Repurchased Mortgage Loan definition

Repurchased Mortgage Loan. A Mortgage Loan that has been repurchased from an Investor or a Mortgage Pool pursuant to a Servicing Contract.

Repurchased Mortgage Loan has the meaning set forth in Exhibit H.

Repurchased Mortgage Loan means a Mortgage Loan (a) which is repurchased by a Seller as a result of (i) a breach (that is expressly identified to the Buyer in writing) of the representations and warranties under the agreed upon terms in which the claimed breach is not a result of fraud or material misrepresentation of fact by any party to the Mortgage Loan or consumer credit law violation, or (ii) an early payment default repurchase obligation (that is expressly identified to the Buyer in writing), (b) which is subject to a Transaction hereunder for no more than 180 days and (c) which has not been foreclosed upon or converted to an REO Property. In addition to the foregoing, in no event will a Repurchased Mortgage Loan be subject to a Transaction hereunder as a “Repurchased Mortgage Loan” if there is a breach of representation and warranty in respect of such Repurchased Mortgage Loan other than the breach identified in writing to the Buyer pursuant to subclause (a) of this definition.

Examples of Repurchased Mortgage Loan in a sentence

• At the time of repurchase, the Purchaser and the Seller shall arrange for the reassignment of the Repurchased Mortgage Loan to the Seller pursuant to documents consistent with those delivered by the Seller to the Purchaser on the Closing Date and the delivery to the Seller of any documents held by the Purchaser relating to the Repurchased Mortgage Loan.

• The Seller shall on behalf of the Purchaser provide any required notice to any Mortgagor with respect to any Repurchased Mortgage Loan.

• The applicable Seller shall provide to the Custodian the Mortgage File with respect to a Repurchased Mortgage Loan no later than fifteen (15) Business Days after the related Purchase Date for such Repurchased Mortgage Loan.

• Except with respect to any Early Payment Default Repurchased Mortgage Loan, the Mortgagor has made its first Monthly Payment within forty-five days of the related Due Date.

• With respect to each Purchased Mortgage Loan, Sellers represent and warrant to Buyer that each of the following representations and warranties are true and correct, except with respect to any Repurchased Mortgage Loan in which the claimed breach of the representation or warranty is expressly identified to Buyer in writing pursuant to clause (b) of the definition of Repurchased Mortgage Loan.

More Definitions of Repurchased Mortgage Loan

Repurchased Mortgage Loan means any Mortgage Loan repurchased by CIT Consumer Finance pursuant to Section 3.05(a), Section 5.14 or Section 4.03(a). The Principal Balance of any Repurchased Mortgage Loan shall be zero as of the last day of the related Due Period.

Repurchased Mortgage Loan in accordance with the terms of the Purchase, Warranties and Servicing Agreement from the date of the repurchase. In such event, the Assignee hereby agrees to reassign the Purchase, Warranties and Servicing Agreement to the Assignor with respect to such Repurchased Mortgage Loan and the Assignor shall succeed to the rights of the Assignee to enforce the obligations of the Companies, as applicable, to cure such breach or repurchase such Mortgage Loan under the terms of the Purchase, Warranties and Servicing Agreement with respect to such Repurchased Mortgage Loan.

Repurchased Mortgage Loan means a Mortgage Loan being modified or refinanced by Seller after it has been repurchased by Seller from (1) a pool of mortgage loans securing a GNMA guaranteed mortgage-backed security, (2) Xxxxxx Xxx (performing Mortgage Loans only), or (3) other investors acceptable to Buyer in its sole discretion (performed Mortgage Loans only).

Repurchased Mortgage Loan means a Mortgage Loan (a) which is repurchased by a Seller from any third party purchaser as a result of a breach of representations and warranties under the agreed upon terms in which the claimed breach is not a result of fraud or material representation of a fact by any party to the Mortgage Loan or consumer credit law violation, (b) where the claimed breach or early payment default is expressly identified to Buyer in writing, (c) which is subject to a Transaction hereunder for no more than 120 days, and (d) which has not been foreclosed upon or converted to REO Property. In addition to the foregoing, in no event will a Repurchased Mortgage Loan be subject to a Transaction hereunder as a ‘‘Repurchased Mortgage Loan’’ if there is a breach of representation or warranty in respect of such Repurchased Mortgage Loan other than the breach identified in writing to the Buyer pursuant to clause (b) of this definition.’’

Repurchased Mortgage Loan means, at any time, a Mortgage Loan as to which payment of the Repurchase Amount has previously been made by the Seller pursuant to this Agreement.

Repurchased Mortgage Loan means an Eligible Asset with a current outstanding principal balance not in excess of $750,000 which is a Conforming Mortgage Loan, a Jumbo Mortgage Loan, an Alt-A First Lien Mortgage Loan or a Sub-Prime First Mortgage Loan but in each case is not a Wet-Ink Mortgage Loan or a Second Lien

Repurchased Mortgage Loan means an Eligible Asset with a current outstanding principal balance not in excess of $750,000 which is a Conforming Mortgage Loan, a Jumbo Mortgage Loan, an Alt-A First Lien Mortgage Loan or a Sub-Prime First Mortgage Loan but in each case is not a Wet-Ink Mortgage Loan or a Second Lien Mortgage Loan, which has previously been sold to a warehouse lender under a gestation or similar facility and is required to be repurchased thereunder by the Seller for which Seller has obtained an appraisal by an appraiser satisfactory to Buyer in its sole discretion not earlier than 30 days prior to the requested Purchase Date for such Mortgage Loan. In no event shall Buyer be required to purchase a "Repurchased Mortgage Loan" (a) unless Seller has delivered to Buyer an appraisal meeting the criteria in the preceding sentence, (b) if such Mortgage Loan is the subject of a contested foreclosure, (c) if such Mortgage Loan has an obligor that has filed for bankruptcy relief, or (d) if such Mortgage Loan is the subject of any fraud or suspected fraud on the part of the obligor thereunder.