PMI Policy definition

PMI Policy. A policy of primary mortgage guaranty insurance issued by a Qualified Insurer, as required by this Agreement with respect to certain Mortgage Loans.

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PMI Policy or “Primary Insurance Policy” shall mean a policy of primary mortgage guaranty insurance issued by a Qualified Insurer.

PMI Policy. The Primary Mortgage Insurance Policy No. 11616 (policy reference number: 04-998038) with respect to the PMI Mortgage Loans, including all endorsements thereto dated the Closing Date, issued by the PMI Insurer and the Commitment Letter, dated July 7, 2004, among the PMI Insurer, the Master Servicer and the Trustee.

Examples of PMI Policy in a sentence

• The substance of any such waiver, alteration or modification has been approved by the issuer of any related PMI Policy and the title insurer, if any, to the extent required by the policy, and, with respect to RHS Loans, has been approved by the RHS to the extent required by the Rural Housing Service Guaranty, and its terms are reflected on the Loan Schedule, if applicable.

• If required by the applicable Agency, FHA, VA, RHS or HUD, the Loan is insured by a PMI Policy.

• The substance of any such waiver, alteration or modification has been approved by the insurer under the PMI Policy, if any, and the title insurer, if any, to the extent required by the related policy and with respect to RHS Loans, has been approved by RHS to the extent required by the Rural Housing Guaranty, and its terms are reflected on the related final Asset Schedule, if applicable.

• Other than with regard to an any Eligible Delinquent Loan, no action, inaction, or event has occurred and no state of exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable pool insurance policy, special hazard insurance policy, PMI Policy or bankruptcy bond, irrespective of the cause of such failure of coverage.

• Any Loan subject to a PMI Policy obligates the Mortgagor thereunder to maintain the PMI Policy and to pay all premiums and charges in connection therewith.

More Definitions of PMI Policy

PMI Policy. A policy of primary mortgage guaranty insurance evidenced by an electronic form and certificate number issued by a Qualified Insurer, as required by this Agreement with respect to certain Mortgage Loans. The premiums on a PMI Policy may be paid by the Mortgagor or by the Company from its own funds, without reimbursement. If the premiums are paid by the Company, the PMI Policy is an LPMI Policy. Prepayment Penalty: Payments calculated pursuant to the Underwriting Guidelines and due on a Mortgage Loan as the result of a Principal Prepayment in full of the Mortgage Loan, not otherwise due thereon in respect of principal or interest, which are intended to be a disincentive to prepayment.

PMI Policy. Not applicable.

PMI Policy. The Primary Mortgage Insurance Policy (No. ) with respect to the PMI Mortgage Loans and all endorsements thereto dated the Closing Date, issued by the PMI Insurer.

PMI Policy. A policy of primary mortgage guaranty insurance issued by United Guaranty Corporation or other AAA rated primary mortgage guaranty insurer which meets all the requirements set forth in this agreement, in each case, acceptable to the Owner in its sole discretion.

PMI Policy. The Mortgage Guaranty Master Policy (#22-400-4-3654) with respect to the PMI Mortgage Loans, including all endorsements thereto dated the Closing Date, issued by the PMI Insurer and the Terms Letter, dated October 20, 2006, among the PMI Insurer, the Servicer and the Trustee.

PMI Policy. The primary mortgage insurance policy (policy reference number: # _____________) with respect to the related PMI Mortgage Loans, including all endorsements thereto dated the Closing Date, issued by the PMI Insurer.

PMI Policy. Each policy of primary mortgage insurance represented to be in effect pursuant to Section 3.2(xxxii), or any replacement policy therefor obtained by the Company pursuant to Section 4.11.