Examples of Negative Amortization Mortgage Loan in a sentence
For a Negative Amortization Mortgage Loan, the amount, if any, by which the periodic interest accrued on such Mortgage Loan exceeds the Borrower’s required periodic interest payment then due under the related Mortgage Note, which excess interest amount is not paid by the Borrower at that time, but rather is deferred and added to the unpaid principal balance of the Mortgage Loan.
Except with respect to any balloon Mortgage Loan, “interest only” Mortgage Loan or Negative Amortization Mortgage Loan, each as indicated on the related Mortgage Loan Schedule, the Mortgage Note is payable in equal monthly installments of principal and interest, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than forty years from commencement of amortization.
The Merchant must submit its objection to its account-managing payment service provider within six weeks of being notified of the changes.
Except with respect to any balloon Mortgage Loan, “interest only” Mortgage Loan or Negative Amortization Mortgage Loan, each as indicated on the related Mortgage Loan Schedule, the Mortgage Note is payable in equal monthly installments of principal and interest, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization.
With respect to each Negative Amortization Mortgage Loan, the PMI Policy insures any increase in the Stated Principal Balance from the original balance of the Mortgage Note.