Homeownership and Equity Protection Act Sample Clauses

Homeownership and Equity Protection Act. No Mortgage Loan is a High Cost Loan or Covered Loan;
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Homeownership and Equity Protection Act. No High Cost Loans ----------------------------------------------------------- No Assigned Loan is (a) a "high cost" loan under the Home Ownership and Equity Protection Act of 1994 as amended, or (b) a "high cost," "threshold," "covered," "predatory," "abusive," or similarly defined loan, including refinance loans, under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).
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Homeownership and Equity Protection Act. No Mortgage Loan is subject to the provisions of the Home Ownership and Equity Protection Act of 1994, as amended, or is considered a “high cost loan” under any other state, federal or local laws or ordinances;
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Homeownership and Equity Protection Act. No Mortgage Loan is subject to the provisions of HOEPA or in violation of, or classified as a "high cost," "high risk home," "
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Homeownership and Equity Protection Act. No Mortgage Loan is a Covered Loan or a High Cost Loan; (uu) Prepayment Penalties. With respect to Mortgage Loans with Prepayment Penalties: (i) all information on the related Mortgage Loan Schedule, Data File and Underwriting Guidelines regarding Prepayment Penalties is complete and accurate in all material respects (ii) except for balloon mortgage loans originated in certain states specified in the Underwriting Guidelines with restrictions on collection of Prepayment Penalties, each prepayment Penalty is permissible and enforceable in accordance with the terms under applicable law, (iii) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such Prepayment Penalty in exchange for a monetary benefit, including but not limited to a rate or fee reduction, (iv) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a mortgage loan that did not require payment of such a Prepayment Penalty, (v) the Prepayment Penalty is disclosed to the Mortgagor in the Mortgage Loan documents pursuant to applicable state and federal law (vi) for Mortgage Loans originated on or after October 1, 2002, the duration of the prepayment penalty period shall not exceed three (3) years from the date of the Mortgage Note, unless the Mortgage Loan was modified to reduce the prepayment period to no more than three (3) years from the date of the Mortgage Note and the Mortgagor was notified in writing of such reduction in prepayment period, and (vii) notwithstanding any state or federal law to the contrary, the Company shall not impose such Prepayment Penalty in any instance when the Mortgage debt is accelerated as the result of the Mortgagor’s default in making the Mortgage Loan payments. Prepayment Penalties on the Mortgage Loans are applicable to prepayments resulting from both refinancings and sales of the related Mortgaged Properties and the terms of such Prepayment Penalties do not provide for a waiver or release (i.e., “holidays”) during the term of the Prepayment Penalty. ;
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Homeownership and Equity Protection Act. No Mortgage Loan is (a) a “high cost” loan under the Home Ownership and Equity Protection Act of 1994 as amended, or (b) a “high cost,” “threshold,” “predatory,” “abusive,” or similarly defined loan, including refinance loans, under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees), provided that any Mortgage Loan secured by a Mortgaged Property in Illinois characterized as a “threshold” loan shall not be a “high cost” loan unless it is characterized as “predatory” under applicable local law; the Seller has implemented and conducted compliance procedures to determine if each Mortgage Loan is "high-cost” home loan under the applicable laws and performed a review of the disclosure provided to the related Mortgagor in accordance with such laws and the related Mortgage Note in order to determine that such Mortgage Loan, if subject to any such law, does not violate any such law;
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Homeownership and Equity Protection Act. No Mortgage Loan is subject to the provisions of HOEPA or in violation of, or classified as a “high cost,” “high risk home,” “threshold,” “predatory” or “covered” loan (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees) under, any other applicable state, federal or local law. No Mortgage Loan has an “annual Percentage rate” or total “points and fees” payable by the related Mortgagor (as each such term is calculated under HOEPA) that exceed the thresholds set by HOEPA and its implementing regulations, including 12 CFR § 226.32(a)(1)(i). No predatory or deceptive lending practices were employed in the origination of the Mortgage Loan;
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Related to Homeownership and Equity Protection Act

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