Principal Limit means the amount indicated on the attached payment plan (Exhibit 1) when this Loan Agreement is executed, and increases each month for the life of the loan at a rate equal to one-twelfth of the sum of the Expected Average Mortgage Interest Rate and one-half of one percent. The Principal Limit is calculated by multiplying the Maximum Claim Amount by a factor supplied by the Secretary, which is based on the age of the youngest Borrower and the Expected Average Mortgage Interest Rate.
Principal Limit means the amount indicated on the attached Payment Plan when this Loan Agreement is executed, and increases each month for the life of the HECM at a rate supplied by the Secretary that is listed on the Payment Plan. The Principal Limit is calculated by multiplying the Maximum Claim Amount by a factor supplied by the Secretary.
Principal Limit means with respect to each Loan, the maximum amount to which the Mortgagor was entitled at origination, in accordance with FHA Regulations, which amount shall increase each month for the life of the Loan in accordance with FHA Regulations.
Examples of Principal Limit in a sentence
At the same time, the Principal Limit also shall be reduced by the amount of the proceeds applied to reduce the Principal Balance.
If the Secretary makes Loan Advances to Borrower under the Second Security Instrument, the portion of the Principal Limit available for Loan Advances shall be the difference between the current Principal Limit and the combined Principal Balances on the Security Instrument less accrued interest and the Second Security Instrument.
Servicing Fee Set Aside Amount: An amount initially set aside from the Principal Limit as indicated on the Payment Plan Exhibit to the HECM Loan Agreement, to be applied to payment due for a fixed monthly charge for servicing activities of Issuer or its Subcontract Servicer.
The initial Principal Limit, which caps the amount borrowed in the first year, is based on the assessed value of the house at origination multiplied by a Principal Limit Factor (PLF).
The Principal Limit adjusts upward annually to accommodate the accrual of interest payments and mortgage insurance premiums.
More Definitions of Principal Limit
Principal Limit means the amount specified as such in Part D of the Schedule;「本金限額」指附表 D 部指明為本金限額之金額；
Principal Limit. On any day, an amount equal to the product of (i) the Asset Base on such day and (ii) the Series Percentage.
Principal Limit means with respect to each Loan, the amount set forth as the Principal Limit on the related Loan Schedule, which amount shall increase on a monthly basis as provided in the HECM Handbook.
Principal Limit means, in respect of each Guaranteed Series, the amount as specified in the Supplemental Deed of Guarantee. As at the date of this Deed, the Guarantor has obtained board approval in respect of the first Guaranteed Series to be issued under the Programme for, inter alia, a Principal Limit of an amount equal to U.S.$300,000,000;
Principal Limit. With respect to each Mortgage Loan, the maximum principal amount that may be advanced under such Mortgage Loan (exclusive of any accrued interest), as set forth on the Mortgage Asset Schedule. Principal Prepayment: Any payment or other recovery of principal on a Mortgage Loan, if any. Prior Servicer: Any Person that was a servicer or subservicer of any Mortgage Loan or REO Property before the Seller became the servicer of the Mortgage Loan, and any subservicer who has performed subservicing of the Mortgage Loans or the REO Property for the Seller. Privacy Laws: As defined in Section 31(b). Purchase Advice: An assignment and conveyance of the Mortgage Loans and REO Properties purchased on a Closing Date substantially in the form annexed hereto as Exhibit 6 (as such assignment and conveyance may be supplemented or modified from time to time upon mutual written agreement of the Parties). Purchaser: The Person identified as the “Purchaser” in the preamble to this Agreement or such Person’s permitted successors or assigns under this Agreement as herein provided. Qualified Appraiser: An appraiser licensed or certified by the applicable governmental body in which the Mortgaged Property is located in accordance with the requirements of FIRREA, who (to the extent required under Underwriting Guidelines) met the minimum requirements of HUD and was selected in accordance with Agency Requirements for selecting an independent appraiser, and whose compensation was not affected by the approval or disapproval of the Mortgage Loan. Qualified Insurer: An insurance company duly qualified as such under the laws of the state in which the Mortgaged Property is located, duly authorized and licensed in such state to transact the applicable insurance business and to write the insurance provided, and (to the extent required under Underwriting Guidelines) approved as an insurer by Xxxxxx Xxx. Rating Agencies: Any of S&P, Moody’s, Fitch, DBRS, or KBRA, or any successor in interest thereto. Recipient: A Party receiving Confidential Information. REO Disposition: The final sale of any REO Property. REO Property: A Mortgaged Property acquired by or on behalf of the Purchaser. Requirements of Law: As defined in the Asset Purchase Agreement. Residential Dwelling: Any property that meets the requirements of the Underwriting Guidelines.
Principal Limit means, with respect to a HECM Loan, the principal limit as set forth in the HECM Loan documents.
Principal Limit means with respect to each Mortgage Loan, the maximum amount available to the Mortgagor as principal under the terms of the related Mortgage Note. “Program Documents” shall mean this Agreement, the Pricing Letter, the Account Agreement, the Custodial Agreement, the Electronic Tracking Agreement, a Servicer Notice, if any, a Subservicer Notice, if any, an Irrevocable Instruction Letter, if any, and the Power of Attorney.