Scratch and Dent Mortgage Loan definition

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan that (i) is a Mortgage Loan that is eligible for a Transaction and is eligible for sale to a Take-out Investor (other than the Agencies) at the time it becomes a Purchased Asset; (ii) has never had a delinquent payment; (iii) has never had any compliance defects; and (iv) is acceptable to Buyers or Administrative Agent in their sole discretion.

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Scratch and Dent Mortgage Loan means [***].

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan (i) originated by Seller in accordance with the criteria of an Agency or Non-Agency Mortgage Loan, as applicable, except such Mortgage Loan is not eligible for sale to the original Take-out Investor or has been subsequently repurchased from such original Take-out Investor, in each case, for reasons other than delinquent payment under such Mortgage Loan, (ii) is acceptable to Buyers or Administrative Agent in their sole good faith discretion and (iii) which is not thirty (30) or more days delinquent.

Examples of Scratch and Dent Mortgage Loan in a sentence

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.
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.
There is no proceeding pending or, to the knowledge of the Seller, threatened for the total or partial condemnation of the Mortgaged Property, other than with respect to a ▇▇▇▇▇▇ Mae Modified Loan or a Scratch and Dent Mortgage Loan.
Other than with respect to a Scratch and Dent Mortgage Loan, to the extent applicable, effective with respect to applications taken on or after October 3, 2015, such Mortgage Loan was originated in compliance with the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosure Rule.
Notwithstanding the preceding, to the extent a defect with respect to a Scratch and Dent Mortgage Loan is disclosed by Seller or Guarantor to Buyer in writing (which disclosure may be made by identifying any defects in the loan tape delivered by Seller or Guarantor to Buyer) prior to the related Purchase Date, Buyer may, in its sole discretion, expressly waive in writing (which waiver may be via email) any applicable representation and warranty solely with respect to such Scratch and Dent Mortgage Loan.

More Definitions of Scratch and Dent Mortgage Loan

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan (i) originated by Seller in accordance with the criteria of an Agency or Non-Agency QM Mortgage Loan, as applicable, except such Mortgage Loan is not eligible for sale to the original Take-out Investor or has been subsequently repurchased from such original Take-out Investor, in each case, for reasons other than delinquent payment under such Mortgage Loan, (ii) is acceptable to Buyers or Administrative Agent in their sole discretion and (iii) which is not thirty (30) or more days delinquent.

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan that satisfies the following criteria: [***]

Scratch and Dent Mortgage Loan means a Mortgage Loan secured by a first mortgage lien on a one to four family residential property intended by the originator to conform with FNMA, FHLMC or other conduit standards but which was subsequently discovered did not meet the originally intended market parameters due to errors in relevant documentation or credit deterioration of the obligor and as to which the representations and warranties set forth on Schedule 1 hereof are true and correct.

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan (i) originated by Seller in accordance with the criteria of a Government Mortgage Loan or Conforming Mortgage Loan, as applicable, except such Mortgage Loan is not eligible for sale to the original Take-out Investor or has been subsequently repurchased from such original Take-out Investor, in each case, for reasons other than delinquent payment under such Mortgage Loan, (ii) is acceptable to Buyer in its sole discretion, (iii) which is not Delinquent, and (iv) for which no fraud has taken place on the part of the related Mortgagor.

Scratch and Dent Mortgage Loan means a first lien Mortgage Loan (i) originated by Seller in accordance with the criteria of an Agency, Non-Agency Non-QM Mortgage Loan or Non-Agency QM Mortgage Loan, as applicable, except such Mortgage Loan is not eligible for sale to the original Take-out Investor or has been subsequently repurchased from such original Take-out Investor, in each case, for reasons other than delinquent payment under such Mortgage Loan, (ii) is acceptable to Buyers or Administrative Agent in their sole discretion and (iii) which is not thirty (30) or more days delinquent.

Scratch and Dent Mortgage Loan means an Eligible Mortgage Loan that (a) as of the related Purchase Date, Seller disclosed certain specific issues related to such Mortgage Loan in the Diligence Results Deficiencies Schedule, (b) is listed on the Asset Schedule as a Scratch and Dent Mortgage Loan, and (c) is acceptable to Buyer in its sole discretion as of the Purchase Date therefor.