Wet Loan definition
Wet Loan means a Purchased Loan originated and owned by the Seller immediately prior to being purchased by the Buyers:
Wet Loan means a wet-funded first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Mortgage Loan Documents in the Mortgage File.
Wet Loan means a Mortgage Loan for which the completed Loan File was not delivered to Buyer prior to funding.
Examples of Wet Loan in a sentence
For each eMortgage Loan that is a Wet Loan, the Required Documents shall have been delivered to the applicable Custodian within [***] of the related Purchase Date.
For each Mortgage Loan (other than an eMortgage Loan or a Platform HELOC) that is a Wet Loan, the Required Documents shall have been delivered to the applicable Custodian within [***] of the related Purchase Date.
As of the Purchase Date of each Wet Loan (other than an eMortgage Loan or a Platform HELOC), the Settlement Agent has obtained an Insured Closing Letter, LEGAL/47989466v7 closing protection letter or similar authorization letter from a nationally recognized title insurance company that has been approved by ▇▇▇▇▇ in writing.
More Definitions of Wet Loan
Wet Loan means an Eligible Mortgage Loan for which the required loan documents included in the Mortgage Loan File have not yet been delivered to the Mortgage Loan Custodian.
Wet Loan means a Pledged Loan acquired and owned by a Company:
Wet Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof and for which the Mortgage File has not been delivered to Custodian.
Wet Loan means an Eligible Mortgage Loan which is included in the Borrowing Base, but for which the Required Mortgage Documents have not been delivered to Lender.
Wet Loan means a Mortgage Loan which Seller is selling to Buyer simultaneously with the origination thereof.
Wet Loan means either a Table-Funded Wet Loan or a Document Deficient Loan, which is underwritten in accordance with the applicable Agency Guidelines or Underwriting Guidelines.
Wet Loan means a wet-funded First Lien Mortgage Loan (other than a GNMA EBO) or Second Lien Mortgage Loan which does not contain all of the Required Documents and which shall have the following additional characteristics: