Option ARM Mortgage Loan definition

Option ARM Mortgage Loan. An adjustable rate Mortgage Loan, as designated in the Underwriting Guidelines, that gives the related Mortgagors three different payment options each month, which include: (i) a minimum monthly payment option, (ii) an interest-only payment option or (iii) a full principal and interest option which amortizes over 30 years or less.
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Option ARM Mortgage Loan. An Adjustable Rate Mortgage Loan with an original term to maturity of not more than thirty (30) years and with respect to which the related borrower may choose a flexible payment option each month pursuant to the terms of the related Mortgage Note.
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Option ARM Mortgage Loan. An Adjustable Rate Mortgage Loan which (i) provides the Mortgagor with multiple Monthly Payment options and (ii) may result in Negative Amortization.
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Examples of Option ARM Mortgage Loan in a sentence

  • Danielsen CEOCash flow statement at 31 December‌‌For the financial period ended 31 December 2021 and 2020.

  • No Mortgage Loan (other than an Option ARM Mortgage Loan) is subject to negative amortization.

  • In the case of an Option ARM Mortgage Loan, the FICO score of the related Mortgagor was at least 620 on the Origination Date.

  • No Mortgage Loan contains terms or provisions which would result in negative amortization other than an Option ARM Mortgage Loan.

  • Other than with respect to an Option ARM Mortgage Loan, no Mortgage Loan contains terms or provisions which would result in negative amortization.

  • Other than an Option ARM Mortgage Loan, no Mortgage Loan is a Balloon Mortgage Loan.

  • The main question for decision in the present suit is whether a deed of waqf which was executed by Mt. Rahim Bibi on 23rd June 1913, dedicating two of the villages which had been conveyed to her by that invalid deed of Manzoor Ahmad is valid to the extent of the share which Mt. Rahim Bibi inherited from Manzoor Ahmad.

  • As to any Option ARM Mortgage Loan and Rate Adjustment Date, the COFI Index or the MTA Index.

  • In all of these cases, the academy reserves the right to regard the complaint as vexatious and/or repeated and to refuse to investigate it under the procedure in this Complaints Policy if it appears reasonable and fair to do so, having regard to the circumstances surrounding the complaint.


More Definitions of Option ARM Mortgage Loan

Option ARM Mortgage Loan means an adjustable rate first lien mortgage with flexible payment options (a) which allows the Mortgagor to vary the monthly payment amount from time to time, (b) for which the related Mortgage Property is owner occupied, (c) for which the related Mortgagor has a FICO score of at least 680 and (d) is underwritten in accordance with the Underwriting Guidelines.
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Option ARM Mortgage Loan means an Adjustable Rate Mortgage Loan in respect of which the related Mortgage Note provides the Mortgagor with multiple monthly payment options.
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Option ARM Mortgage Loan. A Mortgage Loan with respect to which the related Mortgagor may choose a flexible payment option each month pursuant to the terms of the related Mortgage Note, as identified on the Mortgage Loan Schedule.
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Option ARM Mortgage Loan. An adjustable rate Mortgage Loan that (i) requires a fixed monthly payment through maturity based on the initial interest rate and an either 30 or 40 year amortization schedule, (ii) all interest accrued in excess of such initial interest rate after any adjustment date is capitalized and (iii) the borrower is not prohibited at any time from making additional payments of principal and/or interest."
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Option ARM Mortgage Loan means any adjustable rate mortgage loan with flexible payment options.
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Option ARM Mortgage Loan means a first lien Mortgage Loan that has been originated in accordance with the Prime Underwriting Guidelines for adjustable rate mortgage loans with options for the related Mortgagor as to each Monthly Payment.
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Related to Option ARM Mortgage Loan

  • ARM Mortgage Loan A Mortgage Loan pursuant to which the interest rate shall be adjusted from time to time in accordance with the related Mortgage Note.

  • ARD Mortgage Loan Any Mortgage Loan that is identified as having an Anticipated Repayment Date and a Revised Rate on the Mortgage Loan Schedule.

  • REO Mortgage Loan Any Mortgage Loan which is not a Liquidated Loan and as to which the indebtedness evidenced by the related Mortgage Note is discharged and the related Mortgaged Property is held as part of the Trust Estate.

  • Type 1 Mortgage Loan Any of the Mortgage Loans identified in Exhibit F-1 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, serviced under the WFHM Servicing Agreement and having a Mid-Month Receipt Period with respect to all types of Unscheduled Principal Receipts.

  • Jumbo Mortgage Loan is a collective reference to Jumbo Mortgage Loans (Standard Limit) and Jumbo Mortgage Loans (Specialty).

  • Wet-Ink Mortgage Loan means a Mortgage Loan which any Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage Loan Documents have not been delivered to the Custodian.

  • Subsequent Mortgage Loan A Mortgage Loan sold by the Depositor to the Trust Fund pursuant to Section 2.08, such Mortgage Loan being identified on the Mortgage Loan Schedule attached to a Subsequent Transfer Instrument.

  • Subserviced Mortgage Loan Any Mortgage Loan that, at the time of reference thereto, is subject to a Subservicing Agreement.

  • EMC Mortgage Loans Those Mortgage Loans serviced by the Company pursuant to the terms of this Agreement.

  • Special Serviced Mortgage Loan The Mortgage Loans for which the Special Servicer acts as servicer pursuant to Section 3.19.

  • Eligible Mortgage Loan means a Mortgage Loan:

  • Serviced Mortgage Loan A Mortgage Loan that is not an Outside Serviced Mortgage Loan.

  • Group I Mortgage Loan A Mortgage Loan assigned to Loan Group I. All Group I Mortgage Loans have a principal balance at origination that conforms to Xxxxxxx Mac loan limits.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • Premium Mortgage Loan Any Group 1 Premium Mortgage Loan or Group 2 Premium Mortgage Loan.

  • MERS Mortgage Loan Any Mortgage Loan registered with MERS on the MERS System.

  • Non-Serviced Mortgage Loan means a Mortgage Loan included in the Trust but serviced under another agreement. There are no Non-Serviced Mortgage Loans in the Trust.

  • Park Sienna Mortgage Loans The Mortgage Loans identified as such on the Mortgage Loan Schedule for which Park Sienna is the applicable Seller.

  • Group 4 Mortgage Loan Each Mortgage Loan listed on Exhibit D-4 hereto.

  • First Mortgage Loan A Home Equity Loan which constitutes a first priority mortgage lien with respect to any Property.

  • Mortgage Loan shall have the meaning assigned to such term in the recitals.

  • Performing Mortgage Loan Any Mortgage Loan or Serviced Pari Passu Companion Loan that is not a Specially Serviced Mortgage Loan.

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Replacement Mortgage Loan A Mortgage Loan or Mortgage Loans in the aggregate substituted by the Seller for a Deleted Mortgage Loan, which must, on the date of such substitution, as confirmed in a Request for Release, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not less than 90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) if the Replacement Mortgage Loan is a fixed rate Mortgage Loan, have a fixed Mortgage Rate not less than or more than 1% per annum higher than the Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit quality characteristics than that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have a remaining term to maturity no greater than (and not more than one year less than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy type as the Deleted Mortgage Loan or be owner occupied; (ix) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (x) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (xi) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (xii) if the Replacement Mortgage Loan is an Adjustable Rate Mortgage Loan, have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, (xiii) comply with each representation and warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement and (xiv) the Custodian has delivered a Final Certification noting no defects or exceptions.

  • Other Servicer Mortgage Loan Any of the Mortgage Loans, if any, identified in Exhibit F-2 hereto, as such Exhibit may be amended from time to time in connection with a substitution pursuant to Sections 2.02 or 2.06, which Mortgage Loan is serviced under an Other Servicing Agreement.

  • Group II Mortgage Loan A Mortgage Loan assigned to Loan Group II with a Stated Principal Balance at origination that may or may not conform to Xxxxxx Mae and Xxxxxxx Mac loan limits.