Definition of Portfolio Criteria

  1. Portfolio Criteria means, on any day, after giving effect to Agent's purchase and sale of mortgage loans on such day, the Eligible Mortgage Loans owned by Agent in the aggregate must satisfy the following criteria: (i) the aggregate Repurchase Price of all mortgage loans secured by property in California may not on such day exceed 35% of the Maximum Aggregate Purchase Price; (ii) the aggregate Repurchase Price of all mortgage loans secured by properties located in New York may not on such day exceed 25% of the Maximum Aggregate Purchase Price; (iii) the aggregate Repurchase Price of all mortgage loans secured by properties located in New Jersey may not on such day exceed 20% of the Maximum Aggregate Purchase Price; (iv) the aggregate Repurchase Price of all mortgage loans secured by properties located in Florida may not on such day exceed 20% of the Maximum Aggregate Purchase Price; (v) the aggregate Repurchase Price of all mortgage loans secured by property in any other single state may not on such day exceed 10% of the Maximum Aggregate Purchase Price; (vi) the aggregate Repurchase Price of all Uninsured Loans plus the aggregate Repurchase Price of all Non-Primary Residence Mortgage Loans owned by Agent must not on such day exceed 10% of the Maximum Aggregate Purchase Price; (vii) the mortgage loans (excluding FHA Loans and VA Loans) owned by Agent must have a weighted average FICO Score of at least 710; (viii) the weighted average Loan-to-Value Ratio of the mortgage loans (excluding FHA Loans, VA Loans, HELOCs and Closed End Second Mortgage Loans) owned by Agent must not on such day exceed 85%; (ix) the aggregate Repurchase Price of all HELOCs plus the aggregate Repurchase Price of all Closed End Second Mortgage Loans must not on such day exceed 10% of the Maximum Aggregate Purchase Price; (x) the weighted average Combined Loan-to-Value Ratio of all HELOCs and all Closed End Second Mortgage Loans owned by Agent must not on such day exceed 85%; (xi) the aggregate Purchase Price of all Manufactured Home Mortgage Loans and acquired on such day may not exceed 1% of the Aggregate Purchase Price; (xii) the aggregate Purchase Price of all Interest-Only Loans must not on such day exceed 15% of the Maximum Aggregate Purchase Price; (xiii) the aggregate Purchase Price of all Jumbo Loans plus the aggregate Purchase Price of all Super Jumbo Loans owned by Agent must not on such day exceed 20% of the Aggregate Purchase Price; and (xiv) the aggregate Purchase Price of all Super Jumbo Loans owned by Agent must not on such day exceed 3% of the Aggregate Purchase Price.

Examples of Portfolio Criteria in a sentence

  1. As of any date of determination, the Eligible Mortgage Loans in the aggregate shall satisfy the Eligibility Criteria, the Portfolio Criteria, the Portfolio Aging Limitations and the Wet Funded Loan Limitation.

Definition of Portfolio Criteria in Master Repurchase Agreement

Portfolio Criteria means, on any day, after giving effect to Agent's purchase and sale of mortgage loans on such day, the Eligible Mortgage Loans owned by Agent in the aggregate must satisfy the following criteria: (i) the aggregate Repurchase Price of all mortgage loans secured by property in California may not on such day exceed 35% of the Maximum Aggregate Purchase Price; (ii) the aggregate Repurchase Price of all mortgage loans secured by properties located in New York may not on such day exceed 25% of the Maximum Aggregate Purchase Price; (iii) the aggregate Repurchase Price of all mortgage loans secured by properties located in New Jersey may not on such day exceed 20% of the Maximum Aggregate Purchase Price; (iv) the aggregate Repurchase Price of all mortgage loans secured by properties located in Florida may not on such day exceed 20% of the Maximum Aggregate Purchase Price; (v) the aggregate Repurchase Price of all mortgage loans secured by property in any other single state may not on such day exceed 10% of the Maximum Aggregate Purchase Price; (vi) the aggregate Repurchase Price of all Uninsured Loans plus the aggregate Repurchase Price of all Non-Primary Residence Mortgage Loans owned by Agent must not on such day exceed 10% of the Maximum Aggregate Purchase Price; (vii) the mortgage loans (excluding FHA Loans and VA Loans) owned by Agent must have a weighted average FICO Score of at least 710; (viii) the weighted average Loan-to-Value Ratio of the mortgage loans (excluding FHA Loans, VA Loans, HELOCs and Closed End Second Mortgage Loans) owned by Agent must not on such day exceed 85%; (ix) the aggregate Repurchase Price of all HELOCs plus the aggregate Repurchase Price of all Closed End Second Mortgage Loans must not on such day exceed 10% of the Maximum Aggregate Purchase Price; (x) the weighted average Combined Loan-to-Value Ratio of all HELOCs and all Closed End Second Mortgage Loans owned by Agent must not on such day exceed 85%; (xi) the aggregate Purchase Price of all Manufactured Home Mortgage Loans and acquired on such day may not exceed 1% of the Aggregate Purchase Price; (xii) the aggregate Purchase Price of all Interest-Only Loans must not on such day exceed 15% of the Maximum Aggregate Purchase Price; (xiii) the aggregate Purchase Price of all Jumbo Loans plus the aggregate Purchase Price of all Super Jumbo Loans owned by Agent must not on such day exceed 20% of the Aggregate Purchase Price; and (xiv) the aggregate Purchase Price of all Super Jumbo Loans owned by Agent must not on such day exceed 3% of the Aggregate Purchase Price.