Wet Loan definition
Examples of Wet Loan in a sentence
As of the Purchase Date of each Wet Loan, an Approved Title Insurance Company has issued to the Guarantor or Buyer an Insured Closing Letter, copies of which shall be maintained in the possession of Guarantor and provided to Buyer upon request, if required or in Buyer’s reasonable discretion.
If the Mortgage Loans is not a Wet Loan, the Mortgage Note, the Mortgage, the Assignment of Mortgage (other than for a MERS Mortgage Loan) and any other documents required to be delivered under the Custodial Agreement for each Mortgage Loan have been delivered to the Custodian including, the Modification Agreement with respect to a ▇▇▇▇▇▇ ▇▇▇ Modified Loan, except as otherwise provided in the Custodial Agreement.
If the Mortgage Loans is not a Wet Loan, the Mortgage Note, the Mortgage, the Assignment of Mortgage (other than for a MERS Mortgage Loan) and any other documents required to be delivered under the Custodial Agreement for each Mortgage Loan have been delivered to the Custodian including, the Modification Agreement, except as otherwise provided in the Custodial Agreement.
Custodian shall have delivered to Buyer, in accordance with the timeframes set forth in the Custodial Agreement, a Trust Receipt and a Custodial Loan Transmission with respect to each Mortgage Loan (other than a Wet Loan) subject to the requested Transaction.
Notwithstanding the foregoing, no Insured Closing Letter shall be required to be provided to the Buyer (a) where title insurance for the applicable Wet Loan is provided by Rocket Close, LLC and (b) unless the unpaid principal balance of Purchased Loans that constitute Wet Loans, and regarding which an Insured Closing Letter has not been provided, would exceed ten percent (10%) of Guarantor’s Tangible Net Worth measured as of the end of Guarantor’s most recent fiscal quarter.