Buydown Funds. Any amount contributed by the seller of a Mortgaged Property, the Company or other source in order to enable the Mortgagor to reduce the payments required to be made from the Mortgagor's funds in the early years of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to deposit into the Custodial or Certificate Account.
Buydown Funds. In respect of any Buydown Mortgage Loan, any amount contributed by the seller of a Mortgaged Property subject to a Buydown Mortgage Loan, the buyer of such property, the Company or any other source, plus interest earned thereon, in order to enable the Mortgagor to reduce the payments required to be made from the mortgagor's funds in the early years of a Mortgage Loan.
Buydown Funds. Money advanced by a builder, seller or other interested party to reduce a Borrower's Monthly Payment during the initial years of a Mortgage Loan.
Examples of Buydown Funds in a sentence
If a Mortgagor on a Buydown Mortgage Loan prepays such Mortgage Loan in it entirety during the related Buydown Period, the Company shall be required to withdraw from the Escrow Account any Buydown Funds remaining in the Escrow Account with respect to such Buydown Mortgage Loan in accordance with the related Buydown Agreement.
More Definitions of Buydown Funds
Buydown Funds. Funds contributed by the Mortgagor or another source in order to reduce the interest payments required from the Mortgagor for a specified period in specified amounts.
Buydown Funds. In respect of any Buydown Mortgage Loan, any amount contributed by the related originator or the employer of a relocated borrower in order to enable the Mortgagor to reduce the payments required to be made from the Mortgagor’s funds during the Buydown Period. The Buydown Funds are not part of the Trust Fund prior to deposit into the Collection Account or the Distribution Account.
Buydown Funds. Amounts delivered to the Company by a Mortgagor, seller of a Mortgaged Property, the Company or third party in connection with a Buydown Mortgage Loan.
Buydown Funds means, in respect of any Buydown Mortgage Loan, any amount held by the Servicer, which was contributed by the seller of a Mortgaged Property subject to a Buydown Mortgage Loan, the buyer of such property, the Originator or any other source, plus interest earned thereon, in order to enable the Mortgagor to reduce the payments required to be made from the mortgagor’s funds in the early years of a Mortgage Loan.
Buydown Funds. With respect to any Buydown Mortgage Loan, the amount set forth on the related Mortgage Loan Schedule, which amount is held by the servicer of the Mortgage Loan for application against Monthly Payments with respect to such Mortgage Loan.
Buydown Funds. Any amount contributed by the Initial Beneficial Holder of any Mortgaged Property, the Mortgagee, a Sub-Servicer, the Master Servicer or another party in order to enable the Mortgagor to reduce the payments required to be made by the Mortgagor in the early years of a Mortgage Loan.
Buydown Funds. In respect of any Buydown Mortgage Loan, an amount held by the servicer of such Buydown Mortgage Loan in order to enable the Mortgagor to reduce the portion of each Monthly Payment required to be made from the Mortgagor's funds.