Simple Interest Loan definition

Simple Interest Loan means any Loan under which the portion of a payment allocable to interest and the portion allocable to principal is determined by allocating a fixed level payment between principal and interest, such that such payment is allocated first to the accrued and unpaid interest at the Annual Percentage Rate for such Loan on the unpaid principal balance and the remainder of such payment is allocable to principal.

Simple Interest Loan. A Mortgage Loan that provides for daily accrual of interest and is identified as such on the Mortgage Loan Schedule.

Simple Interest Loan. A Mortgage Loan pursuant to which each Monthly Payment is applied first, to interest accrued on such Mortgage Loan from the date on which the previous Monthly Payment was made to the date on which such Monthly Payment was made, and second to the principal amount outstanding.

Examples of Simple Interest Loan in a sentence

• Loan type VARCHAR2(2) 1=FHA Residential 3=Conventional w/o PMI 5=FHA Project 7=HUD 235/265 9=Farm Loan S=Sub prime 2=VA Residentia 4=Commercial 6=Conventional w/PMI 8=Daily Simple Interest Loan U=Unknown Type of loan being serviced generally defined by the existence of certain types of insurance (i.e.: FHA, VA, conventional insured, conventional uninsured, SBA, etc.).

• Loan type VARCHAR2(2) 1=FHA Residential 2=VA Residential 3=Conventional w/o PMI 4=Commercial 5=FHA Project 6=Conventional w/PMI 7=HUD 235/265 8=Daily Simple Interest Loan 9=Farm Loan U=Unknown S=Sub prime Type of loan being serviced generally defined by the existence of certain types of insurance.

• Loan type VARCHAR2(2) 1=FHA Residential 3=Conventional w/o PMI 5=FHA Project 7=HUD 235/265 9=Farm Loan S=Sub prime 2=VA Residential 4=Commercial 6=Conventional w/PMI 8=Daily Simple Interest Loan U=Unknown Type of loan being serviced generally defined by the existence of certain types of insurance.

• If the portion of a Monthly Payment on a Simple Interest Loan that is applied to interest is more than the portion of such Monthly Payment that would have been applied to interest if such payment had been received on the related Due Date, the aggregate Servicing Fee payable on the related Distribution Date to the Master Servicer in respect of all of the Mortgage Loans shall be increased by such difference.

• If the portion of a Monthly Payment on a Simple Interest Loan that is applied to interest is less than the portion of such Monthly Payment that would have been applied to interest if such payment had been received on the related Due Date, the aggregate Servicing Fee payable on the related Distribution Date to the Master Servicer in respect of all of the Mortgage Loans shall be reduced by such difference.

More Definitions of Simple Interest Loan

Simple Interest Loan. Any Home Equity Loan as to which, pursuant to the -------------------- Mortgage Note related thereto, interest is calculated on the basis of the outstanding principal balance of the Home Equity Loan multiplied by the applicable Loan Rate and further multiplied by a fraction, of which the numerator is the number of days in the period elapsed since the date to which interest was last paid and the denominator is the number of days in the annual period for which interest accrues on such Home Equity Loan, and the Monthly Payment received is applied first to interest accrued to the date of payment and the balance is applied to reduce the unpaid principal balance.

Simple Interest Loan. Any Mortgage Loan as to which, pursuant to the Mortgage Note related thereto, interest is calculated and charged to the Mortgagor on the basis of the outstanding principal balance of the Mortgage Loan multiplied by the applicable Loan Rate and further multiplied by a fraction, of which the numerator is the number of days in the period elapsed since the date to which interest was last paid and the denominator is the number of days in the annual period for which interest accrues on such Mortgage Loan, and the Monthly Payment received is applied first to interest accrued to the date of payment and the balance is applied to reduce the unpaid principal balance.

Simple Interest Loan. A Mortgage Loan that provides for daily accrual of interest and identified as such on the Mortgage Loan Schedule. STARTUP DAY: October 18, 2001.

Simple Interest Loan. A Mortgage Loan pursuant to which each Monthly Payment is applied FIRST, to interest accrued on such Mortgage Loan from the date on which the previous Monthly Payment was made to the date on which such Monthly Payment was made, and SECOND to the principal amount outstanding.

Simple Interest Loan. A Mortgage Loan that provides for daily accrual of interest and identified as such on the Mortgage Loan Schedule. SPECIFIED OVERCOLLATERALIZATION AMOUNT: 3.00% of the Cut-off Date Principal Balance of the Mortgage Loans, i.e. 5,458,043.

Simple Interest Loan. A mortgage loan that accrues interest in accordance with the "simple interest" method.

Simple Interest Loan. With respect to Group I, any Mortgage Loan where interest is charged to a Mortgagor on the outstanding principal balance of the Mortgage Loan based on the number of days elapsed between the date through which interest was last paid on the Mortgage Loan through receipt of the Mortgagor's most current monthly payment and the portion of each monthly payment that is allocated to interest and principal is adjusted based on the actual amount of interest charged on such basis.