Adjustable Rate Mortgage Loans definition

Adjustable Rate Mortgage Loans. The Mortgage Loans identified in the Mortgage Loan Schedule as having a Mortgage Rate which is adjustable for the life of the related Mortgage, including any Mortgage Loans delivered in replacement thereof.

Adjustable Rate Mortgage Loans. The Mortgage Loans identified as such and as set forth on Schedule I hereto.

Adjustable Rate Mortgage Loans. Mortgage Loans that contain a provision pursuant to which the mortgage rate is adjusted periodically, as identified on the Mortgage Loan Schedule.

Examples of Adjustable Rate Mortgage Loans in a sentence

• The Mortgage Note is payable in equal monthly installments of principal and interest, which installments of interest, with respect to Adjustable Rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than thirty years from commencement of amortization.

• Each Mortgage Note is payable in equal monthly installments of principal and interest, which installments of interest, with respect to Adjustable Rate Mortgage Loans, are subject to change due to the adjustments to the Mortgage Rate on each Interest Rate Adjustment Date, with interest calculated and payable in arrears and is not calculated on a simple interest basis.

• The Mortgage Rate is as set forth on Mortgage Loan Schedule hereto (including in the case of Adjustable Rate Mortgage Loans, the interest rate and payment limitations set forth on Mortgage Loan Schedule hereto).

• The Mortgage Interest Rate is adjusted with respect to Adjustable Rate Mortgage Loans, on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin (rounded up or down to the nearest 0.125%), subject to the Periodic Rate Cap.

• As stated in the related Mortgage Note, the Mortgage Interest Rate is adjusted, with respect to Adjustable Rate Mortgage Loans, on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, subject to the Periodic Rate Cap.

More Definitions of Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans means Mortgage Loans having an adjustable Mortgage Rate.

Adjustable Rate Mortgage Loans. The group of Mortgage Loans identified in the related Mortgage Loan Schedule as having a Mortgage Rate which is adjustable for the life of the related Mortgage, including any Mortgage Loans delivered in replacement thereof.

Adjustable Rate Mortgage Loans. The Mortgage Loans identified as such and as set forth on Schedule II hereto.

Adjustable Rate Mortgage Loans the Lifetime Rate Cap under the terms of the Mortgage Note; (26) with respect to Adjustable Rate Mortgage Loans, a code indicating the type of Index, including the methodology for rounding (e.g., rounded upward, if necessary, to the nearest ten thousandth (.0001)) and the applicable time frame for determining the Index; (27) the product type of Mortgage Loan (i.e., Fixed Rate, Adjustable Rate, First Lien Loan or Second Lien Loan), and with respect to each Second Lien Loan, the product type of the related first lien loan; (28) a code indicating the purpose of the loan (i.e., purchase, Rate/Term Refinance or Cash-Out Refinance); (29) a code indicating the documentation style (i.e., no documents, full, alternative, reduced, no income/no asset, stated income, no ration, reduced or NIV); (30) asset verification (Y/N); (31) the loan credit classification (as described in the Underwriting Guidelines); (32) whether such Mortgage Loan provides for a Prepayment Penalty; (33) the Prepayment Penalty period of such Mortgage Loan, if applicable; (34) a description of the Prepayment Penalty, if applicable; (35) the Mortgage Interest Rate as of origination; (36) the credit risk score (FICO score); (37) the date of origination; (38) with respect to Adjustable Rate Mortgage Loans, the Mortgage Interest Rate adjustment period; (39) with respect to Adjustable Rate Mortgage Loans, the Mortgage Interest Rate adjustment percentage; (40) with respect to Adjustable Rate Mortgage Loans, the Mortgage Interest Rate floor; (41) the Mortgage Interest Rate calculation method (i.e., 30/360, simple interest, other); (42) with respect to Adjustable Rate Mortgage Loans, the Periodic Rate Cap as of the first Interest Rate Adjustment Date; (43) with respect to each Adjustable Rate Mortgage Loan, a code indicating whether the Mortgage Loan provides for negative amortization; (44) a code indicating whether the Mortgage Loan has negative amortization and the maximum of such negative amortization; (45) a code indicating whether the Mortgage Loan is a Balloon Mortgage Loan; (46) a code indicating whether the Mortgage Loan by its original terms or any modifications thereof provides for amortization beyond its scheduled maturity date; (47) the original Monthly Payment due; (48) the Appraised Value; (49) appraisal type; (50) appraisal date; (51) a code indicating whether the Mortgage Loan is covered by a PMI Policy and, if so, identifying the PMI Policy provider; (54) the certificate number of the PM...

Adjustable Rate Mortgage Loans. Those Mortgage Loans identified in the Schedule of Mortgage Loans and comprising Pool 1 which provide for adjustment of the applicable Mortgage Rate as specified in the related Mortgage Note.

Adjustable Rate Mortgage Loans. Mortgage Loans included in Pool 1 for which the related mortgage note provides for adjustment of the applicable Mortgage Rate.

Adjustable Rate Mortgage Loans. The Mortgage Loans which have an adjustable Mortgage Rate and indicated on Exhibit D hereto by either code "E", "R", "U", "1" and "9" under the column "ADJ INDX".