Second Lien Mortgage Loan definition

Second Lien Mortgage Loan. A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

Second Lien Mortgage Loan means an Eligible Asset secured by a lien on the Mortgaged Property, which is subject to one prior lien on such Mortgaged Property.

Second Lien Mortgage Loan means a second lien Mortgage Loan where the second lien on the related Mortgaged Property is contemplated and incurred simultaneously with the first lien on the related Mortgaged Property.

Examples of Second Lien Mortgage Loan in a sentence

• With respect to each Second Lien Mortgage Loan, either (a) no consent for the Second Lien Mortgage Loan is required by the holder of the related first lien or (b) such consent has been obtained and is contained in the Mortgage File.

• With respect to each Second Lien Mortgage Loan, where required or customary in the jurisdiction in which the related Mortgaged Property is located, the original lender has filed for record a request for notice of any action by the senior lienholder under the related First Lien, and the original lender has notified any senior lienholder in writing of the existence of the Second Lien Mortgage Loan and requested notification of any action to be taken against the Mortgagor by the senior lienholder.

• No Mortgage Loan that is a Second Lien Mortgage Loan has a CLTV in excess of 100%.

• With respect to any Second Lien Mortgage Loan, such Mortgage is a valid, subsisting and enforceable Second Lien on the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical, electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing.

• Each related Mortgage is a valid, subsisting and enforceable First Lien (with respect to a First Lien Mortgage Loan) or Second Lien (with respect to a Second Lien Mortgage Loan) on the related Mortgaged Property, including all improvements on the Mortgaged Property.

More Definitions of Second Lien Mortgage Loan

Second Lien Mortgage Loan means a closed-end Mortgage Loan or HELOC secured by a second lien on the related Mortgaged Property.

Second Lien Mortgage Loan. A Mortgage Loan secured by a second priority lien Mortgage on the related Mortgaged Property. Securities Administrator: Xxxxx Fargo Bank, N.A. or its successor in interest. Seller: LBH.

Second Lien Mortgage Loan. A Mortgage Loan secured by the lien on the Mortgaged Property, subject to one prior lien on such Mortgaged Property securing financing obtained by the related Mortgagor. Securities Act: The Securities Act of 1933, as amended.

Second Lien Mortgage Loan. A Mortgage Loan secured by a second priority lien Mortgage on the related Mortgaged Property. Seller: LBH.

Second Lien Mortgage Loan means (a)(i) a second lien mortgage loan that is originated by Seller contemporaneously with a first lien mortgage loan on the identical Mortgaged Property, and (ii) the first lien mortgage loan related to the Mortgage Property is (x) a Purchased Mortgage Loan and (y) a Qualified Mortgage, as defined in 12 CFR 1026.43, et seq.; and (b) that except with respect to the lien position thereof, (i) conforms to the requirements for securitization or cash purchase by an Agency, (ii) that satisfies Seller’s Underwriting Guidelines for second lien mortgage loans, (iii) that has a FICO score of at least [***], (iv) has a principal balance no greater than [***], (v) has a combined loan to value no greater than [***], and (vi) that is subject to a Takeout Commitment.

Second Lien Mortgage Loan. A Mortgage Loan secured by a second lien on the related Mortgaged Property. Seller: Greenpoint Mortgage Funding Inc. and its successors and assigns.

Second Lien Mortgage Loan. Any Mortgage Loan that is secured by a second lien on the related Mortgaged Property. Securities: Any Note and/or Residual Certificates, as applicable.