Non-QM Mortgage Loan means a Mortgage Loan that is not a “qualified mortgage” as defined by 12 CFR 1026.43(e) because either (i) the debt-to-income ratio of the related Mortgagor is greater than forty-three percent (43%) or (ii) such Mortgage Loan is an “interest-only” Mortgage Loan.
Non-QM Mortgage Loan means a Mortgage Loan other than a Qualified Mortgage Loan which satisfies the Ability to Repay Rule, as determined by Seller, and was underwritten in accordance with the applicable Underwriting Guidelines for such product.
Non-QM Mortgage Loan means a Mortgage Loan that (a) with respect to which the original principal amount is not more than One Million Dollars ($1,000,000) unless approved by Agent, (b) the obligor of such Mortgage Loan has a FICO Score of not less than 620, (c) such Mortgage Loan is not a Conforming Loan or a Jumbo Loan and (d) is a closed-end consumer credit transaction secured by a dwelling that is subject to and meets the ability to repay requirements of 12 CFR 1026.43(c) but is not a qualified mortgage under 12 CFR 1026.43(e).”
Examples of Non-QM Mortgage Loan in a sentence
With respect to Non-QM Mortgage Loan Applications submitted, Seller has investigated and made a reasonable and good faith determination that the Applicant(s) has the ability to repay a loan (“ATR”) in compliance with the Qualified Mortgage/Ability to Repay standards in 12 CFR § 1026.43(c) of Regulation Z (“ATR Standards”).
More Definitions of Non-QM Mortgage Loan
Non-QM Mortgage Loan means any Eligible Mortgage Loan, other than an Agency Mortgage Loan or a Prime Jumbo Mortgage Loan.
Non-QM Mortgage Loan means a Mortgage Loan that (a) with respect to which the original principal amount is not more than One Million Dollars ($1,000,000) unless approved by Agent, (b) the obligor of such Mortgage Loan has a FICO Score of not less than 680, (c) such Mortgage Loan is not a Conforming Loan or a Jumbo Loan and (d) is a closed-end consumer credit transaction secured by a dwelling that is subject to and meets the ability to repay requirements of 12 CFR 1026.43(c) but is not a qualified mortgage under 12 CFR 1026.43(e). “Non-QM Mortgage Loan Sublimit” is defined in Section 4.2(c). “Obligations” means all of the Seller’s present and future obligations, liabilities and indebtedness under this Agreement or any of the other Repurchase Documents, or in respect of any Products, or any Hedge Agreement entered into with the Agent or any Buyer, whether for Repurchase Price, Price Differential, Margin Call, premium, fees, costs, attorneys’ fees or other obligation or liability, and whether absolute or contingent, and all renewals, extensions, 20 Bodman_16842095_7
Non-QM Mortgage Loan. Mortgage Loans Sublimit” 4.3.
Non-QM Mortgage Loan means a Mortgage Loan that meets all the requirements of this Agreement except it does not meet the definition of “Qualified Mortgage” as that term is defined in the final rule titled “Ability to Repay and Qualified Mortgage Standards Under Truth-in-Lending Act” effective January 10, 2014.
Non-QM Mortgage Loan means a Mortgage Loan originated on or after January 10, 2014, which does not (i) meet the requirements of Section 1026.43(e)(1)(i) of Regulation Z and (ii) is not a “qualified mortgage” as each such term is defined under the Dxxx-Fxxxx Xxxx Street Reform and Consumer Protection Act of 2010, as amended, and any regulations, rulings, interpretations or orders promulgated by any Governmental Authority having jurisdiction thereunder including, without limitation, the Consumer Financial Protection Bureau.
Non-QM Mortgage Loan means either (a) a Mortgage Loan which does not have the benefit of the safe harbor from liability under the ATR Rules or a rebuttable presumption for such liability or (b) a Mortgage Loan secured by a one-to four-family residential investor property, which in either case was underwritten and originated in accordance with underwriting guidelines reasonably acceptable to Purchaser. “Non-Utilization Fee” shall have the meaning assigned thereto in the MRA Pricing Side Letter. “Obligor” means a Person obligated to make payments pursuant to a Contract; provided, that in the event that any payments in respect of a Contract are made by any other Person, such other Person shall also be deemed to be an Obligor. “OFAC” means the Office of Foreign Assets Control of the United States Department of Treasury. “OFAC Lists” has the meaning ascribed to it in Section 29(a). “OFSI” means the Office of Financial Sanctions Implementation of the United Kingdom’s HM Treasury.24 “Other Agreement” means any (i) warehouse, credit, repurchase, line of credit, financing or hedging agreements or other similar agreement relating to any Indebtedness in an amount greater than $10,000,000 between Seller or any of its Affiliates or Subsidiaries, on the one hand, and any Person, on the other hand, or (ii) warehouse, credit, repurchase, line of credit, financing or hedging agreements or other agreement relating to any Indebtedness (including, without limitation, the Program Documents and the EPF Program Documents) in any amount entered into between Seller or any of its Affiliates or Subsidiaries, on the one hand, and Purchaser or any of its Affiliates, on the other hand. “OTS” means Office of Thrift Supervision or any successor thereto. “Parthenon Investors” shall mean each of Parthenon Investors III, L.P., PCap Associates, Parthenon Capital Partners Fund, L.P., Parthenon Investors IV, L.P., Parthenon Capital Partners Fund II, L.P. and PCP Managers, L.P. and each of their respective Affiliates. 1825 24 The definition of “OFSI” was added by Amendment No. 2, dated as of April 28, 2022; and the definition of “OFAC Lists” was deleted by Amendment No. 2, dated as of April 28, 2022. 1825 The definition of “Parthenon Investors” was added by Amendment No. 1, dated as of September 24, 2021.
Non-QM Mortgage Loan means a Mortgage Loan that is not a qualified mortgage under 12 CFR 1026.43(e). “Obligations” means all of the Seller’s present and future obligations, liabilities and indebtedness under this Agreement or any of the other Transaction Documents, or in respect of any Products, or any Hedge Agreement entered into with the Agent or any Buyer, whether for Repurchase Price, Price Differential, Margin Call, premium, fees, costs, attorneys’ fees or other obligation or liability, and whether absolute or contingent, and all renewals, extensions, modifications and increases of any of them. Notwithstanding the foregoing, the term “Obligations” shall not be deemed to include any Excluded Swap Obligation. “Officer’s Certificate” means a certificate executed on behalf of the Seller or another relevant Person by a Responsible Officer. “Open Transaction” means a Transaction in which the Buyers or the Swing Line Buyer have purchased and paid for the related Purchased Loans but the Seller has not repurchased all of them, such that the remaining Purchased Loans not repurchased by the Seller of the subject Transaction would be an Open Transaction. “Operating Account” means the Seller’s non-interest-bearing demand deposit account maintained with Agent and described on Schedule 1.2, from which the Agent is authorized pursuant to Section 3.5 to withdraw funds on any day in an amount equal to the aggregate Repurchase Prices of all Purchased Loans that are Past Due on that day. “Organizational Documents” means as to any Person other than a natural Person, its articles or certificate of incorporation, organization, limited partnership or other document filed with a