No Ratio definition

No Ratio. (SFC "443") which is defined as: the borrower does not report income on the Uniform Residential Loan Application (Form 1003), so therefore no debt-to-income ratios are calculated. Lender is not required to verify the borrower's income, but must verify the borrower's assets.
View Source
No Ratio or "NAV" loan pursuant to the Documentation Table.
View Source

Examples of No Ratio in a sentence

  • A Non-Loan Prospector No Ratio Mortgage may be a purchase transaction, “no cash-out”, or cash-out refinance Mortgage.

  • No Ratio Indicator Alt A Indicator Citizen Type Code Program Code Credit Grade Lien Status Terminal Didget Prepayment Penalty Period (years) Servicer Code Loan Term Number Loan MI Certificate Number Loan MI Coverage Percent Borrower Last Name Borrower First Name Borrower Street Address Pledged Asset Indicator Loan Effect LTV Percent Timesaver Indicator Interest Only Indicator EXHIBIT F SERVICING SYSTEM GUIDELINES AND REQUIREMENTS Loading/Updating Investor Headers 1.

  • No Mortgage Loan was originated pursuant to Countrywide’s No Income/No Asset Documentation Loan Program, No Ratio Documentation Loan Program or Streamlined Documentation Program.

  • A Non-Loan Prospector No Ratio Mortgage may be secured by a 1-4 unit Primary Residence, a second home, and a 1-4 unit Investment Property.

  • The provisions of this Attachment permit the sale of Non-Loan Prospector Mortgages for which the Borrower has disclosed his/her income source on the Mortgage application but has not disclosed the income amount, and the Seller is not required to calculate qualifying ratios (Non-Loan Prospector No Ratio Mortgages).

  • The LTV/TLTV/HTLTV ratios for a Non-Loan Prospector No Ratio Mortgage may not exceed the maximum LTV/TLTV/HTLTV ratios set forth in Exhibit 4-A attached to this Attachment.

  • Non-Loan Prospector No Ratio Mortgages are not eligible for sale under Gold Cash Xtra.

  • No Ratio Indicator Alt A Indicator Citizen Type Code Program Code Credit Grade Lien Status Terminal Didget Prepayment Penalty Period (years) Servicer Code Loan Term Number Loan MI Certificate Number Loan MI Coverage Percent Borrower Last Name Borrower First Name Borrower Street Address Pledged Asset Indicator Loan Effect LTV Percent Timesaver Indicator Interest Only Indicator Loading/Updating Investor Headers 1.

  • Tick One: Yes No Ratio will be in accordance with ECE regulations and will not exceed 1 adult: 4 children under 2 years and 1:8 children over 2 years.

  • A Non-Loan Prospector No Ratio Mortgage must be a 15-, 20- or 30-year fixed-rate fully amortizing conventional whole Mortgage (Balloon/Reset Mortgages and ARMs are not eligible).