is due. For example, a Mortgage Loan will be considered thirty (30) Days Delinquent if the Mortgagor fails to make a monthly payment originally due on September 1 by the close of business on September 30.