Section 32 Loan definition

Section 32 Loan means a Contract classified as (a) a "high cost" loan under the Home Ownership and Equity Protection Act of 1994 or (b) a "high cost," "threshold," or "predatory" loan under any other applicable state, federal or local law.
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Section 32 Loan shall be added to Section 2 of the Repurchase Agreement as a new defined term as follows:
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Section 32 Loan means those Home Equity Loans covered under Section 32 of Regulation Z under the Truth in Lending Act.
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Examples of Section 32 Loan in a sentence

  • Loan Documents as defined in Section 3.2. Loan Amount as defined in Section 2.1. Loan To Value Ratio or LTV Ratio as defined in Section 9.18.1. MAI shall mean Member of the Appraisers Institute.

  • If Borrower fails to select a new Interest Period to apply to any Borrowing Tranche under the LIBOR Rate Option at the expiration of an existing Interest Period in accordance with the provisions of Section 3.2 [Loan Requests/Interest Periods] hereof, Borrower shall be deemed to have converted such Borrowing Tranche to the one month LIBOR Rate Option commencing upon the last day of the existing Interest Period.

  • The Mortgage Loan is not a Section 32 Loan; (aaa) SINGLE-PREMIUM CREDIT LIFE INSURANCE POLICY.

  • If the Borrower fails to select a new LIBOR Interest Period to apply to any Borrowing Tranche under the LIBOR Option at the expiration of an existing LIBOR Interest Period in accordance with the provisions of Section 3.2 [Loan Requests/LIBOR Interest Periods] hereof, the Borrower shall be deemed to have renewed the then existing LIBOR Interest Period applicable to each such Borrowing Tranche, provided that in no event shall any LIBOR Interest Period extend beyond the Expiration Date.

Related to Section 32 Loan

  • RFR Loan means a Loan that bears interest at a rate based on the Adjusted Daily Simple SOFR.

  • Delayed Draw Term Loan has the meaning specified in Section 2.01(b).

  • Initial Loan is defined in Section 2.1.

  • Sub-loan means a loan made or proposed to be made out of the proceeds of the Loan to a Beneficiary for a Development Project;

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.