USAA Loan definition
USAA Loan means a Loan that meets USAA Guidelines.
USAA Loan means a Loan that meets USAA Guidelines. “Wet Loan” shall mean a wet-funded Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Loan Documents in the Mortgage File, which in order to be deemed to be an Eligible Loan shall have the following additional characteristics: (a) the proceeds thereof have been funded (or, on the Purchase Date supported by a Transaction Notice are being funded) by wire transfer or cashier’s check, cleared check or draft or other form of immediately available funds to the Settlement Agent for such Wet Loan; (b) Seller expects such Wet Loan to close and become a valid lien securing actual indebtedness by funding to the order of the Mortgagor thereunder; (c) the proceeds thereof have not been returned to Buyer from the Settlement Agent for such Wet Loan; (d) Seller has not learned that such Wet Loan will not be closed and funded to the order of the Mortgagor; (e) upon recordation such Loan will constitute a first lien on the premises described therein; and (f) Seller shall have obtained an Insured Closing Letter and an Escrow Letter with respect to such Wet Loan. “Wet Loan Trust Receipt” shall have the meaning provided in the Custodial Agreement.