Second Mortgage Loan definition

Second Mortgage Loan. A Home Equity Loan which constitutes a second priority mortgage lien with respect to the related Property.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Second Mortgage Loan means a Mortgage Loan secured by a Second Mortgage.

Second Mortgage Loan. A Mortgage Loan that is secured by a second lien on the Mortgaged Property securing the related Mortgage Note.

Examples of Second Mortgage Loan in a sentence

• The Servicer must notify any superior lienholder in writing of the existence of the Second Mortgage Loan and request notification of any action (as described below) to be taken against the Mortgagor or the Mortgaged Property by the superior lienholder.

• Only those Loans fully complying with the standards for Conforming Conventional, Jumbo Conventional, Government and Second Mortgage Loan Programs set forth in the Mortgage Programs section of the Manual are eligible for purchase under this Agreement.

• The Company shall cause to be maintained for each Mortgage Loan hazard insurance with a standard mortgagee clause and with extended coverage in an amount which is at least equal to the maximum insurable value of the improvements securing such Mortgage Loan from time to time or the principal balance owing on such Mortgage Loan from time to time (and, in the case of a Second Mortgage Loan, on the related first mortgage loan), whichever is less.

• The out-of-pocket costs incurred for the closing and recording of the Second Mortgage Loan Deed of Trust may be charged to the borrower and may be paid from the principal amount of the Second Mortgage Loan.

• The Participant shall service each Mortgage Loan originated by it and any related Second Mortgage Loan under the Program from the Closing date to the Purchase Date of such Mortgage Loan, which servicing shall include processing, posting payments and paying taxes and insurance with respect thereto.

More Definitions of Second Mortgage Loan

Second Mortgage Loan. The term "Home Equity Loan" includes any Home Equity Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is REO Property prior to such Property's disposition by the Trust. Any home equity loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Depositor, in fact was not transferred and assigned to the Trust for any reason whatsoever, including, without limitation, the incorrectness of the statement set forth in Section 3.04(b)(x) hereof with respect to such home equity loan, shall nevertheless be considered a "Home Equity Loan" for all purposes of this Agreement.

Second Mortgage Loan. The term "Mortgage Loan" includes any Mortgage Loan which is Delinquent, which relates to a foreclosure or which relates to a Property which is REO Property prior to such Property's disposition by the Trust. Any mortgage loan which, although intended by the parties hereto to have been, and which purportedly was, transferred and assigned to the Trust by the Company, in fact was not transferred and assigned to the Trust for any reason whatsoever shall nevertheless be considered a "Mortgage Loan" for all purposes of this Agreement.

Second Mortgage Loan means a Mortgage Loan secured by a Mortgage constituting a second lien on real property.

Second Mortgage Loan. Any Mortgage Loan that is secured by a second lien on or second priority security interest in the related Mortgaged Property.

Second Mortgage Loan means a Mortgage Loan that is underwritten in conformity with underwriting standards approved by the applicable Investor and is secured by a second priority Mortgage.

Second Mortgage Loan means an obligation secured by a Second Mortgage on real property located in the State, including Down Payment Assistance Loans, second in priority only to a Mortgage Loan (such definition and use of such term in this Origination Agreement shall not be applicable to a MCC stand-alone product or any other Program which does not provide down payment assistance).

Second Mortgage Loan means an obligation secured by a Second Mortgage on real property located in the State, including Down Payment Assistance Loans, second in priority only to a Mortgage Loan.