Subprime Mortgage Loans definition

Subprime Mortgage Loans means any loans with credit characteristics which do not fit the traditional requirements for a Risk Rating of “A” (as defined by Standard & Poor’s Rating Group), generally due to the overall underlying credit quality, credit bureau score (which must be no less than 520), loan-to-value ratio, lack of credit history, etc. but which do fit the traditional requirements for a Risk Rating of “B” or “C” (as defined by Standard & Poor’s Rating Group).

Subprime Mortgage Loans means residential mortgage loans that have been originated using underwriting standards that are less restrictive than those used in underwriting conforming loans and Alt-A mortgage loans. These lower standards permit loans to be made to borrowers having low credit scores and/ or imperfect or impaired credit histories (including outstanding judgments or prior bankruptcies), loans with no income disclosure or verification, and loans with high loan-to-value ratios.

Subprime Mortgage Loans means first-lien residential mortgage loans that combine higher risk features (such as low or no documentation, low equity, adjustable interest rates, prepayment penalties, cash-out financing) with higher risk borrower profiles (lower FICO scores, recent bankruptcies/foreclosures, major derogatory credit), resulting in a loan that could not reasonably be underwritten and approved as a "prime" loan. An existing CFC Residential Mortgage Loan would be a "Subprime Mortgage Loan" if it is identified as such in connection with a securitization in which it is part of the pool of securitized assets or, in the case of a CFC Residential Mortgage Loan that is not included in a securitization, was classified as being "subprime" on the systems of CFC and its subsidiaries on June 30, 2008.

Examples of Subprime Mortgage Loans in a sentence

• A Buydown is a reduction in the aggregate amount of the Warehousing Advances outstanding against Subprime Mortgage Loans, but does not represent the prepayment of any particular Warehousing Advance, and does not entitle Borrower to the release of any Collateral.

• Investor owners or their representatives of Qualifying Mortgages that are Subprime Mortgage Loans or Pay Option ARMs serviced by a CFC Servicer will be encouraged to waive prepayment penalties in such circumstances.

• Parker, Annotation, Liability Under Federal Securities Laws of Sellers of Subprime Mortgage Loans, 43 A.L.R. Fed.

• However, later cases, while acknowledging extreme hardship as a statutory factor, limited review of the immigration court’s discretion to grant suspension of deportation and did not seem to consider seven-years continuous presence to be a significant reduction of any loophole based on U.S.-citizen children.

• Borrower may prepay a portion of the Warehousing Advances outstanding against Subprime Mortgage Loans (a "Buydown") upon Notice to Lender not later than (a) 1:00 p.m. on the Business Day immediately preceding the Business Day on which Borrower desires to make a Buydown in the amount of $10,000,000 or more or (b) 1:00 p.m. on the Business Day on which Borrower desires to make a Buydown in an amount less than $10,000,000.

• This team also supervised the Liaoning Urban Infrastructure Project until its closing in March 1997, and oversaw the preparation of the Liao River Basin Project.

• If Borrowers enter into a new commitment for the forward sale of Mortgage Loans by Borrowers to Lender, in an amount at least equal to $300,000,000, the interest rates then in effect for Subprime Mortgage Loans (not including Aged Mortgage Loans) will be reduced by [*]% per annum.

• Each Buydown must be in an amount not less than $100,000, and minimum increments of $5,000 in excess of $100,000, and Buydowns may not exceed the aggregate principal balance of the Warehousing Advances outstanding against Subprime Mortgage Loans.

• Holmberg, Modifications of Securitized Subprime Mortgage Loans 1 n.1, in TAX NEWS FOR BUS.

• Direct Ex posure Through Inv estments in Subprime Mortgage Loans The Company 's ex posure to subprime asset backed securities at 12/31/2020 w as $0 and the Company does not ex pect any material inv estment loss from ex posure to subprime mortgages.

More Definitions of Subprime Mortgage Loans

Subprime Mortgage Loans means any loans with credit characteristics which do not fit the traditional requirements for a Risk Rating of "A" (as defined by Standard & Poor's Rating Group), generally due to the overall underlying credit quality, credit bureau score, loan-to-value ratio, lack of credit history, etc.

Subprime Mortgage Loans. No Subprime Mortgage Loan has a credit grade below "B".

Subprime Mortgage Loans means Subprime First Lien Mortgage Loans, Subprime HELOC Mortgage Loans and Subprime Closed End Second Lien Mortgage Loans.