Scratch and Dent definition

Scratch and Dent means mortgage loans that contain any one or more defects resulting from (i) mortgage loans that were not underwritten in accordance with the originator's implemented credit guidelines, (ii) deficiencies in the mortgage loan’s documentation, (iii) failures by the originator to adhere to applicable laws and regulations, (iv) irregular payment history or (v) borrower defaults.
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Examples of Scratch and Dent in a sentence

  • Except with respect to Mortgage Loans that are GNMA EBOs or Scratch and Dent Mortgage Loans, each Purchased Mortgage Loan has been originated in accordance with the Underwriting Guidelines (including all supplements or amendments thereto) previously provided to Administrative Agent.

  • Other than with respect to Early Buyout Loans, Non-Performing Mortgage Loans, Re-Performing Mortgage Loans, Scratch and Dent Mortgage Loans and Seasoned Performing Loans, the Purchase Date is no more than one-hundred and eighty (180) days following the origination date.

  • The Purchase Date for a Mortgage Loan other than a Correspondent Loan, Scratch and Dent Mortgage Loan or a GNMA EBO is no more than thirty (30) days following the origination date and the Purchase Date for a Correspondent Loan is no more than one hundred eighty (180) days following the origination date.

  • The Purchase Date for a Mortgage Loan, other than a correspondent Mortgage Loan or Scratch and Dent Mortgage Loan, is no more than ninety (90) days following the origination date.

  • Sellers agree to use commercially reasonable efforts to sell any Scratch and Dent Loans to Investors prior to Closing on commercially reasonable terms.

  • For the avoidance of doubt, the fact that a Mortgage Loan is a Scratch and Dent Mortgage Loan will not, by itself, result in a breach of this clause (bbb).

  • Other than with respect to a Correspondent Mortgage Loan, ▇▇▇▇▇▇ ▇▇▇ Modified Loan or a Scratch and Dent Mortgage Loan and unless otherwise agreed to by Buyer, no Mortgage Loan has been subject to any other repurchase agreement or credit facility prior to the initial Purchase Date of such Mortgage Loan.

  • Other than with respect to a Scratch and Dent Mortgage Loan, the Mortgage Loan was underwritten in accordance with the Approved Underwriting Guidelines (a copy of which has been delivered to Buyer).

  • Except with respect to Underlying Mortgage Loans that are Scratch and Dent Mortgage Loans, each Underlying Mortgage Loan has been originated in accordance with the Underwriting Guidelines (including all supplements or amendments thereto) in effect as of the date of the Transaction is entered into and as previously provided to Buyer.

  • Other than with respect to Scratch and Dent Mortgage Loans, the origination date of the Underlying Mortgage Loan is no earlier than forty-five (45) days prior to the related Purchase Date.