Dry Mortgage Loan. A Mortgage Loan for which Buyer or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Buyer, prior to the payment of the Purchase Price.
Dry Mortgage Loan means a Mortgage Loan that is not a Wet-Ink Mortgage Loan.
Dry Mortgage Loan. A Mortgage Loan with respect to which (i) Custodian has received a Dry Submission Package and (ii) no Repurchase has occurred.
Examples of Dry Mortgage Loan in a sentence
Prior to any Transaction related to a Dry Mortgage Loan, the applicable Seller shall deliver to Buyer or its Custodian, or authorize and direct the Closing Agent, the Qualified Originator or the Warehouse Lender to deliver to Buyer or its Custodian, the related Mortgage Loan Documents in accordance with and pursuant to the terms of Section 5.02 and the Custodial Agreement.
Prior to any Transaction related to a Dry Mortgage Loan, Seller shall deliver to Buyer acting as custodian or its Custodian, or authorize and direct the Closing Agent to deliver to Buyer acting as custodian or its Custodian, the related Mortgage Loan Documents.
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More Definitions of Dry Mortgage Loan
Dry Mortgage Loan. A Mortgage Loan for which Lender or its custodian has possession of the related Collateral Documents, in a form and condition acceptable to Lender, prior to the funding of the Advance against which such Mortgage Loan is pledged or a Wet Mortgage Loan for which Lender or its Custodian has received the related Collateral Documents.
Dry Mortgage Loan. A Mortgage Loan for which Buyer or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Buyer, prior to the payment of the Purchase Price. Effective Date: That effective date set forth in the Transactions Terms Letter.
Dry Mortgage Loan means a first or second lien Mortgage Loan which is underwritten in accordance with the Underwriting Guidelines and as to which the related Mortgage File contains all required Mortgage Loan Documents.
Dry Mortgage Loan. A Mortgage Loan for which Administrative Agent, on behalf of Buyers, or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Administrative Agent, on behalf of Buyers, (which for the avoidance of doubt could be a Wet Mortgage Loan on the related Purchase Date and convert to a Dry Mortgage Loan once all Mortgage Loan Documents have been received by Administrative Agent, on behalf of Buyers, or its Custodian).
Dry Mortgage Loan means an Eligible Loan acquired or originated by the Seller that has been closed, funded and qualifies without exception as an Eligible Loan, including satisfying the requirement that all of its Required Documents have been delivered to the Buyer.
Dry Mortgage Loan means a mortgage loan for which a Master Dry Mortgage Loan Trust Receipt has been issued in accordance with the Custodial Agreement as of the Purchase Date.
Dry Mortgage Loan or “Dry Ink Mortgage Loan” shall mean a Mortgage Loan with respect to which (i) Custodian has received a Dry Submission Package and (ii) with respect to a TRS Mortgage Loan, no Repurchase has occurred.