Table funding means a settlement at which a mortgage loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds.
Table funding means a settlement at which a mortgage loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. The mortgage broker originates the loan and closes the loan in its own name with funds provided contemporane- ously by a lender to whom the closed loan is assigned.
Table funding means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. § 22.3 Requirement to purchase flood insurance where available. (a) In general. A national bank or Federal savings association shall not make, increase, extend, or renew any designated loan unless the building or mobile home and any personalproperty securing the loan is covered by flood insurance for the term of the loan. The amount of insurance must be at least equal to the lesser of the outstanding principal balance of the designated loan or the maximum limit of coverage available for the particular type of property under the Act. Flood insurance coverage under the Act is limited to the building or mobile home and any personal property that secures a loan and not the land itself.(b) Table funded loans. A national bank or Federal savings association that acquires a loan from a mortgage broker or other entity through table funding shall be considered to be making a loan for the purposes of this part.§ 22.4 Exemptions. The flood insurance requirement prescribed by §22.3 does not apply with respect to: (a) Any State-owned property covered under a policy of self-insurance satisfactory to the Administrator of FEMA, who publishes and periodically revises the list of States falling within this exemption;(b) Property securing any loan with an original principal balance of $5,000 or less and a repayment term of one year or less; or(c) Any structure that is a part of any residential property but is detached from the primary residential structure of such property and does not serve as a residence. For purposes of this paragraph (c):
Examples of Table funding in a sentence
Table funding means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds.
In addition, this definition expressly includes any person that satisfies this definition but makes use of ‘‘table funding.’’ Table funding occurs when a transaction is consummated with the debt obligation initially payable by its terms to one person, but another person provides the funds for the transaction at consummation and receives an immediate assignment of the note, loan contract, or other evidence of the debt obligation.
Table funding is a mechanism used in the "wholesale" mortgage lending industry for utilizing mortgage brokers in the production of mortgage loans.
United States treasury checks, Federal Reserve Bank checks, federal home loan bank checks, and state of Minnesota warrants.(g) "Table funding" means a closing or settlement at which a mortgage loan is funded by a lender by a contemporaneous advance of mortgage loan funds and an assignment of the mortgage loan to the lender advancing the funds.Subd.
Table funding, as defined under HUD’s Real Estate Settlement Procedure Act (RESPA) rule, 24 CFR 3500.2, is a settlement at which a loan is funded by a contemporaneous advance of loan funds and the assignment of the loan to the person advancing the funds.
More Definitions of Table funding
Table funding means a settlement at which a loan is funded by a contem- poraneous advance of loan funds and an assignment of the loan to the person advancing the funds.§ 614.4930 Requirement to purchase flood insurance where available.(a) In general. A System institution shall not make, increase, extend or renew any designated loan unless the building or mobile home and any per- sonal property securing the loan are covered by flood insurance for the term of the loan. The amount of insurance must be at least equal to the out- standing principal balance of the des- ignated loan or the maximum limit of coverage available for the particular type of property under the 1968 Act. Flood insurance coverage under the Act is limited to the overall value of the property securing the designated loan minus the value of the land on which the property is located.(b) Table funded loans. A System in- stitution that acquires a loan from a mortgage broker or other entity through table funding shall be consid- ered to be making a loan for purposes of this part.(c) Exemptions. The flood insurance requirement of paragraph (a) of this section does not apply with respect to:
Table funding means a transaction in which a person conducts a residential mortgage loan closing in the person’s name with funds provided by a 3rd party and the person assigns the resi- dential mortgage loan to the 3rd party within 24 hours of the resi- dential mortgage loan closing.
Table funding means a settlement at which a loan is funded by acontemporaneous advance of loan funds and an assignment of the loan to theperson advancing the funds.§ 760.3 Requirement to purchase flood insurance where available.(a) In general. A credit union shall not make, increase, extend, or renew anydesignated loan unless the building or mobile home and any personal property securing the loan is covered by floodinsurance for the term of the loan. The amount of insurance must be at leastequal to the lesser of the outstandingprincipal balance of the designated loan or the maximum limit of coverageavailable for the particular type ofproperty under the Act. Flood insurance coverage under the Act is limited to the overall value of the property securingthe designated loan minus the value of the land on which the property is located.(b) Table funded loan. A credit union that acquires a loan from a mortgagebroker or other entity through table funding shall be considered to bemaking a loan for the purposes of this part.§ 760.4 Exemptions.The flood insurance requirement prescribed by § 760.3 does not apply with respect to:(a) Any State-owned property covered under a policy of self-insurancesatisfactory to the Director of FEMA,who publishes and periodically revises the list of States falling within thisexemption; or(b) Property securing any loan with an original principal balance of $5,000 orless and a repayment term of one year or less.§ 760.5 Escrow requirement.If a credit union requires the escrow of taxes, insurance premiums, fees, or any other charges for a loan secured by residential improved real estate or amobile home that is made, increased, extended, or renewed on or afterNovember 1, 1996, the credit union shall also require the escrow of all premiums and fees for any floodinsurance required under § 760.3. The credit union, or a servicer acting onbehalf of the credit union, shall deposit the flood insurance premiums on behalf of the borrower in an escrow account.This escrow account will be subject to escrow requirements adopted pursuant to section 10 of the Real EstateSettlement Procedures Act of 1974 (12U.S.C. 2609) (RESPA), which generally limits the amount that may bemaintained in escrow accounts for certain types of loans and requiresescrow account statements for thoseaccounts, only if the loan is otherwise subject to RESPA. Following receipt of a notice from the Director of FEMA or other provider of flood insurance that premiums are due, the credit union, or a s...
Table funding means a transaction in which a person conducts a loan closing in the person’s name with funds provided by a 3rd party and the person assigns the loan to the 3rd party within 24 hours of the loan closing.
Table funding means a closing or settlement at which a mortgage loan is funded by a lender by a contemporaneous advance of mortgage loan funds and an assignment of the mortgage loan to the lender advancing the funds.
Table funding means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds.§ 339.3 Requirement to purchase flood insurance where available.(a) In general. An FDIC-supervised institution shall not make, increase, extend, or renew any designated loan unless the building or mobile home and any personal property securing the loan is covered by flood insurance for the term of the loan. The amount of insurance must be at least equal to the lesser of the outstanding principal balance of the designated loan or the maximum limit of coverage available for the particular type of property under the Act. Flood insurance coverage under the Act is limited to the building or mobile home and any personal property that secures a loan and not the land itself.(b) Table funded loans. An FDIC- supervised institution that acquires a loan from a mortgage broker or other entity through table funding shall be considered to be making a loan for the purpose of this part.(c) Private flood insurance. (1) Mandatory acceptance. An FDIC- supervised institution must accept private flood insurance, as defined in§ 339.2(i), as satisfaction of the flood insurance coverage requirement, provided that coverage under the flood insurance policy meets the requirement for coverage under paragraph (a) of this section.(2) Safe harbor. A flood insurance policy shall be deemed to meet the definition of private flood insurance in§ 339.2(i) for purposes of paragraph (a) of this section if a State insurance regulator makes a determination in writing that the policy meets the definition of private flood insurance in§ 339.2(i).§ 339.4 Exemptions.The flood insurance requirement prescribed by § 339.3 does not apply with respect to:(a) Any state-owned property coveredunder a policy of self-insurance satisfactory to the Administrator of FEMA, who publishes and periodically revises the list of states falling within this exemption; or(b) Property securing any loan with anoriginal principal balance of $5,000 or less and a repayment term of one year or less.§ 339.5 Escrow requirement.(a) In general. (1) Applicability. Except as provided in paragraph (c) of this section, an FDIC-supervised institution, or a servicer acting on its behalf, shall require the escrow of all premiums and fees for any flood insurance required under § 339.3(a) for any loan secured by residential improved real estate or a mobile home that is outstanding or entered in...
Table funding means a settlementat which a loan is funded by acontemporaneous advance of loan funds and an assignment of the loan to theperson advancing the funds.