Underwriting Methodology definition
Underwriting Methodology. The methodology used in underwriting the extension of credit for each Mortgage Loan did not rely solely on the extent of the Mortgagor's equity in the collateral as the principal determining factor in approving such extension of credit. The methodology employed objective criteria that related such facts as, without limitation, the Mortgagor's credit history; and the Mortgagor's income, assets and liabilities to the proposed mortgage payment and, based on such underwriting methodology, the Mortgage Loan's originator made a reasonable determination that at the time of origination (application/approval) the Mortgagor had a reasonable ability to make timely payments on the Mortgage Loan;"
Examples of Underwriting Methodology in a sentence
Subsection 3.02(kkk) of the Purchase Agreement is hereby amended by deleting it in its entirety and replacing it with the following: "Underwriting Methodology.
Any revision of the Underwriting Methodology shall be presented and discussed with Participating Entities no less than forty-five (45) days before expected implementation or SJVIA Board of Director consideration, whichever is earlier.
The SJVIA shall follow the provisions of the Underwriting Methodology, as previously adopted, for all new members and all Participating Entities, including Founding Members.
Subsection 9.02(qqq) of the Purchase Agreement is hereby amended by deleting it in its entirety and replacing it with the following: "Underwriting Methodology.